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Thursday, December 2, 2010
Tuesday, July 20, 2010
MEDIA REVIEW
GTBank Hints On Half Year Interim Dividend – Sun, Page 48
Strong indications emerged on Monday that shareholders of Guaranty trust Bank (GTBank) Plc may be rewarded with half year dividends as the Board of Directors are scheduled to meet this Wednesday to consider the bank’s audited financial statement for the year ended June 30, 2010. A notice to that effect sent to the Nigerian Stock Exchange (NSE) on Monday stated that part of the agenda to be considered during the meeting was issues relating to interim dividend for the period.
UBA Profit Half Year Hits N8.6 Billion – Guardian, Page 27
UBA Plc, in the aftermath of the recent banking reforms released its half year trade financials to the Nigerian Stock Exchange (NSE) over the weekend. According to a statement from the bank, UBA recorded a strong growth of 370 per cent in profit before tax and exceptional items, from N2.6 billion to N12.16 billion for the period ended June 30, 2010. A further analysis of the result showed the pre-tax profit increased to N8.6 billion (N135 million in the corresponding period of last year).
Court Orders Afribank To Pay Ex-Workers Benefits – Nation, Page 43
The National Industrial Court, Kano, has ordered Afribank Nigeria Plc and its Managing Director, Nebolisa Arah to pay three of its former staff, Maikurdi Aminu, Umar Isah and Nura Jaafaru, their redundancy benefits. The court asked the bank to compute all the claimants’ redundancy benefits in their presence or their accredited representatives, based on their last earned salary. “In doing so, whatever has already been paid to each claimant shall be deducted from the amount such a claimant is entitled to be paid. We hold that all the claims of the claimants in this suit succeed,” Justice M.B. Dadda held in the judgment.
Obstacles To IFRS, By Access Boss – Thisday, Page 56
Group Managing Director, Access Bank Plc, Mr. Aigboje Aig-Imoukhuede yesterday warned that the country’s quest to migrate from the local Generally Accepted Accounting Principles (GAAP) to the International Financial Reporting Standards (IFRS) by 2012 may be slowed down due to “lack of common understanding” by Nigerian stakeholders. He made this known at the opening of the ongoing Access Bank International Conference on International Financial Reporting standards (IFRS) in Abuja. IFRS-a new set of Standards, Interpretations and the Framework adopted by the International Accounting Standards Board (IASB) in the preparation of financial statements.
First Bank Rewards Customers In Golden Promo – Thisday, Page 56
First bank Plc has rewarded 200 of its customers with cash and gift prizes as part of its new promo tagged: “First Bank Golden Promo: Celebrating Nigeria at 50.” The bank had announced that it would be giving out N50,000 each to 100 winners; 50 generating sets to 50 winners and 50 refrigerating sets to another 50 lucky winners in the first phase of the promo which is the monthly draws. The bank, according to a statement, has held the first draw where 200 winners emerged for various prizes in cash and gifts.
New Law ‘To Ease Liquidity Crunch’ – Thisday, Page 1
President Goodluck Jonathan yesterday signed into law the Asset Management Corporation of Nigeria (AMCON) Bill in a move that is expected to stabilize the financial sector. With the passage of the law allowing AMCON to take effect immediately, the expectation is that market liquidity will receive a boost, though that will depend on the liquidity needs of the banks. At the signing of the bill at the State House Abuja, the President said the legal backing for the corporation was also in keeping with his administration’s determination to stimulate national economic recovery. “I sign this bill today (yesterday) in full recognition of the critical role that AMCON will play in achieving these two critical objectives for our economy,” he said. A statement by the Presidential spokesperson Ima Niboro quoted the President as saying “as soon as it becomes fully operational, AMCON will help to stimulate the recovery of Nigeria’s financial system from recent crisis by boosting the liquidity of troubled banks through buying their non-performing loans.”
NDIC To Peg Depositors’ Refund – Thisday, Page 6
The Nigerian Deposit Insurance Corporation (NDIC) has disclosed its plans to peg depositors refund from failed banks at between N200,000 and N500,000. Managing Director of NDIC, Alhaji Umaru Ibrahim gave the indications at the opening ceremony of the conference in Calabar, Monday, to fine tune the proposed amendments to the NDIC Act. He said the depositors Insurance Scheme in Nigeria has been given added responsibility to handle the orderly winding-up of closed financial institutions, adding that it entails the realization of closed banks assets and using the proceeds to settle depositors’ liabilities and other creditors.
Regulators Review Margin Lending Guidelines – Next, Page 21
Review guidelines on margin lending in the stock market will be released by next month. Arunma Oteh, the Director General of the Securities and Exchange Commission (SEC) said the organization and the Central Bank of Nigeria (CBN) will jointly issue the guidelines in a bid to correct the negative impact of margin lending on the capital market. Speaking in Lagos at a press briefing at the weekend, Ms. Oteh said the Financial Services Regulation Coordination Committee (FSRCC), which comprises SEC, CBN, National Pension Commission, Nigerian Stock Exchange, National Insurance Commission, Corporate Affairs Commission, and the Ministry of Finance, have been deliberating on the margin guidelines.
Forex Shortfall Depresses Naira – Thisday, Page 56
Shortfalls in the supply of foreign exchange caused the value of the local currency, the naira to drop at the two dominant official markets yesterday. At the Central Bank of Nigeria (CBN) window, the wholesale Dutch auction system WDAS, the market regulator sold $250million at N148.70 a dollar, which traders said fell short of the $311.25million that was demanded by dealers. The naira/dollar exchange rate showed a loss of 8 kobo for the naira as it traded N148.62/$1 at the previous auction when the monetary authority sold $249.30 million.
Kidnapping: Police Redeploy 3,500 Officers In Anambra, Abia – Punch, Page 2
The Nigerian Police Force has commenced the mass transfer of some of its officers in the South-East over the spate of kidnapping and other forms of violent crimes in the zone. The first phase of the exercise, according to the News Agency of Nigeria (NAN), affected about 3,500 officers in Anambra and Abia states. The two states are believed to have the highest cases of kidnapping in the five South-East states. A police source in Awka, Anambra State made this known shortly before the Force Public Relations Officer, Mr. Emmanuel Ojukwu, disclosed that four persons suspected to have kidnapped four journalists and their driver had been arrested.
We Can’t Confront Criminals, South-East governors Tell Jonathan – Punch, Page 6
The Governors of the five South-East states on Monday told President Goodluck Jonathan that they lacked the capability to confront kidnappers and sundry criminals operating in the zone. They are Peter Obi (Anambra); Ikedi Ohakim (Imo); Sullivan Chime (Enugu); Martin Elechi (Ebonyi); and Theodore Orji (Chairman). The governors, who led a delegation of leaders of thought from the zone on a visit to the President, urged Jonathan to use federal might to deal with the high level of insecurity in the South-East. The delegation which also included former governors from the region, royal fathers, clerics, current and former members of the National Assembly, political leaders and top government officials, met with the President at the State House, Abuja.
FG Orders Security Alert Over Toxic Waste Shipment – Thisday, Page 7
The Federal Government has asked the relevant security agencies in Nigerian posts to be on the look out as Dutch vessel M.V Nashville with registration number UE/SU4635950 laden with toxic cargo has for the second time been intercepted and turned back while trying to berth at the Ivorian Port of Abidjan. A source at the National Environmental Standards Regulatory and Enforcement Agency (NESREA), who spoke to THISDAY, said the toxic bearing ship had earlier been turned back while attempting to berth at the Tin Can Island Port of Apapa, Lagos by a combined team of port officials, comprising of the Nigerian Navy, Nigerian Maritime Administration and Safety Agency, (NIMASA), Nigerian Ports Authority (NPA), Nigerian Police, Nigeria Customs Service, State Security Service (SSS), Port Health and NESREA.
Strong indications emerged on Monday that shareholders of Guaranty trust Bank (GTBank) Plc may be rewarded with half year dividends as the Board of Directors are scheduled to meet this Wednesday to consider the bank’s audited financial statement for the year ended June 30, 2010. A notice to that effect sent to the Nigerian Stock Exchange (NSE) on Monday stated that part of the agenda to be considered during the meeting was issues relating to interim dividend for the period.
UBA Profit Half Year Hits N8.6 Billion – Guardian, Page 27
UBA Plc, in the aftermath of the recent banking reforms released its half year trade financials to the Nigerian Stock Exchange (NSE) over the weekend. According to a statement from the bank, UBA recorded a strong growth of 370 per cent in profit before tax and exceptional items, from N2.6 billion to N12.16 billion for the period ended June 30, 2010. A further analysis of the result showed the pre-tax profit increased to N8.6 billion (N135 million in the corresponding period of last year).
Court Orders Afribank To Pay Ex-Workers Benefits – Nation, Page 43
The National Industrial Court, Kano, has ordered Afribank Nigeria Plc and its Managing Director, Nebolisa Arah to pay three of its former staff, Maikurdi Aminu, Umar Isah and Nura Jaafaru, their redundancy benefits. The court asked the bank to compute all the claimants’ redundancy benefits in their presence or their accredited representatives, based on their last earned salary. “In doing so, whatever has already been paid to each claimant shall be deducted from the amount such a claimant is entitled to be paid. We hold that all the claims of the claimants in this suit succeed,” Justice M.B. Dadda held in the judgment.
Obstacles To IFRS, By Access Boss – Thisday, Page 56
Group Managing Director, Access Bank Plc, Mr. Aigboje Aig-Imoukhuede yesterday warned that the country’s quest to migrate from the local Generally Accepted Accounting Principles (GAAP) to the International Financial Reporting Standards (IFRS) by 2012 may be slowed down due to “lack of common understanding” by Nigerian stakeholders. He made this known at the opening of the ongoing Access Bank International Conference on International Financial Reporting standards (IFRS) in Abuja. IFRS-a new set of Standards, Interpretations and the Framework adopted by the International Accounting Standards Board (IASB) in the preparation of financial statements.
First Bank Rewards Customers In Golden Promo – Thisday, Page 56
First bank Plc has rewarded 200 of its customers with cash and gift prizes as part of its new promo tagged: “First Bank Golden Promo: Celebrating Nigeria at 50.” The bank had announced that it would be giving out N50,000 each to 100 winners; 50 generating sets to 50 winners and 50 refrigerating sets to another 50 lucky winners in the first phase of the promo which is the monthly draws. The bank, according to a statement, has held the first draw where 200 winners emerged for various prizes in cash and gifts.
New Law ‘To Ease Liquidity Crunch’ – Thisday, Page 1
President Goodluck Jonathan yesterday signed into law the Asset Management Corporation of Nigeria (AMCON) Bill in a move that is expected to stabilize the financial sector. With the passage of the law allowing AMCON to take effect immediately, the expectation is that market liquidity will receive a boost, though that will depend on the liquidity needs of the banks. At the signing of the bill at the State House Abuja, the President said the legal backing for the corporation was also in keeping with his administration’s determination to stimulate national economic recovery. “I sign this bill today (yesterday) in full recognition of the critical role that AMCON will play in achieving these two critical objectives for our economy,” he said. A statement by the Presidential spokesperson Ima Niboro quoted the President as saying “as soon as it becomes fully operational, AMCON will help to stimulate the recovery of Nigeria’s financial system from recent crisis by boosting the liquidity of troubled banks through buying their non-performing loans.”
NDIC To Peg Depositors’ Refund – Thisday, Page 6
The Nigerian Deposit Insurance Corporation (NDIC) has disclosed its plans to peg depositors refund from failed banks at between N200,000 and N500,000. Managing Director of NDIC, Alhaji Umaru Ibrahim gave the indications at the opening ceremony of the conference in Calabar, Monday, to fine tune the proposed amendments to the NDIC Act. He said the depositors Insurance Scheme in Nigeria has been given added responsibility to handle the orderly winding-up of closed financial institutions, adding that it entails the realization of closed banks assets and using the proceeds to settle depositors’ liabilities and other creditors.
Regulators Review Margin Lending Guidelines – Next, Page 21
Review guidelines on margin lending in the stock market will be released by next month. Arunma Oteh, the Director General of the Securities and Exchange Commission (SEC) said the organization and the Central Bank of Nigeria (CBN) will jointly issue the guidelines in a bid to correct the negative impact of margin lending on the capital market. Speaking in Lagos at a press briefing at the weekend, Ms. Oteh said the Financial Services Regulation Coordination Committee (FSRCC), which comprises SEC, CBN, National Pension Commission, Nigerian Stock Exchange, National Insurance Commission, Corporate Affairs Commission, and the Ministry of Finance, have been deliberating on the margin guidelines.
Forex Shortfall Depresses Naira – Thisday, Page 56
Shortfalls in the supply of foreign exchange caused the value of the local currency, the naira to drop at the two dominant official markets yesterday. At the Central Bank of Nigeria (CBN) window, the wholesale Dutch auction system WDAS, the market regulator sold $250million at N148.70 a dollar, which traders said fell short of the $311.25million that was demanded by dealers. The naira/dollar exchange rate showed a loss of 8 kobo for the naira as it traded N148.62/$1 at the previous auction when the monetary authority sold $249.30 million.
Kidnapping: Police Redeploy 3,500 Officers In Anambra, Abia – Punch, Page 2
The Nigerian Police Force has commenced the mass transfer of some of its officers in the South-East over the spate of kidnapping and other forms of violent crimes in the zone. The first phase of the exercise, according to the News Agency of Nigeria (NAN), affected about 3,500 officers in Anambra and Abia states. The two states are believed to have the highest cases of kidnapping in the five South-East states. A police source in Awka, Anambra State made this known shortly before the Force Public Relations Officer, Mr. Emmanuel Ojukwu, disclosed that four persons suspected to have kidnapped four journalists and their driver had been arrested.
We Can’t Confront Criminals, South-East governors Tell Jonathan – Punch, Page 6
The Governors of the five South-East states on Monday told President Goodluck Jonathan that they lacked the capability to confront kidnappers and sundry criminals operating in the zone. They are Peter Obi (Anambra); Ikedi Ohakim (Imo); Sullivan Chime (Enugu); Martin Elechi (Ebonyi); and Theodore Orji (Chairman). The governors, who led a delegation of leaders of thought from the zone on a visit to the President, urged Jonathan to use federal might to deal with the high level of insecurity in the South-East. The delegation which also included former governors from the region, royal fathers, clerics, current and former members of the National Assembly, political leaders and top government officials, met with the President at the State House, Abuja.
FG Orders Security Alert Over Toxic Waste Shipment – Thisday, Page 7
The Federal Government has asked the relevant security agencies in Nigerian posts to be on the look out as Dutch vessel M.V Nashville with registration number UE/SU4635950 laden with toxic cargo has for the second time been intercepted and turned back while trying to berth at the Ivorian Port of Abidjan. A source at the National Environmental Standards Regulatory and Enforcement Agency (NESREA), who spoke to THISDAY, said the toxic bearing ship had earlier been turned back while attempting to berth at the Tin Can Island Port of Apapa, Lagos by a combined team of port officials, comprising of the Nigerian Navy, Nigerian Maritime Administration and Safety Agency, (NIMASA), Nigerian Ports Authority (NPA), Nigerian Police, Nigeria Customs Service, State Security Service (SSS), Port Health and NESREA.
Tuesday, July 13, 2010
Monday, July 12, 2010
Wednesday, July 7, 2010
Saturday, July 3, 2010
CHELSEA
Yossi Benayoun has signed for Chelsea on a three-year deal for a fee believed to be in the region of £5million. The Israeli captain ended speculation yesterday by confirming his transfer from Liverpool to the League champions.
Benayoun, who recently turned 30, has spent the last 5 years in England enjoying spells with West Ham and Liverpool. He was a main factor in Benitez's rotational policy, and his versatility was key to their attacking options. He will always be remembered in Liverpool for his goal in their 1-0 victory over Real Madrid at the Bernabéu in 2009.
On first hearing of Chelsea being interested in Benayoun, I must admit I was shocked as he has never proven himself to be a top-class player. He's the type who may look good against the smaller teams but once put up against a sturdy defence, he isn' seen in the match. However, since the departure of Joe Cole, Benayoun may prove to be adequate cover for the Chelsea wingers. I still feel Chelsea need another winger though if they are to challenge for the title again next year, but whether or not they have the money remains to be seen.
Benayoun, who recently turned 30, has spent the last 5 years in England enjoying spells with West Ham and Liverpool. He was a main factor in Benitez's rotational policy, and his versatility was key to their attacking options. He will always be remembered in Liverpool for his goal in their 1-0 victory over Real Madrid at the Bernabéu in 2009.
On first hearing of Chelsea being interested in Benayoun, I must admit I was shocked as he has never proven himself to be a top-class player. He's the type who may look good against the smaller teams but once put up against a sturdy defence, he isn' seen in the match. However, since the departure of Joe Cole, Benayoun may prove to be adequate cover for the Chelsea wingers. I still feel Chelsea need another winger though if they are to challenge for the title again next year, but whether or not they have the money remains to be seen.
Thursday, July 1, 2010
DAILY POST
Ecobank Assures Shareholders Of Better Years Ahead – Daily Independent, Page 21
The management of Ecobank Nigeria Plc, yesterday in Lagos, assured shareholders of a return to the days of robust dividend payout, going by the performance so far this year, in addition to recoveries. Fielding questions at its Annual General Meeting, Jibril Aku, Chief Executive of the bank, explained that a lot of grounds have so far been covered in the area of recovery of non-performing credits, in addition to measures already put in place to curtail cost. According to him, “2009 was a difficult year for the Nigerian banking industry, but all the processes have been put in place to ensure that we turn-around (Ecobank)”, to ensure that it reports profit at the end of the current year. In his review of the year ended December 31, 2009, Chairman of the bank, Dr. Sonny Kuku, noted that at the end of the CBN stress test, Ecobank “was certified as healthy”. The stress test, he said, led too difficulties in the industry, leading to a general lull with attendant aggressive focus on impaired assets.
Ecobank Shareholders Task CBN On Debt Recovery – Guardian, Page 18
Shareholders of Ecobank Nigeria Plc yesterday urged the Central Bank of Nigeria (CBN) to put in place credit bureau charged with the responsibility of assisting banks recover their bad loans. The shareholders, who spoke at Ecobank’s yearly general meeting yesterday in Lagos, said the bureau should correct the situation where debtors move from one bank to the other to borrow money. Speaking on behalf of the Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, said the CBN adopted the wrong approach in its reform programme. According to Okezie, the poor balance sheets being declared by banks across the country is largely occasioned by the pressure mounted on banks to make provisions for their toxic assets, “which ordinarily should have been allowed to be spread over a period of time”. Making reference to the bank’s result for the year ended December 2009, Okezie said “we need to address the injustice in the banking industry. It is painful that we will attend yearly general meetings without receiving dividends. The CBN caused this. They should know that we only lost value and not our investment in these banks.” National Coordinator, Independent Shareholders Association of Nigeria, Mr. Sunny Nwosu, in his submission, said any reform that continue to devalue investments after almost a year of its operation, needs to be revisited as it has, rather than add value to the economy, further set the economy backward. Nwosu encouraged the bank to come lower in its charges so as to attract customers, noting that the bank must work on its financial position and leverage on its good products to create the necessary confidence among depositors. In his reaction, Chairman of the bank, Olorogun Sonny Kuku, said that the efforts made by the bank to recover its loans were already in top gear with the setting up of a special committee. He said the bank has enlisted the service of five credit bureau agencies to further enrich the credit system of the bank in both the short and long term period. “Our bank has made significant progress in recovery and we will continue to focus aggressively in this respect”, he said.
