Nigeria: Country Earns $20 Billion From Oil Licensing Round
Daily Trust (Abuja)

April 27, 2007

Mohammed Shosanya
Lagos

The 2006 mini oil licensing round attracted over S20 billion investment into the country, An-thony Chukwueke, Director of the Department of Petroleum Resources[DPR]has said.

According to him, the development is sequel to the federal government's quest to raise the nation's downstream oil industry.

Government, it would be recalled advised bidders for the blocks to be prepared to invest upwards of S2bn in downstream oil industry projects as a means of developing the sector.

But Chukwueke, who spoke at a conference in Abuja recently said the development reflected the need of some members of the international community for sources of energy supply to meet their domestic needs.

According to him, companies that are committed to downstream projects include ONGC=Mittal Group which has an investment portfolio of S6billion and has started feasibility studies on a railway project linking the South West to the Northern part of the country.

Nigeria, South Korea in N100bn oil, rail contract deal

By DENNIS MERNYI, Abuja
Monday, April 30, 2007

In what appears to be a barter arrangement, the Federal Government has entered into a $10 billion (about N100 billion) contract deal with South Korea to build a railroad in the country in return for a stake in African country’s oil fields, Daily Sun authoritatively gathered.

Daily Sun also gathered that the contract sum endorsed by South Korea is the preliminary towards kick-starting the initiative.
The contract is the latest in a trend among energy hungry Asian investors’ coming to broker deals to build roads, power plants and other industrial infrastructure in Africa to win better access to energy sources.

Minister of Commerce, Industry and Energy of South Korea, Chung Sye Kyung and Nigeria’s Petroleum Minister, Dr Edmund Daukoru, signed a Memorandum of Understanding (MoU) to this effect shortly after a meeting with the presidents of both countries recently.

Under the deal, South Korea would provide long term, low interest loans to help Nigeria cover part of the estimated $10 billion required to rebuild rail roads, according to the Korean minister.
"The tracks would cover 1,500 kilometers or 930 miles connecting Port Harcourt to Maiduguri", he added.

The South Korean government applauded the contract, saying: "This is a win-win project, where South Korea’s technology and Nigeria’s resources swapped".

Already, the Nigerian government has sold 16 oil licences in May last year in return for the promises by most Asian investors largely Chinese and Indian companies of $20 billion of investment in refining, power and other projects.
Also, the country has early this month commenced the bid rounds for oil blocks the last to be conducted by this administration.

Nigeria: Nigeria Earns N12.8b Annually From Sesame Seed Exports


Vanguard

Vanguard (Lagos)

April 26, 2007
Posted to the web April 26, 2007

Franklin Alli
Lagos

RANKED as the fifth largest exporters of sesame seed, Nigeria earns a whooping N12.8 billion annually from exporting about 1,700 metric tones to the EU and 22,000 metric tones to Japan and UK.

Sesame seeds, also called benniseed, are mainly produced in Benue, Kogi, Nassarawa and Taraba States. Other areas of production include Niger, Jigawa, Kano, Bauch and Kwara States.

Vanguard investigation on the commercial value of the products, at the Nigerian Association of Chambers of Commerce, Industry, Mines, and Agriculture (NACCIMA) Secretariat, revealed " World trade sesame seed is about 550,000 metric tones at gross value of $400 million with a growth rate of 2.6 per cent per annum.

Of this, the country's share of the world market is 4 per cent equivalent to N12.8 billion, and exporting about 1,700 metric tones to the EU and 22,000 metric tones to Japan." Sources said market opportunity exists for the country's sesame seeds in Korea, India, Middle East and the Mediterranean countries.

Findings also revealed that leading producers of sesame seed are China and India followed by Sudan. Others include Ethiopia, Guatemala, Mexico, Venezuela, Tanzania, Kenya, Pakistan and Uganda. Japan dominates the trade with an annual requirement around 150,000 tones.

Other importers include European Union, USA, China, Israel, Egypt, Turkey, Korea, Syria, Singapore, Middle East, Greece, Hong Kong, Germany, Bulgaria, Jordan and Yemen.

On quality standard, sources disclosed "the Nigerian sesame seed is of exportable quality and is even quoted in the Public Ledger. The federal procedure Inspection Service (FPIS) defines exportable quality of sesame seeds as containing not more than two per cent weight of stones, laterite, extraneous matters and not more than five per cent by weight of seed other than Sesame seed.

Purity of 98 per cent and 99.5 per cent of Nigerian sesame seed are obtainable and traded in the world market especially the UK and Japan. Nigerian natural 98 per cent cleaned is quoted in the Public ledger to be $900 per metric tones."

On packaging, source said " jute bag is highly recommended for packaging for export. It allows for aeration and at the same time safely holding the seeds, which are very small in size. The weight per bag varies; they are packed in 45kg, 50kg or 60kg , depending on the market dictate."
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Sesame seed is a source of highly nutritional oil use for cooking. The oil content of the seed ranges from 44 per cent to 54 per cent and the protein content is between 15 to 25 per cent.

It is also use to garnish and decorate confectionaries e.g. cake, bread, sweet, burger, hot dogs, etc. It is also used in the manufacture of pharmaceuticals, soap and cosmetics, production of animal feeds, etc.

While local planting of the crop starts from April to May and the late planting between August and early September, early crops are harvested between July and August and late crops between November and December.

Obasanjo to commission N73bn project in FCT

From SALAMATU YUSUF, Abuja
26 - 04 - 2007



PROJECTS worth over 73 billion Naira spread all over the Federal Capital Territory (FCT), Abuja will be commissioned by President Olusegun Obasanjo next month.

The projects include the 11.9 billion Naira 700,000 cubic metre capacity Wupa sewapage treatment plant, 18 flyover bridges worth 25 billion Naira under the first phase and another 20 flyover bridges constructed at 24.5 billion Naira under the second phase and a 1.8 billion Naira 500 locked-up shops.

Others to be commissioned are the Lower Usuma Water Transfer project which was constructed at a cost of 18 billion Naira; the Abuja Geographic Information System (AGIS) permanent office complex, constructed at 500 million Naira; Jabi Lake West Coast, Alheri Village at Yangoji built for leprosy infested people, and the National Assembly Complex annex.

All these projects are to be commissioned during the president’s two-day visit to FCT from May 7-8.

Director of Engineering in the Federal Capital Development Authority (FCDA) Engr. Sylvester Obunabor, who was represented by the Assistant Director and Chief Resident Engineer on site, Engr. Ben Upong, said while conducting newsmen round the Mabushi interchange said the interchange which consists of 10 lanes became necessary to reduce traffic congestion always experienced at the Mabushi junction.

He added that the department had also handled 60-kilometer dual carriage across the city.

While on the visit, the President will similarly inspect the Abuja Automobile Village, the affordable housing project at Karshi, the Karu General Hospital and the Abuja @ 30 Village at Pegi, amongst other

Nigeria: FG Approves N1b for Petroleum Resources Varsity

This Day
This Day (Lagos)
April 29, 2007



Out-going Education Minister, Mrs. Obiageli Ezekwesili has said the Federal Government had approved a take-off grant of N1 billion for University of Petroleum Resources, Effurun, Delta.

Ezekwesili, who made this known in Abuja, at the inauguration of the governing council of the university, said the amount was to assist the institution in providing the necessary facilities for its take-off.

She pointed out that in the interim, the new institution would operate from the facilities of Petroleum Training Institute at Effurun, under a facility sharing arrangement.

The minister said the institution, which would develop under a three-phase arrangement, would take off in September with the College of Sciences.

"This is to provide a sound scientific base for the institution in core focus areas of petroleum technology," she said.

"The university which would be operated under the collegiate arrangement, would then go on to add the petroleum and oil technology programmes in the second phase," the minister said.

World Bank approves N8.23bn for public education in three states

The Board of Directors of the World Bank weekend approved a $65 million, about N8.23 billion International Development Association (IDA) credit to the Federal Republic of Nigeria for the state education sector project.
BLESSING ANARO

The objective of the project is to improve the quality of basic education, particularly focusing on girls and the poor, in three states of the Federation.

These states include Kaduna, Kano and Kwara. The project is expected to help each state improve the quality of basic education in targeted Local Government Areas (LGAs) and strengthen their capacity for management, planning and monitoring the delivery of education services. The States were selected based on their demonstrated commitment to and ownership of the development of the education sector, the quality of their education sector plans, and according to the poor’s education indicators, especially girls’ participation. The participating states have also expressed interest in education reforms, including the achievement of the Millennium Development Goals (MDGs) and universal basic education. "This is an exciting opportunity for the participating States to implement their State Sector Education plans with significant support through IDA.

Thebank welcomes the strong commitment from the state and federal governments.

"This project will set the stage for additional states to access support from IDA for their sector education programme," says Halil Dundar, Task Team Leader for the Project.

The project will focus on school development through school grants; quality improvements through teacher development, the provision of textbooks and learning materials; the expansion, rehabilitation and upgrading of basic education facilities in targeted LGAs; and institutional development of key functions of the state Ministries of Education and Local Government Education Authorities to plan, manage and monitor the delivery of educational services.

The project will be implemented by the State Ministries of Education in each state. This is the first phase of support to the education sector in Nigeria at the state level. An important feature of the Bank’s project is that it will provide resources to the participating States based on implementation performance to implement priority areas of their Education Sector Plans.

Support may be expanded in the future to include other States both through future rounds of financing for the State Education Sector Projects and through interventions of the Federal and State Governments and other development partners. "The Bank is a key supporter of Nigeria’s education development and we look forward to continuing and strengthening this partnership through such projects as the State Education Sector Project," said Hafez Ghanem, Country Director for Nigeria.

The Department for International Development (DFID) will also provide support to the participating States with a particular focus on capacity development for management and planning and inspectorate reforms, including project implementation support.

The project will be implemented over a period of four years (2007-2011). World Bank Group Approves Support for Bujagali Hydropower Project That Will

Address Uganda’s Power Shortages Project to curb black outs, encourage economic growth, and improve quality of life

The Bank has also approved $360 million (N45.72 billion) in loans and guarantees for the Bujagali Hydropower Project, an integral component of Uganda’s strategy to close an energy supply gap that seriously constrains social and economic development in Uganda.

"Uganda’s workforce is expected to double over the next 15 years, making the creation of jobs through expanded industry, tourism, and commercial services critical," says Judy O’Connor, World Bank Country Director for Uganda.

"These sectors are energy intensive and will therefore rely on consistent, affordable, and expanding power supply. Bujagali is an important step towards realizing the needed level and quality of supply."

Once commissioned in 2011, the 250 megawatt, run-of-the-river hydropower plant on the Victoria Nile will re-use water flowing from two existing upstream facilities to generate electricity. The additional electricity will increase the supply to the national power grid at the lowest cost compared to other power generation expansion options under Uganda’s energy sector strategy.

Of the total estimated project cost of $799 million, about N101.47 billion the World Bank Group’s support is comprised of $130 million (N16.51 billion) in loans to the private project company, Bujagali Energy Ltd. (BEL) from IFC, the private sector arm of the World Bank; a partial risk guarantee of up to $115 million (N14.61 billion) from the International Development Association for the benefit of the project’s commercial lenders; and an investment guarantee of up to $115 million (14.61 billion) from the Multilateral Investment Guarantee Agency, the World Bank’s political risk mitigator.

Good news, but I am disappointed with the power situation, It should just be privatised!!

Good news, but I am disappointed with the power situation, It should just be privatised!!

It will eventually be privatized...

Nigeria, South Korea in $10 billion oil, rail contract deal

By DENNIS MERNYI, Abuja
Monday, April 30, 2007

In what appears to be a barter arrangement, the Federal Government has entered into a $10 billion (about N100 billion) contract deal with South Korea to build a railroad in the country in return for a stake in African country’s oil fields, Daily Sun authoritatively gathered.

Daily Sun also gathered that the contract sum endorsed by South Korea is the preliminary towards kick-starting the initiative.
The contract is the latest in a trend among energy hungry Asian investors’ coming to broker deals to build roads, power plants and other industrial infrastructure in Africa to win better access to energy sources.

Minister of Commerce, Industry and Energy of South Korea, Chung Sye Kyung and Nigeria’s Petroleum Minister, Dr Edmund Daukoru, signed a Memorandum of Understanding (MoU) to this effect shortly after a meeting with the presidents of both countries recently.

Under the deal, South Korea would provide long term, low interest loans to help Nigeria cover part of the estimated $10 billion required to rebuild rail roads, according to the Korean minister.
"The tracks would cover 1,500 kilometers or 930 miles connecting Port Harcourt to Maiduguri", he added.

The South Korean government applauded the contract, saying: "This is a win-win project, where South Korea’s technology and Nigeria’s resources swapped".

Already, the Nigerian government has sold 16 oil licences in May last year in return for the promises by most Asian investors largely Chinese and Indian companies of $20 billion of investment in refining, power, highways and other projects.
Also, the country has early this month commenced the bid rounds for oil blocks the last to be conducted by this administration.

I pray they use Nigerian workers.

Nigerian inflation falls (http://www.news24.com/News24/Africa/News/0,,2-11-1447_2106685,00.html)
30/04/2007 15:49 - (SA)

Lagos - Nigeria's inflation rate dropped to 7.2% in the 12 months ending March 2007 from 7.7% in the preceding month, said the National Bureau of Statistics on Monday.

"The composite consumer price index stood at 159.2% in March 2007. This represented an increase of 1.0% from the 157.6% observed in February 2007," said the agency.

It said the increase in the index was caused mainly by a rise in the price of some food items, household goods and services.

Nigerian inflation has been falling steadily since the third quarter of last year as a result of the government's tight fiscal and monetary policies.

Nigeria, Africa's biggest producer of crude oil, is the sixth-largest exporter in the world, accounting for a daily output of around 2.6 million barrels, a quarter of which is currently lost to unrest in the volatile Niger Delta.

The Niger Delta is home to the country's multi-billion-dollar oil industry, but the majority of its inhabitants live on less than $1 a day, fanning unrest for a fair deal.

‘Why NAF’s Standardising Pilots’

From Reuben Buhari in Kaduna, 05.01.2007

Nigeria Air Force is embarking on the categorisation of its pilot instructors and standardisation of its pilots, in order to engender air safety and flying professionalism.
Chief of Air Staff, Air Marshall Paul Dike, disclosed this yesterday during his opening address at a workshop held at 301 Flying Training School, Nigerian Air Force Base Kaduna. He said the workshop is in line with his mission of making NAF the leading air force in Africa through the professionalism of flying operations, while also contributing to flying safety in the country.
Dike, who was represented by the Air Officer Inspection, Air vice Marshall Osita Obierika, noted that 70 per cent of air accident in Nigeria is due to human error, adding that without reducing this human error to the least, air safety will remain a mirage.
“The introduction of standardisation and evaluation programme for NAF pilots will enhance the operational readiness of Nigeria pilots to meet the challenges of air warfare and maintain a good record of flight safety by the reduction of accidents rate in peace time.
“Standardisation is aimed at harmonising the different curriculums currently being used in our flying schools, the 303 Flying Training School, Kano, 301 Flying Training School, Kaduna,305 Flying Training School, Enugu, and 99 Air Weapons School, Kainji, into one single curriculum.
“The standardisation and evaluation for pilots will also include refresher ground academics, airborne test in general, procedural night flying and instrument rating to be carried out once a year so as to stimulate operational efficiency and flying safety in all flying units across the country.”
Speaking on the categorisation of flying instructors, the Chief of Air staff said it consist of each instructor attending a refresher course for one week in 12 months, to attain the highest standard and professionalism based on both experience and ability.
During the period, the instructors are checked for lapses in technique, which are straightened out. It also enabled the instructor to refresh academic knowledge and chalkboard work.
“The standardisation and categorisation of the Nigerian Air Force pilots will have the added advantage of benefiting other pilots from the Police, Navy, Customs, Immigration and civilian pilots who can learn from the experience gained by NAF pilots through the need for accuracy and high standard being set in the NAF.”

Nigeria Communication Satellite for Launch Soon

From Josephine Lohor in Abuja, 05.01.2007

Fct

President Olusegun Obasanjo yesterday announced that the first Nigerian Communication Satellite called ìNigComSat-1î aimed at introducing information and communication technology (ICT) through electronic transaction, particularly rural telephony, is to be launched before May 29, 2007.
Obasanjo, who stated this while commissioning permanent site of the National Space Research and Development Agency (NASRDA), in Abuja, said the new project would enhance governmentís economic reforms, particularly in the areas of e-learning, e-commerce, tele-medicine, tele-education, and rural telephony.
The President also said the commissioning marks another milestone in Nigeria ís quest for the optimisation of the use of science and technology to promote sustainable national development and improve Nigerianís quality of life.
ìThis commitment has informed our embarking on programmes and initiatives that would effectively address the challenges of poverty, food security, infrastructural development, sustainable energy, affordable health and housing, and protection from natural and man-induced disasters.
"Space technology is key to the realisation of the Millennium Development Goals (MDGs) and the objectives of our holistic reform agenda as encapsulated in the NEEDS document. It guarantees the availability and speedy access to real-team data and geo-partial information, as well as the availability of relevant infrastructure and backbone for information communication,î he said. †
Obasanjo said it has become imperative to integrate space technology application into the various stages of the countryís sustainable development efforts that government took a bold step by embarking on satellite systems development through the establishment of the NASRDA in 1991, and approval of the National Space Policy and Programme in 2001.
ìThis effort resulted in the launch of the first earth observation satellite, ìNigeriaSat-1î, in September 2003. By this unique achievement, Nigeria has registered not only her footprint in space, but also her name as satellite data provider.î
The President said he has been ìinformed that the satellite is performing well and has captured over 2000 images covering the entire country and different parts of the world. I am pleased to note that NigeriaSat-1 imagery has been variously applied to tackle some of our prediction, natural resources management, settlement mapping and transportation planning, gully erosion mitigation, desertification early warning, deforestation monitoring and Niger-Delta environmental change monitoring.î
He said as a follow up to government approval of contract for a UK based firm for the development of the second earth observation satellite, ìNigeriaSat-2, which is expected to produce the high-resolution imagery needed in urban and rural development planning and infrastructural development in the country.
The centre that was commissioned, according to the President, is the first in sub-Saharan Africa, which will be the driving vision of building the first made-in-Nigeria satellite to be launched in year 2025.

Nigeria gets first African space centre

From Emeka Anuforo, Abuja

HISTORY was made yesterday in Abuja as Nigeria's dream of becoming the hub of space technology development in Africa received a boost with President Olusegun Obasanjo commissioning the Nigerian Space Centre (NSC).

The centre, said to be the first space centre in Africa, has a ground control station/ network operation centre for communications satellites; houses the ground receiving station for earth observation satellites; and contains the first phase of the Satellite Design Centre/Satellite Assembly, Integration and Test Centre, a multipurpose Conference Centre (under construction) and a Planetarium (under construction).

Some of the ancillary facilities include the utility sub-station and police station.

The centre also houses the administrative building and serves as permanent site for the National Space Research and Development Agency (NASRDA), among others.

The President, who noted that the establishment of the National Space Technology Centre was critical to the development of space technology in Nigeria and Africa as a whole, maintained that it would assist greatly in realising the country's aspirations in space science and technology.

He said the event marked another milestone in the country's quest to optimise the use of science and technology to promote sustainable national development and improved quality of life for the people.

Noting that space technology is key to the realisation of the Millennium Development Goals and the objectives of "our holistic reform agenda as encapsulated in the NEEDS document, he stated: "It guarantees the availability and speedy access to real-time data and geo-spatial information, as well as the availability of relevant infrastructure and backbone for information communication."

He assured that Nigeria remained committed to the Millennium Development Goals, adding that this commitment had

spurred his administration towards embarking on programmes and initiatives that would effectively address the challenges of poverty, food security, infrastructure development, sustainable energy, affordable health and housing, and protection from natural and man-induced disasters.

He continued: "It is imperative therefore to integrate space technology applications into the various stages of our sustainable development efforts.

"The Federal Government took a bold step by embarking on satellite systems development through the establishment of the National Space Research and Development Agency in 1999 and the approval of the National Space Policy and Programme in 2001. This effort resulted in the launch of the first earth observation satellite, NigeriaSat-1, in September 2003.

"By this unique achievement, Nigeria has registered not only its footprint in space but also its name as a satellite data provider. I am informed that the satellite is performing well and has captured over 2,000 images covering the entire country and different parts of the world. I am pleased to note that

NigeriaSat-1 imagery has been variously applied to tackle some of our socio-economic problems."

He listed such areas of intervention to include Fadama rice production, cassava yield prediction, natural resources management, settlement mapping and transportation planning, gully erosion mitigation, desertification early warning, deforestation monitoring and Niger Delta environmental change monitoring.

Director-General, National Space Research and Development Agency, Prof. Robert Ajayi Boroffice, announced at the occasion that the first Nigerian Communication Satellite (NigComSat-1) project, a critical ICT infrastructure backbone for the entire African continent, would be launched from Xi Chang Launch Centre in China on May 14, 2007.

C' River gov-elect pledges to transform ecomomy in five years

By Bassey inyang, Correspondent, Calabar

Governor-elect for Cross River State, Liyel Imoke, has pledged that his administration will transfrom the economy of the state in five.

According to Imoke, the opportunities and resources that can tranform the econony of the state abound within this period.

He said this is even more so because the outgoing administration of Donald Duke has already laid the necessary foundation for rapid economic growth of the state.

The governor-elect made the pledge while addressing an enlarged membership of the State Executive Council (SEC).

He said there are some challenges that the incoming administration would have to grapple with.

He did not mention what the challenges are, but some analysts of the administration of the state believe that huge external and internal debt burden to be inherited from the present administration is one of them.

The meeting between Imoke and members of Duke’s team is part of handing over process initiated by the governor ahead of the termination of his administration.

Imoke requested that every information required from the outgoing government should be made available to him, stressing that his administration is hoping to start on a smooth note.

He said the in-coming administration will make the people of the state proud from the day he assumes office as their governor.

Imoke asked members of the transition committee to offer their best because work has already started towards moving the state forward.

Secretary to the State Government (SSG), Johnson Ebokpo, who spoke earlier at the occasion, said every ministry and government department will take their turns to brief Imoke and the transition committee on the state of affairs since Duke assumed office on May 29, 1999

Nigeria gets first African space centre

Igbowarrior, Is that true or Am I dreaming?:eek: :eek: :eek:

Matthias

It is true I watched the opening ceremony on NTA, what a beautiful center

Nigeria gets first African space centre

Igbowarrior, Is that true or Am I dreaming?:eek: :eek: :eek:

it's true, so don't be surprised when they start launching africans into space :lol: :lol: :lol:

good news all over.
china produces 250,000 engineers anually overtaking united states,...and nigeria production increases.
china is said to take over from usa and as nigeria increases productions.

$200m shrimps farm underway

Tuesday, May 1, 2007

A consortium of foreign firms based in Sri Lanka has concluded arrangements to establish agriculture shrimp farm worth about $200 million in some states in south-western part of the country.

The Managing Director of the company, Mr Karaunarata said in Lagos that he decided to embark on their initiative to boost shrimp farming and check the decline shrimp production in the world.

According to him, shrimp catching in the world has reduced considerably because of coastal pollution and gradual explosion of the mangrove area. Karaunarata said that the company had plans to educate the farmers on the project and support them with the necessary equipment.

“The stake of the company is to provide the farmers with the ponds, materials, pond lining, feeds, stocking, chemical and adequate supervision from stocking to maturity”, he said.

He said that the coastal area was at advantage for the project and that arrangements had been made to ensure that inter land farmers were provided with water recycling ponds powered solar energy and backed with generator sets and gas. The technique, according to him, is zero exchange, and environment friendly. He said that the initiative would provide an opportunity for the country’s branded shrimp to have a niche in the international market as most of the shrimps imported from Nigeria were not branded.

On the farm techniques, he explained the pond would be adopted to have a maximum of three particle per thousand (3PPT), of saline water to enhance productivity. The method, he said is zero exchange water recirculation which is environmentally friendly. “There will be no water discharge to their pond, so that there will be no degrading of the area” he said.

He pointed out that farmers in the programme would be trained and assisted to set-up the farm through proper supervision and that the company would adopt a buy back method of products at maturity. “The repayment of the loan, he said, would be in three years whereas the stocking of the shrimp to maturity be would between two to three months to enable the farmers several turn-over.

He said that the company would liaise with the various states in the country, where the project is to be established for the effective take off of the farms, stressing that the project would accelerate poverty alleviation, job creation and reduction of movements of the youths to the cities in search of white collar jobs.

Speaking on international law on marine fisheries, he said that recent international regulation on shrimp catching in the fresh water had stipulated that shrimps export to the international market should indicate the country of origin, farmed or out in the wild.

He further said that the regulation prohibited the catching of shrimps with egg, and less than 200 grammes to ensure sustainability of the marine resources.

Govt awards N2.3b Lokoja port contract

BARELY 27 days to the end of its tenure, the President Olusegun Obasanjo Administration has continued to embark on capital projects with the award of contract for the construction of a new river port in Lokoja, Kogi State.

Valued at N2.3 billion, the contract, which was awarded to Foby Engineering Co. Limited, is expected to kick-start the dredging of River Niger. The project has an 18-month completion deadline.

Speaking at the contract signing ceremony in Abuja, Minister of State for Water Transportation, Habibu Aliyu, said the development of inland waterways was important, considering the vital role water transportation could play in the development of the country.

He observed that the advantages of water transportation over other modes of transportation were enormous in terms of safety, economy of scale and other indices as it had proved to be the cheapest, safest and environment-friendly means of transporting people and goods.

FG Approves 8 New Varsities

From Josephine Lohor in Abuja, 05.03.2007

Barely 21 days to the end of the lifespan of this adm-inistration, the Fe-deral Executive Council (FEC) yesterday gave provisional approval for eight additional private universities, thus bringing the total number of private and public universities in the country to eighty nine.
It also approved N21.4 billion for the Ministry of Foreign Affairs to improve its capacity building within a three-year period beginning from next year that would ensure more focus on economic diplomacy, better communication linkage with all foreign offices, relocation of the foreign Ministry to its permanent site and improvement of office accommodation infrastructure in Nigeria’s foreign offices.
Minister of Information and Communication, Frank Nweke and his counterpart in the Education Ministry, Dr. Abba Ruma, who disclosed these while briefing State House Correspondents after the weekly FEC meeting added that approval was also given for the reversion of the decision taken in 1981 when the Institute for International Affairs and Institute for Conflict Resolution were taken away from the Ministry of Foreign Affairs and the establishment of a national Language Institute by the ministry to ensure fluency in major languages of the world.
The Minister of Education who said the country needed more universities to take care of the critical mass of people who require such education, gave the names of the universities as Ogbong University, Akwa Ibom State; Caleb University, Ikosi, Lagos State; Fountain University, Osogbo, Osun State; Tansian University, Umunya, Anambra State; Veritas University in the Federal Capital Territory, Wesley University of Science and Technology, Ondo State and Western University, Oghara, Delta State.
Incidentally, Fountain University, promoted by NASFAT came after a very long battle for its approval.
He said with the latest addition of universities in the country, Ogun State has the highest number with 9, Lagos 5, Edo, Enugu and Osun States 4 and Kaduna, Benue, Adamawa, the Federal Capital Territory 3 each.
The FEC meeting that took a major part of the yesterday also approved N778.9 million contract for the supply and installation of hydrogene plant at the Egbin Power Plant in Lagos State and another N2.3 billion for the provision of inclusive education for the physically challenged and gifted children in primary and secondary schools in the country for which 5,000 teachers have been targeted and three schools at the primary, junior secondary and senior secondary levels have been selected in each State of the federation for the take-off of the programme.
Nweke had while giving a breakdown of other projects approved by FEC stated that N1.85 billion has been approved for the construction of 11 water supply earth dams under the Millennium Development Goals (MDGs) programme in the South Eastern zone of the country and N1.6 billion for the construction, rehabilitation and expansion of irrigation and water projects under the MDGs in Katsina, Oyo, Bayelsa, Kwara and Delta States.
The Minister added that Council approved N94.4 million for rehabilitation and upgrading of the Kagoro Irrigation project in Kaduna State; N1.1 billion for the rehabilitation of Ada Rice Irrigation Project in Adani, Enugu State; N6.8 billion for the Owiwi Multi-purpose dam in Ogun State; N42.9 billion for the construction of the Kashimbila-Gamobo buffer dam in Taraba State and N1.7 million for the construction of Langtang- Shendam road in Plateau State.
Another approval made by the FEC is the gazetting of processes to guide the use of land allocated for specific projects in the Federal Capital Territory that would include the consideration of members of respective neighbourhoods, Abuja Municipal Area Council (AMAC), the Federal Executive Council.

Network Expansion Costs Mtel $345m

By Efem Nkanga in Lagos and Oke Epia in Abuja, 05.03.2007

Mobile Teleommunications Ltd (Mtel), the mobile subsidiary of the Nigerian Telecommunications Limited (NITEL), is embarking on a network expansion project with Motorola, Ericsson, ZTE and Hauwei that will cost $345 million (N42bn) to execute.
Mtel’ acting Chief Executive Officer, Mr. Ladi Williams, said yesterday in Abuja that the strategic plan by the Board of the company to revitalise and reposition the ailing firm will take Mtel to five million switching capacity.
He stated that Mtel will also embark on a network restoration project that will cost about N7 billion.
Williams disclosed that the four vendors chosen by Mtel to execute the expansion and restoration work - Ericsson, Motorola, ZTE and Huawei - are going to be involved in the plan to get the company back on track.
Expressing great optimism on a positive swing for Mtel in the highly competitive and dynamic mobile telecoms market in Nigeria, Williams said the four firms are up to the task having had a well-grounded understanding of the profile of Mtel network in particular as well as the mobile telecommunications landscape of the country and the competitive vista in general.
The four are expected to commence work next week.
Williams said the new initiatives for Mtel would ensure a quick return to the path of recovery for greater competitiveness in the mobile telecoms market in Nigeria.
He also disclosed that the Board of Mtel has endorsed a two-pronged quick-fix solution of Network Restoration and Network Expansion in order to fast track the current effort to get the company back on to a competitive strength.
Expressing confidence that Mtel will soon catch up with market leaders in the mobile market, Williams said current statistics showed that Nigeria has a total of 38 million subscribers and projected that with a population of 140 million, the nation still has the capacity to absorb additional 30 million subscribers.
“I believe that there are about 38 million subscribers in Nigeria and this country can take another 30 million. There is nothing wrong with Mtel grabbing 5 – 6 million of that number”, he said.
He also disclosed that the new management has embarked on an intensive restructuring of the company’s workforce, adding that the goal of the new management is to purge the company of unproductive employees that are likely to compromise the on-going drive to remove the lethargic public sector orientation and attitude from the operations of the company which is now private sector focused.
“As we embark on this new threshold of rebuilding our company, it is obvious that a lot must change in the tradition, culture and convention that has become the norm in our attitude and approach to work ethics,” he said.
Williams also stated that the repositioning of Mtel for improved performance has made it imperative for round pegs to be placed in round holes.

He stressed that as in all businesses that are being positioned for survival, the need to continually embark on staff audit was sine qua non.
According to him, if Mtel must survive as a company and match its peers in the provision of quality remunerations and conditions of service for its employees, then periodic review of the quality and quantity of staff cannot be wished away on the platform of empathy.
He reiterated that it was certain that those who have little to contribute to Mtel, in the new direction and spirit of enterprise that the company is headed, would be exited, while those who have sown their hearts and skills for the growth of the company will continue with Mtel.

3 Firms Submit Bids for Electricity Coys

From Patrick Ugeh in Abuja, 05.03.2007

The Bureau of Public Enterprises (BPE) has announced receipt of technical and financial proposals from three out of the four firms earlier pre-qualified for the management contract of the Transmission Company of Nigeria (TCN)..
In a statement by Mr. Chigbo Anichebe, BPE said the firms are ESB International of Ireland; Power Grid Corporation of India; and Manitoba Hydro International of Canada.
With the receipt of the technical and financial proposals, he said, the BPE was now set for the evaluation of the technical proposals following which the Financial Bids of those firms meeting the minimum technical score would be publicly opened.
Recalling that in 2006, the Federal Government through the BPE placed advertisement in several national and international media calling for Expressions of Interest from firms interested in the management contract of TCN, Anichebe said eight EOIs were received.
He said following a pre-qualification exercise, four prospective management contractors were short-listed while Request for Proposals (RFP) were sent to the pre-qualified firms on February 28, 2007.
“A pre-proposal conference for the management contract of TCN was held in Abuja on Monday March 2, 2007. At the conference, bidders were given clarification that would guide them in preparing excellent technical and financial proposals”, he said.
TCN is the only transmission company following the restructuring of NEPA/PHCN into six generation companies, eleven distribution companies and one transmission company.
The TCN is a fully owned Federal Government of Nigeria company and its functions include ownership and management of Nigeria’s transmission assets, system operations and the newly introduced market operations.
“Of the NEPA/PHCN successor companies, only TCN is to undergo a Management Contract," Anichebe said, "while others would be subjected to other forms of private participation specific to them. The decision to procure a Management Contract for TCN came after careful consideration of its peculiarities that include its status as a natural monopoly and the need to introduce an arrangement that would bring long term benefit to the nation through the impartation of global best practice to our nationals who would take over after the expiration of the contract.”
He stated that the management contract that would last an initial three year period is envisaged to speed the transition of TCN from a primarily engineering company to a commercially oriented company.

Nigeria: Obasanjo Didn't Withdraw $29bn - CBN


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This Day (Lagos)

May 3, 2007
Posted to the web May 3, 2007

Patrick Ugeh and Linda Eroke
Ilorin

Officials of Central Bank of Nigeria (CBN) yesterday put up a spirited defence of President Olusegun Obasanjo over claims that he withdrew $29 billion from the nation's foreign reserves, saying if such huge amount was taken, it would be impossible for the foreign reserve to remain at $43.2 that it was as at end of April.

Besides, the withdrawal of such an enormous amount would have tremendous adverse impact on the economy, they contended.

CBN's Deputy Governor, Economic Policy, Dr. Sarah Alade, and Patrick Ataman, Special Adviser to the CBN governor, denied the possibility of such an occurrence in Ilorin at the 10th CBN Seminar for Finance Correspondents and Business Editors with the theme, "Building and Mana-ging External Reserves for Economic Development."

Nigeria: MTN to Spend $650m on Network Expansion


This Day

This Day (Lagos)

May 2, 2007
Posted to the web May 3, 2007

Efem Nkanga
Lagos

MTN Nigeria is to spend $650 million on a massive network expansion drive aimed at providing the necessary infrastructure for 3G services and quality service to its growing subscriber base across the country. The network expansion, according to a statement made available to THISDAY will also increase MTN's base stations from 2661 to 3500 before the end of the year. This new expansion drive is coming on the heels of the payment of the $150 million for the 3G licenses awarded to MTN by the Nigerian Communications Commission NCC. MTN added that its "acquisition of the 3G license will provide the appropriate technology for innovative products and services in the area of multi-media streaming and communication".

According to the Chief Executive Officer of MTN Nigeria, Mr. Ahmad Farroukh "the massive expansion will involve additional 14 switches being integrated into the current 41 switches in 12 switching centres, while the current 2661 base stations spread around the country are expected to increase to over 3,500 before the end of this year. All our new switches will be of the Soft Switch Technology Next Generation variety, which caters for increased traffic capacity".

3 firms set to link Nigerian SMEs with UK market

By Franklin Alli
Posted to the Web: Thursday, May 03, 2007

TO facilitate entry of Made-in-Nigeria products and service into the UK market, Compass Consulting UK, Financial Nigeria . com and African Caribbean Business Network, are organising a trade exhibition that will link SMEs in the country with 16,000 small businesses of African origin in London.
The event, tagged ‘2007 Enterprise Exhibition, will hold in Lagos in September.

“The need for this event is predicated upon the facts that the London Development Agency has estimated that there are 16,000 businesses of African origin in London contributing £10 billion (US$17.6 billion) turnover and £5.6 billion) disposable income per year. These figures highlight the need to fully exploit the black purchasing power in London, which is estimated to be about £4.4 billion , equivalent to 70.3 billion dollars,” said Mrs. Tokunbo Chiedu, CEO, Compass Consulting UK.

International organisations such as the World Bank and NEPAD, she remarked, have recognised the need to provide a platform for networking and constructive engagement of African in Diaspora professionals, civil societies and businesses.

“We are looking at how we can bring some of the money back home. What we are trying to do is to create the platform for exchange. We want to expose those African Caribbean businesses to what is available here but first there is needed for a platform to be created and that is what we are doing,” said Chiedu.

Chiedu confirmed that more than 69 of the African Caribbean SMEs, drawn from manufacturing, fashion designers, health and beauty, telecom sectors including property developers, equity investments, financial services sector, among others, have already booked to participate in the event.

She noted “I’ am a Nigerian, and I 've passion for the country. I believe the forthcoming exhibition will provide the much-needed platform for networking, exchange of business ideas, collaboration and business growth.”

CEO, Financial Nigeria .com, Mr. Jide Akintunde, said the objective of the upcoming exhibition is to bring to the country the best Nigerian owned businesses in the UK and those of other blacks in diaspora businesses. This is a high power business event that will bring transnational stakeholders together.

“Some of the expected outcomes of the exhibition are: to improve understanding of what is required for international trading from UK -based African Caribbean businesses, improved awareness of services and activities of African Caribbean business communities within the context of the UK economy. And to improve understanding of the requirements for trading in the UK / Nigeria; increased knowledge of services and resources available within the African Caribbean business community based in the UK,” he stated.

Based on these, Akintunde, urged local businesses to take advantage of the platform to implement their expansion plans to UK market.

Meanwhile, Virgin Nigeria, F2 Gas and Oil Power Limited, and Thamesmead Mortgage Finance Limited including NEPAD, UK Department for International Trade and Investment , the British Council including African Business Roundtable, have thrown their weight behind the event, as sponsors.

Good stuff ^^

Soludo: 10 Banks to Hit $50bn Capital by Dec

• Zenith Bank opens UK subsidiary
By Olusegun Adeniyi just back from London, 05.04.2007

Governor of the Central Bank of Nigeria (CBN), Prof. Chukwuma Soludo, has predicted that by the end of the year, about 10 Nigerian banks would have a market capitalisation ranging between $2 billion and $5 billion each.
Speaking in London at the opening ceremony of Zenith Bank (UK) Limited, a subsidiary of Zenith Bank International Plc, the governor also noted that the Nigerian banking system is the fastest growing in Africa and should by 2020 be the hub in Africa.
"By the end of 2007, there would be about six banks whose tier one capital would be a minimum of $2 billion each. In fact, about 10 banks would have market capitalisation ranging between $2 billion and $5 billion each", he said.
Soludo also said the CBN is committed and is playing a major role in the Nigerian Financial System reforms by stabilising the exchange rate and reducing inflation to a single digit to enable business grow.
He disclosed that the CBN is supporting the African Finance Corporation (AFC) which is already kicking off with a $1 billion in capital and to which the CBN is prepared to loan an additional $2 billion.
Among other things as well, the CBN, he added, is providing the AFC with at least $6 billion dollars in asset management and deposits and this would take off formally next month.
Soludo said the apex bank has already mandated fourteen Nigerian banks that have foreign partners to manage part of Nigeria's foreign reserves as part of CBN's initiative to actively promote Nigerian banks to go global and learn by doing.
He reiterated CBN's policy that banks with up to $1 billion in tier one capital can apply to the apex bank and, on approval, get an additional $500 million in asset management.
He added that "banks with subsidiaries in any OECD country with $1 billion in tier one capital and a sound Fitch rating, if they choose (even without partnership with any foreign institution) will be given approval to manage part of Nigeria's foreign reserve. Zenith Bank (UK) Limited qualifies to receive significant amount of the foreign reserves."
He praised the leadership role being played by Zenith Bank Plc in the push to make the Nigerian banking system the hub of Africa.
He said the entry of the bank to London, the financial hub of the competitive European market, is a historic event for Nigeria, Africa, UK, Europe and in fact, the world.
"The Nigerian banking system is the fastest growing in Africa and come 2020 Nigerian banking system should be the hub in Africa and it gladdens my heart that Zenith Bank with its muscle and capital is leading the way", Soludo said, noting that Zenith Bank as a brand packaged and exported from Nigeria is part of that major step being taken to make the 21st Century Africa's century.
The CBN Governor noted the consistently strong financial performance delivered by the bank in past years and added that, "the rate of movement of Zenith Bank is so high that it would not be a surprise if it gets to the zenith of banking in Nigeria and in fact in the UK in a very short time."
Zenith Bank UK opened for business two weeks ago after it secured approval from the Financial Services Authority (FSA) in the UK considered as the strictest financial regulatory authority in the world.
In his response, the Chairman of Zenith Bank (UK) Limited and Managing Director of Zenith Bank Plc, Mr. Jim Ovia, promised that the bank would maintain the highest service and professional standards at all times as the Zenith brand continues to spread globally.
Present at the launching were Alhaji Aliko Dangote, Mr. Femi Otedola of Zenon Oil, Director General of the Nigeria Stock Exchange, Dr. Ndi Okereke-Onyuike, Chief Olopade, Mr. Segun Aganga of Goldman Sachs, Nigeria’s High Commissioner to Britain, Chief Christopher Kolade and members of the UK business community.

Nigeria’s 1st Internet eXchange Ready

By Efem Nkanga, 05.04.2007

Nigeria’s first Internet eXchange Point IXP, the result of the collaboration between the Nigerian Communications Commission (NCC) and the Internet Service Providers (ISPs), is ready for operation.
A statement made available to THISDAY disclosed that the IXPs which is located in Lagos, Nigeria is set for commissioning in two weeks and will be managed by private sector stakeholders on a not-for-profit basis.
At the conclusion of the World Summit on Information Society (WSIS) held in Tunis in 2005, the need for an IXP for Nigeria became vital.
Expectedly, President Olusegun Obasanjo became resolutely committed to encouraging the establishment of an IXP for Nigeria.
This led to the Minister of Communications being issued a directive by the presidency to ensure the establishment of a Nigerian IXP within the shortest possible time.
The Internet is a network of interconnected computer networks and IXPs are the points at which multiple networks interconnect. In the absence of any domestic IXP in Nigeria, an ISP must send all outbound traffic through its international links, most commonly through satellite.
The aim of building a Nigerian IXP is to keep and interchange local internet traffic such as e-mail, download of local website content, etc, within Nigeria and allow only international traffic to be exchanged at points outside Nigeria.
The Interim Board of the Nigerian IXP was inaugurated on March 13, 2007 at the new corporate headquarters of the NCC, during which the Executive Vice Chairman of the Commission, Engr. Ernest Ndukwe, charged the members to regard the assignment as a national service.
The 11-member Interim Board of the IXP comprises of Mr. Chima Onyekwere as Chairman and Mr. Mohammed Rudman as Chief Executive Officer. Other members are Mrs. Zubaida Rasheed, Mr. Sunday Afolayan, Engr. Sam Adeleke, Engr. Aminu Tijani, Mr. Chioke Ogugua, Mr. Akinwale Goodluck, Prof. K. R. Adeboye, Mr. Yen Choi and Dr. S. A. Ehikioya.

both good posts. shocked u beat me to it but i see u did this b4 i even woke up. happy nigerian banks are becoming stronger and giving the south africans a run for their money. if wat soludo said is true we will even be the hub before 2020 because south africa's strongest bank has a capital base of about $5.4 billion. the internet exchange is good cos it mkes d internet services cheaper and will eventually reduce illiteracy. have you guys heard bout the plan by the ncc to totally cover the country in a broadband internet network

Soludo: 10 Banks to Hit $50bn Capital by Dec

$50bn is still nothing considering Nigeria´s size and population! I will not be happy until it hits is $350 or $450bn, Nigeria has to show its lion´s teeth now and stop behaving like a shy cat!:bash:

Soludo: 10 Banks to Hit $50bn Capital by Dec

these is wow!!

these is wow,i cant believe it!!

There is absolutely no woow factor for me! 50bn is shamefully ridiculous if compared to banks in Asia, the Gulf Sates or Latin America ...not to speak of Europe and the US! Nigeria always settles for mediocrity...the lion has not even started to roar! No time for celebration, the road ahead is still thorny and full of twists and turns

$50bn is still nothing considering Nigeria´s size and population! I will not be happy until it hits is $350 or $450bn, Nigeria has to show its lion´s teeth now and stop behaving like a shy cat!:bash:
we are talking about december, and imagine the level in the next 10 years

we are talking about december, and imagine the level in the next 10 years

Ok, you´re right! But I want to see it grow exponentially and there is no time to keep our arms folded!

LATEST:

Last Updated: May 3rd, 2007
May 3rd, 2007
CBN racks its brain to craft the financial system strategy



The Central Bank of Nigeria (CBN) has been busy mobilising its stock of human capital to rack their brains with all the boldness they can muster in the daunting challenge of deftly crafting and implementing a workable financial system strategy for the country.
MARTINS AZUWIKE

Interestingly, Nigeria is reported to be showing strong characteristics of the BRICs nations with mind-blowing growth and stability in macroeconomic fundamentals and being experienced by Brazil, Russia, India and China. In apparent move to harness these signs of growth and bulge the welfare curves of the nation and its citizenry, the apex bank sees the couching of a functional financial systems strategy (FSS 2020) that would drive the country into the bracket of the world’s topmost 20 economies by the year 2020.

