Nigeria: an African emerging market economy (only news) [Archive] - Page 4

Matthias Offodile

September 10th, 2007, 10:45 AM

Companies Now to Get Tax Refund Within 90 Days

•Accountant-General to open refund account
From Kunle Aderinokun in Abuja, 09.10.2007

A major hurdle in tax administration in Nigeria is about to be crossed, as the Federal Inland Revenue Service (FIRS) has been mandated by law to refund excess taxes paid by individuals and companies within 90 days.
Taxpayers who have “tax credits” to their account, having overpaid as a result of administrative procedures, have often experienced acute delay in getting refunds—a development that is globally acknowledged as an impediment to voluntary tax compliance.
The FIRS said at the weekend that companies and individual taxpayers would now get refunds within three months in accordance with the FIRS Act 2007.
For the refund, a dedicated account would be opened by the Accountant-General of the Federation, to be administered by the FIRS.
Before the Act came into being, taxpayers usually waited endlessly for refunds which could take up to a year, owing to a very slow and cumbersome process.
As has been the order of the day, taxpayers’ excess funds—in Companies Income Tax, CIT, for example—are treated as tax credits and reflected on such taxpayers’ Kalamazoo cards, and balances were usually carried forward to the following year.
According to Section 23 of the new Act, “There shall be refunded to taxpayers, after proper auditing by the Service, such overpayment of tax as is due.
“The Service shall decide on who is eligible for the refund mentioned in sub-section (1) of this section subject to such rules and conditions as may be approved by the Board.
“Any tax refund shall be made within 90 days of the decision of the Service made pursuant to subsection (2) of this section, with the option of setting off against future tax by the tax payer.
“For the purpose of tax refund, the Accountant of the Federation shall open a dedicated account into which shall be paid monies for settling such refunds.
“The Service shall administer the dedicated account as created by virtue of Section 23 (4).
“For the purpose of the dedicated account, the Service shall prepare an annual budget for tax refund to be funded from the Federation Account as may be approved by the National Assembly.”
Throwing more light on the development, Special Adviser, Communications to the FIRS Executive Chairman, Mr. Wahab Gbadamosi, explained that refund could arise from Withholding Tax (WHT) and Value Added Tax (VAT) deductions—particularly in transactions with government establishments, remittances from VAT, as well as in inter-bank transactions—where tax for VAT could be wrongly credited as Personal Income Tax (PIT).
Pointing out that the refund process differed from the old structure in some respects, he said one of these is that “the FIRS could now determine how much refund is due to a tax payer after auditing and determining the tax liabilities of such taxpayer.”
He recalled that a taxpayer’s quest for refund used to “course at snail speed” through the FIRS, office of the Accountant General of the Federation, before the nod by the Minister of Finance and payment from the Federation Account.
Similarly, the FIRS Act 2007 has criminalised the usage of fake documents for any transaction under the Act.
The development, the FIRS said, has signaled a regime of enforcement of stern sanctions for the production, transmission and usage of fake Tax Clearance Certificate, TCC for all forms of business transactions and processes.
The provision is in Section 43 of the Act on Counterfeiting documents, which reads: “Any person who: counterfeits or falsifies any document which is required by or for transaction of any business under this Act or any law listed in the First Schedule to this Act; Knowingly accepts, receives or uses any document so counterfeited or falsified; Alters any document after it is officially issued; Counterfeits any seal, signature initial or other mark or used by, any officer for the verification of such a purpose relating to tax; or being an employee of the Service conspires, connives, or participates in the commission of any of the offences in paragraphs (a) to (d) of this Section, commits an offence and shall be liable on conviction to a fine not exceeding N200, 000 or imprisonment for a term not exceeding three years or both to such fine and imprisonment.”
Gbadamosi noted that “the issuance of Tax Clearance Certificates, TCC, earned national attention this year, when the FIRS requested that the Independent National Electoral Commission, INEC allow it to access the TCC submitted by politicians seeking elective office, to ascertain their genuineness.”
Both chambers of the National Assembly passed the Bill for an Act to establish the FIRS as an autonomous service in February this year. Former President Olusegun Obasanjo signed the bill into law on April 16 2007.
Three other bills signed into law on the same were an Act to amend the Companies Income Tax Act, an Act to amend the Value Added Tax, VAT, an Act to amend the National Automotive Council Act, NACA.
The FIRS Act and the three other amendments to existing tax laws were the first set of Acts and amendments to tax laws by a civilian regime in two decades. All past amendments to tax laws were by military governments. Eight bills were sent to the National Assembly in May 2005.
The Special Adviser said the new FIRS Act gives the service oversight functions over all taxes and levies accruable to the government of the federation, including those taxes accruable to other agencies. The legislations to be administered by the FIRS according to the First Schedule of the FIRS Act are: “Companies and Income Tax Cap 60 LFN, 1990; Petroleum Profits Tax Act Cap 354, LFN,1990; Personal Income Tax Act No 104, 1993; Capital Gains Act Cap 42 LFN, 1990; Value Added Tax Act 1993 No 102, 1993; Stamp Duties Act 411 LFN, 1990 and; Taxies and Levies ( Approved List for Collection) Act 1998. No 2 1998.”
According to him, “the FIRS is expected, to administer all regulations, proclamation, government notices or rules issued in terms of these legislations, all tax related rules/enactments by the National Assembly, taxes and levies within the Federal Capital Territory, FCT as well as all taxes, levies and fees collected by other government agencies and companies.
“Such fees, says the First Schedule of the FIRS Act, include “signature bonus, pipeline fees, penalty for gas flared, depot levies and licences, fees for Oil Exploration Licences (OEL) Oil Mining Licence (OML) Oil Production Licence (OPL), royalties, rents (productive and non productive), fees for licences to operate drilling rigs, fees for oil pipelines, haulage fees, and all such fees prevalent in the oil industry but not limited to the above list.”
Gbadamosi disclosed that under the new Act, banks must provide to FIRS, on demand, all transactions of N5 million by individuals and N10 million by corporate bodies.
Also, according to the new FIRS Act, to strengthen the ability of the service to do its duty, the Search and Seizure procedure has changed.
“Under the new Act, warrants will now be issued by a judicial officer. This could be the Chief Justice of the Federation, President of the court of Appeal, Chief Judge of the Federal High court, Grand Kadi or Kadi of the Sharia Court of Appeal of the Federal Capital Territory, FCT, Abuja or of a state, President or judge of the Customary Court of Appeal, FCT, Abuja or of a state. The FIRS Chairman issued warrants under the old law,” he explained.

Matthias Offodile

September 10th, 2007, 10:46 AM

Power Sector to Benefit from N1tr Private Investments

09.10.2007

About N1trillion or $8billion worth of investment by the private sector is expected to pour into the Nigerian power industry within the next three to four to years.
Chairman, Nigeria Electricity Regulatory Commission (NERC), Dr Ransome Owan, said this in an interview at the weekend. He said the Commission had in the last 20 months of its inauguration issued licences to 21 independent power producers.
Owan said that amount of investment would be made by those licencees and that the power generation level in the country would be boosted by about 8,000megawatts by the new IPPs, adding that more licences would be issued as long as applicants satisfy conditions stipulated by the Commission, which include proof of their financial and technological capacities to build power plant.
He advised applicants not look for vendors or third party to put through their applications, because the Commission would be fair to everybody and would not compromise on conditions it has stipulated.
Special Adviser to President Umaru Yar'Adua on Electricity, Mr Joseph Makoju, had last week said Nigeria would need $90billion investment to generate about 70,000mw of electricity.
But the country's total accessible external reserves had been put at $8billion by a former Deputy Governor of the Central Bank of Nigeria , whereas the Federal Government had in the last eight years, spent $6.3billion to construct new power plants and maintain existing facilities.

Matthias Offodile

September 10th, 2007, 10:48 AM

FG pledges to re-construct Adamawa roads

The Minister of Transportation, Diezani Alison-Madueke, has said in Yola that the Gombe-Numan-Yola road would soon be re-constructed.
Sun, 09 Sep 2007 14:53:00

The minister, who visited the governor of Adamawa, Murtala Nyako, said her priority was to look into federal roads.

The minister was on inspection tour of the Yobe- Numan-Gombe roads, which were "major roads used by many travellers and traders’’.

Alison-Madueke said the roads would be prioritised, some would be constructed while others would be done in conjunction with the state government.

"About 100 kilometres of the deteriorated road lies in Adamawa and it is important to start from this axis and transverse to Gombe State,’’ she said.

She said other federal roads that needed attention would also be looked into.

Nyako said the Hong-Mubi road was bad and urged the minister to assist in its rehabilitation.

He thanked the minister for coming to Adamawa and for taking the state as part of her priority areas for inspection.

The Lamido of Adamawa, Aliu Mustapha, who received the minister in his palace, said the roads when re-constructed, would bring development to the state.

"Mubi road in particular, is a dangerous one and a lot of travellers ply the road daily,’’ he added.

The Federal Controller of Works, Mr Pius Dieyi, told the minister that most of 23 federal roads in the state were in deplorable condition .

He said other "major arterial roads" in and outside Yobe State were in deplorable condition, adding that most of them were in Adamawa, Yobe and Gombe States. (NAN)

Matthias Offodile

September 10th, 2007, 10:50 AM

Yar’Adua’s first 100days, where are the footprints in the financial sector?

President Umaru Musa Yar’Adua
It is not like it is already 100 days gone in the regime of Musa Umar Yar’Adua. It came so fast, that it was hardly noticed. Actually, very little was noticed, especially in the financial sector.

BLESSING ANARO, editor money
Sun, 09 Sep 2007 10:52:00

Of course, the naira policy thing just came from the blues in the twilight of his first 100 days, and before you knew it, the regime witnessed some form of motion in the financial sector.

Agreed, the president has earlier said he was going to consolidate on the ‘good handiwork’ of his predecessor – Olusegun Obasanjo.

But in his first 100 days, there appear to be some form of non-alignment with his central banker – Chukwuma Soludo.

Details however remain very sketchy as to whether the president would like the young professor to carry on as he did under President Obasanjo or not.

A look at the President’s explanation would allow for more insight.

He (the President) said the policy was not necessary for the economy. He said that the Federal Government, "after the CBN briefing of the Executive council came to the conclusion that all the countries where the re-denomination policy was adopted were countries facing hyper inflation."

But for him, "the Nigerian economy has been stable in the last five years with a stable exchange, a near single digit inflation and interest rate."

The President said that adopting the re-denomination of the naira policy would have amounted to "applying surgery on a patient that is not sick."

The President also explained that the Central Bank did not follow due process in its approach to the introduction of the policy. According to him, the Executive Council was briefed based on the fact that the apex bank has autonomy to formulate monetary policy for the country but did not follow due process in announcing the policy.

He said that the CBN through its board should have submitted the proposal to the Presidency, which would have given the President room for wide consultation with various stakeholders to examine the implication the policy would have on the economy before deciding whether to adopt it as a policy.

The policy, he said, was a major shift that would have had far reaching effects on the economy. He said as a government that believes in rule of law and due process, it was embarrassing to the government for a major policy to be announced in that manner by the CBN without due process.

But one thing is clear. The confidence of investors in the economy since he assumed power is clear.

Though a section of the international community is still not happy with the way and manner he emerged as president, the fact that there was a peaceful transition of one president to another has buoyed the confidence of business men and women, locally and internationally.

For instance, the performance at the stock market has been astounding since the President took office.

The market capitalization has been growing in leaps, while offers have been wonderfully oversubscribed.

Though the stock market experienced a three weeks lost recently, the trend was halted two Fridays ago to close the business last Wednesday at N8.05 trillion, a 5.40 percent from a low of N7.34 trillion in one week.

Money market remained awash with funds the previous week as the inflow of funds from statutory allocations amounting to about N469 billion hit the financial system. Meanwhile, at the government securities market, a net outflow of N122.5 billion was recorded.

The cumulative inflows outstripped the cumulative outflows resulting to a high level of liquidity in the system. The impact of these inflows was evident in the interest rates charged in the inter-bank segment of the money market.

Hence, 7-day NIBOR closed Friday’s trading session at 6.72 percent from 7.83 percent at the last trading session in the previous week, while 90-day NIBOR also closed down at 13.04 percent from 13.29 percent over the same period.

The Nigerian National Petroleum Corporation’s (NNPC) debit of N8.6 billion also hit the system last week.

N46 billion 4th FGN Bond 2012 Series 9 (5-year tenor) was offered and sold. The total demanded for the FGN Bond stood at N48.25 billion representing 105 percent level of subscription. The stop rate for the Bond was put at 9.5 percent.

Furthermore, the sale of the N20billion 4th FGN Bond 2017 Series 10 (10-year tenor) was held during the week. The offer was grossly over subscribed as bids for N40.6 billion were received, resulting in 203 percent subscription level. At 9.35 percent stop rate, the apex bank accommodated only N20billion of the amount on offer.

Matthias Offodile

September 10th, 2007, 10:54 AM

2008 Budget: Govt to slash capital budget by 25 per cent

MINISTER of Finance, Shamsuddeen Usman has said that capital allocation in the 2008 budget might be slashed by 25 per cent.

Usman told the Joint House of Representatives Committees on Appropriation and Finance that the capital budget in 2007 was unusually high and the level of performance below 38 per cent as at June.

The minister said that the realistic benchmark of $53.8 per barrel of crude oil would be used for planning the 2008 budget.

He added that for that reason there would not be a repetition of non- implementation of the budget to the letter.

He warned ministries and parastatal establishments in the habit of carrying forward their expenditure to the next year to stop forthwith as the new administration viewed the practice as illegal.

He urged the National Assembly to impose sanctions on some ministries and agencies, which were still spending 2005/2006 capital budgets.

He said, "all outstanding capital budgets should be returned to the ministry and will be captured in 2008 budget."

The minister disclosed that government planned to reduce budget deficits from 2008 to 2010 by stopping withdrawals from the excess crude account.

He promised to bring to the National Assembly, the 2008 Appropriation Bill on time for approval.

He added that government planned to keep inflation at single digit as well as adhere strictly with fiscal responsibility across states.

Reviewing the performance of 2007 budget, Usman said that it had been sliding from 90 per cent to 38 per cent since 2004 and appealed to the committees to help to change the trend.

Usman also submitted the proposed amendment to 2007 Appropriation as well as 2007 Supplementary Appropriation Bill for the consideration of the committees.

Earlier, Mr. Festus Adegoke, the Joint Chairman of Appropriation and Finance Committees, said that the briefing was necessary to guide the implementation of the supplementary budget and plan ahead for 2008 Appropriation.

Adegoke assured the minister that the newly constituted committees would work together with the ministry to ensure the quick passage of both the 2007 supplementary budget and 2008 Appropriation Bill.

http://www.guardiannewsngr.com/business/article01

Matthias Offodile

September 10th, 2007, 10:56 AM

Abia woos foreign investors on agriculture

THE Abia State Commissioner for Agriculture, Mr. Orie Obasi, has said that the state government will partner with foreigners willing to invest in agriculture.

A statement by Mr. Ralp Igbokwe, the information officer in the Ministry of Agriculture, last week, said Obasi made the promise when Prof. Dennis Balogu of University of Arkansas visited him.

The commissioner said Governor Theodore Orji was determined to move agriculture from subsistence level to a mechanised system to boost food production in Abia.

She urged Abia indigenes, who were professionals and living abroad to contribute their quota toward making the state self-sufficient in food production.

The commissioner assured Balogu of the government's preparedness to co-operate with his non governmental organisation- Opportunities Industrialisation Centre, in the area of agriculture.

Balogu had earlier told Obasi that he had concluded a two-week training of farmers in the state.

He urged the farmers to see agriculture as a business since their livelihood depended on it.

Balogu called for the establishment of standard processing facilities to encourage farmers to produce more.

He called for proper funding of Abia Agricultural Development Programme to enable it to adopt modern farming methods that could benefit farmers.

Balogu also called on the state government to open up rural farm roads for easy transportation of product to urban centres.

http://www.guardiannewsngr.com/business/article08

pappy

September 10th, 2007, 04:08 PM

GSM: Etisalat to spend $1bn in Nigeria

By Agency reporter

Etisalat, the Abu Dhabi-based phone company, plans to spend $1bn building a network in Nigeria that will enable it to compete with rivals including MTN Group Limited.

The plan was revealed by the company’s Chairman, Mohammad Omran, on Saturday.

A Bloomberg News report quoted Omran as saying, “Nigeria has Africa’s largest population, but the penetration rate is less than 20 per cent.

“We believe the net addition now by other operators is more than 1 million subscribers a month, so there is good growth potential.”

The phone company will operate the 15-year renewable licence won by Mubadala Development Company, an investment company owned by Abu Dahabi’s government, in January.

Mubadala paid $400m to clinch the licence to become Nigeria’s third fixed-line and fifth mobile-phone operator.

Nigeria has about 38million mobile-phone subscribers at the end of January out of a population of 140million.

The Nigerian Communications Commission had last month said the country’s telecoms industry attracted at least $9.5bn of investment since 2001, making it Africa’s fastest growing telecoms market.

The commission had said that a further $3bn of investment was expected this year.

Etisalat and Mubadala will form a new Nigerian company in which Etisalat will own 40 per cent and Mubadala 30 per cent.

Omran said the partners aimed to win more than 20 per cent market share in Nigeria by 2010.

State-controlled Etisalat plans to start its Nigerian unit in March and will sign contracts with “one or two” equipment suppliers by October, Omran said, declining to name them.

He said the company would spend $1bn to construct its network through 2010.

Persian Gulf phone companies including Etisalat and Kuwait- based Mobile Telecommunications Corporation, are seeking new customers in Africa after mobile-phone penetration rates in their home countries rose above 100 per cent. Record earnings from oil-fueled economies enable them to bid more for licences than foreign competitors.

MTC in February said it would spend $10.5bn this year expanding in Africa after it bought Netherlands-based Celtel International BV to gain customers in 13 African countries.

Etisalat in July 2006 won Egypt’s third mobile licence with a $2.9bn offer. In April, it raised its stake in Atlantique Telecom to 70 per cent to tap the company’s units in West African countries including Ivory Coast, Benin and Togo.

According to Omran, Etisalat is also ‘hopeful’ the Algerian government will soon proceed with a plan to sell between 35 and 50 per cent of Algerie Telecom.

He said that the firm was also interested in Ethiopia and Libya.

At home in the Gulf, Etisalat is “considering” a bid for a stake in a new Kuwaiti phone company being formed by Kuwait’s government. It will also be bidding in an auction next week for Qatar’s second mobile-phone licence.

“These licences will complement our services in the Gulf region if we can get them,” Omran said, declining to comment on the cost of the licences.

pappy

September 10th, 2007, 05:49 PM

Nigeria: NCC Moves to Revoke Telecoms Licences

This Day (Lagos)

10 September 2007

Shina Badaru
Lagos

The Nigerian Communications Commission (NCC) has initiated plans that will lead to the revocation of scores of licences granted for telecoms services in the country.

Technology Times checks revealed that the revocation may be as widespread as the one carried out ahead of the 2001 Auctions of GSM frequencies.

Former president Olusegun Obasanjo had then ordered NCC to revoke licences that were issued during the regime of ex-military Head-of-State, General Sani Abacha, as they benefited only a few highly connected friends of his regime.

Head of Public Affairs, NCC, Dave Imoko, confirmed in a phone interview that the telecoms regulator had commenced a licence audit but "I won't really call it a revocation. It is only a routine exercise by NCC."

When prodded to comment on the regulator's perceived concern that many licences are currently dormant while the telecoms sector grapples with scarcity of frequency spectrum, Imoko said: "Yes, there is scarcity of frequency spectrum and NCC is worried about this."

According to him, "there is no reason why someone should be holding on to those frequencies and not utilising them when other serious people are out there wanting the same thing same thing to provide telecoms services to our people."

He did not give further details on measures being taken to address this concern by the regulator.

However, sources confirmed that the Legal Unit of NCC has commenced a nationwide audit of frequency spectrum allocated across the telecoms sector.

The move that may see scores of licences that have not met their rollout obligations being invalidated and revoked as the sector comes to terms with the scarcity of frequency spectrum.

The 'audit' is currently stirring unease among some licence holders over the likelihood that it is often a regulatory precursor licence revocation.

It may also seal the fate of 'frequency speculators' hoping to sell off their dormant licences at a premium as new players explore entry avenues into the fast-growth telecoms market in Nigeria.

Fixed Wireless Access (FWA) licensees are likely to be among the category of worst hit service segment.

NCC had in 2002 issued 22 FWA licences to 22 companies to provide services across various regions of the country.

The five-year FWA licences issued them in July 2002 expired in June, this year, a development that may prompt the NCC to have a rethink over the renewal of some of the dormant ones.

Also, the revocation that Obasanjo ordered ahead of the 2001 GSM auction was to have a major impact on the exercise when Motophone Limited, which was issued licences by the Abacha regime and one of the affected companies when nine GSM licences invalidated by NCC, mounted a major legal battle at the Federal High Court to halt the sale of new licence at the time.

Though Motophone owned by the Chagoury family lost the legal battle to stop the auctions, Communications Investment Limited (CIL), owned by businessman, Mike Adenuga Jr, which won one of the four auctioned GSM slots in January 2001, was also affected.

pappy

September 10th, 2007, 07:19 PM

Imo acquires 1,500 cabs, bans Okada

Imo State Government is to ban commercial motorcyclists, popularly known as "okada" from plying the streets of Owerri, the state capital, in the next few days.

The government has acquired over 1,500 state-of-the-art vehicles to operate as taxicabs in the state capital.

State Liason Officer in Abuja, Elvis Agukwe, disclosed this at the weekend.

He said that Governor Ikedi Ohakim would soon launch the cabs in the state.

Agukwe also disclosed that work on the state’s N5 billion China Town project would soon take off.

According to Agukwe, the vehicles would be leased out to the unemployed in the state on an interest free basis, pointing out that the cabs are already in the state.

"Okada would be banned in the state; they would no longer operate in the Owerri capital territory.

"Most of the okada riders who are graduates would be retained and absorbed in the taxi initiative. Others will now have to operate in the outskirts of the city", he added.

pappy

September 10th, 2007, 11:55 PM

Nigeria: Fashola to Revive Independent Power Plant

10 September 2007
Posted to the web 10 September 2007

Chinedu Eze
Lagos

Lagos state governor, Mr. Babatunde Fashola, has said that the state government will revive the abandoned Independent Power Project initiated by his predecessor, Asiwaju Bola Tinubu, meant to supply electricity to all residents of the state, noting that work will resume on the project after the Power Holding Company of Nigeria (PHCN) has streamed and unbundled its power projects across the country.

Fashola who spoke to newsmen at the Murtala Mohammed Airport, Lagos at the weekend said, "As you might be aware, the process of unbundling the old NEPA and PHCN is still going on. Bids are in various stages and it's sensible at this stage to see how all of that will unfold and see who is holding what or who is the stakeholder where in order to know which way to go.

"The system as you know, there is transmission, there is distribution and of course the final end of it, which is the retail end of the business like the metering and all of that. Of course, there's going to be only one transmission company, which everybody will rely on. They're unbundling the major distribution companies. Lagos state has two, Ikeja and Eko distribution zones. Bids have been made. Our state has expressed interest in them and we'll see how all of these evolve."

He said that plans are to starte the privatisation process and the state government is waiting to see how it will unfold before reviving the plant.

"As you might be aware, the privatization committee was recently inaugurated and the National Economic Council was also recently inaugurated and these are the agencies that are concerned with the managing of the final process of unbundling infrastructure under the privatization exercise."

Fashola also said that although he did not give ultimatum to those who live at the Bar Beach, where land reclaiming and barricade project is going on, but the occupiers of the beach must vacate so that the project would be extended to the areas they are staying, insisting that the state government would have to force them out of the area if they refuse to leave willingly.

"I think that if you take pains to recall what I said, I didn't give any ultimatum. We needed to move them out of that place so that the remedial construction works can continue to extend the sea defence wall. I explained to them that what they were doing, was not complementary to what we were doing. And I gave them a choice, that we'll either come to move them or they'll move on their own.

"They agreed to move. They said they'll move in a week. The contract for the extension has been awarded. The contractor is mobilizing to site. Whether they move voluntarily or not, as a matter of necessity, I must protect the lives of millions of Lagosians who are being threatened by the sea if it ever overruns, and so I'll have to what I've to do. Once the contractors are ready to move into site, I'll be behind them to ensure we take deliver the place together."

On the regular flooding of different parts of the state during the rains, the Governor noted that pre-emtive measures are not taken to prevent flooding during the rains in the state, urging Lagosians to always make plans in advance before the rains start coming, instead of waiting for nature to take its course.

"This is the season of rains and we must prepare for it just as we prepare for seasonal things. For too long, we've neglected to prepare to receive the rains. If you look at Europe now, as we go into the next few weeks, they'll start preparing for winter. In the same manner, we must prepare for the rains. We can't just assume that things will take their natural cause. So, what we're doing now is provide relief across the state the best ways we can, clear the canals so that the primary drains from the streams can flow into the canals and back into the sea. Of course, it's an interlocking connection."

Rdokoye

September 11th, 2007, 05:34 AM

Igbo end convention, plan 13-year development agenda

From Gordi Udeajah,
Detroit, USA

TOWARDS actualising their desire for the rapid development of their land, Igbo in diaspora rose last week from their 13th World Igbo Congress (WIC) Convention held in Detroit, Michigan, United States of America (USA) resolving that a 13-year action plan be packaged for all the Igbo states' simultaneous growth.

The master-plan, tagged Vision 2020, is to specify details of how Igbo states would be developed simultaneously and their governments encouraged to invest in the South East Development Agency for the purpose of infrastructural development and security of lives and property. This will be realised with the help of Igbo in diaspora who will maximise what the WIC called the Igbo intellectual capital and inherent economic resources.

These were made known in the WIC post-Convention 17-point statement jointly signed by its chairman and general secretary, Ichie Chibuzo Onwuchekwe and Charles Chikezie. The convention also resolved that while Igbo state governments shall establish benchmarks to turn their land around and elected officials held accountable, those in the diaspora shall be encouraged to invest at home.

It was also resolved that Igbo must now become more active participants and not spectators in the enterprise called Nigeria with their governments creating employment opportunities as a priority as well as being encouraged to work in concert to actualise Igbo interests.

The WIC deplored the state of schools and education in Igboland, urging that swift remedies be effected to enable Igbo children acquire the right 21st century education just as it was resolved that part of its agenda henceforth should involve their youths and their development.
Adding that a new direction shall be employed to alleviate the plight of Biafran War veterans residing in the Oji River Rehabilitation Centre in Enugu State, the WIC statement stated that "Ndigbo in diaspora and the Igbo state governments have unanimously resolved that the Dr. Dozie Ikedife-led Ohanaeze Ndigbo is the one and only bonafide Ohanaeze Ndigbo."

According to the statement, all the resolutions taken at the convention both at private and plenary sessions would henceforth be implemented in record time. The WIC renewed its plea to President Umaru Yar'Adua for the unconditional release of Chief Ralph Uwazuruike and other detained members of the Movement for the Actualisation of the Sovereign State of Biafra (MASSOB). It held what it referred to as a traditional Sunday inter-denominational church service in memory of the Igbo victims of the last Nigerian civil war and those killed thereafter. Those killed thereafter they listed as Mr. Gideon Akaluka reportedly beheaded in Kano in 1994 and another six murdered on June 8, 2005 at Abuja Apo Mechanic Village by alleged police officers.

The WIC Chairman, Onwuchekwe, had canvassed the appointment of a co-ordinator for Ohanaeze Ndigbo, the establishment of a direct link between WIC and Ohanaeze, a committee to review the position of Ndigbo in the Nigerian body polity and the development of Igboland.

For the first time in the history of WIC conventions, three Igbo state governors attended. They are Governors Theodore Orji of Abia who attended with his wife, Mercy Odochi; Ikedi Ohakim of Imo and Peter Obi of Anambra . Sullivan Chime of Enugu sent Mr. Godwin Madueke, his Special Assistant, to represent him but Martin Elechi of Ebonyi who is said to be highly respected as the oldest Igbo state governor neither attended nor sent a representative.

The convention which theme was "Introspective development of Igboland" was hosted by the WIC Michigan affiliate association, the Igbo Cultural Association of Michigan (ICAM) under the leadership of Mr. Mathias Mgbeahuru. In attendance were delegates from USA, Central and South America, Australia, Canada, Europe and Nigeria.

Others were Dr Dozie Ikedife, ex-Imo State governor, Chief Achike Udenwa, Chiefs Maxi Okwu, Emmanuel Iwuanyanwu, Mrs. Blessing Azuru (Abia State lawmaker), Chuks Iloegbunam, Sam Hart, Prof. Jerome Nriagu of the University Of Michigan, Senators Eze Ajoku and Osita Izunaso who was specially honoured by WIC for his leadership qualities and effective representation.

The Guardian learnt that Senator Izunaso will also on September 26, this year, be specially honoured by the Mayor of Detroit. A Nigerian council man in Lathrup Village City Council, Mr. Kyrian Nwagwu, elected in 2003 and re-elected in 2006 was also honoured by the WIC.

The WIC similarly honoured the U.S. Congressman from Michigan 14th District, Mr John Conyers (Jnr), Congresswoman Carolyn Kilpatrick, the Mayor of Southfield Michigan Brenda Lawrence and Mrs. Janice Winfrey, the Detroit City Clerk.

Officials of four Nigerian banks - UBA, Fidelity , Oceanic and PHB - attended and promoted their special programmes said to be beneficial to the diasporans. The next or 14th WIC Convention was slated to hold in 2008 in Tampa Bay, Florida, for which the hosting right was granted its affiliate Igbo Association of Tampa Bay with Mr. Emmanuel Mekowulu, its president, appointed as the new Presiding Officer of the WIC House of Delegates.

Rdokoye

September 11th, 2007, 06:57 AM

Nigeria: $900 Billion Economy is Target for Vision 2020 Economy - NESG

8 September 2007
Posted to the web 10 September 2007

Omoh Gabriel, Business Editor & Umoru Henry
Abuja

THE 13th Nigerian Economic Summit held in Abuja came to a close yesterday with a recommendation that the size of the nation's economy must be between US$800 billion and US$900 billion by 2020 with a minimum average annual GDP growth rate of between 13%-15%.

According to participants, if the country must meet the set target of vision 2020, Millennium Development Goals [MDGs] targets must be achieved in all its ramifications, adding that Nigeria as a nation must strengthen and continue to promote sub national competitiveness through continued enhancement of the benchmarking processes.

Participants also called on the government to sustain and expand its engagement at the sub regional, regional and global arena if there must be consolidation of Nigeria's leadership role in Africa as well as extend her influence to the global economic community.

The three day summit held at the Transcorp Hilton Hotel, Abuja with over well over 800 participants in attendance, had as its theme, "Nigeria: Positioning for the Top 20 League."

Presenting the Communiqué, Senator Chris Anyanwu and Foluso Philips said the participants also agreed that issues of education, health and energy must be addressed in a wholistic manner where 100 per cent enrolment into primary schools, implementation of the 10-year educational plan must be achieved.

The country must also increase Nigeria's life expectancy index from 46 years to over 70 years, improve infant mortality as well as improved maternal mortality in the area of health by 2010, adding that the nation should be able to deliver 13,500MW of power, conclude and implement the Gas policy.

In the area of transport, the government must conclude a 100% rehabilitation of Roads at all levels, construct East-West Rail Line and opening of Inland Waterways as well as the establishment of infrastructure Concession Regulatory Commission, adding that the Police must be fixed, the strengthening of institutions of representative democracy and improvement of access and speed to justice.

Earlier in his presentation, Minister of Finance, Dr. Shamsudeen Usman said there was the need for all government agencies to achieve revenue targets to create an enabling environment for the federal government meets its obligation to the citizenry.

According to him, the cost collection of these revenues provides incentive for effective collection, adding that increase in salaries between 2008 to 2010 would be assuming implementation of consolidated salary in 2008, even as he stressed that there would be no further increase.

He also disclosed that there were noticeable increase in overhead budget due to lack of due process in recurrent spending, adding that contingent liabilities crystallize severance benefits from Power Holding Company of Nigeria (PHCN) and other privatization.

Shamsudeen who noted that other PHCN liabilities the federal government shoulders as responsibilities as well as pension fund shortfall for Federal Government of Nigeria (FGN) parastatals and additional local contractor arrears were issues that have to be well addressed, said the macroeconomics risk which have low Gross Domestic Product (GDP) growth rate lead to reduced non oil revenue and increased deficit as well as debt stock as percentage of GDP.

According to him, inflation goes into double digits leading to additional funds for liquidity management that Exchange rate appreciation will reduce government's income from oil export and PPT, even as he explained that the decision of the government to involve itself in the NNPC JVCC was to reverse several years of under-investment in new JV oil production.

Matthias Offodile

September 11th, 2007, 10:53 AM

THE 13th Nigerian Economic Summit held in Abuja came to a close yesterday with a recommendation that the size of the nation's economy must be between US$800 billion and US$900 billion by 2020 with a minimum average annual GDP growth rate of between 13%-15%.

Nice recommendations ....but there is still heaps of work to reach this aim, honestly said! The economic aggressiveness still lacks! Yar´Adua has to come up with action now and not lip-service!

A minimum average growth rate between 13-15%!!!! The emphasis is here on "minimum":lol: ....Such high growth rates are pretty unsustainable...7%-8% is much on average is much more realistic and I would be very happy if those growth rates could be sustained in Nigeria till 2020!:)

Matthias Offodile

September 11th, 2007, 10:55 AM

THE 13th Nigerian Economic Summit held in Abuja came to a close yesterday with a recommendation that the size of the nation's economy must be between US$800 billion and US$900 billion by 2020 with a minimum average annual GDP growth rate of between 13%-15%.

Nice recommendations ....but there is still heaps of work to do in order to reach this aim, honestly said! The economic aggressiveness still lacks! Yar´Adua has to come up with action now and not lip-service!

A minimum average growth rate between 13-15%!!!! The emphasis is here on "minimum":lol: ....Such high growth rates are pretty unsustainable...7%-8% is much on average is much more realistic and I would be very happy if those growth rates could be sustained in Nigeria till 2020!:)

Tbite

September 11th, 2007, 03:26 PM

Matt

Believe it or not but i wouldn't be surprised if Nigeria did sustain the growth rate.

Let us not forget that Nigeria's economy grew 7% annually for 15 whole years. From 1965 to 1980. This was due to high oil prices, and resource management was not even a factor.

So have no doubt that Nigeria can sustain such a growth rate. Nigeria's economy has only depreciated between 1980 and 2001. Due to the recession and the aftermath of the economic recession. With management, and a oil boom ahead Nigeria's economy has the potential to explode. Do the Maths and Nigeria's economy has a higher economic growth on average since independence than richer western countries. The reason why western countries do not go into recession as often is simply "because of management".