Ecobank Embarks On TRAC Initiative – Next, Page 21
Ecobank Nigeria Plc said that it has set up an initiative called Troubled Risk Asset Committee (TRAC) to focus on recovery of its impaired assets. Sonny Kuku, Chairman of Ecobank, disclosed this at the bank’s 22nd Annual General Meeting in Lagos on Wednesday. He said that the bank had made significant progress in the recovery of its losses and would continue to focus on the initiative. According to him, in spite of challenges that faced the bank, its gross earnings grew by 9 per cent from N55.16 billion recorded in 2008 to N59.86 billion in 2009. Its losses before tax and extraordinary items stood at N5.94 billion in 2009 in contrast to the N898 million recorded in the corresponding period in 2008.
Ecobank Shareholders Call For Debt Recovery Committee – Punch, Page 19
Shareholders of Ecobank Nigeria Plc have called on the board of the bank to set up a debt recovery committee, saddled with the responsibility of going after debtors of the bank. The shareholders made this call at the bank’s 22nd Annual General Meeting on Wednesday in Lagos. According to the shareholders, there is a need to start an aggressive campaign against debtors of the bank. They added that some debtors, if left alone, would consider the loans from banks as national cake. The Chairman, Ibadan Zone Shareholders Association, Chief Oyepeju Aderemi, said, “We need to establish a debt recovery committee to run after debtors, so as to recover our money. Otherwise, no debtor will deem it fit to repay a loan if he is not disturbed.” Speaking in the same vein, the National Coordinator, Independent Shareholders Association of Nigeria, Mr. Sunny Nwosu, urged the Central Bank of Nigeria to put in place a mechanism that would make debtors to repay loans collected from banks. He said that if the banks could recover their debts, it would put them in a good position. Responding, the Chairman, Ecobank, Dr. Sonny Kuku, said the bank had made momentous effort towards debt recovery. He said, “Our bank has made significant progress in recovery and we will continue to face aggressively on this. To emphasise the importance, we have set up an initiative called troubled risk assets committee to solely focus on impaired assets. We are pleased with efforts made and believe that even much more will be done.”
ETI Raises Stake In Ecobank Nigeria – Thisday, Page 64
The parent company of Ecobank Nigeria Plc, Ecobank Transnational Incorporated (ETI), has increased its equity holding in the bank from 71 per cent to 85 per cent. Making the disclosure at the 22nd Annual General Meeting (AGM) held in Lagos yesterday, Chairman of Ecobank Nigeria, Dr. Sonny Kuku, said that increase arose from Special Placing of 6.662 billion ordinary shares to the parent company. According to him, ETI had deposited N46 billion for shares with the bank since December 2008 and following the approval of the shareholders at the last AGM authorizing the directors to raise capital by any or combination means, the special placing was made to ETI. “With the special placing, our new shareholders’ funds grew to N73.5 billion from N31.8 billion. This improved the bank’s capital adequacy ratio from 10 per cent to 24 per cent while also allowing the bank to do additional businesses to enhance performance.” However, Kuku explained that the holding of ETI would be reduced in the next two years in line with statutory provision that the general public must hold minimum of 25 per cent equity in a listed company.
Shareholders Lose Patience On Debtors - Next, Page 22
Shareholders of Ecobank have called on the bank to go after its debtors in order to reduce its non-performing loans. The Ecobank’s 22nd Annual General Meeting in Lagos yesterday, they called on the bank to also improve on its lending activities in order to increase its income. One of the shareholders, who identified herself simple as Tope, said the bank should use every means at its disposal to recover some of its debts, even if it means naming and shaming these debtors. Adeyemi Oyepeju, another shareholder and Chairman of the Ibadan Zone Shareholders Association, asked the bank to establish a debt recovery committee in order to hasten its debt recovery drive. According to him, the problem of the banking industry is due to the regulatory environment which has become harsh for business.
Ecobank in Pix:
Punch, Page 15
Managing Director Jibril Aku; Chairman Olorogun Sonny Kuku; Company Secretary Denike Laoye, at the Ecobank Nigeria 22nd Annual General Meeting held at the Muson Centre, Lagos yesterday.
Vanguard, Page 7
Compass, Page 45
Mr. Jibril Aku, Managing Director, Ecobank Nigeria Plc; Olorogun Sonny Kuku, Chairman; and Mrs. Adenike Laoye, Company Secretary, during the bank’s 22nd Annual General Meeting in Lagos yesterday held at the Muson Centre, Onikan.
Thisday, Page 3
Business Day, Page 5
Jibril Aku, Managing Director, Ecobank Nigeria Plc, with Olorogun Sonny Kuku, Chairman, Ecobank Nigeria Plc, at the bank’s 22nd Annual General Meeting in Lagos.
Negligence: Unity Bank To Refund N6.4m To LASG – Daily Independent, Page 6
A Lagos High Court on Wednesday ordered Unity Bank Plc to refund N6.4 million to the Lagos State government coffers being the amount siphoned from an illegal account opened with the bank. Delivering judgment in a suit filed by the government against the bank over an illegal account opened with it, Justice Olateru Olagbegi held that the two signatories to the account were impostors who are not staff of the government. Lagos state had in the suit accused the bank of negligence for not following due process before the account was opened, adding that N6.4 million was withdrawn from the account before it was brought to its notice. Justice Olagbegi held that the bank failed to comply with necessary guidelines before the account was opened by the two impostors who claimed to be staff of Lagos State Board of Internal Revenue.
Q3: Skye Bank Projects N10.4bn Profit – Thisday, Page 64
Skye Bank Plc, one of the banks that passed the 2009 stress test of the Central Bank of Nigeria (CBN), has projected a profit before tax of N10.36 billion for the third quarter ending September 30, 2010. The profit, according to the figures made available by the Nigeria Stock Exchange (NSE) yesterday, would be recorded from the forecast gross earnings of N61.94 billion in the same period. Despite the challenges of 2009, the bank had recorded gross earnings of N126.67 billion for the year ended December 31, 2009 as against N74.62 billion achieved in 2008. Its net interest income rose by 54.52 per cent, from N30.47 billion to N47.09 billion, which is indicative of a high degree of efficiency in the management of its interest expense, and quality earning potential.
Depositors Lose N107bn To Wonder Banks – Punch, Page 2
Some customers of unregistered savings institutions, otherwise known as wonder banks, lost a whopping N106.9 billion, according to a report released by the Central Bank of Nigeria (CBN) on Wednesday. The report which was prepared by the Inter-Agency Committee on Illegal Fund Managers on behalf of the CBN, also revealed that 440 wonder banks were involved in “fleecing” of about 560,882 depositors. The report said that the depositors lost N104 billion or 97.3 per cent of the total sum of 36 illegal fund managers. One of the illegal wonder banks – Nospetco Oil and Gas Limited – allegedly made away with about N47 billion of the N104 billion. The committee, however, did not state how the balance of N2.9 billion was lost by the depositors. The committee members were drawn from the CBN, the Nigerian Deposit Insurance Corporation, Securities and Exchange Commission, the Economic and Financial Crimes Commission, Corporate Affairs Commission and the Nigerian Police Force.
S&P: CBN Requires Guarantee To Sell Banks – Thisday, Page 1
Standard & Poor’s, one of the world’s most reputable rating agencies, has said the Central Bank of Nigeria (CBN) may need to guarantee the acquisition of the rescued banks to be able to win the confidence of investors. S&P, which some days ago rated Nigerian banks as high investment risk, in a report obtained by THISDAY, titled “Banking Industry Country Risk Assessment Nigeria”, identified a number of hurdles in the way of the recapitalization of the rescued banks, the execution of banking reforms and the return of the financial institutions to profitability. “Domestic and International banks appear to have an only moderate appetite for acquiring the rescued institutions at present, and any acquisition would likely require strong guarantees by the authorities, also after a period of protracted due diligence,” said S&P.
Senate Goes Tough On Money Laundering – Guardian, Page 1
As part of efforts to strengthen the war against financial crimes, the Senate yesterday began amendment of the law on money laundering with a new provision that transportation of cash or negotiable instruments in excess of $10,000 by individuals in or out of the country shall be declared to the Nigerian Customs Service. In the part of the bill passed by the chamber, the Senate also said no person or body corporate shall, except in a transaction through a financial institution, make or accept cash payments of a sum “(a) N5 million or its equivalent in the case of an individual or N10 million or its equivalent in the case of a body corporate”. The bill in part 1(2) further provides that “a transfer to or from a foreign country of funds or securities by any person or body corporate of a sum exceeding $10,000 or its equivalent, or in the case of Money Service Business, a sum exceeding $10,000 shall be reported to the CBN, Securities and Exchange Commission or the commission in writing within seven days from the date of the transaction.” The bill added 6that the Nigerian Customs Service shall report any declaration made in accordance to the law failing which severe penalty will be applied.
Nigeria Quits FIFA Events – Vanguard, Page 1
The Federal Government yesterday directed the immediate withdrawal of Nigeria from all Federation of International Football (FIFA) related events to enable the country reorganize its football administration. President Goodluck Jonathan, who approved the decision following the country’s dwindling show in football in the recent past, has also ordered the immediate disbandment of the national teams. Presidential spokesman, Ima Niboro, who briefed State House correspondents after a meeting between President Goodluck Jonathan and members of the Presidential Task Force on the 2010 World Cup, said the President also approved the auditing of all monies spent by the country during the ongoing World Cup in South Africa. “President Goodluck Jonathan has directed that Nigeria withdraws from international competitions for two years to enable the country put its house in order.” Niboro added that the President also approved that an audit of the 2010 World Cup finances be looked into and to bring to book whoever is culpable. The Chairman of the Task Force and Governor of Rivers State, Chief Rotimi Amaechi, said “our recommendation is based on what is on ground. We went to the World Cup and found all sorts of problems and we felt we should sit back and look inward.”
Jonathan Swears In Jega, Nnaji Others – Punch, Page 2
President Goodluck Jonathan on Wednesday swore in the new Chairman of the Independent National Electoral Commission (INEC), Prof. Attahiru Jega, and six National Commissioners of the electoral body. The six National Commissioners are Mrs. Gladys Nwafor; Col. M.K Hammanga (rtd); Prof. Lai Olurode; Dr. Ishmael Igbani; Dr. Nuhu Yakubu, and Mrs. Thelma Iremiren. Also inaugurated by the President were two of his Special Advisers – Prof. Barth Nnaji (Power); and Mr. Emma Niboro (Media and Publicity) – as well as two Special Advisers to Vice-President Namadi Sambo – Senator Isaiah (Special Duties) and Alhaji Hussaini Rigachikun (Political Matters).
States To Get Approval Before Executing Federal Projects – Thisday, Page 4
The Federal Executive Committee (FEC) rose from its weekly meeting yesterday in Abuja with a resolution compelling state governments to henceforth obtain approval from the President before executing federal projects in their states. Besides, the council emphasized that such projects should meet standards and guidelines of the appropriate federal ministry supervising such projects which affected state government wants to execute. The decision was consequent upon a report on the guidelines for execution of Federal Government projects by state governments and high cost of procurement in Nigeria submitted by Vice-President Namadi Sambo. Briefing State House correspondents at the end of the meeting, Information and Communications Minister, Prof. Dora Akunyili, in company with the Minister of State in the Ministry, Mr. Labaran Maku, said the council also approved that re-imbursement of expenditure should be subjected to the relevant section of the Public Procurement Act that deals with quality and cost.
Sim Cards: Reps Reject NCC’s Budget – Punch, Page 9
Members of the House of Representatives on Wednesday kicked against a proposal by the Nigerian Communications Commission to spend about N6.4 billion to register SIN cards of GSM subscribers in the country. The lawmakers argued that they could not understand why the NCC would use tax payers’ money to register SIM cards purchased from service providers when it should have been the operators who ought to bear the cost of the registration. The commission had outlined modalities for the registration of SIM cards as part of efforts to curb the activities of criminals, who use mobile telephones to commit crime. But when the House debated the NCC’s 2010 budget proposals on Wednesday, lawmakers discovered that it was the commission that would bear the cost of the registration instead of service providers. The commission allocated N6.4 billion to the project.
Defence Ministry Denies Plan To Buy N3.4bn Yatch For Jonathan – Punch, Page 9
The Ministry of Defence has denied media reports that the Nigerian Navy plans to purchase a N3.3 billion yatch for the use of President Goodluck Jonathan. A national daily had reported that the request for the purchase of the multibillion naira yatch was forwarded to the office of the Minister of Defence, Mr. Adetokunbo Kayode (SAN), from the office of the Chief of Naval Staff. But the Media Adviser to the Minister of Defence, Group Captain Emeka Ozoemena, said in an email on Wednesday that the government had no plans to buy the reported yatch for the President. He, however, admitted while there was a provision in the 2010 “for such an item of expenditure,” it was cancelled because of the opposition of the President to the implementation of that aspect of the budget.
Nigerian Assumes Presidency Of UN Security Council Today – Thisday, Page 3
Nigeria will today assume the presidency of the United Nations (UN) Security Council. Nigeria’s Permanent Representative to the UN, Professor Joy Ogwu, who will occupy the Presidency for the month of July, is taking over from Mexico, which presided over the council in June. The Presidency rotates monthly according to the English alphabetical listing of its member states. The council is made up of five permanent members and 10 non-permanent members. China, France, Russian Federation, United Kingdom and United States are permanent members, while Nigerian, Austria, Bosnia Herzegovina, Brazil, Gabon, Turkey, Japan, Lebanon, Uganda and Mexico are non-permanent members, who were elected for a term of two years. Nigeria was elected to a non-permanent seat on the Council last October, along with Gabon, Brazil, Croatia and Lebanon. They placed Burkina Faso, Costa Rica, Croatia, Libya and Vietnam on the council on January 1, 2010.
Covenant Produces 95 First Class Graduates – Punch, Page 10
The Chancellor, Covenant University, Ota, Ogun State, Dr. David Oyedepo, has called for a re-definition of the purpose of education in Nigeria. He suggested a review of the nation’s higher institutions’ curriculum in order to make education a source of empowerment rather than a mere means of obtaining knowledge. He said this at a world press conference on the university campus on Wednesday as part of the activities to mark the institution’s fifth convocation ceremony scheduled for Friday. Ninety-five of the 1,140 graduating students of the institution will be awarded first class certificates in their different fields of study.
The management of Ecobank Nigeria Plc, yesterday in Lagos, assured shareholders of a return to the days of robust dividend payout, going by the performance so far this year, in addition to recoveries. Fielding questions at its Annual General Meeting, Jibril Aku, Chief Executive of the bank, explained that a lot of grounds have so far been covered in the area of recovery of non-performing credits, in addition to measures already put in place to curtail cost. According to him, “2009 was a difficult year for the Nigerian banking industry, but all the processes have been put in place to ensure that we turn-around (Ecobank)”, to ensure that it reports profit at the end of the current year. In his review of the year ended December 31, 2009, Chairman of the bank, Dr. Sonny Kuku, noted that at the end of the CBN stress test, Ecobank “was certified as healthy”. The stress test, he said, led too difficulties in the industry, leading to a general lull with attendant aggressive focus on impaired assets.
Ecobank Shareholders Task CBN On Debt Recovery – Guardian, Page 18
Shareholders of Ecobank Nigeria Plc yesterday urged the Central Bank of Nigeria (CBN) to put in place credit bureau charged with the responsibility of assisting banks recover their bad loans. The shareholders, who spoke at Ecobank’s yearly general meeting yesterday in Lagos, said the bureau should correct the situation where debtors move from one bank to the other to borrow money. Speaking on behalf of the Progressive Shareholders Association of Nigeria, Mr. Boniface Okezie, said the CBN adopted the wrong approach in its reform programme. According to Okezie, the poor balance sheets being declared by banks across the country is largely occasioned by the pressure mounted on banks to make provisions for their toxic assets, “which ordinarily should have been allowed to be spread over a period of time”. Making reference to the bank’s result for the year ended December 2009, Okezie said “we need to address the injustice in the banking industry. It is painful that we will attend yearly general meetings without receiving dividends. The CBN caused this. They should know that we only lost value and not our investment in these banks.” National Coordinator, Independent Shareholders Association of Nigeria, Mr. Sunny Nwosu, in his submission, said any reform that continue to devalue investments after almost a year of its operation, needs to be revisited as it has, rather than add value to the economy, further set the economy backward. Nwosu encouraged the bank to come lower in its charges so as to attract customers, noting that the bank must work on its financial position and leverage on its good products to create the necessary confidence among depositors. In his reaction, Chairman of the bank, Olorogun Sonny Kuku, said that the efforts made by the bank to recover its loans were already in top gear with the setting up of a special committee. He said the bank has enlisted the service of five credit bureau agencies to further enrich the credit system of the bank in both the short and long term period. “Our bank has made significant progress in recovery and we will continue to focus aggressively in this respect”, he said.
Ecobank Embarks On TRAC Initiative – Next, Page 21
Ecobank Nigeria Plc said that it has set up an initiative called Troubled Risk Asset Committee (TRAC) to focus on recovery of its impaired assets. Sonny Kuku, Chairman of Ecobank, disclosed this at the bank’s 22nd Annual General Meeting in Lagos on Wednesday. He said that the bank had made significant progress in the recovery of its losses and would continue to focus on the initiative. According to him, in spite of challenges that faced the bank, its gross earnings grew by 9 per cent from N55.16 billion recorded in 2008 to N59.86 billion in 2009. Its losses before tax and extraordinary items stood at N5.94 billion in 2009 in contrast to the N898 million recorded in the corresponding period in 2008.
Ecobank Shareholders Call For Debt Recovery Committee – Punch, Page 19
Shareholders of Ecobank Nigeria Plc have called on the board of the bank to set up a debt recovery committee, saddled with the responsibility of going after debtors of the bank. The shareholders made this call at the bank’s 22nd Annual General Meeting on Wednesday in Lagos. According to the shareholders, there is a need to start an aggressive campaign against debtors of the bank. They added that some debtors, if left alone, would consider the loans from banks as national cake. The Chairman, Ibadan Zone Shareholders Association, Chief Oyepeju Aderemi, said, “We need to establish a debt recovery committee to run after debtors, so as to recover our money. Otherwise, no debtor will deem it fit to repay a loan if he is not disturbed.” Speaking in the same vein, the National Coordinator, Independent Shareholders Association of Nigeria, Mr. Sunny Nwosu, urged the Central Bank of Nigeria to put in place a mechanism that would make debtors to repay loans collected from banks. He said that if the banks could recover their debts, it would put them in a good position. Responding, the Chairman, Ecobank, Dr. Sonny Kuku, said the bank had made momentous effort towards debt recovery. He said, “Our bank has made significant progress in recovery and we will continue to face aggressively on this. To emphasise the importance, we have set up an initiative called troubled risk assets committee to solely focus on impaired assets. We are pleased with efforts made and believe that even much more will be done.”
ETI Raises Stake In Ecobank Nigeria – Thisday, Page 64
The parent company of Ecobank Nigeria Plc, Ecobank Transnational Incorporated (ETI), has increased its equity holding in the bank from 71 per cent to 85 per cent. Making the disclosure at the 22nd Annual General Meeting (AGM) held in Lagos yesterday, Chairman of Ecobank Nigeria, Dr. Sonny Kuku, said that increase arose from Special Placing of 6.662 billion ordinary shares to the parent company. According to him, ETI had deposited N46 billion for shares with the bank since December 2008 and following the approval of the shareholders at the last AGM authorizing the directors to raise capital by any or combination means, the special placing was made to ETI. “With the special placing, our new shareholders’ funds grew to N73.5 billion from N31.8 billion. This improved the bank’s capital adequacy ratio from 10 per cent to 24 per cent while also allowing the bank to do additional businesses to enhance performance.” However, Kuku explained that the holding of ETI would be reduced in the next two years in line with statutory provision that the general public must hold minimum of 25 per cent equity in a listed company.