The strategy, the product of a clear vision in every sense, is expected to fully synchronize and integrate with the continuing reforms and harness the gains to ensure Nigeria becomes Africa’s financial hub and joins the league of top 20 largest economies in the world by 2020.

The challenge, though with the trappings of a Herculean task, has laid the apex bank under necessity to initiate an effort on behalf of other regulatory bodies to develop a vision and a well articulated strategic plan for Nigeria’s financial system.

The CBN says the broad objectives of the project are to develop a shared vision and an integrated strategy for the nation’s financial system, develop market and infrastructure strategies that align fully with the strategic intent of the over all system, develop a partnership of all key stakeholders for the implementation of the strategy with a performance management framework, and establish a communication and collaboration environment for the development and delivery of the strategy.

When it all started, the CBN kept the whole idea to its chest, but was busy mobilising support and buy-in from stakeholders.

Perhaps not many market followers know today that the apex bank had in the effort to streamline thoughts on the need to develop a vibrant financial system concept/blueprint that would drive the economy into becoming one of the top 20 economies of the world by the year 2020, engaged in a 3-day strategy retreat at Protea Hotel Nike Lake Resort, Enugu, from October 26 to 28, 2006.
It further drew their attention to the "need to grow the size of our financial system and the sectors to be comparable to other emerging countries, industry and regulatory scope change from Nigeria to West Africa and Africa, and the fact that there may not be a Nigerian Central Bank come 2020."
participants were also urged to do everything possible to put in bubbles the drive to "become the largest financial hub in Africa by the year 2020, provide one of the top 50 mega banks, and develop a consistent strategy vision for the financial system."

$50bn is still nothing considering Nigeria´s size and population! I will not be happy until it hits is $350 or $450bn, Nigeria has to show its lion´s teeth now and stop behaving like a shy cat!:bash:

Half bread is better than none!!

both good posts. shocked u beat me to it but i see u did this b4 i even woke up. happy nigerian banks are becoming stronger and giving the south africans a run for their money. if wat soludo said is true we will even be the hub before 2020 because south africa's strongest bank has a capital base of about $5.4 billion. the internet exchange is good cos it mkes d internet services cheaper and will eventually reduce illiteracy. have you guys heard bout the plan by the ncc to totally cover the country in a broadband internet network
Hope fully its high speed broadband!!

GLO, Alcatel Sign 3G Expansion Deal

Daily Trust (Abuja)

May 4, 2007
Posted to the web May 4, 2007

Bright Ewulu

Globacom has announced the signing of a contract with Alcatel-Lucent to install West Africa's first wireless network based on Universal Mobile Telecommunications Service/High Speed Packet Access (UMTS/HSPA), technology.

The company announ-ced this yesterday in Lagos, saying the network will be installed in selected Nigerian cities including Lagos, Abuja, Port Harcourt, Benin and Ibadan.

According to the company, UMTS/HSPA network contract which will provide one million more subscribers with state-of-the-art mobile broadband services, follows last year's successful field trial of the 3G platform on the Globacom network.

Globacom maintained that the project will enable the expansion of the capacity of its network to accommodate an additional one million subscribers and offer next generation of sophisticated services including advanced multimedia, mobile broadband and converged services such as video call, video streaming and high-speed mobile internet access on 3G mobile handsets.

Other sophisticated services that will be on offer, it said, are phone-to-phone and fixed-to-mobile video telephony, video greeting kiosk and video mail box. Globa-com will also introduce high-speed internet and mobile data services to business and residential subscribers thro-ugh USB modems and data cards.

Reacting to the develo-pment, Globacom chairman, Dr. Mike Adenuga Jr, posited, "we are very proud to be the first to deploy a UMTS/HSPA network in West Africa that will enable us to bring compelling new user-centric broadband services to Nigeria for the first time. We are happy to work with Alcatel-Lucent on the project."

"Through our strategic cooperation with this trusted partner, we are constantly working to introduce innovative services and build the largest and best telecommunications network in the continent," Adenuga added.

On his part, President of Alcatel-Lucent, Etienne Fouques, noted, "This agreement further proves Globa-com's confidence in our leading edge technology and our teams.

Our long-standing collaboration in mobile networks is now extended to mobile broadband.

This project is strategic to both companies because Africa is one of the fastest growing mobile markets in the world and has huge potentials."

Fouques said the contract demonstrates Alcatel-Lucent's commitment to help service providers in high-growth economies transform their services, network and business in a way that profitably increases voice and data penetration and enable mass-market broadband.

With Alcatel-Lucent's IMS-based infrastructure, Globacom will take a major step in its evolution towards an all-IP network and be able to rapidly and cost-effectively offer a wide range of new and differentiating multimedia services, while guaranteeing its subscribers end-to-end quality service as well as optimised network performance and support.

$50bn is still nothing considering Nigeria´s size and population! I will not be happy until it hits is $350 or $450bn, Nigeria has to show its lion´s teeth now and stop behaving like a shy cat!:bash:

Well Well Well.... Did I not say the same thing ages ago about strong growth rate? remember what you said?

FOREIGN EQUITY INVESTMENT IN ZENITH BANK TOTAL $165 MILLION (N20.79 BILLION)

Some world class foreign investment firms including Emerging Markets Investors U.S.A have invested the sum of $165 million in Zenith Bank Plc, reliable sources have revealed.

These institutions, the sources said, have had long-standing interest in Zenith Bank. This is believed to be an expression of the highest level of optimism on the bank’s future both in the short and long term as well as a confirmation of the bank’s position as an attractive investment option in Nigeria post-consolidation.

The decision by these reputable investing institutions is seen in certain quarters as an eloquent demonstration of confidence in the time-tested management of Zenith bank, its leading quest for innovation in service and technology as well as its professional human capital endowment, which has resulted in strong customer satisfaction and enhanced shareholders wealth.

The Zenith management team has been singled out for praise by Agusto & Co, Nigeria’s foremost rating agency, which for eight years consecutively, (since 1999) has described the bank’s management, “as stable, qualified and experienced.”

Investors’ continued interest in the shares of the bank has remained strong with high demands over the past few months at the Nigerian Stock Exchange pushing the unit price to over the N42 mark, making it the highest priced banking stock in the market.

Observers said that the capital injection by the foreign equity investors will allow Zenith Bank compete effectively on the global stage.

Analysts have long believed that the Zenith stock holds a hidden treasure that only the perceptive investors are able to discover.

Those who spoke to our correspondent said, for instance, that these latest investments in the bank represent a strong endorsement of the Zenith brand and an acceptance of the bank’s high corporate governance standards and regulatory compliance levels.

They also said that the investments represent a mark of support for the bank’s transparency and consistently solid financial performance, which are reflected in its impressive risk assets quality with non-performing loans to gross loans and advances ratio of 1.1% against the industry average of 18%.

Just last week Zenith Bank Plc, once again, raised the bar of competition with the opening for business of its wholly owned United Kingdom (UK) subsidiary, Zenith Bank UK following a rigorous approval process by the Financial Services Authority (FSA) in the UK considered as the strictest financial regulatory authority in the world.

The FSA gave Zenith Bank the nod to open for business having been impressed by the professionalism and strength of the bank’s application for a banking license and the remittance of the requisite paid up capital for new banks.

Zenith Bank, one of Nigeria’s biggest financial institutions with interests in pension, investment banking and insurance already has a strong strategic alliance with respected United States financial services group, J.P Morgan.

No doubt, such foreign endorsements of the Zenith brand would be rightly interpreted as a strategic move to deepen the bank’s base, grow the brand and ultimately lead to more reward in terms of dividend to its several investors.

Zenith Bank is the second most capitalised company on the Nigerian Stock Exchange with a market capitalisation of over N378 billion.

Recently Zenith Bank was adjudged the most customer-focused bank in Nigeria from a survey by foremost consulting firm KPMG which targeted corporate customers of banks including companies in a variety of sectors found that they were most satisfied with the services rendered by Zenith Bank.

Nigeria: Abia Inland Port to Create 100,000 Jobs
Vanguard (Lagos)
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Vanguard (Lagos)

4 May 2007
Posted to the web 4 May 2007

Vincent Ujumadu
Umuahia

THE multi-million naira Inland Container Depot (ICD) being built at Isiala Ngwa in Abia State would create about 100,000 jobs of all categories and boost economic activities in the south east and other neighbouring states when completed, the minister of transportation, Chief Cornelius Adebayo has said.

The minister who spoke yesterday during the foundation laying ceremony of the dry port explained that the decision of the federal government to site the project in the area was to assist the numerous businessmen in the region who before now had to clear their goods from the sea ports located in Port Harcourt and Lagos.

The Isiala Ngwa project is one of the six planned by the federal government for each of the six geo-political zones in the country. The others are located in Ibadan, Jos, Bauchi,Kano and Maiduguri.

Essentially, it is expected that truck haulage from the ICD to consignees will engage several trucks, freight forwarders and clearing agents, while the Nigerian Shippers Council would be the supervisor.

According to the minister, the Isiala Ngwa ICD would be receiving containerized cargo from Port Harcourt by rail, assuring shippers that there would be no check points between Rivers State and Abia as all custom examinations would be done inside the ICD

The rise and rise of “Wings of Nigeria”

By Kelvin Osa-Okunbor

While many airlines are closing shop in the saturated Nigerian aviation industry on account of the inability of some of the airlines to meet the new recapitalization regime rolled out by the ministry in charge of air transport, Wings of Nigeria, Arik Air is waxing stronger.
Hitherto strong players such as ADC Airlines, Albarka Air, Sosoliso, Fresh Air, Spaceworld International Airlines, DASAB Airlines and Chrome Air, all failed to meet up with the N500 million, N1 billion and N12 billion pegged as the new capital base for carriers who operate domestic, regional and intercontinental routes.

Arik Air on its part has joined the league of successful players like Bellview, Afrijet, Chanchangi, Capital Airlines, Associated, Virgin Nigeria, IRS, NICON Airways and Virgin Nigeria Airways, another flag carrier of the country.

In an industry that appears beleagured due to low passenger traffic, aged aircraft in the fleet of carriers and other saturation of the domestic market, Arik Air has carved a niche for itself as the airline to watch.

With its intimidating operational profile the airline has earned an enviable position among other competitors, as many operators grapple with the huge challenge of acquiring newer planes to boost their operations, and perhaps save their faces from passengers who continuously accuse them of using the oldest aircraft fleet in the world.

Against this background, Arik Air’s profile as the airline with the newest aircraft in its fleet in Nigeria again earned it star attraction with an intimidating expansion network.

While many operators are groaning under the huge burden of escalating maintenance costs, huge operational costs such as aviation fuel, high costs of aircraft spares, and others, Arik Air is consolidating on its partnership with Lufthansa Technic and the Boeing Company.

About seven months since Arik Air took to the Nigerian skies, it has expanded its flight operations to many cities in Nigeria, even as plans are underway to make further inroads into the international arena.

It would be recalled that Arik Air operates into the nation’s capital, Abuja, the garden city of Port Harcourt, the ancient city of Benin, and the coal city Enugu, as well as other destinations spread across the country.

Wings of Nigeria, the airline to watch with a track record of the carrier with the largest route expansion network also flies into Calabar.

Guided by a strong vision of accomplishing feats unattained by its competitors, Arik Air has perfected plans to extend flights into the sub region.

It would be recalled that the management team of the airline have experience in the aviation and allied industry spanning several decades. At the home front, Arik Air has distinguished itself as one of frontline carriers offering technical and financial assistance to the Nigerian College of Aviation Technology in Zaria, Kaduna State.

In the area of aircraft acquisition, Arik Air has the newest fleet in the country, and a reputation that is intimidating to its competitors, in an industry where old air planes dot the skies.

The Wings of Nigeria is the only airline with three brand new CRJ-900 series Bombardier Jets sourced inform the manufacturers in Canada.

The carrier also has in its fleet one CRJ-200 series Bombardier Jet also sourced from the manufacturer in Canada.

What marks out Arik Air among Nigerian airlines is not only its use of brand new airplanes like the Bombardier, but the planes have better configuration and fuel efficiency which reduces the cost of operations.

When the Bombardier Jets flew into Nigeria last year, there was an impression ceremony at the expansive airline’s complex where the cream of the aviation sector gathered to witness another stride by the carrier, which has changed the face of aviation business in the country.

With the right equipment match as a carrier that is forward looking, Arik Air utilizes a Dash-Eight turbo propeller aircraft for its operations into some of its short distance routes from its operational headquarters in Lagos.

The airline also has two fairly new Boeing 737-300 aircraft, which have been in operations to service the expanding route network.

What is remarkable about Arik Air, as the airline in the spotlight of the industry is the delivery of two brand new Boeing 737-700 aircraft by the officials of the airline in Seattle, Washington last week.

The ground ceremony had in attendance the management of the airline led by the chairman, Sir Joseph Arumemi-Johnson, the chief executive officer, Mr Mike Mctighe, and the executive vice president of Boeing commercial airplanes, Mr Lee Monson and other guests.

The aircraft delivery ceremony was another unique opportunity for Arik Air to make bold statements as the airline to watch in Nigeria’s troubled aviation industry.

With the delivery of the brand new Boeing 737-700, Arik Air prides itself as the only airline with such new aircraft in its fleet in the West Africa sub region.

As the airline consolidates on its status as a high flying carrier, it has also recorded another feat, by signing for two Boeing 777-300 series extended range in Seattle, Washington, put at $1.5 billion. When the aircraft are eventually delivered in the not too distant time, Arik Air would have placed itself on a higher pedestal as the Nigerian airline to soar like an eagle to redeem the enviable status of Nigerian aviation, as it was some decades ago with the liquidated national carrier, Nigeria Airways Limited.

Because no airline can operate without the perception of its passengers, Arik Air has earned a steady safety profile with no accidents of repeated air returns, a feat that has endeared it to many passengers, who have anticipated the emergence of a carrier, with such seamless achievement as complete success story.

Arik Air qualifies as one of the fastest growing airlines having carried over 150,000 passengers in six months of its operations.
In the spring of 2008, the airline would have completed its ultra modern hangar at its corporate headquarters, where all aircraft maintenance could be carried out within the sub region.

When completed, the ultra modern hangar could handle an Airbus 380, the biggest airline in the world.
By this feat, Arik Air stands out as one of the outstanding airlines to watch in the turn of this millennium.

Arik Air is a great Airline. I am sure they'll not only increase their fleet and ensure safety but also strengthen Nigeria's bid to become the Aviation Hub of West Africa.:banana:

I start to get frustrated, all news are full of "would", "should", "will" or whatever! What has been done so far, that´s the question?

Tbite,

Although Arik Air IS introducing new safety, maintenance and quality standards in a previously ailing industry, it could not be more obvious that the article you have quoted lacks the kind of journalistic balance and integrity found in professional international aviation media.

I am greatly impressed by the start-up's track record and seriousness in embarking on a long-term project to develop into a world class airline, however, I am deeply suspicious of this article.

I see it as part of the media war waged by the federal government and Arik's financiers, against Virgin Nigeria and its alleged 'poor safety record and frequent air-returns'.

Arik should be transparent, and provide full ownership information to the public. Well informed individuals cannot possibly believe Arumemi-Johnson had 5 billion dollars stacked up from his engineering business, and if banks are truely behind this project as claimed, why weren't they made public?

Wherever the money came from, it is better invested in Nigeria then stacked away in a swiss bank account.

Arik Air is the safest airline in Nigeria, and probably one of the fastest growing on this continent.

Matthias, you asked what has already being done, well ever since emerging Arik Air as acquired brand new planes etc. Virgin Nigeria's fleet doesn't consist of New planes, it consists of relatively new planes, and some of the planes are on "Dry Lease". Virgin Nigeria was created so that Nigerians could have a oasis or a sanctuary to run to, yet Virgin Nigeria is somthered with the same problems as it's predecessor.

Yes, The FG broke a pact, an agreement which it signed with Virgin, but if Virgin doesn't meet up to the standards that it promised, and is reisking the lives of innocent Nigerians, then I am more than happy to see the government play dirty. It makes no sense that an Airline such as Arik Air, which by the way has made more investments than most other new companies in this country or even beyond, would be created for the benefit of corrupt leaders.

Arik Air isn't the only Airline that people say, government officials have shares in, Transorp, and even Dagonte are on the list, yet no evidence has beiing found whatsoever to back up such allegations. Nigeria has many orrupt leaders, but we must know hoe to differenciate Speculation from Reality.

Arik Air, wasn't created from nowhere, a Nigerian Major general Arumemi-Johnson , has majority shares of the Airline. Most of the money came from him, as he was already operating a Aviation chain long before Arik Air, the rest was most likely gathered from investors, as in the case of Virgin Nigeria.
Arumemi Johnson is also active in the Oil and Gas sector, so niether you or I can really determine how much he is worth!

Good to see competition but I would rather fly Virgin Nigeria:
1, Its Virgin
2, Its Nigerian!!

It's Arik Air for me, they are safe and they'll do great things for Aviation in this country. For a Airline, said to be created for personal benefits, they are sure giving a lot away:lol:

Tbite,

You said:

"Yes, The FG broke a pact, an agreement which it signed with Virgin, but if Virgin doesn't meet up to the standards that it promised, and is risking the lives of innocent Nigerians, then I am more than happy to see the government play dirty."

Could you elaborate how exactly Virgin Nigeria has 'risked the lives of innocent Nigerians'? Sadly, it is this kind of technically uninformed paranoia which has damaged Virgin Nigeria's reputation in Nigeria lately by the federal government.

If you read the airline's statement concerning the issue of air-returns (in their media section) and if you have a fairly basic level of air operations, you will find out that Virgin Nigeria has never risked the lives of its passengers, on the contrary, it has protected them. As 2 of the 6 air returns during the past six months (and roughly 5,600 flights) were attributed to technical malfunctioning of its aircraft, you will note that in a previous era not long ago, another airline would have simply continued on with the flight and greatly risked the lives of the passengers.

You can read more about the true nature of air-returns on Thisday:

http://www.thisdayonline.com/nview.php?id=77128

You also said:

>It makes no sense that an Airline such as Arik Air, which by the way has made more investments than most other new companies in this country or even beyond, would be created for the benefit of corrupt leaders.<

Actually if the allegations of Peter Odili and other corrupt Nigerians are true, than this would be termed "Money Laundering" :LOL: But as I said it's better invested locally IF it is true.



>Arik Air, wasn't created from nowhere, a Nigerian Major general Arumemi-Johnson , has majority shares of the Airline.>

Could you please state your source for this ownership information?

I've just read that Zenith Bank and Intercontinental Bank PLC have played major parts in new Boeing aircraft finance transactions, namely the Boeing 737-700 and wide body 777-300s, 787s.

However, we are still in the dark about the detailed ownership structure.

Africa: MTN Now Has More Subscribers in Nigeria Than South Africa


Vanguard (Lagos)
7 May 2007
Posted to the web 7 May 2007

Lagos

Nigeria now accounts for 13,384,000 of MTN's 44,301,000 subscribers representing 30 per cent of it's total subscriber base in 20 countries. According to the latest MTN Group results, as at March 31 2007, its Nigerian subscribers had surpassed South Africa's 13,030,000 by 354,000, making Nigeria the telecommunications company's highest money spinner. It said Nigeria achieved the subscriber growth of nine per cent in the first quarter of 2007, from the 12,281,000 in December 2006, while that of South Africa only increased by four per cent from 12,483,000 during the same period.

The report, however, said South Africa's 21 dollars average revenue per user on a monthly basis remained ahead of Nigeria's 17 dollars a month. The MTN Group's 44,301,000 subscribers as at March 2007 represented 11 per cent growth for the quarter from 40,051,000 subscribers reported for the Group as at December 31, 2006, it stated. The South and East Africa (SEA) region increased its subscriber base by six per cent for the quarter and growth in the region was driven principally by MTN South Africa, which showed a healthy improvement in network connections for the quarter. In the West and Central Africa (WECA) region, the 10 per cent growth for the quarter it said, was still mainly from MTN Nigeria's contribution and to a lesser extent from Ghana and Cote d'Ivoire. "I am pleased with the subscriber growth we have recorded in the first quarter, which is in line with our expectations, said MTN group chief executive Phuthuma Nhleko

"Assuming the continuation of current market conditions, we expect the healthy subscriber growth trend across all our operations and to consolidate our position as the leader in emerging markets," concludes Nhleko. The MTN Group operates in Botswana, Cameroon, Cote d'Ivoire, Nigeria, Republic of Congo Rwanda, South Africa, Swaziland, Uganda and Zambia. The group is a global sponsor of the 2010 Fifa World Cup taking place in South Africa and has exclusive mobile content rights for Africa and the Middle East.

Nigeria: Obasanjo to Commission $1bn Obajana Cement Factory
This Day (Lagos)
7 May 2007
Posted to the web 7 May 2007

Lagos

President Olusegun Obasanjo will on May 12 formally commission the first phase of the multi billion naira Obajana Cement factory, which consists of Lines 1 and 2.

The cement factory, which is a subsidiary of Dangote Group of companies is said to be the fifth largest in the world and second largest in Africa.

The project which foundation stone was laid in 2003 is located at Obajana in Kogi State and it is expected to produce 15,000 tonne per day which translates to 5 milliontonne per year.

The president is also expected to lay the foundation stone of the second phase which will consist of lines 3 and 4, when completed the project is expected to rank third largest in the world.

The factory boasts of the best technology in cement manufacturing technology in the world. Eminent dignitaries, captain of industries and diplomatic corps are expected to witness the epoch making event

Nigeria: Nigeria Afrijet Airline Gets AOC to European Countries

7 May 2007
Posted to the web 7 May 2007

Kenneth Ehigiator
Lagos

Nigeria's Afrijet Airline has secured an Air Operator's Certificate (AOC) of the European Union to enable it fly to all destinations in Europe. This status makes Afrijet the only airline in Africa to secure dual AOCs, that of Nigeria and European Union.

Coming at a time the airline also secured a $30 million AfriExim Bank facility for aircraft financing, Nigeria's Afrijet Airlines will, by virtue of this certification, operate as Afrijet Europe through its registered office in Verona, Italy.

Managing Director of Afrijet Airlines, Capt. William Berry Noelle, said the vision to register Afrijet Europe as a sister airline was driven by the need to ensure that passengers of Afrijet Nigeria were taken to any European destinations from Lyon, France and Madrid, Spain, being the routes approved for the airline by the Nigerian authorities.

On the AfriExim Bank facility, Capt. Noelle said Bank PHB was guaranteeing the loan which, according to him, had been drawn down for aircraft acquisition.

He said in view of the need to reposition the airline, Afrijet management had engaged the services of a British management consultant team from Astra Aviation to help in its restructuring.

Capt. Noelle said Afrijet Airlines engaged the British firm because of its history of success in start up airlines in Africa and Europe.

He said with Astra, Afrijet Airlines would operate with the highest international standards as other major carriers of the world.

Leader of Astra team, Mr. Phil Eyre, who spoke after signing the management contract agreement with Afrijet Airlines' management, described Afrijet as an airline with a great future, considering its present structure.

Eyre, a former staff of British Airways, said the Nigerian airline had the potentials to be one of Africa's biggest airlines, especially with regards to the AOC it secured to operate in Europe.

Nigeria: Lagos Set to Commence Iddo/Ijokun Light Rail Project

7 May 2007
Posted to the web 7 May 2007

Olasunkanmi Akoni
Lagos

THE Lagos State Government has concluded arrangements for the signing of Memorandum of Understanding (MoU) on the commencement of its light rail project from Iddo to Ijoko in Ogun State.

Managing Director, Lagos Metropolitan Area Transport Authority (LAMATA), Dr. Dayo Mobereola who disclosed this weekend also stated that the implementation of the Bus Rapid Transit (BRT) system along the Mile 12 to CMS bus corridor would help workers in getting to work early and restore their dignity through the provision of new modern bus.
Africa 2007

Dr. Mobereola, who spoke against the backdrop of on-going reconstruction work on Ikorodu Road, said the project was one of the several initiatives of the Lagos State Government to ameliorate the unregulated and chaotic transport system in the state.

His word: "We are trying to create a linkage among the three modes of transportation road, rail and water transport.

"We are looking at a situation where someone is going to Apapa from Iyana-Ipaja. It should be possible for the commuter to join a BRT bus from Iyana-Ipaja to link the BRT bus on the Mile 12 to CMS corridor, gets to CMS and take a ferry to Apapa.

"With the assistance of the Federal Government we have had series of negotiations with the contractor and we hope that before the end of the year, actual construction would have started."

Mobereola said the state government was concerned about the level of decay in the transport sector, hence the need for the introduction of high capacity buses that would run on their own lanes.

He said the state government is keen on improving productivity in both public and private sector, reduce bus fare, improve safety and quality of life as well as restore the dignity of the average Lagos residents.

The LAMATA boss said the ultimate aim of the transport projects is to encourage car owners to leave vehicles and travel by public transport with a view to reducing traffic congestion and the road space maximally used.

He appealed to road users to exercise caution, follow diversion signs, observe speed limit while using the stretch of Ikorodu road now under reconstruction.

Nigeria to manage own Internet country code
By Sonny Aragba-Akpore, Deputy Communications Editor

NEW hands, preferably Nigerians, will now manage and host the nation's country code Top Level Domain (ccTLD).

This followed last weekend's concession of the facility's management to Nigerians by its former manager, Mr. Randy Bush, an American citizen who had been managing it since 1992.

Also a change may be effected in most Internet addresses which have been ending in dot.com. It may now end with dot.ng.

Bush, who is in the country in company of his wife, Zita Wenzel, in a presentation to the Nigerian Information Technology Development Agency (NITDA) at the weekend said it was time to let the hosting and management be done locally.

His reasons? Nigeria now has a body corporate, Nigerian Internet Registration Association (NIRA) and this will work side-by-side with the just set up Nigerian Internet Exchange by the Nigerian Communications Commission (NCC).

Although NIRA, headed by Mr. Ndukwe Kalu held its inaugural meeting last Tuesday, it is yet to take over the administration of the ccTLD.

"NITDA still hosts and facilitates the registration of domain names until such a time that NIRA would be ready to take full control," spokesman for NITDA, Mr. Inye Kemabonta, confirmed at the weekend.

A combination of NIRA, which has members of the Nigerian Internet Community and stakeholders as managers, and the Internet Exchange headed by Chima Onyekwere of Linkserve Internet administration may now be less cumbersome than what it had been.

Nigeria's first Internet Exchange Point (IXP), which is located in Lagos is now ready for operation and would be commissioned in two weeks time. This IXP is the result of the collaboration of the NCC and the Internet Service Providers (ISPs) to set up robust and reliable system in Nigeria.

The Internet is a network of interconnected computer networks and IXPs are the points at which multiple networks are interconnect. In the absence of any domestic IXP in Nigeria, an ISP must send all outbound traffic through its international links, most commonly satellite. The aim of building a Nigerian IXP is to keep and interchange local Internet traffic such as e-mail, download of local website content within Nigeria and allow only international traffic to be exchanged at points outside Nigeria.

At the conclusion of the World Summit on Information Society (WSIS) in Tunis in 2005, the need for an IXP for Nigeria became vital. Accordingly, President Olusegun Obasanjo wanted earnestly an IXP for Nigeria. He then directed the Minister of Communications to ensure the urgent setting up of a Nigerian IXP.

The national exchange is now ready for commissioning and is to be managed by private sector stakeholders on a not-for-profit basis.

The interim board of the Nigerian IXP was inaugurated on March 13, 2007 at the new corporate headquarters of the NCC, during which the Executive Vice Chairman of the Commission, Ernest Ndukwe, charged the m embers to regard the assignment as a national service.

The history of Nigeria's Internet is indeed checkered. It has been fraught with controversies, bickering and internecine battles among interest groups. The effect has been the slow pace in the development of that national resource. Successive efforts to resolve the conflicts were botched until the intervention of the Presidency.

The change in the administration of the ccTLD.ng was formally effected on June 9, 2004 by the Internet Corporation for Assigned Names and Numbers (ICANN). This administrative change was a prerequisite for NITDA to formally proceed with the implementation of the President's directives.

Requests for stakeholders' contributions yielded fruits as several individuals, corporate, educational, government and professional groups responded.

NITDA constituted a small team that evaluated the submissions from which an agenda for a national stakeholder forum was drafted. This forum was scheduled and series of national advertisements preceded the event.

On August 9, 2004, the first national stakeholders' conference was held in Lagos. The conference, attracted all segments of the Internet community in Nigeria.

To ensure that actual experiences from other countries were shared amongst Nigerian stakeholders, two international resource persons from Kenya and South Africa - Michuki Mwangi and Mike Lawrie - were invited to share their experience on the domain name management of their countries.

This was followed by an interactive session involving the participants. Stakeholders who had sent position papers to NITDA on the ccTLD management were also given the opportunity to make expositions on their proposals.

At the end of the forum, a statement which was endorsed by the principal stakeholders and the incumbent administrative contact of the ccTLD.ng was issued. The key recommendation of the forum was the creation of a working group by the stakeholders whose responsibility was to establish the modalities for setting up the non-governmental, not-for-profit organisation to manage the ccTLD.ng.

The members of the working group include: National Information Technology Development Agency (NITDA); NCC; Nigerian Computer Society (NCS); Internet Services Providers' Association of Nigeria (ISPAN); Nigeria Internet Group (NIG); Computer Professionals Registration Council of Nigeria (CPN); Council for Registration of Engineers in Nigeria (COREN); Nigerian Universities Commission (NUC); Nigerian Society of Engineers (NSE) among others.

I dont get this will it then be eg www.google.com.ng or www.google.ng??

Obasanjo Flags off $841m Abuja Railway Project

From Kunle Aderinokun in Abuja, 05.08.2007

President Olusegun Obasanjo yesterday performed the groundbreaking ceremony of foundation laying of the Light Railway. The value of the project is in the excess of $841 million with a completion date of four years, which is a complementary factor in our bid for the Commonwealth Games of 2014.”
The President who was on official tour of the Federal
Capital Territory (FCT), Abuja had earlier in the day commissioned the permanent office of the Abuja Geographic Information System (AGIS) and the Area 11 Neighbourhood Centre, Garki, inspected the Urban Shelter Ultra-modern Market and thereafter cut tapes at : the Rural Telephony projects situated within the premises of the National Assembly; the Mabushi Interchange; Jabi Lake Resort; Wupa Waste Treatment Plant and performed the ground breaking foundation ceremony of the Abuja Rail Mass Transit Project as well as commissioned Accra Street Park in Wuse Zone 5.
At the ceremony, the Federal Capital Territory (FCT) Minister, Mallam Nasir el-Rufai said, “the importance of this ceremony is better captured when we realize that the chaotic transportation system in Lagos was one of the reasons for the relocation of the seat of government from Lagos to Abuja by the visionary leadership of the Murtala/Obasanjo regime of 1976.”
He stressed that, “in accordance with the Abuja Master Plan and globally accepted norms, cities with a population of over 1.5 million people should have a integrated public transportation system of which the railway is a major component.”
El-Rufai explained that the FCTA was taking 60 kilometer of the project comprising lot one, routed through Area 10 in Garki, Central Area, Wuse Neighbourhood Centre, Utako Motor Park, Jabi Life Camp, Karmo, Gwagwa and Kubwa with a short link to Idu junction.
Also captured in the first phase is lot 3, comprising transportation center in the central area, National Stadium, Kukwaba National Park, Idu and Nnamdi Azikiwe International Airport.
He believed that when fully operational, the system, which is powered by diesel and has the capacity to transport about 20,000 passengers per hour/per direction, would “boost the economic life of the residents of the FCT.

20,000 per hour.good!

Nigeria: Nigeria Targets $70million Annual Revenue From NIGCOMSAT-1

This Day (Lagos)


8 May 2007
Posted to the web 8 May 2007

Oke Epia
Abuja

Ahead of the official launch of Nigeria's first communication satellite, it has been revealed that the country stands to generate an annual revenue of about 70 million U.S. Dollars from the direct sales of slots.

Also, the country will be saved some 100 million dollars spent annually on information traffic via other satellites while targeting to secure 10 percent in the short term, of the about 660million U.S. Dollars spent by African countries on the provision of communication traffic outside the continent thereby curbing capital flight.

Making these disclosures yesterday at a press briefing in Abuja, Managing Director of NIGCOMSAT Ltd, Engr. Ahmed Rufai, said a conservative 56 percent Return on Investment (ROI) rate has been targeted when the satellite is fully subscribed.
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He said a period of not later than six years will see the company breaking even on investment, explaining however, that it would be difficult to put a figure on the total amount spent to bring the project on stream.

Rufai stated that it is estimated that revenue generation from NIGCOMSAT-1 would be more than what is generated from oil by 2010 as "Nigeria would have fully plugged into the global knowledge-based revolution opening a new dawn of digital opportunity for Africa."

The MD said as part of the benefits to Nigerians, NIGCOMSAT will delve into the provision of end-user services in rural telephony which will bring call rates to as low as 10 naira per minute when the company secures the appropriate license from the Nigerian Telecommunications Commission (NCC).

Nigeria: Afribank Supports Nigeria's Commonwealth Bid With N7 Million

Afribank Nigeria Plc over the weekend donated N6.7million to the federal government committee charged with the responsibility of bidding for the hosting right of the 2014 Commonwealth Gamesi'm sure we would win the bid.you can see companies laying down their money

Hello
I hope in this forum, find informations
I must give a file for friday about city and countryside in Nigéria
Do you know article about different city in Nigéria or the characteristic of countryside for example information about the cereal production(manioc, millet,...) fishing, rural migration, urbanization in Abuja or Lagos?
The article must be dated in years 2006 or 2007
Can you help me please? Sorry for my english.
Thank you very much

http://www.sids-ng.com/glo%20logo.jpg
Globacom leads Africa, Middle East telecoms market



09.05.2007 Wednesday, May 9, 2007

The closest to Globacom in terms of new subscriber acquisition was TCI of Iran which added 5.66 million new customers. MTN Nigeria came third with 3.9 million new subscribers.

Saudi Arabia ’s Ettihad Etisalat (Mobily) is fourth with 3.67 million additions, while Orascom of Egypt, which was second in September, fell back to fifth place with 3.42 million ahead of Vodacom of South Africa which added 3.40 million customers.

A new report by leading industry publication, Cellular News, showed that Nigeria’s Second National Operator moved to the new position with 10.75 million subscribers at the end of December, 2006, up from the eighth place in the quarter ending September 2007. It had occupied the tenth position on the table one year ago.

Reacting to the latest report, Globacom’s Executive Director, Human Resources, Adewale Sang- owanwa, said that Globacom was well on its way to realising its vision of becoming Africa ’s biggest and best telecommunications company.

The network, which began operations only four years ago, set a subscriber-acquisition record of one million customers in nine months.

Besides its unmatched pace of deployment, efficient services, array of value added services, strong and unique marketing initiatives have stood the company apart in the Nigerian telecommunication industry and made it the first choice network.

It has extended services to most parts of the country and its services are available in all states of the country. Its subscriber base at the is currently close to 13 million.

China's airline makes Nigeria hub for ECOWAS operations

By Wole Shadare

CHINA Southern Airlines, which began operations into Nigeria this year, has said that it plans to make Lagos a hub of its business to other West African countries.

The General Manager of the airline Jiang Nan, made the disclosure at a workshop with travel agents in Abuja at the weekend, just as he said that the Chinese embassy has been inundated by requests from countries like Ghana, Tanzania, Cote d'Ivoire and Cameroon to begin flight service to the West African countries.

With the establishment of a hub in Nigeria, the airline will operate to these countries from Lagos, just as it enjoys fifth freedom rights.

The fifth freedom right is also known as connecting flight. It is the right to carry passengers from one's own country to a second country and from that country to a third country.

The Freedoms of the air are a set of commercial aviation rights granting a country's airline, the privilege to enter and land in another country's airspace.

Nan explained that Nigeria stands to rake in huge revenue from the deal, noting that the airline was poised to offer seamless travel for passengers from the sub-continent.

Hoffman Chang Chongqing, Sales Director reiterated that the commencement of the airline into Nigeria on January 31, 2006 was the first entrance of China Southern Airline into Africa, adding that the route is a bridge for connecting China to Nigeria, and Asia to Africa.

According to him "Nigeria is playing an increasingly important role in the international community, and that gives us encouragement to continue to do what we are doing, and doing it well is our goal"

He appealed to travel agents for assistance to make the dream of seamless travel from Abuja successful.

The airline's Commercial Manager, Lillian Ajayi however appealed to the agents that whatever problems they are going through in terms of bookings would be rectified.

She said: "We are working on our distribution system to make it much easier for people to do their bookings on line, as we are committed to giving our customers value for their money".

Ajayi disclosed that the minimum bank guarantee for travel agents willing to have its ticket stock was N1 million.

China Southern Airline is the largest airline in China, and the first airline to purchase the super jumbo A380 in China.

The airline started operations in 1989. In June 1997, China Southern Airlines initial public stock offering on the New York and Hong Kong stock exchanges generated over $700 million.

In July 2000, Civil Administration of China (CAAC), selected China Southern as one of three airlines to lead the restructuring of China's air transport industry. It acquired Zhongyuan Airlines on August 4, 2000.

In 2004, the company achieved a turnover of around 40 million passengers, becoming one of the top ten passenger carriers in the world. Among all Chinese airlines, it boasts the largest fleet with the most bases, most extensive domestic networks and highest flight frequencies.

Renowned for its excellent passenger services, the airline has won Five-star Diamond Award for flight services and has been honored as China's best airline by TTG Asia Magazine.

China's airline makes Nigeria hub for ECOWAS operations

you can see the rate of which nigerian's airports grows.

· Glasgow and Abuja lodge Commonwealth 2014 bids
· Drums and pipe bands compete as race begins

Andrew Culf, sports correspondent
Thursday May 10, 2007
The Guardian

It is a tale of two cities - two very contrasting cities - battling to stage one of the world's biggest sporting festivals in seven years' time.

Yesterday the race officially got underway as Glasgow and the Nigerian capital Abuja handed over the official bid documents for the right to host the Commonwealth Games in 2014.

"The race for the 2014 games represents an intriguing choice," Michael Fennell, the president of the Commonwealth Games Federation, acknowledged.

A colourful ceremony in the chandeliered splendour of the Langham hotel, London, emphasised the cultural gulf between the two rival bidders, a beguiling mix of kilts and African tribal costumes.

First the room reverberated to the beat of drums and the energy of a group of Atlogu dancers, representing one of the 250 ethnic groups that make up Nigeria, providing a flavour of what Abuja might offer.

Then Glasgow showed what Scotland could offer. In marched the serried ranks of the regimental band of the Scots Guards, the pipes and drums of Queen Victoria School, Dunblane, and the Edinburgh Tattoo Highland Ceilidh Dancers.

The lodging of the bid documents marked the firing of the starting gun for a contest which will end in Sri Lanka in November when the 71 delegates of the general assembly of the Commonwealth Games decide which city is victorious.

Staging the Commonwealth Games has become a more keenly coveted prize since the successful 2002 games in Manchester and last year in Melbourne. Even so, it is a financial gamble. A third contender, Halifax, in Canada, dropped out in March amid fears over the expanding budget.

But Derek Casey, bid director of Glasgow 2014, said the city would not face the same financial woes as London 2012 where the construction budget has trebled. Seventy per cent of the Glasgow venues are complete and there is little capital expenditure in the £288m games budget. The Scottish executive is contributing 80%, and Glasgow city council the remainder.

Abuja's bid has the strong support of the Nigerian government and the backing of the whole of Africa. The city already has 80% of its venues in place.

Habu Gumel, president of the Nigerian Olympic Committee, who handed over the bid document, made clear that money would be no object for Abuja. He was keen to stress that the travelling expenses of each competing nation would be paid along with a training grant of $125,000 per country.

Glasgow will be offering competitors' travelling expenses, free accommodation for three delegates from each country and £3.7m pot for equipment and coaching.

Tale of two cities

Glasgow

Would use existing venues, such as Hampden (track and field), Ibrox (rugby 7s) and Celtic Park (opening)

Games village built on banks of the Clyde at Dalmarnock, available for sale and social housing after 2014

The only new venues to be built are hockey pitches, an additional 50m pool and squash courts

With the £288m budget from the Scottish Executive and Glasgow council, and £50m raised from sponsorship, tickets and merchandising

Former European city of culture, and home of the ITV detective Taggart

Typical summer temperature 19C - but expect rain at any time

Abuja

A 30-year-old, purpose-built city, with a planned population of 1 million that now has 1.6m

"Bougainvillea conceal the security walls and the razor wire protecting many attractive office towers," abujacity.com says

Facilities such as 60,000-capacity athletics stadium, velodrome, hockey ground, and aquatics centre, used for 2003 All Africa Games

Confident about security, with experience of major events such as Commonwealth heads of government conference 2003

Climate called a "tourist heaven" with temperatures rising to 36C, unlike the extreme heat of the north.

Source: Guardian - http://sport.guardian.co.uk/news/story/0,,2076231,00.html

Nigeria: Country's Largest Mosque for Commissioning Friday

Daily Trust (Abuja)

5 May 2007
Posted to the web 7 May 2007

Isa Umar Gusau

The Yobe mosque edifice, described as Nigeria's largest mosque would be commissioned this Friday as major works have been done with finishing touches in active progress, chairman of the Main Committee for Yobe mosque project, Alhaji Baba Ba' aba has said. Ba'aba, who spoke to Kanem trust on the preparations for commissioning of the edifice said that the mosque is now ready and slated for launch 11th May, 2007 at the mosque premises in Damaturu, the capital of Yobe state.

The chairman said that fixing of granite has been achieved in all parts of the wall marked for such within and outside the mosque building, while the central and satellite domes have mosaic tiles beautifully fixed from the inside and outside. He added that giant and elegant lighting bulbs referred to as chandeliers all imported from Saudi Arabia have all been fixed successfully. He also said that the four minarets have been completed and painted with finishing in accordance with the model of the project.
Africa 2007

Ba'aba also noted that all electrical and sound fittings have been concluded while carpeting has started. He said that with the present level of work the state capital expect to host world Islamic leaders from Saudi Arabia and other Islamic countries as well as numerous others from within Nigeria.

The chairman said that being the largest in Nigeria, the Yobe mosque is expected to accommodate 20,000 worshippers inside the mosque which comprises male and female wings while the premises has the capacity to accommodate worshippers three times those that can stay inside the building.

He said that the project which will be continued in another phase is designed to be an Islamic Centre with modern Islamic schools, Conference halls for Islamic gatherings, large size Islamic library and modern hostels for pupils who enroll into the Centre for Islamic knowledge.

What's Next for Nigeria?
Sure, the elections were rigged, but the economic future is relatively rosy.
By Ian Bremmer
Posted Thursday, May 10, 2007, at 11:36 AM ET
President-elect of Nigeria Umaru Musa Yar'Adua
Nigeria's April elections were neither free nor fair. Defeated presidential candidates have called on supporters to hit the streets, and the threat of violence continues to spook foreign investors. But those betting on the country's economic stability can take heart: Whatever the political turmoil generated by the elections, too many players within the country now have an interest in bringing Nigeria's closed-down crude-oil production back on line.

That's important, because Nigeria earns 86 percent of its export revenue from oil, focusing its new leaders on the challenge of pacifying the country's oil-rich Niger Delta region. In coming months, the new leadership will likely restore the flow of substantial amounts of Nigeria's crude by approaching local militia leaders, who are only too glad to be rid of outgoing President Olusegun Obasanjo, with a mix of carrots and sticks. Obasanjo spent more of Nigeria's resources on fighting the rebels than on investments in new infrastructure. But the rebels have good reasons to cut a deal with his successor.

For the moment, it's the bad news that's making headlines. Umaru Musa Yar'Adua, plucked from obscurity by Obasanjo, won a landslide presidential victory. As with the gubernatorial and state assembly elections held a week earlier, observers—both Western and African—charge that the outcome resulted from widespread vote rigging. Deadly violence punctuated both the election campaign and the balloting itself. More will likely follow.

Obasanjo's willingness during the campaign to use the so-called Independent National Electoral Commission and other state institutions as political weapons on behalf of his (and Yar'Adua's) People's Democratic Party has given the PDP a much tighter grip on power. The party now controls three-quarters of the nation's governorships and about two-thirds of seats in the National Assembly. In addition, many of the new PDP lawmakers were handpicked for their loyalty, not their political skills, giving Yar'Adua what may prove a rubber-stamp legislature.

As Yar'Adua works to assert his legitimacy and consolidate political power, reforms begun under his predecessor, such as centralization of the banking sector and several rounds of privatization, will surely face political challenges. But delta oil production should increase substantially over the next several months as a new cast of political characters seek to finance spending projects meant to bolster their popularity.