The vision here is vision 2020. That is in 13 years time. Nigeria has sustained a 7% growth rate for 15 years before. 13% for 13 years is not optimistic, if resources are well managed and the non oil sector is expanded into tertiary and secondary sectors.

Believe it or not, this is cold hard facts

kulani

September 11th, 2007, 03:39 PM

13% can be achieved, but like i said before, there has to be a holistic strategy that will include firing up the industrial sector, mining and move agriculture especially agro-processing into top gear. Telecommunications and Banking are already in top gear and firing on all cylinders. This of course has to be coupled by prudent economic management policies and lots of focus and dedication by the economic managers. These sectors will complement the oil sector so that along side high oil prices the economy can experience sustainable double digit growth for the next 15 years.

Foreign Direct Investment (FDI) can literally pour into Nigeria in much larger numbers than currently occurring once the structural issues that are slowing the economy are sorted out like Niger Delta, electricity, transportation, customs, transparency and certainty (which also goes a long way in reducing the risk profile of new capital projects).

pappy

September 12th, 2007, 03:51 AM

NNPC sets December deadline to revive Warri, Kaduna refineries

* Local firm gets N6.5b pipeline repair contract

From Yakubu Lawal, Vienna, Austria

NIGERIANS should expect functional Kaduna and Warri refineries by the end of December this year, the acting Group Managing Director of the Nigerian National Petroleum Corporation (NNPC), Alhaji Lawal Yar'Adua, has pledged.

To meet the target, the NNPC has awarded a N6.5 billion ($52 million) contract to a local firm for the repair of the Chanomic creek channel pipeline, which supplies crude oil to the two refineries.

Yar'Adua, who disclosed this to journalists yesterday in Vienna, Austria, said it is a Christmas present the corporation is planning for the citizens.

Although the Federal Government has unbundled the NNPC and renamed it National Oil Company (NOC), the corporation will continue to operate in its present status until the National Assembly passes the law on the recent restructuring in the oil and gas industry.

He said the contract was awarded to an indigenous oil service firm, which had worked with the multi-national oil companies in the Niger Delta region.

According to Yar'Adua, " the community people have assured us of access to the place, we have evaluated the contract, we have signed the agreement with the community and we expect to finish this in four months. But I am putting pressure to see if we can reduce this to three months. We are looking at the possibility of bringing the refineries back on stream maybe before the end of December to see if we can give Nigerians a Christmas present."

"It was over N12.6 billion ($100 million) but I have successfully negotiated it down, with the use of the indigenes to around $52 million (N6.5 billion)," Yar'Adua said.

With the arrangement, the NNPC boss said, he had saved half of the cost of the contract for the country.

Yar'Adua insisted that the local contractors were technically capable to handle the job.

"From the perspective I know, that may be possible. But what I did when I took over was to give the indigenes of the community an opportunity. It is no more Wilbros or any other big firm, it is going to the indigenes of the place. That is my strategy for resolving the situation," he said.

Yar'Adua explained that all that was required was for the contractors to cut the line and weld it back to standard since the firm now had access to the spot where the pipeline was vandalised, adding that the local company was prequalified and had been working for Shell and Mobil.

"We got them from the oil industry. So it is not as if we picked a group without pedigree," he stated.

As part of the efforts to protect the pipelines from vandals, the NNPC boss said the management had signed a surveillance contract with the communities, stressing that by involving the people in the repair and surveillance it would go a long way in stemming the activities of the vandals in the region.

On the incessant vandalisation of the Escravos-Lagos pipeline, which supplies gas to Egbin Power Station and other gas users in the western part of the country, Yar'Adua said President Umaru Musa Yar'Adua had approved fund for the repair in view of the strategic nature of the pipeline to the power sector and the industrial sector.

"The line was vandalised by militants and we just repaired it and restored gas supply to Egbin. We achieved this a few days ago after spending more than N2 billion. Now we have found five new vandalised points. I then had to go back to Mr. President and he has approved that the affected areas should be repaired. So really, the gas is available but the line is being vandalised," he said.

Yar'Adua pointed out that the refineries were technically ready and in good shape.

" Port Harcourt is operating. Today it is operating at about 60 per cent capacity, we are going back to 70 to 80 per cent. The Kaduna Refinery is operating at 85 per cent capacity. Warri was operating until the 18th February, 2006, that was when the crude oil pipeline was vandalised," he said.

At the Organisation of Petroleum Exporting Countries (OPEC) secretariat yesterday in Vienna, Minister of State for Energy (Petroleum), Mr. Odein Ajumogobia, said the National Energy Council set up recently by the government would review the issue of refineries as contained in the Oil and Gas Reform Implementation Committee(OGIC).

Ajumogobia said his major pre-occupation was to fix the refineries to meet domestic demand, adding however that it would take sometime to put the refineries in good shape.

The minister, who is attending the OPEC meeting for the first time and as head of Nigerian delegation to the conference, said initial bidders for the refineries declined to continue with the exercise. He said that it was therefore imperative that government looks for ways to revive the plants and make them functional to meet the fuel need of the country.

He noted that even at full capacity, the refineries could not produce enough for domestic consumption.

Ajumogobia explained that the problems with the refineries were systemic and bordered on spare parts, power generation and pipeline vandalisation, assuring that by the time government fixed these parts, the plant would deliver products to Nigerians.

On the new refineries announced by the former Group Managing Director of NNPC Mr. Funso Kupolokun, Ajumogobia said that the modality for the exercise was sketchy. He said it was not clear under what arrangement the new refineries would be built.

"I cannot say whether government will do it alone or in partnership with private sector but what concerns me now is to fix what we have. That is what we will do for a while,'' he said.

Rdokoye

September 13th, 2007, 01:50 AM

Nigeria to Adopt ‘Citizenship Diplomacy’

From Chuks Okocha and Onwuka Nzeshi in Abuja, 09.12.2007

Nigeria has announced a “retaliatory” foreign policy, warning that any country that presents Nigeria as corrupt without showcasing the intellect of Nigerians would be declared a “hostile nation”.
The new foreign policy tagged “Citizenship Diplo-macy” was unfolded by the Minister of Foreign Affairs, Chief Ojo Maduekwe, yesterday.
It is geared towards “protecting” the image and integrity of Nigeria and retaliates against countries who are hostile and who brand Nigeria as “corrupt”, he said.
Ojo, who spoke at a book presentation by former Minister of Education, Professor Tunde Adeniran, in Abuja, disclosed that Nigeria’s foreign policy, without any fundamental change in content, “is now what we like to call Citizens Diplomacy. It is going to be a citizen-centred foreign policy, which is: how does this benefit Nigeria and Nigerians? It is a way of strengthening our commitment to Africa.
“We believe that it is time to let the world know that Nigeria is not a beggar nation that has to be made to feel ashamed by the actions of a few criminals who disgrace us at airports in the world by their activities.
“So we have urged that for every Nigerian drug pusher arrested or 419 arrested or a suspect arrested in the major stations of the world, they have a responsibility to showcase those Nigerian surgeons that are making a difference in their communities of those countries.”
Accordingly, he said, “failure to tell the good story about Nigeria from now on, would be considered as a hostile act. Because if you brand us a nation of scammers, as a nation where nothing works, you will be undermining our self-esteem, you undermine our national unity and you make it difficult for investors to come to our country and that could bring unemployment and poverty and of course there is a linkage between poverty and insecurity.”
In this regard, Maduekwe said “we are simply saying, this diplomacy would be a diplomacy of consequences. If you are nice to us, then of course, we should be nice to you. If you were not nice to us, then of course there would be a cost. This is called the concept of reciprocity. This is called the diplomacy of consequences.”
He explained further: “Our foreign policy has come of age and the age of innocence is over. We remain proud of our track record right from Tafawa Balewa up till now. The country that has the largest black nation in the world could not have done otherwise. A world where every six black man is a Nigerian could not have done otherwise, or where every four Africans is a Nigerian could not have done otherwise.
“We should ask ourselves some hard questions: to what extents has our foreign policy benefited Nigerians? To what extent has our foreign policy put food on our tables? In other words, where is the citizen in our foreign policy?”
Quoting Williams Dubois, the Minister said, “The colour of the skin remains the defining paradigm of international relations. And I think that it would not be out of naivety for the largest black country in the world not to be conscious of the fact that colour of corruption is black, so long as the colour of corruption is black, so long as the colour of HIV/AIDS is black, so long as the colour of ethnic conflicts is black…all black people all over the world, whether they are Congress men in the United States or the United Kingdom, they will never walk proud any where in the world.”
He said that Nigeria carried enormous burden to be the symbol of the success of the black nation and there could never be a black success story, “unless it is a Nigeria success story.”

Tbite

September 13th, 2007, 09:09 AM

Damn Straight.

Nigeria is said to be the greatest exporter of man power in the world. Not India, not china, yes I said Nigeria. You have millions of Nigerians contributing positively to the economies of hundreds of countries in the world, yet the whole image of the country is determined by a few rouges. Yes Nigeria has corruption, but there are many countries who have the same level of corruption, but yet aren't deemed as "A failed State" or called corrupt in every other line in an article or on TV.

You have Nigerians like; Wole Soyinka (Nobel Laureate) Philip Philip Emeagwali (One of pioneers of the Connection Super Computer which led to the development of the Internet) and voted the 35th Greatest African) Chinua Achebe (One of the Greatest African poets), Mohammed Bah Abba, Kanu Nwankwo (Africa's most decorated footballer)

You have thousands of Nigerian Doctors working in countries like; Ghana, England, USA, South Africa, India (If it's a country there are Nigerian doctors there).:lol: :lol:

I think this citizenship diplomacy will go a long way.

jbisub

September 14th, 2007, 02:00 AM

Good news!!! Looks like they are getting the news!! "There is a new sheriff is in town!!! :banana: :banana: :banana:

Company.........CementProduction rate...Actual.....Owner of Co.

1. Obajana [Kogi State]....5 million mt...0.5 million mt..[Dangote]
2. BCC [Benue State].......3 milion mt....0.35 million mt.[Dangote]
3. WAPCO[Ogun State].......2 million mt...1.4 million mt..[Lafarge]
4. Ashaka [Gombe State]....1 million mt...0.7 million mt..[Lafarge]
5. Sokoto.................0.3 million mt..0.3 million mt[CementCo.NN]

Total................11.3 million mt*.3.25 million mt**

Company..........................Bagging (imported cement) rate
1. Lafarge Atlas Cement, PH.................2 million mt
2. Dangote's 4 Bagging Plants...............3 million mt
[Apapa, Lagos, Onne, Port Harcourt]
3. Flour Mills..............................2 million mt
4. Eastern Bulkcem [Eagle Cement]..........0.6 million mt
5. Ibeto Cement Co. [Port Harcourt]........1.5 million mt

Total.......................................9.1 million mt**

*A report puts the actual combined cement production capacity at about 5.15 million mt, and actual production at 2.94 million mt. (December 2005)
**Same report puts combined BAGGING (of imported cement) capacity at 13.1 millon mt, and actual bagging capacity at 4.42 million mt. (December 2005)

WAPCO to expand capacity by four million metric tonnes
By Layi Adeloye
Published: Thursday, 13 Sep 2007

Lafarge, the majority stakeholder in West African Portland Cement Plc, has unfolded plans to raise the Nigerian subsidiary’s capacity by four million metric tonnes per annum.

The Vice-President of Lafarge, Africa, Middle East, Western and Eastern Europe, Mr. Guillaume Roux, who disclosed this in Lagos on Wednesday, said the move was part of the conglomerate’s demonstration of faith in the Nigerian economy.

Roux was on a working visit to WAPCO Plc.

In his address to journalists shortly after a board meeting, Roux said the Nigerian market was important to Lafarge, as “it is a leading market in the range of Lafarge’s emerging markets.”

He, however, declined giving the amount to be invested on the project either by WAPCO or Lafarge, saying, “An opportunity study has just been done, while we are moving to the feasibility study stage.”

At present, WAPCO operates with two million metric tonnes capacity per annum on the average. The addition of the proposed four million metric tonnes is, therefore, expected to take WAPCO’s production capacity to six million metric tonnes per annum.

He said, “The proposed project will involve the erection of two new production lines with 5,000 tonnes of clinker per day each, which will effectively increase WAPCO’s total output to six million metric tonnes per annum.

“In realisation of this objective, an opportunity study has just been successfully carried out as a first step in the process. The company has commenced a feasibility study to ascertain the potential of the venture. It is expected that a final decision will be taken on approval of the project by December 2007.”

Although he said that the project was still at an exploratory stage, Roux, however, said that the board of Lafarge would take the final decision on it in December.

Describing the Nigerian project as part of Lafarge’s global expansion programme, he noted that the Nigerian market remained of primal importance to the comglomerate.

According to him, Lafarge had plans to raise its production output to 45 million metric tonnes from the current estimated 37million metric tonnes globally.

He said that in view of the fact that more than half of its current sales output came from the emerging markets, the programmes of continued investment in market expansion and productive capacity in Nigeria were justifiable

Rdokoye

September 15th, 2007, 02:48 AM

Firm to Invest N6bn in Packaging Cans

By Idowu Sowunmi, 09.15.2007

African Can Company, a Nigerian-based consortium comprising the United States, European and Nigerian investors, yesterday announced a N6 billion investment package for the manufacturing of aluminium cans for packaging soft drinks, beer, water and juice in the country.
According to the company's spokesman and President of NCT, Gary Huebner, the new beverage packaging company, which is designed to be the first of its kind in the country, is scheduled for completion before the end of 2008.
Speaking yesterday in Lagos, Huebner said “the African Can Company is set to commence operation before the end of 2008 and it has an initial capacity to produce 500 million cans per annum to service the growing beverage market. It is a N6 billion project put together by a group of United States, European and Nigerian investors.”
Acknowledging the promise of increased political stability under the present democratic dispensation, Huebner added that the investment “signals absolute faith in the Nigerian economy and markets. We believe that the economy will continue to industrialise and modernise, and we are pleased to be a part of it.”
He assured that with its three-year feasibility study completed, its location selected, construction works for the new can production facility would commence on site within a few months in one of the eastern states. “The new facility will use state-of-the art technology and will create jobs for many Nigerians. The project is expected to help replace scarce foreign exchange currently expended in importing aluminium cans from Europe and South Africa, principally.”

Matthias Offodile

September 16th, 2007, 05:41 PM

London Trade Mission Chamber visits Nigeria

From Business desk
Friday, September 14, 2007

Mores Stories on This Section

Representatives of 15 British organisations and companies, promoting a wide range of products and services from design to corporate training, and from cosmetics to laboratory equipment will be visiting Lagos between 17 and 20 September 2007.

The visit organised by London Chamber of Commerce & Industry (LCCI) is with the backing of UK Trade & Investment, the United Kingdom's export and inward investment promotion body and sponsored by HSBC Bank plc.

Mission organiser Craig Pym, Head of World Trade at LCCI, said, "There is a real feeling of optimism about Nigeria in the British business community. There have been a number of very positive developments recently and we are confident of seeing strong growth in Nigerian businesses.”

He went on, "the UK is well positioned to work with Nigerian companies to provide mutual benefit and business relations between many companies are closer than ever. I am confident that all the companies on this trade mission have a lot to offer their Nigerian counterparts and all have a commitment to work closely with their partners in the long term."

Matthias Offodile

September 16th, 2007, 05:43 PM

CBN to partner Lagos on Lekki financial corridor

By AMECHI OGBONNA and SEUN ADESIDA
August 18, 2007

Nigeria’s Financial Strategy 2020 Group is to partner the Lagos State government to establish an international financial centre in Lekki, Lagos State.

The scheme is being embarked upon as part of overall strategy to fast track the evolution of an African financial centre in Nigeria.

Central Bank of Nigeria Governor, Profesor Chukwuma Soludo, who threw light on possible areas of such collaboration, at an interactive session with Media Executives in Lagos last weekend, said the Centre which would function under a separate regulatory framework from that governing the conduct of banking business in Nigeria requires an enabling environment enjoyed elsewhere to function.

He stated that the FSS 2020 team would soon begin discussions with the Babatunde Fashola -led government, to explore ways of making the project a centre of excellence.
According to him, the discussions will focus largely on provision of infrastructure, effective transportation system, and such other component that would make prospective users enjoy the kind of services that obtain in more advance.

He explained that the Lekki Financial Corridor will enable its users conduct their business as if they were in London, New York or Malaysia and therefore help in the nation’s quest for full integration of the African financial market with there rest of the world very effective.
The CBN boss said the Finacial System Strategy 2020, group which is already working out modalities for the scheme’s takeoff will be collaborating with the Lagos State Government to ensure the realization of the project.

He pointed out the dream project may be realized sooner than expected if all the relevant agencies within the public and private sectors make the necessary sacrifice expected for the takeoff of the LFC.
As part of the build up to the new initiative, the Central Bank is to collaborate with three universities in Nigeria to train high level manpower in Economics, Accounting and Banking and Finance to supply the human capital needs of the the centre.

The University of Nigeria Nsukka, Ahmadu Bello University, Zaria and University of Ibadan, according to the governor, are to be involved in the training of the qualified manpower following the near collapse of the nation’s educational sector.

Soludo said that the arrangements are being finetuned to ensure that proper instruction and training are given to the students to ensure that an efficient Financial System Strategy emerges at the end of the day.
The CBN governor said that the current effort was part of his group’s programme to diversify the economy after more than four decades of total reliance on primary products.

“We need to diversify our economy away from primary products. We need to diversify our economy and exploit opportunities offered by primary commodities and go into industries.
To achieve the goals of the project, Soludo said that Nigeria needs to grow at a rate of about 12 per cent and run faster than it is doing presently having lost several decades.

The Financial System Strategy which has the Central Bank governor as chairman also has the chief executives of the financial sector regulators including SEC, NAICOM, PENCOM, and the Stock Exchange as members.

Michaelda

September 16th, 2007, 08:08 PM

Nigeria ranks 19th in farm products, 44th in factory output

Nigeria remains a major producer of agriculture products, but is yet to compete in other emerging areas such as services, industry, among others.
BLESSING ANARO
Sun, 16 Sep 2007 12:12:00

Updated information made available by the World Bank shows that Nigeria ranks 14th in the world in farm products but first in Africa, 44th in the world in factory output but 3rd in Africa, and 66th in the world in services but 5th in Africa.

In Nigeria, though agriculture has suffered from years of mismanagement, inconsistent and poorly conceived government policies, and the lack of basic infrastructure. Still, the sector accounts for over 26.8 percent of GDP and two-thirds of employment.

Clearly, Nigeria is no longer a major exporter of cocoa, groundnuts (peanuts), rubber, and palm oil. Cocoa production, mostly from obsolete varieties and overage trees, is stagnant at around 180,000 tons annually; 25 years ago, it was 300,000 tons. An even more dramatic decline in groundnut and palm oil production also, has taken place. Once the biggest poultry producer in Africa, corporate poultry output has been slashed from 40 million birds annually to about 18 million. Import constraints limit the availability of many agricultural and food processing inputs for poultry and other sectors. Fisheries are poorly managed. Most critical for the country’s future, Nigeria’s land tenure system does not encourage long-term investment in technology or modern production methods and does not inspire the availability of rural credit.

Agricultural products include cassava (tapioca), corn, cocoa, millet, palm oil, peanuts, rice, rubber, sorghum, and yams. In 2003, livestock production, in order of metric tonnage, featured eggs, milk, beef and veal, poultry, and pork, respectively. In the same year, the total fishing catch was 505.8 metric tons. Roundwood removals totaled slightly less than 70 million cubic meters, and sawnwood production was estimated at 2 million cubic meters.

The agricultural sector suffers from extremely low productivity, reflecting reliance on antiquated methods. Although, overall agricultural production rose by 28 percent during the 1990s, per capita output rose by only 8.5 percent during the same decade. Agriculture has failed to keep pace with Nigeria’s rapid population growth, so that the country, which once exported food, now relies on imports to sustain itself.

Industry: The country’s poor showing on factory output was attributed to the oil boom of the 1970s which led Nigeria to neglect its strong agricultural and light manufacturing bases in favor of an unhealthy dependence on crude oil.

In 2000, oil and gas exports accounted for more than 98 percent of export earnings and about 83 percent of federal governments revenue. New oil wealth, the concurrent decline of other economic sectors, and a lurch toward a static economic model fueled massive migration to the cities and led to increasingly widespread poverty, especially in rural areas. A collapse of basic infrastructure and social services since the early 1980s accompanied this trend.

By 2000, Nigeria’s per capita income had plunged to about one-quarter of its mid-1970s high, below the level at independence. Along with the endemic malaise of Nigeria’s non-oil sectors, the economy continues to witness massive growth of "informal sector" economic activities, estimated by some to be as high as 75 percent of the total economy.

Nigeria is said to rank 63rd worldwide and fifth in Africa in services’ output.

Sources said low power and telecom density has crippled the growth of this sector.

Since undergoing severe distress in the mid-1990s, Nigeria’s banking sector has witnessed significant growth over the last few years as new banks enter the financial market.

Harsh monetary policies implemented by the Central Bank of Nigeria to absorb excess Naira liquidity in the economy has made life more difficult for banks, some of whom engage in currency arbitrage (round-tripping) activities that generally fall outside legal banking mechanisms.

Private sector-led economic growth remains stymied by the high cost of doing business in Nigeria, including the need to duplicate essential infrastructure, the threat of crime and associated need for security counter measures, the lack of effective due process, and nontransparent economic decision-making, especially in government contracting.

While corrupt practices are endemic, they are generally less flagrant than during military rule, and there are signs of improvement.

Meanwhile, since 1999, the Nigerian Stock Exchange has enjoyed strong performance, although equity as a means to foster corporate growth remains underutilized by Nigeria’s private sector.

Matthias Offodile

September 17th, 2007, 10:38 AM

FG Invests N2.4bn on Nigerian-American Hospital

From Onwuka Nzeshi in Abuja, 09.17.2007

The Federal Government has invested N2.4 billion as its contribution towards building of the proposed multimillion naira Nigerian American Hospital in Abuja.
The facility, designed to be a centre of excellence in health-care delivery, has in addition, attracted about $11million equipment finan-cing loan from a Netherland bank, while the entire project is expeceted to gulp about $30million.
THISDAY checks revea-led that as part of its contribution, the Federal Govern-ment secured 95 hectares of land for the project worth over N1.9billion, in addition to cash equity of N500million, in line with the agreement that it would undertake 10 per cent stake in the project, while the private sector takes care of the remaining 90 per cent.
Chairman of the board and promoter of the project, Dr Ifeanyi Obiakor, said these yesterday at a meeting designed to elicit inputs from all the professionals and consultants involved in the project, to conclude plans on the preliminary stage of construction.
Obiakor said the hospital is modeled after the New York Methodist Hospital in America and has been designed to be the best in sub-Saharan African.
Obiakor disclosed that the construction of the first phase, which will be a 70-bed hospital and will gulp $30m and a large number of people will be employed from Nigeria and the diapora, adding that the project will be training 100 doctors and students every year in prestigious universities abroad.

PS: Those brilliant initiatives come far too late but better now than never!

iluvnaija

September 17th, 2007, 11:39 AM

40 British firms seek investments in Nigeria
By Moses Ebosele

A TRADE delegation, comprising representatives of 40 British firms, is to visit Nigeria before the end of this week on an investment drive.

Members of the delegation, who are also part of the London Chamber of Commerce, are scheduled to explore business opportunities in the mining sector, real estate, communications and banking, among others.

Director, Trade and Investment of the British Deputy High Commission, Peter Stephenson, explained at the weekend in Lagos that the industrialists were motivated by "the great progress" which the country has recorded in the past few months.

"The British government is very pleased with the recent development in Nigeria", declared Stephenson, adding that the international community was watching development in the nation closely.

Stephenson, who spoke at the inauguration of Avis Car Rental Services, said the best way to achieve sustainable development was for the private sector to play a prominent role.

While calling for the revival of the Nigeria Railway Corporation (NRC) due to its central role in economic development, he said in the aviation sector, two British firms (British Airways and Virgin), were contributing their quota.

Earlier, the Vice President, Dr. Goodluck Jonathan, said efforts by the Federal Government at improving the economy would attract more investments and partnership for the country to become one of the top 20 most developed nations in the year 2020.

The Vice President, who was represented by a senior director in the Ministry of Commerce and Industry, O.C. Akpan, said job creation, poverty alleviation, economic growth and empowerment rank high on the government's agenda and development of Small and Medium Enterprises Scheme (SMES).

"Events in the past few years have shown us just how difficult it really is for small businesses to thrive in a highly competitive business environment.

"The government has, however, succeeded in creating an enabling environment where starting a small business has become possible", said Jonathan.

The Minister of Culture and Tourism, Adetokunbo Kayode, who was full of praises for the management of Avis Car Rental, said the development would boost tourism in the country.

Represented by Mr. Akin Roberts, the minister said a good transport system was a major step towards achieving a friendly tourist atmosphere.

The Managing Director, Avis Nigeria, Kolawole Ogunbajo, said as far as the emerging business opportunities in Africa were concerned, Nigeria remained "the most beautiful of all the brides".

pappy

September 17th, 2007, 08:04 PM

White Farmers Plan N400m Dairy Factory

09.17.2007
Monday, September 17, 2007

Kwara

Kwara State Commissioner of Agriculture, Professor Gana Yisa, has said Zimbabwean commercial farmers operating in Shonga, Edu Local Government Area of the state, will soon establish a N400-million dairy factory

Yisa said in Ilorin yesterday, that the factory would produce about four million litres of milk annually and would so on be completed, while production will start early 2008.

He said the state government has awarded a N200-million electricity contract for the connection of Shonga Village to the national grid.

Yisa said about 900 specially bred dairy cows would be imported from South Africa for the purpose.

According to him, the factory would produce cheese for export, while some of the 13 farmers would soon set up poultryfarms. “The farmers intend to produce two million broilers per annum once thepoultry farms are in place,'' he said, adding that soya bean crop would be used for poultry feed.The farmers had cultivated about 5,000 hectares of farmland with a variety of crops, including maize, rice, soya bean and cassava. “As a matter of fact, each of them has 320 hectares of cassava with an estimated yield of 60,000 tonnes per hectare,” Yisa said, adding that a flour producing company from Benue had placed order for the cassava.

The commissioner said when completed, the cargo shed at the Ilorin International Airport now under construction, would be used to store produce from the farms.

Prof Gana Yisa, said the electricity project wouldenable the farmers to have access toelectricity, the lack of which he noted,was a major problem.According to him, contractors are nowon site installing electricitytransformers.``In a couple of months, the commercialfarms will be linked to the national grid.You cannot use diesel to run a factory,''Yisa said, pointing out that the farmershad been using generators.He observed that infrastructure wasspringing up in Shonga due to thepresence of the white farmers nowcalled ``new Nigerian farmers'' bythe state government.On employment opportunities, Yisasaid that some 3,000 persons fromShonga area were now employed bothas casual and permanent workers.Investigations , showed that only 100of the workers were on permanentemployment, while the rest werecasual workers hired during harvest.Meanwhile, Alhaji Amuda Kannike, theSpecial Assistant to the Governor onAgriculture, in August disclosed that fiveNigerian banks had assisted the farmerswith a total of N2.5 billion.The banks according to him are:Intercontinental Bank, First InlandBank, Bank PHB, Guarantee TrustBank and First Bank.

Michaelda

September 18th, 2007, 02:29 AM

Nigeria's Mainstreet Technologies to build new international West coast fibre
Written by Ahmed
Saturday, 15 September 2007
For Mainstreet Technologies threw its hat in the ring this week to be the first to complete an African west coast fibre project to compete with SAT3. The cable will connect 12 countries, some already connected to SAT3, others not. Russell Southwood spoke to the project's CEO Funke Opeke and discovered how it intends to win the race to complete.
Nigerian Funke Opeke spent 20 years in the USA working in technology companies(including Verizon's international and wholesale divisions) before coming back to work for a spell as CEO of the incumbent Nitel. It was out of this that she recognised that "after two years in Nigeria how painful the infrastructure limitations were." So in May 2007 she set out to build a new competitor cable to SAT3:"I want to do something for the region and this cable makes good sense both in commercial and development terms."

Dubbed MaIN OnE, the cable will connect the following 12 countries: Morocco, Mauritania, Senegal, Guinea, Cote d'Ivoire, Ghana, Nigeria (Lagos and Port Harcourt), Gabon, the DRC and Angola. There is an option to extend the cable to South Africa if the Government there changes its attitude to external operators:"We've been a little disappointed with the South African Government's attitude."

The project is currently budgeted at US$300 million and Opeke is out "pounding the pavements" looking for sources of finance. But she is optimistic:"The good news is that there is a lot of interest. There is a new capacity in Africa in general and Nigeria in particular to fund projects of this magnitude. There's currently more interest than needed for our requirements." The project will be African-led.

The business model is that Mainstreet Technologies will pay for the landing stations and the cable and shareholding will be open to all comers. Early equity investors will have some price advantage but it will not be significant over the life of the cable.

The cable will have a capacity of 2.56 terrabits and Opeke anticipates that prices will be 10% of current prices and it will still be profitable. Prices will drop further as capacity is sold through. According to Opeke:"We're already talking to some of the larger operators." The company to run the project will be set up in a couple of months time and it says it will have the cable in place by 2009.

But what of the Glo-1 cable that seems to be leading the race for completion:"The Glo-1 project is the most substantial but it has its limitations. Globacom had an advantage when the market was not fully liberalised. I would question whether its "go-it-alone" strategy will work. We want to make sure to adopt an open, wide-based approach."

9yja

September 18th, 2007, 10:28 AM

Nigeria: Gulf of Guinea - Govt Soft-Pedals On U.S. Military

This Day (Lagos)

17 September 2007
Posted to the web 17 September 2007

Juliana Taiwo
Abuja

A senior government official has given reasons why the Federal Government may soft-pedal on its moves to frustrate the plan by the United States to establish a military base in the Gulf of Guinea.

THISDAY had reported last week moves by the Nigerian government to checkmate the military adventure of the United States in the oil-rich region.

But the official told THISDAY yesterday in reaction to the story that Nigeria cannot ward off the US because Nigeria "has not shown enough commitment in securing the region".

He disclosed that Nigeria government was expected to have invested $1 billion from excess crude account into the coastal security and safety arrangement in the last two years but had failed.

"The point is this, the former President, Chief Olusegun Obasanjo, had seen the wisdom as a former military head of state to secure the area and immediately ordered strategic surveillance of the costal zone and the Niger Delta.

"But the Nigerian officials were not comfortable with the way he was going about it because it was supposed to be subjected to debate at the floor of the National Assembly. And Obasanjo knowing that anything on national defence and security issues cannot be subjected to debate went ahead to mobilise the Navy and the Air Force for what the US called minimum security requirement for that zone because oil is important to US," he disclosed.

The senior government official said the US government expected Nigeria to have minimum-security provisions but unfortunately in the last four months the US department discovered that the process was suddenly slowing down and the new government may not go at the speed it expected.

"The US government has completed all the ground work and has moved into the offshore of Sao Tome and Principe, Angola and Guinea to secure position for their submarines and other security facilities. Nigeria is the only country that has the minimum requirement and the financial capacity to provide those facilities (vessels for the Navy and satellite communication facilities amongst others for the Air Force) because these other African countries cannot afford to put down even one per cent of what is required.

"It is a challenge for the President Umaru Musa Yar'Adua to quickly work within his own defence structure and pump the money as well as continue with that his predecessor was doing if indeed it is serious about security that area though I really doubt if they can match the US now," he said.

A senior military official had disclosed to THISDAY last week that the Federal Government had begun moves to frustrate the plan by the United States to establish a military base in the Gulf of Guinea.

Defence sources had further disclosed that the Federal Government was already discussing with heads of government of the African Union and leaders of the sub-regional body, the Economic Community of West African State, on how to block any move by US to establish a base in the gulf.

"Nigeria is not taking the issue lightly at all and the government is not going to allow the US establish any military base anywhere in the ECOWAS region. The interest of the US government in the Gulf of Guinea has reinforced the commitment of the government to intensify its efforts at providing the needed security in the sub-region," the source had said.

The gulf's oil and gas deposit is put in the region of 10 billion barrels.

Matthias Offodile

September 18th, 2007, 06:37 PM

Audi, set to rule Nigeria premium car segment —Audi Centre

Posted to the Web: Tuesday, September 11, 2007

AUDI Centre, one of Stallion Motor Limited subsidiaries has declared that Audi is set to rule the Nigerian premium car segment.

Speaking to the Nigeria Motoring press over the weekend at Audi Centre along Akin Adesola Street Victoria Island, Lagos, the company’s new marketing manager, Bharat Chauhan declared “this is the time we have to capture the Nigerian premium car segment with with our powerful models which are winning awards all over the world.

According to Bharat, Audi is the most respected brand in the premium car segment with a lot of model line up.

“The Audi brand is a car for the boss, the Chief Executive Offices who appreciate quality at the best price, he said.

Apart from offering best quality car in its segments, Bharat says that the company has much respect for the environment, hence 90 per cent of its cars are recycled.

Also speaking at the occasion, Josephine Nwosu, another senior management officer of the company explained that Audi has continued to set the pace in automobile technology.

“Audi was the first to offer aluminum frame body in the Audi A8, as well as the first to venture into the LeMan car racing with diesel engine thereby proving that what petrol engines can do, diesel engine can do it,’ she said.

In addition to these, Joesphine said that Audi is breaking all barriers and convention in automobile technology with FSI engines, DSG Gear System, Safety and Quatro all wheel drive.”
At Audi, we take everything into consideration like equipping the cars with the right suspensions no matter the terrain where it will be used, guarding it that the cars does not rust.

“Rough road suspension from Audi is part of the special care from Audi and only a foot will drive to steal an Audi because the car is equipped with anti-theft device. Even its flaship Sedan, the A8 has a lifetime warranty against rust and the total parts that makes up the car has been reduced from 350 parts to 250 parts making it easier to maintain because the less the parts, the less the maintenance.

Rdokoye

September 19th, 2007, 01:12 AM

Dell to Open Nigeria Operation Soon

By Shina Badaru , 09.18.2007

US PC maker, Dell Inc, will soon open a Nigeria operation that will see the global computer industry player push harder to explore stakes in the nation's information and communication technology (ICT) market.Technology Times checks reveal that a Nigerian technology professional, Akin Banuso, is to head the Dell Nigeria office with imminent plans to deepen its local market share like fellow US technology companies like Microsoft Nigeria, HP West Africa, IBM, Cisco Systems West Africa, among others that have direct Nigeria presence.
The plan is to enable the company explore stakes emerging in the Business to Business (B2B) and consumer market segments of the Nigerian market for personal computers, workstations, enterprise servers and storage systems, as well as "a bid to displace the market leadership of its rivals", a source told Technology Times weekend.Under the plan, Dell may appoint additional Nigerian technology companies to complement its existing local partners including Computer Warehouse, City Business Computers Limited, Channel IT Nigeria Ltd and Fidelity Systems Technology Solutions.