Shareholders Lose Patience On Debtors - Next, Page 22
Shareholders of Ecobank have called on the bank to go after its debtors in order to reduce its non-performing loans. The Ecobank’s 22nd Annual General Meeting in Lagos yesterday, they called on the bank to also improve on its lending activities in order to increase its income. One of the shareholders, who identified herself simple as Tope, said the bank should use every means at its disposal to recover some of its debts, even if it means naming and shaming these debtors. Adeyemi Oyepeju, another shareholder and Chairman of the Ibadan Zone Shareholders Association, asked the bank to establish a debt recovery committee in order to hasten its debt recovery drive. According to him, the problem of the banking industry is due to the regulatory environment which has become harsh for business.
Ecobank in Pix:
Punch, Page 15
Managing Director Jibril Aku; Chairman Olorogun Sonny Kuku; Company Secretary Denike Laoye, at the Ecobank Nigeria 22nd Annual General Meeting held at the Muson Centre, Lagos yesterday.
Vanguard, Page 7
Compass, Page 45
Mr. Jibril Aku, Managing Director, Ecobank Nigeria Plc; Olorogun Sonny Kuku, Chairman; and Mrs. Adenike Laoye, Company Secretary, during the bank’s 22nd Annual General Meeting in Lagos yesterday held at the Muson Centre, Onikan.
Thisday, Page 3
Business Day, Page 5
Jibril Aku, Managing Director, Ecobank Nigeria Plc, with Olorogun Sonny Kuku, Chairman, Ecobank Nigeria Plc, at the bank’s 22nd Annual General Meeting in Lagos.
Negligence: Unity Bank To Refund N6.4m To LASG – Daily Independent, Page 6
A Lagos High Court on Wednesday ordered Unity Bank Plc to refund N6.4 million to the Lagos State government coffers being the amount siphoned from an illegal account opened with the bank. Delivering judgment in a suit filed by the government against the bank over an illegal account opened with it, Justice Olateru Olagbegi held that the two signatories to the account were impostors who are not staff of the government. Lagos state had in the suit accused the bank of negligence for not following due process before the account was opened, adding that N6.4 million was withdrawn from the account before it was brought to its notice. Justice Olagbegi held that the bank failed to comply with necessary guidelines before the account was opened by the two impostors who claimed to be staff of Lagos State Board of Internal Revenue.
Q3: Skye Bank Projects N10.4bn Profit – Thisday, Page 64
Skye Bank Plc, one of the banks that passed the 2009 stress test of the Central Bank of Nigeria (CBN), has projected a profit before tax of N10.36 billion for the third quarter ending September 30, 2010. The profit, according to the figures made available by the Nigeria Stock Exchange (NSE) yesterday, would be recorded from the forecast gross earnings of N61.94 billion in the same period. Despite the challenges of 2009, the bank had recorded gross earnings of N126.67 billion for the year ended December 31, 2009 as against N74.62 billion achieved in 2008. Its net interest income rose by 54.52 per cent, from N30.47 billion to N47.09 billion, which is indicative of a high degree of efficiency in the management of its interest expense, and quality earning potential.
Depositors Lose N107bn To Wonder Banks – Punch, Page 2
Some customers of unregistered savings institutions, otherwise known as wonder banks, lost a whopping N106.9 billion, according to a report released by the Central Bank of Nigeria (CBN) on Wednesday. The report which was prepared by the Inter-Agency Committee on Illegal Fund Managers on behalf of the CBN, also revealed that 440 wonder banks were involved in “fleecing” of about 560,882 depositors. The report said that the depositors lost N104 billion or 97.3 per cent of the total sum of 36 illegal fund managers. One of the illegal wonder banks – Nospetco Oil and Gas Limited – allegedly made away with about N47 billion of the N104 billion. The committee, however, did not state how the balance of N2.9 billion was lost by the depositors. The committee members were drawn from the CBN, the Nigerian Deposit Insurance Corporation, Securities and Exchange Commission, the Economic and Financial Crimes Commission, Corporate Affairs Commission and the Nigerian Police Force.
S&P: CBN Requires Guarantee To Sell Banks – Thisday, Page 1
Standard & Poor’s, one of the world’s most reputable rating agencies, has said the Central Bank of Nigeria (CBN) may need to guarantee the acquisition of the rescued banks to be able to win the confidence of investors. S&P, which some days ago rated Nigerian banks as high investment risk, in a report obtained by THISDAY, titled “Banking Industry Country Risk Assessment Nigeria”, identified a number of hurdles in the way of the recapitalization of the rescued banks, the execution of banking reforms and the return of the financial institutions to profitability. “Domestic and International banks appear to have an only moderate appetite for acquiring the rescued institutions at present, and any acquisition would likely require strong guarantees by the authorities, also after a period of protracted due diligence,” said S&P.
Senate Goes Tough On Money Laundering – Guardian, Page 1
As part of efforts to strengthen the war against financial crimes, the Senate yesterday began amendment of the law on money laundering with a new provision that transportation of cash or negotiable instruments in excess of $10,000 by individuals in or out of the country shall be declared to the Nigerian Customs Service. In the part of the bill passed by the chamber, the Senate also said no person or body corporate shall, except in a transaction through a financial institution, make or accept cash payments of a sum “(a) N5 million or its equivalent in the case of an individual or N10 million or its equivalent in the case of a body corporate”. The bill in part 1(2) further provides that “a transfer to or from a foreign country of funds or securities by any person or body corporate of a sum exceeding $10,000 or its equivalent, or in the case of Money Service Business, a sum exceeding $10,000 shall be reported to the CBN, Securities and Exchange Commission or the commission in writing within seven days from the date of the transaction.” The bill added 6that the Nigerian Customs Service shall report any declaration made in accordance to the law failing which severe penalty will be applied.
Nigeria Quits FIFA Events – Vanguard, Page 1
The Federal Government yesterday directed the immediate withdrawal of Nigeria from all Federation of International Football (FIFA) related events to enable the country reorganize its football administration. President Goodluck Jonathan, who approved the decision following the country’s dwindling show in football in the recent past, has also ordered the immediate disbandment of the national teams. Presidential spokesman, Ima Niboro, who briefed State House correspondents after a meeting between President Goodluck Jonathan and members of the Presidential Task Force on the 2010 World Cup, said the President also approved the auditing of all monies spent by the country during the ongoing World Cup in South Africa. “President Goodluck Jonathan has directed that Nigeria withdraws from international competitions for two years to enable the country put its house in order.” Niboro added that the President also approved that an audit of the 2010 World Cup finances be looked into and to bring to book whoever is culpable. The Chairman of the Task Force and Governor of Rivers State, Chief Rotimi Amaechi, said “our recommendation is based on what is on ground. We went to the World Cup and found all sorts of problems and we felt we should sit back and look inward.”
Jonathan Swears In Jega, Nnaji Others – Punch, Page 2
President Goodluck Jonathan on Wednesday swore in the new Chairman of the Independent National Electoral Commission (INEC), Prof. Attahiru Jega, and six National Commissioners of the electoral body. The six National Commissioners are Mrs. Gladys Nwafor; Col. M.K Hammanga (rtd); Prof. Lai Olurode; Dr. Ishmael Igbani; Dr. Nuhu Yakubu, and Mrs. Thelma Iremiren. Also inaugurated by the President were two of his Special Advisers – Prof. Barth Nnaji (Power); and Mr. Emma Niboro (Media and Publicity) – as well as two Special Advisers to Vice-President Namadi Sambo – Senator Isaiah (Special Duties) and Alhaji Hussaini Rigachikun (Political Matters).
States To Get Approval Before Executing Federal Projects – Thisday, Page 4
The Federal Executive Committee (FEC) rose from its weekly meeting yesterday in Abuja with a resolution compelling state governments to henceforth obtain approval from the President before executing federal projects in their states. Besides, the council emphasized that such projects should meet standards and guidelines of the appropriate federal ministry supervising such projects which affected state government wants to execute. The decision was consequent upon a report on the guidelines for execution of Federal Government projects by state governments and high cost of procurement in Nigeria submitted by Vice-President Namadi Sambo. Briefing State House correspondents at the end of the meeting, Information and Communications Minister, Prof. Dora Akunyili, in company with the Minister of State in the Ministry, Mr. Labaran Maku, said the council also approved that re-imbursement of expenditure should be subjected to the relevant section of the Public Procurement Act that deals with quality and cost.
Sim Cards: Reps Reject NCC’s Budget – Punch, Page 9
Members of the House of Representatives on Wednesday kicked against a proposal by the Nigerian Communications Commission to spend about N6.4 billion to register SIN cards of GSM subscribers in the country. The lawmakers argued that they could not understand why the NCC would use tax payers’ money to register SIM cards purchased from service providers when it should have been the operators who ought to bear the cost of the registration. The commission had outlined modalities for the registration of SIM cards as part of efforts to curb the activities of criminals, who use mobile telephones to commit crime. But when the House debated the NCC’s 2010 budget proposals on Wednesday, lawmakers discovered that it was the commission that would bear the cost of the registration instead of service providers. The commission allocated N6.4 billion to the project.
Defence Ministry Denies Plan To Buy N3.4bn Yatch For Jonathan – Punch, Page 9
The Ministry of Defence has denied media reports that the Nigerian Navy plans to purchase a N3.3 billion yatch for the use of President Goodluck Jonathan. A national daily had reported that the request for the purchase of the multibillion naira yatch was forwarded to the office of the Minister of Defence, Mr. Adetokunbo Kayode (SAN), from the office of the Chief of Naval Staff. But the Media Adviser to the Minister of Defence, Group Captain Emeka Ozoemena, said in an email on Wednesday that the government had no plans to buy the reported yatch for the President. He, however, admitted while there was a provision in the 2010 “for such an item of expenditure,” it was cancelled because of the opposition of the President to the implementation of that aspect of the budget.
Nigerian Assumes Presidency Of UN Security Council Today – Thisday, Page 3
Nigeria will today assume the presidency of the United Nations (UN) Security Council. Nigeria’s Permanent Representative to the UN, Professor Joy Ogwu, who will occupy the Presidency for the month of July, is taking over from Mexico, which presided over the council in June. The Presidency rotates monthly according to the English alphabetical listing of its member states. The council is made up of five permanent members and 10 non-permanent members. China, France, Russian Federation, United Kingdom and United States are permanent members, while Nigerian, Austria, Bosnia Herzegovina, Brazil, Gabon, Turkey, Japan, Lebanon, Uganda and Mexico are non-permanent members, who were elected for a term of two years. Nigeria was elected to a non-permanent seat on the Council last October, along with Gabon, Brazil, Croatia and Lebanon. They placed Burkina Faso, Costa Rica, Croatia, Libya and Vietnam on the council on January 1, 2010.
Covenant Produces 95 First Class Graduates – Punch, Page 10
The Chancellor, Covenant University, Ota, Ogun State, Dr. David Oyedepo, has called for a re-definition of the purpose of education in Nigeria. He suggested a review of the nation’s higher institutions’ curriculum in order to make education a source of empowerment rather than a mere means of obtaining knowledge. He said this at a world press conference on the university campus on Wednesday as part of the activities to mark the institution’s fifth convocation ceremony scheduled for Friday. Ninety-five of the 1,140 graduating students of the institution will be awarded first class certificates in their different fields of study.
Wednesday, June 23, 2010
What is Tinubu looking at
What is Baba looking at?
What could Bola Tinubu be thinking?
What is on the mind of Mrs Tinubu...
Egba Mi O!.....If Okoya catch those your eyes, wa fokasibe...........
Seeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee
Tuesday, June 22, 2010
NEW MEANING FOR "KAITA"
A new word has been added to the Dictionary.
"KAITA" A man who single handedly hindered the hope of his country for reason best known to him. "Kaita" can be used in place of words like Jeopardy, Hinder, Sabotage, Disrupt, Antagonist, fool etc.
Examples are: Don't kaita what we have been building for 11 yrs in one day.
Don't be a Kaita etc.
Oh! Shit, can’t believe this. You’re just a big kaita!!!
Monday, June 21, 2010
INSECURITY IN NIGERIA
Men of the underworld were on rampage in Akure yesterday leaving on their trail the robbing of 4 banks (Oceanic,Spring,Union and First) and several people injured and 8 dead as at last count.
Majority of the casualties were passersby and a few bank staff mainly due to bullet wounds while this attack lasted. Information had it that the gang numbered close to 15 with two women amongst them. Of course, expectedly, our “dear” policemen came around just about 20 minutes after the departure of the robbers to come and do what, you may ask. They were duly meted with stones by angry on-lookers.
The attached pictures are only a few taken.
Let’s all be prayerful.
Saturday, June 19, 2010
OPEN LOOTING- What a SENATOR in Nigeria EARNS
ENOUGH IS ENOUGH!!
Basic Salary - N2, 484, 245.50
Hardship Allowance @ 50% of Basic Salary - N1, 242,122.70 (I love this kind of hardship)
Constituency allowance @ 200% of BS - N4, 968,509.00
Furniture Allowance @ 300% of BS - N7, 452,736.50
Newspaper allowance @ 50% - N1, 242,122.70 (Which kind newspaper be this shey na online or hard copy?).
Wardrobe allowance @ 25% - N621, 061.37
Recess Allowance@ 10%: - N248, 424.55
Accommodation @ 200% - N4, 968,509.00
Utilities @ 30% - N828, 081.83
Domestic Staff @ 35% - N863, 184.12
Entertainment @ 30% - N828, 081.83
Personal Assistance @ 25% - N621, 061.37
Vehicle Maintenance Allowance @ 75% - N1, 863,184.12.
Leave Allowance @10% - N248, 424.55.
One off payments (As advised by Sagamite Severance gratuity) @ 300% - N7, 452,736.50 (Once they get fired)
Motor Vehicle Allowance @ 400% of BS - N9, 936,982.00 - Every Four Years
Senators Salary per month - N2, 456,647.7
Total = N29, 479, 749.00
* 109 Senators Grand Total = N 3,264,329,264.10
A feeding frenzy!!!
ENOUGH IS ENOUGH
Salary U.S. President: $250,000/yr.
GDP U.S. Economy: $13Trillion/yr.
Allowance Nig. Senator: $1,500,000/yr
GDP Nig. Economy: $45 Billion/yr.
And they want more. Doctors, teachers, civil servants can't boast of N1m a year and these guys want N30m every month
SAY NO TO THIS OPEN LOOTING OF NIGERIA.
FORWARD THIS MESSAGE TO ALL NIGERIANS
Basic Salary - N2, 484, 245.50
Hardship Allowance @ 50% of Basic Salary - N1, 242,122.70 (I love this kind of hardship)
Constituency allowance @ 200% of BS - N4, 968,509.00
Furniture Allowance @ 300% of BS - N7, 452,736.50
Newspaper allowance @ 50% - N1, 242,122.70 (Which kind newspaper be this shey na online or hard copy?).
Wardrobe allowance @ 25% - N621, 061.37
Recess Allowance@ 10%: - N248, 424.55
Accommodation @ 200% - N4, 968,509.00
Utilities @ 30% - N828, 081.83
Domestic Staff @ 35% - N863, 184.12
Entertainment @ 30% - N828, 081.83
Personal Assistance @ 25% - N621, 061.37
Vehicle Maintenance Allowance @ 75% - N1, 863,184.12.
Leave Allowance @10% - N248, 424.55.
One off payments (As advised by Sagamite Severance gratuity) @ 300% - N7, 452,736.50 (Once they get fired)
Motor Vehicle Allowance @ 400% of BS - N9, 936,982.00 - Every Four Years
Senators Salary per month - N2, 456,647.7
Total = N29, 479, 749.00
* 109 Senators Grand Total = N 3,264,329,264.10
A feeding frenzy!!!
ENOUGH IS ENOUGH
Salary U.S. President: $250,000/yr.
GDP U.S. Economy: $13Trillion/yr.
Allowance Nig. Senator: $1,500,000/yr
GDP Nig. Economy: $45 Billion/yr.
And they want more. Doctors, teachers, civil servants can't boast of N1m a year and these guys want N30m every month
SAY NO TO THIS OPEN LOOTING OF NIGERIA.
FORWARD THIS MESSAGE TO ALL NIGERIANS
Thursday, June 17, 2010
TIPS
YOU MAY POISON YOURSELF ACCIDENTALLY
Taiwan, a woman suddenly died unexpectedly with signs of bleeding from
her ears, nose, mouth & eyes. After a preliminary autopsy it was
diagnosed death due to arsenic poisoning death. Where did the arsenic
come from?
The police launched an in-depth and extensive investigation. A medical
school professor was invited to come to solve the case.
The professor carefully looked at the contents from the deceased's
stomach, in less than half an hour, the mystery was solved. The
professor said: 'The deceased did not commit suicide and neither was
she murdered, she died of accidental death due to ignorance!'
Everyone was puzzled, why accidental death? The arsenic is of the U.S.
military for carrying rice seedlings H Gao. The professor said: 'The
arsenic is produced in the stomach of the deceased.' The deceased used
to take 'Vitamin C' everyday, which in itself is not a problem. The
problem was that she ate a large portion of shrimp/prawn during
dinner. Eating shrimp/prawn is not the problem that's why nothing
happened to her family even though they took the same shrimp/prawn.
However at the same time the deceased also took 'vitamin C', that is
where the problem is!
Researchers at the University of Chicago in the United States , found
through experiments, food such as soft-shell shrimp/prawn contains a
much higher concentration of - five potassium arsenic compounds.
Such fresh food by itself has no toxic effects on the human body!
However, in taking 'vitamin C', due to the chemical reaction, the
original non-toxic - five potassium arsenic (As anhydride, also known
as arsenic oxide, the chemical formula for As205) changed to a three
potassium toxic arsenic (ADB arsenic anhydride), also known as arsenic
trioxide, a chemical formula (As203), which is commonly known as
arsenic to the public!
Arsenic poisoning have magma role and can cause paralysis to the small
blood vessels, "mercapto Jimei"??, inhibits the activity of the liver
and fat necrosis change Hepatic Lobules Centre, heart, liver, kidney,
intestine congestion, epithelial cell necrosis, telangiectasia.
Therefore, a person who dies of arsenic poisoning will shows signs of
bleeding from the ears, nose, mouth & eyes.
Therefore: as a precautionary measure,
DO NOT not eat shrimp/prawn when taking 'vitamin C'.
After reading this; please do not be stingy. Forward to your friends
and family!!
Taiwan, a woman suddenly died unexpectedly with signs of bleeding from
her ears, nose, mouth & eyes. After a preliminary autopsy it was
diagnosed death due to arsenic poisoning death. Where did the arsenic
come from?
The police launched an in-depth and extensive investigation. A medical
school professor was invited to come to solve the case.
The professor carefully looked at the contents from the deceased's
stomach, in less than half an hour, the mystery was solved. The
professor said: 'The deceased did not commit suicide and neither was
she murdered, she died of accidental death due to ignorance!'