The new president will offer the delta's various rebel groups new incentives, such as new investments and guarantees of good treatment for jailed militia leader Asari Dokubu, to let the oil flow—and the concentration of political power he will enjoy will give him the means to deliver. To realize his plans for increased spending on national infrastructure projects, agriculture, and an expansion in electricity generation, his government will need all the oil revenue it can produce.

Six newly elected governors in the delta provinces, whose own legitimacy is suspect and who hope to win new friends by spending public funds, will forge local deals to reduce tensions in the region. The various militia groups, which have shut down as much as 30 percent of Nigeria's oil output, can earn cash only by allowing more oil to flow. Organized crime organizations cannot steal oil from empty pipelines.

Militia attacks on oil pipelines in the delta on May 8 halted the production of around 150,000 barrels per day of crude output. But claims of responsibility included an explanation that the intent was to "send Obasanjo off in shame" and to deliver the incoming government a message. These and other recent attacks represent more of an open negotiating position than any new declaration of war.

Many of the delta communities that depend on the presence of foreign oil workers and production facilities to fuel their economies have dispatched local leaders to plead with Royal Dutch Shell to reopen operations closed for security reasons. The effort has paid off. Shell, the delta's largest onshore oil producer, has announced plans to reopen the 380,000 barrels-per-day Forcados oil fields as soon as June or July.

Short of a dramatic and unlikely attempt by the outgoing National Assembly to impeach Obasanjo, annul the elections, and install an interim government, Nigeria will mark the country's first (relatively) peaceful handover of power from one elected civilian government to another on May 29. Beneath that story, however, is a slide toward a kind of democratic authoritarianism, a system in which "managed" elections are used to give one-party rule a veneer of democratic legitimacy. Only the country's judiciary, which foiled Obasanjo's efforts to exclude his vice president and personal rival Atiku Abubakar from the presidential ballot, retains some independence.

But while democracy advocates will rightly condemn this authoritarian trend, the country's economy will draw near-term benefits from it. With tighter control of Nigeria's fractious political environment, Yar'Adua will have a freer hand than his predecessor to push through politically controversial reform measures and to deliver on promises to delta rebels.

What's more, there is another source of near-term stability. In a state as socially and culturally diverse as Nigeria, most of the political players recognize that only mastery of the art of the stability-enhancing deal can ensure long-term personal prosperity. The new president knows he must find common ground with some of his rivals to ensure that Nigeria's have-nots do not pursue political and economic goals through violence and that the military remains on the political sidelines.

Atiku Abubakar and his Action Congress party have called for public protests and a judicial reversal of his electoral fortunes. Unless Yar'Adua moves to strike a deal with him, offering positions in his government to Abubakar allies and dropping corruption charges against him, for example, he may find himself forced to up the stakes in Nigeria's elite infighting by jailing or exiling him.

Nigeria's longer-term stability may well depend on Yar'Adua's ability and willingness to make the right deal. Obasanjo is set to become chairman of the ruling party, a position from which he can protect his political and financial interests and ensure that Yar'Adua doesn't give his rivals too much slack. If he objects to any rapprochement between Yar'Adua and the opposition, the new president will have to either abandon the deal or risk alienating the still-influential Obasanjo, the man who made him president. Whichever deal Yar'Adua makes, he may have to resort to authoritarian tactics to ensure it can be enforced.

But in the meantime, the United States, India, China, and others will continue to import Nigeria's light, sweet crude oil. As global demand for energy increases, foreign direct investment in Nigeria's energy sector will grow. Whatever the longer-term risks Yar'Adua's deal-making may generate, Nigeria's near-term economic outlook is poised to defy low market expectations.

Nigeria: For Nigeria, Another Road to Financial Hub

This Day (Lagos)

OPINION
10 May 2007
Posted to the web 11 May 2007

Agha Ibiam
Lagos

Once more, it appears that the Governor of Central Bank of Nigeria (CBN) Professor Chukwuma C. Soludo, has mounted another catwalk in his effort to sell the Nigerian economy to the international finance community. In his usual out-of-the-box manner of thinking, the apex bank chief has taken up the challenge of engineering an International Financial Centre (IFC) in Nigeria, as a framework to realising the country's desire of becoming one of the 20 largest economies in the world by the year 2020. Today, the buzz word of the moment in the Nigerian financial circle - Financial System Strategy FSS 2020 (FSS 2020) has been receiving banner headlines.

As a first step, Soludo constituted a Steering Committee for the FSS 2020 in August 2006 to serve as a policy making organ to rigorously think through the dream and come up with a Strategic Plan Document to guide the realisation of the FSS 2020 dream.

This time, the task is to deliberately orchestrate the Nigerian Financial firmament to achieve an International Finance Centre (IFC), otherwise known as Financial Hub. Without delving into hardcore definition, a financial hub is a cluster of financial activities with strong international financial institutions presence and an international market focus. It is usually a well-developed integrated financial system characterised by efficiency in mobilization and intermediation of fund/capital between surplus (savers) and scarce (investors) entities.

It is also characterised by availability of diverse financial offerings and products whether in the money or capital market, insurance, mortgage finance and the pension scheme so that an average investor or borrower can readily obtain an efficient bargain in the market.

It presupposes an efficient infrastructure for payment and transfer of fund/capital between places and a well-developed credit system.

A major step taken towards articulating the envisaged financial super structure was the assembling of a broad-based team of experts (technical committee) made of key financial services regulators, project team members, CBN staff, the political class, consultants with technical assistance from the World Bank and the IMF. The project FSS 2020 has its broad objectives as, but not limited to the following: Develop a shared vision and an integrated strategy for the nation's financial system - Develop market and infrastructure strategies that align fully with the strategic intent of the overall system - Develop a partnership of all key stakeholders for the implementation of the strategy with a performance management framework - Establish a communication and collaboration environment for the development and delivery of the strategy.

Spurred by the Goldman Sachs Report in 2001 that projected emerging economies such as Brazil, Russia, India and China (BRIC) to overtake the G6 nations and that Nigeria is projected to be the 20th largest economy in the world in 2025, Soludo strongly feels that history beckons on Nigeria to seize the golden opportunity or remain damned forever. Indeed, the report goes further to project that Nigeria could become the 12th largest economy in the world by 2050 ahead of South Korea, Italy, Canada and others.

More so, given the increasing turmoil in the oil rich Persian Gulf and the Middle East and the inevitable emergence of the Gulf of Guinea as a viable alternative source of energy for the industrialized Western economies; the coast looks clear for Nigeria, as a regional economic power house, to cease the opportunity to place herself to be counted among the global economies.

Those who know better have tried to evaluate likely paths toward arriving at an International Financial Centre. Nations have had to achieve IFC either by way of organic growth of the economy or by deliberate engineering of the economy to gallop at a predetermined growth rate. Known examples of cities that have evolved as IFCs by organic growth include London, New York, Tokyo and Hong Kong; these enjoyed natural evolution to a financial centre characterized by large domestic economy with the presence of companies that are globally active - multinationals.

On the other hand, Nigeria admittedly, seems to be in a haste given her history of many years of wasted opportunities, the pendulum predictably swings in favour of an engineered growth approach. This approach supports faster economic growth of the domestic economy as well as increase in Foreign Direct Investment (FDI). It also envisaged that further investment in infrastructure, at world class levels, may have to be embarked on.


The engineered growth model remains more appealing to the Nigerian historical circumstance due to its shorter time frame. Take for example the Dubai experience, it announced the vision and intension February 2002, with the law establishing Dubai International Financial Centre promulgated June 2004.

The centre opened in September 2004. The Dubai model is basically a regional financial centre with emphasis on the banking sub-market. In the case of Seoul, government adopted a policy by December 2003 while the Bill on the creation and development of a financial hub was issued March 21, 2006. Seoul is modelled as a regional financial centre with concentration on asset management.

Experts prescribe that for Nigeria to realise this dream and its aim of being part of the 20 largest economies by 2020, she must maintain an annual average growth rate of 12.4 per cent over the next 15 years.

i want soludo to stay years longer than he was given.he is a good economist!!

Nigeria: Nigeria Saves $747m on Par Bonds Exit

This Day (Lagos)

11 May 2007
Posted to the web 11 May 2007

Kunle Aderinokun
Abuja

The Federal Government yesterday disclosed that Nigeria had saved about $747.82 million, representing collaterals attached to the par bonds aspect of the London Club redeemed at the end of last year.

Making this disclosure yesterday in Abuja at the interactive forum on Nigeria's external debt and related issues, Finance Minister, Mrs. Nenadi Usman, explained that the country successfully redeemed the par bonds, which totaled $1.486 billion at a net cost of only $777 million following the recovery of the collaterals.

According to her, "the Par Bonds, amounting to $1.486 billion, were issued in 1992 on the basis of verified arrears of commercial banks term loans, and letters of credit, among other obligations.

"They were collaterised with US Treasury zero-coupon bonds and were due to mature in the year 2020. The par bonds attracted an interest rate of 6.25 per cent paid semi-annually amounting to $90 million a year."

Usman said the Federal Government also retired "about 31.4 per cent of oil warrants associated with the London Club debt at a repurchase price of $82.7 million," and paid $649.8 million to exit the promissory notes in February this year.

Nigeria: Obasanjo Approves N4.4bn for Hydro Power Plant

This Day (Lagos)

11 May 2007
Posted to the web 11 May 2007

Segun Awofadeji
Gombe

President Olusegun Obasanjo has approved N4.4 billion for the construction of a hydro-electric power plant on the Dadin Kowa Dam in Gombe State, expected to generate about 34 megawatts of electricity.

Gombe State Governor, Alhaji Muhammad Danjuma Goje, who disclosed this while briefing newsmen after inspecting the expansion work being carried out on the Gombe Airport yesterday, said the president has also approved another N2 billion for the airport expansion project.

Goje said when completed, the power plant would improve power supply in all states in the region of Adamawa, Bauchi, Borno, Gombe, Taraba and Yobe states, and ensure improvement in economic activities of the states, particularly in Agriculture, which remained the mainstay of the state's economy.

Goje said within the last three weeks, Obasanjo has approved over N6 billion for the N4.4 billion power plant project, and N2 billion as the Federal Government contribution to the Airport expansion project, which is being executed on a 50/50 basis between the two arms of government.

He said expansion work on the airport would be completed, so that it can be upgraded to international standards by relevant aviation authorities, and allow pilgrims to take off from there for this year's Muslim and Christian pilgrimages.

Goje said, "I promised the people of Gombe State that this airport would be upgraded to meet international standards, so that pilgrims would be able to use it this year. I am happy that the company handling this project has assured me that it would be possible."

Managing Director of Triacta Nigeria Limited, the company handling the project, Mr Elil Abdul Fahd, while conducting the governor round the project, promised that work would be completed before the middle of October this year.

I saw an article about Sao Tome paying Nigeria back it's debt, did Nigeria lend Sao tome money or what:)

Yes... and Ghana too! We lent them money to make sure our oil and gas interests and bilateral investments were covered. As you know, Sao Tome and Principe share maritime borders with Nigeria and they need money to pay for joint development projects. Same with Ghana that needed money to pay for its stake in the West Africa Gas Pipeline.

That explains everything. Cheers:)

http://www.moneyweek.com/file/28845/why-africa-could-be-your-next-great-investment.html

Why Africa could be your next great investment
30.04.2007

It’s not like the Nigerian tourist board needed any more bad press.

Three days after another attack on oil workers in the country’s south, Nigeria went to the polls last week to elect a new president. As usual, Nigerians didn’t really have much choice in picking their new leader. That had already been done for them.

Ballots were stuffed, boxes were snatched and the opposition was intimidated at every opportunity, in what was deemed to be the most flawed election in the country's 47-year history as an independent country. Unsurprisingly, Umaru Yar’Adua of the governing People’s Democratic Party (PDP) won 70% of the vote against 18% for his closest rival.

The news certainly won't help to change what Max King, co-manager of the Investec Managed Growth Fund calls the “huge bias” already built into emerging markets. “People love China and India, like Asia, are sceptical about Latin America and hate Africa.”

Yet his colleagues at the Investec Pan African fund in South Africa have already achieved a 14.4% return for the first quarter of 2007, and 32.8% for the year. Clearly, there’s a lot more to Africa than news reports would have us believe…

So why have returns in Africa been so good, despite the corruption, the violence, the poverty and all the other hardships associated with the continent? Well the truth is, that much of Africa is doing quite well for itself, even in countries well outside the resource sphere.

We’ve spoken about it here before here in Money Week, in a cover story by Merryn Somerset Webb in February (subscribers can read it here: Why you should join the new scramble for Africa). In 2006, equities in Morocco were up 75%, 69% in Uganda, 55% in Botswana and even in Zimbabwe, they rose 13.5%.

In Kenya, a country with few of the precious gemstones or fossil fuels that drive the economies of many of its neighbours, the stock market rallied 46%. As well as a growing agricultural industry and pragmatic policies adopted by its government, the tourism industry has become a big earner for that country. In 2006 the country’s beach resorts and safari parks generated $803 million, up from $699 million from the year beforehand.

And in Nigeria, the stock market's capitalisation has doubled over the 12 months to March to about $45 billion. Indeed, Nigeria has been one of the best performers in Sub-Saharan Africa of late - the global sell-off in March virtually bypassed the country. Real GDP growth is provisionally estimated at 5.6% for 2006, according to the Economist Intelligence Unit, and set to remain strong in 2007 and 2008 at 5.4% and 5.6% respectively “on the back of rising oil production and strong non-oil sector growth,” in areas such as banking, it says.

A report from Goldman Sachs this week was even more optimistic. It said that annual GDP growth had more than doubled between 2003 and 2006 to an average of 7.3% from less than 3% in the years beforehand. “The Nigerian economy has turned a corner over the past few years, and has enjoyed a stable macroeconomic environment and higher growth”, said the investment bank. The country is now “much less vulnerable to adverse external shocks" because of recent agreements with the Paris and London clubs.

Those agreements allowed Nigeria to restructure its debt, cutting its debt to GDP ratio to 3% at the end of 2006 from 60% debt to GDP in the 1990s. Inflation was 7.7% in February this year, according to Goldman Sachs, from 12% in 2005.

When one considers that back in 1999 most Nigerians thought the country would return to military rule within no time, this is a pretty impressive achievement. Nigeria has now had eight years of uninterrupted democratic governance for the first time since independence in 1960.

You can read more about Nigeria's political situation in the current issue of MoneyWeek - if you're not already a subscriber, click here for a free trial: Free trial.

Unfortunately, because of that bias mentioned by Max King, it is still quite difficult for retail investors to put their money in individual African markets. Companies like Securities Africa have set up a new platform to allow investors to buy equities across 19 African exchanges, but they require a hefty deposit to do so. Other options like the Investec Africa Fund and the Imara African Opportunities Fund (See Imaraholdings.com) require large minimum investments, $100,000 in the case of Imara.

A good alternative is to invest in a western company like Lonhro or Shell, which we’ve tipped before here in Money Week, which have significant dealings in Africa. You can find out more on Lonhro in the cover story mentioned above.

As for Shell - Nigeria is the 6th largest exporter of crude oil in the world, and will soon account for 10% of US oil imports, so the importance of the sector can’t be over-emphasised. Shell's share price has been punished in recent months for, among other things, its operations in Nigeria being threatened by rebels in the area.

However, this looks a good buying opportunity. Nigeria has a big incentive to repair relations with rebels in the delta. That’s because the country is estimated to have lost around 570 billion naira ($4.4 billion) in oil revenue last year because of the disruption caused - that’s about a quarter of output.

The administration has already made a conciliatory gesture to locals by appointing the state's head as vice presidential candidate, GoodLuck Jonathan. Many oil companies are also working to help out in the region and thus calm the local inhabitants - Shell spends $100m a year on social and health programmes in the delta.

On top of this, the shares trade on a forward p/e of just 9.5 and yield 3.9% - with exposure to a rising oil price too, Shell a tempting addition to any portfolio.

would you believe these is jos skyline?
it is!!
http://www.worldcityphotos.org/Nigeria/NGR-Jos-itaccorg1.jpg
taken in 2004.believe or not!

would you believe these is jos skyline?
it is!!
http://www.worldcityphotos.org/Nigeria/NGR-Jos-itaccorg1.jpg
taken in 2004.believe or not!

You should learn to use imageshack, mate; I can't see it.

omg!!

i'm sorry,i don't know imageshark you are talking about.
the picture didn't get here.

Africa: Nigeria, 3 Others Lead Africa's Growth


This Day (Lagos)
14 May 2007
Posted to the web 14 May 2007

Samuel Famakinwa, and Kunle Aderinokun in Abuja
Shanghai

The consistent economic growth recorded by four African countries – Nigeria, South Africa, Algeria and Egypt – helped Africa record a gross domestic product (GDP) growth of 5.5 per cent in 2006, the continent's highest economic growth in the last two decades.

This was disclosed in a new report jointly produced by the African Development Bank (ADB) and the Organisation of Economic Cooperation and Development (OECD), released yesterday at the opening of the African Development Bank Annual Meetings in Shanghai, China.

The report, tagged African Economic Outlook (AEO) 2006/2007, indicated that GDP growth rate in Africa has averaged about 5 percent annually in the past six years, rising to 5.5 percent in 2006, and is expected to reach 6 percent in 2007.

According to the AEO, Nigeria's GDP growth of 5.3 percent in 2006 is projected to accelerate to seven percent in 2007 on account of recent increase in oil prices, increased oil production as stability is restored to the Niger Delta area, and non-oil sectors of agriculture and services continued their rapid growth. The report stated that the main supporting this growth performance were strong external demand for oil and non-oil minerals, increased investment in these sectors, and good weather conditions for agriculture.

It added that, the sustenance of sound macroeconomic policies in most of the countries has also increased business confidence leading to a pickup in private sector investment generally.

However, the Chief Economist of ADB, Dr. Louis Kasekende pointed out that, "Yet, the continent still needs to accelerate and sustain growth to the level of 7 to 8 percent to be able to achieve the Millennium Development Goal (MDG) of halving the proportion of people living in extreme poverty by 2015".

Apart from South Africa, Algeria, Nigeria, and Egypt (SANE), which account for half of the continent's GDP and nearly a third of its population, the report also stated that, in some other African countries, economic growth rates were even higher at an average of 6 percent with net oil exporters across the board enjoying high growth, averaging 5.9 percent, while net oil importers recorded an average growth rate of 5.2 percent.

"Going by sub-regions, the average growth rate for Southern Africa was projected to increase from 5.4 per cent in 2006 to 6.1 per cent in 2007.

"Angola 's growth rate is expected to nearly double to 27 per cent in 2007 (largely due to rising oil sector activity in new oil fields, and to a lesser extent by increased diamond mining).

"In South Africa growth — at 5 percent, its highest since the end of Apartheid — has been broad-based and mainly driven by domestic demand.

"The projections for South Africa indicate that GDP growth should remain robust at about 4.5 percent in both 2007 and 2008, marking an important break from the relatively slow growth rates experienced over the past ten years. In Zimbabwe , economic activity continued to decline in 2006, contracting by about 5 percent.

"Real GDP growth in North African countries is expected to remain high at.6 per cent, in both 2007 and 2008 on account of the exceptionally high growth rates estimated for Mauritania and Sudan mainly due to increases in oil and gas production.

"Strong growth was also recorded in Egypt (6.8 percent). In Morocco , the recovery of agricultural output with the ending of the drought led to a GDP growth of 7.3 percent in 2006.

"Economic growth in the countries of West Africa is projected to accelerate from 4.8 percent in 2006 to 5.9 percent in 2007.

"Sierra Leone's and Ghana's performance continued to be relatively strong in 2006 (7.4 per cent and 6.1 per cent, respectively).

"In the West African Economic and Monetary Union (WAEMU), economic performance in 2006 were affected by the political situation in Côte d'Ivoire, reductions in the output of cereals and groundnuts, as well as industrial output."

Meanwhile, the Shanghai International Convention Center became a bee-hive of activity as the Chinese business hub and economic capital, yesterday, began the hosting of the 2007 Annual Meetings of the African Development Bank (ADB) Group.

The Annual Meetings of the Bank Group's Board of Governors, representing 77-country shareholders of the multilateral finance institution, is an occasion to review its activities and map out programmes for the coming year, within the framework of ongoing Bank wide reforms.

"The Bank is taking steps to increase the quality of its operations and enhance its effectiveness. This is underpinned by four basic principles; country focus and ownership; greater selectivity; strategic partnership with other development partners and scaling up the knowledge area to provide its members with alternative perspectives in terms of how best to overcome the challenges they face," says ADB President Donald Kaberuka, in a foreword to 'African Devel-opment Report 2006', launched yesterday.

Three Heads of State – Presidents Pedro Pires of Cape Verde, Marc Rava-lomanana of Madagascar and Paul Kagame of Rwanda – and over 2000 top government officials, business leaders, representatives of NGOs, civil society, as well as members of the academic community and the media from the Bank Group's member countries will be participating in the event.

A ministerial round table discussion will focus on the development of partnerships between Africa and Asia while high level seminars will dwell on trade and capital flows between the two continents.

Other themes are on entrepreneurship, private sector development in Africa , Asian lessons in human capital and technology in development as well as regional cooperation and trans-boundary challenges.

FG Constitutes Industrial Action Group for Kano

From Funmi Peter-Omale in Abuja, 05.16.2007

The federal government yesterday instituted an industrial action plan committee for the development of Kano state.
A similar committee was also instituted for Lagos state last week.
But inaugurating the Kano committee yesterday in Abuja , Minister of Commerce and Industry, Dr. Aliyu Modibbo Umar stated that government was concerned by the slow pace of business and economic growth in some major cities of the country.
He noted that “If Kano state must bounce back to life economically as one of the business centre nerves of the nation, there is an urgent need for the revival of industrial and commercial activities in the state. Kano state can become the Dubai of Africa.”

The Minister of Commerce and Industry stated that the Spanish government was investing a total of $5 million to develop the leather processing industry in Kano, lamenting that it was quite unfortunate that the state which used to be very vibrant fifty years ago economically and as a commercial hub had gone into the doldrums.
According to him, similar committees for Aba and Port Harcourt would soon be inaugurated.
The Committee, which has twelve weeks to prepare and submit an interim report on a road map to the Federal government, has been tasked with the responsibility to analyse problems of commerce and industry in Kano and offer short term and long-term solutions for implementation.
The thirty-member committee which is headed by the Director-General, Nigerian Economic Summit Group (NESG), Engr. Mansur Ahmed as the Chairman, Managing Director, Abuja Securities and Commodity Exchange (ASCE), Alhaji Yusuf Abdurrahim is the Secretary, has some terms of reference to include, the responsibility to conduct an in-depth analysis of the problems of Kano as it affects the growth of economic activities of Nigeria; and analyse the discernible policy gaps and structural deficiencies that have impeded the process of growth and development of Kano in playing its leadership role as a commercial hub.
In addition, the Committee is expected to recommend measures for proper co-ordination of the activities of government at all level and the private sector, develop a framework to arrest the decline and transform Kano into a functional and modern commercial and industrial centre and to recommend short, medium and long term solutions with roles and responsibilities assigned to all committed and industrial stakeholders.
Responding on behalf of the members, the Chairman, ADHAMA Textile company, Alhaji Sa'idu Dattijo Adhama assured government that the committee would put in everything humanly possible to bring back Kano 's lost glory, even as lamented that the business climate of the city had gone down.

Obasanjo: Single Digit Interest Rate Imperative for Industrialisation

By Crusoe Osagie, 05.16.2007

Ogun

President Olusegun Obasanjo has called for reduction of interest rate for investment in the real sector to single digit for speedy industrialization of the country.
Obasanjo made the statement at the commissioning of a N2.5 billion Glucose Syrup factory in Ibafo, Ogun state yesterday.
Obasanjo explained that interest rate higher than single digit is not friendly for real sector investment and will deter potential entrepreneurs from venturing.
“Don’t let anybody deceive you, 17 percent interest rate means four years of compound interest and investments like this cannot stand such urge cost of funds”.
Obasanjo called on all arms of government to support investment in the young industries in the real sector as well as in young entrepreneur stating that it was the only hope for the achievement of the dreams of an industrialized Nigeria .
Obasanjo commended Osarenkhoe for his determination and perseverance in carrying the project from inception to conclusion in spite of the numerous daunting challenges he faced in the cause of the project.
Also speaking at the event the Managing Director of Ekha Agro Farms Limited, the owners of the N2.5 billion Glucose Syrup Project, Mr. Samuel Osazenaye Osarenkhoe said the factory is a state-of the-art cassava-based Glucose Syrup processing facility.
He said the project was the first of its kind in Nigeria and the second in Africa after that of South Africa .“The factory was designed and built by International Starch Institute, Denmark , at a cost of over N2.5 billion and has an installed annual output capacity of 30,000 metric tons of high grade glucose syrup”.
He said the factory employs over 50 Engineers, Biochemist, Microbiologist and highly trained technicians.
He added that about 68 Agronomists, Agricultural Engineers and specialists in other fields of agricultural practices are engaged directly in the company’s own farms.
“More cheering is the fact that far in excess of 20,000 Nigerians are employed by the vast network of out-growers and contract farer producing the over 120,00 metric tons of cassava tubers needed to meet the huge demand of the factory for the commodity”.
“Glucose syrup is used in large quantities in the manufacture of candies, biscuits, pharmaceuticals product and as adjuncts in breweries. Hitherto, all of the glucose syrup consumed in Nigeria was imported. With the advent of this factory, about US $15 million will be saved for Nigeria in import substitution”.
The Minister of State for Agriculture and Water Resources Otunba Bamidele Dada who also spoke at the event commended the President Olusegun Obasanjo’s presidential initiative on cassava introduced in 2002. He said this initiative has improved Nigeria ’s capacity for producing and processing cassava into marketable products.
“I commend President Olusegun Obasanjo for his special initiative, which has transformed cassava to a highly economic commodity. It has made the down streams cassava sector very active and created jobs for numerous Nigerians. It has also helped to increase the Nigeria ’s national cassava output from 38 million metric tons per annum to 49 million metric tons, largest output by one country in the world”.

Lagos Business School makes global top 50 list

THE Lagos Business School (LBS) yesterday made history as the first of its kind in sub-Saharan Africa to attain world ranking.

According to a list published yesterday by the Financial Times of London, the school was ranked among top 50 business schools worldwide in the area of open enrolment executive education programmes.

The prestige accorded the Nigerian school could better be appreciated when put in proper perspective.

These days, many newspapers and magazines compile rankings of business schools, but those of Business Week and the Financial Times stand out.

While Business Week focuses on American schools, the Financial Times is considered by many to be the pre-eminent international ranking.

The Financial Times is reputed to adopt rigorous modalities in its exercise and its compilations are based on data from schools participants in the programmes and third-party sources. Many business schools all over the world are known to work very hard to be included in its list.

To gain insight into the significance of being included among the best 50 providers of executive open enrolment programmes, it is useful to consider how many and how good are the schools that did not make the list using the following statistics:

* the total number of business schools in the world is estimated by the top accreditation agency to be around 10,000; new ones are created literally every week;

* in the UK alone, there are over 100 business schools; only four of them managed to be included among the top 50 worldwide in open enrolment programmes; and

* a country as economically powerful as Germany has no school in this ranking; only an Italian school is included; and there are no schools from Eastern Europe or Russia. Even more significantly, not a single Asian school was included, even though India, China and the Philippines have a good number of very well respected schools.

The journey of the Lagos Business School began 15 years ago with the launch of the first executive education called the Chief Executive Programme. Since then, the school has grown to become one of the best in sub-Saharan Africa.

LBS has striven to deliver quality management education in a continuous and constant way. The school was designed to meet the acute need for management training in the country that arose as a consequence of the rapid industrialisation that took place in the country in the late 80s and early 90s.

A business school of international standard that offers management courses relevant to the Nigerian environment was thus established. It also had to be a school that would strengthen values and ethics in people, business and the society.

Nigeria targets two more communication satellites by 2010
From Emeka Anuforo, Abuja

NIGERIA is not relenting in its drive to become a major player in the global communications satellite industry.

Still celebrating the country's successful launch of Africa's first communications satellite into the orbit last Sunday, the Federal Government has hinted of fresh moves to launch two more such projects by 2010.

By the government's calculation, Nigeria should, by 2010 have a global coverage as part of its short term strategic plan.

Also in the offing is the plan to ensure that by the time the life span of the present communications satellite expires in 2022, a total of 10 fleets of communications satellites will be in orbit. The recently launched communication satellite has a life span of 15 years.

In a chat with The Guardian, the Managing Director of Nigerian Communications Limited, Mr. Ahmed Rufai, affirmed that the NIGCOMSAT-1 recently lunched in China was a 100 per cent success. He said that with the launch, a new page had opened in the country's Information Communications Technology (ICT) sector and the African continent.

According to him, "never again will Africa be dubbed the dark continent, never again will Africa be tagged the unwired continent and indeed, the time has come for Nigeria to take her rightful position as the flagship of the African continent and this is exactly what we have achieved".

On the plan to increase the number of missions in orbit, he said, "Before the 15 years life span expires in 2022, we are targeting that we should have at least 10 fleets in orbit.

"But by the next two years, we hope to launch two more communication satellites: one facing America and one facing the Asia. Connecting Africa with America, connecting Africa with Asia. By our calculation, in 2010, we should have a global coverage as part of our short term strategic plan."

He continued: "We are thinking far, far beyond that, because we loaned $200 million as part of our venture financing from the contractors. That we hope to pay back from the revenue stream of the satellite. In addition to that, once we are able to prove the capacity to pay back, government would be investing some.

"We are already calling private investors to come and take shares in the company. We are hoping that by the in-flow, we should be able to start another mission by early 2008 and between then and 2010, we should be able to launch another. We are starting two missions simultaneously because we have seen the requirements. We want to get there now because we have the capacity, we have the rudiments," he stated.

Beyond the partnership with developed countries for the manufacture and launch of satellites, Rufai stressed Nigeria was gradually developing the local manpower to build its own satellites.

Rufai said: "I can tell you now that internally we can design our own satellite 100 per cent without input from anybody. Once we design, again, the aggregate cost will crash because this aspect of the project can cost over $20 million. So, we can design and just give to people to fabricate for us. The Space Agency, the mother agency, the National Space Research and Development Agency is setting the pace and is also looking beyond that.

"I can tell you eight years from now, we will build the satellite from here in Nigeria and once we are able to do that, the cost to us will also crash. Yes! Because, the Space Agency will be doing it as a profit. Apart from building for ourselves to satisfy national requirement, we will be building for other African countries. For example, I know that from the Nigerian example, Libya is trying to look this way, South Africa is thinking fast of launching a satellite. Even the United Arab Emirates (UAE)! Once we build the

capability, we try the small ones, one or two experiments. They will patronize us", he said.

The firm chief said that the project was a potential revenue earner for the country and the good thing also was that the technology in the satellite industry could be established in all the micro-electronics and mechanical requirement in the country.

UN wants Nigeria's Agwai to head Sudan's military force
From Laolu Akande, New York

NIGERIA'S Chief of Defence Staff, General Martin Luther Agwai, has been nominated as the Force Commander of the proposed United Nations-African Union (UN-AU) hybrid force, to keep the peace in crisis-torn Sudan.

When Agwai, 58, is eventually named to that position, he will relinquish his position in Nigeria, a development that is normally expected with the transfer of power from one government to another on May 29.

For a long time, the international community, especially at the UN, had yearned to end the abuse, war and violence in Sudan, described by some as genocide. But the Sudanese government has stoutly opposed the imposition of a UN peacekeeping force, preferring an African Union force, which has nonetheless been incapacitated by logistics and lack of adequate resources.

There have been reports of difficulties even in paying the salaries of the about 7,000 AU troops in Sudan, leading to a clamour at the UN for an international force to be deployed in Sudan.

With the opposition of the Sudanese government to a UN military command, an understanding was reached by the world body, the AU and the Sudanese government for what diplomats have now tagged a hybrid peacekeeping force consisting of UN and AU troops.

The Sudanese government had insisted that such a force must have an African commander and deputy force commander. The membership of the force, Sudan added, must not be up to the 20,000 being proposed by the UN.

The understanding now, according to diplomats at the UN, is that the global body will add 7,000 military troops and 3,000 police officers to the current 7,000 troops of the AU.

General Agwai is not new to UN.

The world body's Secretary-General Ban Ki-Moon has asked President Olusegun Obasanjo to okay the plan to have Agwai come back to the UN, where he had served earlier as a military advisor at the Department of Peacekeeping Operations before he was named Chief of Army Staff in 2003.

Authoritative sources disclosed that President Obasanjo has approved the proposal and that the UN may soon announce the appointment. The AU is also expected to endorse the choice of Agwai an internationally decorated soldier.

Only last week, the UN and the AU announced that the Foreign Minister of the Republic of Congo Rodolphe Adada would be the UN-AU joint envoy for Darfur. He will also head the proposed hybrid UN-AU peacekeeping mission under which the hybrid force will operate.

Agwai was among three top-ranking African soldiers honoured in September 2005 by the U.S. military with an induction into the Hall of Fame of the U.S. National Defence University (NDU).

Earlier at the UN, he was also Deputy Force Commander of the UN Mission in Sierra Leone (UNAMSIL) between November 2000 - November 2002.

As an inductee of the NDU, Agwai participated in its international fellowship programme, which, according to U.S. military authorities is billed "to show how armed forces operate in a democratic society under duly elected civilian leadership. It extends and deepens the professional qualifications of military leaders of allied and friendly nations."

The Nigerian Army chief, who hails from Kachia in Kaduna State, holds a Diploma in Public Administration. He was promoted to Brigadier-General in 1996 and to Major-General in December 1999. He was promoted to the rank of full General last year.

Obasanjo to complete hospitals projects by May 29
By Chukwuma Muanya

PRESIDENT Olusegun Obasanjo has pledged to complete the commissioning of the eight teaching hospitals scheduled for the Phase 1 of the Federal Government/Vamed Engineering Austria multi-billion naira project. The project is aimed at re-equipping and modernising 14 teaching hospitals in the country.

The President has so far commissioned six out of the eight teaching hospitals under Phase 1. The remaining hospitals yet to be re-commissioned are University of Ilorin Teaching Hospital (UITH) and Jos University Teaching Hospital (JUTH). The Guardian reliably gathered that JUTH and UITH will be commissioned between May 25 and 26, 2007.

The six thus far re-commissioned by President Obasanjo include Ahmadu Bello University Teaching Hospital (ABUTH), Zaria; University College Hospital (UCH), Ibadan); University of Maiduguri Teaching Hospital (UMTH); University of Port Harcourt Teaching Hospital (UPTH); University of Nigeria Teaching Hospital (UNTH), Enugu; and Lagos University Teaching Hospital (LUTH).

Obasanjo yesterday at the commissioning of LUTH said: "Six of the teaching hospitals, including this one (LUTH) have been formally re-commissioned.

"Secondly JUTH and UITH will be completed and commissioned before we go. The remaining six contracts have been signed and they will be equipped just like the ones that have been equipped in the next couple of years."

On the expectations from the newly re-equipped and modernised LUTH, the President said: "What do we get after that? We get a situation where healthcare delivery at the tertiary level in Nigeria is becoming what it used to be. When UCH Ibadan was the fourth in the whole of Commonwealth. And if Ibadan was the fourth, LUTH will not be far behind."

Obasanjo charged the staff of LUTH on attitudinal change. "It does not matter what equipment we have. The equipment are good, they are up-to-date, they are the cutting edge of medical science and technology. But then you have to have the ripe men and women with the right attitude not just the expertise, not just the experience behind the machine and then you will get what you should get. Committed, dedicated service which those who receive the service will appreciate."

"One good thing we are getting now from the type of equipment we have installed and we are installing in our teaching hospitals and the type of men and women behind the equipment and those that are coming home from the diaspora, the point is clear to me that we are in the right path in our reforms generally, but particularly in our reforms in healthcare delivery in this country."

Obasanjo charged the private sector to participate in the health reforms stressing that government could not do it alone.

The Minister of Health, Prof. Eyitayo Lambo said the newly commissioned Teaching Hospitals have been restored to their old glories, but noted that government subvention alone could not sustain them.

Lambo urged the teaching hospitals to look beyond government grants to be able to stay afloat and provide more effective services.

He explained: "They must focus more on internally generated revenue and opportunities for effective collaboration with various organisations and stakeholders for an effective public/private partnership initiative. This will complement the effective implementation of its health sector reform programme (HSRP). Public/private partnership is also necessary because there are competing demands for government funds and the needs of the various sectors cannot be fully satisfied at all times."

Lambo appealed to well-meaning Nigerians, corporate bodies, transnationals, non-governmental organisations and philanthropists to collaborate with teaching hospitals, including LUTH, in their drive to provide high-quality healthcare for the Nigerian public. "Health is an investment and all stakeholders must also buy into it for a better tomorrow for our country," he said.

The minister asked for the continued commitment of the staff of LUTH, in moving the hospital forward. "It is through commitment that we can succeed in any endeavour and make great achievements. The government is on track to make this hospital great again and the effort and attitude of the staff are what is required to have a combined force and make the Nigerian public to enjoy good healthcare services as a real dividend of democracy. The staff should not rest on their oars and they should by all means strive to achieve this goal," he said.

Lambo invited Nigerians and all men and women seeking healthcare services at tertiary level to patronise and utilise the facilities provided by the teaching hospitals. "What you were going to Sokoto for is now available in your sokoto, meaning what you were going afar for is now at your doorsteps in the local teaching hospitals," he said.

The new LUTH has been equipped with modern and state-of-the art equipment such as the Linear Accelerator, CT Scanners, Mammography, Cardiac Ultrasound among others.

Five new operating theatre suites have been added to the existing number of suites, bringing the number to 18. Five fully-equipped dental suits with in-built Dental X-ray equipment have also been provided to complement existing number of Dental rooms.

LUTH now boasts of a comprehensive diagnostic centre, VIP clinic, state-of-the-art laboratories, radio-diagnosis, radiotherapy, renal dialysis facilities and mortuary.

AfDB seals $50 million equity deal with UBA

UNITED Bank for Africa (UBA) Plc, has entered into a historical $50 million equity investment deal with the African Development Bank (AfDB), the region's multilateral development bank.

The transaction is a significant milestone, as it is the first time that the AfDB is making a direct equity investment in a private sector organization on the continent.

The investment, which is pure equity capital reflects the confidence that UBA enjoys not just from local investors, but also from international investors who have shared the bank's vision to create Africa 's global bank.

Speaking on this development, Group Managing Director and Chief Executive Officer of UBA, Mr. Tony Elumelu, said the investment "shows that we are on track with our post-consolidation strategy and the world is buying into our dream of building Africa 's leading and dominant financial services institution."

Mr. Tim Turner, the Director of the Private Sector Department, AfDB said: "UBA has been identified as one of the banks with the greatest potential to become a strong development partner in Nigeria, which the AfDB recognizes as one of the largest under-banked markets and one which the Bank was unable to significantly penetrate on its own.

"Giving the encouraging results of our previous operations with UBA, the Bank has developed an increasing confidence that UBA is indeed a reliable development partner for implementing the Bank's Private Sector strategy in the Nigerian market."

Elumelu added that this transaction is an endorsement of UBA's drive for continental leadership and the common commitment of the two institutions to bring development into Africa.

Through the proposed investment, the AfDB aims to strengthen the capital base of UBA, thereby enabling the bank to yield strong development impact through:

* substantial job creation both within UBA as a result of its branch network rollout and through the expansion of its banking operations;

* poverty reduction through improved access to finance for the mid-mass market, both domestically and regionally;

* other economic benefits such as support for critical infrastructure development; development of entrepreneurship; foreign exchange generation; contribution to government revenues, and

* transfer of know-how using global best-practices.

UBA also recently benefited from a $50 million deal with the International Finance Corporation (IFC), the investment banking arm of the World Bank, although the deal was a convertible loan/debenture mixture.

(AfDB) was created in 1964 to promote economic development and social progress of its regional member countries individually and jointly. The Bank is multilateral with shareholders which include 53 countries in Africa and 24 non-African countries from the Americas , Asia, and Europe . The United States is the second largest non-regional shareholder, with approximately 6.62 of the Bank's total share holdings.

This investment is expected to enhance UBA's already impressive financial performance. The bank has a balance sheet size in excess of N1 trillion and about 560 branches in Nigeria, It also operates a subsidiary in Ghana , where it has seven branches spread across all the regions of the West African country popular for its cocoa and gold export. With a vision to be Africa's global bank, UBA enjoys the unique position of being the only African bank to operate in the United States . The bank's international expansion plans will certainly be boosted by this capital injection.

Vodacom Offers $480m for Mtel
•Alheri Engineering set to match offer
From jeoma Nwogwugwu in Beijing, 05.16.2007



South Africa’s Vodacom has signified its seriousness to acquire a majority stake in NITEL’s mobile subsidiary, Nigerian Mobile Telecommunications Limited (MTel), with an offer of $480 million to the shareholders of the company.
But the cash offer made by Vodacom has elicited a counter bid from Alheri Engineering Limited which had formally expressed interest to take up controlling equity in MTel around the same time Vodacom was in negotiations with Transnational Corporation of Nigeria Plc (Transcorp).
Sources close to the deal informed THISDAY that the South African firm is eager to acquire at least 51 per cent of the equity stake in MTel by paying $250 million upfront to the Federal Government for the 24 per cent not taken up by Transcorp when it bought NITEL last year.
The balance of $230 million will be paid to Transcorp in two installments if it accepts to relinquish 18 per cent of its stake in MTel immediately with the option for Vodacom to acquire another 9 per cent from Transcorp within the next three years.
Vodacom, it was gathered, is also committed to injecting additional capital into the underperforming Nigerian mobile firm along with technical expertise under a management contract.
However, industry sources have indicated that Transcorp’s effort to offload MTel is rather premature and a lot easier said than done. The company, in the first instance, does not belong directly to Transcorp and the Federal Government, but is a wholly owned subsidiary of NITEL.
By implication, the proceeds from MTel’s sale will actually go into the coffers of NITEL, and any profits arising thereof after deducting taxes and interest charges can only be paid in the form of dividends to its shareholders – the Federal Government and Transcorp. Alternatively, the proceeds realised from the transaction can be transferred to NITEL’s capital reserves account for the internal use of the company.
NITEL as a distinct entity from MTel may also insist that the latter’s indebtedness to it be offset through a capital restructuring exercise (debt-equity conversion) and that its shareholders pass a special resolution to de-merge both firms.
If this occurs, MTel would have to be revalued and all bidders interested in it asked to make higher offers in line with the balance sheet restructuring undertaken for the company.
“Vodacom and any other bidder for that matter would therefore have to be certain that by paying $480 million it will be acquiring Mtel and not NITEL, and all of its liabilities which I am certain the South African firm is not that eager to assume,” said one industry analyst.
Irrespective of the intricacies of the transaction, Alheri has made a request to Transcorp that it be given one week to conclude its due diligence on MTel. Once this is concluded, an official of the company disclosed that Alheri is prepared to match Vodacom’s bid to the last dollar.
Alheri’s bid will however be distinct from Vodacom because unlike its competitor it will not make a deferred offer for any of the company’s shares, but will offer to pay for them upfront.
Alhaji Aliko Dangote, the company’s owner and chairman also recently disclosed that Alheri is prepared to inject $1 billion if it acquires the company, and that MTel’s network capacity will be complemented by the optical fibre network taken over by Alheri Engineering from the former National Electric Power Authority (NEPA), last year.
Alheri was awarded a 3G licence by the Nigerian Communications Commission (NCC) and is banking on the fact that it is a Nigerian firm, understands the local terrain and is sufficiently liquid to inject capital into MTel.
Vodacom is the second largest Pan-African cellular phone network in the continent with 21.5 million subscribers in South Africa , Tanzania , the Democratic Republic of Congo and Lesotho , and recently acquired a licence to operate in Mozambique .
The company has made several failed attempts to enter into the prolific Nigerian market through bids for former Econet Wireless Nigeria Limited which it managed for a brief period before withdrawing from the country citing corporate governance issues after the Econet board had approved the payment of a brokerage fee to some investment firms.
Vodacom later made a second attempt in 2005 to acquire Econet which it had re-branded Vee Networks Nigeria Limited before its unceremonious departure the year before.

good!
alheri match vodacom,bold alheri.

I would rather Alheri, Vodacom should set up theirs..

just so you all know alheri is a nigerian company headed by dangote

good!
alheri match vodacom,bold alheri.

Vodacom were chopped before in Nigeria (who of you guys knows of the VMobile saga), so i suspect they are being careful this time around with the MTel offer. This is likely the reason they are only offering to pay 50% upfront and the balance once the rest of the conditions are met. Personally i think it would be best for an indigenous Nigerian firm to take over MTel and turn it around to compete along side Globacom against the foreign groups MTN and Celtel.

Obajana Cement: Celebrating industrial, entrepreneurial excellence
By Babatola Adeyemi
The Guardian 5/17/2007

THE men of 'timber and calibre' who witnessed the commissioning of Obajana Cement Plc in Kogi State at the weekend underscored its significance in the country's industrial profile.