Banuso is the Enterprise Business Manager for Dell with special responsibility for Storage within the Development region. Within its structure, the Development region of Dell includes all of Africa (excluding South Africa and Egypt), The Baltics and Adriatics, Iceland, Malta, and all French Overseas Territories.Before that, Banuso was Manager of the Storage Practice within Dell UK Services prior to moving to the Emerging markets. Before coming to Dell, he was a consultant with Accenture in the UK. He has also managed EMEA Server operations for Siebel Systems Inc (now a part of Oracle). Akin has also worked at Shell Services in the UK during the 90s where he often ran projects in Nigeria as a consultant to SPDC and NLNG.
The proposed entry of Dell will be a big boost to the local technology sector which has other global and Nigerian focused on diverse segments of ICT ranging from software, hardware to networking solutions, among others.As major global players look into the Nigerian market, there has been a growing emergence of nimble and aggressive Nigerian computer makers like Zinox Technologies established by businessman, Leo Stan Ekeh, who has vast interest in technology businesses like Technology Distributions (TD), Task Systems, AfriHub, among others.Within the sector also play Omatek Computers promoted by Florence Seriki; Brian Technologies promoted by President of Computer and Allied Products Dealers Association of Nigeria (CAPDAN), Tunji Balogun and Speedstar Computers promoted by former President of Information Technology Association of Nigeria (ITAN), Will Anyaegbunam, among others.Though founded as Dell Computer Corporation in 1984 by Michael Dell, the longest-tenured executive to lead a company in the computer industry, who also returned as CEO of the company this year, the company changed its name to Dell Inc. in 2003 to reflect its evolution as a diverse supplier of technology products and services.
In 1990, Dell also opened a manufacturing centre in Limerick, Ireland to serve European, Middle Eastern and African (EMEA) markets while in 2001 recorded the feat of becoming the No 1 in global market share of the PC market.However, competition continues to toughen as Dell lost its No 1 PC market share in 2003 to HP. Global market research company, IDC reported in April, this year that HP kept the lead over Dell in the first quarter of the year.According to the report, overall, growth of PC shipments exceeded 10 per cent for the first time in a year, helped by strong demand for laptop computers, IDC said.HP's global market share rose to 19.1 per cent from 16.5 per cent in the same period a year earlier, while Dell's share slipped 3 percentage points to 15.2 per cent, IDC said in its quarterly survey of PC sales.
HP also shipped 28.2 per cent more PCs than a year earlier, while Dell's shipments fell 6.9 per cent, IDC said.Among the top five PC makers, Taiwan's Acer showed the greatest growth in shipments, 41.4 per cent, helping boost its market share to 6.7 per cent from 5.3 per cent. Acer's market share tied it with Lenovo Group, China's largest PC maker by market share. Lenovo's unit shipments rose 17.4 per cent in the first quarter.Toshiba took fifth place in the IDC survey, with 4.3 per cent of the worldwide PC market, unchanged from a year earlier. Its unit shipments increased 12.7per cent.In the United States, Dell held on to the No. 1 ranking with 26.8 per cent of the market, down from 32.4 per cent. HP gained on Dell in the United States, claiming 24.2 per cent of the market compared with 20 per cent a year ago.

9yja

September 19th, 2007, 10:50 AM

hot news.sep 17,2007

http://www.associatedcontent.com/article/382470/nigerias_arik_air_modernizes_fleet.html

Nigeria's Arik Air Modernizes Fleet with new Boeing Jets

The Nigeria-based airline, Arik Air, has recently announced that they plan to purchase 15 new Boeing aircraft. This purchase will allow Nigeria's newest airline to expand operations across Africa and the world. The purchase is for a mixture of short range and long range Boeing aircraft. 10 of the 15 new aircraft are to be from the 737 series, specifically the 737-800. Four of the aircraft are for Boeings newest plane, the 787-9. The remaining order was for the largest model of the 777 series aircraft, the 777-300ER. The value of the initial order is approximately 1.8 billion US dollars.

This newest order comes on top of an order last spring for two 777-200LR's, two 777-320ER's and three 787-9's, that were the first new aircraft purchased by a Nigerian airline for in recent times. All of these aircraft will allow Arik Air to become one of the most modern airlines across Africa and the world. Arik Air's managing director Mike McTighe had the following to say at a recent press conference, "This additional order for Boeing jets demonstrates our commitment and a purposeful strategy to establish world-class commercial aviation service in Nigeria. Our selection of a mix of Boeing products to serve our customers regionally and internationally is founded on thorough analysis to conduct the most economic and profitable operations, while providing unmatched comfort and safety for our passengers."

The Boeing Company is currently working with Arik Air, in order to certify them with the US's Federal Aviation Administration, to allow them to fly nonstop to the United States, if they so choose to. Boeing Commerical Airplanes Vice-President of Sales for the Middle East and Africa Lee Monson had the following to say, "Arik truly understands the dynamics of airplane economics and fleet planning. With a modern, mixed fleet of Boeing jets, the airline will serve its customers well and enhance its capability for growth and success that contributes directly to Nigeria's economic development."

About the ordered aircraft: The Boeing 737-800 is a short to medium range airliner, capable of carrying up to 189 passengers in an all coach configuration. With a range of just over 3,000 nautical miles, the 737-800 will allow Arik Air to operate to most African and European destinations. To date, over 1,200 737-800 aircraft have been delivered. The Boeing 777-300ER is the largest aircraft of the 777 family of wide-bodied aircraft.:banana:

usersky0010

September 19th, 2007, 07:48 PM

wimp

iluvnaija

September 21st, 2007, 04:41 PM

World Bank's risk status in Nigeria drops to 15 per cent
From Mathias Okwe, Abuja

THE World Bank has recorded a great improvement in its portfolio management in Nigeria over the past four

years, leading to a drastic reduction in her commitment risk from 66.4 per cent in 2004 to 15 per cent in 2007.

This disclosure was made on Wednesday in Abuja by Mr. Macmillan Anyanwu of the bank's Country Office in Nigeria in a lecture he delivered on "Financing

development projects and project cycle under World Bank operations.''

The lecture aimed at guiding the participants on how to access the bank's credit and the stages involved in the project cycle. He listed an eight-step cycle to include : Identification of the project; preparation;

appraisal; negotiation; approval; effectiveness;

implementation and supervision; and finally completion and evaluation.

Anyanwu told the forum, comprising investors and entrepreneurs that Nigeria enjoys the largest portfolio from the bank in Sub-Saharan Africa with a total of 23 International Development Association (IDA) projects and two Global Environment Foundation (GEF) projects worth $2.6 billion in commitments.

The size of the commitments, he said, represented about 12 per cent of the entire Africa region's total commitment of about $21.1 billion.

He explained that the improvement in portfolio management was because projects were now more aligned with government's priorities, such as human development and capacity building; good governance and non-oil sector growth. Anyanwu added that the bank's programme were aligned with Nigeria's development agenda blueprint - the National Economic and Empowerment Strategy (NEEDS) and President Umaru Musa Yar'adua's Seven-Point Agenda.

The bank's 23 on-going projects in the country, according to him, cover health; education; water sanitation, food protection; energy and mining; agriculture; transportation; industry and trade; finance; public administration and law.

Anyanwu, who is the World Bank's Operations Officer in the Africa Region Learning and Result (AFTRL) Department in Abuja, also indicated that because of the improvement in portfolio management , the disbursement ratio had equally increased by nearly 100 per cent from 12.8 per cent in 2004 to 24.7 per cent in 2007.

Anynwu listed the challenges of the Bank's portfolio in Nigeria to include: management of fiduciary risk and procurement; political interference in projects, weak institutional capacity; deepening partnership, transparency and trust amongst others.

Matthias Offodile

September 21st, 2007, 11:06 PM

Lagos-Badagry road to be 10 lanes

on 20 September, 2007 20:00:00 | 510 times read

:cheers:
The road linking Nigeria with several other countries in the sub-region has been a source of concern to travellers and businessmen as several man-hours are lost owing to its dilapidated state.

A greater portion of the international road within the Nigerian territory has been washed away by flood, even as motorists sometimes spend their entire night on the road in worst situations especially during seasons.

Hope that the road would receive attention during the last administration of former President Olusegun Obasnajo was dashed as the Federal and Lagos State governments spent a greater part of the last eight years antagonishing each other, and without being able to reach a consensus on how to rehabilitate the road.

But speaking yesterday during his visit to Ojo Local Government Area, Lagos State governor, Babatunde Fashola, said the state has given an approval for the redesign of the road into 10 lanes.

Fashola said President Umaru Musa Yar’Adua was favourably disposed to the reconstruction of the failed road into international standard as part of the proposed mega city status of Lagos .

The governor disclosed that his recent discussion with the president on the need to redesign the road into 10 lanes proved quiet positive, and that the state has given an approval to experts to commence the redesign after which the contract for the reconstruction would be awarded by the Federal Government.

He specifically, he said "Before the end of the first four year tenure you have given me, the road will be reconstructed".

iluvnaija

September 22nd, 2007, 08:48 AM

Mbeki Intervenes for MTN in Benin Licence Dispute
By Shina Badaru, 09.22.2007

President of South Africa, Thabo Mbeki, has brokered a major deal with his counterpart in Republic of Benin, Thomas Boni Yayi, to resolve the controversy over South Africa's MTN mobile service in the West African nation following suspension of its service over contracts and licence fees.
Following the deal brokered by Mbeki, MTN has reviewed its tough stance and has agreed to pay a $60 million licence fee to enable it resume its mobile service which cut off subscribers on its network after authorities suspended four mobile licences in the country in July, this year.
The new turn of event has also raised concerns over the fate of the mobile licence offered Nigeria's second national operator (SNO), Globacom last month by the government of Benin after it offered a better deal for a mobile licence in the country's telecoms market.
MTN's network, with about 569,000 customer base has remained switched off when it refused to accede to the fresh licence terms of the telecoms authorities after Spacetel, the operator it inherited through its $5.5 billion acquisition of Investcom was cut off alongside Atlantique Telecom, owned by Middle Eastern operator Etisalat. The new licence fee regime also affected Liber-com and Bell Benin.
Only MTN remained off before Mbeki's intervention as Atlantique Telecom was back on earlier this month after it agreed to pay the new fees that did not disrupt the network of the remaining two, Libercom and Bell Benin, which have accepted the new fees.
Under the deal brokered by the South African president, MTN will now pay a fresh $60 million licence fee with a condition that the initial $30 million will be paid 30 days after the agreement is signed. The balance is to be paid in annual instalments of $4.2 million.
The telecoms autorities in Benin will then issue a new licence to Spacetel for an additional 10 years under a new deal for it to get a three year tax holiday, customs duties exemption for five years and reduction of annual licence fees from 6 per cent to 3 per cent.
Analysts reckon that the new deal bodes well for MTN, which was earlier given an ultimatum by the government to pay the $52m difference between the old fee and one to resume service without the added extended licence period and tax concessions.
However, in the wake of the deal, attention has now focused on the licence offer to Globacom which was selected from about 10 tenders submitted and signed a contract with the government for a 10-year licence to operate GSM services in the country.
"The financial offer exceeded that which the government is proposing to existing operators," Victor Tokpanou, legal adviser to Yayi, had announced on national TV in the wake of Globacom's planned entry into the country.
Globacom's foray beyond the Nigerian border comes just as a new report says the SNO is poised to overtake its Nigerian rival, MTN Nigeria, unless the fortune of the latter changes.
The new market research report from Mobile World also revealed Globacom has closed the Nigerian market gap separating it from MTN, the number one telecoms player in the country, noting that the relative new entrant into the telecoms market has joined the elite ranking of Top 10 Mobile Network Operators in Africa and the Middle East, led by South Africa's Vodacom.
If the tempo of Globacom's current dramatic growth is sustained, its South African market, which is separated by only half a million lines, "may well lose the top spot in Nigeria to its newer rival."
Globacom entered the market in August 2003, two years behind the big three comprising MTN, Celtel Nigeria (Econet) and Mtel that came in August 2001 but has witnessed very dramatic growth.
According to the report, MTN, which is also one of the largest multinationals in the region, is in fourth and fifth place, as it was at the end of the last quarter. However, its two top ten representatives have swapped places this time, with MTN Nigeria pushing its South African parent down to fifth.
The more northerly company now has 13.4m customers, while back at home, the total is just 13.2m. This means that Vodacom's lead in South Africa has been extended again, to 7.36m, though this is still some way short of the 7.95m seen nine months ago. The sixth company on the list is Globacom, an independent operator in Nigeria. This has been growing dramatically and has closed the gap between it and the market leader, MTN Nigeria to less than 0.5m. Unless there is a significant change in fortunes in the coming quarter, MTN may well lose the top spot in Nigeria to its newer rival.
Meanwhile, the report shows that the first quarter of 2007 has seen a number of changes in the composition of the list of largest operators and has also seen a number of milestones being reached. Most notable is the fact that the region now has its first 20m+ customer business in Vodacom of South Africa after the operator broke this barrier half way through the quarter. This is of course the company's active base. If we were to take the number of registered customers at the end of Q1 2007, Vodacom had just passed the 23m mark.
As it is, nine of the top ten operators now have more than 10m customers, Vodafone Egypt being the sole exception.
The ten companies on the list of the largest Middle East and Africa region operators are unchanged quarter on quarter - once again - but there are several positional changes. The aforementioned Vodacom South Africa is still the unchallenged number one with 20.56m active accounts, but two Middle Eastern companies have changed places below it, with TCI of Iran overtaking STC of Saudi Arabia.

iluvnaija

September 22nd, 2007, 08:51 AM

hmm its shows globacom outstanding growth rate....if globacom is behind mtn nigeria by just 500'000 lines thn it'll probably overtake thm by bout nxt yr..as mtn nigeria has also overtaken mtn south africa..but the reason why i'm happy is dat globacom deserves it cos thy have some of the best services in nigeria and if not for them we would still be paying exorbitant mobile rates..remember whn thy just came and offered per second billing whn all the other networks lied it could not be done..but had to also switch to peer second billing whn thy got scraed of losing customers to globacom

Michaelda

September 24th, 2007, 05:28 PM

Matthias Offodile

September 25th, 2007, 11:15 AM

globalcom shows what can be done when nigeria companies operate freely within nigeria.

My word!:)

i will like to see someone overtake julius berger the way globalcom is about to do to mtn

Why Julius Berger, it is already a Nigerian company!

iluvnaija

September 25th, 2007, 05:07 PM

Fashola: How We Plan to Rebuild Lagos
•Yar’Adua: I want to be known for rule of law •How to grow Nigeria ’s economy, by Summers
From Ayodele Aminu and Constance Ikokwu in New York, 09.25.2007

THISDAY Summit

The dream of a new, modern Lagos State came alive yesterday at THISDAY Summit in New York, United States, as the state Governor, Mr. Babatunde Fashola, SAN, unfolded his plans to a gathering of economic and political leaders from Nigeria and abroad.
And to give the dream a boost, the Managing Director/Chief Executive Officer of Oceanic Bank Plc, Mrs. Cecilia Ibru, pledged to make facilities in the region of $1 billion for the financing of the Lagos mega city project.
Also speaking at the summit, President Umaru Musa Yar’Adua said long after he has left office, he would like to be remembered a Nigerian leader who institutionalised respect for rule of law in all facets of the nation’s life. Governor Fashola, who reeled out statistics from global experts on the future of Lagos, said the state would become the third largest mega city by 2015.
He said the forecast portended great responsibility for the government and people of the state. He said the state had suffered serious infrastructure neglect in the last 30 years, and that renewing the facilities remains the major task which the government has to concentrate on.
While inviting investors from all over the world to come and participate in the new Lagos mega city project, the governor said there are vast opportunities to be exploited across the state. He identified areas such as transportation, roads, waste management, provision of water, power, tourism, property development and establishment of bus assembly plants as attractive sectors for prospective development.
Specifically, Fashola said the development being funded by his government around the bar beach area would not only contain the perennial ocean surge, but also create a large expanse of land. The land, he disclosed, can be turned into tourist centres by investors similar to what is available in Dubai in the United Arab Emirates.
Speaking on the plans by his administration to make the environment conducive for investors and residents in the city, he said government would invest heavily to ensure the place is secure.
He unfolded plans to construct a light rail road system for the city and that by next year three of the seven water routes in the state would have been fully developed to facilitate marine transportation.
Fashola revealed that government had signed several contracts for the construction of roads, particularly in the western and central senatorial districts.
He said his government has agreed with the Federal Gover-nment on the total overhaul of the Lagos-Badagry expressway which will replace the present road with an eight-lane expressway that will link Nigeria to the Republic of Benin.
The governor revealed that the Badagry expressway project when competed would create a trans-west African regional route since the governments of Republic of Benin ,Togo and Ghana are expected to extend the road across their various borders.
He said 10,000 flats would be constructed in the Lekki Peninsula. The proposed ring road will link all the 28 activity centers in the state, he revealed, adding that a rail transportation from Ojo to Mile 2 has already been commissioned while there would be a water-way and the new Eco Atlantic City to be constructed on the water front, in addition to a fourth mainland bridge.
Until 1999, Lagos was generating N600 million a month, according to Fashola. That amount has increased to N7 billion monthly and the Fashola government has increased that amount to N8 billion since coming into power. It also plans to generate about N20 billion without tax hike.
Andrew Cornthwaite of Renaissance Capital, who made a presentation at one of the break-out sessions “The Case For Lagos Mega City”, stated that Lagos is one of the most attractive cities in Sub-Saharan Africa for investment.
He listed some of the positive developments in Nigeria to include the steady appreciation of the naira, growth in the non-oil sector, naira being the lowest risk currency in the region, among others.
In order to be the third largest mega city in the world by 2015, Cornthwaite challenged the Lagos State government to provide the adequate legal environment, encourage participation from the private sector, provide appropriate regulatory/monetary policies and mechanisms for solving disputes.
In his own speech, President Yar’Adua restated his commitment to the rule of law which, according to him, is fundamental to solving the enormous problems faced by the country.
Yar’Adua, who was represented by the Minister of Foreign Affairs, Chief Ojo Maduekwe, said his administration would want to be remembered for abiding by the rule of law.
According to the President, “it is imperative for Nigerians to return to the culture of discipline and respect for rules”.
He urged civil servants to live by example. “The President says he believes that central to our problems in Nigeria – human or natural resources – is because of the rule of law – not adhering to the rule of law.”
He said there would be zero tolerance for corruption, warning looting and then hiding under the ethnic umbrella would be tackled and punishment be meted out as a deterrent. “When punishment is meted out, nobody should think about the federal character of that punishment,” he said. It is a new dawn for Nigeria, the president said.
During the question and answer session, Chief Emeka Anyaoku, former Secretary-General of the Commo-nwealth, urged Nigerians to adhere to the rule of law, while advising the federal government to desist from “overthrowing” the Economic and Financial Crimes Commission (EFCC).
Former US Treasury Secretary and former President of Harvard University, Dr. Lawrence Summers, emphasised the need to strengthen federalism and the relationship between central and state governments as a panacea for economic development in Nigeria.
Summers added that the issues around the prudent management of resource inflows associated with the fluctuating price of crude oil was also critical to engendering macroeconomic stability and growth.
He placed emphasis on human capital development and education as vital ingredients for economic progress, noting that issues associated with education, increasing accountability in the educational system, reducing infant mortality, curbing corruption and funding infrastructure development are all vital to the reforms being pursued government. Summers raised five posers that he said would determine the pace at which the nation will develop in the years to come.
These are: “How will the oil resources be used in Nigeria ? What progress will be made in curbing corruption? Will Nigeria ’s financial system work for all or a few?
Will Nigeria engage with the world in terms of commerce? How do you address infant mortality, malnourishment and set an agenda for transparency?” He recommended frugality and a system approach in the manner it manages its oil windfall.
In the area of the fight against corruption, Summers said there is need for a well trained, well motivated civil service. “The fight against corruption should recognise that if civil servants are not well paid, the temptation to corruption will be overwhelming,” he said.
He further recommended that financial system should be structured to make credit to the people under reasonable terms and support their engagement in international trade.
Responding to a question on how to increase investment in infrastructure without causing inflation, Summers said, “What is crucial is to finance infrastructure without printing money.
If you are able to finance infrastructure without running large budget deficits, then you are likely to contain inflation.”
He said he was hopeful that Nigeria could make considerable progress in the area of the development in the next few years with the right reforms and poverty reduction, but stated that what was needed is to implement a programme step by step.
The Chief Executive Officer of Zenith Bank, Mr. Jim Ovia however said if Nigeria is able to address the questions posed by Summers it would achieve the aim of becoming one of the largest economies in the world even before the 2020 target set by its economic managers.
Ovia said Nigeria was becoming more attractive to international investors such that $7billion has been pumped into the economy in the last three years.
“With the solid foundation provided by recent reforms, Nigeria will become the financial hub for Africa and the world,” he said.
The summit was attended by several government and business leaders, the nation’s development partners, foreign investors and members of the diplomatic corps.

iluvnaija

September 25th, 2007, 06:08 PM

Nigeria's Internet growth up by 2,400 per cent, says report

SETLIN.COM CEO, Eric Amagada, has said that the prevalent role of the Internet on modern living and its impact on channeling consumers'preferences for the future cannot be over-emphasised.

In a lecture titled, "Internet publicity and branding strategy for banks" as a retreat organised by the Association of Corporate Affairs Managers of Banks (ACAMB), at IITA, Ibadan recently, Amagada said that organisations that would impact on their future markets are those who retain and grow successive generations of loyal customers.

According to the Setlin.com's boss, Nigeria's Internet penetration has witnessed astronomical growth from 200,000 in year 2000 to over five million by 2006, making Nigeria the fastest growing at 2400 per cent against Africa's continental average of 640 per cent.

Amagada therefore urged the banks to embrace Internet advertising, saying that "the Internet, which allows for global participation in local activities is the wise choice for growing market share and bottom-line, as the Internet savvy population is the most appropriate target market as banks gravitate more towards e-Banking products and service offerings.

Also fielding questions on customer complains and service delivery in banks, ACAMB President, Eddy Ademosu, said that the customers are there to be serviced and they are the only ones that can measure the service. So, what the industry is doing is to ensure that they meet them according to their needs. "In the last three to four years, a lot of strategy has gone into ensuring service delivery in acceptable, e-Banking, ATMs and all those things that are being pushed out for customers convenience."

According to him, the industry is transiting, the corporate affairs manager as the official information manager has to be pushy. "We acknowledge that training is the key. We acknowledge that members should be able to render service well. So, it is in that wise that ACAMB together with FITC will be pushing out training programmes for our front desk officers."

He said the teller, the gateman, the driver - the people that customers have contact with on daily basis have to be trained for optimum service delivery.

Alhaji H.S. Birchi, head, Public Affairs, Nigerian Deposit Insurance Corporation (NDIC), in his paper tasked the banks on the issue of service delivery. He said that mega banks are evolving by the day but depositors are yet to feel the impact of the consolidation exercise. He opined that the essence of the consolidation was not necessarily for creating mega banks but for customers to have better offerings.

kulani

September 25th, 2007, 06:46 PM

I am flying to Lagos this coming sunday to meet with Nigerian Communications Commission (NCC) officials on Tuesday in Abuja. I understand that monday is a holiday so i will try try and take some pictures while i am in Lagos and Abuja. We have applied for spectrum to rollout iBurst in Nigeria.

Michaelda

September 25th, 2007, 09:11 PM

pappy

September 26th, 2007, 01:38 AM

pappy

September 26th, 2007, 05:20 PM

Eko Atlantic City underway

By Deji Elumoye, 09.26.2007
Wednesday, September 26, 2007

Lagos State government is to establish Eko Atlantic City, out of the reclaimed areas of the Lagos Bar Beach in Victoria Island Commi-ssioner for Waterfront Infrastructure, Mr Adesegun Oniru, who disclosed this in Ikeja yesterday, said government would soon embark on the project at no cost to the state government.

The project, according to him, would witness construction of residential estates and hospitality resort on reclaimed areas of the bar beach by foreign and local investors. The project would start in January 2008.

According to him, the project was meant to push the ocean back to where it was in 1950s, by reclaiming about 80 square kilometer of land.“The project has been given to a developer, who would turn the reclaimed land to a tourist haven and Eko Atlantic Real Estate. The proposed City, which will be constructed on 80 Square kilometre of land recovered from the bar-beach, is expected to be bigger than the present day Victoria Island."

Oniru said first phase of the extension work at the Bar-Beach would cost the state government about N1 billion, adding thatpermanent solution to the Bar Beach ocean surge which took of flast year had already attracted international observers from the United States of AmericaOniru said he would soon travel to the United States to make proper presentation for the award.

iluvnaija

September 26th, 2007, 06:34 PM

good one

pappy

September 26th, 2007, 10:14 PM

Yea, that's a very interesting project.

Alex Roney

September 26th, 2007, 11:50 PM

Nigeria: Yar'Adua Meets World Bank President

Posted to the web 26 September 2007

Danladi Ndayebo

President Umaru Yar'Adua on Tuesday met with the World Bank President, Mr Robert Zoellick, who gave the institution's commitment and support for his economic programmes.

In a statement today in Abuja, the presidency said the meeting held on the sidelines of the current UN General Assembly in New York.

Yar'Adua said that government would welcome the bank's technical assistance and support for its efforts to alleviate poverty by empowering more Nigerians economically.

He said that the speedy improvement of the country's infrastructure for power supply, transportation, water supply and other essential services were central to his development plans.

Noting that the World Bank is a vital source of financial and technical assistance to developing countries, Yar'Adua said Nigeria would be glad to benefit from its expertise in capacity building for poverty reduction.

Zoellick, who was accompanied by Mrs Oby Ezekwesili, the Bank's Executive Vice President for Africa, said it would send a team of experts to Nigeria next month to begin discussions on new areas of assistance.

He promised that the Bank, made up of two development institutions, the International Bank for Reconstruction and Development and International Development Association, would support Nigeria's plans to raise the living standards of its people.

The World Bank chief remarked that in spite of its current power supply problems, Nigeria remained central to the resolution of the power supply difficulties of neighbouring countries in the West African sub-region.

Based on this, Zoellick promised special support for power supply related projects such as the West African Gas Pipeline.

"We will help Nigeria to help itself and others in the region," he assured Yar'Adua.

Ahead of his address to the 62nd Session of the UN General Assembly, Yar'Adua also held talks with other heads of state and government who are also in New York for the event.

He met with President John Kufour of Ghana, President Laurent Gbagbo of Cote D'Ivoire, President Eduardo Dos Santos of Angola and Vice-President Sastou Njie-Saidy of Gambia.

At the separate meetings, Yar'Adua reaffirmed Nigeria's commitment to peace, security, political stability and economic development in the West African sub-region and other parts of Africa.

He assured the Angolan president that Nigeria would work in close collaboration with other members of the Luanda-based Gulf of Guinea Commission.

Relevant Links

West Africa
International Organizations and Africa
Nigeria

According to him, this is to secure the energy resources of the region for the primary benefit of citizens of member states.

Yar'Adua also conferred with President Mahmoud Ahmadinejad of Iran, President Stjepan Mesic of Croatia, President Susilio Bambang Yudhayono of Indonesia, President Michele Bachelet of Chile and President Leonel Fernandez of the Dominican Republic.

Discussions at the meetings focused on ways of strengthening and expanding areas of economic cooperation between Nigeria and their respective countries.

http://allafrica.com/stories/200709260849.html

Alex Roney

September 26th, 2007, 11:52 PM

Nigeria: Country Ranks 148 On Corruption Perception Index

Leadership (Abuja)

26 September 2007
Posted to the web 26 September 2007

Danladi Ndayebo

Nigeria ranks 148th on the Corruption Perception Index (CPI) 2007 released today by the international corruption watchdog, Transparency International (TI).

Myanmar occupies the 180th position making it the most corrupt of the nations rated by TI.The country is closely followed by Somalia, Iraq, Haiti and Tonga.

According to the list, New Zealand is the least corrupt followed by Denmark, Finland and Singapore. Sweden is 5th on the list.

Other African countries that featured on the list include Libya, Cameroun, Gambia and Angola who occupy 134th,141st,143rd and 147th position respectively.

CPI is an annual ranking of countries perceived to be corrupt by the TI.

http://allafrica.com/stories/200709261109.html

Matthias Offodile

September 27th, 2007, 12:35 AM

Eko Atlantic City underway

Can´t wait to see renders:banana:

Rdokoye

September 27th, 2007, 07:12 AM

Rdokoye

September 27th, 2007, 07:16 AM

Lagos-Kano Rail Project Begins November

09.27.2007

Mr Jing Wenchang, Chief Engineer, China Civil Engineering Construct-ion Corporation (CCE-CC), has said work on the Lagos -Kano railway will start by November, this year.
Wenchang said this yesterday in Abuja, at a meeting with traditional rulers whose communities would be affected by the project.
The 1,315kilometre double track railway line will pass through Abuja, while a second single track line would run from Minna through Abuja, to Katsina State.
Wenchang said work on the two projects would start in November, adding that the designing stages would end in October., while work on the projects would be completed in four years.
He said the speed of passenger trains on the railway, when completed, would be 105kilometre per hour for single track and 150kilometre per hour for double track. and solicited support of traditional rulers.
Cost for the lines were put at $5.2billion for double lines and $8.3 billion for single lines.

Rdokoye

September 27th, 2007, 07:27 AM

FG Begins Land Reform Programme

From Onyebuchi Ezigbo in Abuja, 09.27.2007

The Federal Government yesterday said it plans to commence the process of effecting reform to the country's Land Use and Administration legislation next month.
As a prelude to implementation of wide-ranging reviews to the three decade old land law, government will be flagging-off a national stakeholders conference by October 17, where it hopes to adopt a new policy framework and strategies for a land use administration.
The reform involves land administration issues, including access to land, certificate of occupancy and easy disposal of land.
A source at the Presidency who discolsed this to THISDAY yesterday said the President wants the proposed conference to be all-inclusive and to take a holistic view of all contentious issues concerning land development problems.
For instance, he said some of the provisions of Land Use Act of 1978 have come under heavy criticism in recent times, especially the issue of customary ownership of land.
The source said the proposed conference would also take up the issue of land survey, noting that one of the daunting challenges the country is facing is that most of its lands are not surveyed.
"Most of the lands in Nigeria are not surveyed, so the issue of land survey and budgeting will be addressed," he said.
President of the Institute of Town Planners, Mr Waheed Kadiri, while inaugurating an 18-man committee for the holding of first National Urban Summit in Nigeria, described the existing Land Use Act as constituting an obstacle to national development strides.
Kadiri, who spoke on appointment of a Presidential Committee to coordinate the reform, said one of the key idea behind the 1978 land legislation was to discourage land speculation by individuals, but over the years, "government has become worstthan individuals in land speculation.
"Government has taken away so much land from the people because of the Land Use Decree. Access by poor people to land has been frustrated by government and they end up working on marginal lands.
"Even for the elites who struggle to get a certificate of occupancy, they would still need government's consent to transfer your interest, with all the attendant bottlenecks in the system", he said.
Kadiri said the situation is frustrating development and damping investors spirit.

Matthias Offodile

September 27th, 2007, 11:42 AM

FG approves $185m for rehabilitation of power projects in Jebba and Kainji

By Ben Agande
Posted to the Web: Thursday, September 27, 2007

ABUJA— THE Federal Executive Council (FEC) yesterday approved a total of $185 million for the rehabilitation of the nation’s power projects in Jebba and Kainji and the upgrading of the Lagos Urban Transportation projects.

The fund is from a credit facility from the International Development Association (IDA).

Of this amount, $135milion is for the rehabilitation of the hydro power stations at Kainji and Jebba while the balance of $50 million is for the improvement of transportation infrastructure in Lagos State.
Information and Communications Minister, Mr John Odey who addressed State House correspondents after yesterday’s meeting said the council based its decision on four memoranda of its meeting chaired by the Vice President Goodluck Jonathan.

President Umaru Yar’Adua is in the United States of America attending the General Assembly of the United Nations in New York.
Mr Odey said the joint IDA credit facility of $186 million was granted to the five-member countries of the Niger Basin Authority which include Nigeria, Guinea, Benin, Mali and Niger.

He said the approval of the $135 million which is Nigeria’s share of the total credit, was for the rehabilitation of both the Kainji and Jebba dams with a view to improving power generation.

“The IDA credit allocated to Nigeria under this Niger Basin water basis project totalling $135 million has been earmarked for rehabilitation works at the Kanji and Jebba hydro power stations. The works include the rehabilitation of Kainji dam and hydro plant with three turbines, to restore the generating capacity of this plant from 560 MW to 750 MW; $113.53 million will be allocated to this project. The second component of it is the rehab of Jebba hydro power dam to secure its production to a maximum capacity of 540MW. The sum of $11.67 m is allocated to this project,” he said.

The Minister also said “the additional financing of $50 million would be on-lent to Lagos State government on the same terms.
“It would be recalled that the Council meeting of 21st May 2003 approved the initial credit of $100 million as IDA loan to improve the management of Lagos metropolitan transport sector; enhance the public transport network in an environmentally socially and financially sustainable manner as well as enhance bus services, promote water and non motorised transport and prepare future phases of the programme."

pappy

September 27th, 2007, 07:10 PM

Lagos-Kano Rail Project Begins November

Good stuff. I've always wanted to know the updates of this project.

stoicman31

September 28th, 2007, 05:21 PM

I culled the article below from bbc.com and I think its a step in the right direction for Nigeria and other corrupt Africans who starve their own people and spend lavishly in the west.

UK targets Nigeria's stolen loot

Joshua Dariye is still a wanted man in London
Britain has returned to Nigeria some of the money seized by London police from the former governor of Plateau State and says more seized money will follow.
Joshua Dariye was arrested in London in 2004 but skipped bail to return home.

The Acting British High Commissioner to Nigeria, James Tansley, handed over two cheques totalling more than $250,000 (£126,000, 29.3m naira).

Successive Nigerian leaders have made tackling graft a top priority, but few senior officials have been convicted.

The Metropolitan Police say it is only a fraction of the fortune that Mr Dariye and other Nigerian officials had diverted to London.

A Metropolitan police spokeswoman, Helen Kennedy, told the BBC News website "the two cheques now returned to Nigeria are just the cash seized from Dariye on his arrest".

A further $2.8m of his assets have been frozen by court order and are awaiting repatriation to Nigeria.

In all, Mr Dariye faces charges of stealing some $128m from Plateau State during his tenure as governor from 1997-2007.

His official earnings were only $80,000 a year, yet police in London say he accumulated property and assets worth millions, much of it from state funds which were intended to provide drinking water to villages.

Greedy governors

London's Metropolitan Police, working with Nigeria's Economic and Financial Crimes Commission (EFCC), have also been investigating other former Nigerian state governors, including James Ibori (Delta) and Diepreye Alamieyeseigha (Bayelsa).