Everyone was puzzled, why accidental death? The arsenic is of the U.S.
military for carrying rice seedlings H Gao. The professor said: 'The
arsenic is produced in the stomach of the deceased.' The deceased used
to take 'Vitamin C' everyday, which in itself is not a problem. The
problem was that she ate a large portion of shrimp/prawn during
dinner. Eating shrimp/prawn is not the problem that's why nothing
happened to her family even though they took the same shrimp/prawn.
However at the same time the deceased also took 'vitamin C', that is
where the problem is!
Researchers at the University of Chicago in the United States , found
through experiments, food such as soft-shell shrimp/prawn contains a
much higher concentration of - five potassium arsenic compounds.
Such fresh food by itself has no toxic effects on the human body!
However, in taking 'vitamin C', due to the chemical reaction, the
original non-toxic - five potassium arsenic (As anhydride, also known
as arsenic oxide, the chemical formula for As205) changed to a three
potassium toxic arsenic (ADB arsenic anhydride), also known as arsenic
trioxide, a chemical formula (As203), which is commonly known as
arsenic to the public!
Arsenic poisoning have magma role and can cause paralysis to the small
blood vessels, "mercapto Jimei"??, inhibits the activity of the liver
and fat necrosis change Hepatic Lobules Centre, heart, liver, kidney,
intestine congestion, epithelial cell necrosis, telangiectasia.
Therefore, a person who dies of arsenic poisoning will shows signs of
bleeding from the ears, nose, mouth & eyes.
Therefore: as a precautionary measure,
DO NOT not eat shrimp/prawn when taking 'vitamin C'.
After reading this; please do not be stingy. Forward to your friends
and family!!
Saturday, June 12, 2010
daily news
64 Games. 1,860 ATMs. One Card - You only need one thing to enjoy football this June, your Ecobank Regional Card. Now you can conveniently access your money in South Africa through any of Nedbnak’s 1,860 ATMs.
Bank Robbery: Area Commander Escapes Death – Punch, Page 10
A gang of armed robbers raided a second generation bank, Intercontinental bank Plc, Ijebu-Igbo branch, on Thursday morning and stole unspecified amounts of money in a 45-minute operation. Eyewitnesses told our correspondent that the armed robbers, numbering about 12, stormed the bank at about 9.30am in a bus and a Mercedes Benz car. They allegedly uprooted the security door at the bank with a sledge hammer before holding the workers and customers hostage at gun point. It was gathered that the armed robbers, who escaped with their loot through Atan Road before hitting the Benin-Ore Expressway, opened fore on the vehicle of the Area Commander of Ijebu Igbo, Mr. Christopher Obagunle, an Assistant Commissioner of Police at Atan.
Moneygram Extends Reach In Nigeria – Punch, Page 20
The management of Moneygram International, a money transfer company, has signed an agreement with First Bank of Nigeria Plc. With the partnership, Moneygram, according to the company’s Chief Executive Officer, Miss Pamela Patsley, has reached the milestone of 200,000 agents across the world. A statement on Thursday quoted her as saying that the company was celebrating the accomplishment with the contribution of $200,000 to no-profit organizations around the world, part of which was the donation of $20,000 to the Grameen Foundation in Nigeria.
BNP Paribas To Finance Govt, Private Projects’ Expansion – Guardian, Page 17
BNP Paribas has pledged commitment to provide more structured financing facilities for government and private sector projects in Nigeria, as part of its African business expansion. The Deputy Global Head of Export Finance as well as Head, Regional Development and Organisation of the institution, Yesser Henda, said at an import finance seminar organized by the financial institution in Lagos recently that BNP Paribas intends to do more business in Nigeria through advisory services and structured finance of medium to long term tenure for import of capital goods, equipment and services into the country.
Firm Begins ATM Card Production – Guardian, Page 19
Electronic PayPlus Limited has commenced production of Automated Teller Machine (ATM) cards for banks with capacity to produce 15,000 in a day, the Chief Executive Officer of the company, Mr. Bayo Adeokun, has said. The CEO, during a tour of the company’s facilities in Lagos recently, said that the firm would scale up its capacity as patronage increased. Adeokun said that the company had the Verve certification and currently in the process of getting MasterCard certification, adding that the next line of action was to attain the Visa certification. He added that the company through operating shifts so that some employees could work overnight could accommodate demand exceeding 15,000 cards per day.
Market Value Puts Tier 2 Banks Ahead Of Peers – Business Day, Page 1
Contrary to the popular belief that the banking industry is dominated by the big four – First Bank, GT Bank, UBA and Zenith Bank – which are considered to be in the tier one or industry leaders, market sentiments, particularly in the post-banking reforms seem to favour the tier two banks, comprising, Access Bank, Diamond Bank, FCMB and Skye Bank, based on some indices, according to Renaissance capital (Rencap). Tier one capital is the core measure of a bank’s financial strength from a regulator’s point of view. It is composed of core capital, consisting primarily of common stock and disclosed reserves (or retained earnings). It may also include non-redeemable non-cumulative preferred stocks. The essence is its ability to provide protection against unexpected losses. The tier one capital ratio is the ratio of a bank’s core equity capital to its total assets, while the tier two risk based capital ratio on the other hand is the ratio of a bank’s core (equity capital) to its total risk-weightened assets.
History As World Cup Debuts In S’Africa – Thisday, Page 1
South Africa is in hyper drive as the country hosts this afternoon the first ever FIFA World Cup finals to be staged on the African continent in the 80 years of the tournament. President Goodluck Jonathan left Abuja last night for Johannesburg, South Africa, for the opening ceremonies of the World Cup. South African President Jacob Zuma had specifically invited him for the event. The President left the Nnamdi Azikiwe International Airport, Abuja around 11.00pm in the Presidential Jet, Air Force One. When FIFA awarded the tournament to the ‘Rainbow Nation’ some six years ago, many in the West felt that the World Football governing body had made a big mistake. Despite this skepticism, FIFA President Sepp Blatter resolutely stood behind the 1996 African Cup of Nations host, insisting that South Africa would not only be ready on time but would organize in impressive tournament.
Deji Of Akure Deposed, Banished, Arrested – Punch, Page 1
The Ondo State government on Thursday deposed the Deji of Akure, Oba Oluwadare Adesina, “with immediate effect”. A statement by the Chief Press Secretary to Governor Olusegun Mimiko of Ondo State, Mr. Kolawole Olabisi, said the decision was reached at a meeting of the State Executive Council presided in Akure. The statement said the government subsequently directed Akure kingmakers and the Akure South Local Government to immediately commence the process leading to the emergence and installation of a new Deji of Akure.
Ibori Loses Bail In Dubai, Remanded In Police Custody – Punch, Page 2
The travails of former Delta State Governor, Chief James Ibori have worsened as a court in Dubai, United Arab Emirates, revoked the bail he was granted on May 13. Two Nigerian online news agencies – Saharareporters and The Will – said in their reports on Thursday that the Dubai police, acting on an intelligence report, revoked the bail on the grounds that Ibori might escape from the oil-rich Arab country. The agencies added in the reports that the former governor’s bail was revoked as soon as he arrived at the police headquarters in Dubai on Tuesday. Saharareporters said “The police, acting on actionable intelligence, revoked his bail as soon as he arrived their headquarters, having become desperate following the sentencing of two of his associates to five-year jail terms.”\
Impeachment: Bayelsa Deputy Governor Heads To Court – Thisday, Page 3
Facing threat of impeachment, Bayelsa State Deputy Governor Peremobowei Ebebi has headed to court in order to stop his removal from office, THISDAY has learnt. Yesterday, Ebebi drew the attention of the state Chief Judge to a suit which he instituted against the Speaker of the State House of Assembly Werinipre Seibarugu at the state High Court, with suit No YHC/201/2010. He said that up till yesterday, he had not received any notice of impeachment despite the fact that the Speaker had announced that he had been served notice signed by 17 members of the House. Ebebi argued that the process by which the House was plotting to remove him through resolution directing him (the CVJ) to constitute a seven-man panel, was not in the 1999 constitution.
2010 Admissions: JAMB Sets 180 As Cut-Off Mark – Punch, Page 8
The Joint Admission and Matriculation Board (JAMB) on Thursday said it had set 180 as the cut-off mark for admission into all categories of tertiary institutions across Nigeria for 2010. The decision was reached after the first combined policy committee meeting on admission to degree-awarding institutions, National Diploma, National Certificate in Education and National Innovation Diploma-awarding institutions held in Abuja. The cut-off mark affects all the candidates that sat for the first Unified Tertiary Matriculation Examination conducted on April 17.
Ondo Set To Reduce Unemployment With 10,000 Jobs – Tribune, Page 12
Ondo State Governor, Olusegun Mimiko, on Thursday, said the state government would employ over 10,000 youths in Ondo in its determination to reduce graduate unemployment. Mimiko, who disclosed this in Ondo Town while declaring open a six-week training programme in Information and Communications Technology (ICT) and renewable Energy organized by Tech Ville Limited, stated that more than 4,000 youths had already been employed by the government in various sectors in the last 15 months.
Power Supply: Nigeria To Partner US – Thisday, Page 1
Efforts to solve the country’s power generation and distribution problem were stepped up yesterday when Nigeria and United States government officials inaugurated an Energy and Investment Working Group in Washington D.C. The inauguration took place during a two-day bilateral talk on Energy and Investment at the US Department of State. The group would discuss issues affecting Nigeria’s energy sector and proffer suggestions on energy investment challenges and opportunities that would serve as a catalyst to the development of the sector. Yesterday’s bilateral talks ushered in the next phase of the Bi-national Commission Agreement signed in Washington DC by the two countries in April.
Erediauwa, Benin Priests Invoke Curses On Robbers, Kidnappers, Others – Guardian, Page 3
It was a gathering of all known spiritualists, native doctors and medicine men all over Benin Kingdom as they gathered at the City Centre, Urokpota Hall to invoke curses of death and tragedies on all those directly and indirectly involved in criminal activities of armed robbery, kidnappings, ritual killings among other crimes in Edo State. The rituals, which lasted for about six hours paralysed activities in the city centre. Led by the Iyase of Benin Kingdom (Prime Minister), Chief Sam Igbe and the Chief Priest of the Kingdom, Chief Nosakhare Isehkure, the all-male participants, which included high ranking palace chiefs, traditional heads (Enigies) of communities in the curse ritual clad in red apparels slaughtered more than 20 various animals and their blood sprinkled in various shrines across the city. Thereafter, various juju priests rained curses on the criminals who have made the state capital unsafe and almost devoid of night life.
Talks Open On Security Council Reform Today – Guardian, Page 1
The stakes and the expectations are high. And diplomats from countries aspiring for permanent sets in the United Nations Security Council are leaving nothing to chances. At the forefront of the diplomatic overtures to UN members believed to have critical roles to play in the bid to reform the world body and possibly appoint new permanent members in the Security Council are African countries. As the UN opens discussion on the issue today, African envoys have said that the forum would enable the continent to know its true friends. At stake in the continent, is the determination of whether Africa as a bloc will get seats as permanent members of the world body.
Bank Robbery: Area Commander Escapes Death – Punch, Page 10
A gang of armed robbers raided a second generation bank, Intercontinental bank Plc, Ijebu-Igbo branch, on Thursday morning and stole unspecified amounts of money in a 45-minute operation. Eyewitnesses told our correspondent that the armed robbers, numbering about 12, stormed the bank at about 9.30am in a bus and a Mercedes Benz car. They allegedly uprooted the security door at the bank with a sledge hammer before holding the workers and customers hostage at gun point. It was gathered that the armed robbers, who escaped with their loot through Atan Road before hitting the Benin-Ore Expressway, opened fore on the vehicle of the Area Commander of Ijebu Igbo, Mr. Christopher Obagunle, an Assistant Commissioner of Police at Atan.
Moneygram Extends Reach In Nigeria – Punch, Page 20
The management of Moneygram International, a money transfer company, has signed an agreement with First Bank of Nigeria Plc. With the partnership, Moneygram, according to the company’s Chief Executive Officer, Miss Pamela Patsley, has reached the milestone of 200,000 agents across the world. A statement on Thursday quoted her as saying that the company was celebrating the accomplishment with the contribution of $200,000 to no-profit organizations around the world, part of which was the donation of $20,000 to the Grameen Foundation in Nigeria.
BNP Paribas To Finance Govt, Private Projects’ Expansion – Guardian, Page 17
BNP Paribas has pledged commitment to provide more structured financing facilities for government and private sector projects in Nigeria, as part of its African business expansion. The Deputy Global Head of Export Finance as well as Head, Regional Development and Organisation of the institution, Yesser Henda, said at an import finance seminar organized by the financial institution in Lagos recently that BNP Paribas intends to do more business in Nigeria through advisory services and structured finance of medium to long term tenure for import of capital goods, equipment and services into the country.
Firm Begins ATM Card Production – Guardian, Page 19
Electronic PayPlus Limited has commenced production of Automated Teller Machine (ATM) cards for banks with capacity to produce 15,000 in a day, the Chief Executive Officer of the company, Mr. Bayo Adeokun, has said. The CEO, during a tour of the company’s facilities in Lagos recently, said that the firm would scale up its capacity as patronage increased. Adeokun said that the company had the Verve certification and currently in the process of getting MasterCard certification, adding that the next line of action was to attain the Visa certification. He added that the company through operating shifts so that some employees could work overnight could accommodate demand exceeding 15,000 cards per day.
Market Value Puts Tier 2 Banks Ahead Of Peers – Business Day, Page 1
Contrary to the popular belief that the banking industry is dominated by the big four – First Bank, GT Bank, UBA and Zenith Bank – which are considered to be in the tier one or industry leaders, market sentiments, particularly in the post-banking reforms seem to favour the tier two banks, comprising, Access Bank, Diamond Bank, FCMB and Skye Bank, based on some indices, according to Renaissance capital (Rencap). Tier one capital is the core measure of a bank’s financial strength from a regulator’s point of view. It is composed of core capital, consisting primarily of common stock and disclosed reserves (or retained earnings). It may also include non-redeemable non-cumulative preferred stocks. The essence is its ability to provide protection against unexpected losses. The tier one capital ratio is the ratio of a bank’s core equity capital to its total assets, while the tier two risk based capital ratio on the other hand is the ratio of a bank’s core (equity capital) to its total risk-weightened assets.
History As World Cup Debuts In S’Africa – Thisday, Page 1
South Africa is in hyper drive as the country hosts this afternoon the first ever FIFA World Cup finals to be staged on the African continent in the 80 years of the tournament. President Goodluck Jonathan left Abuja last night for Johannesburg, South Africa, for the opening ceremonies of the World Cup. South African President Jacob Zuma had specifically invited him for the event. The President left the Nnamdi Azikiwe International Airport, Abuja around 11.00pm in the Presidential Jet, Air Force One. When FIFA awarded the tournament to the ‘Rainbow Nation’ some six years ago, many in the West felt that the World Football governing body had made a big mistake. Despite this skepticism, FIFA President Sepp Blatter resolutely stood behind the 1996 African Cup of Nations host, insisting that South Africa would not only be ready on time but would organize in impressive tournament.
Deji Of Akure Deposed, Banished, Arrested – Punch, Page 1
The Ondo State government on Thursday deposed the Deji of Akure, Oba Oluwadare Adesina, “with immediate effect”. A statement by the Chief Press Secretary to Governor Olusegun Mimiko of Ondo State, Mr. Kolawole Olabisi, said the decision was reached at a meeting of the State Executive Council presided in Akure. The statement said the government subsequently directed Akure kingmakers and the Akure South Local Government to immediately commence the process leading to the emergence and installation of a new Deji of Akure.
Ibori Loses Bail In Dubai, Remanded In Police Custody – Punch, Page 2
The travails of former Delta State Governor, Chief James Ibori have worsened as a court in Dubai, United Arab Emirates, revoked the bail he was granted on May 13. Two Nigerian online news agencies – Saharareporters and The Will – said in their reports on Thursday that the Dubai police, acting on an intelligence report, revoked the bail on the grounds that Ibori might escape from the oil-rich Arab country. The agencies added in the reports that the former governor’s bail was revoked as soon as he arrived at the police headquarters in Dubai on Tuesday. Saharareporters said “The police, acting on actionable intelligence, revoked his bail as soon as he arrived their headquarters, having become desperate following the sentencing of two of his associates to five-year jail terms.”\
Impeachment: Bayelsa Deputy Governor Heads To Court – Thisday, Page 3
Facing threat of impeachment, Bayelsa State Deputy Governor Peremobowei Ebebi has headed to court in order to stop his removal from office, THISDAY has learnt. Yesterday, Ebebi drew the attention of the state Chief Judge to a suit which he instituted against the Speaker of the State House of Assembly Werinipre Seibarugu at the state High Court, with suit No YHC/201/2010. He said that up till yesterday, he had not received any notice of impeachment despite the fact that the Speaker had announced that he had been served notice signed by 17 members of the House. Ebebi argued that the process by which the House was plotting to remove him through resolution directing him (the CVJ) to constitute a seven-man panel, was not in the 1999 constitution.
2010 Admissions: JAMB Sets 180 As Cut-Off Mark – Punch, Page 8
The Joint Admission and Matriculation Board (JAMB) on Thursday said it had set 180 as the cut-off mark for admission into all categories of tertiary institutions across Nigeria for 2010. The decision was reached after the first combined policy committee meeting on admission to degree-awarding institutions, National Diploma, National Certificate in Education and National Innovation Diploma-awarding institutions held in Abuja. The cut-off mark affects all the candidates that sat for the first Unified Tertiary Matriculation Examination conducted on April 17.
Ondo Set To Reduce Unemployment With 10,000 Jobs – Tribune, Page 12
Ondo State Governor, Olusegun Mimiko, on Thursday, said the state government would employ over 10,000 youths in Ondo in its determination to reduce graduate unemployment. Mimiko, who disclosed this in Ondo Town while declaring open a six-week training programme in Information and Communications Technology (ICT) and renewable Energy organized by Tech Ville Limited, stated that more than 4,000 youths had already been employed by the government in various sectors in the last 15 months.
Power Supply: Nigeria To Partner US – Thisday, Page 1
Efforts to solve the country’s power generation and distribution problem were stepped up yesterday when Nigeria and United States government officials inaugurated an Energy and Investment Working Group in Washington D.C. The inauguration took place during a two-day bilateral talk on Energy and Investment at the US Department of State. The group would discuss issues affecting Nigeria’s energy sector and proffer suggestions on energy investment challenges and opportunities that would serve as a catalyst to the development of the sector. Yesterday’s bilateral talks ushered in the next phase of the Bi-national Commission Agreement signed in Washington DC by the two countries in April.
Erediauwa, Benin Priests Invoke Curses On Robbers, Kidnappers, Others – Guardian, Page 3
It was a gathering of all known spiritualists, native doctors and medicine men all over Benin Kingdom as they gathered at the City Centre, Urokpota Hall to invoke curses of death and tragedies on all those directly and indirectly involved in criminal activities of armed robbery, kidnappings, ritual killings among other crimes in Edo State. The rituals, which lasted for about six hours paralysed activities in the city centre. Led by the Iyase of Benin Kingdom (Prime Minister), Chief Sam Igbe and the Chief Priest of the Kingdom, Chief Nosakhare Isehkure, the all-male participants, which included high ranking palace chiefs, traditional heads (Enigies) of communities in the curse ritual clad in red apparels slaughtered more than 20 various animals and their blood sprinkled in various shrines across the city. Thereafter, various juju priests rained curses on the criminals who have made the state capital unsafe and almost devoid of night life.