Indeed, their large turn out bore eloquent testimony to the considerable stature of the man who dreamt and executed the over $1 billion project - Alhaji Aliko Dangote, president, Dangote Group of Companies.

An obviously impressed President Olusegun Obasanjo, who was there personally, maximised the moment with his extempore speech, which could be appropriately titled: "Challenges of Nigeria's industrial development."

Obasanjo took the distinguished audience, which included Vice President-elect, Goodluck Jonathan (president-elect, Umar Yar'Adua left earlier for Cameroun) and some governors, governors-elect, chief executives of banks and captains of industry among others, through the genesis of Obajana Cement Plc.

According to the president, out of his love and vision for Nigeria's development, he reasoned that certain strategic industries must be encouraged if the economy must make appreciable progress.

Two of these, he said, were the iron and steel industry and the cement industry.

Obasanjo, however regretted: "When I left office in 1979 as the then military head of state, I left seven cement industries. But in 1999 when I took over, only three were producing. The iron and steel industry also became moribund and a lot of things were run down."

The president said he was deeply touched by the situation, especially the closure of four cement firms and the impacts on the economy.

He disclosed that he was so concerned with the situation that, one day, he could not sleep and had to call Dangote at 1:30 am for a discussion on the problem. He said that Dangote saw him the next day and made it clear that the country's cement problem would not be solved as long as importation is allowed, because it is more profitable to import than to produce.

"That honest advice is the beginning of what we are celebrating today," the president stressed.

Indeed, Obasanjo had to ban the importation of bagged cement, even as he ensured necessary support to facilitate increased investment in the cement industry.

The privatisation of Benue Cement Company (BCC) is one of such.

Obasanjo commended Dangote for the execution of the Obajana cement project and described it as a unique demonstration of entrepreneurship, which Nigerians should learn from.

According to him: "Today, as we commission Obajana cement factory, we are celebrating forthrightness, foresight, fortitude and fortune."

The president explained: "Aliko took the challenge of the ban on importation of cement, because he can smell a good business from a distance. And he demonstrated fortitude. I know all that he went through to build this factory. He was at different times discouraged and there were disappointments. At a time, essential parts were missing. And some prices escalated to almost double. But I kept urging him to keep on. Today, we have what is a really monumental achievement. And fortune is now beckoning on him."

The president described the Obajana project as a lesson to Nigerians. According to him: "We must all realise that we cannot achieve unless we drive ourselves to achieve it. And all that we need to put together for success must be put together."

He added: "We have developed a 'can-do spirit' and won't give up. We have a good example in Aliko."

Obasanjo noted that Obajana can now produce five million tonnes of cement a year with its two production lines, which he commissioned.

He was also impressed that BCC and Ibeshe would also be producing eight million tonnes a year by the end of the year, according to the company's estimate.

Impressed by these, the president, who faulted those who alleged that the company was enjoying undue favour from government disclosed: "I have directed the Bureau of Public Enterprises (BPE) to give Dangote the right of first refusalthis would transfer government's holdings to Dangote on Onigbolo cement company in Benin Republic and he has also been given the permission to establish a 5,000 megawatts power plant for which he has deposited $30 million. He has also been asked to deposit another $20 million for the establishment of a refinery and another deposit of $10 million for the building of a fertiliser plant in the country."

He challenged those who have the 'can-do' spirit of Dangote to prove their mettle and enjoy whatever support he is enjoying from government.

Dangote said his decision to embark on the Obajana project was informed by his love for the country and government's favourable industrial polices and encouraging initiatives.

He added that he accepted and responded positively to the challenge of bridging the huge gap between local demand for cement and production, because doing so would impact positively on Nigeria and Nigerians.

According to him: "After food, there is no more fundamental need than shelter. Yet, between 2000 and 2006, Nigeria imported about 40 million tonnes of cement, totalling over $3 billion."

This, he explained, was because, whereas 10-11 million metric tonnes of cement is consumed locally in a year, demand is much higher.

While regretting that only three out of the seven cement firms that Obasanjo left behind in 1979 are still producing, he was happy that the two lines commissioned would produce five million tonne per annum. He disclosed that the plant, which presently produces 20,000 metric tons per day, will soon start to produce 38,000 tons daily.

Dangote said the country would save about $460 million from importation with Obajana's local production, besides 10,000 job opportunities directly and indirectly. "So, the whole of Nigeria benefits," he stressed.

Indeed, by the time the remaining two lines are commissioned, hopefully by 2009, Obajana will be producing 10 million tonnes yearly. BCC and Ibeshe will also be producing eight million tonnes per year. This will bring the total production of cement by Dangote Group to 18 million tons.

"By 2009/2010, therefore, we will not only bring down the price of cement, we will also become an exporting nation," Dangote assured.

Obajana was financed by the International Finance Corporation (IFC) and other international and local financial institutions. The local ones included Access Bank, Afribank, Diamond Bank, Equatorial Trust Bank, Fidelity Bank, First City Monument Bank and First Bank. Others are Guaranty Trust Bank, Intercontinental Bank, Oceanic Bank, Skye Bank, United Bank for Africa and Zenith Bank.

It is said to be the largest plant in Africa and the third largest in the world. The massive, fully automated plant generates its own power with gas and has low noise and dust emission levels.

Except for gypsum, its other raw materials, namely, limestone, clay, marf, laterite soil and laterite iron are available locally. Obajana also enjoys a favourable location, being 400 kilometres north-east of Lagos, towards the capital city of Abuja in central Nigeria.

As it were, hopes for a drastic reduction in the price of cement as a facilitator of cheaper cost of building now seemed realisable in the nearest future. Thanks to Obajana Cement Plc, the assessed enabling environment and the enabler.

Gratifyingly, other cement companies, especially the West Africa Portland Cement Company (WAPCO), have also unfolded repositioning strategies targeted at increased capacity.

Notwithstanding the prevailing high prices of cement therefore, it is cheery news from the cement sub-sector to stakeholders in the economy.

Indeed, Dangote also disclosed that Obajana Cement Plc and in fact, all other companies in the Dangote Group will soon become publicly quoted. What a good news to an increasingly investment conscious nation.

To encourage increased investment in the cement industry however, government must improve infrastructure, especially energy and road.

Policy inconsistency, especially as it affects building materials' importation must also be a thing of the past.

Nigeria: Lithuania Plans N102 Billion Investment in Country

Daily Trust (Abuja)

17 May 2007
Posted to the web 17 May 2007

Hamisu Muhammad

A group companies from Lithuania have indicated interest to invest in the Nigerian economy to the tune of $800million (N102.4 billion), the investment promotion agency has said.

Under the auspices of "ACHEMA Group" the companies want to invest in fertilizer production, independent power production, establishment of Port at Warri Port B, and media outfits.

A statement from the Nigerian Investment Promotion Commission (NIPC) said the group, the largest business outfit in Lithuania was led by the Nigerian Ambassador to Russia, Air Commodore Dan Suleman. They disclosed that they intend to buy any existing fertilizer company or establish a new one in the country.

Ambassador Suleman who led the team to the Nigerian Investment Promotion Commission (NIPC) acknowledged the role of the Commission in facilitating investments into the country, adding; "NIPC is the first port of call for any investor to the country".

According to him, he decided to seek out the group as part of his assignment and directive of the President, Chief Olusegun Obasanjo for Ambassadors to promote and market Nigeria to the investment communities in their respective countries of posting.

FG awards N58.6b contract for second Niger Bridge


Almost five years after he promised to build the second Niger Bridge, President Olusegun Obasanjo, yesterday made good the promise by awarding contract for the bridge at N58.6 billion to Gitto Construction Limited, an Italian Firm.

Announcing the award after a Federal Executive Council (FEC) meeting in Abuja, Information and Communications Minister, Frank Nweke Jnr., said the bridge would be constructed on a Build Operate and Transfer (BOT) under a Public-Private-Partnership (PPP).

The project, he said, will be funded by the Federal, Delta and Anambra state governments on one hand and Gitto Construction Limited.

Accordingly, the Federal, Delta and Anambra State government are to commit 20, 10 and 10 per cent of the total funds respectively, representing N11.6, N5.8 and N5.8billion respectively, the private entity will provide the balance of 60 per cent representing N35.2 billion of the cost.

Projected to be completed within 36 months, it is to be operated on commercial bases for 30 years after which it will be handed over to the government.

Meanwhile, differences in salary and benefits paid by federal ministries, parastatals and agencies that are not mentioned by the Salaries and Wages Commission have been abolished by the Federal Government.

The abolishment, which came with immediate effect, has become necessary as it have become major source of attraction to workers.

The FEC which took the decision yesterday further announced approval of the report of a committee set up to redefine the composition of ministries departments, mandates, and structures as well as the functions of the ministers.

Nweke said government was worried over the mad rush in recent times by job seekers and civil servants seeking employment and transfer respectively to specific public parastatals agencies which are considered to be lucrative merely because of the differential salary benefits accruing to the workers in such establishments.

Said he: "The President expressed great concern that all civil servants shop in the same markets and wondered why some agencies should approve separate monetary benefits for their workers that are not enjoyed by workers in the other establishments, as approved by the wages commission".

Establishments suspected to be engaged in the now abolished practice of "paying an unauthorised salaries" include the Central Bank of Nigeria (CBN), Nigerian Ports Authority (NPA), Nigerian National Petroleum Corporation, (NNPC), Niger Delta Development Commission (NDDC), Petroleum Training Development Fund (PTDF), Ministry of Finance and all its parastatals among others. These establishments, the minister underlined, have attracted more Nigerian workers than others.

Obasanjo Inaugurates Ibom Power Plant

From Okon Bassey and Fidelia Okwuwnu in Uyo, 05.18.2007

A/Ibom

President Olusegun Obasanjo yesterday at Ikot Abasi Local Government area of Akwa Ibom State, yesterday commissioned phase one of the 685 Mega Watt of the Ibom Power Project, an independent power plant executed by the state government.
The power plant, which started in 2001, happened to be the most criticised scheme by the state Governor, Obong Victor Attah, and had initially suffered many setbacks.
The project was executed at the cost of about $149 million and has 180 mega watt capacities, while the Federal Government invested $80 million in the building of the power plant.
Obasanjo, who said he was proud to inaugurate the project, said Akwa Ibom State government was one of the very few states that put much in power generation, and congratulate Attah for making his dream and vision in power generation in the state to a fruition.
He said the power plant at full capacity, will contribute significantly to the 10,000 Mega Watt of electricity that he promised to generate by the end of this year.
Noting that the state government is also planning for phase two of the power plant which covers 505MW, Obasanjo praised the state governor for ascending gradually in his service to humanity and God.
“What you have done here, what I have accomplished here is a tremendous indication of your steward in this state, and may God crown all your efforts with success," Obasanjo said and urged Attah not to hesitate to make his service available in future to the people of the state after his exit from governance.
While commenting on several set backs encountered in the course of execution of the project, especially from the host communities, Obasanjo said it was a bid disappointing that communities that benefit from a gigantic project like this constituted themselves into a stumbling block in the wheel of progress and development.

Dangote, Otedola, Rivers buy Port Harcourt refinery

* Ajaokuta Steel plant goes to Indian firm
From Yakubu Lawal (Lagos) and Mathias Okwe (Abuja)

A COMPANY jointly owned by Alhaji Aliko Dangote, Chief Femi Otedola and the Rivers State Government yesterday emerged the new owners of the Port Harcourt Refinery by offering N72 billion ($156 million) for the Federal Government's 51 per cent equity in the plant.

Blue Star Oil Services defeated two other investors: Oando and Refinery Petroplus to become the core investors in the refinery.

The Bureau for Public Enterprises (BPE), which yesterday announced Blue Star, which majority shareholder is Dangote Group of Companies as the winner of the bid exercise, had disqualified Oando and Refinee in the first round for submitting bank draft below 50 per cent of the value of their financial bids.

In a related transaction, Dangote Oil and Gas Company Limited, another subsidiary of Dangote Group, yesterday dropped its bid for two oil blocks: Oil Prospecting Licenses (OPLs) 290 and 2007.

The company said the action was informed by its realization that the oil blocks were unviable.

With its failure to exercise the "Right of First Refusal" (ROFR), Dangote will forfeit the oil blocks to the next highest bidder, Conoil Limited. The 2007 commercial bid round for the oil blocks was held in Abuja last Friday.

While Blue Star had a smooth ride for the Port Harcourt Plant, the Chinese National Petroleum Corporation (CNPC) suffered a setback in its attempt to buy the Kaduna Refinery as the $102 million it offered for the enterprise fell below the reserved price. Accordingly, the BPE hold discussions with executives of the company to ask them to increase the bid.

Global Steel Holdings, an Indian firm, yesterday also bought 60 per cent of Ajaokuta Steel Company Limited (AJSC) for $525 million (about N67 billion).

Also Dangote Industries bought 100 per cent of government shares in Onigbolo Cement Company for $1.78 billion. The company is located in the Republic of Benin.

Other enterprises sold by the BPE at the session are, Egbin Power Plc ($280 million) to Korea Power Corporation (KEPCO) which made a joint bid with Energy Resources Limited.

Chairman of the Technical Committee of the National Council on Privatisation (NCP), Mr. Patrick Akinkuotu said the bidders for PHRC, Ajaokuta Steel, Egbin Power and Onigbolo Cement have met the reserved prices for the companies.

Other public companies were equally concessioned to private operators yesterday. They are the National Arts Theatre, which was concessioned to Infrastructica for N35.8 billion over a 35-year period. The company beat closest bidder Jadeas Trust, which emerged as the reserved bidder with its by bid of N28.9 billion to manage the property for the same period.

Lagos International Trade Fair Complex was concessioned to Aulic Nigeria Limited, which offered N40 billion against the N27 billion offered by closest bidder Unison Property, which was named as the reserved bidder.

Tafawa Balewa Square (TBS) went to BHS International for N9.5 billion, beating its closet rival, Black Swan Limited, which offered N9.2 billion to emerge as the reserved bidder.

Ayip-Eku Oil Palm Company was sold to Wingsong M-House Palm Oil Investment Limited for N527 million, which was the lone bidder for the palm oil producing firm. The company met the reserved price.

Speaking on his acquisition of the Port Harcourt Refinery Company, Alhaji Aliko Dangote, the chairman/president of the group said his company would rehabilitate and expand the refinery to make sure that it serves at optimal capacity.

"We intend to make sure that we expand the refinery. Apart from that, we already have plans to build a refinery of 300,000 barrels per day in Lagos. Because, really it is very criminal to be importing petroleum products at $9 billion (yearly) when we are a producer and that is the main reason why we are here.

"Right now for the reactivation, we intend to pump in $200 million that is for the first phase. The second phase is to double the refinery which I think is going to cost us about $3 billion and we are ready to do that."

For the oil blocks the company had until last Tuesday to exercise the ROFR declined to pay the balance of the signature bonus, which would have made it the bonafide owners of the blocks.

The firm's Public Relations Manager, Mr. Joseph Okonma in a telephone interview with The Guardian yesterday said the company declined to exercise the right because "looking at the economics of the blocks, it will not make business sense to tie down such a huge fund to the affected blocks."

Okonma noted that rather than tie down such amount which runs into over $400 million to the project, company would invest it in other ventures that bring about adequate returns on investment and within a reasonable time frame.

"We have declined to exercise our right on those blocks, not because we don't have the money to pay but the economics after our due diligence is not right. We have invested so much in Obajana Cement Factory, Sugar Refinery and other projects which cut across the country," he stated.

At the last bid exercise, five companies applied for Block 290 located in the continental shelf of the Niger Delta. The companies and their bids are Essar Exploration and Production Limited, $30 million; AMNI International, $22 million; ECL International Limited- Conoil, $105 million; Dangote Oil and Gas $21 million and Suntera Resources $30 million.

However Dangote has the ROFR on the block having pledged a commitment to establish a refinery in the country and indicated interest at the venue to march the highest bidder ECL International Limited / Conoil. It had 48 working hours from the date of the bid round to exercise this right.

Similarly, in Block 2007 located in onshore Niger Delta, five companies bidded for this block. They were Dangote Oil and Gas, $31 million; AMBER Petroleum Limited, $50 million, Sapele Petroleum $55 million; Continental Oil and Gas, $110 million and CNOOC, $3,050,000.

Again Dangote had the ROFR on the block and indicated interest to march Conoil's bid of $110 million but the 50 per cent down payment on the blocks were not received at the Department of Petroleum Resources (DPR) as at the close of work last Tuesday thereby swinging the tie towards Conoil, which had deposited 50 per cent of the signature bonus on the two blocks with the Federal Government.

Conoil brought the draft for the two blocks but could not be declared winner since Dangote had indicated interest to march the bid by exercising its right on the blocks.

DPR sources said that with the development, Conoil being the highest bidder and having paid the mandatory 50 per cent signature fee for each of the blocks automatically becomes the winner.

The Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Mr. Funso Kupolokun had stated at the event that frequent offer of oil blocks by the government was aimed at boosting exploration activities to increase the national oil reserve base.

Four blocks had their commercial bids opened for record purposes but the winners were not announced because they were subject of litigation in the court. The blocks located in the Niger Delta onshore region are OPLs 2001, 2002, 2003 and 2004.

DPR Director, Mr. Tony Chukwueke said the winners would be made public after the court judgment and provided the rulings were in favour of the organisation.

Though the government targets about $1 billion revenue from the exercise, the amount realised was estimated at over $700 million including the 50 per cent down payment for signature bonus or acceptance fee, registration and other sundry charges.

The major drama at the event was on OPLs 290 and 2007 where Dangote and Conoil tested their financial wit. But Dangote, which has the ROFR, carried the day when it indicated interest to march Conoil's bid for them.

Under the guidelines for the ROFR the company that has such right and in this case Dangote, is expected to exercise it in 48-working hours to match the highest bidder for the blocks.

Companies which were successful in the exercise and having paid 50 per cent signature bonus are Oranto Petroleum on OPL 293 with $55 million bid, Yorkshire Energy OPL 295 with $105 million and Moni Pulo Limited 239, 231 and 234 with $11.5 million; $26.5 million and $6.5 million.

Global Energy Company won OPL 2009 with $11.5 million because Essar Energy Holding, which posted the highest bid could not back it with the 50 per cent down payment and OPL 2010 also went to Global Energy with $11.5 million as Midland Petroleum, which offered $20 million could not meet the 50 per cent down payment.

Essar Energy Holding won OPL 226 with $37 million, Oilworld Limited OPL 241 with $20.1 and Sahara Energy got OPL 228 with $6,25 million while Pan Ocean Oil Corporation went home with OPL 275 offering $10 million signature bonus.

An indigenous firm, Coscharis Oil and Gas Limited and its consortium won OPL 274 with $50 million as the highest bidder, Allenne E&P Company, which bidded $4 million could not pay the down payment fee. Coscharis had to pay the sum of N3 billion in local currency representing 50 per cent of the signature bonus.

Other winners were Sterling Global E&P Limited, OPL 2006 with $7.5 million, and Sterling Global Oil Resources Limited $9.5 million while Bayelsa Oil Company / JNHP Consortium won OPL 240 with $10.6 million. Starex Petroleum Refining, which posted the highest bid of $18.2million for the block could not pay the 50 per cent up front as required by the guidelines.

Minister of Energy Dr. Edmund Daukoru had stated that all the PSC will be signed before May 29,2009 except for those companies that failed to meet their financial obligations.


Dangote is spending money like its nothing and grabbing up almost everything in the country. the dude is obviously a bllionaire to those who say nigeria has no billionaires. You can also definetly see the impact of reforms from the rate of investment everywhere now

Recently the Brazilian government announced that it will import natural gas from Nigéria.

:okay:

Brazil Will Go to Nigeria for Gas If Bolivia's Price Hikes Are Too High
Written by Newsroom
Monday, 08 May 2006
Brazil is considering buying natural gas from other countries including Nigeria after its main supplier, Bolivia, demanded higher prices.

Importing gas from Nigeria would require building new plants to process liquefied gas brought to Brazil in ships.

Brazilian state-owned Petróleo Brasileiro SA, Petrobras, would have to invest as much as US$ 300 million to supply Brazil's southern states alone with liquefied gas, said Sulgás president Edivilson Brom, whose company distributes gas throughout the state of Rio Grande do Sul.

"We have excellent relations with other gas-producing countries such as Nigeria," said Brazil's Foreign Affairs Minister Celso Amorim. "Our diplomacy has created the conditions for us to broaden our supplies."

Brazil is looking to diversify sources of natural gas after Bolivian President Evo Morales last week gave international oil companies in Bolivia six months to renegotiate contracts and pay higher prices for energy.

Brazil depends on Bolivia for half the natural gas it consumes.

Brazilian President Luiz Inácio Lula da Silva said in a speech in Aimorés, Brazil, on Friday that his country must seek to become self-sufficient in natural gas in the same way it did in oil.

Natural gas distributors in the southern states of Brazil plan to press Petrobras to speed up plans to import liquefied natural gas to reduce their dependency on Bolivia, their only source of supply.

"We still can't rule out the possibility of future disruption in the supply from Bolivia due to (more) political change," said Brom. "We can't trust Evo Morales. He is very unpredictable."

Rio de Janeiro-based Petrobras will challenge any attempts by Bolivia to charge more for natural gas, and threatened to cancel all expansion plans in Bolivia, said CEO José Sérgio Gabrielli on Thursday, May 4.

Lula has sought to allay tension with Bolivia, saying the two countries would negotiate energy prices "in the most democratic way possible".

After a three-hour meeting with Morales last week, Venezuela's President Hugo Chavez and Argentina's President Nestor Kirchner, The Brazilian President also backtracked on the decision to stop investing in Bolivia.

At least three other enterprises have said they would negotiate with Bolivia after the government said it would honor deals with the companies.

:P Another customer. hopefully money will reach the nation and not some bastards purse!!

PDP Agrees to Form ‘All-inclusive’ Govt

From Chuks Okocha in Abuja, 05.21.2007

Apparently sensing the need to calm frayed nerves after the disputed April general election, the ruling Peoples Democratic Party (PDP), at the weekend eventually agreed to form an “all inclusive” government.
Opposition political parties and civil society groups have been calling for an Interim National Government and the voiding of the results of the polls resoundingly won by the PDP at both national and state levels.
But the the PDP in a communiqué signed by its National Secretary, Chief Ojo Madue-kwe after its retreat in Abuja over the weekend, said: “In recognition of the importance of rule of law as a cardinal principle for the survival of democracy, the retreat agreed on the need for an all inclusive broad based government that is committed to creating equal opportunities and guaranteeing social justice to all citizens wherever located and irrespective of gender, ethnic nationalities, political and religious identities.”
The communiqué underlined the need to continue to strengthen institutional mechanism for conflict resolution and for addressing grievances of citizens to ensure access to justice.”
Accordingly, it said: “Now that the elections are over, Nigerians expect to see serious work being done and real change in their standards of living.”
The party reaffirmed its “faith in democracy and its belief that the best test of commitment to democracy is the willingness to accept its result even when it does not favour one.”
According to the communiqué, “the Retreat agrees that a political party that puts a government in power has a responsibility to show interest in the performance of that government, and that those who are voted into power on the platform of the party should support all the party programmes. Accordingly, it calls for a party supremacy that is guided by the constitutional prescriptions to support the integrity of every arm of government.”
The PDP also canvassed fiscal restraint explaining that this is designed “to ensure micro-economic stability and economic growth and prosperity.”
It further stated: “This is needed to manage inflation and government spending, improve on savings and ensure high quality of government expenditure. All the governments - federal and sub national-need fiscal restraint to improve their budget management.”
PDP said in the communiqué that the greatest thing the nation can bequeath to its children is education. “We need an educated workforce to build roads, bridges and houses, to man our hospitals, to run our telecommunications and factories. We need educated policy makers and administrators, and we need educated leaders of tomorrow. Without education, we have no society, no democracy, no future as a nation.”
Accordingly, PDP said, “therefore, for Nigeria, education is not an option. It is imperative. In order to achieve 21st century imperatives, we need to restore our education sector and this is the aim of the Federal 10-year plan for education.”
On health, the PDP noted that “from available indicators the nation will grow stronger if existing reforms of the outgoing administration are consolidated, more jobs created for our teeming youth, infrastructure and social services improved as well as human security guaranteed in order to improve the country’s profile on poverty.”
The communiqué while noting the centrality of Political Party in fighting corruption commended the anti- corruption initiative of the PDP led government; and resolved to strengthen and ensure full compliance to due process, transparency and accountability in order to eradicate corruption in all its ramifications and put Nigeria on the path to sustainable democracy and development.
Also, the communiqué said that the new agenda-setting and issues-driven PDP is redefining politics from a game of “come and chop” to a solemn contract of “come and serve”.

http://www.thisdayonline.com/nview.php?id=78790

‘We’ll Turn N/Delta into Silicon Valley’

From Ahamefula Ogbu in Port Harcourt, 05.21.2007

Managing Director of the Niger Delta Development Commission (NDDC), Chief Timi Alaibe has said a partnership with the private sector in the implementation of the Niger Delta Development Master Plan would turn the Niger Delta into the silicon valley of the West African sub-region.
He said this weekend in Port Harcourt at the graduation of 2,518 computer trainees under the human and capital development scheme of the Commission where he said arming them with requisite skills was the first step towards poverty eradication.
Alaibe noted that expanding opportunities in the oil and gas sectors were constantly being filled by foreigners because local people lacked the skills to do such jobs before they waded into the problem to close the gap.
He pointed out that strengthening the competences of the people in the region would serve the dual purpose of arming them and exposing the world to their advantage available in the global village. “It is for this reason that the Commission is investing in updating and strengthening existing competences and skills base of our young men and women. As we congratulate these pioneers, therefore, we would like to use this opportunity to invite partners and other stakeholders to buy into the Human Capital programme, as enunciated in the Niger Delta Regional Development Master Plan, and make the Niger Delta region the Silicon Valley of the entire West African sub-region.
“With proper partnership and collaboration in this critical area, we can facilitate and build Information Technology Villages across the region. This will offer many possibilities and perhaps make for our people available options in the global outsourcing projects of the developed world that has turned India and China into super economic powers and helped reduce the world into a simple village”, Alaibe said.
To ensure that the graduands were not left loafing, the Commission was providing them with certificates and starter packs which include computer set for a smooth transition from trainee to trainer possible.
He said the move was to enable them to settle down and put what they have learnt into use so as to turn their lives around. The trainees were drawn from nine oil producing states in the following distribution: Akwa Ibom (417), Ondo (350), Rivers (342), Delta (333), Bayelsa (239), Abia (220), Cross River (214), Imo (213), and Edo (190).

http://www.thisdayonline.com/nview.php?id=78785

Nigeria Overtakes Saudi Arabia in Crude Supply to US

By Chika Amanze-Nwachuku, 05.22.2007

Nigeria has overtaken Saudi Arabia in the ranking of crude oil exporters to the United States, a preliminary data from the US Energy Information Administration (EIA) has shown.
According to the EIA data on the US crude import rankings in March 2007, Nigeria, Africa's biggest oil producer and the world's eighth, leaped from fifth place in February to third in March, pushing Saudi Arabia, the world's top exporter into fourth place. Canada and Mexico held on to first and second places, with crude exports to the US of 1.776 million barrels per day (b/d), down 64,000 b/d from February, and 1.621 million b/d -- 263,000 b/d up from February.
But Saudi Arabia, with an average 1.231 million b/d in March, found itself behind Nigeria with 1.29 million b/d. US crude imports from the kingdom had dipped by 374,000 b/d in February to average 1.185 million b/d over that month, recovering by just 46,000 b/d in March. Volumes from Nigeria were up 229,000 b/d from February's 1.061 million b/d.
Venezuela took fifth place with 1.036 million b/d, down from February's 1.115 million b/d.
The EIA data also showed the remaining countries on the list of top ten crude exporters to the US all supplied volumes well below the million b/d level. In sixth place was Angola with 696,000 b/d, up from 451,000 b/d in February.
Iraq took seventh place, boosting crude exports to the US to 523,000 b/d from 325,000 b/d in February.
Algeria was in eighth place, boosting volumes to 501,000 b/d in March from 392,000 b/d the previous month. Kuwait and Brazil took ninth and tenth place respectively, with 288,000 b/d -- up from 158,000 b/d-- and 209,000 b/d -- a doubling of February's 103,000 b/d.


http://www.thisdayonline.com/nview.php?id=78886

Agency enlists 5,000 exporters in Lagos

THE Chief Executive Officer of the Nigerian Export Promotion Council (NEPC), Mrs Modupe Sasore, said over 5,000 companies have been registered by the Lagos zone of the council.

Speaking at the inauguration of the upgraded NEPC office complex in Lagos on Tuesday, Sasore said the development had made the zonal office the hub of exporting activities in the country.

She said that the zonal office had also trained several young Nigerians on mass production of garments for export to foreign markets.

According to her, activities of the council have been re-organised to actualise a stronger public-private sector partnership in the non-oil sector, which she said, is necessary for a diversifying economy.

The NEPC boss said the re-organisation had contributed immensely to staff attitudinal change to work ethics, productivity and improved service delivery.

"As part of the activities of the council, an estimated 3,000 trade enquiries are also received and effectively handled by the schedule officers," she said.

With high level of workload to contend with, Sasore said that the Lagos zonal office had been battling with accommodation problem, saying that the re-designing and renovation of the office complex was to provide a more exporter-friendly environment.

As part of efforts to attract more investors, the NEPC boss said that government had been consistent in its economic policies and urged private investors to take advantage of the existing incentives and the enabling environment.

The Minister of Commerce and Industry, Alhaji Umar Modibbo, said that the non-oil sector had immense potential in employment creation, income generation and poverty reduction.

"The non-oil export sector cannot be overemphasised, especially in a monocultural economy such as ours," Modibbo, who was represented at the event by Mr. Rafiu Ogunbambi, the Permanent Secretary in the ministry said. The minister said that the new office would enhance effective service delivery, create a conducive environment and provide up-to-date ICT facilities towards attaining the mission of the NEPC . A representative of the Nigeria Association of Commerce, Mines and Agriculture (NACCIMA) Export Group, Mr George Okolo, said the collaboration between the NEPC and the private sector had enhanced access to Nigerian products in foreign markets.

Nuclear Power Plant Ready by 2017'

•Targets 4,000MW electricity generation
From Onyebuchi Ezigbo in Abuja, 05.24.2007

Nigeria's bid to join the league of nations with nuclear-powered electricity generating plant will beactualised 10 years from now, by 2017 when the first nuclear reactor is expected to come on stream.
Speaking at the inaguration of two committees for the development of the nuclear technology capability in Abuja, the Director-General of the Nigerian Atomic Energy Commission (NAEC), Dr. Erepamo Osaisai said the nuclear power plant when put in place will generate between 1,000MW to 4,000MW of electricity.
He said the setting up of committees on manpower training and nuclear power plant site selection is a major step being taken by government to fast-track the implementation of the nuclear energy development roadmap.
According to him, aproximately 800 to 900 staff would be required to efficiently operate a 1000MW nuclear power reactor.
Of this number, about 40 may be core nuclear engineers and scientists while another 300 may be professional engineers scientists and technologists with substantial training in various areas of nuclear technology.
He said the categories of professionals to be trained will span the whole gamut of the nuclear power industry, reactor physicists, nuclear engineers, nuclear physicists, radiochemists, electrical, mechanical, chemical and civil engineers, health physicists, radiation protection and safety personnel.
The capacity training is to be undertaken at three centres located in Ahmadu Bello University, Kaduna, Obafemi Awolowo University, Ile-Ife and Shedda Science and Technology Centre in Abuja.
The D-G said the Site committee is expected to consider some factors regarding the proposed sites including its geology, seismicity, soil properties, hydrology,meteorological parameters as well as nearness to the electricity grid.
The committe on manpower training is headed Prof. E.D. Mshella of the University of Maiduguri while that of
Site selection is headed by the President of the
Nigerian Society of Engineers, Engr. Emeka Ezeh.

Railway: Aerial survey of new railway project completed

By Yemie Adeoye
Posted to the Web: Friday, May 25, 2007
The Vanguard

Aerial surveys for the recently awarded contract for the modernisation of the Nigerian railway system - Lagos to Kano line - have been completed. Ground control survey is in progress and design work will commence shortly.

President Olusegun Obasanjo performed the ground breaking ceremony of the project at Kajola in Ogun State November last year.

The contract, which was awarded to Chinese Civil Engineering and Construction Company (CECC) as a turnkey package, entails the design, construction and maintenance of about 1,315 kilometres of standard gauge double track railway line from Lagos to Kano.

The railway line, which passes through eight state capitals and the Federal Capital Territory, is the first phase of the nation’s 25 year railway modernisation programme. It is expected to be completed within 48 months.


About a week ago, the Federal Government established a Railway Development Office (RDO) as part of its strategic initiative towards the evolution of a new national railway system that would respond to the challenges of accelerated national development.This will be great when it's done.

685MW Ibom power plant to gulp US$590 million...phase 1 to come on stream in June


By Yemie Adeoye
Posted to the Web: Friday, May 25, 2007

THE 685 Mega Watts (MW) Ibom thermal power station, cited at Ikot Abasi area of Akwa Ibom state, is to be constructed at a whooping US$590 million.

The phase one of the project, which is to be fired in June this year, is, however, being constructed at about US$190 million and is to churn out 191 mega watts of electricity by the said date.
These were the words of Dr. Okon Ansah, Chairman, Ibom Power Company, during the commissioning of the first phase of the project at Ikot Abasi recently.

The project, which is being completed in phases, would, on completion, be channeled through the National grid as a Power Purchase Agreement (PPA) has already been signed between the company and the Power Holding Company of Nigeria (PHCN).

Vanguard's investigation, however, revealed that the first phase of the Ibom power project has reached about 80 per cent completion stage in totality, while the technical part of the project has reached completion stage and would be fired immediately the ongoing final inspections and commissioning tests on its turbines are completed.

President Olusegun Oba-sanjo, who performed the commissioning ceremony, noted that the Ibom power plant, which is about the biggest on-going power project in the country, is also about the best in terms of the quality of equipments put to use during the construction of the project.

Speaking further on the quality of the equipments and standard of works going on at the site, Dr. Ansah stated that it was made possible because of the world class status envisaged for the project right from inception and also with involvement of world renowned foreign technical partners like Group Five Construction Company Limited of South Africa and General Electric of the USA, as well as Everite Ltd of South Africa.

“Having assumed full ownership of the project an international bid process and independent reviews were conducted in year 2005 which led to the award of a new EPC contract with Group Five Construction Company and Everite Company Ltd of South Africa as well as General Electric of South Africa.
Construction has progressed satisfactorily and the three gas turbines needed to generate the 190MW in phase one of the project has been installed.

Negotiations for funding of the 505MW of the phase 2 are already in progress, while the construction of a 47 kilometer transmission line to evacuate the power from Ikot Abasi to Eket is also well advanced.

Phase two will, however, be evacuated through a 330kv line to Ikot Ikpene under the Federal NIPP scheme. Gas is to be supplied by the Nigerian Gas Company (NGC) under an already signed Gas Supply Agreement (GSA) and an Operations and Maintenance (O&M) contract has also been negotiated and signed with General Electric in order to ensure proper maintenance and operational survival of the plant. He also stated that the absence of a transmission line between Ikot Abasi and Eket has nade it imperative for the company to construct a 132KV line to evacuate the power to be generated from the plant.

“The marshy terrain through which this line is routed and a number of other technical issues have caused a delay in its operations. We, however, hope to complete this line before the end of August 2007” he enthused.

Speaking on the issue of tariffs and payments security, he noted that in order to attract foreign and local investors, it has become important for the assurance of sufficient payment security for power generated by the new companies.

“Power tariffs should also be rationalized to ensure sufficient and reasonable rates of return on investment. Clearly, the need for government intervention will decrease as the industry becomes mature and Nigerian Electricity Regulatory Commission (NERC) is able to properly guide then industry.

Nigeria´s Globacom leads Africa, Middle East mobile market with 5.8m subscribers

By SEUN ADESIDA
Friday, May 11, 2007



Nigeria´s Globacom has confirmed its rating as the fastest growing telecommunication company in Middle East and Africa (MEA), amassing an unprecedented 5.8 million subscribers in 2006.
The closest to Globacom in terms of new subscriber acquisition was TCI of Iran which added 5.66 million new customers.

MTN Nigeria came third with 3.9 million new subscribers. “ Saudi Arabia ’s Ettihad Etisalat (Mobily) finished fourth with 3.67 million additions while Orascom of Egypt which was second in September fell back to fifth place with 3.42 million, ahead of Vodacom of South Africa which added 3.40 million customers.

A new report by leading industry publication, Cellular News, showed that Nigeria ’s Second National Operator moved to the new position with 10.75 million subscribers at the end of December, 2006, up from the eighth place in the quarter ending September 2007. It had occupied the tenth position on the table one year ago.
Reacting to the latest report, Globacom’s Executive Director, Human Resources, Adewale Sangowawa, said that Globacom was well on its way to realizing its vision of becoming Africa ’s biggest and best telecommunications company.

The network which began operations only four years ago, set a subscriber-acquisition record of one million customers in nine months. Besides its unmatched pace of deployment, efficient services, array of value added services, strong and unique marketing initiatives have stood the company apart in the Nigerian telecommunication industry and made it the first choice network. It has extended services to most parts of the country and its services are available in all states of the country. Its subscriber base at the is currently close to 13 million.

In pursuit of its quest to become the number 1 network in Africa , Globacom recently signed a $600-million-network-expansion contract with Alcatel- Lucent.

The new project is to increase Globacom’s national mobile network capacity from to 35 million subscribers by the end of this year. This will position Globacom as the network with the largest capacity in Africa.

“The project will also strengthen our operations, boost network performance and support delivery of advanced multimedia, converged services such as Triple play,” Sangowawa said.
Alcatel-Lucent will also install 292,000 multi-service access lines covering thirteen of the country’s major cities. The fixed network solution will enable Globacom to offer voice, high-speed internet access and broadband multimedia services such as video-on-demand, video conferencing and broadcast video to its customers.

The Nigerian Communication Commission (NCC) recently conveyed approval to Globacom to launch 3G services in Nigeria. The technology which Globacom is now set to launch offer for the first time in Nigeria high speed internet access, video calling and video streaming, phone-to-phone video telephony, Video Greeting Kiosk and Video Mail Box.

The company is already working towards entering the Ghanaian market, a feat that will further increase its share of the African mobile sector.

“Globacom’s vision is to be the largest, most successful entertainment, information and telecommunications solutions provider, both in Nigeria and Africa as a whole. We are steadily moving in that direction,” Sangowawa declared.

Panasonic to build factory in Nigeria

From DENNIS MERNYI, Abuja
Thursday, April 19, 2007

In response to the high demand of its products in the Nigerian markets and for the purpose of dominating the Nigerian market with its high technology electrical appliances, Panasonic, one of the leading household electronic companies has announced plans to open a big manufacturing factory in the country.

Aside, the company has promised to henceforth offer free after sales services to all its customers for a period of twelve months provided they still use them.

Panasonic manager in Nigerian, Mr. Harish Ram explained that the move is part of the company’s strategy to take over Nigeria’s electronic market.

Harish Ram stated this in Abuja recently at the commissioning of the Abuja showroom of Panasonic located along Ahmadu Bello Way in Abuja.

“The company is currently undergoing series of repositioning to be able to meet the international demands of its millions of customers. We are now focusing on after sales services and provision of spare parts into the markets for easy accessibility,” he stated.

According to him, the company has planned to commence training of more Nigerian electrical engineers in Malaysia to be able to handle its manufacturing machines when the factory takes off.
“We have planned to establish an assembly plant in Nigeria soon as the market expanded. We will continue to be creative and I want to assure you that Panasonic has complied with the quality control management and control set by the Standards Organisation of Nigeria (SON).”

Tinubu Commissions N15bn CBD

Governor Bola Tinubu of Lagos state yesterday commissioned the state Central Business District [CBD], put at N15 billion, embarked upon two years ago, just as he also commenced the renovation of the burnt old City Hall.
Governor Tinubu said, “The projects were being implemented in order to transform Lagos Island into modern business enclave as of old,” arguing that the state has been adjudged as the economic nerve centre of Nigeria, “hence the need for it to maintain its excellence position among the rest of the states in the country.”
According to him, the CBD project was handled under the Build, Operate and Transfer (BOT) system, where the foreign consortium that invested its money would recoup its funds over time, plus the interest accruing to it, and then transfer it back to the government.
Speaking on the City Hall project Tinubu described the suspected arsonists as fake Lagosians who never had the genuine interest of the state at heart, saying, “They are not real Lagosians and they can never serve the interest of the people in the state.”

Govt okays N4 billion Auto Fund for A.G. Leventis, ANAMMCO,others


By Moses Ebosele

THE Federal Government has okayed request by 14 firms to boost their operational activities with loan from the Automotive Development Fund (ADF).

Prominent among the automotive firms are A.G. Leventis Plc, Enugu-based Anambra Motor Manufacturing Company (ANAMMCO), National Trucks Manufacturers Limited (NTM) and Union Auto.

Others include General Paints Limited, Diamond Bicycles Industries Limited and Kunle-Ola Enterprises Limited.

The loan is subdivided into two groups - long term and the working capital. According to a source, money for the loan is to be paid directly to manufacturers of the component required by the automotive firm.

The working capital on the other hand is intended to assist automotive manufacturers, who applied for the loan to co-ordinate in house activities. Information obtained by The Guardian revealed that applications of over 60 companies were assessed and passed to the Bank of Industry for further financial assessment before final loan approval and disbursement.

Already, N2.637 billion had been disbursed to twelve other companies including Dunlop Nigeria Plc (N1, 474,480.00) as shown in one of the tables on this page.

Another N2 billion is being disbursed to 14 companies as shown in the second table.

The executive secretary of National Automotive Council (NAC), Jalalu Aminu, an engineer, who confirmed the ongoing disbursement in an interview with The Guardian, said the application of 30 other companies are being assessed by the Bank of Industry.

The National Automotive Council recently identified inadequate capitalisation and funding as a major factor militating against the development of the sub-sector.

"Apart from working capital requirements, Forex is needed as, currently, more than 70 per-cent of the sector's material inputs are imported.

"The current high interest rate charged by commercial banks makes long-term loans unattractive.

"Given this consideration, the council established the Automotive Development Fund (ADF) to revive and resuscitate the auto industry and to implement the National Automotive policy.

"To ensure proper management of the fund, the outgoing President, Olusegun Obasanjo, in 2003 approved that a portion of this fund should be managed on behalf of the council by the Bank of Industry.

"N7.8 billion was made available to the Bank of Industry for lending to component part manufacturers, Auto Assembly plants and other auxiliary services in the sector at concessionaire interest rate (currently 10 per-cent)," said Automotive Council.

The Nigerian Automotive Manufacturers Association (NAMA), recently, appealed to the Federal Government to peg the borrowing interest rate for the automobile sector at 7.5 per cent.

This NAMA claim will help ease the yoke of high interest rate. The industrialists blamed the slow pace of activities in their sector on inadequate policy and lack of commitment to the existing policy guidelines.

In a memorandum signed by its Executive Director, Mr. Arthur Madueke, the body decried alleged non-implementation of import duty differential of 40 per-cent between completely knocked down and fully-built up vehicles as specified in the National Automotive policy.

The body also lamented that current capacity utilisation in the sector is about 10 per-cent.

Meanwhile, the council said it has concluded plans to support research work aimed at advancing the frontier of technological development in the sub-sector.

The initiative is to be done by direct grant to related research project. Research, according to the council, will only be supported if the assessment panel identify the following:

* It is relevant to the development of the automotive sector;

* It is technically feasible and have potential for commercialisation, and;

* The raw materials, infrastructure and relevant manpower to conduct the study are available.