UK courts seized assets of Ibori (l) and Alamieyeseigha (r)

The police say they have secured court orders to freeze assets in excess of $70m proven to be the proceeds of crime.

Lawyers acting for Nigeria can recover the stolen monies through civil actions.

One cheque for $2m belonging to Mr Alamieyeseigha has already been returned to Nigeria.

The former Bayelsa governor pleaded guilty to corruption charges in Nigeria and was sentenced to two years in prison, but was released within hours because of time served.

Accomplice jailed

An alleged credit card fraud in January 2004 sparked the UK investigation.

The trail led to Mr Dariye and police discovered that vast sums of government money had been diverted into several British bank accounts to purchase expensive property in London under false names.

His accomplice, Joyce Oyebanjo, who Mr Dariye made a guardian of his children, was convicted in April 2007 of using numerous accounts in her own name to launder large sums of money.

Ms Oyebanjo is currently serving a three-year prison sentence in the UK and has until June 2008 to refund to Nigeria a further $400,000 or her sentence will be extended by a further 2.5 years.

Hers was the first successful conviction achieved by a specialist unit known as the International Corruption Group, specifically created to investigate the laundering of criminal funds in London by corrupt overseas officials and part-funded by the Department of International Development.

At the time of Ms Oyebanjo's conviction, the UK's International Development Secretary Hilary Benn pledged, "This money has been seized and now should be returned to the Nigerian people."

All three former governors meanwhile remain wanted men in London where the criminal investigations are continuing.

Matthias Offodile

September 28th, 2007, 05:34 PM

Stoicman, It is certainly the right step the UK is doing but instead of trumpeting "corruption, corruption, corruption" all the time, the UK should just try to shift its views on Africa and Nigeria in particular. The UK among other nations shamelessly exploit every little business that´s offered to them in Asian countries, some of those countries are not less corrupt than Nigeria. There are more than 30 nations in this world that are more corrupt than Nigeria now. Nigeria has still got a long way to go, but we have started and now it is time for the UK to stop with producing paper and lipservice but to move in with their investments (outside of oil, please).

stoicman31

September 28th, 2007, 06:12 PM

Matthias Offodile

September 28th, 2007, 06:42 PM

Matt, I'm a big fan of your ideas, but I disagree here. This article wasn't bashing Nigeria, but it was written about a specific incident and a single government official stealing $128m is certainly news worthy even in a rich nation like the US. I don't think people should be condoning corruption at all especially at such proportions. One would think twice before investing in a nation where it is ok to carry out such an act. IMO corruption or foreigner's perception of corrupt practices should be addressed before you call in foreign investment.

Stoicman, I didn´t say that the article is bashing Nigeria, all I say is that the West only focuses on corruption in Nigeria and Africa whereas the big corruption (that which is more concealed) is taking place in other parts of the world. The West is moving into countries such as Vietnam or India where corruption is part of everyday life, surprisngly even the fussy Germans, but once they are asked to put their money into Africa, they say: "Oh my God, please not in my life´s time, Africa is lost and too corrupt!" That´s double standard, in my view. Even in China the sums of corruption are certainly much much higher than in Nigeria and the West can cope surprisngly well with it! Moreover, don´t lapse into the old role of saying that Nigeria is not fighting corruption. It does:)

friendsofthecity

September 28th, 2007, 10:32 PM

Lagos-Badagry road to be 10 lanes

The most recent article said 8--four lanes on both sides.

Alex Roney

September 28th, 2007, 10:53 PM

Nigeria

Reforming the oil industry
Sep 27th 2007 | ABUJA
From The Economist print edition

In a country where corruption infects almost everything, is reform feasible?

THE Nigerian National Petroleum Corporation, for decades a source of corruption and national shame, is to be abolished by Nigeria's new president, Umaru Yar'Adua, and replaced by five new companies. The president, who will head a special oil council to oversee the changes, says he wants the reforms completed in six months. It would be an astonishing achievement if it happens and works.

The industry has been very badly run for years. On September 21st a federal budget report said that the corporation had somehow failed to remit 647 billion naira (almost $5.2 billion) expected by the treasury last month. Production in June fell to 750,000 barrels a day, far below its capacity of 3m b/d.

As well as incompetence, civil unrest has been to blame. Violence and pipeline sabotage have reduced output to a drip in the oil-rich Niger Delta, where Port Harcourt, the main city, has been under curfew for a month. Shell, Chevron and several other big companies have been forced to close their pipelines and sabotage has hobbled already decrepit refineries, which operated at only about one-third of their potential between 1999 and 2004. The Americans reckon that Nigeria has lost some $16 billion in export earnings in the past two years.

Even before the violence erupted in the Delta, the industry was a mess. A string of military rulers saw oil revenue as a source of patronage and a reward for winning office. Governments spent more time fixing lucrative extraction contracts than investing in refineries. Louis Brown Ogbeifun, a former head of an oil managers' union, says a refinery manager could spend only $35,000 without having to ask permission from the central government, whereas his counterpart on the extraction side could spend up to $2 million off his own bat on a single project. When pipelines broke or were sabotaged, managers on the spot would have to wait for approval from the capital before mending them.

Regulation has been equally erratic. Since the corporation was founded in 1977, its regulating arm, which was recently hived off into a new and supposedly independent body called the Department of Petroleum Resources, went in and out of company control. The new regulatory outfit is weak. Its cash-strapped employees still depend for various services, such as transport, on the oil companies they are supposed to monitor. The department keeps notoriously poor records. Humphrey Asobie, head of the Nigerian branch of Transparency International, a Berlin-based anti-corruption lobby, says that pay is far too low to stop graft.

In a country in which oil brings in 76% of government revenues, small cracks cause big leaks. Audits by the Nigerian Extractive Industries Transparency Initiative, a body set up by the previous government, found that the accuracy of production figures varies widely depending on the purpose of the report in question. No proper metering tracks the output of crude oil, so no one knows exactly how much Nigeria produces or how much is lost in transit.

The new government, formed only two months ago, has been admirably quick to take action. It has awarded a contract worth $52m to fix damaged pipelines in the Delta region and promised to get refineries working again by December. Monitoring is also improving. In May, before the new government was formed, Nigeria's federal parliament passed a law requiring the outfit that runs the transparency initiative to audit the oil and gas sector every year, whereas previously it did so every five years. The new law also provides for companies and officials who fail to give the auditors accurate and timely information to be fined.

To push all these reforms through, the government will have to carry out some nifty legal manoeuvres. The energy ministry announced its plans before Parliament could repeal the 1977 act that created the old oil corporation. If the president's six-month deadline is to be met, Parliament will have to rush through a law to create a new national oil company. An energy ministry official says that all 117 laws on gas and oil on the statute books will have to be reassessed.

But President Yar'Adua must take care not to cut any legal corners. Earlier this year, his predecessor, Olusegun Obasanjo, sold off several refineries in the dying days of his presidency without disclosing how the deals were done. In protest against this and against a jump in the price of petrol, there was a general strike for a few days in July; the new president was obliged to revoke the contracts. He will be loth to make the same mistake as his predecessor, so he has appointed two committees to draft the reforms and consider what laws should be passed first. But unless he manages to pacify the people of the Delta and so secure its pipelines and refineries, the reforms will be in vain.

http://www.economist.com/world/africa/displaystory.cfm?story_id=9868055

usersky0010

September 28th, 2007, 11:36 PM

del

usersky0010

September 29th, 2007, 12:23 AM

del

pappy

September 29th, 2007, 01:07 AM

I'm going to sit and watch and wait for these projects to be finished then I'll get excited. Fashola seems to be on the ball.

Michaelda

September 29th, 2007, 04:06 PM

this maybe of particular interest to kulani

Soft Tribe
Interesting interview with Joe Jackson from Ghanaian IT company Soft Tribe and their decision to move into the Nigerian market, in this week's Balancing Act. I've pasted it below:

Faced with the dual challenges of international competition and a small home market, not many ICT entrepreneurs would simply pick up their bags and move to a bigger market. But that is what Soft Tribe’s Joe Jackson did. In this interview with Russell Southwood he talks about the challenges Soft faced and how things are working out. Soft’s move into Nigeria is not simply important for one company but touches on broader issues facing the ICT sector in Africa, including labour mobility and the likely success of locally-generated products .

Why did you move to Nigeria?

The decision was simple. The market for ERP software in Ghana was limited. It was estimated that the market in 2004 was US$15 million. Now the real estimate is probably smaller but it gives you some idea of the size. The market for the ERP software in Nigeria is US$700 million (including oil and Government sectors). Again this is probably an over-estimate but it’s much bigger than Ghana. I had to ask myself: what am I doing in Ghana as an ERP integrator?

The market is very concentrated in Lagos. There’s a lot of talk about Port Harcourt but unless you’re selling into the oil industry, it doesn’t matter. By setting up an office in Lagos, you could be at the heart of a bigger market than any other place in Africa, outside of Johannesburg.

Nigeria is a notoriously competitive market. If you’re successful, then dozens of “me-too’s” spring up. How are you finding it?

Because there are easier ways of making money, there is not as much competition as there ought to be. Selling ERP applications to international companies is not an easy way to make money. But as a West African company we have slightly lower costs than a foreign company.

How do you find working in Nigeria after Ghana? Has it been easy to set up?

Let’s describe the positives first. As a Ghanaian in Nigeria, you’re regarded as expert, as honest and as better value. On one level, our entry has been seamless and smooth. The challenges are the environmental ones. Registering a company takes a remarkably long time, up to three months. The mechanisms for setting up an office – power, traffic and recruitment – are all challenging. And it’s a big challenge getting appropriate staff. There is an enormous turnover of staff and the poorest quality of staff are looking for enormous sums of money.

The labour market has been hugely distorted by the mobile operators. In one month, I lost eight good senior programmers to a mobile operator.

Do you sell to Government?

No, we’re now only selling to the private sector. We had an experience of trying to sell to Government two years ago. We put in a bid and never heard anything. Then they contacted us and said somebody else has won the bid and wants to sub-contract to you. They ended up paying us more to sub-contract than we had put in our bid. Then the boss of the organisation changed and everything fell through.

You used to be a local company in Ghana selling local software. Now you’re selling Microsoft Dynamics Navaison products. What happened there?

When we started in 1991 our dream was to sell our own products. The target was to create an ERP product for West Africa. We were going to build the components and put them together. We became very successful in Ghana on this basis and had a large proportion of the market. We had close relationships with 30% of the 100 biggest companies in Ghana.

The first thing that changed was that IT purchasing decisions began to be made offshore. Two things accelerated this happening. One was the mobile phone. Mid-level companies now had much closer relationships with their headquarters. With telex and fax it had been difficult to maintain control. In the late 1990s, all companies tended to move towards regional organisation. For Ghana, the regional offices were mostly in South Africa, Europe and the USA.

Would you buy from a local software house? If I was in that position, I wouldn’t buy from me. The purchase of software is like a marriage. Divorce is very painful and if you have something well-known, you have something you can complain about.

We started to lose sales and what started as a trickle turned into a flood. However, certain areas we held on to for a long time. For example, payroll was regarded as a very local area of operation. Even Ghanaian companies would develop better relationships with foreign companies. Se we also started losing Ghanaian companies.

What about the financial side of this process?

We went from being small to a turnover of close to US$1 million. We then got VC money from FMO through Fidelity Bank. It wanted to invest significant money in us creating our own ERP application. However, the project wasn’t going anywhere so we had to kill it before it was over.

One of the advisers on the VC side at the beginning of the deal clearly said to me, I’m not sure you’re going to get revenues from your own ERP application. So I was talked into looking at other products and we ended up with Navision. Their partner model is very different from any other for this segment of the market. Others give you a fixed product that is mainly subsequently “window-dressed” through small changes. It’s mainly implemented straight out of the box.

Microsoft gave partners access to source code. We could develop other vertical products. In effect, there were two products: straight out-of-the box products and bespoke products. In this way, Navision allowed us to use our existing skills. So we chose the product, became a partner, invested in the training and had a huge event in 2005 to launch Navision in Ghana. At the time, we though Navision was diversification but with hindsight, it was the thing to do. Our VC partners sowed the seeds of a strategic decision.

What’s the ownership of the company now?

I own 35%. My partner, Herman Chinnery-Hesse owns 30%. Fidelity owns 30% and the staff 5%. Eventually we gave up trying to write “the holy grail”, our own ERP application. But it was very difficult weaning ourselves away from the “let’s do it from scratch” approach and going over to building with prefabricated parts. Before choosing Microsoft, we had not been using any Microsoft tools. We used Borland’s C++.

Because this was a strategic disagreement with my partner, and it was difficult to sell our own product in Nigeria (Nigerians detest their own products and this was also the same for Ghanaian products), and because of tensions from the disagreement, I said I would set up in Nigeria. It caused me some personal discomfort as my family is still in Ghana. And although the flying time is 4o minutes, the processes of getting in and out of the airport can take 4-5 hours.

What are your future ambitions?

My ambition is to grow the business to a US$5 million turnover on several platforms. We’re starting with ERP integration but training is also a huge market in this country. We want to set up a platform for outsourcing business applications. With the kind of HR and infrastructure problems they have here, there is a market for providing software as a service. We’re looking at halfway houses, installing a client end bit of software but outsourcing things like hosting, databases and support.

kulani

September 29th, 2007, 04:52 PM

this maybe of particular interest to kulani

Thanks Michaelda, definitely a good read for me. I actually met Herman, one of the Softtribe owners. Thanks for the warning bells. :)

Matthias Offodile

October 1st, 2007, 12:41 PM

Glo plans 50 new Gloworld outlets
By Jonah Iboma
Published: Monday, 1 Oct 2007

Globacom Limited ON Thursday, opened its 38th Gloworld business outlets at Abeokuta, Ogun State with an assurance to its subscribers that the company planned to have many others in all major towns of the country to meet subscribers’ needs.

The Managing Director, Gloworld, Ms Sade Boyede, said the company intended to set up 50 Gloworld centres within the next few months.

She said this was geared towards bringing world class telecommunications services to the doorsteps of Nigerians across the nation.

According to her, the company was resolute, as the most customer-centric network provider to ensure not only that calls were made not just at the lowest tariffs, but also see to it that customers stopped needless trips to contact Globacom’s support centres to attend to their needs.

She said, “With Gloworld at Abeokuta, subscribers in the city and its environs do not have to travel to either Ota or Ibadan for SIM replacement, unblocking and other services that the Gloworld provides”.

She explained that Gloworld was a one-stop shop where information was obtainable on all the products of Globacom.

In his remarks, Mr. Adesina Rosiji of the Central Bank of Nigeria, said he was impressed with the ambience of the centre and its potential for customer satisfaction that it promises.

Advising other service providers to take a cue from Globacom, Rosiji noted that Globacom had displayed its belief that the Nigerian people deserved the best services available as other nations of the world with the opening of the centres.

The Chief Executive Officer of Megastores, Abeokuta, Mr. Ayoyinka Akinyosoye, recalled that Globacom had always showed interest in the welfare of Nigerians as its pioneering of the per second billing plan had confirmed.

“With the intention to bring your services closer to your subscribers with the opening of Gloworld in all major towns of the country, you have successfully displayed that you are the market leader,” he added.

pappy

October 2nd, 2007, 04:23 PM

Brazilian investors plan mega cities for some states in Nigeria

By Kenneth Ehigiator
Tuesday, October 2, 2007

A consortium of Brazilian investors that is interested in building mega cities in some states in Nigeria is expected in the country next week to seek land for the project.

The delegation, which will be led by the Governor of Central Bank of Brazil, would meet with some state governors, especially those with whom they had earlier commenced discussions in Brazil. The states governors include those of Lagos, Ogun, Imo, Abia, Gombe, Delta and Osun states.

The multi-billion naira project, to be known as Agrovilla, are to come with industries and independent power plant (IPP) which would be powered by ethanol.

The Nigerian Co-ordinator of the trip, Mr. Erymoore Ibekwe, who dropped hint of the visit in Johannesburg, South Africa, told Vanguard that the team would arrive the country on October 7, 2007, to seek the co-operation of the state governments in question on how to acquire land for the project.

According top him, “the Brazilian businessmen, most of whom are my business partners, urgently want land to commence work on the project.

“They have already started discussions in Brazil with some of the state governors who invited them over to Nigeria for further talks.”

Ibekwe said the cities would also integrate low-cost houses for the people who would be engaged to work in the industries to be located in them, adding that the essence of the project was to urbanise some rural communities in different parts of the country.

He said the investors were particularly interested in planting and processing of sugarcane and cassava with which they hope to produce ethanol that has become an alternative source of fuel in Brazil.

“These people are coming to Nigeria to create jobs for the teeming unemployed youths in the country. One would only hope governments in the country move fast to take advantage of the opportunities these people are coming with.

“At the moment, the federal government is preaching public-private partnership in efforts to develop the economy of the country. The coming of the Brazilian investors aptly fits into this plan,” said Ibekwe, who is also a major importer and supplier of ceramic tiles to construction companies in South Africa.

He said the president of the Nigerian community in Brazil who has seen the project work effectively in Brazil is in the forefront of those who encouraged the investors to look in the direction of Nigeria because of federal government’s policy discouraging mass movement of youths from the rural to the urban areas.

Ibekwe said, although the delegation was coming mainly to have talks with state governments, it would equally have some interface with President Umaru Musa Yar’Adua on other possible areas of investment in the country’s economy.

Matthias Offodile

October 3rd, 2007, 12:10 PM

Nigeria: German Coy to Build Refinery in Bauchi

Leadership (Abuja)

30 September 2007
Posted to the web 1 October 2007

Teddy Nwanunobi
Abuja

As part of its efforts to develop the oil and gas sector in the country, a German oil conglomerate, Sharks Petroleum Development Company (SPDC), has expressed its readiness to build a refinery in Bauchi State.

The chairman of SPDC, Dr Ganta Sommer, dropped this hint on Friday in Bauchi, the state capital.

Sommer, who was received in Bauchi by the acting state governor, Alhaji Garba Gadi, said that the choice of Bauchi State by his company was informed by the abundance of oil and gas resources in the state.

According to him, the company was ready to fund the project once a licence and land for the project were provided by the state government.

Sommer also spoke on the company's plan for the indigenes of the state.

"The SPDC will establish a training school, and recruit 120 expatriates to train indigenes of the state in petroleum and gas exploration and mining," he said.

Sommer gave the assurance that, when completed, the company would provide schools, water, electricity and a hospital at the project's site.

In his response, Gadi assured that the state government would support the company in that direction.

Gadi, therefore, directed the commissioner for lands and survey to ensure the immediate take-off of the project.

"Bauchi State is among those states blessed with abundant oil and gas resources yet to be tapped," Gadi said.

A memorandum of understanding (MoU) will soon be signed between the government and the company.

PS: Since when does Bauchi have an abundance of oil and gas, please? That´s new to me. Can anyone update me on this?

adebayoa

October 3rd, 2007, 01:15 PM

Matthias

I read about this some where about three months ago. I think that the Northen Governors are beginning to realise that the derivation fund where most of the proceeds for OIL goes to the Niger Delta States is here to stay, hence they are beginning to seek other ways of raising money.

Matthias Offodile

October 4th, 2007, 11:26 AM

‘Nigeria Needs $18bn Annually for Infrastructure’
From Kunle Aderinokun in Abuja, 10.04.2007

Director-General, Bureau of Public Enterprises (BPE), Mrs Irene Chigbue, has said to achieve the desired economic growth rate, Nigeria needs to invest about $18 billion annually on new infrastructure.
Chigbue stated this in New York recently, in a paper entitled “Rebuilding Infrastructure in Nigeria,” at THIS-DAY’s “Nigeria Meets the World Summit.”
She said given the dire need for massive investment in infrastructure, government has embarked on extensive infrastructure sectoral reforms and institution of legal/regulatory and administrative frameworks conducive to Policy Support Instrument for both existing facilities and new investments.
According to her, the strategy for enhanced infrastructure development in Nigeria presents enormous investment opportunities for would be investors. He added that the investment friendly initiatives put in place by government include that: “foreigners can own 100 per cent of investment; guarantee against expropriation of investments; repatriation of profits guaranteed by law; generous tax incentives; one of the highest Return on Invest-ment (ROI) in the world; huge local market (population of 140million); access to the West African sub-regional market; and cheap but skilled labour.
With past efforts to improve infrastructure like commercialisation and management contracts having metwith limited success due to policy inconsistencies and uneconomic tariff regime, the BPE boss said thatgovernment had to embrace reform and privatisation ofinfrastructure.The general features of the new policy include:“Adoption of deregulation and liberalisationpolicies;Enactment of investor friendly legalframeworks; Restructuring and unbundling of statemonopolies; Establishment of independent regulators;Redefinition of roles of all stakeholders; and Cedingof commercial operations to private investors.Chigbue noted that the Privatisation Act of 1999 andthe Infrastructure Regulatory Commission Act (IRCA)2005 are giving verve to the restructuring andconcession programme. She added that the PrivatizationAct provides for privatization of existinginfrastructure, viz, airports, seaports, NITEL,electric power among others.According to her, “the National Council onPrivatization (NCP) has flexibility under the Act todetermine mode of privatization ranging from strategiccore investor sales, concession, management contract,etc. Thus far, NCP has used mostly concession forseaports and airports.”The BPE Director General explained that theInfrastructure Regulatory Commission Act (IRCA) dealswith new infrastructure development and provides for participation of private sector indevelopment of infrastructure.According to Chigbue, the IRCA also authorizesgovernment agencies/ministries involved in financing,construction, operation and maintenance ofinfrastructure to enter into contract/grant concessionwith private entity operator. It also establishes anInfrastructure Concession and Regulatory Commission(ICRC) to make ground rules and regulations for PPPinitiatives and establishes a board and fund for ICRC.

PS: I think that this amount is reasonable, this would meet my initial expectation that Nigeria needs to invest around $200 Billion in the next 10 years into its infrastructure.

So enough paper work produced now, the facts are clear ...we want to see things progress NOW!

Matthias Offodile

October 4th, 2007, 11:30 AM

pappy

October 5th, 2007, 01:43 AM

Abuja to Get Five-Star Hospital

Leadership (Abuja)

4 October 2007

Golu Timothy
Abuja

To provide adequate health coverage and make Abuja the service city envisaged by the current FCT administration, arrangements have been concluded for the construction of 190-bed multi-billion Naira five star American hospital.

The FCT Minister, Dr. Aliyu Modibbo Umar is expected to perform the ground breaking ceremony of the hospital to be built on 94 hectares of land valued at N1.9 billion along Airport Road, in the FCT.

His words, "the construction of such hospital will launch Abuja into a service centre that will provide superb services to not only residents of the Federal Capital Territory but the whole of Nigeria, Africa and beyond".

The Minister who stated this after listening to a presentation by the management of the American Hospital Limited, led by Dr. Ifeanyi Obiokor in his office, re-affirmed the unflinching support of the FCT administration to the speedy completion of the hospital.

Dr. Umar stated that provision was made in the 2007 budget to provide basic infrastructure like roads, water and electricity at the hospital site; adding that contract processes will soon be completed.

He however urged the management of the hospital to "surmount all obstacles by not giving up, because this is something that has to be done to ensure that people get access to basic health care."

The Minister lauded the initiative of the management of the American Hospital and called on other private investors to seize the opportunity of the liberalised economy by the Federal Government to invest in Nigeria.

Dr. Umar re-assured the international investors of the preparedness of the government to provide an enabling environment for the private sector to flourish.

Speaking earlier, leader of the delegation of the American Hospital Limited, revealed that it is the first five star hospital in the sub-Saharan Africa which was conceived to raise the bar of quality of health care as well as capacity building in the continent.

Dr. Obiakor who disclosed that the project would be executed in phases said the conception, design and planning of the hospital had already been completed while construction proper is expected to commence in January 2008.

According to him, the construction of the hospital will be completed by March 24, 2009 and will be equipped by June 24, 2009 while it will become operational by August 24, 2009.

Matthias Offodile

October 5th, 2007, 11:10 AM

(...)arrangements have been concluded for the construction of 190-bed multi-billion Naira five star American hospital(...)

Hopefully, it will be similar to the one they have got in Dubai. Dubai American Hospital is absolutely marvellous.

9yja

October 5th, 2007, 10:26 PM

Nigeria: Okonjo-Iweala Now World Bank MD

This Day (Lagos)

5 October 2007
Posted to the web 5 October 2007

Kunle Aderinokun
Abuja

The World Bank yesterday appointed Nigeria's former finance and foreign affairs minister, Dr. Ngozi Okonjo-Iweala, as a Managing Director in charge of Africa, South Asia, Europe and Central Asia Regions.

She will also have oversight responsibility for human resources.

Okonjo-Iweala, whose app-ointment takes effect from December 1, will join Managing Directors Juan Jose Daboub and Graeme Wheeler, Executive Vice Presidents Lars Thunell (IFC) and Yukiko Omura (MIGA), and Chief Financial Officer Vincenzo La Via at the top level of World Bank Group (WBG) management.

World Bank President, Mr. Robert B. Zoellick, who announced the appointment yesterday, remarked that Okonjo-Iweala's commitment to the developing world was unparalleled, noting: "Ngozi brings a unique set of skills and experience to the World Bank Group."

According to him, as an outstanding Minister of Finance and Foreign Minister in Nigeria, Ngozi helped lead the country's reform programme on issues of fiscal prudence, transparency of government accounts, good governance, and anti-corruption.

He said she led Nigeria's quest for debt relief and helped her country obtain an unprecedented US$18 billion write-off from the Paris Club.

Ngozi was also instrumental in helping Nigeria obtain its first ever Sovereign Credit rating (of BB minus) from Fitch and Standard & Poor's. She is an internationally respected world leader. In addition, she knows the WBG well from her 21 years of service.

"Her commitment to the developing world is unparalleled. I am delighted she has accepted to join my senior team," he said.

Before her eventful years as the country's finance minister, Okonjo-Iweala served in a number of important positions at the World Bank including Vice President and Corporate Secretary, Director of Operations in the Middle East and North Africa region, and Country Director for the South East Asia and Mongolia Country unit. She joined the World Bank in 1982.

Okonjo-Iweala, is the Founder of NOI-Gallup polls, an indigenous Nigerian opinion research organization, and co-founder of the Makeda Fund - a fund to invest in African women entrepreneurs. She is currently a Distinguished Fellow at the Brookings Institution.

From 2003-2006, she served as Finance Minister and subsequently Minister of Foreign Affairs of Nigeria.

As Finance Minister, Okonjo-Iweala led Nigeria's Economic Team responsible for implementing the Obasanjo administration's far-reaching economic and social reform agenda. The reforms made particular progress in restoring macroeconomic stability, tripling growth, initiating a strong fight against corruption, and increasing transparency.

Relevant Links

West Africa
International Organizations and Africa
Nigeria

Accepting the appointment, Okonjo-Iweala said: "I am delighted to be coming back, and I welcome the opportunity to work through this great institution to make a difference in the lives of our youth, and our hardworking men and women in the developing world. I particularly look forward to working with President Zoellick as he maps out exciting new paths for the World Bank Group."

She is a member or chair of numerous boards and advisory groups in the public, private and non-governmental sectors including DATA, the World Resources Institute, the Clinton Global Initiative, the Nelson Mandela Institution and the African Institutes of Science and Technology, the Mo Ibrahim Foundation Governance Prize Committee, Friends of the Global Fund Africa. She is also an adviser to the World Bank on the Stolen Assets Recovery (STAR) initiative, and served as a member of the Malan Committee on Bank-Fund collaboration.

Okonjo-Iweala graduated with an A.B. magna cum laude in Economics from Harvard University, and holds a PhD in Regional Economics and Development from the Massa-chusetts Institute of Technology.

Rdokoye

October 5th, 2007, 11:04 PM

Anambra To Partner With Brazil To Reclaim Urban Slums

By Chukwujekwu Ilozue Reporter, Onitsha

Brazilian Ambassador to Nigeria, Pedro Luiz Rodrigues has begun a tour of some cities, in Anambra State, with a view to determining the input of his country to the reclaiming of the slums within them.

Among the places visited by the ambassador on Monday was the Sacamori drain in Okpoko, one of the renowned slums in Ogbaru Local Government Area near Onitsha populated by the poor and miscreants.

He said after the visit that Brazil would work with the state government to upgrade housing facilities to give the place a new look.

Rodrigues recalled that more than five million Brazilians used to live in slums but many of them have now been rehabilitated through urban renewal programmes in partnership with the communities.

According to him, what is important is the spirit of the people to make a change adding that Anambra state ranked among the priorities of Brazilian international relations and expressed satisfaction with what he had seen in the state so far.

Rodrigues said that Brazil and Nigeria had a lot of things in common in terms of their traditional values in spite of the fact that Brazil had a lot of European influences.

Speaking on behalf of the member representing Ogbaru I state constituency, Mrs. Njideka Ezeigwe, the former Speaker of Anambra State House of Assembly, Kanayo Enemuo expressed gratitude to Governor Peter Obi for embarking on the cleaning of Sacamori, stating that his intention was the beginning of a new dawn in the socio-economic and political life of the area.

In his remarks, the Commissioner for Environment and Natural Resources, Dr. Andi Okwenna, said that Brazil could also partner with the state in the areas of energy, commerce and housing development among other areas.

According to him, the state could also borrow from Brazil’s experience in infrastructural and housing development to upgrade slums in the urban cities.

Earlier in a courtesy visit to Governor Peter Obi at Government House Awka, Obi expressed the hope that the visit would be the beginning of a long mutual collaboration between the state and Brazil.

Obi, who explained that Brazil had a lot in common with Anambra state, such as abundant resources and highest concentration of human resources in the black race, added that both parties would also work together to harness abundant sports potentials in the state.

Rodrigues also paid a courtesy call to the Obi of Onitsha after visiting Okpoko where the Obi, Igwe Alfred Nnaemeka Achebe gave Onitsha's history which he said dated back to 600 years adding that it had maintained continuity in its monarchy despite influences from other civilisations.

He commended the hospitality and sense of industry and opportunities in Brazil.

Rdokoye

October 5th, 2007, 11:26 PM

NIGERIA’S EARTH OBSERVATION SPACECRAFT: MINISTER COMMENDS PROGRESS

The NIGERIASAT-2, Nigeria’s earth observation satellite, being built by Surrey Satellite Technology Ltd (SSTL) of England, when completed would be one of the best earth observation satellites in the orbit.

This fact emerged during a recent visit of the Minister of Science and Technology, Mrs. Grace Ekpiwhre, to the Surrey Satellite Technology Ltd, Surrey, England.

The Minister’s visit was to afford her an on-the-spot assessment on the process so far made towards the realization of the 2009 launch date of NIGERIASAT-2 by the government.

Mrs. Ekpiwhre, who met with Nigerian engineers undergoing a Know-How-Technical-Training (KHTT) at Surrey, charged them to be good ambassadors of Nigeria and also urged them to work hard as they represent the first generation of Nigeria Space engineers. She also assured them that the training programme would be sustained without break by the Nigerian government.

So far, ten Nigerian engineers are undergoing understudy training in Surrey. A total of 25 Nigerian engineers are expected to be trained on Space Technology in Surrey.

The advanced training programme will provide baseline skills to support future indigenous development of spacecrafts and the training is expected to produce project leaders, technical leaders, spacecraft design engineers; as well as produce quality inspectors and trained personnel in assembly, integration and testing of spacecrafts.

The Nigerian KHTT engineers are undergoing advanced training in Space Technology and acquiring the needed skills to take delivery of the NIGERIASAT-2 spacecraft, manage it and build an indigenous spacecraft.

During the visit, the Minister and her delegation met with Surrey Satellite Technology Ltd (SSTL) management team led by its chief executive, Martin Sweetings. The meeting afforded the visiting team the opportunity to appreciate the increasing awareness in Space Technology generated by the NIGERIASAT-1 and NIGERIASAT-2.

The delegation was also briefed on the design and manufacture of the 1st satellite built solely by Nigerian engineers called NX2 which will be launched side by side with NIGERIASAT-2 in the last quarter of 2009.

pappy

October 6th, 2007, 10:59 PM

Matthias Offodile

October 7th, 2007, 10:52 PM

Nigeria: Brass LNG Begins Construction Next Month

This Day (Lagos)

6 October 2007

Collins Edomaruse
London

Brass LNG Limited will next month begin construction at designated sites of the project on Brass Island, Bayelsa State. The project, on completion, will produce 10 million metric tonnes of liquefied natural gas per annum. This is also equal to Trains One, Two and Three of LNG outputs from Nigera LNG Limited.

This development is sequel to the approval from the company's Board of Directors at its London meeting that the firm should commence early site works as contained in its production schedule.

THISDAY checks at the venue of the meeting which held between Wednesday and Thursday night revealed that the company's shareholders also took some decisions that would radically propel the early execution of the project.

One of such decisions, according to investigations, is the approval of management reshuffle to prepare the company for the challenges of the next phase of the the project.

Specifically, ENI International has been mandated to produce managing director of the company with effect from November 15 2007. This position has been occupied by the nominee of Conoco Phillips, Mr. Martin Hutchinson.

Under the new plan, a new position - general manager, Brass Facilities has been created. This is to be supervised by a nominee of Conoco Phillips.

Similarly, Total, another joint venture partner in the project, is to be saddled with the responsibility of overseeing the company's commercial ventures while the Nigerian National Petroleum Corporation (NNPC) would be incharge of human resources and administration, and external relations.

Speaking to THISDAY, a participant at meetings, who pleaded anonymity, said apart from approving the new structure for the company, the directors also resolved two other major issues of gas supply and funding.

"For gas, we are going to have the product locally. Brass is unique not only because of its commercial viability, but it is a project that is sited in the Niger Delta region of the country and it has also improved the quality of the community as a free trade zone status has been approved for the project. It has also been given an airstrip that will improve trnsportation to and from Brass.

Chairman of the company's Board, Dr. Jackson Gaius-Obaseki, told THISDAY what also achieved was to reposition it for the next phase.

He said in the spirit of that, positions needed to be switched where they were necessary. According to him; "We activated a provision of the rotational headship in the shareholders' agreement. The ConocoPhillips (COP) and its nominee, who has been managing director of the company have done very well in the achievement of milestone-1.

"The next phase is technical and its technological requirement is very heavy. The COP being the licensor, the decision is that the COP should be allowed to man the technical aspect of the project as will be required in the next phase, while another shareholder takes care of the administration or management of the firm. And the obvious choice became ENI since they are on ground. And it is true that Hutchinson was fired," he added.

Corroborating Obaseki's position, the outgoing managing director said what has taken place at the management level was part of natural progression.

"We are moving from the engineering phase to the project execution phase and this means movement of personnel here and there. And to me, this makes alot of sense.

"What has happened in the switching of positions between COP and ENI International is an activation of the rotational clause of the shareholders agreement for the project which was signed in 2003.

"So as we move into the next phase, it is important we bring in personnel with requisite experience to match the phase.