Talks Open On Security Council Reform Today – Guardian, Page 1
The stakes and the expectations are high. And diplomats from countries aspiring for permanent sets in the United Nations Security Council are leaving nothing to chances. At the forefront of the diplomatic overtures to UN members believed to have critical roles to play in the bid to reform the world body and possibly appoint new permanent members in the Security Council are African countries. As the UN opens discussion on the issue today, African envoys have said that the forum would enable the continent to know its true friends. At stake in the continent, is the determination of whether Africa as a bloc will get seats as permanent members of the world body.
Friday, June 11, 2010
Thursday, June 10, 2010
Tuesday, June 8, 2010
डेली news
Tuesday June 8, 2010
Ecobank Group Partners Nedbank On ATMs – Guardian, Page 20
Ecobank Group and Nedbank of South Africa have entered into partnership that will allow Ecobank customers access Nedbank’s Automated Teller Machines (ATMs) in South Africa. This will also give Nedbank the opportunity to extend accessibility of regional cards issued by Ecobank to over 2,460 ATMs in Africa. The Managing Director of Ecobank, Jibril Aku, announced this partnership in Lagos last week. Aku explained that Ecobank and Nedbank, which is one of the four biggest banks in South Africa, have been involved in cooperative partnership on projects that seem to be of mutual benefits to both banks.
Ecobank Extends ATM Card Service To South Africa – Business Day, Page 19
Ecobank has extended its regional card services Automated Teller Machine (ATM Card); to enable holders of the card withdraw cash within South Africa from any Nedbank ATM. Jibril Aku, Managing Director, Ecobank Nigeria, announced the inclusion of South Africa in the usage of the bank’s regional card. He said the move was part of the Ecobank-Nedbank alliance initiative, which has brought the two banks into partnership. “I am pleased to announce that the Ecobank Regional Card will as of today enable holders to withdraw their money in South African Rands, from any of the 1,860 Ned bank ATM throughout the country”, he stated.
Ecobank Appoints New Chairman – Champion, Page 35
The Board of Director of Ecobank Nigeria Plc has appointed Olor’ogun (Dr.) Sonny Folorunsho Kuku as its new Chairman. The appointment which took effect from March, 2010 follows the voluntary stepping down of its former Chairman, Chief John Odeyemi. Dr. Kuku is a renowned Physician, Scholar and Administrator. He has been the Joint Chief Medical Director and Chairman of the EKO Hospital (Ekocorp Plc) which he co-founded in 1978. Dr. Kuku has also been a Trustee and a Distinguished Fellow of the National Postgraduate Medical College of Nigeria, President and Trustee, West African College of Physicians. A past Chairman of the Committee of Pro-Chancellors of State Universities and Committee of Chairmen of Federal Tertiary Hospitals, he was a recipient of the First Distinguished Alumnus Award of the University of Lagos and Ambassador of Goodwill Award, City of Freetown.
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Vanguard, Page 4
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Stanbic IBTC, Actis Kicks Off $100m City Mall – Thisday, Page 62
Stanbic IBTC Bank Plc and Actis yesterday in Lagos marked the start of construction work at the Ikeja City Mall. The ground breaking ceremony of the $100 million project was performed by officials of Stanbic IBTC Bank, Actis and the Lagos State Government. The City Mall was financed by a mixture of debt and equity with a debt facility of $48.6 million secured from Stanbic IBTC Bank and Standard Bank of South Africa Limited. Executive Director, Corporate and Investment Banking, Stanbic IBTC, Mr. Yinka Sanni, said Stanbic IBTC’s participation in the project was in line with its zeal to contribute to the development of the real estate sector, industries and infrastructure of Lagos State. He added that the zeal also agrees with the passion Standard bank has for the development of Nigeria and Africa.
Stanbic IBTC Shareholders Okay 30 Kobo Dividend – Guardian, Page 18
Shareholders of Stanbic IBTC bank, a member of Standard Bank Group, yesterday approved 30 kobo dividend, amounting to N5.63 billion for the year 2009. In his address to shareholders, Chairman of Stanbic IBTC Bank, Atedo Peterside, described 2009 as the year that witnessed the most turbulent developments in the Nigerian banking sector since the ongoing reforms commenced in mid 2004. However, a press statement issued yesterdays aid Stanbic IBTC emerged from the turbulence “relatively unscathed”.
Union Bank: Promo Savings To Support Productive Sector-MD – Daily Independent, Page 23
Managing Director of Union Bank, Funke Osibodu, has said that funds mobilized through its Savings Bonanza, would be used to support the productive sector of the economy, thereby facilitating rapid economic growth. Union Bank had on May 27, 2010 concluded its savings bonanza that was officially launched in March last year. In all, several attractive prizes were on offer including two houses (a three Bedroom bungalow in Abuja and a three bedroom luxury flat in Lagos); three Toyota Land Cruiser (Prado SUVs); 36 Toyota Corolla Cars and 180 Motorcycles, others are N25million cash gifts and over one million other instant prizes made up of handsets, T-shirts, calculators, mugs, rulers, biros and exercise books, among others.
ValuCard Promo Winners Receive Prizes – Punch, Page 20
ValuCard Nigeria Plc has redeemed prizes for the 2010 FIFA World Cup campaign in which five merchants emerged winners. The usage campaign is being organized by ValuCard Nigeria, courtesy of Visa International. Speaking during the prize presentation on Friday, the Managing Director/Chief Executive Officer of the company, Mr. Kyari Bukar, said the promo was in line with the partnership between Visa International and FIFA to project major events such as the World Cup in South Africa.
Citibank Nigeria Kicks Off Diversity Week – Vanguard, Page 33
Citibank has flagged off its Third Annual Diversity week in over 54 countries in the Europe, Middle East and Africa region. According to a statement signed by Ms. Ogochukwu Okezie, spokesperson for Citibank Nigeria, the Diversity week for the year 2010, which commenced Monday, was established to raise awareness on diversity issues and promote tolerance within Citi, which has over 200,000 employees in more than 140 countries.
N55b Fraud: Atuche Trying To Frustrate Trial, Says EFCC – Daily Independent, Page 5
Former Managing Director of Bank PHB, Francis Atuche, was on Monday accused of doing everything within his powers to frustrate the corruption charges preferred against him by the Economic and Financial Crimes Commission (EFCC). The EFCC is prosecuting Atuche alongside a former Managing Director of Spring Bank, Charles Ojo, on a 45-count charge ranging from criminal grant of loans abuse of office and economic fraud to the tune of N55billion. The former bank chiefs are standing trial before Justice Akinjide Ajakaiye of the Federal High Court sitting in Lagos.
Ex-Worker Battles Access Bank Over Sack, Wants N5m – Guardian, Page 63
A former employee of Access Bank Nigeria Plc, Rasak Ademola Olajire, has dragged his employer to a Lagos High Court sitting in Ikeja for allegedly unlawful termination of his appointment and infringement of his fundamental human rights as guaranteed by the 1999 constitution. The claimant in the suit number ID/3322/99 is claiming N5 million for special and general damages suffered on September 13 to 16 1999, when he was allegedly detained by the defendants without any report at the police station. The defendants in the suit are Access Bank Nigeria Plc, the Chief Security Officer, Femi Ogunwobi and its General Manager, Bolaji Sosanya.
64 Ex-Workers Sue Unilever Over Dismissal – Punch, Page 8
Sixty four sacked workers of Unilever Nigeria Plc have initiated a legal action against the firm before a Lagos High Court in Ikeja, challenging the legality of their dismissal. In a suit before Justice T. Ojikutu – Oshode, two ex-workers, Mr. Idono Omokenu and Mrs. Amuda Jimoh, had on behalf of the claimants, urged the court to hold that the action of Unilever to dismiss them without paying their entitlements was illegal and unconstitutional.
N100m Gone In Lagos Dawn Inferno – Compass, Page 1
Goods worth over N100million were lost in an early morning inferno yesterday at the electronics showroom of Fouani Nigeria Limited, distributors of LG Electronics, on Warehouse Road Apapa, Lagos. The fire, which stared about 7.30a.m, completely razed the whole building housing the showroom. It took firemen from both the Federal and Lagos State Fire and Safety Services, who arrived the scene about 8a.m, over five hours to put out the fire.
Banks May Include Biometric Specimen To Customer – Sun, Page 48
Worried by the rising stock of bad loans in the nation’s financial industry, the management of Nigerian banks and the Central Bank of Nigeria may have started considering the inclusion of customers’ biometric specimen to existing mode of identification for major transactions including granting of credit to customers. The measure which is part of the safety nets many believe could stem the tide of problem lending may further strengthen the Know Your Customer (KYC), rule which the apex bank says should be taken seriously by all operators. Though customers’ photographs are widely used as a form of identity by banks in most of their transactions with clients, the inclusion of fingerprints may be aimed at ensuring that the current phenomenal size of loan loss provisioning by banks is drastically reduced in the years ahead by making recovery processes less cumbersome.
Sanusi Seeks Removal Of Fuel Subsidy – Thisday, Page 3
CBN Governor Sanusi Lamido Sanusi yesterday urged the Federal Government to curb a major part of its wasteful expenditure pattern by removing the subsidy on petroleum products imported into the country. Sanusi argued that the policy of subsidizing fuel importation has not been beneficial to the masses but has mercilessly enriched a few privileged Nigerians. His call for fuel subsidy removal came as the Minister of Finance, Olusegun Aganga disclosed that Nigeria’s external debt profile has risen to $4.3 billion and warned against unnecessary borrowing by government at all levels. The duo made their positions known in separate presentations at the National Workshop on the Processes and Procedures for Obtaining Local and Foreign Loans by Federal and State Governments.
70% Nigerians Live In Poverty, Says NACCIMA – Vanguard, Page 6
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) yesterday stressed that over 70 per cent of the masses live below poverty line, which is basically caused by the mismanagement and misappropriation of funds that has seen to the rundown of the Nigerian economy. NACCIMA President, Dr. Simon Okolo, on a visit to VANGUARD yesterday, said Nigeria could pass for the proverbial “land flowing with milk and honey” considering its abundant crude oil, solid mineral resources, fertile land and other endowments, but unfortunately, this is not true of the Nigerian economy.
Jonathan To Name New INEC Boss, Others Today – Punch, Page 8
President Goodluck Jonathan is expected to present the new names of the new chairman and 10 commissioners of the Independent National Electoral Commission to the meeting of the National Council of State in Abuja on Tuesday (today). Jonathan had at a meeting with Nigerians resident in France last week said that their names would be presented to the Council of State for advice. The President had said that the nominees were credible Nigerians.
FG Okays N10bn For Second Niger Bridge – Punch, Page 15
The Federal Government has earmarked N10bn for the construction of the second Niger Bridge, just as it is set to begin an audit of road contracts awarded by the past administrations today(Tuesday). The Minister of Works, Senator Sanusi Daggash, confirmed this during a courtesy visit by the Deputy Senate President, Senator Ike Ekweremadu, in Abuja on Monday. Daggash noted that the audit had become imperative owing to the fact that the government had spent billions of naira on road projects over the years without getting commensurate returns in terms of good road work.
London Court Jails Ibori’s Associates Five Years Each – Punch, Page 2
A Southwark Crown Court in London on Monday sentenced two associates of a former governor of Delta State, Chief James Ibori – Ms. Christine Ibori-Ibie and Ms. Udoamaka Onuigbo – to five years in jail each. A 12-man jury headed by Judge Christopher Hardy had last week found Ibori-Ibie, the only surviving sister of the former governor guilty of nine counts of money laundering, mortgage and wire fraud. Onuigbo was convicted for only money laundering in a case number T20087009. Both convicts were remanded in prison at Hardy’s order immediately the guilty verdict was passed by the jury. A third accused person, Mrs. Bimpe Pogoson, who was Ibori’s personal assistant, was discharged and acquitted by the jury.
Jos: Two Policemen Killed, Monarch’s Palace Torched – Punch, Page 2
Jos metropolis in Plateau State was on Monday engulfed in another orgy of violence as motorcyclist popularly called ‘Okada’ tried to resist a government ban on their activities. By the time the violence was over, two policemen had been killed, many others wounded and a part of the palace of the Gbong Gwom Jos, Da Buba Gyang, was burnt by hoodlums who hijacked a protest by the motorcyclist. The policemen were said to have been killed along Bauchi Road while trying to enforce the law during the incident that occurred hours after one person died in a clash between herdsmen and farmers in Lapal Local Government Area of Niger State on Sunday.
NAFDAC Seizes N500m Fake Drugs, Arrests Suspected Importers – Guardian, Page 3
The National Agency for Food and Drug Administration and Control (NAFDAC) has confiscated N500 million worth of several consignments of fake anti-malarial drugs and antibiotics from China at the Nigerian Aviation Handling Company (NAHCO) shed of the Murtala Muhammed International Airport (MMIA) and arrested a Nigerian syndicate involved in importing these drugs. Director General of NAFDAC, Dr. Paul Orhii, said the fake drugs were imported form Hong Kong, China, aboard Qatar Cargo Airline between May 6 and 27, 2010 on five different flights of five separate consignments totaling 54 large packages consigned to Bubic Nigeria Limited and Dubic Nigeria Limited, all in Lagos.
Jonathan Unveils New Education Policy Today – Guardian, Page 5
President Goodluck Jonathan is expected to unveil a new national education policy today in Yola, the Adamawa State capital. While fielding questions from journalists in Yola, Governor Murtala Nyako said that Adamawa State was selected because of the attention given to the education sector by his government. He pointed out that the President would also commission the re-constructed Numam-Yola Road, which is a federal project rehabilitated by the Nyako government and several other projects.
Ecobank Group Partners Nedbank On ATMs – Guardian, Page 20
Ecobank Group and Nedbank of South Africa have entered into partnership that will allow Ecobank customers access Nedbank’s Automated Teller Machines (ATMs) in South Africa. This will also give Nedbank the opportunity to extend accessibility of regional cards issued by Ecobank to over 2,460 ATMs in Africa. The Managing Director of Ecobank, Jibril Aku, announced this partnership in Lagos last week. Aku explained that Ecobank and Nedbank, which is one of the four biggest banks in South Africa, have been involved in cooperative partnership on projects that seem to be of mutual benefits to both banks.
Ecobank Extends ATM Card Service To South Africa – Business Day, Page 19
Ecobank has extended its regional card services Automated Teller Machine (ATM Card); to enable holders of the card withdraw cash within South Africa from any Nedbank ATM. Jibril Aku, Managing Director, Ecobank Nigeria, announced the inclusion of South Africa in the usage of the bank’s regional card. He said the move was part of the Ecobank-Nedbank alliance initiative, which has brought the two banks into partnership. “I am pleased to announce that the Ecobank Regional Card will as of today enable holders to withdraw their money in South African Rands, from any of the 1,860 Ned bank ATM throughout the country”, he stated.
Ecobank Appoints New Chairman – Champion, Page 35
The Board of Director of Ecobank Nigeria Plc has appointed Olor’ogun (Dr.) Sonny Folorunsho Kuku as its new Chairman. The appointment which took effect from March, 2010 follows the voluntary stepping down of its former Chairman, Chief John Odeyemi. Dr. Kuku is a renowned Physician, Scholar and Administrator. He has been the Joint Chief Medical Director and Chairman of the EKO Hospital (Ekocorp Plc) which he co-founded in 1978. Dr. Kuku has also been a Trustee and a Distinguished Fellow of the National Postgraduate Medical College of Nigeria, President and Trustee, West African College of Physicians. A past Chairman of the Committee of Pro-Chancellors of State Universities and Committee of Chairmen of Federal Tertiary Hospitals, he was a recipient of the First Distinguished Alumnus Award of the University of Lagos and Ambassador of Goodwill Award, City of Freetown.
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Vanguard, Page 4
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Stanbic IBTC, Actis Kicks Off $100m City Mall – Thisday, Page 62
Stanbic IBTC Bank Plc and Actis yesterday in Lagos marked the start of construction work at the Ikeja City Mall. The ground breaking ceremony of the $100 million project was performed by officials of Stanbic IBTC Bank, Actis and the Lagos State Government. The City Mall was financed by a mixture of debt and equity with a debt facility of $48.6 million secured from Stanbic IBTC Bank and Standard Bank of South Africa Limited. Executive Director, Corporate and Investment Banking, Stanbic IBTC, Mr. Yinka Sanni, said Stanbic IBTC’s participation in the project was in line with its zeal to contribute to the development of the real estate sector, industries and infrastructure of Lagos State. He added that the zeal also agrees with the passion Standard bank has for the development of Nigeria and Africa.
Stanbic IBTC Shareholders Okay 30 Kobo Dividend – Guardian, Page 18
Shareholders of Stanbic IBTC bank, a member of Standard Bank Group, yesterday approved 30 kobo dividend, amounting to N5.63 billion for the year 2009. In his address to shareholders, Chairman of Stanbic IBTC Bank, Atedo Peterside, described 2009 as the year that witnessed the most turbulent developments in the Nigerian banking sector since the ongoing reforms commenced in mid 2004. However, a press statement issued yesterdays aid Stanbic IBTC emerged from the turbulence “relatively unscathed”.
Union Bank: Promo Savings To Support Productive Sector-MD – Daily Independent, Page 23
Managing Director of Union Bank, Funke Osibodu, has said that funds mobilized through its Savings Bonanza, would be used to support the productive sector of the economy, thereby facilitating rapid economic growth. Union Bank had on May 27, 2010 concluded its savings bonanza that was officially launched in March last year. In all, several attractive prizes were on offer including two houses (a three Bedroom bungalow in Abuja and a three bedroom luxury flat in Lagos); three Toyota Land Cruiser (Prado SUVs); 36 Toyota Corolla Cars and 180 Motorcycles, others are N25million cash gifts and over one million other instant prizes made up of handsets, T-shirts, calculators, mugs, rulers, biros and exercise books, among others.
ValuCard Promo Winners Receive Prizes – Punch, Page 20
ValuCard Nigeria Plc has redeemed prizes for the 2010 FIFA World Cup campaign in which five merchants emerged winners. The usage campaign is being organized by ValuCard Nigeria, courtesy of Visa International. Speaking during the prize presentation on Friday, the Managing Director/Chief Executive Officer of the company, Mr. Kyari Bukar, said the promo was in line with the partnership between Visa International and FIFA to project major events such as the World Cup in South Africa.
Citibank Nigeria Kicks Off Diversity Week – Vanguard, Page 33
Citibank has flagged off its Third Annual Diversity week in over 54 countries in the Europe, Middle East and Africa region. According to a statement signed by Ms. Ogochukwu Okezie, spokesperson for Citibank Nigeria, the Diversity week for the year 2010, which commenced Monday, was established to raise awareness on diversity issues and promote tolerance within Citi, which has over 200,000 employees in more than 140 countries.
N55b Fraud: Atuche Trying To Frustrate Trial, Says EFCC – Daily Independent, Page 5
Former Managing Director of Bank PHB, Francis Atuche, was on Monday accused of doing everything within his powers to frustrate the corruption charges preferred against him by the Economic and Financial Crimes Commission (EFCC). The EFCC is prosecuting Atuche alongside a former Managing Director of Spring Bank, Charles Ojo, on a 45-count charge ranging from criminal grant of loans abuse of office and economic fraud to the tune of N55billion. The former bank chiefs are standing trial before Justice Akinjide Ajakaiye of the Federal High Court sitting in Lagos.