N1.5bn EU Aid For N/Delta

From Sunday Aghaeze in Abuja, 05.26.2007

Against the decision of the European Parliament urging the EU to withhold all financial Aid to the Nigerian Government until new elections are held, the European Union through its Micro Project Programmme has released the sum of N1. 5 billion (9 Million EUR) for six Niger Delta States of Nigeria (Abia, Imo, Ondo, Akwa Ibom and Cross Rivers States ) in its Budget for the current extra programmes 335 Micro Projects in
the Six States. Spanning 6 months, this programme will cover a period from 1st May to 31st October 2007.
The budget increase to the current programmes estimate is expected to increase access of over 300 communities to basic infrastructure like in the areas of Water supply and sanitation, health, education, income generating and rural access according to a release by the EU in Abuja .
It is expected that by the end of October 2007 the Programme would have achieved a
total of 1502 completed and functioning Micro Projects in the six states.
The last four years, the European Union has maintained a consistent leadership in providing grants and aids for the implementation of basic infrastructure projects in the Niger Delta Area.
The programme, funded by the EU, is being implemented by a Micro Project Management Unit (MMU) in collaboration with the National Planning Commission (NPC); and the communities.
The European Union Micro Project Programme in the Six States of the Niger Delta is a 5-year project (May 2003 –May 2008). The states are Abia, Cross River , Edo, Imo, Akwa Ibom and Ondo States in Nigeria .
The goal of the European Union MPP6 is to improve living standards on a sustainable basis in poor communities in the 6 States of the Niger Delta (Reduction of poverty, social tensions and crisis).

http://www.thisdayonline.com/nview.php?id=79240

Obasanjo: Why We Established Galaxy Backbone

From Oke Epia in Abuja, 05.26.2007

President Olusegun Obasanjo has said the establishment of Galaxy Backbone was informed by the need to eliminate duplication of efforts and budgetary allocations by government entities to set up individual ICT infrastructures for their specific requirements.
The president said this when he commissioned the temporary headquarters of the company that houses the infrastructure that connects various government departments and private sector initiatives.
Obasanjo who described Galaxy backbone as one of the many ICT initiatives which his administration embarked upon in the last eight years to set Nigeria on the path of becoming a major player in the global knowledge economy, said there was need to invest in the knowledge economy.
“We can no longer depend solely on our minerals and other natural resources as these exist in finite and limited quantities and their values are often determined by factors beyond our control,” he said, adding that Galaxy was established as a private-public-partnership.
President Obasanjo said government did not hesitate to make the initial investment into Galaxy backbone because it discovered that returns on investment for the private sector would not come in the short run and also to ensure digital inclusion across the country.
He said the backbone was built with optical fibre, wireless technology and satellite transmission and other complementary ICT initiatives such as the recently launched NIGCOMSAT-1 which he collectively described as non-negotiable for national growth and development.
The president expressed confidence that the incoming administration would appreciate the setting up of the backbone and consolidate the foundations laid by his government in the area of ICT.
“The thinking behind this is the need for professional efficiency and effectiveness and the expectation that the company would become self-financing and not require any further government support or subvention beyond the initial investments,” he noted.
He charged the management and staff of the company to live up to the expectations placed on them by stakeholders and customers as their operations will be critical to the successful prosecution of government’s public service reform programmes.
He listed the integrated payroll system and the national identity management system as programmes that will be supported by Galaxy network which he said, would serve as connectivity backbone to rural areas and underserved communities.

http://www.thisdayonline.com/nview.php?id=79238

Nigerian Firm in BT’s $20bn Deal

By Efem Nkanga, 05.28.2007

British Telecom (BT), a leading British telecom firm has entered into a $20 billion partnership deal with a Lagos-based wireline telecoms firm, 21st Century Technologies.
With the partnership agreement, 21st Century Technologies will manage the Nigerian part of the connection to BT’s $20 billion global 21 CN platform.
David Roome, the Business Development Manager for British Telecoms, at the launch of the project in Lagos, disclosed that the network is the new generation of Internet Protocol called the Multi Protocol Label Switching built by BT.
He said, “Part of the programme is that we need to roll out and develop nodes for the network. We are in 120 countries globally and we are looking at reaching 160 countries by the end of 2008 and one of the key countries is Nigeria”
Roome, who described Nigeria as a secure and stable investment destination with market depth and quality human resources, added that the typical customer for the network would be corporates with interest in oil and gas concerns, banks, telecom firms and others with branches and facilities spread across national and internationally borders.
The BT development Manager also disclosed that the Nigerian firm, 21st Century Technologies, was chosen as strategic partner after a rigorous selection process involving several other Nigerian telecommunication firms.
He described the Nigerian firm as being current on technology and strong on management, vision and integrity adding that the company already has a ready and growing client base.
The BT 21 CN facility is a global Internet Protocol (IP) based Virtual Private Network (VPN) solution meant for high networth corporates whch is capable of carrying all types of traffic including voice, video and data to over 100 countries across the world.
21st Century Technologies, an indigenous telecommunications company incorporated in April 1997, has over the years earned a solid reputation as a turnkey solutions provider of broadband communication systems, satellite-based videos, audio, and inter data distribution networks..
The company’s partnership with BT is expected to bring about huge cost savings and enhanced communications and performance for its Nigerian based clients.
Commenting on the partnership deal, Wale Ajisebutu, the Chief Executive Officer of 21st Century, disclosed that “this partnership with BT will make a strong business statement in Nigeria” reiterating that his company is refocusing to service corporates instead of small businesses and homes.
According to Ajisebutu, "We deliver VOIP to corporates. We have fibre-optic cables everywhere and we are still laying them. We can also do archiving for media businesses.”
He added that, “It is a global connectivity for the corporates and our relationship creates a synergy. BT has infrastructure all around the world and we have infrastructure in Nigeria - its sort of a handshake.”
He further said, "We realise we have to extend our network and train people. We are increasing our points of presence in Lagos from 45 to 80 within the next few weeks. We are extending to Warri, Kano, Ibadan, Port Harcourt and Abuja.”
The company had recently emerged as the data services provider of choice powering and providing telephony and data services to the groundbreaking Olokola LNG Project (OK LNG). The OK LNG project, when completed, will lift the country’s gas earning from the current N254 – N381bn to N1.2 trillion ($2-3bn to $10-billion) yearly.
Also recently, 21st Century injected a whopping $20 million into its operations in its bid to oil its expansion programme, which is aimed at seeing its services move across the country.
The fresh funds was targeted at strengthening the company’s current nationwide fibre optic project, in which the it is laying fibre optic rings around the Nigeria, with the Lagos phase of the project nearing completion.

http://www.thisdayonline.com/nview.php?id=79404

Tinubu Commissions Teslim Balogun Stadium

By Yemi Adebowale, 05.26.2007
Saturday, May 26, 2007

Lagos State Governor Asiwaju Bola Ahmed Tinubu on Friday commissioned the newly built Teslim Balogun Stadium with a plea to Lagosians to take full advantage of the new stadium to harness the full potentials of our youths..

Speaking after watching the beautiful calisthenics display by school children at the ceremony, the Governor said it underscores the massive potentials of our youths in the State.

The display was carried out by school pupils and students drawn from public secondary schools in surulere area.

Governor Tinubu urged the incoming Governor, Barri. Babatunde Fashola to take up the mantle frm where he stopped, urging the people of Lagos to give him their full support.

The Governor said he feels a sense of fulfillment at the successful completion of the project which was conceived during the administration of Vice Admiral Mike Akhigbe as Governor of Lagos State.

He added that the presence of Admiral Akhigbe at the event underscores the spirit of continuity which should be the bedrock of all administration.

The Governor handed over a symbolic key of Lagos to Barr. Babatunde Fashola as the next Governor of Lagos State amidst thunderous cheers from the appreciative crowd that witnessed the event.

While also speaking, Governor- elect Babatunde Fashola assured the people of good governance , stressing that sports development is one of the key cardinal objectives of his administration.

As part of the ceremony, a novelty match was played between members of the state executive council and all stars football club which featured Barr Babatunde Fashola as the team captain.

The 30 minutes novelty match ended in favour of the all stars team with Barr Tunde Fashola scoring the lone goal few minutes to the end of the match.


It's about time :speech:

WOW!

External Reserves exceed $44bn – CBN report

By Oluyinka Akintunde, Senior Correspondent, Abuja

Nigeria’s external reserves, for the first time in its history, grossed $44.09 billion (about N5.644 trillion) as at May 18, 2007, the Economic Indicators Report of Central Bank of Nigeria (CBN) indicated on Sunday.
The report also disclosed that the actual inflation rate (year-on-year) as at end-April 2007 was 4.2 per cent, compared to the rate of 5.3 per cent as at end-March 2007.

The CBN noted that the current reserves level was an increase of 1.1 per cent or $480 million over the figure of $43.61 billion as at May 11.

It explained that more than 40 months of importation or foreign exchange disbursement could be financed at the current level of foreign reserves commitments.

The present high build-up of the reserves is in spite of the government’s repayment of $12.2 billion Paris Club debt and $1.4 billion London Club debt. The money for the repayment was sourced from the Excess Crude Oil Proceed Account, which is a part of the reserves.

Our correspondent gathered that the build-up in the reserves might not be unconnected with the high crude oil price in the international market.

The average price of Nigeria’s reference crude, Bonny light, rose to $70.30 per barrel during the week-ended May 18, as against the preceding week’s average price of $67.45 per barrel.

The average volume of output of crude oil stood at 2.15 million barrels per day during the period under review.

External reserves are external assets readily available to and controlled by monetary authorities for direct financing of payments imbalances, for directly regulating the magnitude of such imbalances through intervention in exchange markets to affect the currency exchange rate, and/or for other purposes.

The reserves will enable the country service her foreign currency liabilities and debt obligations, improve her creditworthiness in international markets, limit external vulnerability and absorb external shocks that may arise from time to time.

Nigeria’s reserves consisted mainly in current account balances, and investment in short-term fixed deposits and other instruments with maturities ranging from 30 to 90 days.

The reserves have witnessed phenomenal growth from US$5.4 billion in 1999 to US$43.2 billion in December 2006 and currently US$44.09 billion, following the favourable crude oil prices in the past few years and fiscal discipline of the outgoing administration.

The CBN also reported a mixed development in interest and lending rates during the week-ended May 18.

It explained that the average interest on savings account declined from 4.30 per cent as at May 11 to 3.84 per cent by May 18, while the average weighted prime lending rate of banks rose to 18.05 per cent during the week under review compared to the preceding week’s rate of 17.18 per cent.

Yar'Adua succeeds Obasanjo

By Jide Ajani, Political Editor

Posted to the Web: Tuesday, May 29, 2007


*As Nigeria's 3rd executive President

LAGOS — IN what is be ing described by many as a watershed in the annals of Nigeria’s history, President Olusegun Obasanjo will today hand over to Alhaji Umaru Yar’Adua.
Apart from Yar’Adua, 26 other state governors would be sworn in today for their first term of office along with 10 others who are coming in for a second term.

Since 1960, when Nigeria attained independence, this is the first time a government has successfully completed its constitutionally guaranteed tenure of office, as well as handing over to a new administration.
The new governors are:

Theodore Orji (Abia), Murtala Nyako (Adamawa), Godswill Akpabio (Akwa Ibom), Andy Uba, (Anambra), Isa Yuguda (Bauchi), Timipre Sylva (Bayelsa), Gabriel Suswan (Benue), Liyel Imoke (Cross River), Emmanuel Uduaghan (Delta), Martin Amadi (Ebonyi), Osahiemen Osunbor (Edo), Segun Oni (Ekiti), Sullivan Chime (Enugu), Ikedi Ohakim (Imo), Sule Lamido (Jigawa), Mohammed Sambo (Kaduna), Ibrahim Shema (Kastina), Usman Daari (Kebbi), Babatunde Raji Fashola (Lagos), Aliu Akwe-Doma (Nasarawa), Aliyu Babangida (Niger), Adebayo Alao-Akala (Oyo), Jonah Jang (Plateau), Celestine Omehia (Rivers), Aliyu Magatakarda (Sokoto), Danbaba Suntai (Taraba), Mamman Ali (Yobe) and Mahmud Shinkafi (Zamfara).

The second term governors are: Modu Sherrif (Borno), Danjuma Goje (Gombe), Ibrahim Shekerau (Kano), Ibrahim Idris (Kogi), Bukola Saraki (Kwara), Gbenga Daniel (Ogun), Segun Agagu (Ondo) and Olagunsoye Oyinlola (Osun).

In the Federal Capital Territory, FCT, Abuja, Yar’Adua of the People's Democratic Party (PDP) would be sworn in as Nigeria’s third executive president amid tight security.
This is the fifth time such would be happening, apart from the swearing in of Dr. Nnamdi Azikiwe as Nigeria’s ceremonial president in the First Republic.

The first was during the First Republic in 1963, the second was in October 1979 (Shehu Usman Aliyu Shagari), the third was in October 1983 for Shagari’s second term which was aborted barely two months later in December of the same year.

The fourth presidential swearing in was for Matthew Okikiolakan Aremu Olusegun Obasanjo on May 29, 1999; the fifth was for the same Obasanjo on May 29, 2003.
For Yar’Adua, who won April 21, 2007 election, this is an ambition which his elder brother, the late Shehu Musa Yar’Adua of the People's Democratic Movement (PDM) fame, could not achieve.

Yar’Adua won with over 22 million votes to defeat All Nigeria People's Party's (ANPP) Muhammadu Buhari who scored about six million votes, and Action Congress’ (AC) Atiku Abubakar, who scored over two million votes.

Although the elections have been variously described as fraudulent, dishonest and dubious, there are those who still insist that Yar’Adua was duly elected.
Today’s swearing-in is coming at a time when some opposition elements have vowed to disrupt the exercise, claiming that the election that Yar’Adua is said to have won was not free and fair.

In fact, both Buhari and Atiku have filed cases against Yar’Adua’s victory at the Presidential Election Appeal Tribunal. But all that would not be of significance today as world leaders, diplomats and Nigerians from all walks of life converge this morning on the Eagle Square, Abuja, venue of the handing over.

Security concerns had been expressed in the wake of a protest called by opposition elements with a view to causing an abortion of the handing over ceremonies today in all the 36 states of the federation, including Abuja.

A build up to today’s ceremony had seen Nigerians express fears that the life of the Obasanjo administration would be extended beyond today.

The fears gained incremental veracity at the height of machinations by some politicians and political operatives within the presidency to extend the life of the Obasanjo administration.

Part of the build up created a life of its own which saw a president and his deputy, in the person of Vice President Atiku Abubakar, going their separate ways even as their conduct brought massive disrepute to the presidency.

The battle between both men was not with its genesis.

At the commencement of proceedings at the National Political Reforms Conference (NPRC) of 2005, participants/delegates had alleged that some documents had been surreptitiously dropped at the conference.
The documents, it was alleged, had attempted to introduce some items into the conference with a view to elongating the life of the Obasanjo administration.

At the end of the NPRC, the amendment proposals to the 1999 Constitution which emanated from the reform conference advocated a tenure extension for holders of executive offices.
The offices that would have been affected had the amendment proposal been carried are those of governor and president.

However, while deliberations were on at the National Assembly, the legislators in the Senate and the House of Representatives could not agree on the major proposal in the amendment bill, which was the tenure elongation.

In fact, that aspect of the amendment bill tore the National Assembly apart and created two camps— those in favour of elongation of tenure, seen largely as Obasanjo’s lackeys, and those against, seen as supporters of Vice President Abubakar.

And by April last year, the entire amendment bill, which also had other vital propositions like revenue allocation, creation of states and the likes, was killed on the floor of the Senate.
And just before the presidential primaries of the PDP, the quest and battle for which part of the country should produce the next president also regained fervency.

To be fair, other political parties had to wait on the PDP to elect its presidential candidate.
As Yar’Adua is sworn-in in Abuja today, the 36 state capitals in Nigeria would witness the same ceremony for state governors.

http://www.vanguardngr.com/articles/2002/headline/f129052007.html

Europe, others jostle for NIGCOMSAT-1 transponders

From Emeka Anuforo, Abuja

MEMBERS of the international community have intensified efforts to procure transponders of the Nigeria Communication Satellite.

Precisely, some top satellite operators in Europe and other countries are said to have approached the National Space Research and Development Agency, NASRDA, for the supply of Ka Band transponders to enhance their operations.

Some banks are also said to started approaching the Agency on possible investment options in the communication satellite.

Former minister of Science and Technology, Prof. Turner Isoun, disclosed that the communication satellite project which was profit oriented was going to be run as public-private partnership

He said at his valedictory press conference in Abuja recently, " It will be run in a proper corporate way and as commercial venture for us to be able to refund the money we borrowed for venture."

The NIGCOMSAT-1 Spacecraft had the following payload designs: Ku-band payload: 14 transponders; C-band payload: 6 transponders; ka-band payload: 8 transponders; l-band payload: 2 transponders; and antenna subsystem that consists of seven antennas.

The Ka-band payload has the following charateristics: four (4) 1290 MHz channels providing bi-directional communications between a European and Nigerian spot beam, and a South African and Nigerian spot beam.

The Ka-Band of the communication satellite which will beam in Europe, Southern Africa and Nigeria, finds application for broadband services at lower costs arising from the frequencyy re-use techniques, competitively priced transmission capacity, small antennas and reduced terminal prices.

Speaking with newsmen shortly after the press briefing, the Managing Director of the Nigerian Communication Satellite Limited, Engineer Ahmed Rufai, stressed that some of those who initially discouraged Nigeria from launching the Ka-band were now requesting the country to supply them with transponders.

He said, "The most interesting aspect of it is that some big guys in the satellite industry in the developed countries who discouraged us from launching the Ka- Band are now coming to us for the supply of transponder. Technology is not a respecter of race or colour. Nigeria got it right and the product is good.

"The satellite which went into orbit on May 13,th 2007 had a good beginning because immediately after its successful lunch some, big satellite operators in Europe approached Nigeria for the supply of transponder of Ka- Band to boost their services in Europe and other parts of the world."

He stressed that the Nigeria communication satellite-1 which covers about 38 countries in Africa has the capacity to revolutionise the telecom sector and competent to make Nigeria the hub of ICT in Africa.

In his remarks, the Director-General of NASRDA, Professor Ajayi Boroffice, described the launch as a high-risk venture.

He observed that the country just took the risk and its trust in God.

He said Nigeria had established a good relationship with China and would be ready to work with the country to begin to build a base whereby Nigeria will be able to manufacture it home made satellite

Nigeria records N889bn private capital inflow

Private capital inflow into developing countries hit an all-time high of $647-billion (N82.17-trillion), with Nigeria grabbing $7-billion (N889-billion) in 2006.
BLESSING ANARO & Kweku Boateng, Berlin
Latest figures made available by the World Bank indicates that though the inflow was a record high in 2006, the rate at which capital is currently moving into the countries has slowed down.

However, Guido Haller, head, global markets of Standard Bank of South Africa, told Business Day in Berlin that 70 percent of foreign portfolio investments in Africa ended up in Nigeria and Egypt.

The two countries are attracting higher portfolio investment inflow because of deeper capital markets and more developed financial infrastructure, he disclosed at a recent World Bank forum in Germany. Haller said foreign portfolio investments (FPI) in Nigeria increased from about $500-million (N63.5 billion) in the first quarter of 2005 to about $2.5-billion (317.5-billion) at the close of 2006. He, however, did not disclose the total value of FPI inflow into Africa from an estimated $200-billion (N 3.18 billion) that asset managers dedicated to investments in emerging markets covering Africa, Asia and Latin America.

Chukwuma Soludo, governor of Central Bank of Nigeria (CBN), puts Foreign Direct Investment (FDI) and portfolio inflow to Nigeria at $7-billion (N889-billion), about 1.08 percent of total capital flow to developing countries.

All the same, the World Bank’s Global Development Finance 2007 said 2006 was another good year for private capital flows to developing countries.

In Gross Domestic Product (GDP) terms, developing countries grew by 7.3 percent, while worldwide growth was 4 percent.

The report, however, said these growth rates might ease slightly through 2009.

The shift from sovereign to private borrowers is altering the conventional assessment of risks, and, while the outlook is robust, there is some concern about cyclical factors that could cause higher borrowing spreads and risks for developing countries.

Official development assistance has stalled, meanwhile, raising uncertainty about Group of Eight (G-8) commitments to scale up aid to the poorest countries. In addition, a rebalancing may be in store, whereby a larger than anticipated downturn in the US could trigger a hard landing in the next two years (though the World Bank still predicts a soft landing and a gentle easing of growth).

Corporations in emerging markets are raising large sums of capital, and their surging participation in global finance is the defining feature of capital flows to development countries.

Access to global capital markets allows these corporations to diversify their sources of funds, improve risk management, borrow at longer maturities, and reduce their cost of capital.

"There is a resurgence of confidence in Africa," Haller said. He gave reasons for the increasing confidence to include the timely debt restructuring that most African countries benefited from under the HIPC initiative, high commodity prices, which is benefiting some African countries like Nigeria, better economic management and stimulated local confidence as more Africans are now investing in Africa.

He said these factors were being complemented by the fact that "asset managers are looking to Africa for higher returns."

"Africa still has a low-risk correlation with the emerging markets making them still attractive."

A good example, he says, is that the fact that recent rumbles in the international financial markets left African capital markets virtually unaffected.

Guido explained that the huge investment inflow into the financial sector would set the stage for diversification into other sectors of the African economy. "Investors first of all have to first of all get comfortable about doing business in Africa, then they will explore other business opportunities," Guido said.

He said in the medium to long term, the investment in Africa’s financial sector would make a massive impact on Africa.

"Financial sector creates opportunities for diversification because they create opportunities for good ideas to attract investment."

Guido has debunked the fears that the money flowing into Africa’s financial sector is hot money, which can disrupt economic growth in case of sudden reversal as it did in Asia. The fact that most African currencies are still managed means that the possibility of this happening is significantly reduced, according to Guido. He said the huge portfolio investment inflow into Nigeria did not lead into any significant appreciation of the country’s currency.

The Nigerian government and the Central Bank of Nigeria also has in place several policies that ensure the possibility of a financial crisis is reduced in case of possible sudden reversal of the inflow, according to Guido. These policies include the fact that foreigners are not allowed to invest in short term bills that are less than a year in maturity and the restructuring of Nigerian banks which has made them smaller in number and more competitive.

Virgin Nigeria Begins E-Ticketing

This Day (Lagos)

31 May 2007
Posted to the web 31 May 2007

Lagos

Ahead of the December deadline for airlines to commence e-ticketing, Virgin Nigeria Plc says it has started the process on all its domestic routes.

Mr Larry Agose, the airline's Director of Communications, made this known yesterday in a statement in Ikeja. Agose, who said the e-ticketing process commenced at the weekend, announced the relocation of the airline's corporate headquarters.
Africa 2007

The headquarters, formally at Ark House on Victoria Island, had since moved to Etiebet's Place on Mobolaji Bank Anthony Way, Ikeja.

The director noted that e-ticketing on all of the airline's domestic routes was part of efforts to bring its operations closer to the people and make for more customer-friendliness.

He explained that the relocation of the headquarters was necessitated by the need for better coordination of activities, as well as closeness to its operational base at the Murtala Mohammed International Airport, Ikeja.

He quoted the Chief Executive Officer, Mr. Conrad Clifford, as saying that the relocation was a fulfillment of a dream of the airline. Agose said airline has 1,000 employees, made up of 900 Nigerians and 100 expatriates, among whom are 70 pilots, 200 cabin crew.

"Our major achievement as we move out of Ark Towers is our interline agreements with other major airlines, including Virgin Atlantic, North American Airlines, Air France/KLM, Emirates and Qatar Airways," Agose said.

Internet services are becoming more and more widely available!!

Glo, Rivers Spend N.3bn On Rural Telephony

This Day (Lagos)

30 May 2007
Posted to the web 31 May 2007

Lagos

The administration of the immediate-past Governor of Rivers State, Dr Peter Odili committed N.3billion to rural telephony in collaboration with Nigeria's Second National Carrier, Globacom.

Under the state's sustainable development initiative, the government made a counterpart payment of N.329 billion to Globacom to erect Base Transceiver Stations (BTS) in all the remote and riverine areas of the state for ease of communication between the communities and the larger world.

At the commissioning of one of the BTSs in Akpajo, Eleme Local Government area of the state last weekend, Odili said this was one of his parting gifts to the people of the state.

"We saw that most telecommunications companies would not be willing to erect their cost intensive infrastructure in the very remote areas which promise no immediate economic viability to them. This was why we decided to partner with Globacom to bring rural telephony to reality believing that this would lead to further socio-economic development of the state", he said.

According to the Chairman of the Implementation Committee of the Rivers State Sustainable Development Project, Mr. Dien Ajumogobia who is also the state Attorney-General and Commissioner for Justice, the rural telephony project will also generate employment opportunities for the teeming youths of the state who can engage in the running of Public Call Offices(PCOs).

Speaking during the commissioning, Globacom's Chief Operating Officer, Mr. Mohammed Jameel disclosed that the company's willingness to partner with the state government stemmed from its avowed commitment to the empowerment of the people of the state and instituting sustainable change in their daily living.

He added that the projects were aimed at ensuring 100 per cent coverage of the state at all times saying this would not have been done in such a record time without the state's collaboration given the fact that the company also rolls out services in all other locations across the country besides the over 40,000 communities on its extensive coverage map.

With this project, the entire Rivers State will be covered with an estimated 56 sites, excluding an additional 99 sites which are being developed solely by Globacom.The state made a 25 per cent contribution to the total cost of the 56 sites with the rest 75 per cent coming from Globacom.

Starcomms to Deploy Robust Technology


This Day (Lagos)

30 May 2007
Posted to the web 31 May 2007

Lagos

As the four operators granted the 3G licenses by the Nigerian Communications Commission continue preparations towards roll out, Starcomms Limited, which pioneered the 3G technology in the country, has reiterated its determination to deploy the most robust technology to drive its products and services for the benefit of subscribers.

Former Minister of Communications, Chief Cornelius Adebayo, had in February last year performed the commercial launch of Starcomms' high-speed Mobile Broadband Data Access Service (EV-DO), a 3G technology solution. It was Nigeria's first 1xEV-DO-based mobile broadband deployment and one of West Africa's first CDMA2000 1xEV-DO networks leveraging Huawei's latest third generation CDMA2000 1xEV-DO platform.
Africa 2007

Unveiling the company's plans in Lagos, Mr Maher Qubain, the chief executive officer, said recent news reports that one of the GSM operators has begun test calls on its 3G platform validates Starcomms' decision to deploy the technology.

"When we introduced the Third Generation (3G) technology, it was based on the realization that the Nigerian subscriber has become quite sophisticated and deserved to be provided world class services using the best technology".

Qubain said the company had envisaged that it would be granted a unified license which will enable it to provide all range of telecommunications services including fixed wireless, fax, data, mobile telephony and high speed internet, hence the need for a state-of-the-art infrastructural platform to meet the new dispensation.EVDO, also known as Enhanced Voice Data Only services, is CDMA's answer to the need for high speed broadband services speeds as high as 300-400 kilobits per second (kbps).

Starcomms says it is providing EVDO services currently in Lagos and Port Harcourt. The services are offered by Starcomms through the mobile data cards for laptop users and USB modems for desktop users. It will also enable subscribers to watch streaming video, movies and sort broadcast over their laptops or desktops. In a continuous zeal to provide its subscribers better and innovative products, Starcomms is implementing the next version of EVDO which is a known as EVDO release A in the federal capital city of Abuja.

The latest technology, according to Starcomms, is capable of delivering average speeds of 800 Kpbs and will provide the world class high speed broad band experience to the users.

Now that unified license has been granted to Starcomms, Qubain said Nigeria's largest CDMA 3G mobile network can progress with confidence after successfully launching its mobile line range - 0702 - in February. Abuja, Aba, Asaba, Kaduna and Zaria are billed to join the network soon. The network is in final stages of being tested before being offered to subscribers.

The company has already introduced mobile data on the CDMA 1x platform and also currently offers mobile data with a select range of mobile phones including Nokia models. The Nokia phones have a built-in mini-browser and can also be used as a modem for PC internet access via a USB cable when the browser is activated.

The CDMA technology consistently provides better capacity for voice and data communications than other commercial mobile technologies, allowing more subscribers to connect at any given time, and it is the common platform on which 3G technologies are built.

The world is demanding more from wireless communication technologies than ever before as more people around the world are subscribing to wireless communications. Third-Generation wireless data services and applications - such as wireless email, web, digital picture taking/sending, assisted-GPS position location applications, video and audio streaming and TV broadcasting - and wireless networks are doing much more than they did just a few years ago.

EV-DO currently being deployed by Starcomms is a part of the International Telecommunication Union, ITU, approved 3G standards technologies. EVDO delivers growing demand for high-speed broadband data services.

CDMA 1X is the fastest growing wireless technology and it will continue to grow at a faster pace than any other technology. Currently, there are just a little over 45 million subscribers to the CDMA 1X the latest version of the technology all over the world bringing global use of all ranges of CDMA to a little over 353 million.

Remarkably, this foray by the company, according to the statement, will further empower Nigerians to communicate more effectively and affordably as the technology base of the 3G CDMA offers greater clarity than is currently prevalent.

Commercially launched in 1999, Starcomms has invested heavily over the years to improve the quality of its products. Its deployment of the world class CDMA technology in 2002 exponentially established the company as the largest CDMA 3G Mobile network in Nigeria in terms of coverage, subscriber base, network quality and customer service delivery.

Following introduction of its mobile lines, the company has hit over 550,000 lines in its subscriber's base with further indication that the network would cross the one million subscriber base before the end of the year.

Who agrees with the title??

Lagos picks Arab Contractors for N3b City Hall renovation contract
By Tunde Alao

CITY Hall, the 96 years old edifice considered by many in Lagos as a monument to the city's colonial heritage, is to rise again in splendour, nine years after it was gutted by an inferno.

The renovation project, which should be completed by the end of this year, will cost N3.24 billion. It will be carried out by a foreign firm, Arab Contractors Nigeria Limited, which has already been awarded the contract for the job.

Partnering with Arab Contractors Nigeria Limited on the project, will be the Lagos State Development and Property Corporation (LSDPC); the state's investment firm, Ibile Holdings; and the Lagos Island Local Government Council.

State officials last week ascribed the major cause of delay in commencing the City Hall project and completion of the associated Lagos Central Business District (CBD) rehabilitation scheme to the seizure of Lagos council funds by the Federal Government.

"When the end of the protracted financial squeeze was obviously not in sight, the administration decided to make some budgetary provisions to fund part of the project in 2006 against the 2007 capital budget of the Ministry of Works and Infrastructure," said the Special Adviser to the Lagos State Governor on Works and Infrastructure, Mr. 'Lana Odutola, an engineer.

Highlights of the work to be carried out, according to Odutola, include the replacement of all aluminium curtain walls with new ones; refelting of the roof; replacement of all floor finishes with ceramic and P.V.C tiles; as well as introduction of P.O.P ceilings and marble cladding on the walls and intermediate columns.

The renovation will also involve the rehabilitation of electrical and mechanical systems.

Proposed external works include relaying of 40 millimetre thick asphalt on ramp and car parks, demolition of existing concrete fence and building of a new fence wall, complete with galvanised metal fence grill panel and four gates.

The renovation will also involve the repair of water treatment plant, including cleaning and clearing of underground effluent channel; and re-roofing of the auditorium within the complex with light-weight steel structural roof.

The structure was built as a four-storey building of structural reinforced concrete "with spanning longitudinal dimension of 165 feet and 78 feet transversely."

According to Odutola, the decrepit status of the building had become more noticeable with the newly upgraded and rehabilitated roads and drainage in the vicinity.

"Since the inferno of 1998, the consequential high degree of dilapidation became progressive over the years till date," he said, adding that the upper floors, especially, the portion housing the Council Chambers was reduced to ashes. He said the level of destruction in the building was so enormous that the expansive roof with all its structural content was destroyed.

Earlier, the governor, Bola Ahmed Tinubu, who commissioned the CBD and flagged off the commencement of renovation work on the hall, said the best legacy he would want to leave behind were the two projects.

He said the contractor is capable of completing the job as expected and on schedule by the end of the year.

The governor also said he realised the execution of the projects would raise two major factors, namely the people that would be relocated and the menace of miscreants.

"We are fully aware that those who are traditionally attached to these areas will find it difficult to move out. But there is no gain without pain. At the end of the day, every Lagosian will appreciate the importance of the project," he assured.

On the menace of street traders and miscreants, the General Manager of the Lagos State Waste Management Authority, Mr. Ola Oresanya, said, "We will not divulge our strategy. But when the time comes, business activities in the CBD and council administration and all legal activities in the City Hall will be conducted in a most decent and peaceful manner."

Yar’Adua Convenes First N/Delta Summit

• To come up with action plan
From Ahamefula Ogbu in Port Harcourt, 06.01.2007

President Umar Yar’Adua will on Monday convene the first Niger Delta Summit which will consider all ideas and initiatives, including the Niger Delta Master Plan, with a view to finding an enduring solution to the crisis in the region.
This is coming just as a youth organisation, working for disarming youths in the region and enthronement of dialogue in pursuing the interests of the region, has commenced disarmament campaigns of militants in the Niger Delta as a gesture of overtures to Yar’Adua for the development of the region.
Yar'Adua had said during the campaigns and in his inauguration speech that the restoration of peace in the Niger-Delta would be one of the major national emergencies that his government would deal with within the first 100 days in office.
According to a statement signed yesterday by the Secretary to the Federal Government (SGF), Ambassador Baba Gana Kingibe, Yar'Adua "had indictated in his inuagural address on Tuesday 29 May, 2007 that the crisis in the in the Niger Delta would command the urgent attention of his government.
Consequently, the President will, on Monday, 4th June, 2007, begin the dialogue and engagement process on the crisis with the peoples of the Niger Delta by hosting in Abuja his first Niger Delta Summit with all stakeholders.
"The Summit will consider alll ideas and existing initiatives, including the Niger Delta Master Plan, and come up with an Action Plan with a view ti accelerating an enduring solution to the Niger Delta crisis.
"President Yar'Adua expects that the Summit will chart a new course to end all conflict, bring security, stability, development and prosperity to this strategic region of Nigeria".
Former President Olusegun Obasanjo had formally launched the Niger Delta Development Master Plan on March 27, 2007 as a blueprint for the sustainable development of the oil-rich region.
Meanwhile, members of the Niger Delta Peace Forum have therefore asked all groups to stop all attacks and any other action meant to draw attention and hit back at corporate organisations in the region and the government over neglects.
In a statement by the leader of the Forum, sent to THISDAY, Mr. Moses Siloko Siasia said the government of Yar’Adua and Goodluck Jonathan, which embodies transparency and accountability, should be given a chance to keep to their promises.
The youth leader said his group was particularly touched by consistent statements of Yar’Adua to the effect that returning peace to the Niger Delta was his priority and pledged cooperation of all youths.
“We acknowledge and respect the statement made by President Umaru Musa Yar’Adua that the Niger Delta problem is a Nigerian problem. Also in his inaugural address on 29th May, 2007, at the Eagle Square, Abuja, that the crisis in the Niger Delta commands urgent attention and it’s of strategic importance to the Nigerian State, that he will use all necessary resource available to him to address the lingering crisis in the Niger Delta.
“This statement of hope made by Mr. President has prompted us to use all machineries within our reach and to work constructively in making sure that our youths cease fire and further stop violent acts against oil companies such as kidnapping, wanton destruction of lives and properties. These we will pursue with all manner of seriousness to help the new government actualise the master plan for the Niger Delta people”, he pledged.
Siasia, however, regretted that politicians from the region with some other he said were benefiting from the crises in the Niger Delta region were in the habit of fanning the embers of discord and warned them to desist from sponsoring the breach of the peace in the region.
According to the statement, as they have been consulting with all stakeholders in the creeks, they will report the positions of the youths back to requisite authorities with a view to harnessing the abundant energy and human resources.
“Due consultations is ongoing in all the creeks on how we can harness the mass energy and idealism of our youths into productive ventures and also to conscientise and sensitise the youths on the need to build understanding with government and multi-national oil companies, create regular interaction with security agencies and government at all levels, find solutions to genuine agitations, and discuss on the ways to stop all criminally motivated agitations and activities, These we have also started”, he said.
The group asked all newly elected governors in the region to work in the general interest of the electorates instead of the past practices of self enrichment to the detriment of the masses.
They however made afresh, the request for the freedom of all their Ijaw leaders who are currently clamped in detention, mentioning particularly the cases of Alhaji Mujahid Asari Dokubo and Timi Frank.
“We want to use this opportunity to advice all our brand new Governors in the Niger Delta States to be focused and remain committed to the collective interest and aspirations of our people, because this time it will not be business as usual. We are also calling for the release of all political prisoners, Alhaji Asari Dokubo, Timi Frank and the rest of them”, Siasia reiterated.
He commended the efforts of former Chief of Army Staff and current Chief of Defense Staff, Lieutenant General Owoye Azazi and some notable Ijaw leaders like Chief Edward Clark among others who he said has been working round the clock to achieve peace in the region.

Eutelsat, Globacom, Others Subscribe to NIGCOMSAT-1

From Oke Epia in Abuja, 06.01.2007

The successful launch of Nigeria’s communication satellite, NIGCOMSAT-1, has begun to yield dividends as both foreign and indigenous companies have initiated moves to subscribe to the services.
Among the companies in this initial subscription deals are Eutelsat in Europe, Nigeria’s Globacom, Link-serve, Celtel, and some other foreign firms in America, Hong Kong, China and the Governments of Kenya, Rwanda.
Making this known yesterday in Abuja, Managing Director of NIGCOMSAT Ltd, Ahmed Rufai, said Eutelsat has been offered slots in the Ku bandwidth for an asking price of $1.6 million while Globacom has indicated interest in acquiring about four channels.
Rufai said because of the cheaper costs of high quality services being offered by the company, operators abroad have found it cheaper to do business with it than other satellite operators in their areas.
He said the comparative advantage of NIGCOMSAT-1 makes it the choice communications satellite currently in the world but that the company was cognizant of the need to allow Nigerian entities become prime beneficiaries of its services.
The MD revealed that the satellite which cost $100 million less to build than it would have had it been built in Europe said the project was completed five months ahead of schedule to make it a record accomplishment.
According to him, a period of 33 months was envisaged for the completion of the project but due to doubled efforts, it was achieved in about 24 months, ascribing the feat to the dexterity of the Chinese and Nigerian engineers engaged for the job.
He also said local banks in the country have approached the company with offers to off-set the debts borrowed by the Federal Government to finance the building of the satellite as further indications of the profitability of the project.

Nigeria Adds Ethanol to Its Gas and Brazil Is Supplying the Additive


http://www.brazzilmag.com/images/stories/2007/may07/petrobras_platform.jpg
Thursday, 31 May 2007
Brazilian state-owned oil company Petrobras will sell, in the following days, an initial shipment of 20 million liters of ethanol to Nigeria, in Africa. Other shipments will take place according to the needs of the program for implementing ethanol into the Nigerian energy matrix.

According to Petrobras, negotiations for ethanol sales to state-owned Nigerian National Petroleum Corporation (NNPC) started in August 2005. Nigeria is implementing a program for adding 10% of alcohol to the gasoline sold in the country.

Petrobras will also provide technical support to Nigeria for mixing and handling alcohol, in addition to training employees of NNPC.

Nevertheless, the Brazilian state-owned oil company does not forecast any investment in the construction of ethanol production plants, or even premises for storage, handling, and mixing ethanol with gasoline in the Nigeria.

The Brazilian oil giant announced May 14 that it had for the first time exported ethanol to the US at the same time it is still discussing subsidies paid by the American government to ethanol producers in the United Sates. The volume exported by Petrobras was 12 million liters. Individual firms had already exported the produce to the US.

Earlier this month, Petrobras and Algerian state-owned oil and gas company Sonatrach signed an agreement containing guidelines for the sale of liquefied natural gas (LNG) by Algeria.

It means that Petrobras will be able to import gas from Algeria starting next year. According to information disclosed by a spokesperson for Petrobras, the company intends to sign the same kind of agreement, a Master Agreement, with several companies in the LNG trade chain.

The objective is to have agreements ready for the possible import of gas starting in the second quarter of 2008, which will depend, according to Petrobras, on the needs of the Brazilian market.

Petrobras has already signed a similar contract with Nigeria LNG, and should do the same with other companies, according to the organization. The start of operation of the first Petrobras regasification unit is scheduled for the second quarter of next year, making it possible to import gas from more distant places.

The Brazilian government announced, early this year, due to problems in the supply of Bolivian gas, which the country was going to seek other suppliers of the product, among them Algeria and Libya.

Due to the distance between these countries and Brazil, however, LNG must be transported in the liquid form for later transformation into gas, a process executed at regasification terminals.

The country is building two terminals of the kind. The second should be delivered in the first quarter of 2009, according to a Petrobras spokesperson, but delivery may be advanced to the end of next year.

One of the terminals will be in Pecém port, in the northeastern state of Ceará, and the second in Guanabara Bay, in Rio de Janeiro. Both terminals forecast a maximum demand of 20 million cubic meters of gas a day.

Drones UNDER AFRICAN SKIES
Largest arms deal

This is the largest arms deal that Israel has ever made with Nigeria. It was signed in the Nigerian capital in March between a local daughter company of Aeronautics and the Nigerian defense ministry. The Israeli company has agreed to design, develop, manufacture, install and prepare for operation three Aerostar Unmanned Aerial Vehicle intelligence systems and three Seastar systems for aerial and marine use. Each Aerostar system includes between three and six small unmanned planes, and each plane is equipped with sensors and cameras with both day- and night-vision capabilities. The drones can remain in the air for up to 14 hours.

The Seastar systems have drones that operate from ships and will be used by the Nigerian navy in the Delta region of the Niger River, an oil-rich area that in the last few months has become a battlefield where militias and guerrilla groups are fighting the federal government.

The increasing demand for oil and the hike in oil prices has turned the area into a strategically important region that serves as a focus of activity for American, British and French oil companies - and recently, also Chinese, Russian and Korean companies.

The Aeronautics deal is unusually large for Nigeria, which recently agreed to purchase 15 warplanes and flight training planes from China for a quarter of a billion dollars - $10 million less than it is paying for the Israeli deal.

The aggressive operating and marketing methods practiced by Aeronautics, which was founded in 1997 and is not selective in its choice of clients, have embroiled it in international scandals and a police inquiry over the last two years.

The company's expertise lies in supplying intelligence systems, primarily via drones. At first it won a tender to supply drone services to the IDF for activity in the Gaza area.

Aeronautics beat out Israel Aircraft Industries by offering its services at low prices. With an IDF contract in its pocket, Aeronautics was able to boast, as other manufacturers do, that the system had "proven itself in battle."

Firstbank targets emergence as Nigeria’s 1st mega bank

By Babajide Komolafe
Friday, June 1, 2007

FIRSTBANK Nigeria Plc expects to emerge as the country’s first truly mega banking group, as well as among the first one hundred banks in the world following its N100 billion hybrid offer of shares for subscription.

The bank is currently in the market to raise about N100 billion through a hybrid offer, the highest amount to be raised in the history of the Nigerian capital market. The bank is offering to the general public 1,624,253,238 ordinary shares of 50 kobo each at N33 per share by way of offer for subscription and 1,496,762,682 ordinary shares of 50 kobo each at N31.00 per share to existing shareholders by way of Rights Issue. The offer opened on Monday 14th May and it is scheduled to close Thursday 21st June.

Addressing existing and prospective shareholders of the bank at an investors’ forum held in Lagos, Mr Jacob Ajekigbe, the Managing Director of the bank noted that while the just concluded consolidation exercise produced 25 strong banks none is yet to attain the status of a mega bank adding that the goal of the bank is to become the first truly mega bank in Nigeria.


In addition to this First Bank, he stated has also set a target to become one of the top 100 banks in the world.

“Through many seasons since 1894, FirstBank has remained the national champion and is set to ultimately become the first Nigerian bank to be among the Top 100 World Banks”, he remarked adding that to achieve this the bank intend to combine business with a large size Nigerian bank, roll-up acquisition of several small banks in selected countries, establish branches in selected countries and combine with a leading regional bank.


To achieve this as well as to take advantage of emerging business opportunities in the country, the bank, he said needed long term capital and that is why the bank is in the market to raise N100 billion.


The public offer he explained is to, “expand geographical reach and increase market share of the bank through mergers and acquisition (both in Nigeria and in the West African sub-region), Enhance product offerings and expertise via strategic alliances (Barclays – Custody, HSBC – Nigeria Reserves, China Development Bank – MOU),


Enter new niches and underserved markets (Mortgages, Insurance, e-Banking, Consumer Credit, Bureau de Change), Leverage banking strength for cross-selling,

Expand investment banking capabilities following the creation of a dedicated and focused subsidiary – FirstBank Capital, Promote further growth of FirstBank’s retail banking franchise, Expand U-First Product Range,

Continue improving risk management policies and procedures; And optimise investments in Information Technology.”

The overall growth he remarked is to “To maintain FirstBank’s leadership position in the Nigerian banking sector and become a foremost financial institution in West Africa and the wider Emerging Markets through sustainable and profitable growth”

Showcasing the attractiveness of the bank’s share, he noted, “FirstBank stock has outperformed its peer group and Nigeria Stock Exchange ( NSE) index in the last two years because of its superior operating ratios and ROEs

Market data showed that banks with higher return on equity (ROEs) are favored with higher price-book value multiples and FirstBank shows strong potential for future growth in market capitalization.” He noted that an investment of N100,000 in Firstbank shares in 1996 had grown by 5,117 per cent to N5.277 million by the end of 2006

Yeah, Nigeria's banking sector has just become competitive. First Bank has just overtaken Zenith.:banana:
This development is due to the good leadership of Charles Soludo and the reforms in the Banking Sector.

My Grandfather used to work at FirstBank, so I am really happy, and I am sure that he is proud of this development.:banana2:

Beninois president visits Yar’Adua, says Nigeria is our caretaker

President Umaru Musa Yar’Adua has continued to play host to world leaders on solidarity visits since his swearing-in and take over of the reigns of power from former President Olusegun Obasanjo on Tuesday.
He received his Beninois counterpart, Boni Yayi in his office yesterday in the Presidential Villa, describing the visit as a “mark of the excellent cooperation and brotherhood existing between Nigeria and Benin Republic. ”
In his remarks, the Beninois leader said his “vision of development for Benin is based on togetherness with Nigeria. Nigeria is our caretaker and no child can survive without its caretaker,” he said.
He assured President Yar’Adua that his country would support all efforts at cooperation between the two nations and through COPAZ, adding “my dream for Benin is that during your tenure, any Nigerian citizen should feel at home in Benin, and any Beninois should feel at home in Nigeria.”