"I am grateful to the share holders for allowing me almost four years to drive through with the milestone," he concluded.

9yja

October 9th, 2007, 02:53 PM

Singh, Indian PM, set to visit Nigeria

By Gachollom Gwom

Indian Prime Minister Manmohan Singh is expected to begin a three-day working visit to Nigeria from October 14 to 16, 2007. According to India’s External Affairs Ministry, the visit would focus on vital issues of trade, investment and sundry bilateral issues.
Spokesman of the ministry, Navtej Sarna, said the visit has become necessary, in view of the growing relationship between Nigeria and India, notwithstanding the fact that there has not been an official visit by any Indian Prime Minister to Nigeria since 1962, expressing the hope that the visit would lead to stronger ties.
He stated that the Indian PM met with President Umaru Musa Yar’Adua during the recent G8 meeting in Germany, where both leaders discussed important issues concerning the two countries.
While noting that the volume of trade was in the region of $ 8 billion between both countries, Sarna said there are still more things Nigeria and India can do together.
“We import crude oil, textiles, electrical equipment from Nigeria and export pharmaceuticals and other products, coupled with co-operations in the hydro-powers, investment in the downstream oil sector,” he disclosed.
According to him, the PM’s visit will give impetus to other areas like investment in refineries, steel, railways, telecom, small scale industries and defence, where India has co-operated with Nigeria in the past.
Also speaking on the PM’s visit, Nigerian High Commissioner to India, Mr. Lawal Dutsin-Ma said that they were lots of benefits Nigeria stands to gain from India in the area industrialisation pointing out the ability of Indians to transform their own country and manage their huge population.
Hear him: “They are able to move their people every where, provide constant electricity, produce automobiles, machine tools and many more.”
The envoy expressed the worry that Nigeria started on the same footing with India but the former has advanced in all areas of development.
From available statistics, India established a diplomatic mission in Nigeria in 1958, even before Nigeria became independent in 1960 and both countries were in the forefront of the worldwide anti-colonial and anti-apartheid struggle.
Both India and Nigeria are members of UN, NAM, G-15, G-77 and the Commonwealth and have collaborated at various international organiza-tions. Both share common perspectives on international political, social and development issues and these have manifested in various meetings at UN, WTO, etc.
Nigeria is strongly opposed to all forms of terrorism. Traditionally, balance of trade has been in Nigeria’s favour, mainly because of large Indian imports of crude oil and the amount of trade deficit is dependent on the price of oil. Oil constitutes more than 96% of Indian imports from Nigeria.

Rdokoye

October 9th, 2007, 11:43 PM

FG Selects 2 Firms for National ID Card Scheme

By Efem Nkanga, 10.09.2007

The Federal Government has chosen two firms to handle the new national identity card scheme. They are Chams consortium and Iris Consortium.
THISDAY gathered that the two firms were chosen from 36 that initially submitted bids for the job. Those that made bids included Smartswitch from South Africa, Sonda from Chile, Iris Consortium and Chams Consortium.
The successful firms, according to a letter for the award of the contract made available to THISDAY, are to develop a special identification scheme and implement it for some time before handing it over to government.
The new national identity card scheme to be implemented by the Federal Government will be a public private partnership scheme.
The partnership method was one of the decisions taken by a special committee that the government set up in 2006 to work towards the implementation of a new national identification scheme.
The committee led by former Minister for the Federal Capital Territory, Mallam Nasir El-Rufai, decided that the new card to be issued would be a general multipurpose card to be used for identification, voting, health insurance among other transactions.
One of the decisions taken by the committee is that government would no longer fund the project given its history.
Employed Nigerians are expected to pay N1,000 to own the cards, while those who are unemployed and those below the age of 18 years would also not be charged.
The Chams consortium is made up of Chams Nigeria Ltd, Supercard Nigeria Ltd, Nextzon and PAC Solicitors, while Iris consortium has Interswitch Nigeria Limited, Image Technologies Nigeria Ltd, Telnet Nigeria Ltd and Iris Corporation of Malaysia.
In the letter of selection to the awardees, the government stated that the scheme would be implemented as a build, Transfer and Operate agreement.
The partnership which is subject to a Build, Transfer and Operate Agreement, would cover areas of conceptualisation, design, development, execution and management of the front end operations of the proposed systems.
The secretariat of the Implementation Committee will arrange for the proper documentation of and subsequent execution of the agreement.

Rdokoye

October 10th, 2007, 02:54 AM

NIGCOMSAT CAN DELIVER ONE BILLION NAIRA DAILY - MD/CEO

Nigeria’s Communications Satellite, NigComSat-1 has the potential of giving the nation daily revenue to the tune of One Billion Naira besides other benefits in job and wealth creation for the unemployed and under-employed persons.

Managing Director of NIGCOMSAT Limited, Ahmed Rufai, who stated this in Abuja during a presentation about the operations of the company prefaced on the state of ICT infrastructure in Africa, gave a factual description of the digital divide and the role of Nigcomsat-1 in redressing the divide through the deployment of its applications which would create a ripple effect on all sectors of the Nigerian economy.

According to Rufai, “The realization of our ICT objectives within the context of NEEDS, NEPAD and the MDGs is going to be greatly structured and strengthened by NigComSat’s deployment of its applications because we have a functional satellite in the orbit which is the first of its kind. Our satellite is the first to beam the Ka-Band and the L-Band across the African continent. Yet it is rugged enough to attenuate the impact of rainfall and other climatic conditions on signal strength.”

Speaking also at the event, the Director-General of the Bureau of Public Enterprises, Irene Chigbue, described the vision behind the establishment of the Nigerian Communications Satellite (NigComSat) Limited as wonderful and the capabilities of the satellite as mind-boggling.

Dr. Chigbue had also witnessed the demonstration of the Tele-medicine project when NigComSat engineers connected the tele-medicine network to a clinic at the University College Hospital, Ibadan, one of the pilot centres for the project.

While departing the NigComSat Base Station, Chigbue promised to be back shortly, emphasizing that the project needed to be handled with all seriousness.

The Nigerian Communications Satellite is sub-Saharan Africa’s first communication satellite with 28 active transponders and remarkable footprint in 38 African and at least 5 European countries.

pappy

October 10th, 2007, 08:37 PM

German armoured firms to open security offices in Abuja, Lagos

By Emmanuel Ulayi
Posted to the Web: Wednesday, October 10, 2007

As parts of efforts to complement the Federal Government’s determination to check the increasing level of insecurity in the country’s financial sector, two German security firms, Martreach Logistics Company Limited (MLLC) and Maitamach GMBH has unveiled plans to open ultra-modern bullet and fire security firm in Nigeria.

The plan to establish the compaines, is a response to President Umaru Yar'Adua’s recent call on Nigerians abroad, to increase foreign investment in the country; the Managing Director of MLLC said in Abuja.

Lamenting the increasing rate of insecurity in the country at a press parley with journalists in Abuja, Martins Chidi Okonkwo, MLLC Managing Director, said the company will commence full operation in Lagos and Federal Capital Territory (FCT) by December.

To this end, Okonkwo, opined that the cases of assassination, kidnaping in the Niger-Delta and other criminal act prevailing in the country could be stemmed with the response of private sector operators in collaboration with government at all levels. This, he added will contribute a lot to government’s efforts towards improving the safety of life and properties in Nigeria thereby providing the desired conducive environment for local & foreign investments.

It would be recalled that the company recently secured multi-billion contracts for the supply of armoured vehicles to some states especially in Northern part of the country. According to him, “some of these armoured bullion vans or armoured police vehicles can be purchased from Martreach Logistics Limited Company at the cost of N13 million,” he explained.

Okonkwo who expressed concern over the fate of the security personnel while on operation stressed the need for management of financial institutions in the country to acquire necessary security facility within their premises especially for their personnel. He disclosed that the company has signed an agreement with SVOS armouring manufacturing firm based in Czechs Republic as African representatives to sell NATO standard affordable Bullet & Fire Proof Bullion Vans for banks & financial institutions, VIP vehicles for top government officials & patrol vans for police & security personnel. Okonkwo who argued that SVOS is becoming the most significant company in the manufacturing of armoured vehicles worldwide revealed that the company has supplied over 300 vehicles worth $450 million or N57.6 billion to the United Nations (UN) between January and September 2007.

Okonkwo who lamented over the deplorable conditions of security operations especially in the nation’s banking sector and the risk of lives of personnel noted that such practice was a “contrast with their counterparts in more developed economy.”
“A broad spectrum of vehicle types can be customised, ranging from armoured limousines, cross country vehicles, vans and cash carriers, as well as armoured specialist vehicles, such as military special vehicles.

The majority of the range can be customized at all levels of ballistic protection, including EN, STANAG, GOST, as well as other standard”, he disclosed. While commending efforts of some states government to beef up security in their respective states, he assured both foreign and local firms of the company’s determination to make its services available across the country in a short while.

pappy

October 11th, 2007, 03:09 AM

AN ENCOUNTER WITH THE GOVERNOR OF LAGOS: Our plans to transform Lagos State, by Gov Fashola

By Jide Ajani, Political Editor
Wednesday, October 10, 2007

* The strategy to curb insecurity

* Speaks of the vision for infrastructural development

* Says Lagos remains strategic to Nigeria and Africa

* Insists the rule of law remains the way forward

What marks the difference between Babatunde Raji Fashola and Bola Ahmed Tinubu?

First of all, quite a number of us have been in government for over a period of four, seven, or even more years and we moreover, contributed into building the foundations under the leadership of Bola Ahmed Tinubu and, therefore, there is a somewhat seamless transition, change of leadership at the top and not necessarily a substantial change. Of course as I have said, I can’t be Governor Bola Ahmed Tinubu, because we are different - he is an accountant, I am a lawyer and there are so many things different about us but we share one vision - vision to make change, vision to develop this state, vision to be responsible, vision to care for people.

But as human beings, the way we actualise the vision, the order in which we choose to arrange the priorities, would differ and that would be informed by our different lifestyle cycles, the roads that he has walked are not necessarily the roads that I have walked. I came into government having served in that government for four years. So I have my ideas on how certain things should have been done. I participated in doing certain things and therefore, I have enough experience on which way to go now. For example, I joke among my people that I have seen enough proposals that could last me a life time and if I continue to look at proposals, may be I won't read enough before they say pens down as they say in exams.

I have chosen, for example, not to leave this country unless it becomes imperative that I do so, because each time a proposal is sent to me , I say 'oh yes, it's fine, it looks natural on paper, let's put it on the ground.' The more hours we spend here, the more hours we spend in planning, we have to bring those proposals we see in Dubai, in South Africa, in US on to the floors of Lagos and we can begin to live it rather than to continue to dream it.

Why these are opportune times:

We are in government at a very opportune time, opportune in the sense that so many good things have happened that did not happen in the time of Governor Tinubu. There is a lot more money in our economy than there ever was in 1999, oil was selling, I believe for $9 a barrel and hovering between (68 and 81) now, our banks are bigger and stronger now. This is the time to seize the opportunity to do enduring things. I also believe that until we begin to do things here, nobody will come to do it for us.

The plans for the transportation sector:

In the area of transportation, we made a commitment to change the face of transportation in Lagos. This is broken down into three components, road, water and rail.

Traffic management on the roads is a major challenge, it has been...

(Cuts in) The issue of Lagos and traffic management is what brought the term “go slow”.

It has confounded so many governments before my own time. You will recall the odd and even number, park and ride and all of that - they were transportation management strategies. Now, we need to build more roads and we need to make them more efficient. What we have done first of all is that we have decided that there are areas where we called motor grid roads.

If we can use our heads, we can solve traffic management problems there and we have engaged Architects in identifying 25 spots in Lagos that are traffic grid lock areas and researches showed that the problem is conflicting traffic, traffic meeting at a point and one having to wait for the other.

We realised from our experts that if we direct traffic in a manner that it does not conflict, it will move more efficiently. The idea was not for traffic not to meet but for traffic not to conflict.

For example, at an intersection of Glover and Kingsway Road, the traffic coming from Glover must go across that road, that is conflicting traffic. They form a cross at a T- junction, so somebody has to come to a dead stop and immediately you come to that dead stop, the traffic begins to pile up. And what experts advised us to do is don’t allow traffic from that road to cross from one end of Glover into another end of Glover. Instead of doing that, let's go on and meet traffic coming from Kingsway Road, they meet but don’t conflict and then create an under pass where that traffic can come back and ease into Glover Road at the other end. All of this is being designed because we have agreed we would not compromise quality in what we do. So we have engaged some of the best construction firms, some of them would work on particular roads.

Attacking the recklessness and indiscipline on the roads:

We have decided to change behaviour by attacking it.

We have decided to take on those who violate our traffic laws and encourage LASTMA to do so. One of the things we realised is that attempting to stop a fast moving vehicle driving against opposing traffic is an extremely dangerous venture. In the process, you can hurt passengers, you can hurt your personnel while trying to enforce the law, you can lose lives. Nobody likes it but how do we stop it? We decided that we are going to position ourselves at those loops where you climb the flyover to drive against the traffic. So we set up units at major points on Third Mainland Bridge. We are winning.

Personally in my convoy, everybody is virtually a traffic officer now. We have arrested quite a number of them. I have personally led the arrest on Third Mainland Bridge; we have their photographs.

We are therefore seeking your (Media) partnership to help us change these attitudes. We are planning to institute law and order pages, so that any time we arrest offenders violating traffic, we put them on the page for members of the public to see - awon to fe ba Eko je ni yen (these are the people who want to mess Lagos up) meaning those who do not mean well for Lagos State.

Those who have been arrested, the Attorney-General is prosecuting them; there was not much to do really in that sense because we have them on tape, we have them on photographs, they made voluntary confessions but beyond that, we are also moving forward.

On road contracts awarded by the last administration

We have passed the supplementary budget to continue many of the roads that were awarded during the tenure of the last administration so that we can complete them. We have approved the construction of thirty-six (36) roads in what is the old Yaba, from Murtala Mohammed Way all through to Oyingbo, back through Borno Way, all through and back down to Jibowu and some connecting streets. We’ll be doing this over a period of four years.

We have awarded the contracts, we’ll be doing them in phases, the contractors would soon move to site. We will be doing the same thing in Alimosho - we’re doing eleven roads in Alimosho - major roads - over the next four years. We have awarded the contract for the continuation of the dualisation of Awolowo Road, Ikoyi, which was awarded by the last administration, but we have mobilised Julius Berger back to site, they’ll be moving to site I think (next week Monday) to continue the Bourdillon expansion right through the back to the Osborne interchange and similarly, we have concluded agreement (some two days ago) to continue the conclusion of the Akin Adesola dualisation first half from Eko Hotel/Bar Beach to Ajose Adeogun roundabout, and we’re taking from Ajose Adeogun now to come and meet the work that is going on at the Lekki-Epe Expressway for the dualisation of that road. All of these have been concluded, we are sustaining our commitment to the dualisation of Lekki-Epe Expressway.

What’s the significance of the dualisation of the Lekki/Epe Expressway?

What is important about that transaction is that it is more than just a road, it is a philosophy of using private sector funding to develop a public infrastructure. That is the way all international cities are going and that is why this is a partnership with some of the best corporate organisations you could think of in the world.

They are employing the best practices, working at night, trying to manage traffic during the day, widening an existing road while allowing commuters to still use the road in a manner that minimises obstruction of traffic.

Resistance to the project:

We have met with resistance on that project and the success of that project had very significant implications for the development of this state. This is the first time in the whole of this country that a non-Nigerian organisation has come to invest in road development. It is significant because its success sends a very positive message just as the successes we have recorded as a nation in the telecommunication industry has sent a positive message that this kind of business can thrive in Nigeria. We continue to appeal to you and all of those organisations whose businesses or daily activities and individuals will be affected by the work we are doing on that road. It is to our collective benefit, it is in our collective interest that this project succeeds.

There are a few organisations that have taken us to court because we have asked them to move their fences. Everybody wants a road but it has to pass through some place, we have undertaken not just to move the fences but to rebuild them, that is part of our obligation.

And indeed, all the places where we have identified the need to move the fences, these are legitimate requests that we have made because we have found out that they have gone beyond normal set-backs; but because of individual business interests, some have taken us to court.

This is a Public/Private Partnership (PPP) programme that has to be completed to a particular schedule. Everyday of delay of the project makes it expensive.

It is pertinent that our people are made to understand certain facts.

Firstly, until the fence is set, you can’t determine the actual width of roads. Because we want to create an additional lane and that must come from somewhere.

Now before you set the drain, you must set the embarkment of the drain which is the wall and if you can't do that wall, you cannot do any inch of the road. Yes, you may be able to do corresponding alignment and it becomes more expensive. The traffic on Lekki/Epe Expressway is such that armed robbers are just attacking motorists in traffic and now the citizens we want to serve do not want to give a few inches of their fences to relieve this traffic. Now, how do we do this? This is the kind of environment in which we’ve had to work, but we are not looking back, we know what we are doing is right, we would answer all those cases.

One must commend the understanding of the judiciary here, because there was a particular case which they tried to get an Experte Order to stop all the work there, but the judge very sensibly declined the order and asked that they should put the company on notice and come and argue the merit of the injunction and ultimately after listening, he saw clearly that the balance of convenience was in favour of the public having the road and declined the injunction.

This is the kind of partnership we want that can sustain real investment in the country.

Our intention is to maximise resources at our disposal and to seek private partnership in developing infrastructure. We are more or less compiling the remaining projects that we want to do hoping to be able to present it to the public.

New frontiers on road construction and expansion:

(On Wednesday) our Executive Council also approved the design for the expansion of the Lagos- Badagry Expressway; we have committed money for its design. We are also speaking with the Federal Government on it. We have taken the first big step, because you can’t build a road unless you design it and cost it. So we have awarded it for design so that we would at least know to the letter where the alignment is, how much it will cost and seek the funding partnership to do it.

Vision for transportation in Lagos State:

In the area of road transportation, we are at a stage where very soon, we would be awarding the contract for the design for road routes for Lagos State; that is all I wish to say about that at this moment.

Water transportation

Similarly in the area of water transportation, we have identified seven major water ways and we have chosen to start with three, this is a part of the promises I made during the election to provide water transportation and since assumption of office, I have met with some of the very best from the world, we are looking at the issues of safety, dredging, design of jetties and water ways and how to concession it and get partnership for private sector operation. All of these have taken time but we are almost closing . For those who are expecting the ferries to be running within 100 days, you have to wait a little bit more. But I want to assure you that we are making progress.

On the environmental challenges confronting Lagos State:

In the area of environment, we have decided to employ more hands and we have seen that people are responding to our call to dump refuse in the bin, though there is still more to be done. We have taken the aesthetics of our environment very seriously; we have taken the outer Marina for beautification project; we have identified 10 loops from Ikoyi through to the toll gate, that is going through the Third Mainland Bridge. Though we identified 20 loops, but we decided to work on 10. A chain of contractors are working there. What is interesting is that they have engaged the services of all the miscreants normally found under those loops, we have registered them and taught them how to plant seeds, among others. The project started some weeks ago. They have created a nursery where they are planting and also engaged the neighbourhood kids they find their. When we finish this project, the intention is to leave those kids there as managers of those plants.

When you approach Lagos toll gate on the right and left side, you see a project going on there . We acknowledged the partnership and buying-in of many of the organisations around there who have also embarked on the massive greening which complements our efforts, and we feel if this is sustained, it would give a lot of beauty and ambience to our state. Maintaining this greening projects takes a lot of work but in this way, we think we can respond to one challenge that confronts us.

The dumping sites:

Formally, we will soon commission our Waste-to-Wealth plant at Ikorodu but what we have also done in that area is to ask our partners to expand from Ikorodu to Epe and Badagry. Just recently, I was told they have located two satisfactory sites in those places.

If we have one in Epe and Badagry we would divert waste collection in Badagry to that place, reduce traffic in that area, similarly for Epe and still create some productive activities.

We are also building new land fill sites towards Epe and Badagry and transfer loading stations to reduce the need for all vehicles to face one direction of the state. Our turn around is also limited by the fact that this job operators work during the same time all of us are operating so if we make them localised, we can also improve on efficiency. We are to procure more refuse management trucks but as you are aware, it is holiday seasons in all of Europe and all these have to be manufactured and delivered.

On water ways, we face an environmental challenge too, the Bar beach, and I must commend the vision of the last administration in Lagos. It was last year we had the heaviest recorded rain.

The work already done on the Bar beach looks quite capable of dealing with ocean surge. We have discovered that there is need to elongate the sea defence wall by another 500 metres - what we did was 1,000 metres and we have included this in the supplementary budget, we mobilised and commissioned the contractors to conclude that.

What we realised is that what is going on in the whole world particularly in the Gulf of Mexico and United States really does have a ripple effect on our coast and each time you have Hurricanes or whatever, in US, Mexico, the experts have told us that in 10 to 14 days, we see the impact here, and the explanation is simple and logical, it’s one body of water. It's like throwing a coin into a bucket of water. At the point of entry, it is impactful and the ripple goes all the way down, so what is happening at the Bar beach, apart from our experiences when we disturbed the natural setting by the creation of Apapa Port in 1909 or there about, we are one and part of that global village. So what happens there impacts here.

We are responding to our challenge as best as we can.

Securing Lagos:

We realised that we can’t do it alone.

We also realised that we have an underpaid, under-motivated, under-equipped security agency which is the Police. I observed a trend that seems not to be peculiar to Lagos alone. It seems that security concerns are heightened when there is a change of government and I drew an analogy between 9/11, when Clinton left and Bush came in, I drew an analogy between the high security concern, when Tony Blair left and Gordon Brown came in, the terror alert build up in the UK. And again, when you see at the Federal level, the Niger-Delta has almost taken a life of its own in the transition period.

And when we discuss the security concern of Lagos State, we must do so to the fullest perspective.

When you measure the security statistics in a place populated by 18 million people, in a place that is the commercial nerve centre of the country and then you compare the statistics to a place that has one quarter of that population, that doesn’t have a comparable commercial activity as what you are looking at. I think that is when you begin to see the true degenerative nature of what is happening vis a vis your numbers.

What we decided to do is not just to only equip the Police, that is the responsibility of the Federal Government as currently constituted by our constitution but we will not abdicate our responsibility to provide security for lives and property.

We set up a security committee when I came in and the recommendation included the strengthening of the Rapid Response to violent crimes. We have divided Lagos into 35 core units that need up to 245 police vehicles and we need thousands of men, working on an eight-hour shift. Now, they go 12 to 24-hour circuit; at a point in time they must get tired.

All of this has been assessed as requiring about N2.3 billion to fund, provide protective head-gears, bullet proof vests, walkie-talkies, vehicles, fuel. And we reached out to the public, particularly the corporate bodies, knowing that they also invest money in security. We thought that if we pull these resources together, then we can protect a lot more people than for each and everyone of us to be providing his own private army.

They responded very well I must say, and I thank them for it.

But beyond just providing vehicles and all these, is the idea that we must provide a way of sustaining what we start. I look back and I realise that over the years, many governments have provided equipment. But what happens is that these things have their life cycles. In corporate accounting, vehicles attract zero value after four years, now if we are considering vehicles for security, we must think of a life span of a two-year period or at the most three. And we asked ourselves whether we would be fair on the system and the society to, after this initiative, start again and we said no. We enabled a legislation to create a security trust fund by which we can continue to amass money and amass resources, so we are receiving contributions in kind and in cash.

And to crown it, we have a committee in the state, comprising eminent, trusted, tested and good natured people to manage the resources and help fight the scourge of crime. Things are bad the way they are but we believe that we can, and we are making progress.

pappy

October 11th, 2007, 10:54 PM

Local assembly plant to launch its first set of automobiles

AN indigenous auto assembly plant based in Enugu, Innoson Group of Companies, is to launch its first automobile products in Nigeria in December.

A director in the company, Mr. Augustine Onwuka, told the News Agency of Nigeria (NAN) at the weekend in Enugu that the vehicles included a jeep and an 18-seater bus.

According to Onwuka, "these vehicles will be affordable to many Nigerians as they will sell below N1 million."

The director said that all the body parts, upholsteries and tyres are being manufactured in the country, but the engines are being imported.

The factory is located at Umudim, Nnewi in Anambra.

A branch of the company also produces plastic chairs, kitchen utensils, motorcycles, suspended ceilings, wall boards, toilet seats, as well as pre-paid metre boxes for the Power Holding Company of Nigeria (PHCN).

The director urged Nigerians to patronise made-in Nigeria products in view of their improved qualities.

``In no distant time, many Nigerians will own houses and cars because our company is geared toward improving people's living standards,'' he added.

Matthias Offodile

October 12th, 2007, 12:06 AM

Local assembly plant to launch its first set of automobiles

That´s brilliant news!:cheers:

Tbite

October 12th, 2007, 02:02 PM

The World Eyes Nigerian Economy

In spite of the tremendous challenge of inadequate infrastructure, corruption, violent crime and the rather unwholesome image given by a few scammers, Nigeria has of recent remained the beautiful bride of foreign investors especially from western countries. The endless opportunities that abound here have not been lost on the legal profession here and abroad, especially with globalisation trends concerning legal services worldwide. Those trends have sparked recent debate in Nigeria about the desirability, and to what extent, of giving foreign lawyers access to Nigerian legal practice. JUDE IGBANOI spoke on these and other issues with Mr. Adbul-Lateef Jinadu, of London-based Keating Chambers who was in Nigeria last week

You are a member of Keating Chambers, a top law chambers in England. What is the mission of your team to Nigeria? Our mission to Nigeria is really three fold. The first aspect is that we recognise that Nigeria is a booming economy and in future, as the President said, it’s going to be one the 20 largest economies in the world. Part of the drivers of that growth will be developments in the energy sector and developments in infrastructure. Every Nigerian can tell you the problems they have with power, roads and telecommunications. Those things are absolutely critical to the development of any country.
Right now Nigeria is in the top five countries in the world for international investments. All the banks in England are clamouring to come and invest in Nigeria. As we develop, you’ll find that there will be more and larger projects in infrastructure and in oil and gas. Our President said recently at the Economic Summit in Abuja that he wants our economy to grow by 13% a year. He said our infrastructure is so bad that he is going to spend about $9 billion a year.
The area of law we specialise in is directly related to these issues, this question of infrastructure, energy, oil and gas. What we have identified is that in Nigeria right now, there will be an increasing demand for various sophisticated forms of dispute resolution mechanisms in contracts as our economy develops. We at Keating Chambers have a pool of expertise in this area. There are 49 of us in the Chambers, 17 of whom are Silk. We have appeared in disputes and advised on projects all over the world, in every imaginable jurisdiction. We have a pool of experience that we can bring to assist Nigeria.
I speak as a Nigerian. I have a personal stake in this. But the other members of my Chambers recognise that there is a tremendous opportunity in Nigeria which is why we are here. The second point is that I am a Nigerian and I have worked abroad for a number of years now. I feel it is incumbent on me to assist my country in developing by bringing to Nigeria the best experts the world has to offer.
Thirdly, the time is right. This is the time is now for Nigeria. It is time for anyone who is forward thinking to realize that Nigeria is where Dubai was how many years ago. People who understood at the time went to Dubai before Dubai became what it is now and put things down on ground. That is what we are trying to do now in Nigeria.
Nigerian lawyers have expressed reservations about foreign lawyers making inroads into Nigeria. Their apprehension is born out of the fear that these foreign lawyers would come in and take so much out of Nigeria without commensurate reciprocity. How does Keating Chambers intend to address that?
We understand that the best way for us to grow our business is for us to have a symbiotic relationship with Nigerian lawyers. We are in this long term. It’s not a short term thing of coming in, taking money out of Nigeria and running away. I speak as a Nigerian. It is important for people to understand that what we want to establish is a collaborative relationship with Nigerian lawyers in the sense that we have a pool of expertise that we are ready to offer Nigerian lawyers and Nigerian lawyers have expertise that they can offer us in return. They have done things and have operated in this environment which is, from any view, a very unfavourable environment and most of them have operated well and very successfully. So, they have the expertise and skills that we don’t have. We are looking forward to a collaborative relationship, not only with Nigerian lawyers, but with Nigerian insurers, Nigerian bankers, Nigerian architects, Nigerian quantity surveyors, and many others.
Nigerian lawyers have also expressed reservations with regard to transfer of skills in legal practice. Lawyers in England operate in a much older legal tradition and are bound to have more skills in certain specialised areas - privatisation for instance. Do you see the willingness of foreign lawyers to transfer such skills to Nigerian lawyers?
I wouldn’t use the word skills. I would rather use the word exposure. Nigerian lawyers may not have had the exposure to specialised areas like you mentioned. For instance, at Keating Chambers, we are specialised in a narrow area of law. That is because the construction industry in England is big enough for you to make a living by specialising in such a narrow area. In Nigeria the economy is not yet large enough to allow every lawyer to specialise that way, so there are many general practitioners. Although there are now some that have specialised in a few areas like maritime, oil and gas and so on. But the exposure that we have we are ready to offer to Nigerian lawyers and say, ‘Look, this is the way we have seen it done elsewhere.’
While those fears are there, it’s important to say that we are not here to teach anybody anything. It’s not a situation of anybody coming here to play the colonial card of saying, ‘We know more than you.’ We don’t!
Keating Chambers has just conducted a very successful workshop on arbitration in construction, energy and oil and gas. From the response from the audience it was quite clear that it was well appreciated. Lawyers had so much to learn. The pertinent question is, why construction and why now?
Remember, it was not just construction. It included energy, oil and gas. These are the things that drive the growth of the economy. If we are to achieve the 13% growth that President Umaru Yar’Adua has targeted, these are the sectors of the economy that will expand. I believe that money is pouring into Nigeria. We have a desperate need for these things. You said construction, but I’ll use the word infrastructure. We must talk about roads, about power plants, about bridges and the basic things that you need to run a successful economy.
Why now? Now, we’ve had eight years of stability, eight years of civilian rule. We all hope that will continue. By having stable a stable government and a government which understands what is needed to grow an economy and they put the emphasis on these areas. The Nigerian government seems to now willing to facilitate private partnerships and private involvement in these areas. Government cannot do everything. Dr. Wale Babalakin, SAN said it very eloquently that the job of government is only to facilitate the environment. That they should leave it to the private sector to do the development. That is beginning to happen now in Nigeria. In Nigeria we are very entrepreneurial people. Give us an opportunity and we’ll go very far.
You know that Alternative Dispute Resolution is still at its infancy in Nigeria. The awareness is just beginning to come and this presents its peculiar challenges. In arbitration for instance, a chunk of the proceedings often end up in court. Enforcement of arbitral awards is a different ball game. With your knowledge and experience in ADR, how can we take Nigeria to the next level?
It will come! In Nigeria we have some of the foremost experts on arbitration in the world! Professor Ajomo for instance is a world renowned expert on arbitration and he is a Nigerian. The largest and fastest growing branch of arbitration is in Nigeria. So, we have the expertise here in Nigeria. In terms of exposure, it will come with time. The issue of enforcement of arbitral awards shouldn’t be arising, especially now that the government is determined to follow the rule of law. Hopefully, the government will ensure that the environment is created where arbitration awards will be respected.
Another issue is that most proceedings in arbitration involving Nigerian parties are still being conducted in either London or Paris. This is in spite of the fact that there are now many well equipped arbitration centres in Nigeria with state-of-the-art equipments. If this trend continues how can Nigerian lawyers improve their skills in arbitration?
The first point there is that the reason why the seats of arbitration was mainly abroad is that we were in a situation where we had to go to foreign investors to beg them to come and invest in Nigeria. That has all changed now. We are now in the driving seat. They come begging for us to put money in our country. So, we can now dictate the terms in a contract. It is a contractual thing. If you want the seat of arbitration to be in Lagos or Abuja, state it in the contract. If you want it in Port Harcourt state it there. It is within your right to state where you want the arbitration to be. There is no reason why Nigerian lawyers should not represent Nigerian companies in arbitration and they very often do. I know many Nigerian lawyers who conduct these arbitrations outside Nigeria.
The hottest issue in the Nigerian legal community is that of liberalisation of legal services under the World Trade Organisation. It has created excitement in the Nigerian legal industry in the past few months. Keating Chambers wants to create an inroad into the Nigerian legal market. What advice would you have for Nigerian lawyers on how to proceed on this matter? There appears to be a few discordant tunes on the issue here and there.
What I will tell you is to look at it not as a problem but as an opportunity. Liberalisation will work both ways. Yes, foreign firms will come to Nigeria, but by the same token Nigerian firms can go abroad!
But then there is the issue of conditionalities that are placed on the part of Nigerian lawyers wanting to go over there to practice. The experience has not been quite encouraging. A lot of our lawyers end up not getting visas to even start with. It’s inequitable. What can be done to remedy this?
The problem is that even if there are foreign lawyers coming into Nigeria, I still believe that most Nigerians want to deal with Nigerian law firms. This is why at Keating Chambers we are saying that we are not here to take anybody’s job. We are here to form relationships. If a Nigerian client thinks that there is a Nigerian lawyer who has a relationship with Keating Chambers with their expertise, coupled with what he knows by his own environment, then he has a perfect team to work for him.
You know old habits die hard. One of the problems that some Nigerian lawyers have with ADR is that it does not offer precedents and reports of proceedings that lawyers can resort to. Can you throw more light on this?
The point about ADR is that by their very nature, ADR proceedings are meant to be private and confidential. So, you are not going to find reports of the disputes unless they end up in litigation for whatever reason. But that shouldn’t be a hindrance. Unfortunately, you won’t find precedents, but you would find plenty of expertise, plenty of textbooks, plenty of guides on how things are done. Places like the Chartered Institute of Arbitration are an excellent resource in arbitration that lawyers can find useful.
One very novel and exciting idea came up at the just concluded workshop is that of Dispute Resolution Boards (DRB). One could see that Nigerian lawyers are quite enthusiastic about the idea. They see a lot of promise and potential in that. How can Nigerian lawyers benefit from this novel idea? What are the possibilities?
Nigerian lawyers can benefit from it by first knowing about it and making sure that they can advice their clients properly about making use of Dispute Resolution Boards.
Secondly, Nigerian lawyers can get themselves appointed into DRBs if they have the necessary expertise and knowledge of a particular contract that is in issue. Like you saw from the audience, there was a lot of excitement. They saw another form of dispute resolution which we haven’t yet embraced in Nigeria. Chief Bayo Ojo SAN mentioned it, that there hasn’t yet been a Nigerian contract. In fairness to Nigeria, DRBs are fairly new around the world any way. They started from America and they’re just gradually spreading.
The just concluded workshop on arbitration in construction by your Chambers was most desirable in the Nigerian context. Today, we still have a lot of failed contracts in the construction industry and collapsed buildings in the country. Now, what are the next steps for Keating Chambers? Are there follow ups?
You know we had the Honourable Commissioner for Justice and Attorney General of Lagos State in attendance and representing the Governor. Lagos State is always very far sighted, probably because the Governor is a lawyer. He understands these issues. Yes, the government has a role to play in all of this, but it is primarily an issue for the private sector. The government’s role in all of these is to create the enabling environment to allow this to go forward.
As for Keating Chambers, this is only just the first in a series of such workshops that we’ll be conducting in Nigeria. This is a long term relationship. We are looking forward to many years. Hopefully, within the next six months we will be back here in Nigeria.
You are a Nigerian and you belong to such an elite Chambers in England. You were called into the English Bar as a Barrister. Now that your Chambers is seeking to come into Nigeria you should be the arrowhead of that move. But it does appear that you have never given it a thought to be called to the Nigerian Bar. Was it deliberate? Also a lot of very successful Nigerian lawyers who have made Silk in England like Oba Nsugbe, QC and Professor Fidelis Oditah, QC naturally come to Nigeria to be conffered with the SAN equivalent
I didn’t overlook my admission into the Nigerian Bar. It was just a question of time. When I was called into the Bar in England I was just fortunate enough to get into Keating Chambers, the question of finding the time to come and do the Law School here and getting called to the Bar in Nigeria was in issue. At such an early stage of my career in England it would have seriously damaged my career at that point. That was why I couldn’t do it. But I am certainly looking forward to it. For many Nigerians like me who had the opportunity of being trained abroad and not called to the Nigerian Bar, ADR offers an alternative forum to come in and do some legal work.
It is often said that the English Bar operates like a close circuit. That the few Nigerians desiring to practise law in England often end up as solicitors, immigration lawyers and other lesser jobs. Have you ever had such challenges?
I was very fortunate in that I had very far sighted parents who ensured I got the right kind of education and went to the right kind of schools. In England it’s all about the schools you went to and the university you went to. It is very much a closed shop. In the past, unless your father was in the Bar there was no way you’ll be called to the Bar in England. But it’s less so now. Even then the Bar is a very competitive place in England. Everybody wants to get into the Bar. Only the very best of the best get called. I was just very lucky that I was at the right place and at the right time. It was none of my doings. It was God’s work.
The problems that Nigerians have there is that because of the kind of institutions that they attended they are not perceived as having the kind of background to come to the Bar in England. Its not just Nigerians who don’t make it, many, many English people don’t make it to the Bar. I am a Pupil Master now in my Chambers. I have had very many pupils that we couldn’t take on. Because once you get the pupilage, you get tenancy afterwards and it’s a very limited number of spaces being chased by a large number of people. Part of it is going to the right places, the right schools and being very fortunate along the way.
Having become successful in legal practice in England, it’s unlike the general perception of the average Nigerian lawyer in England who hardly comes back home to give something positive back to their country. Most feel content and prefer to remain in their little comfort zones abroad. What drives you? What informs your passion for the nation?
What you have just described may have been true a few years ago. I think it’s becoming less and less true. A close friend of mine who was actually born in England to Nigerian parents and has never lived in Nigeria before has now come back to Nigeria and is working in the Nigerian banking sector. Not only has he come back, he actually brought his English wife back to Nigeria to live here. There are many people like that.
For me personally, I have always been a very proud Nigerian. People say that I am unduly optimistic about Nigeria. But Nigeria is my country and Nigeria is my home. This is the only country I have. Its only when you leave Nigeria that you really fully appreciate that. Nigerians outside seek each other out. When you are abroad you understand what it is to live in someone else’s country. For good or bad it’s our country. This is why I am always very passionate about my country. I am a Nigerian in every respect. I don’t have a British Passport! I am not British.
We will not develop unless people have a passion about this country. Look at Americans and how ridiculously passionate they are about America. That is why they make all sorts of sacrifices about their country. We must learn to assert who we are.

pappy

October 13th, 2007, 02:29 AM

That´s brilliant news!:cheers:

Yes, it is. Now if only the FG will encourage this initiative.

pappy

October 14th, 2007, 07:07 AM

Nigeria may consider Eurobond

Sat 13 Oct 2007, 8:03 GMT

By Carolyn Cohn

LONDON (Reuters) - Nigeria would consider all financing options, including a Eurobond, to raise money to cover high infrastructure costs, Nigeria's finance minister said on Friday.