Ex-Worker Battles Access Bank Over Sack, Wants N5m – Guardian, Page 63
A former employee of Access Bank Nigeria Plc, Rasak Ademola Olajire, has dragged his employer to a Lagos High Court sitting in Ikeja for allegedly unlawful termination of his appointment and infringement of his fundamental human rights as guaranteed by the 1999 constitution. The claimant in the suit number ID/3322/99 is claiming N5 million for special and general damages suffered on September 13 to 16 1999, when he was allegedly detained by the defendants without any report at the police station. The defendants in the suit are Access Bank Nigeria Plc, the Chief Security Officer, Femi Ogunwobi and its General Manager, Bolaji Sosanya.
64 Ex-Workers Sue Unilever Over Dismissal – Punch, Page 8
Sixty four sacked workers of Unilever Nigeria Plc have initiated a legal action against the firm before a Lagos High Court in Ikeja, challenging the legality of their dismissal. In a suit before Justice T. Ojikutu – Oshode, two ex-workers, Mr. Idono Omokenu and Mrs. Amuda Jimoh, had on behalf of the claimants, urged the court to hold that the action of Unilever to dismiss them without paying their entitlements was illegal and unconstitutional.
N100m Gone In Lagos Dawn Inferno – Compass, Page 1
Goods worth over N100million were lost in an early morning inferno yesterday at the electronics showroom of Fouani Nigeria Limited, distributors of LG Electronics, on Warehouse Road Apapa, Lagos. The fire, which stared about 7.30a.m, completely razed the whole building housing the showroom. It took firemen from both the Federal and Lagos State Fire and Safety Services, who arrived the scene about 8a.m, over five hours to put out the fire.
Banks May Include Biometric Specimen To Customer – Sun, Page 48
Worried by the rising stock of bad loans in the nation’s financial industry, the management of Nigerian banks and the Central Bank of Nigeria may have started considering the inclusion of customers’ biometric specimen to existing mode of identification for major transactions including granting of credit to customers. The measure which is part of the safety nets many believe could stem the tide of problem lending may further strengthen the Know Your Customer (KYC), rule which the apex bank says should be taken seriously by all operators. Though customers’ photographs are widely used as a form of identity by banks in most of their transactions with clients, the inclusion of fingerprints may be aimed at ensuring that the current phenomenal size of loan loss provisioning by banks is drastically reduced in the years ahead by making recovery processes less cumbersome.
Sanusi Seeks Removal Of Fuel Subsidy – Thisday, Page 3
CBN Governor Sanusi Lamido Sanusi yesterday urged the Federal Government to curb a major part of its wasteful expenditure pattern by removing the subsidy on petroleum products imported into the country. Sanusi argued that the policy of subsidizing fuel importation has not been beneficial to the masses but has mercilessly enriched a few privileged Nigerians. His call for fuel subsidy removal came as the Minister of Finance, Olusegun Aganga disclosed that Nigeria’s external debt profile has risen to $4.3 billion and warned against unnecessary borrowing by government at all levels. The duo made their positions known in separate presentations at the National Workshop on the Processes and Procedures for Obtaining Local and Foreign Loans by Federal and State Governments.
70% Nigerians Live In Poverty, Says NACCIMA – Vanguard, Page 6
The Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) yesterday stressed that over 70 per cent of the masses live below poverty line, which is basically caused by the mismanagement and misappropriation of funds that has seen to the rundown of the Nigerian economy. NACCIMA President, Dr. Simon Okolo, on a visit to VANGUARD yesterday, said Nigeria could pass for the proverbial “land flowing with milk and honey” considering its abundant crude oil, solid mineral resources, fertile land and other endowments, but unfortunately, this is not true of the Nigerian economy.
Jonathan To Name New INEC Boss, Others Today – Punch, Page 8
President Goodluck Jonathan is expected to present the new names of the new chairman and 10 commissioners of the Independent National Electoral Commission to the meeting of the National Council of State in Abuja on Tuesday (today). Jonathan had at a meeting with Nigerians resident in France last week said that their names would be presented to the Council of State for advice. The President had said that the nominees were credible Nigerians.
FG Okays N10bn For Second Niger Bridge – Punch, Page 15
The Federal Government has earmarked N10bn for the construction of the second Niger Bridge, just as it is set to begin an audit of road contracts awarded by the past administrations today(Tuesday). The Minister of Works, Senator Sanusi Daggash, confirmed this during a courtesy visit by the Deputy Senate President, Senator Ike Ekweremadu, in Abuja on Monday. Daggash noted that the audit had become imperative owing to the fact that the government had spent billions of naira on road projects over the years without getting commensurate returns in terms of good road work.
London Court Jails Ibori’s Associates Five Years Each – Punch, Page 2
A Southwark Crown Court in London on Monday sentenced two associates of a former governor of Delta State, Chief James Ibori – Ms. Christine Ibori-Ibie and Ms. Udoamaka Onuigbo – to five years in jail each. A 12-man jury headed by Judge Christopher Hardy had last week found Ibori-Ibie, the only surviving sister of the former governor guilty of nine counts of money laundering, mortgage and wire fraud. Onuigbo was convicted for only money laundering in a case number T20087009. Both convicts were remanded in prison at Hardy’s order immediately the guilty verdict was passed by the jury. A third accused person, Mrs. Bimpe Pogoson, who was Ibori’s personal assistant, was discharged and acquitted by the jury.
Jos: Two Policemen Killed, Monarch’s Palace Torched – Punch, Page 2
Jos metropolis in Plateau State was on Monday engulfed in another orgy of violence as motorcyclist popularly called ‘Okada’ tried to resist a government ban on their activities. By the time the violence was over, two policemen had been killed, many others wounded and a part of the palace of the Gbong Gwom Jos, Da Buba Gyang, was burnt by hoodlums who hijacked a protest by the motorcyclist. The policemen were said to have been killed along Bauchi Road while trying to enforce the law during the incident that occurred hours after one person died in a clash between herdsmen and farmers in Lapal Local Government Area of Niger State on Sunday.
NAFDAC Seizes N500m Fake Drugs, Arrests Suspected Importers – Guardian, Page 3
The National Agency for Food and Drug Administration and Control (NAFDAC) has confiscated N500 million worth of several consignments of fake anti-malarial drugs and antibiotics from China at the Nigerian Aviation Handling Company (NAHCO) shed of the Murtala Muhammed International Airport (MMIA) and arrested a Nigerian syndicate involved in importing these drugs. Director General of NAFDAC, Dr. Paul Orhii, said the fake drugs were imported form Hong Kong, China, aboard Qatar Cargo Airline between May 6 and 27, 2010 on five different flights of five separate consignments totaling 54 large packages consigned to Bubic Nigeria Limited and Dubic Nigeria Limited, all in Lagos.
Jonathan Unveils New Education Policy Today – Guardian, Page 5
President Goodluck Jonathan is expected to unveil a new national education policy today in Yola, the Adamawa State capital. While fielding questions from journalists in Yola, Governor Murtala Nyako said that Adamawa State was selected because of the attention given to the education sector by his government. He pointed out that the President would also commission the re-constructed Numam-Yola Road, which is a federal project rehabilitated by the Nyako government and several other projects.
Monday, May 17, 2010
daily news
Ecobank’s Hassle-Free Regional Card Excites Market – Business Hallmark, Page 27
MasterCard/Visa cards have revolutionalised payment solutions worldwide. They could be denominated in US Dollars, Pounds, Euros and even in Naira. They can also be used to settle purchases in other major currencies. It is made available instantly at the bank’s branch to cater for your urgent payment needs. The cards employ the use of Chip and PIN technology to guard against unauthorized transaction. Ecobank, the Pan African bank, offers internationally recognized cards such as the Visa and the MasterCard as well as a Regional Card. They offer credit and debit cards which provide customer with global financial empowerment with access to all Visa and MasterCard branded electronic Point of Sale (PoS) terminals and ATMs worldwide. With an Ecobank card, you can have 24-hour access to banking services and pay for your services at merchant points displaying the Visa, MasterCard or Ecobank sign.
Retail Banking Report 2010 – Business Day, Page 8
The Pan African Bank – Ecobank
Ecobank is the leading pan African banking group with a presence in 30 African countries. We are recognized as one of the leading banks in all the markets in which we operate, providing a full range of wholesale, retail, commercial, investment and transaction banking services and products. Our customers include governments and government agencies, multinational, regional, multilateral and financial institutions, local companies and medium, small and micro enterprises and consumers. As a group, our strategy is to build scale through organic growth and acquisitions; grow our businesses in existing markets and expand into new markets, product and customer segments and, deliver improved efficiency through operational and product excellence and superior customer service. To achieve this, we have established “One Bank everywhere You Go”: Ecobank operates as “One Bank” with common brand, standards, policies and processes, which means you get a consistent and reliable service across its network of over 600 branches, offices and over 600 alliances locations. The bank is known to have introduced a variety of innovative products. Two of such leading products include the Ecobank Regional Card and Ecobank Rapid Transfer
Accion, Ecobank To Broaden Financial Inclusion In Central Africa – Business World, Page 20
EB-Accion Microfinance has opened its first two branches in Douala, at the Mboppi and Cameroon markets, with a pledge to broaden financial inclusion in Central Africa and the African continent. EB-Accion Microfinance is a new microfinance institution formed in partnership between Accion International, a pioneer and leader in microfinance, and Ecobank, a leading independent pan-African banking group in Africa.
Wema Bank May Opt For Acquisition – Business Hallmark, Page 23
The new management of Wema Bank Plc may have been overwhelmed by the multiple challenges confronting it and decided to opt for acquisition by another vibrant bank, should its expected foreign investors fail to turn up. Investigations by Business Hallmark confirmed at the weekend that the bank has finally dropped the initial plan to raise funds from the public in order to recapitalize ahead of June 30, 2010 deadline given by the CBN. Competent sources within Wema Bank said the management team has become convinced that given its poor results, unending boardroom crisis, uncompetitive posture as well as the uncertain mood of the market, acquisition remains the bank’s best option.
Sterling Bank’s Profit Rises 199% In Q1 – Thisday, Page 30
Sterling Bank Plc has reported a profit of N1.272 billion for the first quarter ended March 31, 2010 – indicating that the negative performance in 2009 has been reversed and that the bank is set to put smiles on the faces of its shareholders in 2010. The Q1 2010 profit showed an increase of 199 percent above the N426million recorded in the corresponding period of 2009. According to the results made available last Friday, gross earnings stood at N8.297billion, indicating a drop from N9.555billion in 2009. Profit before tax also rose by 136 percent from N593million to N1.4billion, while profit after tax soared by 199 percent from N426 million to N1.272 billion in 2010.
ASSBIFI Flays Disengagement Of Bank Staff – Thisday, Page 31
Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has asked the management of First Bank Plc to halt its ongoing rationalisation exercise and immediately reverse the disengagement letter issued to 291 of its members who were forced to retire without recourse to labour law. In a letter to the Managing Director of the bank dated May 11, 2010, the association described the action of First Bank as ill-guided and unlawful, noting that the manner in which the retirement letters were handed down to workers is a clear violation of the provisions of the law of collective bargaining. The union said it is highly disturbed that the management of First Bank could suddenly resort to disengagement of workers under the guise of early retirement, despite a failed attempt, which was profusely resolved by the two parties last year.
Access Bank Wins IFC’s ‘Most Active Issuing Bank In Africa’ Award – Guardian, Page 19
Access Bank Plc has emerged the winner of this year’s International Finance Corporation (IFC)’s “Most Active Issuing Bank In Africa” Award under its Global Trade Finance Programme. This was announced at the 3rd International Finance Corporation’s Global Trade Finance Programme Bank Partners’ Meeting held in Istanbul, Turkey recently. The Global Trade Finance Programme has 380 member banks from 182 countries around the World.
Stanbic IBTC, Others Adjust For Dividend And Bonus – Punch, Page 19
Equity prices of four companies have been adjusted for dividend and bonus as recommended by their boards of directors. Stanbic IBTC Bank Plc adjusted for dividend of 30 kobo per share, while Beta Glass Company Plc adjusted for dividend of 36 kobo per share. Similarly, Access Bank Plc adjusted for bonus of one for 10, as Beco Petroleum Products Plc adjusted for dividend of one kobo per share. Audited result of UAC of Nigeria Plc for the year ended December 31, 2009 shows a turnover of N56.495 billion, as against N53.652 billion.
eTranzact Unviels Genesis EMV Card – Punch, Page 46
Electronic Payment Company, eTranzact, has introduced its Genesis EMV Card product into the Nigerian market. The company operates an online real-time payment system that allows account holders to pay for goods and services purchased for merchants, transfer funds to any bank account, cell phone and pay bills. The Genesis card, according to the Managing Director of the company, Mr. Valentine Obi, is expected to replace all eTranzact debit and e-purse cards in circulation in line with the Central Bank of Nigeria’s regulation that all magnetic cards should be migrated to the Chip and PIN EMV platform.
Oando, Access Bank List Supplementary Shares – Punch, Page 19
A total of 1.945 billion units of shares have been added to the outstanding shares of Oando Plc and Access Bank Plc at the Nigerian Stock Exchange. Oando added a total of 301.605 million shares to its outstanding shares following the conclusion of its rights issue, while Access Bank also added supplementary units of 1.643 billion shares to its outstanding shares as a result of the bonus of one for four declared to shareholders of the company.
Regulators Intervene In Virgin Nigeria, GTB, UBA Crisis – Business Day, Page 4
The apex aviation regulatory authority, Nigerian Civil Aviation Authority (NCAA), has stepped into the financial crisis rocking Virgin Nigeria, with a view to identifying and settling the airline’s face-off with its creditors. To this end, NCAA has summoned Virgin Nigeria, Guaranty Trust Bank (GTB) and United Bank for Africa (UBA)-its creditors, to explain the new twist to the airline’s problems. Harold Demuren, Director General, NCAA, told Business Day on phone that the regulatory agency was concerned by the airline’s new challenge, adding that in an attempt to promise safety, the legal department of the agency would hold a meeting with the three firms this week. “We are concerned about the safety and that is our watchword. We will not allow anything or process that will truncate the safety of airline operations and the travelling public. Our legal department is summoning them now to a meeting. They have to explain what really the problem is and then we move forward,” he said.
UBA Boss, Elumelu Veers Into Entrepreneurial Mentoring Via New Foundation – Sun, Page 48
Outgoing Group Managing Director and Chief Executive, United Bank for Africa Plc, Mr. Tony Elumelu has concluded plans to establish “The Tony Elumelu Foundation”, thus signaling the new focus of the top banker who retires on July 31 this year in line with the CBN directive to bank chiefs that have spent 10 years or more. Prior to this development, many have been speculating what Elumelu who is still active would be doing after leaving the bank he acquired majority stake following the 2005 banking consolidation programme. Elumelu had in league with some of his business associates acquired and transformed the defunct Crystal Bank Limited into Standard Trust Bank (STB). But his desire to play big in the African financial market forced him into collapsing STB into United Bank for Africa Plc, considered a stronger and more visible brand within and outside the country.
Former Zain CEO, Bayo Ligali Buried – Thisday, Page 8
Former chief executive officer, CEO of Zain Nigeria, Bayo Ligali who died on Friday has been laid to rest at the Victoria Court Cemetery according to Muslim rites. He was said to have died of cancer at the Reddington Hospital, Victoria Island around 12.25pm after a protracted illness. Ligali, described by friends as a trustworthy and God fearing man, who helped all who came his way was laid to rest Saturday afternoon. The Vice Chancellor of the University of Illorin and a childhood friend of Ligali, Professor Is-haq Olarenwaju Oloyede who gave a short citation at the burial, prayed for the repose of the soul of his soul and described him as a devoted husband and father.
CBN Pegs Loans To Govt At 10 Percent – Nation, Page 3
The Central Bank of Nigeria has mandated banks to limit their total outstanding exposures to all tiers of government and their agencies at any point in time to 10 percent of their total credit portfolio. Complying with such exposures, which also include both on and off balance sheet transactions, the banks must ensure that aggregate large exposures do not exceed eight times the shareholders fund, unimpaired by losses. The CBN, which made this disclosure in new prudential guidelines it set for banks in the country, insisted that the top 50 exposures should not be more than 50percent of the total loan portfolio and must be in 10 different sectors of the economy.
CBN Pegs Bank Directors’ Tenure At 2 Years – Financial Standard, Page 1
The Central Bank of Nigeria (CBN) has pegged the maximum tenure of directors of Nigerian commercial banks at two years, while renewal of such a position is to be recommended or approved by the apex regulator. The bank’s new initiative will help forestall the growing abuse of corporate governance by the management of banks. It will also curtail the diversion of depositors’ funds by directors of banks.
Capital market Operator Drags SEC DG To Court – Vanguard, Page 14
Chief Livinus Ezemegbu, a stakeholder in the capital market, has dragged the Director General of the Securities and Exchange Commission, SEC, Ms Aruma Oteh, before a Federal High Court sitting in Abuja, asking the court to interpret the provisions of the Investment and Security Act, ISA, 2007 as it relates to the qualifications and appointment to the position of SEC DG. Ms Oteh, it will be recalled, was in January confirmed by the Senate for the Position after her nomination by the Late President Umaru Yar’Adua. Defendants in the suit are the President, the Attorney General of the Federation and Minister of Justice, the Senate, Minister of Finance and the Securities and Exchange Commission, SEC.
Tax Evasion: Lagos Shuts 250 Companies – Thisday, Page 7
Lagos State Government has said that more than 250 companies were closed at various times in the last one year for alleged tax evasion and other related offences, warning against dereliction to their civic obligations and responsibilities. It also said its intensified revenue generation drive had yielded expected outcome as it declared that a sum of N20billion had been realized from unremitted tax in the last one year, adding that it would make effort to tame tax evaders. Special Adviser to Governor Babatunde Raji Fashola (SAN) on Revenue and Taxation, Mr. Adeola Rahman Ipaye disclosed this at a Ministerial Briefing to mark the third anniversary of Fashola’s administration held in the State Secretariat, Alausa.
One Year Not Enough To Meet Targets, Says Jonathan – Thisday, Page 1
President Goodluck Jonathan has said the remaining 12 months of this administration is such a short time to achieve set targets. He has also asked Nigerians to pray for him saying “without your prayers I will be doomed, without the almighty God, I will be doomed”. The President, however, indicated that he is determined to make remarkable impact that begins with a road map for development in the country. Jonathan made these statements at two separate events: a banquet held to mark the end of his visit to Rivers State and a special prayer session by the Christian Association of Nigeria (CAN) for the late President Umaru Musa Yar’Adua’s family yesterday in Abuja.
Nigeria’s Biggest Gas Project To Take Off In Bayelsa – Thisday, Page 1
Shell Petroleum Development Company (SPDC) is set to inaugurate Nigeria’s biggest integrated oil and gas project in Gbaran-Ubie, Bayelsa State. The facility has the capacity to produce one billion standard cubic feet of gas and more than 70,000 barrels of oil per day. The Nigerian National Petroleum Corporation (NNPC) had signed a $1.69 billion loan deal with Shell in February 2009 to cover its share of investment in the deal. The project Manager of the plant Okechukwu Elechi, who disclosed the inauguration to newsmen weekend, said the technical inauguration of the Gbaran-Ubie project which would be undertaken in phases has commenced.
Chinese Acquire Nigeria’s Oil Reserves With N50bn – Financial Standard, Page 1
The Chinese oil companies have concluded arrangements of taking about six billion barrels of Nigeria’s crude oil reserves with N50 billion (about N7.45 trillion). According to a reliable source at the Nigerian National Petroleum Corporation (NNPC), the corporation and China State Construction Engineering Corp (CSCEC) last week reached an agreement on $23 billion in funding to build three refineries and a fuel complex in Nigeria. The source informed that the project, which would add 750,000 barrels per day for extra refining capacity, is expected to be funded largely through credit provided by a consortium of Chinese banks and China’s Export and Credit Insurance Corporation. The source added that the foreign companies must invest in developing Nigeria’s infrastructure and economy first, before they can begin to benefit from its oil and gas exports. Shehu Ladan said during the signing ceremony, “We are about to deepen the existing technical and commercial relationship between China and Nigeria through the signing of a memorandum of understanding.”