President Yayi said all Beninois were grateful to President Yar’Adua for visiting them first, after his election, and therefore asked him to also be the first foreign president to visit Nigeria after the inauguration.

WiMAX to be deployed in three cities


Nigerian ISP ipNX Nigeria Ltd has announced that US vendor SOMA Networks is to install next-generation wireless broadband systems in the major cities of Lagos, Abuja and Port Harcourt. SOMA will be deploying its ‘FlexMAX’ WiMAX equipment in the cities to help ipNX expand beyond its current commercial and banking customer base and target the residential market. It is hoping that within three years over 250,000 customers will be using the new network. The project is in line with the Nigerian government’s State Accelerated Broadband Initiative (SABI), which is designed to aggressively expand broadband access to all major commercial cities in Nigeria.

Good news for internet in Nigeria!!!

Uba Plans to Award Airport Contract

Vanguard (Lagos)

5 June 2007
Posted to the web 5 June 2007

Anayo Okoli
Awka

Governor Andy Uba of Anambra State says his administration has perfected plans to award the contract for the construction of a cargo and passenger airport in Oba, Idemili South local government area, near Onitsha.

Uba who weekend undertook an inspection tour of the proposed airport, said that a viable airport would boost the soico-economic activities of the state as well as improve its revenue profile.

According to the Governor, the airport, when completed would also attract investors to the state and revive trading at the popular Onitsha Main Market.

The governor also inspected the Upper Iweka park along the Onitsha-Enugu.
He announced that contract for the reconstruction of the Onitsha-Awka-Enugu Express way would be awarded in the next two weeks. Uba said the project would commence from the Onitsha end of the road and terminate at Amansea, the border town between Anambra and Enugu states.

He directed the immediate removal of all abandoned vehicles and structures obstructing the Onitsha-Awka dual-carriage way and promised to plant trees, flowers to beautify the road.

He promised that street lights would also be installed on the dual-carraiage way. He also inspected Governor's Lodge, Amawbia and promised to improve the facilities therein. Uba also directed for the immediate relocation of Nkpor, Upper Iweka street traders.

Papalanto thermal station phase 2 to gulp N59b

ALL seems set for the Federal Government to commit about N59 billion ($449 million) for the take - off of the Olorunsogo Gas Turbine Power Station Phase Two Project which is expected to add 750MW to the national grid.

Okiro Sets up 12 Anti-Graft Teams

•abolishes roadblocks, unfolds 8-point agenda
From Juliana Taiwo in Abuja, 06.06.2007

The acting Inspector General of Police, Sir Mike Mbama Okiro yesterday unfolded his eight-point programme of action to enhance efficient service delivery by the force. Among the programmes is the establishment of 12 anti-corruption teams in the six geographical zones. The teams, he said would be provided with GSM numbers which will be made public to enable them receive complaints from members of the public.
In his maiden address to senior police officers in Abuja, Okiro said the new operational guidelines were to assist them in the prevention and control of crime.
He listed the programmes as transparency, war on corruption, crime data upgrade, training, police public relations, human rights and community policing.
While vowing to rid the police organization of grafts within its ranks, he ssaid: “All complaints against the Police bordering on extortion whether along the highways or at Police Stations should be reported via the GSM lines. Promote action would be taken to address the problem.
The new Police boss issued a stern warning to members of the public who give bribe to policemen stressing that henceforth both the giver and the receiver will face the same music.
He also warned of the eradication of road blocks with immediate effect and that the Police is ready to confront the menace of MASSOB elements in the South-East geopolitical zone as well as pursue positive strategies in line with the policy and focus of government in the resolution of the problem of the militants in the Niger Delta.
Okiro in his maiden address to senior officers and the press on assumption of duty at the Louis Edet House, stressed that punishing just the policeman it has been discovered is just scratching the surface hence both parties would face the full rot of the law.

“As the saying goes, it takes two to tango. Any person who offers bribe to the Police in an effort to evade justice would also be arrested and prosecuted. Members of the public are therefore advised to desist from offering bribe to Policemen. The fight against corruption will be a pre-occupation of this administration”.
Okiro outlined eight areas designed to kickstart the march towards a better Police service delivery. They include transparency/accountability, war on corruption/crime, crime prevention, intelligence/crime database upgrade, training, police public image/public relations, human rights and community policing.
The new IG promised that the Police will vigorously intensify the war against all criminal elements in our midst as an agency charged with the responsibility for combating crime and threats to law and order.
“Crime prevention is a fundamental responsibility of the Police. No efforts would be spared to ensure a crime free Nigerian society. This war will be total and will go down to very facet of the society. I am sounding the trumpet now, that every Policeman must be prepared to gird his loins and take up arms to fight crime and criminal elements in the society. New operational strategies will be introduced to fight crime”.
He disclosed that his administration would build and upgrade the capacity of the Force Criminal Investigation Department (FCID) as well as the Criminal Intelligence Bureau (CIB) to enhance the functions to be able to take-up the challenges of combating crime through intelligence gathering. “No effort would be spared to acquire and provide the necessary tools needed for them to meet the challenge. In the same vein, we will intensify efforts at upgrading the criminal record database by empowering the Police Planning and Research Department. A synergy will also be fashioned out with other security agencies with proper networking to allow for assessing of criminal records from their retrieval systems. The challenges of the modern information age are quite enormous and demand such inter-service cooperation and sharing of information on crime and criminal activities. This I feel is absolutely necessary for an effective and qualitative performance in order to fulfil the critical essence of crime prevention and detection”.
Okiro admitted that the police public image was now at a low ebb, stressing that some of the faults are self inflicted by the activities of some policemen. “Some of the faults are self inflicted by the activities of some of us. Others are as a result of factors beyond the police control. Some are as a result of acts of incivility of members of the public, overbearing tendencies such as abuse of human rights, indiscretion and drunkenness in public places which results in disorderly conducts, being unkempt in person and accoutrements etc”, he said.
The IG added that every police officer was a key player in the image making business. He said the effort will not only be sustained, it must be improved upon in this new dispensation by increasing the synergy with the Police Community relation Committees as well as the government and private media organizations. He said the Police Public Relations Department would be professionalized to give fillip to the policy direction and in pursuance of best professional practice. “I intend to post officers with public relations bias as public relations officers. Posting of officers to states Police Public Relations Department would be effected by the Force PRO’s office.
On human rights, he said under democratic dispensation there will be no room for arbitrariness, insisting law and law alone must be the guiding principles when acting in furtherance of its statutory duties.
On community police, he decried the crime was still high and to give further bite to police collective efforts at crime prevention, the pursuit of community policing would be further re-invigorated and sustained. “The fact is quite clear that it is no longer fashionable, in any efficient and effective policing system to rely only on reported incidents as a means of preventing crime. Police/Public synergy in this area is very important. Therefore the involvement of communities in Police crime prevention efforts would be intensified”, he vowed.
Okiro said road blocks represent everything evil in the Police hence it’s been abolished with immediate effect. “They are a bastion of corruption and other negative vices associated with the Police. It is one of the areas that Police has generated so much bad image because of some of the unethical practices that characterize the men posted to man such beats. My administration will encourage the erection of more observation posts on our highways to be completed by effective motorized patrols. The Police would therefore appreciate every assistance from publics-spirited individuals and organizations in this regard.
The IG said the current force Orders are outdated and long overdue for amendment and are not in tandem with the existing realities. He promised that a machinery will be put in place soon to have the orders reviewed as important working guidelines for the Police Force.
He stressed that the Police reforms is an ongoing progress while the welfare/accommodation will be the cardinal policy programme of his administration. “The implementation of the recent salary review will be pursued with vigour. Similarly, more barracks will be constructed and there will be an increase in the number of welfare buses to assist Police personnel from their places of abode to work and back.
“It is a well known fact that the force at present is seriously underfunded in spite of the myriad of problems still confronting it, especially in the area of violent crime, housing etc. however, strategic, concerted and organized efforts to address these problems would be vigorously pursued in consultation with government to ensure that we call all heave a big sigh of relief”, he said.

Umaru Musa Yar’Adua becomes president....it doesnt make the news on cnn here....shaking my head

Umaru Musa Yar’Adua becomes president....it doesnt make the news on cnn here....shaking my head
i just hope for an african cable news network.

Umaru Musa Yar’Adua becomes president....it doesnt make the news on cnn here....shaking my head

It actually did...

Investors say Yar’Adua has brought new confidence to the capital market

Posted to the Web: Wednesday, June 06, 2007

President Umar Musa Yar’Adua’s assumption of office last week has brought about renewed investors’confidence in the capital market with many investors now scrambling to increase their stakes in the market.

Investors said that Yar’ Adua’s gentle disposition, his understanding of macro-economic environment and as well as that of the polity had brought renewed confidence in the market.

According to them, the president’s pledge to pay attention to the nation’s energy crisis and the comatose manufacturing sector is an indicaton of the direction of the economy under his regime.

Mr Yakubu Mosuro, an investor who spoke in Lagos on Monday said that many investors were being proactive in their investment’s drive because of the inherent value in the president’s inaugural pronouncements, particularly as regards the economy.

“We have seen what macro economic policies of the former regime did to the market and most of us are only taking advantage of the lower prices of stocks of real sector companies to reposition our stakes in the capital market,’’ he said.

Mosuro said that investors’ scramble for highly capitalised stocks and real sector stocks would continue because of the anticipated “positive economic direction” of Yar’ Adua’s government.
Investors’ new confidence in the market is already manifesting as the new upbeat trend in the market was sustained last week.

Market indicators continued on the growth path in the week ended June 1 with the cumulative average net worth appreciating by all-year high of 5.1 per cent. The market capitalization also appreciated by N511 million to close at N7.508 trillion compared with the week’s opening of N6.997 trillion. The all-share index crossed the 50,000 mark with a growth of 2,445.54 points to close at 50,773.80 from opening index of 48,328.26 points. Petroleum marketing stocks, propelled by government’s increase of operators’ margins by 40 per cent, rebounded significantly last week. At the end of transactions on June 1, Chevron led gainers pack with N16.05 to close at N168.05 per share. African Petroleum (AP) gained N13.15 to close at N79 per share while Mobil Oil share price appreciated by N8.50 to close at N178.50. On the other hand, Ashaka Cement Company led the price losers’ chart, shedding N5.12 to close at N78.89 per share.
The Nigerian Enamelware share price dipped

Meanwhile The Managing Director of Oando Plc, Mr Wale Tinubu, has said that the company has no plans to access the capital market for seed funds now or in near future. Addressing a cross section of stockbrokers, investors and journalists in Lagos at the weekend, Tinubu said that the diversification of the company from just a petroleum marketing company to “one-stop” energy firm would be financed internally.

Tinubu as said“ we do not want to bother our esteemed shareholders for now or in the near future but we are committed to creating value for their investments.” According to him, the board and management’s focus is geared towards the reduction of short term loans in the company’s books and expressed optimism that future operations of the company would provide returns to clear the loans. Tinubu said that Oando, which is currently listed on both Nigerian Stock Exchange (NSE) and Johannesbourge Stock Exchange (JSE) in South Africa “is on course to meet its 15-month diversification aspirations”. He said that contrary to some opinions, the company had performed very well compared to its peers in the petroleum marketing sub-sector of the economy. Oando Group recorded a turnover of N209.08 in its last financial year ended December 2006 against the N182.76 billion achieved in 2005.

Its profit after tax also rose to N3.08 billion from the N2.35 billion it made in the corresponding period in 2005. It was however gathered that in spite of the company’s huge profit in 2006, the cost of marketing its products took more than N191.27 billion against the N118.94 billion it used for marketing in 2005. Tinubu assured shareholders of improved returns in 2007, pinning his optimism on the company’s new investments especially in gas and the recently acquired marginal oil field -OPL 56.

He said that other earning potentials of the company that would impact positively on investors are the recent increase in operators’ margin by 40 per cent by the federal government and possible release of the petroleum equalization funds. N2.97 to close at N2.71 while the West African Portland Cement Company (WAPCO) lost N2.81 to close at N68.99 per share. A further analysis of the market’s turnover showed that the banking sub-sector dominated activities with 1.95 billion shares worth N41.14 billion traded in 22,849 deals.

The shares of Intercontinental Bank, Oceanic Bank and Access Bank accounted for 1.1 billion shares or 56.25 per cent of the sub-sector’s turnover during the week. The Insurance sub-sector followed with 661.3 million shares valued at N2.42 billion traded in 6,829 deals while the Food/Beverages and Tobacco sub-sector had N2.41 billion staked on 58.49 million shares in 2,753 deals. In all, a total of 2.94 billion shares worth N51.71 billion traded in 45,178 deals during the week.

CBN to Mop N100bn from Circulation

• Reduces MPR to 8 per cent
From Chinwe Ochu in Abuja, 06.07.2007

In a move aimed at managing the persistent inflation pressures on the economy, the Central Bank of Nigeria (CBN), has decided to mop up N100 billion from the economy. This would begin immediately.
The apex bank has also reduced Monetary Policy Rate (MPR) by 200 basis points, from 10 per cent to 8 per cent.
At the end of its Monetary Policy Committee (MPC) meeting Tuesday, CBN would carry out this exercise by increasing the issuance of primary market instruments. Treasury Bills is one of the instruments CBN has always used to mop excess liquidity in the system.
According to the communiqué issued at the end of the meeting, which reviewed major macroeconomic developments in the economy, the MPC agreed to also continue the use of open market operations (OMO) in managing liquidity.
Although, inflation has moderated siginificantly during the period under review, dropping from 8.5 per cent at the end of December 2006 to 4.2 per cent in April 2007, the MPC noted that the downside risk remained.
“The MPC noted that the inflation rate stayed within single digit in the first four months of 2007. In particular, the year-on-year (headline) inflation dropped steadily from 8.5 per cent at end-December 2006 to 4.2 per cent in April 2007.
“The Committee also observed that although the current estimates show that inflation would remain single-digit at the end of the second-quarter, inflation pressures still persist”, the communiqué read in part.
The MPC took this decision, among others, against the background of rising autonomous private inflows and the risk of over-appreciation of the naira/dollar exchange rate despite its belief that the “medium term outlook is one of robust economic performance”.
The apex bank is also introducing a tenured repo rate for its recently introduced Monetary Policy Rate (MPR) which has now been reduced by 200 basis points, from 10 per cent to 8 per cent.
MPR had replaced the former Minimum Rediscount Rate (MRR) on December 11, 2006. The MPR is the main instrument which determines the lower and upper band of the CBN standing facility to money deposit banks and discount houses. It also acts as the nominal anchor for interest rates.
To achieve its outlook for the rest of the year, CBN will as well reduce the width of the interest rate corridor from 300 to 200 basis points.
The combined implication of the reduction in MPR and the width of the interest rate corridor is that deposit facility now stands at 5.5 per cent while the lending facility would be 10.5 per cent, both down from 7 and 13 per cent respectively.
But CBN warned that though both facilities are expected to be used as a last resort, their frequent usage would attract penalties.
Succour however came for banks as the MPC agreed to henceforth allow inter-bank placements to form part of the deposits for calculating banks’ liquidity ratio.
The communiqué confirmed that from $41.96 billion at end December 2006, gross official reserves had risen to $43.48 billion as at May 28, 2007. This could finance 25 months of imports.
The MPC also noted with satisfaction the continued stability of the naira exchange rate in the first five months of 2007 as the naira remained stable at both the official and parallel markets.

Nigerian Stocks, World’s Most Profitable – NSE

From Ayodele Aminu in London, 06.08.2007

Director-General of the Nigerian Stock Excha-nge (NSE), Dr. Ndi Okereke-Onyuike, told institutional investors and portfolio managers in London yesterday to channel their investments to Nigeria, saying they stood to get over 400 per cent returns.
Speaking at an Investors’ Forum organised by the NSE and the London Stock Exchange (LSE), she said the return on investment which foreign investors stood to gain in Nigeria is, in dollar terms, the highest in the world.
She also appealed to the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) not to keep investors (both foreign and local) waiting for several months in their quest to probe laundered and terrorist funds.
“Return on investment in Nigeria is highest in the world. Institutional investors like the Renaissance Capital can’t get more than 8 per cent return on investment in other countries but they can get more than 400 per cent in Nigeria.
"We are happy that some of the foreign banks are now calling on Nigerian banks to partner with them. We have two institutional investors that are interested in our banks and they are just two of the many others that are interested in our local banks,” she said.
She noted that these foreign banks were not coming into the country to takeover the Nigerian banks but to add value and bring in more funds, which would ultimately help to reduce lending rates and grow the Nigerian economy.
“We want them to grow our banks and lend money to Nigerians at 4 per cent per annum and not the prevailing 24 per cent because it is difficult for an average entrepreneur to borrow funds at above 6 per cent and make profit,” she explained.
The NSE boss, who was responding to a question from an institutional investor that invested in one of the Nigerian banks which recently raised funds but had to withdraw after waiting for several months, stressed the need for both the CBN and EFCC to help hasten the fund raising process in the capital market.
“When banks come to raise money, investors are kept waiting for six months because of CBN and EFCC investigation. Ordinarily, the process should not take more than six to eight weeks. I think what the CBN and EFCC should do is to flag off the percentage of the suspects’ investment and let others trade on their shares.
“I think where we should worry or bother is when money leaves the country but if such money is coming in, we should allow it to come into the country and grow the economy so that we can borrow money at 4 per cent,” she said.
Also speaking at the Forum, Stephen Jennings, CEO, Renaissance Group, the co-sponsors of the conference, where over 12 Nigerian firms were in attendance, noted that Nigeria is the fastest growing capital market in the whole of sub-Saharan Africa “if not the entire continent.”
Noting that the market is becoming faster in reacting to opportunities, he said “the speed of domestic and international market development we are witnessing in Nigeria outstrips anything we experienced in other markets.”
Given this scenario, Jennings, whose company would be investing over $1 billion in Nigeria, said “this means if the right environment is established in Nigeria, the rewards from the capital markets will very large and very rapid.”
He said his company’s investment focus “in Nigeria and Sub-Saharan Africa shall be in two fold: to give Nigerian companies full open access to the lowest cost and most stable capital available globally: and to help build a world class capital market within Nigeria.”

Land Use Act for Amendment, Says Yar‘Adua

rom Josephine Lohor in Abuja, 06.08.2007

President Umaru Musa Yar'Adua yesterday said his government would pursue the amendment of the Land Use Act in order to enable Nigerians use their land to secure loans from the banks.
President Yar'Adua, who is in Berlin, Germany for the G-8 Meeting said during a business meeting with the German Investment Development Corporation that "we intend to amend the land laws, so that investors and individuals will own land and use it to raise capital for their businesses. At the moment, government owns all land and it is given to individuals on leases."
The President, who spoke extensively about his administration's plans to restore peace to the Niger Delta, said that it was now a strategic area to the nation. For this, he said, the National Assembly will be called upon to adopt a plan to be accepted and owned by all Nigerians towards an accelerated development of the area. According to President Yar’Adua, "my first priority is the economy, my second priority is the economy and the third is the economy", eleciting applause from the German business community. He added, "my other priorities are the power sector, transportation, education, and getting direct foreign investment to Nigeria."
President Yar'Adua said one of his expectations from the G-8 Meeting was to convince the industrialised nations to invest in infrastructure in Africa, "especially power and transportation, or we will never achieve the Millennium Development Goals." He said his administration would continue the fight against corruption started by President Olusegun Obasanjo, commending that government for putting the necessary legislation in place. President Yar'Adua also said the Extractive Industries' Transparency Initiative would be pursued vigorously and personally, to ensure that Nigeria's oil and gas industries were operated transparently, for the benefit of all Nigerians.

Former German Chancellor Wants Nigeria as G8 Member

By Paul Ohia with agency report, 06.08.2007

Former German Chancellor, Helmut Schmidt has called for the inclusion of Nigeria and other countries in the Group of Eight (G8) industrialized nations in order to tackle global issues more effectively.
According to him, the annual summit of the group will be ineffective in tackling global issues without an expansion to include major developing countries like China, India, Brazil or Nigeria.
In order to further its influence over the world economy, an expansion of the G8 that brings in these nations is necessary, Schmidt told German Phoenix TV. 'The lever, which these eight represent altogether, is much too short,' he said.
Schmidt, who co-initiated the annual summit of rich nations back in the 1970s, also said that he did not have high expectations of the G8 summit in Heiligendamm. Such a 'medium event' rarely achieves concrete results, he added.
The concept of a forum for the world's major industrialized nations emerged following the 1973 oil crisis and subsequent global recession.
Meanwhile, President Umaru Musa Yar'Adua is participating at this year's meeting Germany. He was invited by the G8 as one of Africa`s outreach group, which also includes the leaders of Egypt, South Africa, Ethiopia, Senegal and Ghana, current chair of
the African Union (AU). The summit entered its second session yesterday as protesters kept tension high leading to the arrest of
more than 300 activists. Several thousand of the protesters clashed with riot police, who used tear gas and water cannons to
disperse crowds that blocked roads and railways leading to the site of the meeting, the Baltic Sea resort of Heiligendamm.
Eight police officers were injured, and 15 demonstrators were detained, a police spokesman, Luedger Behrens, told Reuters. He said the police used force after being pelted with stones. While the protests had little effect on the leaders — who were flown by helicopter from Rostock, the nearest major city, to Heiligendamm — the protestors did manage to foil some of the elaborate security precautions for the summit. The police had erected a 7.5-mile-long fence, completely cutting off the resort, and had banned any protests within 200 yards of the fence. By midday, though, an estimated 10,000 demonstrators — many wearing clown makeup and tinted hair — had penetrated the restricted zone and massed at the fence. Evading checkpoints by crossing through oat fields, protesters also blocked main roads leading from the Rostock airport to the summit site. After numerous
standoffs, some lasting several hours, riot police clad in helmets waded into the crowd, occasionally swinging truncheons.

Mobile phones hit 32.3m, rise by more than 12,030 per cent in 6 years

THE number of connected mobile phones in the country rose from 266,461 in 2001 to 32,322,202 units in 2006, indicating a monumental increase of 12,030.18 per cent.

According to figures provided by the Nigerian Communications Commission, there were 3,149,472 mobile phones in 2003, up from 1,569,050 units in 2002.

The number rose astronomically to 9,174,209 in 2004 and 18,587,000 in 2005, according to the figures obtained by the News Agency of Nigeria (NAN) yesterday in Abuja.

There were 600,321 fixed telephone lines in 2001, but the number rose to 1,687,972 in 2006, showing a modest increase of 181.18 per cent.

The total for 2002 stood at 702,000 lines, rising to 872,473 in 2003 and 1,027,519 lines the following year.

The figure rose marginally to 1,223,258 unit in 2005.

NITEL, now privatised, accounted for 540,662 fixed lines in 2001, while Private Telephone Operators (PTOs) shared the remaining 59,659 lines.

In 2002, NITEL had 555,466 fixed lines, compared to the 146,534 lines operated by the PTOs, while the national telecom company accounted for 539,405 of the 1,027,519 fixed lines in 2003.

Surprisingly, the PTOs operated 520,251 fixed lines in 2004, up from the 507,268 lines, which NITEL had.

NITEL's dwindling fortunes continued in 2005 as it accounted for a mere 447,979 fixed lines out of a total of 1,223,258 lines available.

With an estimated population of 126 million up to December 2005 and 140 million from December 2006, the country only boasted of a combined total of 866,782 fixed and mobile phone lines in 2001.

The figure increased to 34,010,174 connected lines in 2006, showing a steep rise of 9,592.19 per cent.

The country had a combined total of 2,271,050 mobile and fixed lines in 2002, rising to 4,021,945 in 2003, 10,201,728 lines in 2004 and 19,810,258 lines the following year.

Calculated on the earlier population estimates, teledensity rose from 0.73 in 2001 to 24.29 in 2006, indicating an increase of 3,227.40 per cent.

Teledensity stood at 1.89 in 2002, 3.35 in 2003, 8.50 in 2004 and 15.72 the following year.

National Integrated Power Plant Odukpani to Be Commissioned In November - Imoke.

(7/6/2007)



The first phase of the National Integrated Power Plant at Ikot Nyong in Odukpani LGA to supply electricity to Calabar Metropolis will be commissioned in November, this year.

The State Governor, Senator Liyel Imoke disclosed this to Pressmen shortly after inspecting the site located along Calabar – Itu Highway, saying that he was there for an on the spot assessment of the level of work because the first phase of the project should have been completed last year.

Imoke, who was accompanied by the Deputy Governor, Mr. Effiok Cobham hinted that government would address the factors impeding its early completion, stressing the communal problems created by the indigenes of the area as well as the provision of electricity for the security of the equipment will be tackled.

The Governor noted that the project had been unduly prolonged; stressing that government is poised to tackle challenges for the actualization of its goals because of the passion which it attaches to electricity as a catalyst for industrial development

Imoke explained that a stable power generation and distribution will help boost the economy of the state as well as provide job opportunities and business to the people.

He said such challenges like communal differences, provision of security parameters to secure facilities and materials for installation as well as the difficult terrain would be tackled, reiterating the resolve of government to intensify efforts to ensure that one out of the five turbines is installed to supply power to Calabar metropolis by November.

The Project Manager of GITTO, the construction Company handling the project, Mr. Giafranco Mungul received and conducted Imoke round the premises and explained that the Chinese company drafted to perform the installation of the five turbines will commence work soon after the parameter fencing.

Mungul attributed the delay to the rocky terrain, the weather as well as incessant communal differences, as well as lack of adequate security while stating that 80 percent of the materials needed for the project including the turbines have been delivered.

Mungul, however, said that much of the civil work and construction of parameter fence is nearing completion, noting that the work on the pedestals will start next week.

The power plant, when completed, will supply power to Cross River and if there is enough to spare, extend to the neighboring states.

Work on its staff quarters on the site is also in progress with 28 semi-detached 2 bed room flats, 20 three bedroom units and two four bed room units as well as a football pitch, lawn tennis court, canteen and a club house.

Electricity Commission Grants 18 Licences To Power Producers

Idahosa Asowata

In consonance with the present government’s determination to drastically improve power supply in the country, the Nigerian Electricity Regulatory Commission (NERC) has so far granted 18 licences to independent power producers to generate electricity amounting to 6,864.50 megawatts.

This is in addition to the interim licences granted to the 18 Power Holding Company of Nigeria (PHCN) successor companies in July 2006. NERC’s chief executive, Dr. Ransome Owan, who announced this at a national press conference in Abuja recently, stated that "government’s initiatives in increasing generation capacity are equally robust and ongoing through the Nigerian independent power programme".

According to him, new hydro projects in Mambilla, Dadin Kowa and Zungeru are also ongoing and are expected to add a total of 5,389 megawatts to the grid. It is therefore expected, he said, that in the next few years when these plants are fully operational, the national power demand will have been bridged significantly.

Dr. Owan stated that beyond the issue of availability and supply of power is the matter of consumer satisfaction, adding that within the period of its operations since 2005 the commission had received numerous complaints on power service delivery. He pointed out that among the popular marketing and economic principles is that which proclaims the customer as king. "At NERC, we would like to contemplate that the consumer is king!" he emphasised.

He named the companies so far issued with licences for generation on grid as Farm Electric Supply Limited, Ethiope Energy Limited, ICS Power, Supertek Nigeria Limited, Mabon Limited, Geometric Power Aba Limited, Aba Power Limited (distribution), Westcom Technologies & Energy Services Limited, Anita Energy Limited, Bresson Nigeria Limited, Ewekoro Power Limited (off grid generation) Ikorodu Industrial Power Limited (off grid generation/distribution), Westcom Technologies & Energy Services Limited (generation off grid), and Trans-Amadi, Omoku and Eleme all of First Independent Power Company Limited, Rivers State (generation of 381 megawatts).

Mobile phones hit 32.3m, rise by more than 12,030 per cent in 6 years

Mobile phones are estimated to be more than 40 million!!

Former German Chancellor Wants Country As G8 Member

This Day (Lagos)

8 June 2007
Posted to the web 8 June 2007

Paul Ohia with Agency Report
Lagos

Former German Chancellor, Helmut Schmidt has called for the inclusion of Nigeria and other countries in the Group of Eight (G8) industrialized nations in order to tackle global issues more effectively.

According to him, the annual summit of the group will be ineffective in tackling global issues without an expansion to include major developing countries like China, India, Brazil or Nigeria.

In order to further its influence over the world economy, an expansion of the G8 that brings in these nations is necessary, Schmidt told German Phoenix TV. 'The lever, which these eight represent altogether, is much too short,' he said.

Schmidt, who co-initiated the annual summit of rich nations back in the 1970s, also said that he did not have high expectations of the G8 summit in Heiligendamm. Such a 'medium event' rarely achieves concrete results, he added.

The concept of a forum for the world's major industrialized nations emerged following the 1973 oil crisis and subsequent global recession.

Meanwhile, President Umaru Musa Yar'Adua is participating at this year's meeting Germany. He was invited by the G8 as one of Africa's outreach group, which also includes the leaders of Egypt, South Africa, Ethiopia, Senegal and Ghana, current chair of the African Union (AU). The summit entered its second session yesterday as protesters kept tension high leading to the arrest of more than 300 activists. Several thousand of the protesters clashed with riot police, who used tear gas and water cannons to disperse crowds that blocked roads and railways leading to the site of the meeting, the Baltic Sea resort of Heiligendamm. Eight police officers were injured, and 15 demonstrators were detained, a police spokesman, Luedger Behrens, told Reuters. He said the police used force after being pelted with stones. While the protests had little effect on the leaders - who were flown by helicopter from Rostock, the nearest major city, to Heiligendamm - the protestors did manage to foil some of the elaborate security precautions for the summit. The police had erected a 7.5-mile-long fence, completely cutting off the resort, and had banned any protests within 200 yards of the fence. By midday, though, an estimated 10,000 demonstrators - many wearing clown makeup and tinted hair - had penetrated the restricted zone and massed at the fence. Evading checkpoints by crossing through oat fields, protesters also blocked main roads leading from the Rostock airport to the summit site. After numerous standoffs, some lasting several hours, riot police clad in helmets waded into the crowd, occasionally swinging truncheons.

N50 Million Dairy Plant for FCT

Daily Trust (Abuja)

8 June 2007
Posted to the web 8 June 2007

Soliu Hamzat

Plans are underway to set-up a N50 million dairy plant in the Federal Capital Territory (FCT).

The project will be established by the federal government in collaboration with the United States of America and the agric and rural development secretariat of the FCT.

The plant estimated to cost N50million by the government is to get its supply of fresh milk from pastoralists in villages around the FCT.

Speaking yesterday at a commissioning ceremony of a milk collection and cooling centre of livestock, the director general of the Raw Materials Research and Development Council (RMRDC) Professor Peter Onwualu said the plant when established would be a source of reducing poverty and sufferings from rural livestock farmers and their wives.

"It is expected that this project will impact positively on a significant number of agricultural households, especially livestock farmers and rural enterprises .Not only will it create employment opportunities in both the upstream and downstream sectors, it will equally create wealth and alleviate poverty" he said

Professor Onwualu said when completed the plant will be able to meet the demand for milk in the FCT and it's environ. He disclosed that the centre is a pilot project to the plant that is being planed. "We want to use this as a sort of pilot project to the original plant," he said.

What happened to China lol!! USA want to make a comeback :lol: :lol: :lol:

Nigerian Stocks World’s Most Profitable – NSE

From Ayodele Aminu in London, 06.08.2007


Director-General of the Nigerian Stock Exchange (NSE), Dr. Ndi Okereke-Onyuike, told institutional investors and portfolio managers in London yesterday to channel their investments to Nigeria, saying they stood to get over 400 per cent returns.
Speaking at an Investors’ Forum organised by the NSE and the London Stock Exchange (LSE), she said the return on investment which foreign investors stood to gain in Nigeria is, in dollar terms, the highest in the world.
She also appealed to the Central Bank of Nigeria (CBN) and the Economic and Financial Crimes Commission (EFCC) not to keep investors (both foreign and local) waiting for several months in their quest to probe laundered and terrorist funds.
“Return on investment in Nigeria is highest in the world. Institutional investors like the Renaissance Capital can’t get more than 8 per cent return on investment in other countries but they can get more than 400 per cent in Nigeria.
"We are happy that some of the foreign banks are now calling on Nigerian banks to partner with them. We have two institutional investors that are interested in our banks and they are just two of the many others that are interested in our local banks,” she said.
She noted that these foreign banks were not coming into the country to takeover the Nigerian banks but to add value and bring in more funds, which would ultimately help to reduce lending rates and grow the Nigerian economy.
“We want them to grow our banks and lend money to Nigerians at 4 per cent per annum and not the prevailing 24 per cent because it is difficult for an average entrepreneur to borrow funds at above 6 per cent and make profit,” she explained.
The NSE boss, who was responding to a question from an institutional investor that invested in one of the Nigerian banks which recently raised funds but had to withdraw after waiting for several months, stressed the need for both the CBN and EFCC to help hasten the fund raising process in the capital market.
“When banks come to raise money, investors are kept waiting for six months because of CBN and EFCC investigation. Ordinarily, the process should not take more than six to eight weeks. I think what the CBN and EFCC should do is to flag off the percentage of the suspects’ investment and let others trade on their shares.
“I think where we should worry or bother is when money leaves the country but if such money is coming in, we should allow it to come into the country and grow the economy so that we can borrow money at 4 per cent,” she said.
Also speaking at the Forum, Stephen Jennings, CEO, Renaissance Group, the co-sponsors of the conference, where over 12 Nigerian firms were in attendance, noted that Nigeria is the fastest growing capital market in the whole of sub-Saharan Africa “if not the entire continent.”
Noting that the market is becoming faster in reacting to opportunities, he said “the speed of domestic and international market development we are witnessing in Nigeria outstrips anything we experienced in other markets.”
Given this scenario, Jennings, whose company would be investing over $1 billion in Nigeria, said “this means if the right environment is established in Nigeria, the rewards from the capital markets will very large and very rapid.”
He said his company’s investment focus “in Nigeria and Sub-Saharan Africa shall be in two fold: to give Nigerian companies full open access to the lowest cost and most stable capital available globally: and to help build a world class capital market within Nigeria.”

It is wonderful to read that Nigeria is named together with China, India and Brazil by the president of Germany, Angela Merkel!

Chinaís Big Slice of Pei
World-Renowned Architect to Design Huge Chinese Embassy

by Tim Deady

The International Drive embassy complex could be closed to further development because China wants to acquire its remaining lots to construct an embassy that would dwarf the areaís existing chanceries.

One of the worldís best-known architects, I.M. Pei, has been hired to design a new Chinese embassy that would be more than 250,000 square feetótwo and a half times the size of the areaís largest existing embassies. Meanwhile, three new embassies are near completion at the complex, and construction on a fourth property is scheduled to begin shortly.



He did note, however, that China wants to build an embassy of at least 250,000 square feet. The largest structures at the International Drive complex are the embassies of Nigeria and Malaysia, which are currently under construction and when completed this summer will each have 100,000 square feet of office space.

All of the other 15 embassies at the complex are less than 100,000 square feet.

Han Jiekung, an official in the construction office of the Chinese Embassy, confirmed China is in negotiations to acquire from the United States government the three remaining available building lots to construct a new embassy. She also confirmed Pei has been hired to design the building. She noted, however, that nothing is final, and it could be several months, maybe as long as a year, before the actual work on the building begins.

Jiekung declined to comment on the potential cost of the building or on how much the embassy will pay Pei.

Jiekung commented that the primary reason for the possible move is that the current embassyówhich has a staff of 300, is one of the largest in Washingtonóhas outgrown its present facilities at 2300 Connecticut Ave. NW.


The three lots are the last remaining building sites at the International Drive complex. However, an NCPC spokeswoman said there has been some general discussion about making new lots available in the area but declined to give her opinion as to the chances of that happening any time soon.

No other chanceries at the International Drive complex have taken more than two building sites. Malaysia took two sites for its new embassy.

As is the case with most of the embassy buildings at the site, the NCPC has changed some of its building requirements to allow construction of a new Chinese Embassy. Those changes include an increase from 30 percent to 45 percent proportion of the entire lot size that can be occupied by a building. The rest of the land at the building site must remain open. Another waiver granted by the NCPC increases the permitted height of a portion of the proposed embassy from 48 feet to 60 feet.


The site of the proposed chancery would give the Chinese Embassy the centerpiece location on the International Drive. As visitors come off Connecticut Avenue onto Van Ness, the first and most dominant embassy they would see would be the Chinese chancery.

The NCPC spokeswoman, Denise Liebowitz, declined to discuss the China proposal.

China wants to build a new embassy as part of a bilateral agreement with the United States, in which both countries would construct new foreign chanceries in the capital cities of Washington and Beijing.

Officials at the State Department did not return phone calls for comment on the matter, but Pei said the plans for a new China Embassy have not been affected by the recent crisis over the collision of a U.S. Navy spy plane with a Chinese fighter in the South China Sea.

If the Chinese do indeed go ahead and build a new embassy at the site, it could put an end to development at International Drive. By just about all accounts, the 15-year U.S. government project to develop the area as an alternative to the traditional Embassy Row on Massachusetts Avenue NW has been a success.


"It will never have the tradition and history of the buildings along Embassy Row, but at the same time it has given countries an opportunity to design buildings that reflect their country. I donít think there is anyone out there that thinks International Drive takes a back seat to Massachusetts Avenue or anywhere else in the city," he said.


Like many of the embassy buildings, it went through a design competition in the home country, and then was handed over to American architects and builders.


The United Arab Emirates opened its striking new embassy just a few weeks before the scheduled completion of the Slovak Embassy. The building is across the street from the Slovak Embassy and next door to the Austrian chancery.



Just up International Court from the new UAE and Slovak Republic embassies are big chanceries being constructed by Nigeria and Malaysia. The new structures face each other across International Court.

At the end of International Court, between the Nigeria and Malaysia buildings, is the site of the planned new Embassy of Pakistan.


The new Embassy of Nigeria, which is expected to open in early July, sits atop a hill along International Court. The roadway wraps around the embassy, giving it a prominent position. Because it is on a hill, the embassy has a lot of windows, which are lacking in most embassies on International Drive.



Like its neighbor Nigeria, the new Malaysia Embassy on International Court is a big structure. Malaysia wanted a big building to signify the importance the Southeast Asia country places in its relations, particularly in trade with the United States, said building architect Bruce Sanford.




Tim Deady is a contributing writer for The Washington Diplomat.

Naija, just another sign that Nigeria is awakening otherwise new huge embassies wouldn´t get built!

Naija, just another sign that Nigeria is awakening otherwise new huge embassies wouldn´t get built!

WTF, does a massive embassy in the US signify for Nigeria? This is ridiculously useless news. :spam1:

WTF, does a massive embassy in the US signify for Nigeria? This is ridiculously useless news. :spam1:
so when do you have to proof ur might.

We’ll Beat Asian Tigers, Says Yar’Adua

06.10.2007

President Umaru Yar'Adua has said that the economic growth that his administration envisaged to record within the next few years would be “phenomenal”.
Addressing the Nigerian community in Berlin, Germany, as part of his engagements after the G8 summit, Yar'Adua said he believed what the country would witness in the economy would go even beyond what was witnessed during the emerging years of the Asian Tigers.
The president said, however, that achieving such growth would not be easy.
He said Nigerians at home and in the Diaspora who believe they have contributions to make would be given the opportunity to do so.
''We just have to choose to build a great nation. In Nigeria, what we are and what we become in future is what we choose to become today,'' Yar’Adua said.
The president added that Nigerians must choose to adopt the right attitude that promotes growth and not one that promotes destruction.
''I am going to provide the leadership to do this,'' he said, adding that under his administration the era of the ruling elite in Nigeria is over and the era of a servant leadership had begun.
He said the last eight years under former President Olusegun Obasanjo had laid the foundation that would lead the country to join the industrialised nations by the year 2020.
He said his administration was determined to build on the achievements recorded during the period.
The president reiterated his determination to end the lingering crisis in the Niger Delta within the next one and a half years and to also improve security generally in the country.
While assuring that he would lead by example and compel those working with him to also do so, the president said his administration would build on the emerging attitude of good governance and zero tolerance for corruption.

Moscow fund plans $1 billion Africa investment


By Todd Prince Bloomberg News
Published: May 31, 2007


http://img.iht.com/images/headers/hed_home.gif

MOSCOW: Stephen Jennings, the billionaire founder of the Renaissance Capital brokerage firm in Moscow, plans to double his investment in Africa to at least $1 billion this year as a record Russian stock rally stalls.

"If Russia was a once-in-a-lifetime opportunity, sub-Saharan Africa is a second once-in-a-lifetime opportunity," Jennings said during an interview at his Moscow office last week.

Jennings started Renaissance in 1995 with former bankers from Credit Suisse, and the bank has since helped Russian companies raise more than $15 billion. The native New Zealander is now looking to Africa as the Russian benchmark stock index heads for the first decline in eight years, and as competition increases from Goldman Sachs and Lehman Brothers.

Africa's longest economic expansion in more than three decades is fueling demand for capital from overseas. The International Monetary Fund last month raised its growth forecast for southern Africa to 6.8 percent this year from 5.7 percent in 2006, led by the oil-exporting countries Angola and Nigeria.

Renaissance plans to open a Dubai office to help channel oil money from the Gulf into Africa. Jennings, who already has offices in Nairobi and Lagos, will be challenging China, the biggest foreign investor in the continent. The Chinese president, Hu Jintao, vowed to increase investment and imports during a 12-day, eight-nation tour of Africa in February.

"Africa is going through an enormous renaissance and, unlike Russia in the 1990s, it's not a matter of imagining that it might happen, it is happening," Jennings said. "With the exception of the Chinese, we will be one of the largest financial investors in the region. We have the ability and capacity to make quite big investments and bring in co-investors."

A boom in Russian initial public offerings and mergers, growing markets in Kazakhstan and Ukraine, and an asset management business that has surged 1,000-fold since 2003, to $4 billion, are helping Jennings expand beyond equities trading. Russia, the world's biggest energy supplier, had its eighth consecutive year of growth in 2006, when economic output reached $1 trillion for the first time since the collapse of communism.

Renaissance plans to have more than 100 people on the ground in both Kiev and in Almaty, Kazakhstan, by the end of the year. The brokerage, which historically has focused on stocks, is also bolstering its debt department in Moscow as Russia's bond market surges.

Profit at Renaissance Capital, which includes the brokerage and investment banking units, rose 59 percent last year to $301 million, as the Russian Trading System's RTS index jumped 71 percent. The bank's return on equity was 64 percent. Renaissance Capital is part of Renaissance Group, which also owns a private equity firm, a consumer lending bank and an asset management arm.

Jennings owns a controlling stake in Renaissance, according to documents for a 2005 bond sale. He declined to comment on the size of his stake, which Forbes magazine said in November was worth more than $1 billion.

"I see us remaining independent," Jennings said, dismissing reports in local media, including the newspaper Vedomosti, that he might sell the bank.

"We don't need to raise new capital for the investment bank," Jennings said. "The capital base is growing and it's more than adequate for the existing business. The brokerage's equity was $545 million at the end of last year.

Renaissance Partners, the private equity arm, already has $500 million of assets in Africa, including a 25 percent stake in Ecobank Transnational, a lender based in Togo that has operations in 17 west and central African countries. It is targeting more banks and retailers on the continent, Jennings said, though he declined to elaborate on the plan.

Renaissance announced nine new hires for Africa last month, and it expects to have 100 people working on its business there by the end of the year.

"A lot of people are looking at Africa and it's not going to be easy to grab market share," said Steve Cook, an emerging-market credit analyst focusing on the former Soviet Union at Commerzbank in London. "They haven't been here in any material way. It doesn't work like in the former Soviet Union. Only time will tell."

Renaissance expects to underwrite its first African corporate debt as early as July, and aims to sell those securities to investors in the Middle East.

"Middle Eastern investors will play a major, major role as financial investors in recapitalizing the sub-Saharan region," Jennings said.

it seems the man(yar'adua)really meant his words.

Nigeria: Fitch Rates UBN High


Daily Champion (Lagos)

8 June 2007
Posted to the web 8 June 2007

Lagos

FITCH Global Ratings, a foremost international rating Agency, has assigned Union Bank of Nigeria plc National Long and Short-term Ratings of 'A+(nga)' and 'F1(nga)' respectively, as well as Issuer Default Rating ("IDR") 'B+' with a stable outlook.

The Agency explained that the "F1" rating indicates Union Bank's "strongest capacity for timely payment of financial commitments".
Africa 2007

The report stated that IDR, short-term, national and support ratings reflect the probability of support for Union Bank in case of need from the Nigerian authorities. It said Union Bank's well-established domestic franchise would mean a high level of willingness to support but the propensity was limited by the 'BB-IDR' assigned to Nigeria.