"We are looking at various alternative sources of funding for the huge infrastructure investment that is necessary for Nigeria to achieve the high rates of growth that have the capacity to transform the economy," Shamsuddeen Usman said in an interview with Reuters.

Usman said that while there were no immediate plans to issue a Eurobond, in terms of funding:

"Everything is on the cards, we haven't excluded anything."

Usman said following a meeting last month with multilateral lenders like the World Bank that Nigeria should take out soft loans worth billions of dollars over the next four years to fund infrastructure projects.

Nigerian officials talked last year about issuing a Eurobond as part of debt restructuring, but these plans were dropped.

International investors are increasingly interested in buying African assets as a way of picking up yield, due to tightening debt spreads in traditional emerging markets.

Nigeria is rated BB- by Fitch and Standard & Poor's. The country will have its rating review in November, and Usman, a former deputy governor of the central bank who was appointed finance minister in July, said he was hoping for an improvement in the rating.

"There have been a lot more positive developments since the last rating."

Investment bank Goldman Sachs has said it expects credit rating agencies to upgrade Nigeria's sovereign rating in the near term, as the country starts to shake off political uncertainty surrounding general elections in April.

Goldman includes Nigeria in the Next-11, its list of 11 emerging markets to watch.

Nigeria is the world's eighth-largest oil exporter and the government makes about $40 billion a year from crude exports at current prices.

Ghana, rated below Nigeria at B+, saw huge demand for its debut Eurobond last month, a $750 million deal with maturity of 10 years.

Kenya's Finance Minister Amos Kimunya told Reuters earlier on Friday that Kenya, also rated B+, will hold a non-deal roadshow later this month to gauge investor interest in a planned $300 million Eurobond.

Zambia's central bank governor Caleb Fundanga said earlier this year that Zambia was talking to ratings agencies about receiving a credit rating, and after that might issue an international bond. Analysts speculate Zambia may receive a rating around B.

iluvnaija

October 15th, 2007, 01:08 PM

Nigerian Scientists Dazzle Howard, Oxford Universities
10.15.2007

A Nigerian scientist, Miss Esther Effiong, has dazzled Howard University in the United States by scoring 100 per cent in the university's PhD placement examination.
Effiong of the National Institute for Pharmaceutical Research and Development (NIPRD), is a Masters Degree holder and will be studying Synthetic Chemistry at the university.
NIPRD yesterday in Abuja quoted the faculty adviser, Prof. Joe Fortunak, as saying that it was the first time in the 140 years of the university history, that a research student would achieve the feat.
Also at the Oxford University in the United Kingdom, another Nigerian employee of NIPRD, Miss Nneka Ibekwe, won second best poster presentation award on “Tuberculosis Drug Development'' at the Gordon Research conference held at Magdalene College in August, NIPRD said.
The conference is noted to be a prestigious one in the world.
Miss Ibekwe is on the National Institute of Health fellowship and is studying for her PhD in medicinal chemistry.
Director-General of the NIPRD, Dr. Uford Inya

pappy

October 15th, 2007, 05:37 PM

Three states to get N7.5b loan from Spain

From Lewis Asubiojo,
Abuja

SPAIN is to grant a $60 million loan to three northern states to assist them in boosting supply of potable water to the people.

The three beneficiary states are Katsina, Kano and Sokoto.

The water project will be funded through the BBVA Bank of Spain, one of the largest European banks known for financing huge capital projects in Spain and Europe.

The loan is to be granted following successful conclusion of talks, which began about a year ago.

Under the agreement, NICHI Investment International, a major Spanish investment company, will provide experts and all equipment for the water projects in the three states.

Some of the experts will be expected to remain in the country to enable them carry out regular maintenance of the projects for a period of time

The Ambassador of Spain to Nigeria, Angel Losada, disclosed to The Guardian at the weekend in Abuja that final signing of the agreement would be done before end of the month while work is expected to begin before end of the year.

According to the envoy, one-third of the loan will be guaranteed by Spain while the rest will be guaranteed by Federal Government and the respective states.

The envoy emphasised that both Nigeria and Spain have a long history of robust bilateral relations and this, he said, will continue under the current administration of President Umaru Musa Yar'Adua.

Losada expressed optimism that with the latest efforts by his home government, Nigerians should expect better relations between the two countries and assured of Spain's continued support for all efforts aimed at improving the people's welfare and democracy in Nigeria.

While admitting that there was slight trade imbalance between Nigeria and Spain tilted in favour of Nigeria, he said this has not affected the steady growth being witnessed in trade relations between the two countries.

Some major products Spain imports from Nigeria, according to Losada include oils, gas and skin leather while Nigeria, he noted, imports processed leather, equipment and machinery, among others, from Spain.

The envoy said Nigeria and Spain have maintained excellent cultural relations and that since assumption of office, he has been working assiduously to strengthen it.

Losada said the past few years have seen Spanish Embassy in the country teaming up with relevant Nigerian agencies, organisations and interested individuals to encourage and promote Nigerian artists, particularly the younger ones, through routine art and painting competitions and exhibitions.

According to him, part of the reasons for encouraging and promoting young Nigerian artists is their determination, doggedness and the need to foster Nigeria-Spanish cultural relationship.

Matthias Offodile

October 16th, 2007, 10:59 AM

IMF Expresses Confidence in Nigerian Economy

From Constance Ikokwu in Washington DC, 10.16.2007

Ahead of the annual meeting of the World Bank and the International Monetary Fund (IMF) taking place this weekend, the Fund has expressed confidence in the Nigerian economy even as it commended the administration of President Umaru Musa Yar’Adua for making the “right commitment” in that regard.
Managing Director of the IMF, Rodrigo de Rato, yesterday in Washington DC painted a “fairly good” picture of the economy in line with improving macro-economic stability and the government’s determination to continue reforms.
At a breakfast meeting with journalists at the Fund’s headquarters, de Rato said “as for Nigeria, we are seeing low debt and improving macro-economic stability. All that brings us to have higher confidence in the Nigerian economy. We see strong growth in the non-oil economy in the next year and strong reforms. We see that the new government which took office in May continues to strengthen macro-economic stability and social reforms, this is the right commitment.”
The MD pointed out that Nigeria, like other developing economies, are witnessing an infrastructure gap which is a huge challenge for the future. He harped on social reforms and the need for the federal and state governments to outline a clear way of sharing oil revenue for the benefit of the masses.
Commenting on the final and “successful” review of the Policy Support Instrument (PSI) in the country, de Rato said the Nigerian government has indicated interest in maintaining a close relationship with the Fund. The Fund is also ready to negotiate with the government in order to offer more technical assistance, he said.
The PSI is a programme designed for low income countries that may not need financial assistance but seek close co-operation with the Fund to get their policy frameworks endorsed.
De Rato said the Fund recognises the need for low income countries to have a stronger voice.
“I think there is a greater convergence that the quota reforms should not only increase the voice of dynamic economies that are under-represented but also of emerging economies as a whole. I think the idea that low economies need to have a stronger voice here, if anything, has strengthened itself and gathered more momentum,” he stated.

pappy

October 16th, 2007, 10:33 PM

Airbus targets Nigeria for super jumbo aircraft, holds talks with Arik

By TunjiOketunbi, Deputy Aviation Editor

A TEAM of experts may soon be in the country to inspect the Murtala Muhammed International Airports, Ikeja, to confirm its suitability to accommodate the new super jumbo A380 just as the aircraft manufacturing giant, Airbus, is wooing Nigerian airline, Arik Air, to buy its new planes.

This is one of the fallout of a meeting between a two-man team from the aircraft manufacturing giant, Airbus and Arik Air management team at the airline's Ikeja corporate head office, held last week..

The experts from Airbus, David Dufrenois, vice president, Sales, North and West Africa and John Parkinson, Area Sales Director, Customer Affairs, was at Arik Air to do a presentation on the A350 XWB and A380 aircraft.

The Airbus team showcased the Airbus aircraft family, their capabilities and basic advantages of the aircraft over its competitors.

Dufrenois, who said Airbus was interested in doing business with Arik Air, stressed that the aircraft manufacturer will have to study the suitability of the Murtala Muhammed International Airport, Ikeja, to accommodate the A380.

Airbus, he said, will after the preliminary meeting, send a team of experts to Nigeria to look at facilities such as the runway, terminal building, among others, at the MMIA

This is coming as Airbus was set to deliver its first A380 superjumbo jet to Singapore Airlines yesterday after repeated, embarrassing delays.

The A380, a double-decker jet, the world's largest passenger plane features glamorous facilities such as a cocktail bar complete with water fountain and a duty-free lounge. Passengers will have the chance to freshen up with a shower as some airlines have promised.

The Arik chairman, Sir J.I. Arumemi-Johnson led the airline team which also included the Managing Director, Michael McTighe and other top management team while the Nigeria Civil Aviation Authority (NCAA) Director General, Dr. Harold Demuren was represented at the presentation by the agency's Director of Air Worthiness, Engineer Patrick Ekunwe.

A statement signed by Gbemiga Ogunleye, head of communicatiions, quoted Sir Arumemi-Johnson as saying that there has been no commitment yet on the part of Arik Air, adding that after further discussions, a decision will be made on whether to purchase the Boeing 747-800 or A380 for the airline's planned large aircraft requirements.

"Nigerians also deserve a big and comfortable aircraft that will make their travel stress free. In choosing which aircraft to purchase, we will consider price, range, fuel burn and passenger comfort, among others", he said.

Arik Air, Nigerian new airline, has already acquired four brand new Bombardier CRJ 900 and two brand new Boeing 737-700 aircraft. An additional two Boeing 737-700, which will ply the regional routes will join the Arik fleet next month. The airline has also placed an order for three brand new CRJ900 New Generation aircraft.

Also, the airline recently placed orders for new Boeing 777 and 787 Dreamliner.

The Arik super hanger model which was unveiled last March and due to begin construction May 2008, will have the capacity to handle big aircraft like the A380 when completed in autumn 2009.

iluvnaija

October 17th, 2007, 11:13 AM

Globacom subscriber base hits 15 million, says officials
By Sonny Aragba-Akpore, Deputy Communications Editor

SECOND Network Operator (SNO), Globacom Limited, yesterday announced that its subscriber base has hit the 15 million mark. Of this number, 12 million are active subscribers.

This subscriber base represents about 35 per cent market share of GSM users nation-wide. It is also believed to be the second largest network after MTN Nigeria.

The company also announced yesterday that it will this week introduce the 0705 numbering plan. This will be the third of such numbers since it debuted a little over four years ago. It has on its network 0805,and 0807.

To do this, the company according to its Chief Operating Officer, Mr. Mohammed Jameel, is installing a capacity for over 30 million subscribers by the end of the year by adding over 150 base stations every week around the country and will have installed additional 750 base stations to its 3000 existing stations by the end of the year.

According to Jameel, the equipment for achieving this phenomenal growth is already in the country and so has gone beyond mere wishes to the level of concrete reality.

The company also announced that at its current growth rate, it will soon hit 18 million subscribers and that will confer on it market leadership of the telecom sector in Nigeria in terms of subscriber base.

In a presentation to reporters by Mr. Yinka Akande, Globacom stated that it has invested over US $3 billion in the past four years and has given direct employment to over 2500 people. And to ensure steady development of the network, it recently signed $1 billion equipment supply agreement with Alcatel of France and Huawei of China, covering Mobile, Fixed and Submarine Optical Fibre Cable linking Nigeria and the United Kingdom, with a dedicated link to the United States.

On the Gateway business, Globacom declared that it is one of the largest carriers of voice traffic in Africa carrying over two billion international minutes yearly. At the local scene, Glo is the gateway for most network operators in Nigeria and the surrounding African countries and has built strategic partnerships with 43 Tier One Carriers (35 TDM and 8 VoIP) with a total of 618 E1s. Telcos like AT&T, BT, France Telecom, Sprint use Glo to connect to their customers in Africa.

Glo's international roaming services involve 193 networks in 98 countries and provide services on voice, SMS, GPRS roaming and BlackBerry services. It also provides bulk sale of bandwidth and offers access to 804 networks in 174 countries via International SMS.

Akande also stated that Glo is the first operator in West Africa to launch Gateway switches outside of Africa to carry International Voice Traffic and this accounts for its easy connection to all the big time players like BT, FT, MCI, Belgacom, ARBINET, etc. Apart from the United Kingdom (UK), Glo has also established points of presence in France, Germany and the US with five state-of-the-art Gateway switches in Nigeria- three in Lagos and one each in Abuja and Port Harcourt. It also plans additional Points of Presence in Singapore, Hong Kong, UAE and Australia. The company says its submarine cable has reached Senegal from UK and work will soon begin on the Lagos Senegal route to link both cables.

Globacom also announced the completion of two additional customer care centers which will house 600 desks each in addition to the 700 customer care desks presently working in the first centre and will revolutionize customer service in Africa. According to Akande, the customer care centre will be the largest in Africa, receiving over 150,000 inbound calls per day and housing sophisticated CRM capturing customer interaction.

Speaking on the new number range, Akande, said that "with our 0807 numbering plan having been exhausted and in order to effectively provide for the continued phenomenal growth on Africa's fastest growing network, the acquisition of another numbering plan to cope with this growth has become inevitable."

Akande, said the introduction of a new number series, 0705, underscored Nigerians' growing preference for Globacom as the network of choice in terms of offerings, network reliability and subscriber appreciation.

Globacom's introduction of the new 0705 number range followed the exhaustion of the 0805 and the 0807 number series. The new platform, the company said, gives millions of subscribers wishing to join the Glo network the opportunity to be accommodated. It has capacity for 10 million subscribers.

Globacom's growth in Nigeria has been phenomenal. Starting two years behind other operators in Nigeria, the network has become the fastest growing in Africa and the Middle East region and is the third fastest growing network in the world. In 2006, alone, Globacom added six million subscribers to its network.

In 2006, when the 0807 number series was to be introduced into the market, Globacom also introduced the Glo Fantastic Four which allowed four members of the same family or four friends to have their Glo numbers following each other so as to allow easy recall of the numbers.

pappy

October 19th, 2007, 06:01 AM

FCT Flags-off Abuja Wonder Tower

From Onyebuchi Ezigbo in Abuja
As part of the Federal Government's vision of transforming the Federal Capital Territory (FCT), Abuja, into one of the most attractive cities in the world, construction work on a multi-billion Naira 'Abuja Wonder Towers’ was flagged-off yesterday by the FCT Minister, Alhaji Aliyu Modibbo Umar.
Execution of the three-pronged 10-storey structure is expected to be completed within 18 months.Modibbo, while laying the foundation, assured that the Towers, when completed, would really be something wonderful to behold, “It will be a master-stroke of architectural excellence; a delightful addition to dot the already brimming Abuja skyline; a brilliant touch of effective space utilisation.”
He described the structure as a dream come true for the FCT administration, as it was in line with the capital objectives of government in ensuring that private sector operators within the territory re-invest their money in developing the city.“We want companies operating here to use their money to re-invest. I, therefore, commend the management of SCC Nigeria Limited for taking the initiative to re-invest in the federal capital territory by initiating this. The Tower is indeed,testimony to the potentials of FCT to be a modern city, competing with others around the world,” he said.

Abuja is no longer a purely Nigerian or African city,it is now an international city. Structures like theSCC Towers we are commencing today, are testimoniesthat Abuja is a world class city,” he said.He said the FCT Administration was investingheavily in making the environment convenient and suitable for private sector investment and assured that safety of lives and property was being tackled as top on the priority list.

The Towers is indeed,testimony to the potentials of FCT to be a moderncity, competing with others around the world, he said. “ Abuja is no loner a purely Nigerian or African city,it is now an international city. Structures like theSCC Towers we are commencing today, are testimoniesthat Abuja is a world class city.”The Minister said the FCT Administration was investingheavily in making the environment convenient suitablefor private sector investment, he assured that safetyof lives and property was being tackled as top on thepriority list. He, called on other developers to come up with theirown plans, assuring that government on its part wouldthem special approvals.He restated the commitment of the FCT administration to construct a boulevard stretching from the CentralBusiness Area to the Nnamdi Azikiwe InternationalAirport next year. Modibbo, who was accompanied by his Minister ofState, Senator James Akpanudoedehe, also called on SCCto invest in the boulevard.Chairman, Board of Directors of SCC Nigeria Limited,Chief Emmanuel Adiele, while welcoming dignitariesat the event, said the contruction of SCC Towersmarks the beginning of another line of investmentbeing taken by the company in the development of thefederal capital territory. “SCC Nigeria Limited, in line with its commitment tosupport the federal government and the federal capitalterritory in the realization of the millenniumdevelopment goals (MDG), has made immense financialand infrastructure investments deliberately aimed atimproving the socio-economic well-being of theNigerian citizenry.”, he said According to him, the SCC Towers comprises of three(3) units of 10-storey buildings of mixed land use ofresidential and commercial purposes and is beingconstructed under the Accelerated DevelopmentProgramme, an initiative of the Public-PrivatePartnership unit of the federal capital territory.He said the project when completed will provide"tastefully finished luxury residential apartments,flats and suites; as well as exquisitely designedcorporate office suits and spaces, unique departmentaloutlets and stores, state-of-the-art conferencingfacilities and recreational facilities like swimmingpool, gymnasium and restaurants.”

The American

October 19th, 2007, 06:18 PM

Nigerian Space Program Isn't a 419 Scam
http://www.wired.com/science/space/news/2007/10/nigerian_space
Nigeria, a country whose best-known technological export is probably the flowery e-mail output of its "419 scam" artists, is ramping up a scrappy space program that's working wonders with a relatively small investment.

Robert Boroffice, leader of Nigeria's National Space Research and Development Agency, or NASRDA, looks to the sky to solve his country's earthly problems of hunger and disease. The country has launched satellites on the cheap to aid agricultural and medical initiatives and is seriously contemplating building an international spaceport.

These are just some of the grand plans kicking around in the mind of Boroffice. His defense to charges of misplaced priorities -- wasting money on space technology when Nigeria faces so many other pressing problems -- is as disarming as it is forward-thinking: Space is one of the smartest micro-investments a developing nation can make, he said.

Boroffice, a former biology teacher who will address the PopTech conference Friday in Camden, Maine, must at times contend with the accusation that he is overseeing a gross mistake. (Wired News is covering the PopTech conference on the Underwire blog.)

Africa's most populous country, Nigeria is saddled with a sub-Saharan developing nation's standard-issue burdens: disease, poverty, corruption and malnutrition.

Boroffice thinks space technology is the key to addressing such woes relatively cheaply and efficiently. For example, NASRDA spent $13 million, less than 0.1 percent of the nation's budget, in the 2003 launch of NigeriaSat-1, an advanced imaging satellite that punches its weight with 1990s satellites in the $300 million class. NigeriaSat-1 -- the first satellite to provide close-up images of the after-effects of Hurricane Katrina -- helped sow the seeds of technological development in a nation that needs engineers, infrastructure and IT.

Today, Nigeria imports food for its booming population while Nigerian farmers' yields depend on seasonal variations in things like water availability and soil fertility. NigeriaSat-1 beams up-to-date agricultural data back to NASRDA mission control in Abuja every day, and Nigeria's space support program helps farmers make use of the information to make smart decisions, said Boroffice.

"There are seminars and workshops to teach farmers how to read (NigeriaSat-1) maps and how to identify areas where they can plant rice, when to plant and when to harvest and also to provide a system for monitoring the health of the rice (crop)," Boroffice said.

The challenge for NASRDA now, said Martin Sweeting of Surrey Satellite Technology, which built NigeriaSat-1, is reaching the point of self-sufficiency so Nigerian engineers can build, launch and operate satellites from within the country's borders.

Surrey Satellite, which also designed and built the successful imaging satellite's successor -- NigeriaSat-2, which is set to launch next year -- is training some of Boroffice's top science staff.

With the successful launch earlier this year of Nigeria's first communications satellite, NigComSat-1, Boroffice wants to expand both the role of space technology in the country and the economic viability of NASRDA.

Telemedicine is now possible, Boroffice said, thanks to Nigeria's new bird in the sky.

"Most of our doctors don't want to go to rural areas," he said. "So we have created primary health-care centers, and we link them to two teaching hospitals. And these two hospitals, with videoconferencing, can provide high-quality medicine to these remote (areas)."

Boroffice also pines for the day when a Nigerian spaceport is inaugurated, enabling local launch of NASRDA spacecraft. (Previous craft have launched from Russia and China.) Nigeria's proximity to the equator means it has a natural aerospace resource many nations might want to buy into.

"(Nigeria has) a location that's ideal for launching satellites into geostationary and polar orbits," Sweeting said. "This is something that they could clearly exploit at any time."

pappy

October 21st, 2007, 11:54 AM

Home-made helicopters hit northern Nigeria

KANO (AFP) — Mubarak Muhammad Abdullahi, a 24-year-old physics undergraduate in northern Nigeria, takes old cars and motorbikes to pieces in the back yard at home and builds his own helicopters from the parts.

"It took me eight months to build this one," he said, sweat pouring from his forehead as he filled the radiator of the banana yellow four-seater which he now parks in the grounds of his university.

The chopper, which has flown briefly on six occasions, is made from scrap aluminium that Abdullahi bought with the money he makes from computer and mobile phone repairs, and a donation from his father, who teaches at Kano's Bayero university.

It is powered by a second-hand 133 horsepower Honda Civic car engine and kitted out with seats from an old Toyota saloon car. Its other parts come from the carcass of a Boeing 747 which crashed near Kano some years ago.

For a four-seater it is a big aircraft, measuring twelve metres (39 feet) long, seven metres high by five wide. It has never attained an altitude of more than seven feet.

The cockpit consists of a push-button ignition, an accelerator lever between the seats which controls vertical thrust, a joystick that provides balance and bearing.

A small screen on the dashboard connects to a camera underneath the helicopter for ground vision, a set of six buttons adjusts the screen's brightness while a small transmitter is used for communication.

"You start it, allow it to run for a minute or two and you then shift the accelerator forward and the propeller on top begins to spin. The further you shift the accelerator the faster it goes and once you reach 300 rmp you press the joystick and it takes off," Abdullahi explained from the cockpit.

He said he learned the rudiments of flying a helicopter from the Internet and first got the idea of building one from the films he watches on television.

"I watched action movies a lot and I was fascinated by the way choppers fly. I decided it would be easier to build one than to build a car," he said pacing the premises of the security division of the university which he uses as hanger for his helicopter.

He hoped -- and still does hope -- that the Nigerian government and his wealthy compatriots would turn to him and stop placing orders with western manufacturers.

So far, however, government response to his chopper project has been underwhelming to say the least.

Although some government officials got very excited when they saw him conduct a demonstration flight in neighbouring Katsina state, Nigeria's Civil Aviation Authority (NCAA) has so far shown no interest in his aircraft.

"No one from the NCAA has come to see what I've done. We don't reward talent in this country," he lamented.

Abdullahi does admit that his first helicopter lacks "some basic facilities like devices for measuring atmospheric pressure, altitude, humidity and the like."

In a country with Nigeria's abysmal air safety record officials may be loath to gamble on one student's home-made helicopter.

But Abdullahi, undeterred, has started work on a new flying machine, which, he says, "will be a radical improvement on the first one in terms of sophistication and aesthetics."

Currently just a spindly metal frame in the back yard, the helicopter will be a two-seater and Abdullahi calculates it will be able to fly at an altitude of 15 feet for three hours at a stretch.

It will be powered by a brand new motor -- albeit Taiwan-manufactured and destined for the Jincheng motorbike so common on the streets of Kano.

Very interesting.

pappy

October 22nd, 2007, 04:53 AM

New National ID promises basket of benefits

A new National Identity Card Scheme is underway for Nigeria. The new National Identity Card, which will also serve as a voter’s card and health insurance scheme card, is expected to facilitate electronic payments among others. It will replace the existing national identity card which serves the singular purpose of personal identification, and which industry watchers say is flawed, even in that purpose , because there are no serial numbers to it , making it difficult to authenticate.

The new card will be biometric – meaning that it will bear the name, photograph and finger print of the holder, among other vital information, which shall also be contained in a central electronic database from which it can vetted, authenticated or voided in a flash, so that it cannot be faked .

Nigerians who are in employment and up to the age of 18 years will pay N1,000 for the new national identity when it is eventually issued, while unemployed persons and minors (persons under the age of 18 years) will obtain the card free of charge.

The scheme, to be implemented by the Federal Government would be a public private partnership (PPP) scheme, Business Day gathered. The PPP method was one of the decisions taken by a special committee set up by last year, by government to work towards the implementation of the scheme.

The committee led by Nasir El-Rufai, former Minister for the Federal Capital Territory, stipulated that the new card to be issued would be a general multipurpose card to be used for identification, voting, health insurance among other transactions.

One of the decisions taken by the committee is that government would no longer fund the project. This, we gathered informed the decision that employed adults would pay for their cards.

Business Day further gathered that two firms have been selected to handle the project. They are the Chams Consortium and the Iris Consortium. The two consortia were chosen from 36 firms which submitted bids for the job. The bidders included Smartswitch of South Africa, Sonda from Chile,the Iris Consortium and the Chams Consortium.

The Chams Consortium consists of Chams Nigeria Ltd, Supercard Nigeria Ltd, Nextzon and PAC Solicitors, while the Iris Consortium comprises Interswitch Nigeria Limited, Image Technologies Nigeria Ltd, Telnet Nigeria Ltd and Iris Corporation of Malaysia

A contract award ducument indicated that the firms would develop a special identification scheme and implement it and after a while, hand it over to government.

In the letter of selection to the awardees, the government stated that the scheme would be implemented as a build, Transfer and Operate agreement.

It read, "The partnership which is subject to a Build, Transfer and Operate Agreement, would cover areas of conceptualisation, design, development, execution and management of the front end Operations’ of the proposed systems. The secretariat of the Implementation Committee will arrange for the proper documentation of and subsequent execution of the agreement."

The new card is expected to help the planning process of government and busunesses, as it will make available accurate information about individuals and groups and make them more trackable. The national educational system for instance, knows at any given time, how many Nigerians are of school age in the different categiries and can adequately plan for them.

Importantly, the new card will bring about a flow of vital information and the setting up of a mutually beneficial relationship between the citicenry and the healthcarer system. The healthcare system receives vital information, identification and assurance while the card holder receives access to assured and reliable healthcare.

Very importantly, the new card is set to empower Nigerians to vote their candidates into power, as it will go a long way to eliminatingor minimising the ghost voter.The card ensures that a person coming forward to register as a voter would provide information , fingerprint , photograph and address and increases the possibility of cross –checks. Besides this, if properly conducted, the new ID card scheme would eliminate the electoral malpractices, especially multiple registration and multiple voting.

Also, as Nigeria progresses along the digital highway, crime will inevitably shift by some measure from the ‘smash-and- grab’ to the ‘track-and-clone’. The biometric card is designed to resist this type of onslaught.

The biometric information stored on the card is also stored in a central database, which acts as a check.

A fraudster trying to make a financial transaction would have his data checked and the transaction would fail if the data did not correspond.

This would make it difficult to commit identity theft, discourage such acts and facilitate the arrest of culprits.

The cards would also thwart the practice of making false claims and applications such as Nigerians applying for multiple Nigerian Travel Passports, using various fake names. It would also check the fraudulent practice of unqualified foreigners obtaining Nigerian Travel Passports. It would further check the influx of illegal immigrants and stop those who infiltrate from obtaining certain social and other services and benefits which they are not entitled to.

The card will make it easier for Nigerians to prove their identity and eliminate the need for other cards. That single card is valid and sufficient, since it bears incontrovertible biometric data on the bearer. The bearer will also be able to identify himself , even when he or she is not carrying the card, once he presents his finger print or face, which image can then be cross-checked from the central data base.

The new card will make it easier for the holder to replace lost or stolen documents as the persons identity can easily be checked against the data in the central register.

The new National ID card also helps protect the citizen’s privacy, as only routine information about the holder will be displayed on the card, while more detailed information is stored in the central data base and is only made available to accredited user organisations.

The new National ID is also of immense benefit to businesses as it offers a secure and reliable way to check customer identity. It would help employers check the identity of job applicants. It would also provide the basis for a convenient and secure access control system.

Industry watchers say it is commandable that the project involves external agencies which would have much to lose if it is not professionally conducted.

They advise however that the project be subjected to external audits to ensure that best practices are deployed and that it serves the best interests of the generality of Nigerians.

pappy

October 22nd, 2007, 08:19 AM

Lagos shops for N6.35trn to develop infrastructure

For Lagos to be successfully trans formed into a mega city under a 10-year development plan, up to $50 billion (N6.35 trillion) will be required, the state government has revealed.
Of the sum, $3 billion (N381 billion) will be spent on water development, $20 billion (2.54 trillion) on roads and drainage, $10 billion (N1.27 trillion) on power generation, $5 billion (N635 billion) on ICT, $9.3 billion (1.18 trillion) on inter- modal transportation, and $2.7 billion (N242.9 billion) on other projects such as waste and sewage
However, mindful of the fact that it cannot muster the fund, the government is courting the private sector to partner with it in execution of the projects under the Public Private Partnership (PPP).
Ben Akabueze, Lagos State Commissioner for Economic Planning and Budget disclosed this at the monthly breakfast forum of the Nigeria South Africa Chamber of Commerce at the Abora Suite of the of the Eko Hotel and Suites.
Noting that government cannot do it alone, he said the support of the private sector is imperative. Akabueze expressed confidence that the partnership of the private sector can be secured citing example with on-going projects in the state in public/private partnership such as the Lekki/Epe Expressway that is being executed at over $300 million (N38.1 billion).
Already, the state government has begun liaising with some local banks the commissioner did not name with a view to arranging funding. Offshore funding is also being target as the government hopes to use the build, operate and transfer (BOT) terms for the execution of most of the projects, especially roads. The various projects have already being listed with a profile of the range of services they will provide as well as the market potentials.
Part of the Lagos project will include the reclamation and development of the Bar Beach/Atlantic City project that is budgeted to gulp $2 billion (N254 billion), which will also be a public private partnership initiative.
He admitted that the challenges are enormous, considering the fact that the population of Lagos currently put at 16.8 million, according to United Nations Habitat, is rapidly increasing, at the rate of six to eight percent and expected to rise to 20.19 million by 2010, and 24.5 percent by 2015.

Coupled with this, Lagos State generates about 10,000 metric tones of wastes everyday, as hosts about 27 percent of the nation’s urban population and 65 percent of the industries. “There are 224 vehicles per kilometer in Lagos, compared with 15 on average in other parts of the country,” he added.
Other challenges of the state, according to Akabueze, include physical planning and land administration, security, transportation and traffic management, sanitation and environmental management, urban renewal housing, among others. All these challenges are expected to be surmounted by the urban renewal plan, which is expected to be accomplished over a 10-year period.