Ibori: EFCC, Met Police Meet For Extradition – Thisday, Page 3
Following last Wednesday’s arrest and granting of bail to former Delta state Governor James Ibori in Dubai, United Arab Emirates (UAE), security operatives from Nigeria, UAE and United Kingdom will meet today in Dubai to exchange files and documents that will pave the way for the former governor’s extradition. The Economic and Financial Crimes Commission (EFCC) officials arrived Dubai at the weekend to work with the London Metropolitan Police, Dubai security officials and Interpol to work on Ibori’s extradition to the UK. The former governor, who had accused his “political enemies in Nigeria” and their UK co-conspirators of declaring him wanted over charges that have not yet been made public just to influence the outcome of the case against some of his associates in a London court,” was declared wanted in Nigeria. He was also wanted in UK in connection with an ongoing trial involving some of his associates.
New Ash Cloud May Affect Nigeria-UK Flights – Punch, Page 6
There are strong indications that a new ash cloud from the Icelandic volcano, drifting over Southern Europe, may lead to hitches in flight operations at some international airports in Nigeria on Tuesday. Airports in the southern and eastern parts of the United Kingdom, particularly Heathrow, Stansted and Gatwick, will be closed on Tuesday when the ash is expected to have drifted towards the region, according to the UK National Air Traffic Service and Metrological Office on Sunday. British Airways, Virgin Atlantic Airways and Arik Air, which operate daily flights from Lagos and Abuja airports to Heathrow airport, said on Sunday that they were yet to receive signals regarding the status of their Tuesday flights between Nigeria and the UK.
20,000 Nigerians In UK Prisons, Says UK-Based Lawyer – Punch, Page 5
A United Kingdom-based legal practitioner and immigration consultant, Mr. Fola Rahman, has said that no fewer than 20,000 Nigerians are currently inmates of UK prisons and detention centres, owing to alleged immigration offences. Rahman, who spoke in Abeokuta on Saturday, added that the inmates included the aged, adults and pregnant women; while in one instant, about 26 Nigerians resided in a single room accommodation in the UK. The legal practitioner, who is also a senatorial aspirant on the platform of the Peoples Democratic Party (PDP) in Ogun Central, was the speaker at the Guest Forum, organized by the Ogun State Council of t he Nigerian Union of Journalists.
24 Die In Somali Fighting, Chaos In Parliament – Guardian, Page 2
Insurgents yesterday pounded heavily shelling on Somalia’s capital, killing about 24 people and wounding dozens, as parliament’s speaker said lawmakers had passed a vote of no confidence on the government. Speaker Sheikh Aden Madobe said he had called on the country’s president to form a new government. A member of the parliament secretariat who did not want to be identified confirmed the vote’s outcome. “280 voted against the government, 30 in favour and eight remained silent. Therefore we will request President Sheikh Sharif to form a government urgently,” Madobe said
MasterCard/Visa cards have revolutionalised payment solutions worldwide. They could be denominated in US Dollars, Pounds, Euros and even in Naira. They can also be used to settle purchases in other major currencies. It is made available instantly at the bank’s branch to cater for your urgent payment needs. The cards employ the use of Chip and PIN technology to guard against unauthorized transaction. Ecobank, the Pan African bank, offers internationally recognized cards such as the Visa and the MasterCard as well as a Regional Card. They offer credit and debit cards which provide customer with global financial empowerment with access to all Visa and MasterCard branded electronic Point of Sale (PoS) terminals and ATMs worldwide. With an Ecobank card, you can have 24-hour access to banking services and pay for your services at merchant points displaying the Visa, MasterCard or Ecobank sign.
Retail Banking Report 2010 – Business Day, Page 8
The Pan African Bank – Ecobank
Ecobank is the leading pan African banking group with a presence in 30 African countries. We are recognized as one of the leading banks in all the markets in which we operate, providing a full range of wholesale, retail, commercial, investment and transaction banking services and products. Our customers include governments and government agencies, multinational, regional, multilateral and financial institutions, local companies and medium, small and micro enterprises and consumers. As a group, our strategy is to build scale through organic growth and acquisitions; grow our businesses in existing markets and expand into new markets, product and customer segments and, deliver improved efficiency through operational and product excellence and superior customer service. To achieve this, we have established “One Bank everywhere You Go”: Ecobank operates as “One Bank” with common brand, standards, policies and processes, which means you get a consistent and reliable service across its network of over 600 branches, offices and over 600 alliances locations. The bank is known to have introduced a variety of innovative products. Two of such leading products include the Ecobank Regional Card and Ecobank Rapid Transfer
Accion, Ecobank To Broaden Financial Inclusion In Central Africa – Business World, Page 20
EB-Accion Microfinance has opened its first two branches in Douala, at the Mboppi and Cameroon markets, with a pledge to broaden financial inclusion in Central Africa and the African continent. EB-Accion Microfinance is a new microfinance institution formed in partnership between Accion International, a pioneer and leader in microfinance, and Ecobank, a leading independent pan-African banking group in Africa.
Wema Bank May Opt For Acquisition – Business Hallmark, Page 23
The new management of Wema Bank Plc may have been overwhelmed by the multiple challenges confronting it and decided to opt for acquisition by another vibrant bank, should its expected foreign investors fail to turn up. Investigations by Business Hallmark confirmed at the weekend that the bank has finally dropped the initial plan to raise funds from the public in order to recapitalize ahead of June 30, 2010 deadline given by the CBN. Competent sources within Wema Bank said the management team has become convinced that given its poor results, unending boardroom crisis, uncompetitive posture as well as the uncertain mood of the market, acquisition remains the bank’s best option.
Sterling Bank’s Profit Rises 199% In Q1 – Thisday, Page 30
Sterling Bank Plc has reported a profit of N1.272 billion for the first quarter ended March 31, 2010 – indicating that the negative performance in 2009 has been reversed and that the bank is set to put smiles on the faces of its shareholders in 2010. The Q1 2010 profit showed an increase of 199 percent above the N426million recorded in the corresponding period of 2009. According to the results made available last Friday, gross earnings stood at N8.297billion, indicating a drop from N9.555billion in 2009. Profit before tax also rose by 136 percent from N593million to N1.4billion, while profit after tax soared by 199 percent from N426 million to N1.272 billion in 2010.
ASSBIFI Flays Disengagement Of Bank Staff – Thisday, Page 31
Association of Senior Staff of Banks, Insurance and Financial Institutions (ASSBIFI) has asked the management of First Bank Plc to halt its ongoing rationalisation exercise and immediately reverse the disengagement letter issued to 291 of its members who were forced to retire without recourse to labour law. In a letter to the Managing Director of the bank dated May 11, 2010, the association described the action of First Bank as ill-guided and unlawful, noting that the manner in which the retirement letters were handed down to workers is a clear violation of the provisions of the law of collective bargaining. The union said it is highly disturbed that the management of First Bank could suddenly resort to disengagement of workers under the guise of early retirement, despite a failed attempt, which was profusely resolved by the two parties last year.
Access Bank Wins IFC’s ‘Most Active Issuing Bank In Africa’ Award – Guardian, Page 19
Access Bank Plc has emerged the winner of this year’s International Finance Corporation (IFC)’s “Most Active Issuing Bank In Africa” Award under its Global Trade Finance Programme. This was announced at the 3rd International Finance Corporation’s Global Trade Finance Programme Bank Partners’ Meeting held in Istanbul, Turkey recently. The Global Trade Finance Programme has 380 member banks from 182 countries around the World.
Stanbic IBTC, Others Adjust For Dividend And Bonus – Punch, Page 19
Equity prices of four companies have been adjusted for dividend and bonus as recommended by their boards of directors. Stanbic IBTC Bank Plc adjusted for dividend of 30 kobo per share, while Beta Glass Company Plc adjusted for dividend of 36 kobo per share. Similarly, Access Bank Plc adjusted for bonus of one for 10, as Beco Petroleum Products Plc adjusted for dividend of one kobo per share. Audited result of UAC of Nigeria Plc for the year ended December 31, 2009 shows a turnover of N56.495 billion, as against N53.652 billion.
eTranzact Unviels Genesis EMV Card – Punch, Page 46
Electronic Payment Company, eTranzact, has introduced its Genesis EMV Card product into the Nigerian market. The company operates an online real-time payment system that allows account holders to pay for goods and services purchased for merchants, transfer funds to any bank account, cell phone and pay bills. The Genesis card, according to the Managing Director of the company, Mr. Valentine Obi, is expected to replace all eTranzact debit and e-purse cards in circulation in line with the Central Bank of Nigeria’s regulation that all magnetic cards should be migrated to the Chip and PIN EMV platform.
Oando, Access Bank List Supplementary Shares – Punch, Page 19
A total of 1.945 billion units of shares have been added to the outstanding shares of Oando Plc and Access Bank Plc at the Nigerian Stock Exchange. Oando added a total of 301.605 million shares to its outstanding shares following the conclusion of its rights issue, while Access Bank also added supplementary units of 1.643 billion shares to its outstanding shares as a result of the bonus of one for four declared to shareholders of the company.
Regulators Intervene In Virgin Nigeria, GTB, UBA Crisis – Business Day, Page 4
The apex aviation regulatory authority, Nigerian Civil Aviation Authority (NCAA), has stepped into the financial crisis rocking Virgin Nigeria, with a view to identifying and settling the airline’s face-off with its creditors. To this end, NCAA has summoned Virgin Nigeria, Guaranty Trust Bank (GTB) and United Bank for Africa (UBA)-its creditors, to explain the new twist to the airline’s problems. Harold Demuren, Director General, NCAA, told Business Day on phone that the regulatory agency was concerned by the airline’s new challenge, adding that in an attempt to promise safety, the legal department of the agency would hold a meeting with the three firms this week. “We are concerned about the safety and that is our watchword. We will not allow anything or process that will truncate the safety of airline operations and the travelling public. Our legal department is summoning them now to a meeting. They have to explain what really the problem is and then we move forward,” he said.
UBA Boss, Elumelu Veers Into Entrepreneurial Mentoring Via New Foundation – Sun, Page 48
Outgoing Group Managing Director and Chief Executive, United Bank for Africa Plc, Mr. Tony Elumelu has concluded plans to establish “The Tony Elumelu Foundation”, thus signaling the new focus of the top banker who retires on July 31 this year in line with the CBN directive to bank chiefs that have spent 10 years or more. Prior to this development, many have been speculating what Elumelu who is still active would be doing after leaving the bank he acquired majority stake following the 2005 banking consolidation programme. Elumelu had in league with some of his business associates acquired and transformed the defunct Crystal Bank Limited into Standard Trust Bank (STB). But his desire to play big in the African financial market forced him into collapsing STB into United Bank for Africa Plc, considered a stronger and more visible brand within and outside the country.
Former Zain CEO, Bayo Ligali Buried – Thisday, Page 8
Former chief executive officer, CEO of Zain Nigeria, Bayo Ligali who died on Friday has been laid to rest at the Victoria Court Cemetery according to Muslim rites. He was said to have died of cancer at the Reddington Hospital, Victoria Island around 12.25pm after a protracted illness. Ligali, described by friends as a trustworthy and God fearing man, who helped all who came his way was laid to rest Saturday afternoon. The Vice Chancellor of the University of Illorin and a childhood friend of Ligali, Professor Is-haq Olarenwaju Oloyede who gave a short citation at the burial, prayed for the repose of the soul of his soul and described him as a devoted husband and father.
CBN Pegs Loans To Govt At 10 Percent – Nation, Page 3
The Central Bank of Nigeria has mandated banks to limit their total outstanding exposures to all tiers of government and their agencies at any point in time to 10 percent of their total credit portfolio. Complying with such exposures, which also include both on and off balance sheet transactions, the banks must ensure that aggregate large exposures do not exceed eight times the shareholders fund, unimpaired by losses. The CBN, which made this disclosure in new prudential guidelines it set for banks in the country, insisted that the top 50 exposures should not be more than 50percent of the total loan portfolio and must be in 10 different sectors of the economy.
CBN Pegs Bank Directors’ Tenure At 2 Years – Financial Standard, Page 1
The Central Bank of Nigeria (CBN) has pegged the maximum tenure of directors of Nigerian commercial banks at two years, while renewal of such a position is to be recommended or approved by the apex regulator. The bank’s new initiative will help forestall the growing abuse of corporate governance by the management of banks. It will also curtail the diversion of depositors’ funds by directors of banks.
Capital market Operator Drags SEC DG To Court – Vanguard, Page 14
Chief Livinus Ezemegbu, a stakeholder in the capital market, has dragged the Director General of the Securities and Exchange Commission, SEC, Ms Aruma Oteh, before a Federal High Court sitting in Abuja, asking the court to interpret the provisions of the Investment and Security Act, ISA, 2007 as it relates to the qualifications and appointment to the position of SEC DG. Ms Oteh, it will be recalled, was in January confirmed by the Senate for the Position after her nomination by the Late President Umaru Yar’Adua. Defendants in the suit are the President, the Attorney General of the Federation and Minister of Justice, the Senate, Minister of Finance and the Securities and Exchange Commission, SEC.
Tax Evasion: Lagos Shuts 250 Companies – Thisday, Page 7
Lagos State Government has said that more than 250 companies were closed at various times in the last one year for alleged tax evasion and other related offences, warning against dereliction to their civic obligations and responsibilities. It also said its intensified revenue generation drive had yielded expected outcome as it declared that a sum of N20billion had been realized from unremitted tax in the last one year, adding that it would make effort to tame tax evaders. Special Adviser to Governor Babatunde Raji Fashola (SAN) on Revenue and Taxation, Mr. Adeola Rahman Ipaye disclosed this at a Ministerial Briefing to mark the third anniversary of Fashola’s administration held in the State Secretariat, Alausa.
One Year Not Enough To Meet Targets, Says Jonathan – Thisday, Page 1
President Goodluck Jonathan has said the remaining 12 months of this administration is such a short time to achieve set targets. He has also asked Nigerians to pray for him saying “without your prayers I will be doomed, without the almighty God, I will be doomed”. The President, however, indicated that he is determined to make remarkable impact that begins with a road map for development in the country. Jonathan made these statements at two separate events: a banquet held to mark the end of his visit to Rivers State and a special prayer session by the Christian Association of Nigeria (CAN) for the late President Umaru Musa Yar’Adua’s family yesterday in Abuja.
Nigeria’s Biggest Gas Project To Take Off In Bayelsa – Thisday, Page 1
Shell Petroleum Development Company (SPDC) is set to inaugurate Nigeria’s biggest integrated oil and gas project in Gbaran-Ubie, Bayelsa State. The facility has the capacity to produce one billion standard cubic feet of gas and more than 70,000 barrels of oil per day. The Nigerian National Petroleum Corporation (NNPC) had signed a $1.69 billion loan deal with Shell in February 2009 to cover its share of investment in the deal. The project Manager of the plant Okechukwu Elechi, who disclosed the inauguration to newsmen weekend, said the technical inauguration of the Gbaran-Ubie project which would be undertaken in phases has commenced.
Chinese Acquire Nigeria’s Oil Reserves With N50bn – Financial Standard, Page 1
The Chinese oil companies have concluded arrangements of taking about six billion barrels of Nigeria’s crude oil reserves with N50 billion (about N7.45 trillion). According to a reliable source at the Nigerian National Petroleum Corporation (NNPC), the corporation and China State Construction Engineering Corp (CSCEC) last week reached an agreement on $23 billion in funding to build three refineries and a fuel complex in Nigeria. The source informed that the project, which would add 750,000 barrels per day for extra refining capacity, is expected to be funded largely through credit provided by a consortium of Chinese banks and China’s Export and Credit Insurance Corporation. The source added that the foreign companies must invest in developing Nigeria’s infrastructure and economy first, before they can begin to benefit from its oil and gas exports. Shehu Ladan said during the signing ceremony, “We are about to deepen the existing technical and commercial relationship between China and Nigeria through the signing of a memorandum of understanding.”
Ibori: EFCC, Met Police Meet For Extradition – Thisday, Page 3
Following last Wednesday’s arrest and granting of bail to former Delta state Governor James Ibori in Dubai, United Arab Emirates (UAE), security operatives from Nigeria, UAE and United Kingdom will meet today in Dubai to exchange files and documents that will pave the way for the former governor’s extradition. The Economic and Financial Crimes Commission (EFCC) officials arrived Dubai at the weekend to work with the London Metropolitan Police, Dubai security officials and Interpol to work on Ibori’s extradition to the UK. The former governor, who had accused his “political enemies in Nigeria” and their UK co-conspirators of declaring him wanted over charges that have not yet been made public just to influence the outcome of the case against some of his associates in a London court,” was declared wanted in Nigeria. He was also wanted in UK in connection with an ongoing trial involving some of his associates.
New Ash Cloud May Affect Nigeria-UK Flights – Punch, Page 6
There are strong indications that a new ash cloud from the Icelandic volcano, drifting over Southern Europe, may lead to hitches in flight operations at some international airports in Nigeria on Tuesday. Airports in the southern and eastern parts of the United Kingdom, particularly Heathrow, Stansted and Gatwick, will be closed on Tuesday when the ash is expected to have drifted towards the region, according to the UK National Air Traffic Service and Metrological Office on Sunday. British Airways, Virgin Atlantic Airways and Arik Air, which operate daily flights from Lagos and Abuja airports to Heathrow airport, said on Sunday that they were yet to receive signals regarding the status of their Tuesday flights between Nigeria and the UK.
20,000 Nigerians In UK Prisons, Says UK-Based Lawyer – Punch, Page 5
A United Kingdom-based legal practitioner and immigration consultant, Mr. Fola Rahman, has said that no fewer than 20,000 Nigerians are currently inmates of UK prisons and detention centres, owing to alleged immigration offences. Rahman, who spoke in Abeokuta on Saturday, added that the inmates included the aged, adults and pregnant women; while in one instant, about 26 Nigerians resided in a single room accommodation in the UK. The legal practitioner, who is also a senatorial aspirant on the platform of the Peoples Democratic Party (PDP) in Ogun Central, was the speaker at the Guest Forum, organized by the Ogun State Council of t he Nigerian Union of Journalists.
24 Die In Somali Fighting, Chaos In Parliament – Guardian, Page 2
Insurgents yesterday pounded heavily shelling on Somalia’s capital, killing about 24 people and wounding dozens, as parliament’s speaker said lawmakers had passed a vote of no confidence on the government. Speaker Sheikh Aden Madobe said he had called on the country’s president to form a new government. A member of the parliament secretariat who did not want to be identified confirmed the vote’s outcome. “280 voted against the government, 30 in favour and eight remained silent. Therefore we will request President Sheikh Sharif to form a government urgently,” Madobe said
Thursday, April 29, 2010
Banks Documents Indicted Ogbulafor, Others-ICPC – Tribune, Page 1
Bank documents allegedly detailing the deposits made for the embattled National Chairman of the Peoples Democratic Party (PDP), Prince Vincent Ogbulafor and four others are now reportedly in the hands of the prosecuting Independent Corrupt Practices and Other Related Offences Commission (ICPC), which it said would be used as evidence in the N238 million corruption trial starting on Monday next week. In the proof of evidence filed by the commission, unnamed managers of Zenith, Wema, Bank PHB and Ecobank were listed as witness against the accused by the commission.