Fitch noted that the bank would report robust earnings growth during the 2007 financial year, owing to the continued improvement in economic activities and buoyant credit demand. It said that improved depositor confidence caused the Bank's total deposits to rise by 21 per cent year-on-year to N411.5 billion during the 2006 financial year, while it considers market risk to be low and liquidity levels adequate.
Relevant Links
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Banking and Insurance

The Agency also acknowledged that Union Bank's initiatives to improve its Information and Communication Technology (ICT) as well as risk and control structures would help to alleviate operational risk pressures.

It further noted that Union Bank is a Nigerian-listed universal bank, established 90 years ago with an extensive branch network through which it extends universal banking services and is one of the four largest banks in Nigeria in terms of assets, with a strong banking franchise.

Union Bank has overtime developed into the largest financial supermarket in the country, with viable subsidiaries, specializing in mortgages, insurance, trusteeship, stockbroking, property development/management and share registration. Each of these subsidiaries is a leader in its relevant sub-sector and contributing substantially to the group's gross earnings.

Nigeria:kano state National Trucks Manufacturing company Recruits 300 Indigenes

Daily Trust (Abuja)

3 June 2007
Posted to the web 4 June 2007

Yusha'u A. Ibrahim

Over 300 workers mostly indigenes of Kano have so far been recruited by the National Trucks Manufactures (NTM) since the company resumed full production after it was privatised.

The company secretary, Mr. Prince S.O. Itabiyi, who disclosed this to newsmen at a worker-worker episode organised by the office of the Bureau of Public Enterprises (BPE),"When the company was taken over by the investors in 2004, they found only dust and bush in the company, but now we are assembling 15 different cars and motorcycles in the company."
over 300 workers are enjoying full salaries in addition to the loan scheme that was introduced by the NTM.

Mr. Prince further stated that presently, the company is operating under three production lines unlike before where the company was operating two ineffective production lines.

He pointed out that the Kano state government has assisted the company with groundnut oil worth N34 million, the gesture which he said had greatly boosted the activities of the company.

10 million mobile phones to be sold in 2007

By Jonah Iboma

Published: Sunday, 10 Jun 2007

Managing Director of Samsung Electronics, Mr. James You, is the first Korean to oversee the firm following its establishment of a fullfledged office in Nigeria. He spoke with our correspondent, Jonah Iboma, and highlighted the potential of the Nigerian economy and the firm’s plans for the future

What is your assessment of the Nigerian mobile telephony market?

Nigeria has a great potential and the market is growing very fast. Analysts say that over 10 million mobile phones would be sold alone in 2007 in Nigeria. It is one of the fastest growing telecommunications markets in the world and we are very optimistic because of its potential.

How is the performance of Samsung mobile phones in the Nigerian market?

Our products are doing well. Our focus is on middle range and high-end products. However, this is a challenge as the market segmentation shows that low-end products are still very popular. But the market is growing and we hope that as it grows there would be a shift from the low-end products to the high-end.

What support does Samsung Electronics have for its products in Nigeria?

First of all, we provide products that come with the best quality in the world. We manufacture consumer-friendly products, which also come with one-year warranty. Also, we are currently holding a number of promotions in Nigeria. Through these promotions we get close to our customers and know their problems and this helps us to provide better support for such products.

Can you give an insight into areas you have invested in the economy?

We have significant level of investment in the country. Already, we have two factories which are functional. An air-conditioning factory with a capacity to produce 100,000 units per annum is already in use. Similarly, we have a 50,000-unit refrigerator factory. Another factory that is ready for inauguration is the television factory that will produce 100,000 units annually. We are also looking at other areas of investment in the future if the circumstances allow us.

How many people do you have in these factories?

We have about 500. They work with our distributors who are very many.

How much did Samsung put in the factory?

I cannot actually specify, because our international office is working with our distributors in the establishment of the office. Our distributors put in a lot of money and we are supporting them from our office here.

You said if circumstances allowed, you would invest in more areas. What are the circumstances you are looking at?

We expect to see clear policies from government. Actually we do not know about the policies of the current government at all. We want to see things such as tax holidays. This would help manufacturing

Samsung is one of the firms to establish a full-fledged office in Nigeria. Are you overseeing other African countries from Nigeria?

No. The Nigerian office is for Nigeria only. This is because the market here is bigger than the rest of Africa. We do not even oversee the Ghana market from Nigeria. Once we settle in Nigeria we can then go to other African countries. We have plans to go to places such as Cote D’Ivoire, Liberia and Ghana. However, we have offices in Algeria, Kenya, Morocco and South Africa.

But we want to see a few problems such as power addressed. There are a lot of resources that are wasted due to this.

How long have you been in Nigeria?

About two years now.

Foreigners Target $800m Investment In Fertilizer Plant
By Christopher Adedeji,Correspondent, Abuja

May 17th, 2007

Foreign investors from Lithuania, Soviet Union and China have concluded plans to invest multimillion dollars in the various sectors of the economy.

While the Lithuania, Soviet Union is investing $800 million in fertilizers, ports and independent power production, the Chinese firm, AVA Cement Limited is specifically eyeing Akoko Edo Local Government of Edo state to invest about $250 million in cement factory.

This, the Nigeria Investment Promotion Commission, (NIPC) has attributed to the Federal Government’s effort towards attracting Foreign Direct Investment (FDI) into the nation’s economy.

The Nigerian Ambassador led the company under the auspices of ACHEMA GROUP to Nigeria, Air Commodore Dan Suleman to the commission headquarters in Abuja.

Contained in a release from the commission’s spokesman, Mr. Joel Attah, the group being the largest business outfit in Lithuania has indicated interest to invest in fertilizer production, establishment of port at Warri Port B, independent power production and establishment of media outfits in Nigeria. .

http://www.ip4hotels.com/images/golden_tulip.gif
Golden Tulip to enter Nigeria

Earlier this month, the parties signed a development and representation agreement for the brands Golden Tulip and Tulip Inn to be developed by Golden Tulip Hotels Nigeria Ltd, a partnership between Lionstone and W Hospitality Group.
Earlier this month, the parties signed a development and representation agreement for the brands Golden Tulip and Tulip Inn to be developed by Golden Tulip Hotels Nigeria Ltd, a partnership between Lionstone and W Hospitality Group. Golden Tulip Hotels Nigeria has secured foreign equity and debt funding to support the hotel expansion programme for the region.

Trevor Ward, Managing Director of Golden Tulip Hotels Nigeria, said: 'During the next five years we plan to open at least seven hotels across Western Africa, with a main focus on Nigeria and Ghana. The portfolio will be a mix of newly developed and converted properties to operate under the Golden Tulip and Tulip Inn brands and will be operated by Golden Tulip Hotels Nigeria.

Golden Tulip today combines 250 hotels, of which five hotels are located in the African continent in Cairo (Egypt), Carthage (Tunisia), Dar Es Salaam (Tanzania) and Accra (Ghana).

http://www.ip4hotels.com/images/golden_tulip.gif
Golden Tulip to enter Nigeria

Earlier this month, the parties signed a development and representation agreement for the brands Golden Tulip and Tulip Inn to be developed by Golden Tulip Hotels Nigeria Ltd, a partnership between Lionstone and W Hospitality Group.



This is not news! This excerpt is at least 1 year old!

7,000 HOUSING UNITS TO BE READY IN ABUJA

A Malaysian firm through Foreign Direct Investment (FDI) in the housing sector began work on the proposed Malaysian Gardens.
The estimated cost of the project is N 75.6 billion. The project which is expected to consist of 14,085 housing units built with the thermo wall building system will sit on a 510-hectare parcel of land in Saraji district which is about 7km away from Abuja city centre.

A breakdown of targeted income group is as follows;

60% - Low Income Earners
25% - Middle Income Earners
15% - Upper-Middle earners and above

This is not news! This excerpt is at least 1 year old!
so they are already in nigeria?

Comments by the Chinese press.

http://english.people.com.cn/200706/12/eng20070612_383152.html

07:45, June 12, 2007
News Analysis: Nigerian economy is shaping up

Strong indications from Nigeria's domestic and external sectors show that Nigerian economy is receiving a positive impact.

The second quarter and indeed, this year are promising opportunities for accelerated economic growth for Nigeria, especially, after the April general elections.

The third quarter will actually reveal the true pace of the economy, because, by then, the newly elected officials, will have assumed governance duties.

Currently, Nigeria's foreign exchange reserves is standing at about 43.48 billion U.S. dollars. The government, through the creation of the Independent Corrupt Practices Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC), is waging a ferocious war on corruption, money laundering and related offenses.

Gross Domestic Product per capita was 1,114 U.S. dollars, oil production grew by 2.5 percent, Gross National Savings by 20.6 per cent, the oil sector by 4.7 per cent while the non-oil sector by 8. 9 per cent, at the end of 2006.

According to the Governor of the Central Bank of Nigeria (CBN) Charles Soludo, Nigeria now has a sustained macroeconomic stability, rapidly growing non-oil sector, telecommunications and capital market, among others.

Finance Minister Nenadi Usman, a month ago, disclosed that the removal of the country's debt overhang has restored investors' confidence in Nigeria and also facilitated trade with other countries by improving access to export credit facilities.

"Nigeria's exit from the Paris Club is the biggest debt write- off for any sub-Saharan African country. The debt was structured to enable Nigeria secure a complete and permanent exit from the Paris Club within the shortest possible time," Usman said.

Before August, 2005, when Nigeria secured a debt forgiveness of 18 billion, U.S. dollars from the Paris Club of creditor nations, the country's external debts were about 30 billion dollars.

Now, the country's external debt stands at 3.03 billion dollars, considered sustainable following internationally-accepted benchmarks.

The Nigerian economy is on a reforms journey it embarked upon, some eight years ago, it was ostensibly to have its inherent structural defects corrected.

Before now, virtually every aspect of the economy, agriculture, manufacturing industry, energy, transport, communications, education, information, culture, sports, water, housing, and general administration, among others, is abounded with unjustifiable subsidies, resource mismanagement and waste.

The story is a different one today, as the African giant is under reforms. A sector by sector overview of the economy in reforms reveals an upward trend in manufacturing industry. This is based on economy-wide optimism while hope is placed on possible improved funding from the recapitalized banking system.

Currently, the capitalization of Nigerian Stock Exchange (NSE) is 6.754 trillion naira strong (about 52.77 billion U.S. dollars). The banking sub-sector has continued to inspire hope as it remained the most active on the floor of the Exchange. Now, about 16 Nigerian banks are in the list of top 1,000 banks in the world while five are in Africa's top 10 banks' list.

The public sector has been investing greatly on infrastructure including the ones for transport and the Power Holding Company of Nigeria, formerly National Electric Power Authority (NEPA), among others. About 1.3 trillion naira (about 10.16 billion U.S. dollars)is believed to have been sunk into the power sector over the past eight years.

There has been some inflow of direct foreign investments into the economy, mainly from the telecommunications sector. The agricultural sector is showing some promises, although government's objective of food security is yet to be achieved. The petroleum sector, which is the cash cow of the economy, is undergoing reforms to make it competitive internationally. A better accounting system for oil proceeds has been established for the purpose of consolidating inflows and outflows into the national budget.

Soludo has advised newly-elected President Umaru Yar'Adua to consolidate on the modest achievements of the current reforms "by breaking the national resource curse" of dependency on oil, ensure micro-economic stability and fiscal responsibility to sustain the gains of the reforms.

The challenge before the new government is how to reverse an entrenched tendency of sharing oil riches to the few and leaving the vast majority in crippling poverty.

big up" james bond!you made my day complete.

16 nigerian banks!nigerian banks are world class.

James bond that is an old news

James bond that is an old news
it's more better now!:banana:

Nigerian, Izuogu, records scientific feat
With an invented device known as Emagnetodynamics, a Nigerian, Dr. Ezekiel Izuogu has yet again recorded a scientific breakthrough in the field of electronic motors. The equipment, when engaged, could be the solution to the constant crisis surrounding energy needs in Nigeria and bring in foreign exchange once it is eventually patented by the World Intellectual Property Organisation (WIPO) in Geneva, Switzerland. Also referred to as "The self sustaining machine", it is expected to facilitate the manufacture of electric cars and also powers computers, television sets, fans, and air conditioners among others. For now, it is non-self sustaining. Izuogu, while demonstrating the efficacy of the machine with the aid of several interconnected batteries before journalists in Abuja, noted that "the machine which we have designed, works without current. I have called it the new machine like the electric motor and it could someday replace the electric motor in most devices."

sorry guys how do i post pictures cos there are a couple o pics i wnt ta put up

Now all we need is to own refineries and gas stations in USA!!!!

From Laolu Akande, New York

NIGERIA has moved up the ladder as the third largest exporter of crude oil to the United States (U.S.).

At the end of March this year, the U.S. Energy Information Administration said that Nigeria overtook Saudi Arabia and Venezuela, at once, to get to the third position in energy supply to America.

From eight per cent some years ago, Nigeria is now credited with supplying about 12 per cent of U.S. oil imports.

The development has heightened expectation that the U.S. will continue to be favourably disposed to issues that affect Nigeria.

Public policy experts in U.S. have always articulated that the country's energy needs will continue to dominate the tone and tenor of America's foreign policy to oil producing nations, including Nigeria. With the prevailing situation in the Middle East, Nigeria's significance in the provision of U.S. energy needs is now clearly on the rise.

Based on March 2006 records and up till recently, Nigeria was still regarded as the fifth largest exporter of crude oil to the U.S., coming behind Canada, Mexico, Saudi Arabia and Venezuela. But on the average this year, Nigeria has been supplying about 1,156,000 barrels per day, coming behind Canada, which average supply during the period is put at 1,825,000 barrels daily and Mexico with 1,475,000 barrels per day.

Last year, Nigeria's average net oil supply to U.S. was put at 2.2 million barrels per day.

Nigeria's rising oil supply occurs at a time of a series of disruption in local production in the Niger Delta region, where at least 20 per cent of the total output has been shut out, especially in Warri, Delta State and Port Harcourt in Rivers State.

America's official records on the monthly energy data for March released on May 30, 2007, and obtained yesterday by The Guardian, showed that for the first time in recent times, Nigeria supplied more crude oil to the U.S. than Saudi Arabia and Venezuela.

The figures show that Canada and Mexico were the first and second largest exporters of oil to the U.S. But they had essentially retained that spot, for, while Saudi Arabia would normally have followed suit until March this year, Nigeria has overtaken both countries in energy supply to the country.

According to the Energy Information Administration, an agency of the U.S. government under the Department of Energy, Nigeria exported 1,290,000 oil barrels to the U.S. in March.

Saudi Arabia came in immediately after Nigeria with 1,216,000 barrels per day for the month of May and Venezuela had 1,036,000 barrels per day.

Industry watchers both in Nigeria and the U.S. have been projecting that the U.S. would be looking to Nigeria for more of its oil supplies than from the Middle East, which has remained a global flash point.

Other African countries, according to the records are Angola, which occupied the sixth position with 696,000 barrels per day, Algeria, which came in eighth with 501,000 barrels, Libya took the 14th place with 105,000 and Congo-Brazzaville 79,000 barrels per day occupying the rung of the ladder at 15th.

Other countries quoted in the records include Iraq, which was seventh with 532,000 barrels per day, Kuwait with 288,000, Brazil 209,000 came 10th, Russian is 11th with 193,000, Ecuador 12th at 191,000 and Colombia 13th with 108,000 barrels per day.

In all, the monthly data analysis for crude oil imports in March 2007 shows that "four countries have each exported more than 1.10 million barrels per day to the United States."

It added that the top five exporting countries accounted for 67 per cent of U.S. crude oil during the month, where crude oil imports to the U.S. averaged 10.348 million barrels per day, which is an increase of 1.299 million barrels from the February data.

Last week, American Assistant Secretary of State for Africa, Dr. Jendayi Frazer had alluded to this when she explained why Nigeria remains a strategic country to U.S. security, democracy, trade and energy needs. She said: "Nigeria accounts for 12 per cent of U.S. oil imports and as of March, it passed Saudi Arabia and Venezuela to become the third largest exporter of crude oil to the United States."

James bond that is an old news
It is?

It was dated June 12, 2007. :?

Well, if it is it's nice to read it again. :)

sorry guys how do i post pictures cos there are a couple o pics i wnt ta put up
Do {img}http://www.somewebsite.com/somepic.jpg{/img} except replace { with [ and } with ]

Nigeria: FCTA Flags Off N48.5bn Road Projects
Vanguard (Lagos)

12 June 2007
Posted to the web 12 June 2007

Umoru Henry
Abuja

THE Federal Capital Territory Administration (FCTA) yesterday flagged off the construction work on Roads B6, B12 and Circle Road as moves to connect the Nnamdi Azikiwe International Airport road to the city at a total cost of N48.5billion.

The FCTA had also concluded plans to relocate the giant Abuja symbolic City gate, adjacent the Abuja National stadium to a new place. The move is geared towards effective construction work by the firm, Julius Berger Plc.
Africa 2007

Disclosing this in Abuja yesterday at the official ground breaking ceremony for the commencement of work on the roads, the Executive Secretary of the Federal Capital Territory Administration, Engineer Muhammed Sanni Alhassan said the FCTA will immediately set up a Technical Committee comprising various professional, political, traditional and other cultural interest groups that would identify a more suitable new site for the City Gate that shall be for all times.
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Engr. Alhassan who urged the management of Julius Berger Nigeria Plc to execute the job with high quality delivery within the stipulated completion period of 30 months, just as he described the project as one of the single biggest construction contract approved by the past administration for the FCTA.

The FCTA boss promised that the administration would ensure that its contractual obligations were met through the making of reasonable budgetary provisions for all the projects.

Also speaking, the Director, Engineering Services of the Federal Capital Development Authority {FCDA}, Engr. Sylvester Ugonabo explained that the scope of work under the contract package include completion of Roads B6, B12 and Circle Road; development of the extended roads B6 and B12 around the existing City Gate

dnt knw d website jst hav it on ma pc.

Iluvnaija, Upload the picture(s) to ImageShark (http://imageshack.us/) or PhotoBucket (www.photobucket.com) etc.

sorry guys how do i post pictures cos there are a couple o pics i wnt ta put up
something like these:you would put the link of photo you copied in-between these "img" thing

Brass LNG Signs $8.5bn Contract
By Fidelia Okwuonu with agency report, 06.13.2007

Nigeria Brass Liquefied Natural Gas (LNG) yesterday signed a construction contract deal of 8.5 billion U.S dollar.
The LNG export project took a new turn yesterday inspite of the incessant insecurity situation in the Niger Delta.
According to reports, the shareholders, which include Total, Eni unit of Agip ConocoPhillips and Nigerian National Petroleum Corporation (NNPC), have yet to take a final investment decision because repeated militant attacks and kidnappings near the site in Bayelsa state have prevented contractors going to the site.
The award of the engineering and procurement contract to a privately owned US company (Bechtel) last week, the report said, indicates that the Brass LNG project would definitely go ahead despite the challenges.
The US-based company said on its website that the contract covered the co-ordination of all construction work for Brass LNG, which is designed to export 10 million tonnes of LNG a year starting from 2012.
This, according to a senior company official, also indicates that the investors are still committed to the project.
Bechtel is expected to build the main gas units itself, and sub-contract other work and that it was responsible for the early engineering and design, which finished last year.
Report said Brass LNG had been expected to get the final green light from investors at the end of last year, but that decision has been on hold because of rising insecurity in the Niger Delta and that executives now expect the final investment decision by the end of this year or early in 2008.

thnks. i've posted thm in the west africa thread

GSM Users May Pay N8.1bn Annually for Anti-theft Scheme

By Shina Badaru, 06.14.2007

Mobile phone subscribers will pay about N8.1 billion annually under a proposal being pushed by the Nigerian Communications Commission (NCC) to implement a system for blocking stolen handsets on the nation's telecoms networks.
But the service will not come free as phone suscribers will cough out a monthly fee of N20 for the compulsory services if ongoing talks with stakeholders in the telecoms market, which is receiving mixed reactions, is implemented by the telecoms regulator.
Technology Times checks revealed that NCC, in its bid to check the incidence of mobile phone theft in the country has issued a licence to a company called Net Visa to begin a central equipment identity register (CEIR) that will offer a clearing house for operators to exchange data on stolen phones and block such handsets across all networks.
According to official statistics from NCC, the Nigerian mobile market which has experienced significant growth in recent years peaked at 34 million subscribers in January 2007.
Under the plan, every mobile phone users in Nigeria will pay a compulsory monthly fee of N20 that adds up to N680 million and N8.1billion in monthly and annual revenue respectively for the CEIR licensee under the proposed system championed by the NCC to stem the incidence of handset theft.
Technology Times checks revealed that the point of convergence among all stakeholders is that there is clear and urgent need for a mechanism to combat the growing incidence of mobile phone theft.
However, there is divergence of views among stakeholders on measures being taken by NCC to address the issue which some analysts reckon may enrich a few well-connected people at the expense of the exponentially-growing mobile phone users in the country.
A meeting called by NCC in Abuja Tuesday this week in Abuja among stakeholders in the sector in a bid to push ahead with the implementation of the scheme was not conclusive because of divergece of viewpoints on the regulator's implementation plans.
One of the areas in contention is the issue of the compulsory N20 monthly fee that phone users nationwide will have to pay if the NCC proposal is carried out; a developement that may also pit the regulator against mobile phone companies who claimed they are able to provide the service cost-free to users as part of their corporate social responsibility without the need for Net Visa, "which they reckon is a 'middle man' out to benefit from the mobile boom without adding any value", a source told Technology Times.
Spokesman of NCC, Dave Imoko, did not comment when asked about the issue of licence allegedly issued Net Visa.
Based on this Net Visa is projected to earn an estimated N68 million monthly and N6.8 billion if the service goes live on the the contentious N20 monthly fee being proposed for the service by NCC.
The meeting could not reach a middle ground of the issue of payment by subscribers which operators are expected to deduct from the airtime of their respective subscriber base and then pass on to the CEIR licensee, sources said yesterday.
If the proposed fee for cell phone blocking takes off, analysts reckon that the booming mobile market is projected to pay more than the projected N8.1 billion with increasing amid increasing market growth recording over 100 per cent year-on-year.
Nigeria's mobile peneration which grew from less than one per cent in 2001 to over 24 per cent in January this year is projected by industry watchers to exceed 40 million by year end driven by industry reforms, introduction of unified access service licensing and competition among the big three GSM operators: MTN, Glo mobile and Celtel.

FG, UN Plan Rubber Plantations in Kaduna

06.14.2007

Kaduna

The Federal Government and the UN have completed an arrangement to establish rubber plantations in Southern Kaduna. This was disclosed yesterday in Manchok, Kaduna, by Mrs Mary Mokowenya, Executive Director of the Rubber
Research Institute, Benin. Mokowenya, who led a team of researchers, including UN officials, were on a visit to the Chief of Moro'a, in Manchok, Kaura Local Government.
She said the arrangement was directed toward widening the scope of the country's exports to reduce over-dependence on oil, adding that he delegation included Malaysian rubber experts who were in Nigeria on their first field visit.
Mokowenya said Southern Kaduna was chosen because the weather in the area had been found to be suitable for crop varieties, while the institute had earlier commissioned a study of the area with the result encouraging.
Responding, the Chief of Moro'a, Malam Tagwai Sambo, thanked the delegation for the visit and for choosing Southern Kaduna for the project.
He assured the delegation that farmers in the area would give them the necessary support, co-operation and encouragement to turn the area into a rubber producing zone.
"As a father and farmer of repute, I have given out a substantial part of my farm for the project," he said.

I am liking Mr. President every day that passes!!!
DANIEL IDONOR, Abuja
PRESIDENT Umaru Musa Yar’Adua yesterday stopped incessant congratulatory visits to him in Aso Rock Abuja, and advised well-wishers to stay back at their respective homes to pray for the success of his administration.

He gave the advice at the State House when he received a 300-man delegation from Kaduna State led by Governor Namadi Sambo, which came to congratulate him and pledge support to his administration.

Although he expressed gratitude to the delegation which had earlier visited him before the May 29 inauguration, Yar’Adua said he really wished the visitors remained in Kaduna and wished him well from there; so as to allow him room to and steer the ship of state.

"I thank you for your visit although I had actually wanted you to stay at home. Well, you are the lucky ones. All those including Katsina (his home state) that wanted to come with a strong delegation to congratulate me, I told them to stay at home and do your work, and allow me and my colleagues in Abuja to also do our work"; he observed.

He applauded Kaduna governor for incorporating the opposition parties in his government and pledged to tow the same line at the federal level because, Nigeria needs a new political culture that subsumes acrimony and intolerance after elections.

"I want to congratulate you (the governor) for bringing other political parties on board for the benefit of peace, prosperity and progress for your state. This is a worthy example we at the federal level are trying to copy.

Yar’Adua further said"We need to change our political culture. The entire political class need to adopt and develop a political culture whereby we can compete in general elections as brothers that we are. "And after the elections, we should be able to have a common front and unite ourselves to contribute to issues that affect our nation and put behind us problems that affect our persons and parties." We must always put the interest of this country above any personal or partisan political interest. Like in all competitions, we must compete for power. After the competition is over, we must all now work together for the best interest of the nation".

Governor Sambo told Yar’Adua he led the large delegation that comprised all opposition parties that lost to the Peoples Democratic Party (PDP) in the gubernatorial polls to show that his administration has incorporated all shades of political leanings just as the president intends to do in Abuja .

He said his government would also implement the PDP policies and would assist Yar’Adua to ensure Nigeria becomes one of the 20th biggest economies in the world by 2020.

Unlike many other governors who claimed to have inherited an empty treasury, Sambo said he was fortunate to have been bequeathed over $2.3 billion by the out-gone administration of Ahmed Makarfi.

Please Yar'adua, move Nigeria in the right direction.

i have faith in the guy

Yea Nigeria need a sensible person to lead it.

Yar'Adua sacks remaining Obasanjo aides
As the nation waits on President Umaru Yar'Adua to emerge from the shadows of the last administration, a specific directive has gone to all political appointees appointed between 1999 and 2007 by former President Olusegun Obasanjo to vacate office immediately. A circular dated June 11, signed by the Secretary to the Government of the Federation, Babagana Kingibe and sent to all political office holders read: "The tenure of specific Advisers, Senior Special Advisers, Assistants and other political appointees in the last administration ended on May 29, 2007 in accordance with the terms of appointment." Besides, the presidential directive noted: "This is to reiterate the directives of the former President, Chief Olusegun Obasanjo to the effect that all such political office holders should hand over the administration of their offices to the most senior officers." The Guardian inquiry in Abuja revealed that the President was irked that there were still many of the former President's men and women hanging around their to carry out one form of unfinished businesses or the other.

According to informations,"Obasanjo is said to have got stuck in lagos "traffic congestion" for 2hours,While vacating "aso rock" for "ogun state."it's unusual!

Yar'Adua sacks remaining Obasanjo aides
As the nation waits on President Umaru Yar'Adua to emerge from the shadows of the last administration, a specific directive has gone to all political appointees appointed between 1999 and 2007 by former President Olusegun Obasanjo to vacate office immediately. A circular dated June 11, signed by the Secretary to the Government of the Federation, Babagana Kingibe and sent to all political office holders read: "The tenure of specific Advisers, Senior Special Advisers, Assistants and other political appointees in the last administration ended on May 29, 2007 in accordance with the terms of appointment." Besides, the presidential directive noted: "This is to reiterate the directives of the former President, Chief Olusegun Obasanjo to the effect that all such political office holders should hand over the administration of their offices to the most senior officers." The Guardian inquiry in Abuja revealed that the President was irked that there were still many of the former President's men and women hanging around their to carry out one form of unfinished businesses or the other.

Good news but let's stick to economic news and refrain from posting political ones. Thanks.

Celtel to Commit $1.5bn to Rebuild Network

By Efem Nkanga and Tumise Adekunle, 06.15.2007

Celtel Nigeria ,is to commit the sum of $1.5 about 191 billion naira into rebuilding its network and making it the best performing network in Nigeria before the end of the year. This was disclosed at a press briefing in Lagos today by its new Chief Commercial Officer, Dave Foley. He added that Celtel a subsidiary of MTC, came into Nigeria a year ago due to the economic size of country. He disclosed that Celtel will add 3,300 Cell sites before the end of the year. He stated that Lagos alone already has 1,700 cell sites and added that Celtel is working to expand the capacity. A cell site is a site where antennas and electronic communications equipment are placed to create a cell in a cellular network for the use of mobile phones. A cell site is composed of a tower or other elevated structure for mounting antennas and one or more sets of transmitter/receivers transceivers, digital signal processors, control electronics, a GPS receiver for timing (for CDMA2000 or IS-95 systems), regular and backup electrical power sources, and sheltering. Foley, who said the 191 billion proposed investments is more than the entire revenue of Celtel in Nigeria, added that the injection of more funding is Celtel’s amazing way of making itself the leader in the Nigerian telecom sector, adding that: “by 2012, Nigeria would have 100 million mobile phone subscribers, which Celtel would take substantial percentage of”.
Explaining why Celtel could not give a specific figure of revenue in Nigeria, Foley said: “Celtel is part of the MTC Group quoted in the Kuwaiti stock exchange. When our figures are fully ratified, we shall disclose the accurate figures of our revenue in Nigeria”.
While answering questions on the recent hike in Celtel’s tariff occasioned by the recent increase in the Value Added Tax (VAT), Foley explained that: “it is a culture of Celtel anywhere it operates to pass to the consumers any increase in VAT.
Foley also disclosed that Celtel was giving 10million minutes to customers in its one year anniversary promo. He reiterated that Celtel will increase its pace of activity and be more competitive in the market place. He stressed that though Vmobile did not have money to expand, Celtel has and will drive rural telephony expansion in order to bring more service to more people.Mike Foley replaces the former Chief Commercial Officer, Mr Chuma Okoye who has been appointed as Group Marketing Director in Amsterdam . Foley joined Celtel from Emirates International Telecom in Dubai , the United Arab Emirates , where he was the Group Chief Commercial Officer. A French Canadian, Foley was previously an Executive Director and Chief Commercial Officer of Mobitel in Bulgaria . He has also worked previously in several telecom’s networks in such countries like India , Romania , Bulgaria , Tunisia , Kuwait ,the UAE and Saudi Arabia . Foley brings to Celtel, an extensive and impressive experience at corporate executive level including a broad spectrum commercial knowledge of telecom and internet business in several continents of the world.
It will be recalled that the Celtel Group had in January injected $1.4 billion into the Nigerian economy, bringing its total Foreign Direct Investments FDI in the country to about $2.5billion which translates to about N325 billion naira in 19 months.
Celtel made its entrance into the nation’s communications landscape less than eight months after its entry into Nigeria through the Pan African mobile operator, MTC.
The MTC Group Chief Executive Officer and Vice Chairman, Dr. Sa’ad Al-Barrak, had stated then that the new investment in Celtel Nigeria would enable the company pursue aggressive infrastructure development and quality of service. He had reiterated that the MTC Group was set to pursue an aggressive expansion in Nigeria because of the nations huge market size and re levance to the political and economic fortunes of the continent. He had also noted that there was no doubt that Nigeria will play a significant role in its plan to become a global operator by the year 2011.

Women's soccer between Nigeira, Algeria moves to Abuja


Algeria on Thursday accepted the Nigeria Football Association's late change in venue of its Olympic qualifier against the Falcons, an official of the Nigeria Football Association (NFA) was cited as saying on Friday.

According to FIFA rule, a host country cannot enforce a change of venue less than 10 days to a match. But the Algerians in their magnanimity ignored the rule and accepted NFA's appeal to change the venue from Oghara in Algeria to Abuja, capital of Nigeria.

NFA Secretary-General Bolaji Ojo-Oba facilitated the change in venue through the Algerian Embassy in Abuja on Thursday.

"They have been very understanding. We are changing the venue to give our visitors the very best treatment on and off the pitch, " Ojo-Oba said.

The Algerian women's team was expected to left Oghara for Lagos on Thursday night and move to Abuja on Friday to begin training for the match holding on Sunday.

Algeria won the first leg 1-0 and Nigeria needs two-goal margin to move on in the competition.

Source: Xinhua


ALGERIA WE ARE FLEXIBLE WITH OUR AFRICAN FRIEND :) :)

WHO WILL WIN ???:nuts:
:cheers:

Lagos BRT runs on four more routes, adds 100 buses

By Bertram Nwannekanma

AFTER a good trial run on limited routes, the Lagos Bus Rapid Transport (BRT) has opened four more corridors for its buses.

The new corridors came with 100 new buses to be added to its fleet of buses.

The Managing Director of Lagbus, the firm managing the BRT, Mr. Rotimi Oyekan, said on Monday that the firm, which started operations with Ojodu, Berger and Tafawa Balewa Square (TBS) as corridors, was strengthening its operations.

The four new corridors, expected to start in a few weeks are Ikorodu- TBS, Agboju- TBS, Abule Egba- Lagos and Oworonsoki- Apapa.

On the journey so far, Oyekan said "the reality is that Lagbus is not yet delivering the BRT service. There is certain infrastructure to be put in place to convert to full BRT. Those things require large sums of money and we are challenged in putting that kind of money together.

"We believe in the next three months, the things needed would have been put in place for that corridor to become a full BRT.

"However the issue of enforcement and compliance on the BRT lane is the prerogative of Lagos State Traffic Management Authority (LASTMA).

"Lagbus itself cannot enforce the right of way of our buses. That is why we have a system whereby two or three institutions collaborate for this system to work.

"LASTMA is improving just as we are. Some time in April, the government took the decision to relax the enforcement, but we believe that we are now in a position to sensitise people on the need to give the buses the priority to operate.

"But on our own, passenger load has been improving dramatically as we are witnessing a growth of 75 per cent daily.

"Right now, we are carrying 15,000 people a day in that corridor. I think, we should be encouraged", he added.

Describing the Lagbus mission as a unique creation of Lagos State government to solve the urban mass transit problem, Oyekan said the concept was being closely guided.

"In the next two months, we will launch something in the Central Business District that will change the face of commuter bus service in Lagos".

On the challenges ahead, Oyekan said the firm has learnt to adapt because the bus system is not a rigid, straight-jacket system but comes in different phases.

"When we started, there was some resistance. But today, people have accepted our service and we have developed certain skills which we intend to grow as things unfold".

On co-operation with Lagos Metropolitan Area Transport Authority (LAMATA), he said government was about to design how the co-operation should be so that areas where there seemed to be conflict would be resolved.

On the leasing of the buses to civil servants, the Lagbus boss said the organisation was playing a role of a clearing house for government in terms of changing the bus system not only for commuters but civil servants, who were promised by government to change their fleet.

"What we have done is to give them some of the buses while we replace them with stocks we ordered. We just ordered 100 new buses and we are buying another 40 soon".

Lagbus, he said is also involved in getting Marcopolo to set up an assembly plant in Epe and a maintenance factory in Oshodi, all, hopefully, by December 2007.

http://bp2.blogger.com/_HNtNUgBzjXI/RdNpwNvV6OI/AAAAAAAAAE8/p4DkhhWhxAQ/s1600/lagos3.jpg

Nigeria: Firms Establish N1.3bn Factory for Milk, Tomatoes Manufacturing

Vanguard (Lagos)
15 June 2007
Posted to the web 15 June 2007

Franklin Alli

JOINT venture firms, Conserveria Africana Limited and Sosaco Nigeria Limted, in conjunction with Watamal Group Hongkong, have declared their intention to commence local manufacturing of Jago Milk including Pomo and Gino brands of tomato paste with a soon-to-be commissioned 10 million dollars factory (about N1.3 billion) at Ota, Ogun State.

The companies have also received Standard Organisation of Nigeria (SON)'s Mandatory Conformity Assessment Programme (MANCAP) for their products: Jago milk, Pomo, and Gino brands of tomatoes paste.

Receiving the documents on behalf of management and staff, the Managing Director, Conserveria Africana Limited, Mr. Nurani Kedarnath , said "we don't want to remain a pure merchandising company in Nigeria. Nigeria is a huge market, about 140 million people, and we are being spurred to begin local manufacturing of our products. In a matter of few months, we'll move out our entire operations from Gbagada Industrial Estate to our new site at Sango - Ota."

SON's Director General, Dr. John Akanya, represented by the Lagos Zonal Coordinator, Dr. Yunus Alaya, who presented the conformity assessment certificates to the firms, commended them for their investments in the latest state of the art technology which he observes, have enabled the company's products to meet all the 9 parameters of quality assurance test under MANCAP. Noting that quality is a journey, and not a destination, SON warned that after three years, the certificates will be reviewed.

However, according to Kedarnath, much emphasis has been paid on research and products development, saying that for this reason they have invested hugely in updating their laboratory while some staff have been sent overseas for training in order to sharpen their skills.

He gave the credit of the successful certification to the staff of the company whom he described as "our heroes" saying the strength of any company lie in the proficiency and the commitment of its staff and not on machines or technology

He said the company in its quest to boost its sales target had adopted a marketing principle, which focuses more on quality than volume of sales.

He said the introduction of tomato paste in sachet, which the company pioneered in Nigeria, was a product of one of such researches, adding that following its introduction into the Nigeria market, consumers have received it with much enthusiasm.

Kedarnath, who commended the government's economic reform, especially its focus on growing the manufacturing sector, however appealed for more investment in the provision of infrastructure especially roads and electricity, saying the absence of these constituted a set-back to the prosperity of the industry.

Govt to Partner Chinese Firm on Road Construction

From Toba Suleiman in Ado-Ekiti, 06.17.2007

Ekiti

Ekiti State Government and Chinese Com-pany have concluded arrangement on how to go into partnership in the areas of road construction and wood processing as a means of transforming the state economy.
Besides, the government of the United States of America (USA) was said to have equally concluded plans to make its presence felt in Ekiti State.
Executive Director of the China Civil Engineering Construction Corporation, (CCECC) Mr Allen Lee said in Ado-Ekiti, during an economic meeting with the state governor, Mr Segun Oni that his company was fully prepared to partner with the Ekiti State Government in all facets of human endeavours.
According to him, the peaceful atmosphere and the favourable industrial climate in the State are the primary incentives which would be tapped to the benefit of the people.
Lee disclosed further that all arrangements to stay permanently in Ekiti, have been concluded.
While responding, Oni said his administration was irrevocably committed to the transformation of the state’s economy to be one of the fastest growing economies in Africa.
Oni disclosed that government was already developing infrastructural facilities, such as power generating through the micro-hydro project, adding that four sites have already been identified for the project in the state.
The governor disclosed that the coming of the CCECC was as a result of the letter written to their headquarters in Beijing, about the need for investors to tap the human and materials resources in Ekiti.
Oni therefore, mandated the investors to employ Ekiti indigenes in order to reduce the level of unemployment among the youths.

These thread is been managed well...it's one of my favourite!

sorry if this is the wrong thread for this but this is to urge all nigerians to go to www.nigeriavillagesquare.com to sign the online petition concerning the nigerian who was killed by spanish law enforcement agents due to inhumane treatment...so far over 1300 people have signed but we need way more

Nigeria: Arik Air Begins Operation on Kano, Enugu Routes

Daily Trust (Abuja)
15 June 2007
Posted to the web 15 June 2007

Shakirat Abdulmajeed

Arik Air has commenced addition of two direct daily flights from Lagos to Kano and Abuja to Enugu.

The airline's daily flights to the two new routes will commence on Friday June 15 from the old domestic terminal of the local airport.
Africa 2007

With the addition of these routes, the total number of the airline's daily flights is now 46.

Kano thus becomes the seventh domestic airport to be served by Arik Air.

The new Lagos-kano route and the Enugu-Abuja route build on the success of Arik Air on other major domestic routes.

Added Mike McTighe, Arik Air's Managing Director: "The addition of these routes is an example of our commitment to the growth of Nigerian aviation. These are exciting times for us at Arik Air. Our passengers in Kano can look forward to experiencing the New Experience."

Arik Air, which commenced operation in October 2006, operates daily flights to Abuja, Port Harcourt, Calabar, Benin and Enugu.

"As we prepare to take delivery of our brand new New Generation state of the art Boeing 737-700 with winglets, more routes will be added in the coming weeks." Added Tighe.

Nasdra Seeks $100m to Buy Stakes in RASCOM

By Shina Badaru, 06.18.2007

The National Space Development and Regulatory Agency of Nigeria (Nasdra) has asked for $100 million from the Federal Government to buy shareholding in the Regional African Satellite Communications Organisation (RASCOM), a pan-African satellite organisation that plans to provide Africa with its own satellite for relaying telephone, data and TV signals.
Rascom, which represents the interests of some 38 African telecoms operators and other investors, had in 2000 formed a commercial entity, RascomStar-QAF, which plans to launch the first African satellite covering the whole continent later this year.
Technology Times checks revealed that Nasdra, in justifying the request for the additional funding, has cited a potential threat to marketing capacity on its recently launched Nigcomsat-1 and hopes to assuage this by buying stakes in the pan-African venture.
To achieve this, Director-General, Nasdra, Victor Borroffice, has made the request to government, citing the challenge posed in selling Nigcomsat-1's capacity because of perceived competition from the continental spread of Rascom.
However, Technology Times checks revealed further that Nigeria already participates in the Rascom initiative as the national operator, the Nigerian Telecommunications Limited (Nitel), already holds 6.91 per cent stake in the consortium made up of 38 other African telecoms operators.
Additionally, Nigeria, through Nitel, also owns 7.33 per cent stake in the the South Atlantic Telecommu-nications/West African Sub-marine Cable (SAT3/WASC), the submarine optical fibre cable linking Africa with Europe and the rest of the world.
The RASCOM Project which has been endorsed by NEPAD as the only continental ICT project is billed to participate in the NEPAD e-School project, the Pan African e-Network and the e-Post Africa projects, among others.
The project which is implemeted by Frech company, Alcatel Alenia Space (formerly Alcatel Space), will deliver the communication satellite which has a 15-year life span and enable RascomStar-QAF to provide fixed voice, data telecommunications and Internet access as well as broadcasting satellite services to the whole African continent, with footprint extending to parts of Europe and of the Middle East.
Under an agreement with RASCOM, the Regional African Satellite Communi-cation Organization, had in 2000 formed and incorporated RascomStar-QAF as the project company for the pan-African satellite initiative representing the interests of 38 African telecommunications operators among other investors. Construction of he first satellite which started in 2003 is billed to be launched into orbit this year according to the company.
Nigeria had taken a $200 loan from the China's EXIM Bank to part-finance the construction of her second satellite built by the China Aerospace Science and Technology Corporation at the cost of $311 million and launched into orbit from the Chinese soil in May, this year. Nigeria is also the first foreign government to buy Chinese satellite and its launch pad service to send its second satellite, the communications satellite codenamed Nigcomsat-1, into space.
However, indications emerged emerged weekend that Borrofice has launched a 'third term' bid as the Director-General of the nation's space agency, Nasdra.
Also on a come-back bid is former Minister of Science and Technology, Professor Turner Isoun, with both men citing the continuity of projects they have initiated which they say is in its 'infancy' as a good reason to continue in office and midwife the implementation into maturity.

Construction of Amakpe Refinery Takes Off in July

06.18.2007

With oil consumption worldwide expected to rise to 103 million barrels per day (BPD) in 2015 and then to 119 million bpd in 2025, the Amakpe Refinery being developed in Eket, Akwa Ibom State, is positioning itself to begin construction next month and meet the growing demand of the world oil market.
On June 11, 2007, Amakpe’s effort to build a 12,000bpd refinery gained traction after its license to build and operate Nigeria’s first private refinery was revalidated by the Federal Government. The Amakpe license was re-issued after the company met conditions set by the Department of Petroleum Resources (DPR) for the revalidation of the Refinery Construction License.
Amakpe therefore becomes the first of 18 private refinery applicants to scale the revalidation hurdle. Earlier this year, the Nigerian government revoked the licenses of all the license beneficiaries, who were all required to re-apply with proof of financial capabilities, a condition that Amakpe has successfully fulfilled.
“I am very excited about the revalidation of our license, and now we can get the ball rolling on the project,” said Henry Usua Amanam, Chairman/ CEO of the Refinery Company, after he received the revalidated Amakpe Refinery License. Amanam and his partners have already committed substantial cash Investment worth millions of dollars in the project. “We have put in a lot of time, energy and money into the project in the last seven years,” Amanam said in his office in Fremont, California.
“I want to assure you that we are at the right place at the right time because the energy problem today even here in the U.S. is a major issue. Oil is the business for today and tomorrow,” Amanam said.
In addition to the funds already contributed by Amanam and Dr. Ikpe, his late partner who died in 2005, there are loans from UPS Capital as guaranteed by U.S. Ex-Im Bank and Sterling Bank of Nigeria in support of the project. The Project has also benefited from additional private investment as well as a bridge Loan from the NEXIM Bank of Nigeria.
With the revalidation hurdle now cleared, Amanam said over the weekend that groundbreaking and construction work is scheduled to begin in July 2007 at the Ikot Usoekong, Eket, Project Site in Akwa Ibom State. “We are grateful to our project and financial consultants, Financialbridge of Miami, for all their efforts throughout the years in securing funding and overseeing successful project implementation,” he said, adding that “Amakpe Refinery will be the biggest private employer in Akwa Ibom State and a springboard for a new industrial revolution in Akwa Ibom State in particular and Nigeria in general.”
The Refinery is a turnkey project that is being handled by Texas-based Ventech Engineers. Ventech is one of the largest modular refinery contractors in the world, with projects in locations including the U.S., Canada and Pakistan.
At the end of the Amakpe Refinery construction-timeline, the Plant, to be configured to process Qua Iboe Crude Oil, will deliver 12,000BPD. The project will be implemented in two phases, with phase 1 scheduled to start production by September 2008, while Phase 2 of the project will involve the installation of an additional 6,000 BPD, the Distillation Unit, Tank Farm and Accessories, as well as Naphtha Hydrotreater and Catalytic Reformer Unit to produce Unleaded Gasoline.
Mrs. Helen Robert Ikpe, the Vice-Chairman/COO of the Company predicted a bright future for the project. “We have a very bright future even though we are starting with 6,000BPD in phase 1, which will be expanded through 12,000BPD to 30,000BPD within five years.”