9yja

October 22nd, 2007, 09:42 AM

Nigeria: CBN Governor, Soludo, Wins African Banker Award

Leadership (Abuja)

20 October 2007
Posted to the web 21 October 2007

Sunday Isuwa
Abuja

Central Bank Governor, Prof. Chukwuma Soludo has won the 'African Central Banker of the year' award.

Receiving the award yesterday at the International Monetary Fund (IMF) ceremony in Washington D.C, Professor Soludo dedicated the award to the government and people of Nigeria.

He expressed appreciation to president Umaru Musa Yar'Adua for believing in him and the central bank, stressing that Nigeria as the fastest growing financial system in Africa would continue to move towards the realisation of the financial system strategy in 2020.

Banks in Nigeria who also attended the IMF meetings won various awards which include: The bank of the year, most innovative bank and the most socially responsible bank, while bank of industry won the development of the year award.

9yja

October 22nd, 2007, 09:51 AM

Africa: Globacom Overtakes MTN S'Africa Market Share
This Day (Lagos)

22 October 2007
Posted to the web 22 October 2007

Chinyere Okoye
Lagos

Second national operator (SNO), Globacom Limited, has overtaken MTN South Africa in a new ranking of the Top 10 mobile network operators straddling the African and Middle Eastern telecoms market.

Glo Mobile, the mobile business unit of the SNO and a late entrant into the Nigerian telecoms market that launched service two years after local rivals, MTN Nigeria, owned by South Africa's MTN Group; Celtel Nigeria, owned by Kuwaiti's Zain Group (former MTC Group) and Mtel, the mobile subsidiary of the Nigerian Telecommunications Limited, owned by Transnational Corporation (Transcorp). Glo Mobile is also setting its eyes on the continent's top telecoms market spot.

According to market survey featuring the latest ranking of Top 10 Operators in the Mid-East and Africa market released by Mobile World, the Nigerian company is a player to watch having achieved the distinction of entering the league of top players in Africa and the Middle East within its relatively short period of market entry.

Significantly, Globacom clinched the fifth place with subscriber numbers that peaked at 13.95 million and market share of 37.3 per cent at the end of the second quarter of 2007 to overtake the MTN South Africa, launched 13 years ago (June 1994) and which recorded the sixth position with 13.4 million subscribers within the period under review.

According to the report authors, "the fourth and fifth placed operators in the region are both from Nigeria, a country with nearly twice the population of Iran. Both have around 14 million customers today, which put them both within striking distance of the top spot. Admittedly, competition is more fierce in the African country, but MTN Nigeria ( 14.0m customers, 37.6 per cent market share) and Globacom (13.95m and 37.3 per cent) are way out ahead of their two competitors."

It adds further that, "MTN South Africa had a quiet time in Q2 2007, with just 0.21 million net additions, to take its total to 13.4 million. This was the second smallest gain of any company on this list and as a result, it has dropped one place this quarter to sixth place."

Additionally, Globacom's coming is also a warning signal to the local operation of the MTN Group, MTN Nigeria, which took the fourth position with a subscriber base of 14 million and market share 37.6 per cent as the authors of the report have noted that if the SNO's growth is sustained, MTN, "may well lose the top spot in Nigeria to its newer rival."

This comes just as Chief Operating Officer, Globacom, Mohammed Jameel, announced that the company's subscriber base has peaked at 15 million, closing the mobile market gap.

Jameel who disclosed this at a media briefing also disclosed that the company has introduced 0705 number series to drive its current bid for market leadership complemented by the network expansion to support 30 million users by the end of the year.

He adds that Globacom's current expansion plans will see the addition of over 150 base stations each week across the country to increase the base station to 750 by the end of the year citing that, "the equipment for achieving this phenomenal growth is already in the country."

Beyond Nigeria, the Mobile World market ranking reports that the mobile markets in Middle East and Africa seemed to slow down in the second quarter of 2007.

"Indeed, we have to go back four years, to the second quarter of 2003, to find its equal. In both periods, the market grew by 8.0%, but while this implied fewer than 5 million new connections in 2003, in 2007, it meant 24 million. Looking across the markets what we see is that most of the fastest growing businesses were in Africa, rather than the Middle East, where markets are characterised by much higher penetration rates.

The ten largest companies in the region account for 43.2% of the region's customers, marginally down quarter on quarter. The list contains the same names as it did in the last quarter, but there have been a couple of changes in positioning."

South Africa 's Vodacom led the ranking with a total of 21.95 million, equivalent to a regional market share of just over 6.6 per cent.

TCI, the Telecommunica-tions Company of Iran, one of the few countries in the Middle East region that can be considered under-developed - penetration, at 29%, is below that in neighbouring Iraq where mobile telephony was only introduced four years ago.

TCI made 1.86 million new connections in the quarter (an 11.7% growth rate) to reach a total of 17.8 million customers. Logic suggests that as Iran's population is materially higher than South Africa's (69m against 44m) TCI must inevitably overtake Vodacom. But if that happens, TCI may not enjoy regional leadership for anywhere near as long as Vodacom has

STC, the largest operator in Saudi Arabia, is sandwiched between TCI and the Nigerian companies. It closed the quarter with 15.5 million connections, after a gain of just 0.2 million. We can anticipate another growth spurt in the current quarter, due partly to the impact on demand of Ramadan and partly because STC faces the prospect of a third competitor in the shape of Kuwait's MTC.

Urban Issues and Habitation ecause STC faces the prospect of a third competitor in the shape of Kuwait's MTC.

MTN South Africa had a quiet time in Q2 2007, with just 0.21 million net additions, to take its total to 13.4 million. This was the second smallest gain of any company on this list and as a result, it has dropped one place this quarter to sixth place.

The four remaining companies in the ranking are all in North Africa . Orascom's Algerian subsidiary connected a further 0.7 million new customers to end the quarter just shy of the 12 million mark. However, it seems likely to lose this place next quarter to Mobinil, the France Telecom/Orascom venture in Egypt, which closed with 11.90 million customers, having added 1.2 million new connections between March and June. Mobinil and its Vodafone Egypt rival are both piling on customers in an attempt to minimise the impact of the third entrant in the market, a consortium headed by Kuwait's Etisalat. Vodafone Egypt is in fact the tenth largest business in the region, having added even more customers than Mobinil, to take its total to just under 11 million. Maroc Telecom separates the two, taking ninth place with 11.7 million.

According to Mobile World, "all ten of these operators now have over ten million customers. However, it would be wrong to think that this is where the story ends. The spread of mobile ownership across the region is such that as at the end of June, there were over 60 separate networks with one million or more customers. Between these two statistics, come others. The top 15 operators all have more than five million - numbers eleven to 15 being respectively Algeria Telecom Mobile, V-Mobile in Nigeria, Safaricom Kenya, Mobily in Saudi Arabia and Etisalat. The top 30 all have more than 2.5 million customers in fact and as the accompanying piece on the region's major operators shows, a large majority of these businesses are owned by one of just eight or nine multinational groupings."

iluvnaija

October 22nd, 2007, 12:33 PM

Nigerian banks emerge Africa's best
From Ade Ogidan, Washington DC
HONOURS came in bountiful proportions for Nigerian banks at the weekend in Washington D.C, United States.

The events also provided another opportunity for stakeholders in the financial sector to shower encomiums on the Central Bank of Nigeria (CBN) and its Governor Professor Chukwuma Soludo.

And, Soludo has, for the second time, emerged the African Central Banker of the year.

At one of the events, First Bank of Nigeria Plc, clinched three awards, courtesy of a poll conducted by an international financial publication, Global Finance (GF), based in Washington D.C.

At another event, packaged by a London-based organisation, I.C. Publications, publishers of The African Banker Magazine, six other Nigerian banks also carted away awards . The awardees include Oceanic International Bank Plc, the United Bank for Africa Plc and Zenith Bank. The others are Access Bank Plc, Bank of Industry and IBTC Chartered Bank Plc.

The three awards were bestowed on First Bank during this year's meetings of the World Bank and the International Monetray Fund (IMF) in Washington DC. They are: Best Bank in Nigeria, Best Trade Finance Bank and the Best Foreign Exchange Bank for 2007.

In a poll conducted by GF, with input from industry analysts, corporate executives, banking consultants and technology experts in 24 countries, FirstBank named Nigeria's best bank. This makes it the third consecutive year the bank has won the awards.

Announcing the award from its New York headquarters, Joseph Giarraputo, GF President noted that emerging markets were attracting increased attention. He added: "We have identified the banks that provide services to corporations seeking to take advantage of substantial opportunities for growth in a sometimes challenging environment and FirstBank is one of them."

At the African Banker Magazine awards, Dr. Cecilia Ibru of Oceanic Bank won the Banker of the Year Award, while UBA got the prize for the Best Emerging Global Bank in Africa. The Most Innovative Bank of the Year went to Access Bank Plc, while the Bank of Industry was named the Development Bank in Nigeria and Zenith Bank got the Socially Responsible Bank of the Year award.

Swazi Bank in Swaziland received the Gender Sensitivity Award.

For its award, Access Bank beat two other Nigerian banks, First Inland and GTBank as well as the Swazi Bank. Access Bank also came close to clinching the Gender Sensitivity award won by Swazi Bank.

Waheed Olagunju, who received BOI's award, opened the floodgates of encomiums on the CBN and Prof. Soludo. He thanked the apex bank's governor for the consolidation policy which forced Nigerian banks to either raise their assets portfolios to N25 billion or close shop.

Mrs. Ibru also spoke in the same vein. She said: "Before I say anything, I must congratulate the CBN Governor, Prof. Chukwuma Soludo. Since he took over, I have become empowered. Without consolidation I would not have been standing in front of you today. I owe a lot to him (Soludo), God Almighty and my husband, Olorogun Michael Ibru, our founding Chairman, who gave me the opportunity to serve."

UBA won in the Emerging Global Bank In Africa category, which had JP Morgan Chase Bank and Standard Bank of South Africa (also trading as Stanbic Bank) in contention.

Zenith emerged the most Socially Responsible corporate citizen in Africa, coming tops of Fidelity Bank, Bank PHB, Intercontinental and Nedbank of South Africa. Receiving the award, the Deputy Managing Director, Godwin Emefiele thanked the organisers for the initiative and promised to keep being a very good corporate citizen.

Soludo, emerged the African Central Banker of the Year for the second time running. While receiving the award, the CBN Governor commended the efforts of the Nigerian banks for their determination at becoming major players, not only in the continent but also globally.

Michaelda

October 22nd, 2007, 04:04 PM

pappy

October 22nd, 2007, 04:38 PM

pappy

October 23rd, 2007, 08:05 PM

NITDA to install 1000 ATMs

By Efem Nkanga, 10.23.2007
Tuesday, October 23, 2007

National Information Techno-logy Development Agency (NITDA) has signed a memorandum of understanding with Chams Consortium to install 1000 Automated Teller Machines ATMs and 5,000 electronic transaction booths across the country before the end of 2008.

The partnership according to Prof Cleopas Angaye, Director General of NITDA Angaye, will enhance universal access to information and communications technologies (ICTs) in the rural and underserved areas.

He added that basic objective of the memorandum of understanding is to provide greater internet awareness nationwide. The scheme involves extending mobile internet units and electronic government services to every nook and cranny of the nation.

THISDAY gathered that the MoU will make provision for the deployment of one stationary booth comprising five Chams Access Service terminals, one ATM and three point of sale terminals in each of the 774 local government areas of the federation, while 5,000 terminals would be deployed in hospitals, higher institutions and Federal government’s secretariats across the country.

The MoU is aimed at promoting electronic payment and rural telephony under the Millennium Development Goals framework for Mobile Internet and Outsourcing Solutions MIOS.

Angaye disclosed that government will provide technical and political expertise and the enabling environment for the project to thrive. The Chams consortium is made up of three local technology firms, Chams Nigeria Limited, Connect Technologies and Platinum Solutions LimitedUnder the partnership agreement, NITDA will provide Mobile Internet Units, which are minivans specially fitted with internet access to the Chams consortium. Each of the MIUs will house five computers and three kiosks/ATMs to enable the users have the opportunity to browse the internet and also use other complimentary services such as online shopping and make payments electronically. The kiosk is an electronic self-service and information terminal, which is integrated to match various customer needs.

It provides a comprehensive one-stop payment system. Chams is also expected to deploy one mobile banking unit truck, infrastructure in each state in the country and the Federal Capital Territory to facilitate project design, development, implementation and technical support.In his remarks, the General Manager of Chams Nigeria, Mr. Kazeem Durotoye, disclosed that funding for the project would be sourced mainly by the Chams Consortium, while NITDA will provide the regulatory framework, location, logistics and access to government electronic services.According to him, some of the uses of the platforms include electronic governance services, such as online tax payment, e-passport, registration for national identification, telephony and banking.The direct benefits of the partnership is that it will promote rural development in Nigeria and offer opportunities to youths to become familiar with global use of technology as well as help NITDA to achieve its mandate and provide employment for Nigerians.

pappy

October 24th, 2007, 01:12 AM

Nigeria: film making in Nollywood

Last Modified: 23 Oct 2007
By: Andrew Thomas

More4Newsreports on the first ever professional film studio in Nigeria is vast, a sign of a booming industry known as Nollywood, with Nigeria the film production powerhouse of Africa.

Until now, it has been made-up of low budget films, shot in private homes around Nigeria's largest city, Lagos. With a lack of cinemas across the country, these movies go straight to DVD, sold at market stalls across the country, across Africa and increasingly, across the world.

What the films lack in quality, they make up with in quantity.

In fact that number grows all the time. The latest estimate is that somewhere between one and two thousand films will be produced this year alone. On average they'll sell 50,000 copies and cost $US50,000 to produce.

Pipiro is a typical Nollywood film, marketing itself as a supernatural thriller based around a family breakdown, with father and son fighting over the same woman and a healthy dose of witchcraft, common in Nollywood film.

The films may look relatively cheap, but the industry is big, the third largest national film industry in the world. Across Africa, Nollywood outsells Hollywood and the film industry is said to employ more Nigerians than the oil business.

Tinapa might be the world's most unlikely film studio, near Nigeria's border with Cameroon, hundreds of miles from the established Nollywood industry based around Lagos. The $US540m complex is due to open by the end of the year. It's hoped this largely public-funded project will be a catalyst that not only brings Nollywood standards up to those in Hollywood, but also attracts Hollywood productions to Africa.

It's an ambitious aim, with Calabar, the closest town to the complex, a long way from Beverley Hills.

This is a complex on a massive scale, intended as tourist attraction as well as working studio, with tours, gift shop and open air auditorium. But it's the studios themselves that are expected to generate the biggest revenues, a sign of growing confidence in Nollywood.

Nollywood is already big business in Africa. The idea of Tinapa studios is that it becomes big business across the world. Africa's gorillas no longer hiding in the mist.

adebayoa

October 24th, 2007, 10:02 AM

By Kingsley Nwezeh, 10.22.2007

After 17 years in the World Bank Group, with the last 13 years spent in the energy sector of the International Finance Corpora-tion (IFC), the group’s foremost power specialist in the emerging economies of the world, Paul Nickson, has called it quits.
Reason: He wants to be personally involved as an operator in Nigeria’s electricity sector which has for decades been in need of a revival.
Nickson has announced he is joining Nigeria’s first indigenous independent power producer, Geometric Power Ltd, which is building, among others, a 250 million dollar power project to generate and distribute 140 megawatts of electricity in the industrial South-eastern city of Aba, Abia State.
When Paul Wolfowitz, then the World Bank president, flew into Aba two years ago in company with the present Managing Director of the bank, Mrs. Ngozi Okonjo-Iweala, who was then Nigeria's finance minister, for an interactive session with the Aba business community, it was self-evident that power outages were the greatest impediment to the industrial take-off of the place.
"Very few professional challenges I have faced in all regions of the world have moved me as what I have seen in Nigeria," Nickson said while explaining his decision to immediately retire from the IFC and join the indigenous electricity firm.
"Here is the biggest black nation on the planet with fantastic people waiting to take a technological pride of place in the world. I see manufacturers, big and small, working admirably to make Nigeria the Taiwan of Africa, only to be held down by inadequate infrastructure. And four years ago when I met Aba Power Project promoters, I got infected by their energy, brilliance, enthusiasm and commitment to the transformation of their fatherland despite all odds. They want their nation to quickly join the league of fast industrialising countries."
Ben Caven, erstwhile executive director of the National Electric Power Authority (NEPA), now christened Power Holding Company of Nigeria (PHCN) said: “It is a pleasant surprise that Nickson, an eminently influential Canadian author of World Bank Guidelines on Utility Customer Management Manual, should sacrifice his career in the Bretton Woods Institutions so as to contribute more robustly to the search for a grand solution to Nigeria’s paralyzing energy crisis. It shows a most critical part of the international business community is beginning to repose stupendous faith in the Nigerian possibility, especially in organized private sector-led growth.”
Nickson has been involved in some 50 new major power projects across the world, about 50 per cent of all power deals financed in the last 14 years by the IFC, the private sector financing arm of the World Bank.
The projects include the hugely successful Tajikistan Pamir Energy Project in the old Commonwealth of Independent States, which he led, and the $900m Rio Bravo 111 & 4 project in Mexico as well as the $930m Pagbilao project in the Philippines.
Caven, now the technical adviser to Geometric Power, believes “Nigeria will definitely benefit from Nickson’s experience with carbon financings, having played a major role in the $20m credits which the IFC gave to Romania Municipal Cogeneration and in the $28m credits extended to Uganda for the development of the Bujagali programme.”
For his meritorious contributions, Nickson was promoted three times between 1993 and 2005, a remarkable recognition in the conservative World Bank system where he also received the World Bank President’s Excellence Award in 2002 and the IFC Corporate Award three years later

Step in the right direction

iluvnaija

October 24th, 2007, 02:38 PM

Govt okays N150b for air force planes repairs
From Madu Onuorah, Abuja

MINISTER of Defence, Yayale Ahmed, yesterday announced that N150 billion has been approved for the Nigerian Air Force (NAF) to rejuvenate its aircraft fleet.

He spoke at the Presidential Wing of the Nnamdi Azikiwe International Airport, Abuja at a ceremony to commemorate the successful return of NAF C-130 Transport Hercules aircraft marked NAF 913, from Bordeaux, France for a scheduled Periodic Depot Maintenance (PDM).

A total of eight C-130 Transport Hercules aircraft were originally in the inventory of the NAF. But by 2005, most of them were grounded. Following this, former President Olusegun Obasanjo administration initiated a pragmatic programme of sending the aircraft abroad for routine PDM.

Out of the eight grounded C-130 Transport Hercules, government decided to de-commission three. The remaining five were then slated for proper maintenance.

The returnee plane, Ahmed stated, spent one year in France "and it has been successfully transformed into a brand new aircraft."

He said government set aside N150 billion for the whole programme of making NAF aircraft airworthy.

Ahmed said the aircraft earmarked for refurbishing included fighter jets, C-130 aircraft and trainer jets based in Kaduna and Kano.

The minister said refurbishing the aircraft would enable the country airlift its troops for peacekeeping mission and assist other African countries that might need NAF services.

The successful return of the aircraft, according to him, also demonstrated a return to maintenance culture, which had been neglected over the years.

Ahmed said another aircraft would soon be sent to France for repairs.

His words: "Under the dynamic leadership of Chief of Air Staff, Air Marshal Paul Dike and with the support he always gets from the Chief of Defence Staff, Gen. Owoye Azazi, we will continue to look inward and continue to be proud of what we have."

However, Ahmed did not foreclose the purchase of new aircraft, which would be bought, according to him, whenever the need arises.

At the event were Minister of State for Defence, Mrs. Fidelia Njeze, Azazi and Dike.

iluvnaija

October 24th, 2007, 02:43 PM

New hotel underway at Lagos airport

IN less than two years from now, a new hotel will spring up at the old car park of the Murtala Muhammed International Airport, Lagos. WOLE SHADARE writes on the desirability of the project and other safety issues that agitates the minds of air travellers

BARRING no hitches, the Murtala Muhammed International Airport, Lagos, will in the next 24 months house a four-star Holiday Inn to be bankrolled by SM Hyundai Engineering Firm.

The construction of the multi-storey buildings will bring to two the number of hotels that are about springing up at the Lagos airport.

The first which is currently under construction by Bi-Courtney Aviation Service Limited is expected to be completed next year, while the current one very close to the terminal building, formerly housing a car park, according to the promoters of the two projects, is to cater for the needs of travellers coming into the country.

The new project, which Memorandum of Understanding (MOU) was signed in 2005 with the Intercontinental Hotel Group , has 17 consultants handling the project from all parts of the world.

There is no doubt that the aviation industry in Nigeria and the world has grown so big that service providers, such as hoteliers are providing essential services to take care of the surging traffic.

Statistics shows that the gloval aviation sector made a revenue of over $400 billion last year, while the total revenue made by the African continent last year amounted to $1.8 billion. It is expected that the figure might double this year considering the huge boost occasioned by different reforms in the sector by governments all over the world.

Some travellers who spoke to The Guardian said that the idea was a welcome development, they however felt that the authority should have used the space for the expansion of the terminal building by building more fingers to take care of the congestion problems in the area.

Although the project has elicited security concern among close watchers who feel that its closeness to the terminal building of the airport is bound to cause security breach, just as the promoters, Terminal Zero Development Limited have allayed fears, as they hinted that all security arrangements are already factored into the project.

All over the world, particularly in major airports across the world, hotels are built in airports to facilitate not only the accomodation needs of travellers but other needs.

Ultra-modern hotels like the one in Charled D' Gaule International Airport in Paris is situated inside the airport's terminal building, just like in Orlando Airport where a hotel is situated conveniently inside the terminal of the airport.

Hotel Kepimsky in Frankfurt International Airport is equally situated in the heart of the airport.

But for the ineptitude of some security operatives in the country, their fear could not be misplaced.

The hotel expected to be branded Terminal Zero Inn, is to be managed by the Intercontinental Hotel Group.

At completion, the car park which will have two strorey decking is estimated to house 2,000 cars. The other three floors will have rooms, convention centre and business bay, as it fits into the master plan of the Federal Airports Authority of Nigeria (FAAN) plan.

The Managing Director of the project, Gbenga Obadina told reporters that the objective of the promoters was to build car park of international standard and a four star hotel that is befitting of a nation like Nigeria. .

"We are starting with a car park and a four-star hotel that can rival any other hotel in the world and that is a step in the right direction.What I think that this project requires is support and encouragement because you and I are always talking about infrastructural decay, and you and I have been part of a project that has just been completed. The aesthetic value is what we are proud of and what we will consider a tourist appeal, but it was more controversial, but like it is said, the rest is history. I have no iota of doubt that this is also going to be a thing we will all be proud of", he added.

Explaining how the contract was won on Build Operate and Transfer (BOT) basis, he said sometimes in November 2005, FAAN put up an advert, saying they wanted to put some development in various parts of the airports.

The project according to him is fully funded by their most strategic partner.

The partner according to him is a group called SM Hyundai Engineering Firm, adding that the group have about $3 billion development structures going on in Tripoli , another $1.8 billion investment in Bonn, Germany .

Obadina stated that the firm were actually the one building the former state House of Bonn, known as the _World Convention Centre and a five star hotel.

They also have 50 years lease for both on the land, also with a Marina and Wharf project currently going on in Oman which is in excess of $5 billion.

"I was not in the country, but my partner was and he called me, and at that point also we were looking at some other development too. When I came back, I saw the car park, a friend of mine who is an architect said to me, there is so much congestion at this car park and all of that, why don't we propose a multi-level car park in this place and have some leisure retails in the facility. At that time, we had already signed a MOU with the Intercontinental Hotel Group for an Abuja Holiday Inn Project. The next time they were here, I showed them a piece of land and they said there is no city in the world where they don't have Airport Inn and they considered Lagos, a burgeoning city and they really liked the idea of doing something at the Lagos airport."

He reiterated that at the end of the exercise, three of the contractors were shortlisted and made presentation to FAAN, did financial analysis to them, and what they stand to gain at the end of the day from leasing the land to them.

He disclosed that his firm entered into negotiation about April last year and signed the agreement end of July last year.

His words,"When we got here, the old car will park about 600 cars at a time. We are building about 2,000 lot parking deck. It is going to be multi-storey on 2 full floors and half floors. The other half floors, though we have not concluded on the total rooms.We are looking at it that we want a car park that will serve the present and the future need of the airport for a long time to come. The hotel is going to be managed by the Intercontinental Hotel Group and its going to be branded terminal zero Holiday Inn"

Saying that he was not unmimdful of the security issues raised, Obadina noted that there are 17 consultants for the project from all parts of the world, and the security aspect of it he assured will be taken care of as each of the consultants is engaged by the Intercontinental Group on the firm's behalf.

Every possible security breach according to him have been considered, stressing that a remedial action has been proactively planned for.

"Secondly, the car park will be can open car park for everybody use, but the hotel will not. We actually planned with the idea of a shopping mall, in the facility, but we looked at it that if I lease a place in your shopping mall, I can't restrict people. A mad man can come and buy a thing and you can't stop him because he has his money and that is what he wants. Even in the terminal building, you don't usually see what you see here, and its only here people ask you what you have come to do. Its not the airport authority's fault, but the issue they have to contend with.

"Thousands of people who don't have business come to this facility on a daily basis. Development for us is a matter of passion. We have come here to add value worth more than profit", he added.

iluvnaija

October 24th, 2007, 02:47 PM

Nigerian GSM firm tops African chart

GLOBACOM Nigeria at the weekend was named the leading mobile phone operator in the African continent. The company was adjudged the fastest growing among Top 10 in Africa.

This announcement came as Africa's telecommunications professionals prepare for their yearly industry gathering, AfricaCom, on November 21 and 22, 2007 in Cape Town, South Africa.

The 10 fastest growing mobile businesses in Africa managed to add over 35 million subscriptions over the last year, with three countries dominating the chart; Nigeria, Egypt and South Africa. Nigeria's Globacom is the continent's leader with just under six million new customers despite the presence in the market of strong players like MTN, which was third in the chart with 4.4 million new customers, and Celtel, which reaches 10th position with two million. In Egypt, Mobinil is winning the race against Vodafone with 4.67 million additional subscribers, putting the company in 2nd position on the continent's chart. With 3.9 million new subscribers, Vodafone still reaches 4th position. Egypt's market is becoming even more competitive, and next year's results will be interesting following the entry of Etisalat, which only launched this spring.

In South Africa, traditionally the continent's market leader, Vodacom is leading the pack in 5th position with 3.5 million new subscribers. MTN SA, its nearest competitor, reaches 7th position with 2.85 million. The fourth country in the list is Kenya, with Safaricom in 6th position with just over three million additional subscriptions. The last two companies making the chart are operating in more mature markets: Maroc Telecom with 2.79 million connections in 8th position, and Orascom Algeria in 9th position with just over two million.

Meanwhile, the top six telecommunication solutions providers have signed 28 lucrative contracts between them in Africa and the Middle East in the first half of 2007. Ericsson took the top spot, having won eight in the period, each in a different country. Huawei, which shared the top spot with Ericsson in 2H06, was in second place, with five contracts, in the Central African Republic, Egypt, Morocco, Rwanda and Uganda. Alcatel-Lucent shared second place, with five contracts in three countries; Botswana, Kenya and Nigeria. Lifetree Convergence was in fourth place, with contracts to provide billing systems for MTN in four countries; Cameroon, Rwanda, Swaziland and Uganda. Motorola and ZTE tied for fifth place, with three contracts each.

Such impressive numbers shows that demand of telecommunications services is strong, and that a healthy competition in Africa's market is facilitating the development of communications services. Indeed, the markets most represented in the list are regulated by an independent authority whose objectives are to create the conditions for an efficient market. However, there is still a strong, unfulfilled demand in most of Africa for not only voice telephony but also broadband access. This market is yet to boom, and international cooperation on the continent is necessary to facilitate it, both to improve international connectivity and to share best practices in the deployment of new networks and services.

That is why Africa's telecommunications community will gather at AfricaCom in Cape Town, South Africa, on 21st and 22nd November 2007. AfricaCom, part of the renowned GSM, 3G World Series, will celebrate 10 years of successful events by inaugurating a new format, which will bring together the whole telecommunications value chain, from mobile (GSM and CDMA) to fixed-line operators, Internet service providers, satellite operators, regulators, investors and telecommunications solutions providers.

The conference will include over 70 speakers, of which 23 board-level representatives of operators and regulators from across the continent. With high level strategic keynote sessions, followed by 3 targeted streams on each day, the programme is designed to provide participants with a unique learning experience.

This year's show is expected to attract a wide audience of over 3,000 participants to create great networking opportunities and maximise the exchange of best practice in the development of the continent's communications market. In addition, the larger than ever exhibition will include 180 companies showing their latest solutions for operators to improve their businesses.

Click Here

iluvnaija

October 24th, 2007, 03:01 PM

FG to Boost SMEs
•Yar'Adua dissolves boards of federal agencies
From Juliana Taiwo in Abuja, 10.24.2007

President Umaru Musa Yar’Adua yesterday pledged his administration’s resolve to intensify the implementation of supportive policies to boost Small and Medium Enterprises (SMEs) and reduce the nation’s poverty and unemployment levels.
He also said efforts would be made to reduce interest rates and sustain the country’s economic growth rate.
Also yesterday, President Yar'Adua approved the dissolution of the boards of federal agencies, companies and institutions.
A statement issued in Abuja by the Secretary to the Government of the Federation, Alhaji Babagana Kingibe, said the dissolution took immediate effect.
Speaking during a Business Breakfast Meeting with potential Nigerian investors and the organised private sector at the Presidential Villa, Abuja, Yar’Adua said his administration’s vision was for a sustained double digit Gross Domestic Product (GDP) annual growth rate.
The President said without the private sector's support, the seven-point agenda of his administration would not be achieved.
“This informs our keenness in re-energising the existing partnership with the private sector and genuine investors who are willing not only to exploit the enormous investment opportunities, which abound in Nigeria but also to drive the growth of our economy,” he said.
The President said all business transactions would be done with strict adherence to the rule of law and zero tolerance for corruption.
President Yar’Adua commended the turnout of investors, saying their presence attested to their belief in, and support for his administration’s effort to rapidly regenerate the nation’s economy such that “we are able to position Nigeria as one of the world’s 20 biggest economies by 2020.”
He said the meeting was expected to create the requisite platform to clarify government’s policy thrust and productively engage the country's vibrant private sector in responding to the challenges thrown by the Vision 2020.
According to him: “I would like to commence by reiterating that this government is rooted in the rule of law; anchored on good governance, and driven by an uncommon sense of service. Our key economic policies as encapsulated in the seven-point agenda are aimed at boosting business confidence and ensuring macro-economic stability and predictability.
"I have always maintained that what is good for business is good for Nigeria. This has informed our unequivocal commitment to strict adherence to the rule of law, transparency, accountability, and zero-tolerance for corruption in the conduct of all government business.”
“Rebuilding our national economy crucially demands rebuilding and expanding our critical infrastructure and evolving sound policies that will clear the path to optimal socio-economic development. We have commenced tackling the challenges in the energy, transportation, human capital, and security sectors in a structured manner in order to make enterprise flourish in the country,” he said.
He assured Nigerians that his administration would continue to vigorously pursue the inflow of Foreign Direct Investment (FDI) to support rapid economic growth and also aggressively promote domestic private investment in order to have in place a robust home-grown growth strategy.
He said the government was constantly strengthening the Nigerian Investment Promotion Commission (NIPC) and adopting pro-business and investment-friendly policies in order to create an environment conducive for business prosperity.
According to him, conscious effort is being made to evolve reforms targeted at reducing the cost of doing business in Nigeria.
“The NIPC’s One Stop Investment Centre (OSIC) has been empowered to provide fast-track business entry services to both domestic and foreign investors, devoid of red tape. In addition to the 13 government ministries and agencies currently represented at the centre, additional regulatory agencies with investment facilitation roles will be brought into the facility to ensure full sectoral coverage and further ensure that investors’ pre-investment approvals and authorisations are met proactively, rapidly, efficiently and transparently," he added.
Yar’Adua said the government was reviewing the existing incentives regime towards developing sector-specific national policies on investment, adding that it was with a view to articulating a generic policy and incentive package that would ensure policy consistency, predictability and a level-playing field for all investors.
He said the private sector was being encouraged to raise the quality of investment and expand into higher value-added activities, and to benchmark against international standards and practices in order to raise Nigeria’s productivity and global competitiveness.
According to him, the government will further intensify the implementation of supportive policies to boost SMEs; further reduce interest rates; reduce the nation’s poverty and unemployment levels; and sustain the country’s economic growth rate.
The government's vision, he said, was for a sustained double digit GDP annual growth rate.
The President also assured multinational companies operating in Nigeria of his administration’s support, particularly in strengthening domestic linkages, and the establishment of strategic alliances and partnerships with domestic investors and SMEs.
“We expect the banking sector to play a more visible role in supporting the growth of the real sectors and promoting a vibrant capital venture industry. The SMEs are expected to benefit from the increasing local and global needs for outsourcing to expand market access both in Nigeria, within the West African region, and internationally.
He said opportunities abound in Nigeria and return on investment ranked among the highest globally, adding that the various enterprises were vital to the nation’s economic development.
The country, he said, was earnestly awaiting the SMEs' plans for expansion, investment initiatives, and their renewed pledge to remain active business partners with his administration.
The President said it was high time Nigeria took its rightful place among the world’s elite nations.
Earlier in his remark, the Executive Secretary/CEO of Nigeria Investment Promotion Council (NIPC), Engr. Mustapha Bello, said the seven-point agenda of government was certainly critical to the attainment of the 2020 project.
He said the development of power, transportation, and other essential sectors particularly the natural gas networking project that would network super sources of energy, many industries that were currently in distress in many parts of the country would play a key role in realising the vision.
Former minister of industry, Alhaji Hassan Adamu, expressed the confidence of the manufacturing sector in the Vision 2020 of the Yar’Adua government, noting that the sector was ready to support the programme of the government.
The Group Managing Director of Union Bank, Mr. Barth Ebong, who spoke on behalf of the banking sector thanked the President for the initiative and expressed the readiness of the banking sector to support the economic programmes of the Federal Government.
He said: “We have the capacity to contribute our quota to the realisation of the Vision 2020 programme of the government.”
Raymond Dokpesi, who spoke on behalf of the media, urged the government to remove those laws that impinged on the overall development of the sector.
He urged the government to remove from “our status books” laws that could hamper growth and development of the sector if the policies and programmes of both the government and the organised private sector must be realised.
On the dissolution of the boards, Kingibe said until new boards were constituted, chief executives of affected agencies, companies and institutions should refer matters that required urgent attention to their supervising ministers for action.
“For the avoidance of doubt, the dissolution does not affect federal executive bodies listed in the constitution or appointments whose tenure are stipulated by statute,'' the statement said.
“Also it does not affect committees, technical committees and similar organs established by the now-dissolved boards,'' it added.

iluvnaija

October 24th, 2007, 03:02 PM

FG to Re-introduce National Development Plan
From Kunle Aderinokun in Abuja, 10.24.2007

President Umaru Musa Yar’Adua has disclosed that the Federal Government will re-introduce the National Development Plan to manage the nation’s development plan on a long-term basis with a view to transforming the country.
Also, the President said the National Energy Council was working on a framework for the achievement of the desired result in the power sector.
Yar’Adua, who addressed participants at the 50th Anniversary of the Nigeria Economy Society (NES) yesterday, in Abuja, said the proposed plan would focus on the promotion of economic growth and development.
“It may interest you also to be aware of our determination to re-introduce the National Development Plan as an instrument of managing our long-term plan and the transformation of our country. The intended Develo-pment Plan will have as its focal point, the promotion of economic growth and development,” he said.
He acknowledged that the antecedents of the Development Plans in the country and its re-introduction might appear retrogressive and obsolete, but expressed the conviction that a properly designed and well executed plan was needed especially in the next 12 years and beyond.
Lamenting that between 1962 and 1985, the country had a surfeit of four national development plans – 1962-1968; 1970-1974; 1975-1980 and 1981-1985 -- he however, said it was so much that Nigerians could have learnt from the previous plans and design more functional ones for the present circumstances.
Yar’Adua pointed out that what informed the Federal Gover-nment’s rekindled interest in the strategy was the success of the economies in transition in that regard.
According to him, “The post-liberalisation process in Eastern Europe proved to be very effective with regional development efforts.
Developments in Hungary and Poland during the early 1990s in particular, provided good examples,” he said.
He explained that the Federal Government envisaged the plan to follow the scientific sequence of plan preparation; validation with regions; negotiation with key partners; communication plan; project formulation; implementation; follow-up evaluation and possible adjustments.
First, he said, the Federal Government would arrest the planless culture of "planning without facts" and ensure technical and professional inputs in the new plans, adding that the government intended at a point in time to encourage a zonal-approach to development planning.
This, he stated, could be achieved by the adoption of Regional Master Development Plans based on the existing six geo-political zones.
He said the plans would contain programmes that would allow constituent states to extract their budgets from their respective Regional Development Master Plans.
The President said the government would see it as a good instrument for the transformation of the country, adding that such regionally-induced development plans were capable of tapping regional synergies to better confront common development challenges of contiguous states.
He said the Regional Master Development Plans would help in promoting, among others, qualitative and efficient production, economies of scale, an in-built positive competition and an even development between the regions, increased intra-regional trade, enhance geographical mobility of labour, enforce specialisation among the geopolitical zones and promote regional cooperation and linkages in infrastructural development.
Speaking on the working framework for the energy sector, Yar’Adua noted that the energy sector was very much in his radar.
According to him, “I have not long ago inaugurated the National Energy Council charged with the responsibility of developing appropriate energy strategy, sufficiently diversified,to stop the present pitiable per capita energy production/consumption in our country."
The council, he disclosed, was currently working assiduously to provide the country with a working framework that would see the nation achieve her desired results in that sector.
The president stressed that a situation where an important sector such as energy continued to stunt the nation's economic growth and cripple her industries could no longer be accepted.
The council, he stated, would look closely at the prevailing cost of producing gas for energy generation for the purpose of creating the desired incentive for our domestic and industrial needs.
He added, “The infrastructural reforms in this critical sector through the development of sufficient and adequate power supply will be to ensure Nigeria’s ability to develop as a modern economy.”

pappy

October 26th, 2007, 06:39 AM

Naira sells for 5-year high N118 to dollar

Thursday, October 25, 2007

The Naira appreciated to N118.50 to the dollar on the interbank market on Wednesday, its strongest level in five years and compared with N119.45 per dollar on Tuesday, traders said.