Eminent Businessman, Akin-George Passes On, Ibru, Others Mourn – Guardian, Page 1
Prominent entrepreneur and finance sector guru, Chief John Akin-George (OFR, FCIB), has passed on. Chief Akin-George, one the indigenous pioneers in Nigeria’s insurance industry, passed on peacefully at his Lagos home on Tuesday. His death came as a shock to his family, friends and associates as he never showed any sign of ill-health. Infact, he was said to be in a joyous mood and high spirit in preparation for his wife’s 60th birthday celebration just a week away.
Finbank Records N125.851bn Negative Shareholders’ Funds, N149.77bn Net Loss – Daly Independent, Page 21
Ahead of the Friday, April 30, 2010 deadline given by the Securities and Exchange Commission (SEC) for quoted companies to submit their results, the management of Finbank Plc, at the mid-week, told investors that although earnings income for the year ended December 31, 2009, rose by three digits, all its other measurement indictors were negative. Balance sheet information provided by the Nigerian Stock Exchange showed for example that net assets, which according to an analyst, also represents a company’s shareholders’ funds took a 559.19 per cent plunge from N27.407 billion to a negative N125.851 billion.
CSR: Access Bank Donates To School – Thisday, Page 62
Access Bank Plc has donated a refurbished block of class rooms to the pupils and staff of Herbert Macaulay Girls Senior High School, Yaba, in Lagos. The bank said in a statement that the donation is in furtherance of its commitment to environmental and societal wellbeing of Nigerians.
Skye Bank Stages Walk Against HIV/AIDS – Punch, Page 20
Skye Bank Plc has concluded plans to stage a charity walk to draw home the threat of the HIV/AIDS epidemic to the economic development of the country and the Health of the Nigerian populace. A statement issued by the bank said the charity walk, tagged “Walk for Life” would take place on Workers’ Day.
Standard Chartered Bank Acquires African Custody Business – Punch, Page 19
Standard Chartered Bank Plc and Barclays Plc have entered into an agreement to acquire the African Custody Business from Barclays Plc. The planned acquisition, according to a statement from Standard Chartered Bank on Wednesday, will provide the bank with custody capabilities in its markets across Africa. The acquisition, the statement explained, is subject to certain regulatory and other approvals, and is expected to be completed this year.
Virgin Nigeria Rebrands, Acquires 7 New Aircraft – Sun, Page 7
Chairman of Virgin Nigeria Airways, Jimoh Ibrahim has said airline would soon undergo a rebranding process that will see it adopt a new name. “Name change is imminent. We’ll change the name to reflect the integrity of the country,” Ibrahim said. The airline will also acquire an additional seven aircraft for its operations. Speaking with aviation correspondents in Lagos on Wednesday, the chairman described the company as one facing financial challenges but technically sound. He stressed that funds will be pumped into the place to make it the toast of air travelers. The businessman disclosed the deal which saw him emerged the new chairman has been in the works since 2009 but was wrapped up last week.
Nestle’s Sagamu Factory To Provide 250 Jobs – Sun, Page 49
Nestle Nigeria Plc, the nation’s leading nutrition, health and wellness company, will be offering additional 250 jobs to able bodied Nigerians as its ultramodern manufacturing complex in Sagamu Ogun State comes on streams soon to boost production of seasoning and other products meant for Nigeria and West Coast markets. Chairman of the company, Chief Olusegun Osunkeye disclosed this while addressing shareholders at the 41st Annual General Meeting of the company held in Lagos Tuesday, stated that the factory will also be providing scores of indirect employment for many citizens, as part of its contribution towards complementing the Federal and State governments job creation initiative.
SEC New Rule Stipulates Underwriting Commitment For Equity Offerings – Business Day, Page 1
The Securities and Exchange Commission (SEC) Wednesday in Abuja unveiled a new set of rules, part of which contains an amendment to the requirements of underwriting commitments for share offerings. Specifically, the SEC has created 23 new rules and eight amendments to existing ones covering a wide range of issues on the capital market. Arunma Oteh, Director General, SEC, at the media presentation of the rules, said: “The requirement to make underwriting of issues the discretion of the issuers has made underwriting of issues in the market no longer mandatory. However, where an issue is underwritten, the underwriting commitment by a single underwriter shall not be more than three times its shareholders fund for equity offering and not more than four times for fixed income securities.”
SEC Tasks NSE On Transparent Succession Plan – Guardian, Page 16
The Securities and Exchange Commission (SEC), yesterday, advised the Director-General (D-G) of Nigerian Stock Exchange (NSE), Prof. Ndi Okereke-Onyiuke, to ensure due process and transparency are adequately followed in the selection of a new D-G for NSE. According to SEC, a “proper and fit” candidate who is expected to take over from Okereke-Onyiuke when she retires in November, this year can only be achieved through international best practice.
CBN May Manage Bailed Out Banks For 10 Years – Business Day, Page 5
There are indications that the Central bank of Nigeria (CBN) may be forced to continue to manage the eight ‘troubled’ banks for up to ten years with new discovery of skeletons in their cabinets by auditing firms privately hired by local banks desiring to hire some of the ‘troubled’ banks. BUSINESSDAY investigations revealed that foreign banks that were initially interested in acquiring the CBN-managed banks had to back off as a result of findings which their hired auditing firms unearthed.
Robbery Scare: Banks Forced To Close Down In Nsukka – Sun, Page 6
Over 12 commercial banks and four microfinance banks in Nsukka urban including those located within the campus of the University of Nigerian (UNN) shut their gates against their customers on Wednesday following report that one of the commercial banks received an expect-us-soon letter from armed robbers. The report could not be confirmed by any of the commercial bank branch managers. However, Daily Sun gathered that one of the first generation commercial banks in the University town received a letter from armed robbers threatening to storm Nsukka on a robbery expedition. On Wednesday morning some residents of the university town had discovered that their chagrin that they could not gain access to the banks because they failed to open for business.
Iwu Sacked, Passport Seized – Punch, Page 2
Acting President Goodluck Jonathan on Wednesday directed the Chairman of the Independent National Commission, Prof. Maurice Iwu, to proceed on a pre-disengagement leave. The directive to Iwu, whose passport is believed to have been seized by the State Security Service, takes immediate effect. A statement by the Senior Special Assistant to Jonathan on Media and Publicity, Mr. Ima Niboro, explained that the Acting President acted in line with section 155 (1) (c) of the 1999 constitution. The section stipulates that the chairman and members of INEC should hold office for a period of five years. Iwu is due for retirement in June.
Court Refuses To Stop Ibori’s Arrest – Punch, Page 2
A Federal High Court in Asaba, Delta State on Wednesday rejected an oral application by former Governor James Ibori to stop the Economic and Financial Crimes Commission, the police and the State Security Service from arresting him. The EFCC had on April 14 declared Ibori wanted over alleged fraud involving the sale of shares belonging to the Delta State Government. But Ibori, through his counsel, Mr. Augustine Alegeh (SAN), approached Justice Ibrahim Buba, with an application asking for an order of interim injunction restraining the EFCC from arresting him.
New Constitution May Be Ready Next Month-Reps – Punch, Page 6
Nigeria may have a new constitution by the end of May, the Deputy Speaker of the House of Representatives, Alhaji Usman Nafada, has said. The House had on Tuesday amended 40 clauses in the 1999 Constitution, thereby completing the first phase of the constitution amendment process. The senate earlier amended 38 clauses of the same document.
Nigerian Firms To Benefit From $18bn Oil Business – Thisday, Page 1
Federal Government yesterday set the ball rolling for the commencement of the implementation of the Nigerian Content Act for the oil and gas industry by appointing an executive secretary to drive the activities of the body. The kick-start of operations of the Nigerian Content Regulatory Board came on the heels of a major concern expressed by the Minister of Petroleum Resources, Mrs. Diezani Allison-Madueke regarding the spending of the over $18 billion annual budget on imported goods and services used in the oil and gas industry.
Sino-Africa Trade Hits $27.8 Billion Euro Crisis Escalates – Guardian, Page 1
China has continued to maintain the edge over Africa in its trade with states in the continent. In the first quarter of this year alone, the trade between the two parties grossed at $27.8billion. The figure for the whole of 2009 was $91billion still in favour of China. The country’s Commercial Counsellor in the Department of West Asian and African Affairs in the Ministry of Commerce, Xie Yanjing disclosed this to a delegation of African journalists now in China for the 2010 Shanghai International Expo taking off on Saturday. As he spoke yesterday on the trade ties between the two partners, markets in Europe tumbled over fears that Greece’s debt crisis would spread like wildfire through the bloc.
Two Policemen To Die By Hanging For Killing UNIPORT Student – Compass, Page 1
A High Court in Port Harcourt, the Rivers State capital yesterday sentenced two policemen to death by hanging for unlawfully killing a final year student of the University of Port Harcourt (UNIPORT). The policemen, Corporals Wafal Aminu and Victor Fabiyi, were found guilty of shooting to death 20-year-old Nnamdi Ajikere on Tombia Street, GRA Phase II, Port Harcourt, on the night of September 17, 2006.
Workplace Hazards Kill 2.3m Workers Yearly, Says ILO – Guardian, Page 25
Latest report from the International Labour Organisation (ILO) reveals that workplace hazards in various forms leave about 2.3million workers dead yearly. A statement made available on Tuesday to The Guardian from its Geneva, Switzerland headquarters quoted the report as indicating that the 2.3 million deaths yearly translate to about 6,300 workers dying on daily basis and that about 337 million workplace accidents occur resulting in extended absences from work
Bank documents allegedly detailing the deposits made for the embattled National Chairman of the Peoples Democratic Party (PDP), Prince Vincent Ogbulafor and four others are now reportedly in the hands of the prosecuting Independent Corrupt Practices and Other Related Offences Commission (ICPC), which it said would be used as evidence in the N238 million corruption trial starting on Monday next week. In the proof of evidence filed by the commission, unnamed managers of Zenith, Wema, Bank PHB and Ecobank were listed as witness against the accused by the commission.
Eminent Businessman, Akin-George Passes On, Ibru, Others Mourn – Guardian, Page 1
Prominent entrepreneur and finance sector guru, Chief John Akin-George (OFR, FCIB), has passed on. Chief Akin-George, one the indigenous pioneers in Nigeria’s insurance industry, passed on peacefully at his Lagos home on Tuesday. His death came as a shock to his family, friends and associates as he never showed any sign of ill-health. Infact, he was said to be in a joyous mood and high spirit in preparation for his wife’s 60th birthday celebration just a week away.
Finbank Records N125.851bn Negative Shareholders’ Funds, N149.77bn Net Loss – Daly Independent, Page 21
Ahead of the Friday, April 30, 2010 deadline given by the Securities and Exchange Commission (SEC) for quoted companies to submit their results, the management of Finbank Plc, at the mid-week, told investors that although earnings income for the year ended December 31, 2009, rose by three digits, all its other measurement indictors were negative. Balance sheet information provided by the Nigerian Stock Exchange showed for example that net assets, which according to an analyst, also represents a company’s shareholders’ funds took a 559.19 per cent plunge from N27.407 billion to a negative N125.851 billion.
CSR: Access Bank Donates To School – Thisday, Page 62
Access Bank Plc has donated a refurbished block of class rooms to the pupils and staff of Herbert Macaulay Girls Senior High School, Yaba, in Lagos. The bank said in a statement that the donation is in furtherance of its commitment to environmental and societal wellbeing of Nigerians.
Skye Bank Stages Walk Against HIV/AIDS – Punch, Page 20
Skye Bank Plc has concluded plans to stage a charity walk to draw home the threat of the HIV/AIDS epidemic to the economic development of the country and the Health of the Nigerian populace. A statement issued by the bank said the charity walk, tagged “Walk for Life” would take place on Workers’ Day.
Standard Chartered Bank Acquires African Custody Business – Punch, Page 19
Standard Chartered Bank Plc and Barclays Plc have entered into an agreement to acquire the African Custody Business from Barclays Plc. The planned acquisition, according to a statement from Standard Chartered Bank on Wednesday, will provide the bank with custody capabilities in its markets across Africa. The acquisition, the statement explained, is subject to certain regulatory and other approvals, and is expected to be completed this year.
Virgin Nigeria Rebrands, Acquires 7 New Aircraft – Sun, Page 7
Chairman of Virgin Nigeria Airways, Jimoh Ibrahim has said airline would soon undergo a rebranding process that will see it adopt a new name. “Name change is imminent. We’ll change the name to reflect the integrity of the country,” Ibrahim said. The airline will also acquire an additional seven aircraft for its operations. Speaking with aviation correspondents in Lagos on Wednesday, the chairman described the company as one facing financial challenges but technically sound. He stressed that funds will be pumped into the place to make it the toast of air travelers. The businessman disclosed the deal which saw him emerged the new chairman has been in the works since 2009 but was wrapped up last week.
Nestle’s Sagamu Factory To Provide 250 Jobs – Sun, Page 49
Nestle Nigeria Plc, the nation’s leading nutrition, health and wellness company, will be offering additional 250 jobs to able bodied Nigerians as its ultramodern manufacturing complex in Sagamu Ogun State comes on streams soon to boost production of seasoning and other products meant for Nigeria and West Coast markets. Chairman of the company, Chief Olusegun Osunkeye disclosed this while addressing shareholders at the 41st Annual General Meeting of the company held in Lagos Tuesday, stated that the factory will also be providing scores of indirect employment for many citizens, as part of its contribution towards complementing the Federal and State governments job creation initiative.
SEC New Rule Stipulates Underwriting Commitment For Equity Offerings – Business Day, Page 1
The Securities and Exchange Commission (SEC) Wednesday in Abuja unveiled a new set of rules, part of which contains an amendment to the requirements of underwriting commitments for share offerings. Specifically, the SEC has created 23 new rules and eight amendments to existing ones covering a wide range of issues on the capital market. Arunma Oteh, Director General, SEC, at the media presentation of the rules, said: “The requirement to make underwriting of issues the discretion of the issuers has made underwriting of issues in the market no longer mandatory. However, where an issue is underwritten, the underwriting commitment by a single underwriter shall not be more than three times its shareholders fund for equity offering and not more than four times for fixed income securities.”
SEC Tasks NSE On Transparent Succession Plan – Guardian, Page 16
The Securities and Exchange Commission (SEC), yesterday, advised the Director-General (D-G) of Nigerian Stock Exchange (NSE), Prof. Ndi Okereke-Onyiuke, to ensure due process and transparency are adequately followed in the selection of a new D-G for NSE. According to SEC, a “proper and fit” candidate who is expected to take over from Okereke-Onyiuke when she retires in November, this year can only be achieved through international best practice.
CBN May Manage Bailed Out Banks For 10 Years – Business Day, Page 5
There are indications that the Central bank of Nigeria (CBN) may be forced to continue to manage the eight ‘troubled’ banks for up to ten years with new discovery of skeletons in their cabinets by auditing firms privately hired by local banks desiring to hire some of the ‘troubled’ banks. BUSINESSDAY investigations revealed that foreign banks that were initially interested in acquiring the CBN-managed banks had to back off as a result of findings which their hired auditing firms unearthed.
Robbery Scare: Banks Forced To Close Down In Nsukka – Sun, Page 6
Over 12 commercial banks and four microfinance banks in Nsukka urban including those located within the campus of the University of Nigerian (UNN) shut their gates against their customers on Wednesday following report that one of the commercial banks received an expect-us-soon letter from armed robbers. The report could not be confirmed by any of the commercial bank branch managers. However, Daily Sun gathered that one of the first generation commercial banks in the University town received a letter from armed robbers threatening to storm Nsukka on a robbery expedition. On Wednesday morning some residents of the university town had discovered that their chagrin that they could not gain access to the banks because they failed to open for business.
Iwu Sacked, Passport Seized – Punch, Page 2
Acting President Goodluck Jonathan on Wednesday directed the Chairman of the Independent National Commission, Prof. Maurice Iwu, to proceed on a pre-disengagement leave. The directive to Iwu, whose passport is believed to have been seized by the State Security Service, takes immediate effect. A statement by the Senior Special Assistant to Jonathan on Media and Publicity, Mr. Ima Niboro, explained that the Acting President acted in line with section 155 (1) (c) of the 1999 constitution. The section stipulates that the chairman and members of INEC should hold office for a period of five years. Iwu is due for retirement in June.
Court Refuses To Stop Ibori’s Arrest – Punch, Page 2
A Federal High Court in Asaba, Delta State on Wednesday rejected an oral application by former Governor James Ibori to stop the Economic and Financial Crimes Commission, the police and the State Security Service from arresting him. The EFCC had on April 14 declared Ibori wanted over alleged fraud involving the sale of shares belonging to the Delta State Government. But Ibori, through his counsel, Mr. Augustine Alegeh (SAN), approached Justice Ibrahim Buba, with an application asking for an order of interim injunction restraining the EFCC from arresting him.
New Constitution May Be Ready Next Month-Reps – Punch, Page 6
Nigeria may have a new constitution by the end of May, the Deputy Speaker of the House of Representatives, Alhaji Usman Nafada, has said. The House had on Tuesday amended 40 clauses in the 1999 Constitution, thereby completing the first phase of the constitution amendment process. The senate earlier amended 38 clauses of the same document.
Nigerian Firms To Benefit From $18bn Oil Business – Thisday, Page 1
Federal Government yesterday set the ball rolling for the commencement of the implementation of the Nigerian Content Act for the oil and gas industry by appointing an executive secretary to drive the activities of the body. The kick-start of operations of the Nigerian Content Regulatory Board came on the heels of a major concern expressed by the Minister of Petroleum Resources, Mrs. Diezani Allison-Madueke regarding the spending of the over $18 billion annual budget on imported goods and services used in the oil and gas industry.
Sino-Africa Trade Hits $27.8 Billion Euro Crisis Escalates – Guardian, Page 1
China has continued to maintain the edge over Africa in its trade with states in the continent. In the first quarter of this year alone, the trade between the two parties grossed at $27.8billion. The figure for the whole of 2009 was $91billion still in favour of China. The country’s Commercial Counsellor in the Department of West Asian and African Affairs in the Ministry of Commerce, Xie Yanjing disclosed this to a delegation of African journalists now in China for the 2010 Shanghai International Expo taking off on Saturday. As he spoke yesterday on the trade ties between the two partners, markets in Europe tumbled over fears that Greece’s debt crisis would spread like wildfire through the bloc.
Two Policemen To Die By Hanging For Killing UNIPORT Student – Compass, Page 1
A High Court in Port Harcourt, the Rivers State capital yesterday sentenced two policemen to death by hanging for unlawfully killing a final year student of the University of Port Harcourt (UNIPORT). The policemen, Corporals Wafal Aminu and Victor Fabiyi, were found guilty of shooting to death 20-year-old Nnamdi Ajikere on Tombia Street, GRA Phase II, Port Harcourt, on the night of September 17, 2006.
Workplace Hazards Kill 2.3m Workers Yearly, Says ILO – Guardian, Page 25
Latest report from the International Labour Organisation (ILO) reveals that workplace hazards in various forms leave about 2.3million workers dead yearly. A statement made available on Tuesday to The Guardian from its Geneva, Switzerland headquarters quoted the report as indicating that the 2.3 million deaths yearly translate to about 6,300 workers dying on daily basis and that about 337 million workplace accidents occur resulting in extended absences from work
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