Nigeria Accounts For 75 % ECOWAS Market – CBN

June 18th, 2007

Governor of the Central Bank of Nigeria (CBN), Prof. Chukwuma C. Soludo has disclosed that the Nigerian market accounts for more than 75 per cent of that of all the countries in the West African sub-region.

Soludo, who spoke in Lagos at the weekend, during a ‘Financial System Strategy 2020’ (FSS 2020) luncheon with media executives noted that, international investors now recognise the need to have a Nigerian and African strategy in their planning.

The FSS Project is an initiative undertaken by the CBN and other regulators in the financial services industry and aimed at developing a well articulated strategic plan to develop and boost the Nigerian financial services industry.

A three-day conference on the FSS 2020, which is to hold in Abuja between Monday and Wednesday, is expected to be declared open by President Umaru Musa Yar’ Adua.

Justifying the need for Nigeria to be the financial hub center of Africa by 2020, Soludo said "if Nigeria does not move, the entire Africa cannot move. Today, Nigeria’s economy is second only to South Africa in terms of Gross Domestic Product (GDP)."

According to the CBN boss, "we still have a long way to go if the Nigerian economy is to be the largest in the world in the next 13 years. To achieve this, Nigeria’s economy needs to grow by 12 per cent annually.

"To achieve this, we (Nigeria) need to diversify its economy by moving away from oil to the next phase, which has to do with the manufacturing and service sectors. We have about 17 million Nigerians in Diaspora and we have major resources both in human and materials, so 12 per cent growth rate for the economy is not beyond our reach. Having lost many years, we need to grow our economy, he stressed.

Describing the Nigeria’s economy as one of the fastest growing in the world, Soludo emphasised that since the country’s population would be growing rapidly, there is need to also grow resources.

"We were rated to have the fastest growing banking sector. Last year we were among the top banks in the world. Now, we have some of our banks over-taking South Africa, which used to be the largest. What Nigeria has achieved today in the banking sector within three years took South Africa 20 years to achieve. Also, the Nigerian Stock Exchange is one of the fastest growing in Exchanges in the world. This means that if you don’t have an African strategy, you don’t have anything at all."

‘‘Hence, there is need to have a comprehensive internally consistent plan because what happens to one sector of the economy would have an effect on other sectors. Today, with some of our banks having over $1billion in shareholders’ funds means they would be able to finance big-ticket transactions. We need a financial system that would be the safest and fastest growing among the emerging markets and that would lead us by 2020 to become Africa’s financial hub.

"Before the last regulatory induced banking consolidation exercise, all the 89 banks in the country had 2,300 branches but now even after closing 14 banks; bank’s branches have increased to 3,886. Banks are now using the capital they raised to expand. So within the next three years you would have Nigerian banks in at least 20 African countries," he said.

The CBN boss said ideas generated from the FSS 2020 international conference, which would be attended by over 100 international experts from all over the world, would be used to form the Lekki International Financial Centre.

Thanks :)

Nigeria,three others overtake leading global developing markets


June 17th, 2007



Africa’s top four economies comprising South Africa, Algeria, Nigeria and Egypt have overtaken the top four developing markets of the world – Brazil, Russia, India and China -- in terms of per capita income as well as foreign direct investment.

On the shoulders of these four leading African economies, also, rests the continent’s hope of economic development through the knock-on mechanism.

A study, undertaken jointly by the World Economic Forum, World Bank and the African Development Bank (AfDB), called Africa Competitive Report, identified these four nations as the continent’s growth nodes and discredited the traditional approach that saw the entire continent as a basket case.

In this report launched in South Africa at the continuing World Economic Forum on Africa, a team comprising Temitope Oshikoya, director, Development Research Department of the AfDB, and others showed that these four nations had overtaken the leading four global developing markets in significant economic indices. The nations are well positioned to drive the continent’s economic revival.

The per capita income of the African economies in 2005 stood at $1,841 (N235, 648), which was higher than that of the leading global four developing (BRIC) markets that stood at $1,669 (N213, 632). The report also notes that, while the population of the African countries amounted to just 26 percent of India’s population, their collective nominal Gross Domestic Product (GDP) amounts to 70 percent of India’s. With China, the four African nations constitute 22 percent of its population, and 24 per cent of its nominal GDP.

In terms of foreign direct investment (FDI) inflow, Africa’s top four recorded $16.2-billion(N2.I-trillion), which was 2.5 times higher than the FDI inflow to India for the year, and higher than the flow to Brazil and Russia for the year, too.

According to statistics from United Nations Conference on Trade and Development (UNCTAD) as well as the International Monetary Fund (IMF), South Africa, with a population of 48-million people, is by far the continent’s economic bulwark with a 2005 GDP of $240-billion (N30.7-trillion). Next is Algeria with a population of 33-million, and a GDP of $102-billion (N13.1-trillion).

Nigeria comes third with a population estimated then at 134-million and a GDP of $99-billion (N12.6-trillion). Completing the top four is Egypt with a population of 75-million and a nominal GDP of $93-billion (N11.9-trillion). Together, these four nations account for more than half of Africa’s GDP.

Highlighting the strategic positions of these four nations in the economic fortunes of Africa, the researchers noted that the nations constituted a third of the population of the continent, comprising 53 nations, and a fifth of its land mass. They have relatively large markets, and the developments in these four nations, therefore, rub off directly on a third of the population of the continent.

These four nations, the researchers say, have everything needed to become the growth poles of the continent. Geographically, they are spread out to cover almost all the cardinal points in the continent. Nigeria is positioned as the engine room for West Africa; South Africa for the southern Africa; Egypt and Algeria for North Africa. Though none of them is from East Africa, that flank could be covered by Egypt’s location in the North-east and South Africa’s spread over the entire southern tip.

The prospects of these nations remain good; given the continuing commodity boom (driven by China and India) as they all are resource-rich nations. Nigeria and Algeria account for almost half of Africa’s oil and gas reserves and production. This has helped the two countries to amass comparatively huge foreign reserves of $130-billion (N16.6-trillion), equivalent to half their GDP.

Nigeria’s mortgage market worth N45trn

June 17th, 2007


Huge investment opportunities have been identified in the property sub-sector of the economy as the mortgage market has been estimated at N45-trillion.
GODFREY OBIOMA

To harness this grey area, financial institutions are channeling part of the capital pooled during the consolidation exercise into real estate through their subsidiaries. These financial institutions include Union Bank, First Bank, Afribank, Zenith Bank, GT Bank, and UBA.

In the case of UBA, the bank has gone to the next level of financial market development by creating asset mortgage backed securities (MBS).

MBS is a financial derivative that gets its value from the cash flow from mortgages.

Sonnie Ayere, managing director, UBA Global Markets, who disclosed the value of the mortgage market in the country in an interview, said the banks were targeting the growing middle class.

Ayere, whose bank recently floated a N100-billion mortgage bond, explained that the new product would reduce the cost and burden of owning homes as beneficiaries could enjoy 20 to 30 years mortgage financing, which allows them to spread the payment for their home for the period of the tenor.

He further stated that investors could sell such homes, after some years of appreciation, to buy new ones as is done in developed countries of Europe and America.

The development, he said, would enable beneficiaries secure loans, using the mortgage as collateral, and causing a spill-over effect in other sectors of the economy, like insurance, which would earn good returns from insured mortgage assets.

Real estate experts believe that over time, as the trend catches on, the nation’s housing problem would be minimised as the savings made from the long-term finance could be used to build more houses.

MBS is one of the derivative instruments that are believed to have potentials to impact positively on the capital market and boost real estate business in the country.

Another variant is the real estate investment trusts (REITs), which is a mutual fund that targets investments in the real estate market.

The Securities and Exchange Commission (SEC), the NSE, and operators in the real estate sector are collaborating to develop products that will be tradable in the secondary segment, thereby adding the much needed depth and breath to the market.

Nigeria: Country's Vibrant Capital Market

This Day (Lagos)

ANALYSIS
17 June 2007
Posted to the web 18 June 2007

The Nigerian capital market is, arguably, in one of its most robust periods ever. With the recapitalisation campaign of many companies especially in the banking industry, the awareness so created has led to greater participation of the public in share acquisition. Thus, the Nigerian Stock Exchange (NSE) is now among the country's vigorous institutions.

This enviable profile was trumpeted the other day by the Director-General of the NSE, Dr. Ndi-Okereke-Onyiuke, at the Investors' Forum organised by the NSE and the London Stock Exchange (LSE) in London. Her words: "Return on investment in Nigeria is the highest in the world. Institutional investors like the Renaissance Capital can't get more than eight per cent return on investment in other countries but they can get more than 400 per cent in Nigeria."

Construction starts at N22b Abuja War College permanent site

From Madu Onuorah, Abuja

CONSTRUCTION is finally about to start at the permanent site of Nigeria's apex military training institution, the National War College in Abuja, 15 years after the institution was established.

The main contractor saddled with the task of building the first phase of the project, Messrs Stabilini Visinoni Limited, has mobilised to the site at Kilometre 8, Piwoyi, opposite the African University of Science and Technology (The Mandela Institute) on the Airport Road in Abuja.

Already, the Federal Capital Development Authority (FCDA) has commenced immediate construction of such infrastructure as access roads, sewage and drainage channels, as well as connection to water supply at the site. The total land area of 25 hectares is twice the size of the initial site allocated to the War College before it was replaced with the present location.

The contractor mobilised to site following approval of the contract by the Federal Executive Council last month. The total contract sum is N22 billion, but the first phase, involving the participants living quarters, is worth N1.03 billion.

On completion, the permanent site would comprise about 30 independent buildings. They include Administrative and Academic headquarters; the African Centre for Strategic Research Studies; and participants living quarters comprising five-bedroom blocks of flats for very senior officers; three-bedroom blocks of flats for senior officers; one and two-bedroom terrace houses for junior staff; recreational facilities; a medical centre; and Garrison Headquarters. A total of eight blocks of flats will house all the officers.

The participants' quarters is designed as a one-bedroom suite complete with conveniences.

Though the planning regulations of the Federal Capital Territory Administration stipulate a height restriction of four floors for the site zone, the NWC has been given a waiver to construct high rise structures, as sticking to the stipulation would have required a total of 52 hectares of land.

An inter-ministerial committee on special projects is facilitating the construction, which is envisaged to be completed in between four to six years.

An elated Commandant of the National War College, Rear Admiral Anthony Isa told The Guardian that the construction of the permanent site would impact greatly on the image and output of the institution.

He explained that the college has a basic attitude towards the project: "When a contractor finishes a building and has all the infrastructure in place, we occupy. We are not going to finish a building and leave it fallow for some years to deteriorate. In other words, any building which keys the contractor hands over to us, we will move in and start using it."

Admiral Isa also stated that because of the huge amount of funds required, the project is being tackled in phases. The first phase would comprise participants' quarters, after which construction would shift to the Academic/Administrative building, the African Centre for Research and Strategic Studies, the Mess facilities and other infrastructure.

The second phase will involve the construction of the residences for the deputy commandant, principal officers of the college and directing staff, and the accommodation and other associated facilities for the other ranks.

Indications are that the construction of a permanent site of the War College had become imperative in view of national and international commitments which the institution is expected to execute in the next few years.

First, Nigeria has lost the chance of hosting international conferences on Peace Keeping because the War College, designated as a centre of excellence by the African Union and the Economic Community of West African States (ECOWAS), doesn't have befitting structures.

Since its commencement in 1992, it has been operating in temporary sites. Before its movement to Abuja in 1995, it had operated from the former Ministry of Defence building near CMS Bus Stop in Lagos. On its relocation to Abuja, it moved to the present site, which was the former national headquarters of the defunct Social Democratic Party (SDP), one of the two political parties under the regime of former military leader, Gen. Ibrahim Babangida.

Its staff are scattered around the FCT. While the course participants live in Zone six opposite the Apo Legislative quarters, their senior staff stay in Gwarinpa while the bulk of the junior staff live in Ushafa, along the Bwari area of the capital territory.

Admiral Isa highlighted the essence of the permanent site to the growth of the institution, saying: "This nation has invested so much in peace support operations and we are not reaping the benefits. Other nations in this region who have invested little are the ones reaping the gains simply because we don't have the facilities befitting our contributions. What they do now is that because they have the facilities, they invite us as experts.

"With a befitting NWC complex, the benefits of what we have invested in peace support operations will come to us here. Already, we have conducted two courses for the United Nations on Peace Support operations. And when these people came from all over the world, we took them round Nigeria's tourist attractions including the Obudu Cattle Ranch. By the time we engage these high profile visitors, we would be attracting them to come and spend their money here."

The Naval chief added: "When our permanent site is completed, we will be able to carry out more courses, seminars, conferences and workshops related to peace support operations with such international actors coming. The College (NWC) is looking forward to hosting a meeting of the International Association of Peace Keeping Training Centres (IAPTC) in Abuja next year. Chile hosted it last year while Sweden would host it this year. This would be a tremendous opportunity for us to showcase the tourism opportunities here. Basically, people are coming in to spend some time here to know the good facilities that we can offer. This is why this permanent site is more pressing now than it has ever been."

Seme Customs command realises N1.8b in 5 months

THE Nigeria Customs Service (NCS), Seme border command, whose annual revenue target is N2.3 billion, has within the first five months of the year posted a revenue figure of N1.8 billion.

The command has within the same period, made a total of 44 seizures of smuggled goods with a duty paid value of over N66 billion.

Disclosing this to the News Agency of Nigeria (NAN) recently in Seme, the Area Comptroller, Mr. Abdullahi Dikko, said that the command was able to achieve the feat because of the dedication of its officers and men.

"When I assumed duty in Seme in February, I made it clear to the officers and men that the command had to block all loopholes by which revenue was lost at the border post," Dikko said.

He expressed optimism that the command will surpass its target for the year, adding that it will strive harder to make an enviable mark that others would have to contend with.

Dikko said that the command had steadily recorded a progressive increase in its revenue since March and that it generated over N400 million in May from import duty and other fees.

The Customs chief explained that on May 23, some officers uncovered an attempt to smuggle some furniture and assorted contraband items into the country, which had been declared as motor spareparts in the way bill.

He said that one Joseph Nwoye, an agent, had been arrested in connection with the incident and had been arraigned in Lagos. Dikko said that the command will continue to "have zero tolerance to smuggling'' and appealed to the federal government to assist the service by providing funds for the acquisition of communication gadgets, arms and ammunition, patrol vehicles and accommodation for its officers.

UNN, UI, ABU to train manpower for Lekki financial hub

By Omoh Gabriel, Business Editor
Posted to the Web: Monday, June 18, 2007

LAGOS — The Central Bank (CBN) Governor, Professor Chukwuma Soludo, says the Federal Government and the CBN have identified three Nigerian universities for the training and development of manpower required for the Lekki financial hub.

He named the institutions as the University of Ibadan, University of Nigeria Nsukka and Ahmadu Ballo University, Zaria. They are to train Economists, Accountants and Information Technology experts for the execution of the Lekki financial hub project. He said this was necessary because the critical need of a financial hub was the availability of skilled manpower on a continuous basis. Soludo said the Federal Government would work with the Lagos State government in developing basic infrastructure that would help to realise the dream.

He said the Nigerian economy needed to grow by at least 12 per cent per annum to ensure that the proposed financial hub for Africa came to fruition.
According to him, Nigeria has both natural and human resources to bring the dream to reality. Prof. Soludo said the challenge of the recent gains of macro economic policies had made it imperative for the country to harmonise all policies in the financial sector, noting that the harmonisation of the policies under the aegis of the “Financial System Strategy (FSS) 2020" was to make the country Africa’s financial hub.

According to Soludo, the desire of the apex bank to consolidate the medium and long term benefits in the economy under the FSS 2020 necessitated the organisation of a three-day international conference scheduled for Abuja from today. He explained that the desire to converge policies that drive the pension, banking and the insurance sub-sector reforms also stemmed from the need to make Nigeria a sustainable investors’ destination. To him, the apex bank’s idea is that the nation’s economy must be further diversified and grow at a rate of at least 12 per cent per annum to achieve the dreams of the FSS 2020.

“The economy must grow or run at 12 per cent per year on the average and be diversified from a dominant primary commodity-based economy,” Soludo said, adding that the policy drive of the FSS 2020 was that with a population growth rate of about three per cent per annum, Nigeria must engage its large army of youths to create an enabling environment with the aim of attracting about 17 million skilled Nigerians in the diaspora.

The major approach of actualising these goals in the next 13 years, Soludo said, would be an institution-based plan to emerge among the fastest and safest economies in the world by 2020.
FSS 2020 conference, to be attended by participants from across the globe, would be declared open by President Umaru Yar’Adua.

16 Nigerian Banks Among top 1000 Global Banks, Says Soludo

From Ayodele Aminu in Abuja, 06.19.2007

The Governor, Central Bank of Nigeria (CBN), Prof. Chukwuma C. Soludo yesterday said 16 Nigerian banks are now in the league of top 1000 in the world while five of them are in the top 10 in Africa. This he said contrast with the situation four years ago when when none of them was in these top categories. He declared that Nigerian banks are now the soundest, and safest, having been described as the fastest growing in Africa by the Financial Times, in December 2006, he asserted. He also posited that global trends show Nigeria as one major promise in Africa.
Presenting a paper titled “Nigeria’s Financial System Strategy 2020 Plan: “Our Dream,” Soludo who took the gathering of eminent local and international financial experts through a well thought strategy towards achieving a modern and integrated financial system in Nigeria by the year 2020, said that if Africa must lay claim to the 21st Century; Nigeria must of necessity take the lead as one of the most populous and potentially the largest economy in the African continent.
Prof Soludo, quoting the Goldman Sachs report of 2001, which projected that after Brazil, Russia India and China, (BRICs), 11 countries (Nigeria and Egypt inclusive) have the potential to be among the largest economies in the world by the year 2025, maintained that Nigeria must grow her economy by annual average of 12.4 per cent.
This, according to him, informed the need to orchestrate a robust and vibrant financial system that will power the new economy and by extension propel the rest of the African economy to desired goal.
He gave insight into the Nigerian financial system characterized by systemic crisis arising from inadequate capital base and poor corporate governance. This development, he asserted, necessitated the banking industry consolidation, which has brought about the strengthening of the local banks streamlined from 89 banks to 25 relatively stronger banks.
Aside from the consolidation exercise, he identified other complementary reforms as adoption of risk-based and rule-based regulatory framework, zero tolerance in rendition of returns, new payment system and the adoption of new code of corporate governance, among others.
Also critical to the reform, he maintained, was the need or a more proactive monetary policy, which led to the establishment of a full-fledged department to ensure effective liquidity management, generation of daily CBN balance sheet and revamping of monetary targeting as framework for monetary policy.
The outcome of all these resulted in the emergence of 25 stronger banks, with over 7 banks, each expected to have more than US$1billion in Tier -1 capital by the end of 2007. Soludo also informed the audience that 11 Nigerian banks now have market capitalization ranging between $1billion and $5.3 billion; and would range from between US$ 2billion and $7billion by end 2007. Nigerian banks are beginning to finance big ticket projects unlike in the past when such could only happen with syndication of multiple banks, he said.
Prof. Soludo also touched on the enhanced external sector viability with the build-up of the external reserves standing at $44billion compared with $7.47 in 2003. Exchange rate convergence and stability has been achieved in the last one year with inflow of foreign private capital amounting to over $7 billion.
At the capital market, he further remarked that Nigeria is currently experiencing tremendous explosion with about 19 companies recording market capitalization of over $1 billion mark.
He also stated that the key elements of the FSS 2020 Vision were geared towards ensuring safest and fastest growing financial system among the emerging markets economies using an engineered approach. In this regard, the Lekki Financial Corridor (LFC) has chosen to locate the International Financial Centre to be funded through Public-Private Partnership. He also hinted that a Corporation will be established to implement the strategy and also take responsibility for marketing the LFC.

hopefully in the next 3 yrs all our banks would be in the top 1000

hopefully in the next 3 yrs all our banks would be in the top 1000
Maybe not all of them!

Nigeria’s banking sector, fastest growing in Africa – CBN

By Mojeed Jamiu Group Business Editor in Abuja

Recent surveys by the World Bank and its development arm, the International Finance Corporation (IFC) have shown that the Nigerian financial sector emerged the fastest growing in Africa and one of the fastest in the world.

Central Bank of Nigeria (CBN) Governor, Chukwuma C. Soludo made the disclosure in Abuja on Monday at the opening of the three-day international conference on the Financial System Strategy 2020.

Soludo said the banks in Nigeria have grown tremendously in the last three years, especially since the end of the consolidation exercise, adding that though there were 2,600 bank branches, with 89 banking institutions before 2004, the number of branches has now grown to about 3,886, with just 25 banks operating in the economy.

The CBN governor noted that five Nigerian banks now rank among the top ten in Africa, while more than fifteen of them are listed amongst the world’s top 1,000 banks, with the Nigerian market accounting for more than 75 per cent of all the countries in the West African sub-region.

The opening of the FSS 2020 international conference was performed by the President Umar Yar’ Adua, who commended the initiative of the steering committee for the strategy, led by Soludo.

The FSS Project is an initiative undertaken by the CBN and other regulators in the financial services industry and aimed at developing a well articulated strategic plan to develop and boost the Nigerian financial services industry.

The CBN boss said ideas generated from the FSS 2020 international conference, which would be attended by over 100 international experts from all over the world, would be used to form the Lekki International Financial Centre.

Justifying the need for Nigeria to be the financial hub of Africa by 2020, Soludo said: "if Nigeria does not move, the entire Africa cannot move. Today, Nigeria’s economy is second only to South Africa in terms of Gross Domestic Product (GDP)."

According to the CBN boss, "we still have a long way to go if the Nigerian economy is to be the largest in the world in the next 13 years. To achieve this, Nigeria’s economy needs to grow by 12 per cent annually.

"To achieve this, we (Nigeria) need to diversify our economy by moving away from oil to the next phase, which has to do with the manufacturing and service sectors. We have about 17 million Nigerians in the Diaspora and we have major resources both in human and materials. So, 12 per cent growth rate for the economy is not beyond our reach. Having lost many years, we need to grow our economy", he stressed.

Describing the Nigerian economy as one of the fastest growing in the world, Soludo emphasised that since the country’s population would be growing rapidly, there is need to also grow resources.

Soludo said the banks in Nigeria have grown tremendously in the last three years, especially since the end of the consolidation exercise, adding that though there were 2,600 bank branches, with 89 banking institutions before 2004, the number of branches has now grown to about 3,886, with just 25 banks operating in the economy.

The CBN governor noted that five Nigerian banks now rank among the top ten in Africa, while more than fifteen of them are listed amongst the world’s top 1,000 banks, with the Nigerian market accounting for more than 75 per cent of all the countries in the West African sub-region.
What a news!75 percent?

NERC Licenses 4 Electricity Companies

• Nuclear plants to generate 1,000MW by 2017
From Juliana Taiwo in Abuja, 06.20.2007

The National Electricity Regulatory Commission (NERC) yesterday disclosed that it has granted generation licences to 20 Independent Power Producers (IPPs) that would generate 8,237.50 megawatts by 2010.
The Chairman and Chief Executive Officer, Dr. Ransome Owan, disclosed this at the occasion of the Commission’s sensitisation and customer awareness campaign briefing while presenting four licences to four IPPs in the quest of NERC to fulfil its mandate to make electricity “available, safe, reliable and affordable”.
In a related development, the Nigeria Atomic Energy Commission (NAEC) has disclosed plans to generate at least 1,000 megawatts of electricity from nuclear power plants by 2017.
Those that received their licences yesterday are Shell Petroleum Development Company which will generate 642 Mw from Afam in Rivers state; Ibafo Power Station Limited based in Ibafo, Ogun State with a capacity 200 MW, Westcom Technolgies and Energy Services with a combined capacity 50MW at Buena Vista Estate, Lekki, Lagos and the same Westcom Technologies and Energy Services Limited based in Maya Ajegunle, in Ogun State, is expected to produce 1000MW and Hudson Power Limited, stationed in Wara, Ogun State, licensed for 50MW.
“These companies will deliver a total of 1,942 MW of electrify in furtherance of our mandate to make electricity available, safe, reliable and affordable. With this addition, the NERC has granted generation licenses with a total capacity of 8,237.50 MW since its inception in 2006,” he said.
He said the Commission would from today to July 23, 2007 embark on sensitization and customer awareness campaign tour nationwide to enlighten electricity consumers and other stakeholders on their rights and obligations in the new dispensation.
The sensitisation campaign will hold at the headquarters of the eleven existing distributions companies in the six geo-political regions of the Nigeria.
Owan disclosed that the enlightenment will include among others the education of consumers of their rights and obligations as well as clarify the responsibilities of the distribution companies; explain the workings of the meters and the implication of tampering with them, create an interactive platform for both the distribution companies and their customers. “In other words, create Customer Complain Centres. Generate a comprehensive database of various customers groups in all distribution companies’ zone. Explain to consumers the risk inherent in engaging in unpatriotic activities that will impact negatively on the performance of the Distribution companies and clarify and reassure electricity consumers of the role of NERC and efforts being made to make electricity safe, available, reliable and affordable,” he said.
The target audience will include Manufactures, states’ chambers of commerce, advocacy groups, opinion leaders, and representatives of Licensed Electrical Contractors Associations, journalists in the zones amongst others.
Also yesterday, the Nigeria Atomic Energy Commission, in a statement by Mr. Michael Faloseyi, Head, Media and Public Information, said the Ekiti State government has endorsed the nuclear power project with the State Governor, Engr. Segun Oni, pledging his government’s backing for the Commission.

Ovia, Zenith MD, Buys Cellcom

By Shina Badaru, 06.20.2007

The Managing Director/CEO, Zenith Bank International Plc, Mr. Jim Ovia, has concluded a 100 per cent acquisition of one of the nation's private telecoms operator, Cellcom Communications Limited (Cellcom).
The latest deal is a clear departure from acquisitions of the last few months which saw foreigners buy up some telecoms firms as competition intensified in the telecoms sector.
Technology Times checks revealed that Ovia's purchase of the company in a transaction estimated to exceed over N4 billion was routed through Cyberspace Nigeria Limited, an internet service provider (ISP) also owned by the banker.
The takeover was effected on June 1, this year under which control was transferred from the former lead promoter of the business promoter of the venture, Patrick Chidolue, who has stakes in Chidol properties Ltd, Patyjoy Nigeria Ltd, Chelsea Suites Ltd and Rock View Hotel in Abuja.
Under the deal, Ovia was said to have paid N3 billion in acquiring the telecoms company and another exceeding N1 billion to settle indebtedness, allegedly owed other interconnecting partners in the industry, Technology Times sources said last night.
Both parties declined comments on the matter. A Cellcom official, who spoke with Technology Times yesterday, said, "I am neither confirming or denying the report to you. I am not a member of the board and do not know whether the company has been sold or not."
Meanwhile, the new owners of Cellcom have since moved in to take control of the telecom company and have also opened talks with Chinese equipment supplier, Huawei, towards injecting a new lease of life into the telecoms company wit an estimated 30,000 lines in its operations in Lagos and Abuja. The company rolled out commercial services in Lagos and Abuja in 2001 and 2003 respectively.
Foreigners had been the most active in the acquisition deals in the telecoms sector in the last few months.
South African mobile company, the MTN Group bought VGC Communications in a $65 million deal that added the fixed line service to complement its mobile network.
Telkom recently acquired 75 per cent stakes in Multi-Links, the pioneer PTO in the country, in a $280 million deal that will place its estimated existing subscribers and long distance operator (LDO) licence in the control of the South African fixed line operator.
Market consolidation in which bigger players have gobbled up their smaller phone companies have been set off since the take-off of unified access service (UAS), which was introduced following the expiration of market exclusivity granted GSM operators in first quarter of 2006.
Telecoms regulator, the Nigerian Communications Commission (NCC) said recently that four new telecoms companies, MTN, VGC, Dan Jay Telecom Limited and Bourdex Telecoms, have been issued UAS licences.
This swells the rank of unified licensees to eight. Prior to this, Starcomms, Intercellular, Multi Links and Prestel were issued the same licence that allows an operator to offer mobile, fixed and any other telecoms service to its subscribers.

I just did a back-of-the-envelope calculation for Nigerian economy, too see how rich it might be given certain assumptions, and comparing it to some other countries. :)

According to the CIA World Factbook (https://www.cia.gov/library/publications/the-world-factbook/geos/ni.html), the current size of the economy of Nigeria is $191.4 billion (at PPP).

If we assume Nigeria can grow their economy at a pretty healthy average rate of 7% per year until the year 2050, using an interest calculator (http://www.moneychimp.com/calculator/compound_interest_calculator.htm) I figured out that in 2050 the size of their economy will be $3,511,109,500,052.

According to this article here (http://www.usatoday.com/news/world/2004-08-17-world-population_x.htm), the population of Nigeria will be about 307 million in 2050.

That would give it a per capita GDP of $11,437 - which is a little less than today's Russia.

According to an analysis by Goldman Sachs (http://www.gs.com/insight/research/reports/99.pdf) (PDF report), in 2050 the US is expected to have a GDP per capita of about $83,000, the UK $59,000, Japan $66,000, Italy $40,000, Germany $49,000 and France $51,000.

Russia is expected to have a GDP per capita of about $49,000, India $17,000, China $31,000 and Brazil $26,000.

Nigeria, at this rate, will be within a distant striking distance of India - with the emphasis on the distant. If they can grow their economy at a faster rate and/or slow their population growth, they might be at (or near) par with India at that time.

But this should give you an idea of the magnitude of the task, and the long time scales needed to become a developed economy.

Just in case you wanted to know all this. :)

^^ Wow, great Projection. As long as there is stability, then I see no reason why Nigeria won't be where you project it to be.:banana:

Actually, I just double-checked my calculation. I accidentally assumed the $191.4 billion GDP figure was for this year, not last year, and then ran the 7% growth for 43 years when I should have done 44 years. So technically, it will reach that state in 2049, not 2050. ;) Whatever.

Good projection, dude. Fr the sake of the stability of west africa, I hope that Nigeria joins the ranks of the African lions soooner rather than later. If it becomes as powerful as it can be, it could do for west africa what japan did for east asia.

well the government plans to grow it at a rate of 12 not 7 percent though

Then atleast, we could be among the top 15 for the economy will be larger and surpass most of today's economy.

however those other economies would not be sitting down...so we have to work hard...i for one once i finish ma studies will go back to nigeria to do ma part

actually there is a high speed rail planned to link lagos to abuja and is part of the ongoing rail contracts being planned to transform the sector

This is good news, can't wait to see it going.

CHINA HELPS WITH REVOLUTIONARY "FAST" RAIL
22 March 2006 In terms of a Memorandum of Understanding signed by Nigeria’s federal Government on 16 March, the Guangdong Xinguang International Group is to construct a revolutionary “fast” rail (RFR) system from Lagos to the capital Abuja,as well as light rail lines to the Murtala Mohammed International Airport from Lagos city and to Nnamdi Azikiwe International Airport from the Abuja city centre.

thts when d memorandum of understanding was signed

well the government plans to grow it at a rate of 12 not 7 percent though
Yes I know. However, there are always recessions and temporary economic slowdowns which will drag down the average. Plus, 44 years is a very long time to be able to sustain an average growth rate of 12%. 7% seemed more realistic to me. But we can hope I'm underestimating. :)

It takes lots of money to play and tonnes to compete in a global oil and gas industry. To illustrate this point the market value of Exxon Mobil is $474.12 billion, while the Chairman, NSP Refineries and Energy Services, Prof. Anya .O. Anya one of the companies granted license was not able to put together a mere $200million financing for a refinery.
Wake up Nigeria!!!
The government need to take a strong lead here... it has the money and laws to make magic for all Nigerias!!!

Answer to those who do not believe in government.....Corruption and not state owned inefficiencies are responsible for our ills. Most of the companies that are interested in Nigerian assets are government owned companies. Which means that state own or controlled companies are profitable and efficient. PDSVA in Venezuela is an example that currently owns 24 refineries worldwide and sells petrol at N7 per litre.


‘Lack of funding, incentives hamper private refineries’
By Atser Godwin
Published: Thursday, 21 Jun 2007

Inadequate funds for capital projects and the failure of the Federal Government to support local investors are some of the factors hindering the construction of private refineries across the country, experts have said.
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Photo file

A refinery.

Nigeria, the third largest exporter of crude oil to the United States, is facing an energy crisis, a situation that has led to the importation of petroleum products amounting to over $18bn in the last eight years.

Stakeholders in the industry who gathered in Lagos on Monday to review the guidelines for the licensing of refineries in the country, said lack of funds had been a major constraint.

The President, Total Support Refineries Limited, Mr. Ubani Nkaginieme, said funds for the establishment of such projects were not readily available in the country, forcing most investors to seek offshore financing.

He called on the government to support prospective investors in accessing funds from banks.

“We saw what some banks did in terms of financing the Tinapa project in Calabar. If they can back private refineries, it will be a way out,” he said.

Nkaginieme also suggested that the unused funds under the Small and Medium Scale Enterprises Equity Investment Scheme should be channelled into financing private refineries if possible.

The stakeholders also disagreed sharply with the DPR over comments that licensees were not serious.

“If some of us have spent so much in carrying out Environmental Impact Assessment and site clearing, then, we should be considered as serious investors,” the Chairman, NSP Refineries and Energy Services, Prof. Anya .O. Anya, said.

The stakeholders also stressed the need for the government to grant letters of recommendation that would assist them in wooing financiers abroad.

Anya said he had requested for a letter from the DPR that would guarantee his partners abroad that the Nigerian government was supporting his project but said he was yet to obtain it.

He said that his firm was set to assemble a 30,000-barrel per day refinery in the next seven months.

“We saw the issue of constructing refineries as an emergency. Instead of establishing a new one, we have seen one that requires dismantling from the United States and mounting it in Nigeria. We feel it will be faster and will safe the country from the importation of crude,” he added.

According to him, the estimated cost for the refinery is $200m and will be sited in Rivers State.

The DPR said the department was careful not to commit itself in the direction of giving letters as some unscrupulous business men might misuse the opportunity.

In 2002, about 105 local investors applied for licences to build refineries in the country but only 17 were granted licences.

The DPR said the 17 companies granted licences failed to drive the government initiative, which is aimed at refining 50 per cent of crude oil in the country by 2010, a situation that has led to the suspension of the licences.

The Director, DPR, Mr. Tony Chukwueke, said the revalidation would see between three and four companies emerging as “serious” investors that the government would work with in the achievement of the dream.

According to him, government was ready to provide robust incentives to ‘serious’ investors in the refining business.

Nigeria’s march towards establishing private refineries is seen as a major step that would end the feud between government and organised labour, which has become a recurring decimal in the recent times.

The encouragement of private refineries is aimed at improving productivity in the oil industry where monopolistic inefficiency has created bottlenecks in the supply of refined petroleum products.

Currently, Nigeria has four refineries, all subsidiaries of the government-owned Nigerian National Petroleum Corporation.

Together, the four facilities have a total installed capacity to refine 445,000 barrels of oil per day. But they have failed to meet Nigeria’s domestic requirements, forcing the oil-rich country to depend on imports.

On May 17, the government sold majority stake in two refineries, Kaduna and Port Harcourt, but oil workers are protesting the sale, claiming it was done without following due process.

The government says private ownership of refineries in the country is one way to ensure regular supply of refined products, in a situation of recurring shortages.

However, the Dangote Group has sealed a memorandum of understanding with the government to establish a private refinery.

The stakeholders said the entrant of Dangote was commendable, but insisted that government must take concrete steps by giving out incentives and support if she wanted to realize the dream of refining products in the country and putting an end to long queues in the country.

Nigeria: Total Projects N960bn Expenditure

This Day (Lagos)
23 June 2007
Posted to the web 23 June 2007

Ahamefula Ogbu
Port Harcourt

The newly appointed President for Exploration and Production in the Total Group, Mr. Yves-Louis Darricarrere has said the company would spend $7.5 billion (about N960 billion) in their activities in the country over the next five years.

The expenditure, he said comprise of a projected expenditure of $1.5 billion annually (about N192 billion) during the stated period and would cover their participation in all spheres of investment and business.
Africa 2007

This was disclosed by Darricarrere during his maiden visit to the upstream sector of total in Nigeria and Elf Petroleum Nigeria Limited (EPNL) where he had an interactive session with the staff.

A statement from the Manager, Media and Corporate Affairs of the company, Mr. Fred Owhawha said that the projected expenditure was attributed to the new stakes the company has in the new Liquified Natural Gas trains, upgrades and ongoing development projects and other joint venture partnerships.

"New gas and Power projects include as the NLNG Trains 6 and 7, Brass LNG; in which we have 17% equity, IPP projects and the OML 58 upgrade and on-going oil development projects such as Akpo, USAN, Ofon Phase 2, Nkarika, OML 100 long term. Non-operated ventures such as the Bonga development operated by SNEPCO are also included in this projection", he said.

Although he expressed worry over the rising spate on insecurity in the Niger Delta, the oil company boss said his company has no plans to pull out as he was hopeful for a quick resolution of the areas of disagreement, so as to allow for the exploitation of the limitless opportunities in the region.

Darricarrere was full of kind words for the staff who he praised for working hard for the overall achievement of the goals of the company. He assured them of the readiness of the company to build capacity, both technical and managerial which he noted ensured for continued performance.

"Our business is increasingly complex, and to succeed, we need to develop the full capacity of each employee's potential and take benefit of the diversity of the various cultures represented in the Group," he said.

He assured the workers that the company would always be alive to its corporate responsibilities as well as honour all agreements entered into with host communities.

Nigeria: Celtel Launches Desk Payphone, Creates 60,000 Jobs

Daily Trust (Abuja)

22 June 2007
Posted to the web 22 June 2007

Olumide Bajulaiye
Lagos

Celtel Nigeria Limited Wednesday launched its latest product, the desk payphone, otherwise code named Jembi 210.

The group's head of commercial operations for the region, Tolu Ojo, who introduced the Jembi 210 to a cross section of investors, dealers and other members of the public in Ibadan disclosed that the new scheme, which is being floated in partnership with the Association of Phone Vendors of Nigeria (APVON) would create over 60,000 job opportunities within the zone.
Africa 2007

Celtel's Jembi 210, which is for commercial purpose and the first of its kind in the country, the zonal directo said, is another special service in the series of the group's "Making Life Better" propositions, aimed at giving Nigerians a tangible experience of its brands.

Ojo stated that the product would be taking to all parts of the South West region including the remotest parts of the various states within the zone. Some of the benefits of Jembi 210, as reeled out to the stakeholders by the director of marketing include affordability, convenience and accurate billing and transparency as the phone cuts off automatically after the set duration.

"With as low as N5, phone users can have the opportunity to make calls for 10 seconds on the Jembi 210 service," he explained, while reiterating the comparative low tariff rate of the new product.

He disclosed that the product would be distributed to operators through accredited dealers at the rate of N27,000 while payment could also be made installmentaly at agreed rates.

Celtel would also provide specialised training facility for interested operators, he said.

Strike is over!!!!

And the only way to stop and even reverse fuel prices is to change strategy. Talking about
price will not change the situation on the ground. Labour needs to take a proactive
stands on energy strategy... I will like to see a demonstration for building refineries
than waiting for the government to increase prices and having strikes....this is getting
old!!!!


For most of the people who are "privatization supporters", the believe that private
companies only will solve our oil needs at point in time is being unrealistic. After 8
years, 240% increase in price (N11 to N65), 17 licenses granted, zero refineries working
and total dependent import. We must say that the Energy policy has been a failure. In
most places the people responsible for this failures and continuing to push this failed
approach would have been fired at year 2.:bash: :bash:



This could be a headline!!! if Nigerians as a whole, the President and labour help change
the strategy....


"President Yar 'adua Reduces Fuel To N7 Per litre, Nigeria's Economy Grows by 12%?


How did he do it? He listened to a different approach because the approach of the last 8
years was a failure!!!
They say imitation is a form of flattery. If so, Nigeria needs to look to Venezuela to
reform its fuel sector. Due to the policies of Venezuelan oil company PDVSA, the
Venezuela are able to enjoy $0.19 per gallon or N6.12. Venezuela also gives fuel to poor
people in USA and other Latin American countries. The Venezuelan oil company, PDVSA,
had decided that it was not the the crude oil export business but in the global petroleum
and chemical business. So they invested in refining and retail business in Venezuela and
almost all their export markets. These market include Europe, Caribbean, South America,
Caribbean, Canada and United States. "PDVSA is among the leading corporations in the
refining business, with a petroleum processing capacity of 3,285,000 barrels a day
(1,285,000 barrels a day in Venezuela and 2 million barrels a day outside the country)
through 24 refineries: six complexes in Venezuela, one in the Caribbean, eight in the
United States and nine in Europe.
I would advice the New President to seek counsel of the architects of PDVSA and also look
to what Mr. Putin in Russia is doing to the oil industry."

I would recommend three strategic steps to revolutionize our oil sector.
1.NNPC should be come a government/public firm with part of it shares allocated for
Nigerians. This will provide the company with a new direction and ownership need for the
global challenges. By the way we have the money in form of excess funds.

2.NNPC should go on a buying spree with the aid of government funds to buy (outright or
major) shares in refineries in Africa, China and United States. This will provide us with
immediate source of refined products, opportunities to train our people and hard
currency. Best of all this does not need the 18 to 24 months to build a refinery. This
will also provide us a stop gag measure until we build more refineries. It is all about
add value and we need to start doing that.

3.Start building 4 refineries and retail outlets to take care of the local demand as
estimated for 2010. This will help put to rest the fuel challenges that we face as a
Nation.

Background and answers
For most of the people who are "privatization supporters", the believe that private
companies only will solve our oil needs at point in time is being unrealistic. After 8
years, 240% increase in price (N11 to N65), 17 licenses granted, zero refineries working
and total dependent import. We must say that the Energy policy has been a failure. In
most places the people responsible for this failures and continuing to push this failed
approach would have been fired at year 2.
Why did they fail? I will give you some reasons.

1.Lack of a Nigerian centric approach. Simply put lack of vision.

2.Corruption and not state owned inefficiencies are responsible for our ills. Most of the
companies that are interested in Nigerian assets are government owned companies. Which
means that state own or controlled companies are profitable and efficient. PDSVA in
Venezuela is an example that currently owns 24 refineries worldwide and sells petrol at
N7 per litre.

3.It takes lots of money to play and tonnes to compete in a global oil and gas industry.
To illustrate this point the market value of Exxon Mobil is $474.12 billion, while the
Chairman, NSP Refineries and Energy Services, Prof. Anya .O. Anya one of the companies
granted license was not able to put together a mere $200million financing for a refinery.

.
And for those who want to charge western prices for petrol they should be willing to pay
western market salaries. So we can afford to buy the petrol.
The argument of paying for subsides is a non starter, because the multiplier effect on
the economy when cost of energy is low is tremendous. Energy is like no other commodity.
It accounts for a large part of cost of goods and therefore gives local companies the
ability to compete with global companies. This will lead to a reduction in imports of
different products while increasing exports for our products. This double ?barrel effect?
will more than compensate for the so called ?opportunity cost?. And we should remember
when we establish refineries at home and aboard we will not only eliminate need for hard
currency but will gain more foreign currency. For all those who keep on hoping on
?opportunity cost? they should stop listening to some foreign interest that are not
interested in our well being. If they were these same countries and institutions will
first stop stronger nations subsidies before attacking the poorer nations subsides. They
keep calling for us to stop subsidizes continue subsidize their own people. Lots of
countries provide subsides on several products. USA for example spent $20 billion in farm
subsides in 2006 making it difficult for us to sell farm products to them. USA spent $6
billion on oil and gas subsides.
Also we must remember that most of these countries subsides are actually go to affecting
the cost of goods like wheat because the cost of wheat is high. Unlike petrol where the
cost of extraction and refinery has not change a lot since crude oil