The last time the Nigerian currency traded this strongly was in July, 2002 when the dollar exchanged for N117.00, dealers said.

The naira has rallied steadily against the U.S. currency since last month - buoyed by big capital inflows from offshore investors-forcing the Central Bank of Nigeria to suspend its twice-weekly forex auction to commercial banks.

“The market is very volatile now. Everything has gone haywire,” one dealer said.

A CBN official, who asked not to be named, said the regulator might have to intervene to slow the naira’s rapid appreciation, but declined to give details.

Analysts said the naira's appreciation was a temporary aberration not backed by market fundamentals.

“The appreciation of the naira could last till January due to the upsurge in foreign investors’ interest in the economy and possible inflows from Nigerians returning for holiday in December,” said Bismack Rewane, chief executive of Lagos-based Financial Derivatives Company.

pappy

October 26th, 2007, 05:51 PM

Yar’Adua orders NCC to allocate satellite frequency, licence to NigComSat

By Everest Amaefule, Abuja

President Umaru Yar’Adua has ordered the Nigerian Communications Commission to allocate a satellite frequency and an operating licence to the Nigerian Communication Satellite Limited.

The Minister of Science and Technology, Mrs. Grace Ekpiwhre, disclosed this in a letter to the Managing Director of the satellite company, Mr. Ahmed Rufai, dated October 23.

The letter, signed on behalf of the minister by a director in the ministry, Mr. Anthony Ozodinobi, stated that Yar’Adua had revalidated an earlier approval granted by former President, Chief Olusegun Obasanjo.

Ekpiwhre stated, however, that allocation of the frequency and operating licence would only be implemented upon the submission of the update of the activities of NigComSat as well as details of the disbursement of the loans granted to the company by the Chinese Government.

The letter, which was obtained by our correspondent in Abuja on Thursday, reads:

“I am directed to convey to you the President’s directive through the Secretary to the Government of the Federation that the NCC should immediately comply with the Presidential directive Ref. PRES/223 of May 8, 2007 by allocating and granting the named Satellite Frequency and Operating Licence and Security requirements to NIGCOMSAT Limited.

“The Ministry of Science and Technology is to coordinate with NCC to implement the said presidential directive.”

The Executive Vice-Chairman, NCC, Mr. Ernest Ndukwe, was attending a meeting of the International Telecommunications Union, in Geneva, Switzerland and could not be reached for comments .

Another source at NCC, however, told our correspondent that spectrum was not allocated by Presidential directive and that the company would still be required to apply for and pay for the spectrum and licence.

According to him, following the principles of the rule of law and due process, the NCC Act of 2003 is superior to a Presidential directive in matters of allocation of frequency spectrum and operating licence.

NCC and NigComSat had been at loggerheads over NigComSat’s request for third generation spectrum and Unified Access Service Licence to go into the provision of telecoms services to end users.

While NCC had insisted that it was wrong for NigComSat, a government company, to jump from offering bandwidth services to offer last mile services, NigComSat said its mandate included providing services to end users.

This led the ministries of information and communications and science and technology to form a joint consultative committee for the resolution of the spectrum dispute.

The peace committee set up by the two new ministers upon assumption of office,1 arrived at a compromise to accommodate the demands of the two companies.

Tbite

October 27th, 2007, 10:50 AM

Wow The Naira's appreciating darn good.:cheers:

iluvnaija

October 29th, 2007, 05:39 PM

Arik gets more aircraft
By Wole Shadare

ARIK Air has announced the purchase of two new Boeing 737-700s aircraft, which are expected to arrive in the country next month.

Managing Director of the airline, Michael McTighe, disclosed this at a press conference yesterday in commemoration of the first anniversary of the company at the Arik Aviation Centre.

According to McTighe, the aircraft, which will come directly from the factory in Seattle, United States (U.S.), are parts of the airline's long-term commitment to the nation's aviation industry.

His words: "The airline has placed orders for a total of 36 aircraft. These orders include five Boeing 777, seven Boeing 787-900 and these aircraft will be deployed on our intercontinental routes, thus restating our belief that we are a strong partner in the process of restoring confidence in the Nigerian aviation industry both home and abroad."

The airline chief said before his company would venture into regional and international routes, it would first establish itself on the local ones and interconnect them.

He also said that the airline planned to bring in the Boeing 777 after the completion of its super hangar.

iluvnaija

October 29th, 2007, 05:40 PM

Aba power project begins November 1

PRESIDENT Umaru Musa Yar'Adua is billed to perform the ground-breaking ceremony of a $250 million thermal power project in Aba, Abia State, on November 1.

The first phase of the facility, named Aba Power Project, will be ready within one year and is to generate and supply 140 megawatts of electricity to the commercial city.

The project is owned by Geometric Power Ltd, an indigenous independent power producer, which built the 22 Megawatts Abuja Emergency Power Project in 2001 to supply electricity to key places in the Federal Capital Territory.

Investors in the project include the International Finance Corporation (IFC) of the World Bank Group, European Investment Bank (EIB) of Luxembourg, the newly-established African Finance Corporation (AFC), and Frontier Market Fund Managers (FMFM) of England (formerly Emerging Africa Infrastructure Development Fund), one of the equity firms in the MTN in Nigeria.

The Nigerian participants are Diamond Bank Plc, which is the lead arranger of the financing, working with Stanbic, the local subsidiary of a major South African bank, and KPMG, the financial adviser. Dewey LeBouef of London and Paul Usoro and Co of Lagos are the legal consultants.

iluvnaija

October 29th, 2007, 06:07 PM

Telecoms Subscriber Base Hits 45.5m
By Shina Badaru, 10.29.2007

The Nigerian telecoms market subscriber base has hit 45.5 million. The figure was recorded at the end of August, this year, as the telecoms industry heads for another major phase of its growth after the 2001 entry of mobile network operators triggered explosive service uptake in the sector.
According to the latest subscriber data obtained from the Nigerian Communications Commission (NCC) by Technology Times, mobile operators still account for a huge chunk of the total subscriber base of 45,536,231 lines dominated by GSM operators with 43,066,679 subscribers as against fixed operators’ 2,035,235 lines and CDMA operators’ 434,317 lines.
Significantly, the regulators’ latest statistics revealed a clear demarcation between ‘active lines’ and ‘connected lines’ in apparent response to mobile sector flaks that some players, in order to have competitive market edge, cite inactive lines as part of their overall subscriber base when making mandatory regulatory disclosure to NCC.
The figures also showed overall ‘installed capacity’ among fixed wired/wireless, GSM and Mobile CDMA operators reflecting the changes that have happened in the marketplace since last year when unified access service licence (UASL) was introduced to enable market players offer a bouquet of fixed, mobile, data and other services on the same technology platform.
Within the mobile space, GSM operators have the clear lead with 43,066,678 lines, while CDMA mobile operators recorded 43, 317 lines. On the other hand, fixed wired/wireless market segment records 2,035,235 lines to swell the nation’s connected lines to 45,536,231 and teledensity to 26.47.
Within the period, overall installed capacity for all market segment peaked at 60,475,165 lines with GSM players leading with 57,608,525 lines followed by fixed line players with 2,331,640 lines and mobile CDMA services with 535,000 lines.
Significantly, the figures showed that Nigerian telecoms market has witnessed a phenomenon common to most telecoms market that have hitherto been faced by pent up demand: explosive uptake of mobile services followed by tapering growth in the market as the curve flattens.
In 2001, the year that three GSM operators, MTN Nigeria, Econet Wireless Nigeria (now Celtel Nigeria) and Mtel, went live with their service, the total subscriber base was 866,782 connected lines and teledensity was 0.73.
Of that number, the fixed line services, like NITEL and other PTOs like Multi-Links (now Multi-Links Telkom), Intercellular among others accounted for 600,321 while GSM operators had 266,461 lines.
If existing fixed line players have had it so good but recorded only over half a million lines prior to the entry of the GSM operators, the impact of the latter’s entry was to be felt by year 2002 when total connected lines had nearly quadrupled to 2,271,050 lines and teledensity of 1.89.
GSM operators accounted for 1,569,050 lines from 266,461 lines the previous year. The fixed line market segment also accounted for 702,000 lines, a marginal increase over the previous year’s 600,321 lines.
By the end of 2003 and with a few market landmarks like the entry of second national operator, Globacom Limited, that spun off its mobile business unit, Glo Mobile, to compete in the GSM space saw the introduction of per second billing and other market innovations like ‘friends and family,’ that were soon replicated by rival players, was beginning to change the market space.
Part of that change was the doubling of total connected in the country to 4,021, 9445 with GSM players then consolidating market lead with 3,149,472 lines and fixed line players accounting for 872,473 lines. Teledensity was pushed to 3.35 from the previous year’s 1.89.
The consequences of 2003, the year that sector analysts perceived as setting off true competition in the mobile sector as the perceived ‘duopoly’ of MTN and Econet was broken by the more aggressive Glo mobile, was to manifest in 2004.
By end of 2004, growth in Nigeria’s telecoms market has started arresting the attention of the international investment community as the large market size and explosive growth in mobile uptake saw total connected lines record over 50 per cent growth to peak at 10, 201, 209.
By this time, GSM operators had achieved a clear market lead with 9,174,209 lines against that of fixed line players’ combined 1,027,519 lines more than doubling teledensity to 8.5.
Year-on-year growth was now sustained in the nation’s telecoms sector by end of 2005 when total connected lines peaked at 19,810,258 lines and a nearly doubled teledensity of 15.72. By then, GSM players continued to assert their undisputable market lead with 18, 587,000 lines against the fixed lines sector’s marginal growth to 1,027,519 lines.
By 2005, Nigeria had become Africa’s telecoms market to watch sustaining its explosive growth by peaking total connected lines at 19,810,258 lines. Within the period, the GSM sector accounted for 18,587,000 lines while the fixed lines players recorded 1,223,258 lines to bring the nation’s teledensity to 15.72.
Growth was sustained into 2006 when total connected lines became 34,010,174 and teledensity grew to 24.29. Out of that number, the GSM sector’s connected line base was 32,322,202 as against that of fixed line players’ 1,687,972 subscriber base.
By first quarter of 2007, total connected lines grew to 35, 938,180 lines with GSM players accounting for 34,240,613 lines against that of fixed wireless players’ 1,697,567 lines growing teledensity to 25.67.
In the second quarter of 2007, total connected lines grew to 39,784,860 lines with the GSM sector accounting for 38,062,353 lines and fixed line base at 1,722,507 lines to bring teledensity to 28.42.

iluvnaija

October 29th, 2007, 06:09 PM

Okonjo-Iweala: Nigeria Has Lowest Debts-to-GDP Ratio
From Chuks Okocha in Abuja, 10.29.2007

Former Finance Minister, now Managing Director at the World Bank, Dr. Ngozi Okonjo-Iweala, has said Nigeria has one of the lowest debts to GDP ratio in the world.
As Finance Minister, Okonjo-Iweala had pushed hard to pay off Nigeria’s debt under the immediate past regime of Chief Olusegun Obasanjo.
In an interview with THISDAY in Washington, D.C, Okonjo-Iweala said the policy had ultimately benefited Nigeria.
Criticisms had trailed the government’s move, after it expended a huge $12billion to exit from the Paris Club. Some analysts said the money should have been used on vital domestic spending priorities.
Okonjo-Iweala said: “They are not going to write off this money that you owed, it will just accumulate more and more interest. By the time you turn around, instead of owing Paris Club $30 billion, you will be owing them $40 or $50 billion. We can use that money now but there are accumulating interests and penalties. Look at how the dollar is depreciating. When you are using a depreciating currency to pay back a strong currency that increases, the amount you have to pay and that shows that we did the right thing.”
Asked why the macro-economic stability achieved so far is yet to impact in the life of the ordinary man, the minister argued that it was a necessary precursor to lifting the majority of the population out of poverty.
“A volatile economy with unstable exchange rates and low investment will not grow,” she said.
“While China is often held up as the example of success, it needs to be noted that it did not happen overnight; it took 20 years of 10 per cent per year economic growth.
“Nigeria must accept that the benefits of growth will not be seen overnight, but that these policies will lay the groundwork for future success, as long as growth is consistent.”
Okonjo-Iweala also spoke about a recent World Bank survey which showed that corruption was declining in Nigeria, saying the survey did not mean that corruption had been completely wiped out.
The former minister said the rule of law should be such that would support agencies fighting corruption in the country. She said penalties for corruption should be stronger.
Commenting on corruption in Nigeria, the former finance minister said: “I think Nuhu Ribadu is doing an outstanding job and he needs to be supported. Yes, it should be done with the rule of law, I am absolutely insistent on that, but rule of law should be such that it will support not only the Economic and Financial Crimes Commission (EFCC) but the Independent Corrupt Practices Commission (ICPC) and all the other instruments. They must be supported to do their jobs.”
President Umaru Musa Yar’Adua has made the observance of the rule of law in the country a cardinal plank of his administration.
The minister said the fact that a recent World Bank survey indicated that corruption was waning in Nigeria did not mean there was no more corruption in the country.
“There are still high levels of corruption but the trend is that it is getting better. That shows that the policies that were put in place under the previous administration and hopefully continued now are having more impact.
“But maybe we should be stronger, more insistent on consequences for corruption so that the declining trend will be even faster. I think that’s what Nigerians are looking for everybody is concerned that let’s work on this problem quickly, let’s show that corruption doesn’t pay and I agree with that,” she said.
An area of focus for Okonjo-Iweala in Africa as she resumes duties at the World Bank is to build an environment that is conducive to productive investment, which will in turn lead to employment creation.

iluvnaija

October 29th, 2007, 06:30 PM

Two firms get licences to generate power
From Lewis Asubiojo, Abuja

THE Nigerian Electricity Regulatory Commission (NERC), the body charged to license and regulate companies engaged in the generation, transmission, system operation, distribution and trading of electricity, has granted additional licences to two Independent Power Producers (IPPs) to generate a total capacity of 120 megawatts (MW).

The issuance of these two licences at the weekend in Abuja brings the total number of licences issued by the commission in almost two years to 22 with a total capacity of 8,138 MW.

While Agbara Shoreline Power Limited, a company located in Agbara, Ogun State is to generate 100 MW of electricity, CET Power Project Limited is expected to generate 20 MW.

At a brief ceremony at NERC headquarters where licences were presented to the two beneficiaries, NERC Chairman, Dr. Ransome Owan, noted that the commission's process in issuance of licence was rigorous but fair, "taking into consideration the need to encourage serious private sector investors."

While noting that the applications submitted by the two companies were thoroughly evaluated, Owan, however, cautioned: "The issuance of licences to you today subjects you to the regulatory regime of the commission as espoused in the Electric Power Sector Reform Act, NERC Regulations, Codes, Orders, Terms and Conditions".

He also reminded beneficiaries that part of the conditions for issuing those licences was to accelerate work to achieve various milestones towards commissioning of the power projects.

On behalf of the commission, he congratulated Agbara Shoreline Power Company and CET for securing the licences to operate and generate power in the nation's power industry.

Representatives of both companies thanked NERC for granting them licences and pledged to work in tandem with the rules and regulations of the commission for the benefit of Nigerians.

CET Power Project Limited is an Abuja-based energy company, incorporated to engage in the business of electricity power generation, transmission and distribution.

It applied for an off-grid generation licence to operate a 20MW power plant to supply power to the Tinapa Business Resort.

Matthias Offodile

October 29th, 2007, 08:48 PM

Telecoms Subscriber Base Hits 45.5m

Lovely news!:cheers:

pappy

October 30th, 2007, 02:22 AM

Arik Air acquires 2 new aircrafts

By Chinedu Eze, 10.29.2007
Monday, October 29, 2007

Arik Air has acquired two brand new Boeing 737-700 aircraft direct from the Boeing factory in Seattle , United States of America , thus increasing its fleet to 16 modern aircraft.

The airline’s managing director, Michael McTighe disclosed this yesterday in a press conference to mark the first anniversary of the airline, which started operations last and said that the airplanes with registration no. 5N-MJE, would arrive Lagos next month.

He told newsmen that as part of the airline’s long term commitment to the nation’s aviation industry, the airline has placed orders for a total of 36 aircraft.

McTighe that the orders include five Boeings 777 and seven Boeing 787-900, adding that the airplanes would be deployed on the airline’s intercontinental routes, “thus restating our belief that we are a strong partner in the process of restoring confidence in Nigerian aviation both at home and abroad.”

The Arik Managing Director announced that a one week special anniversary fare of N10, 000 would be charged on all routes, with the exception of Port Harcourt route.

He also stated that plans have reached advanced stage for the take-off of the Arik Aviation Academy to address the issue of acute shortage of skilled aviation personnel in Nigeria .

“As we roll out the drums to celebrate our first anniversary, we restate our commitment to run a safe, reliable and efficient airline that Nigerians will be proud of.”

McTighe said that it is the number one commercial airline in Nigeria today, remarking that Arik operates more flights that its closest competitor.

“We operate from 12 Nigerian airports; we operate seven domestic routes and in our fleet are eight brand new aircraft.”

Arik Air is a wholly Nigerian airline, which started operate on April 3, 2006 . It took occupation of the former Nigeria Airways Limited facilities in Lagos , which is its headquarters.

iluvnaija

October 30th, 2007, 11:36 PM

Nigeria Needs $510bn to Develop Transport Sector –Soludo
From Sufuyan Ojeifo in Port-Harcourt, 10.30.2007

Governor of Central Bank of Nigeria (CBN), Professor Chukwuma Soludo, said yesterday that Nigeria would need to inject about $510 billion over the next 15 years, devoid of private sector funding, in the provision and maintenance of rail lines, road construction network and waterways to fully develop the transportation sector.
He warned that the poor masses of the country might cause social unrest and unleash terror on the few rich, if the yawning gaps between the two classes were not urgently bridged.
Soludo said these in a paper he delivered at the Senate Retreat in Port-Harcourt, entitled: “Overview of 2020 Vision.”
He said “from our own estimation of what it would take to get the railway lines, road construction network and waterways, just on transportation, we will need to spend at least $34 billion annually for the next decade and half.”
On the gap between the rich and the poor, Soludo said “if we do not do anything radically different urgently, we may get to a stage where children of the poor will lead an army to launch an onslaught on the few rich persons.”
Soludo said poverty had ravaged many states in the northern part of the country, adding that the poverty level stood at about 60 per cent.
He said poverty had been compounded by the high unemployment rate, particularly in the northern part of the country and put urban unemployment at 25 per cent.
He also spoke on naira appreciation, saying “for the first time in 20 years since we began Structural Adjustment Programme (SAP), the difference between the parallel and the official exchange rates converges.
“What has happened for the previous 20 years was that the official rates always depreciated chasing the parallel market rate, but the reverse is now the case,” he said.
“The parallel market is now chasing the official market and there is now technically a convergence. The CBN is now getting much more effective and conscious in the conduct of monetary policy.“We are now meeting the target that we set. Inflation has now reduced to a single digit ion the last eighteen months and our target is to keep it there.”Soludo announced that one bank would by the end of the year have more funds than all the 89 banks we had before now and would be listed among the fastest growing banks, not only in Africa but in the entire world.He said “by the end of the year, one bank will have more capital than all the 89 banks put together before capitalization and will be in a position to finance any project worth 60 to 70 Billion US Dollars”.Finance Minister, Dr. Shamsudeen Usman in his presentation on “Appropriating for Development” said for medium term plans to provoke rapid growth, there was the need for good macro-economic policies and adaptable fiscal policy and instruments.The minister called for budgetary discipline through resource allocation based on hard aggregate budget constraint defined by what is affordable.According to him, “there must be transparency on the part of government to the public about the structure and functions of government, fiscal policy intentions, public sector accounts and fiscal projections.”

wonder who the mystery bank he is talkin about is :)

iluvnaija

October 31st, 2007, 11:50 PM

Nigeria forex reserves hit high of $49 bln in Oct
Wed 31 Oct 2007, 11:53 GMT
[-] Text [+]

LAGOS, Oct 31 (Reuters) - Nigeria's foreign reserves hit an all-time high of $48.92 billion on Oct 19, from $47.96 billion at the end of September, the central bank said on Wednesday.

The bank, which did not say how many months of import bills the current level can finance, said in a notice on its Web site the reserves could finance 22 months of imports in August when the figure was $45 billion.

Nigeria's foreign reserves have grown steadily in the last three years, buoyed by rising world oil prices and improved economic management by the government.

The ballooning reserves have significantly aided the rapid appreciation of Nigeria's currency, which traded at 121.15 per dollar on the interbank market on Tuesday.

Nigeria's reserves have also benefited from increased dollar inflows in foreign investment into African top oil producer's economy thanks to its attractive and competitive interest rates.

Matthias Offodile

November 2nd, 2007, 05:21 PM

Power Generation: Yar’Adua lays foundation of N33bn Aba IPP

CHUDEY PRIDE, Aba on 02 November, 2007 00:00:00

President Umaru Musa Yar’adua yesterday laid the foundation of the $250m Aba Independent Power Project (Aba IPP) with a call for more investors in the country’s power sector.

The president said the ground-breaking of the 140 mega watts Aba IPP, owned by Geometric Power Limited is the first major investment by Nigerians in the diaspora in the power sector which is beginning to see the light of day with the building of core power stations in the country.

He said the present administration places emphasis on the power sector because it is critical to the economic and overall development of the country, and noted that "it is my expectation that other investors will emulate Nnaji and take advantage of the reforms in the power sector. In this regard, we welcome all genuine investors in the power sector."

The president, who was represented by the minister of state for energy and gas, Emmanuel Odusina, noted that no effort would be spared in lifting the comatose power sector.

Abia State Governor Theodore Orji observed that it is a mark of national honour that reputable international financiers have the confidence to invest in the Aba IPP.

celebrating an idea whose time had come, today we are celebrating a commendable resolve to succeed in the midst of adversity. We remain eternally grateful."

Chairman of Geometric Power Limited, Barth Nnaji, said theAba Independent Power

Project will guarantee constant availability of electric power as well as good quality power devoid of fluctuations and hiccups.

Nnaji said the Aba IPP is the first indigenous IPP in Nigeria and also in Africa, and that Geometric Power Limited is determined to play a leading role in the emerging private sector, post privatization energy market in Nigeria and expand to other countries in sub-Saharan Africa.

Geometric Power Limited established two Sprcial Purpose Vehicles (SPV) namely Geometric Power Aba Limited (GPAL) and Aba Power Limited for the purpose of generating and distributing electric power to industrial, commercial and residential customers within a ring-fenced zone. It obtained government approvals to construct the power station that will have 140 mega watts installed capacity in its first phase and is expected to commence distribution of reliable, quality power by December 2008.
Aba Power Limited has signed an agreement with the Federal Government to lease and improve the Aba distribution network for a period of 15 years. Both project companies received their operating licences from the Nigerian electricity regulatory commission (NERC) for the Aba IPP Project on 7th December, 2006.

The project cost of US$250m will be funded by equity, quasi-equity and debt. Expected equity investors in the project include International finance Corporation (IFC), the European Investment Bank (EIB), the Emerging Africa Infrastructure Fund (EAIF), African Finance Corporation (AFC), and other international and local investors.

Matthias Offodile

November 2nd, 2007, 05:48 PM

Alex Forbes stakes its claim in Nigeria

Posted to the web on: 02 November 2007

Regis Nyamakanga

Financial Services Editor

RETIREMENT fund administrator Alexander Forbes planned to acquire 40% of Nigeria’s Premium Pension to expand in Africa’s most populous country, the company said yesterday.

Alexander Forbes unit Afrinet did not disclose the value of the deal, but Afrinet MD Geoffrey Nzau said it aimed to increase its stake in the company to a controlling one in the next two years, subject to regulatory approval.

The two businesses planned to enter shareholder and technical service agreements, with Alexander Forbes committing staff and expertise to Nigeria for pension fund management and benefits administration, he said.

“We see excellent opportunity in Nigeria. There are about 8- million eligible employees who can become members of pension schemes, while only 300000 have been signed up, ” he said.

“The entry of Alexander Forbes into the Nigerian pension industry is strategically significant, given its model of following its clients and replicating its world-class solutions for them in any market where it operates.”

Alexander Forbes is owned by private equity investors led by London-based Actis Capital.

Alexander Forbes owns 60% of Nigerian short-term insurance firm Femi Johnson & Co and 80% of Alexander Forbes Consultants and Actuaries.

Nigeria has made it mandatory for companies to have retirement plans for workers as the government can no longer meet its pension fund obligations.

Companies are also required to appoint pension fund administrators that manage individual accounts and monitor the performance of their savings.

“The Alexander Forbes transaction ushers Premium Pension into a group of strong global financial institutions and avails it a depth of global financial relationships which the Alexander Forbes group, subsidiaries and associates represent,” Nzau said.

“As the Nigerian pension industry matures into a multiple funds structure, the vast experience and technical expertise of Alexander Forbes in multi- manager investments will position Premium Pension to offer a wide range of world-class quality retirement solutions to its numerous customers,” he said.

iluvnaija

November 7th, 2007, 01:34 PM

Nigerian UBA buys into African investment boutique
Tue 6 Nov 2007, 17:12 GMT
[-] Text [+]

LAGOS, Nov 6 (Reuters) - Nigeria's UBA banking group <UBA.LG> acquired 49 percent stake in London-based Afrinvest, a privately-owned investment banking firm, the two institutions said in a statement on Tuesday.

The purchase for an undisclosed sum will help UBA expand its investment banking activities, which have grown rapidly since a reform of the Nigerian banking sector in 2005.

"It provides UBA with a strategic presence in London from which it will be able to distribute primary and secondary securities of African issuers," the statement said.

Afrinvest, which also runs a stockbroking firm in Lagos, will become known as UBA Capital (Europe) Ltd, it added.

UBA has a balance sheet of about $10 billion and more than six million customers across West Africa, making it one of Nigeria's largest banks. (Reporting by Oludare Mayowa; Editing by David Holmes)

iluvnaija

November 7th, 2007, 01:36 PM

Nigerian First Bank raises $2.08 billion in new shares
Tue 6 Nov 2007, 14:25 GMT
[-] Text [+]

LAGOS, Nov 6 (Reuters) - Nigeria's largest bank by assets, First Bank Plc <FBNP.LG>, issued 253.54 billion naira ($2.08 billion) in new shares following a public offering that was oversubscribed by 752 percent, the bank said on Tuesday.

This is the biggest single public offering in Nigeria where retail banks have raised over $10 billion in a series of share offers since the sector was reformed in 2005.

First bank originally sought 96 billion naira to boost its operations through a hybrid offer that closed in June.

"The approval for the allotment of initial and supplementary offers have been obtained from the regulators," said an official of FBN Capital Limited, the issuing house to the offer.

The successful offer makes First Bank Nigeria's biggest bank by shareholders' funds, overtaking Oceanic Bank <OCBK.LG> which raked in $1.4 billion from its offer in October.

Nigeria's financial sector has grown dramatically since the 2005 reforms that raised minimum capital requirement, triggering a new wave of mergers. But some banks have resorted to a second round of fund raising in what analysts described as the second phase of the consolidation programme.

First Bank, which operates more than 350 branches in Nigeria and a United Kingdom-based subidiary, plans to expand its network with part of the proceeds of the share sales.

The bank posted a 47 percent increase in after-tax profit to 15.04 billion naira in its half year to Sept. 30, 2007, from 10.23 billion naira previously.

The bank share price closed little chamnged at 38.98 naira on the Nigerian Stock Exchange on Tuesday.

usersky0010

November 7th, 2007, 09:06 PM

del

Cocolicchio

November 7th, 2007, 10:16 PM

I found some good news about Nigeria, thought you might like to read it:

Not just oil

Nov 7th 2007
From the Economist Intelligence Unit ViewsWire
Nigeria's non-oil sector is performing strongly

Nigeria is the somewhat surprising source of evidence that there is more to Africa’s economic resurgence than just commodity prices. During the country’s two-year reform programme under a Policy Support Instrument (PSI) agreement with the IMF, non-oil growth averaged 8.5% annually—well above the targeted 5.1%—while inflation in 2007 is projected at 6%, as against a programme target of 6.2%. Foreign debt fell steeply from more than US$30bn in 2005 to US$3.3bn in 2007 (compared with a target of US$4.7bn), reflecting substantial debt relief as well as the accelerated repayment of debt by the Nigerian authorities themselves. Government capital spending more than doubled over the period and US$1bn of debt relief was allocated to a Virtual Poverty Fund in both 2006 and 2007.

However, some targets were missed: oil production, set to average 2.15m barrels/day in 2007, is behind the target of 2.58m b/d, and the build-up of reserves to US$47.7bn is a long way short of the PSI objective of US$68.8bn, partly reflecting debt repayments. Equally, while there was progress in structural reform—in the form of greater government transparency over oil revenues, a stronger tax system and the implementation of a range of measures to reduce obstacles to doing business--the IMF admits that institutional weakness remains and that the civil service is only “in the early stages of reform”.

Furthermore, growth continues to be constrained by underperformance in the oil sector, with oil revenues some 40% lower than projected as a result of unrest in the Niger Delta and the shift in production to newer, offshore, fields that reduce revenue in the short term. Revenue ratios are lower offshore because the newer fields operate under production-sharing agreements rather than the older joint-venture arrangements. Joint ventures share all revenue as it accrues, while under production-sharing contracts private operators are able to recover their capital investment outlays before making significant payments to the government.

Equally, while the non-oil sector is growing rapidly, the overall economy remains hugely dependent on oil and gas earnings. By 2010 non-energy exports will be worth US$1.1bn—a mere 1.5% of total earnings, suggesting that optimistic estimates of export diversification by the IMF and others are misplaced.

Abuja and the Fund are projecting a fall in oil GDP in 2007, partly offset by strong non-oil growth, but strong rebounds in both oil and non-oil growth in 2009-10. However, IMF assessments tend to exaggerate the upside and understate the downside. Furthermore, without details of just where the non-oil growth is coming from—agriculture, manufacturing or services—it is simply not possible to assess the durability and sustainability of non-oil expansion. Only when oil prices fall will the sustainability or otherwise of Nigeria’s upswing become clear.

Michaelda

November 9th, 2007, 12:22 AM

AND UP AND UP UP!! IT GOES NIGERIA`s gdp:banana:
NIGERIA`S GDP IS GROWING:cheers:

GDP: purchasing power parity - $359.4 billion (2007 est.):applause:

GDP - real growth rate: 5.4% (July 2007 est.)

GDP - per capita: purchasing power parity - $1885 (2007 est):banana:

GDP - composition by sector:
agriculture: 26.8%
industry: 48.8%
services: 24.4% (2005 est.)

Population below poverty line: 45% (2000 est.)

Household income or consumption by percentage share:
lowest 10%: 2.6%
highest 10%: 35.8% (1996-97)

Inflation rate (consumer prices): 7% (2006 est.)

Labor force: 57.21 million

Labor force - by occupation: agriculture 70%, industry 10%, services 20% (1999 est.)

Unemployment rate: 2.9% NA (2005 est.)

Budget:
revenues: $17 billion
expenditures: $13.54 billion including capital expenditures of $NA (2005 est.)

Industries: crude oil, coal, tin, columbite, palm oil, peanuts, cotton, rubber, wood, hides and skins, textiles, cement and other construction materials, food products, footwear, chemicals, fertilizer, printing, ceramics, steel, small commercial ship construction and repair

Industrial production growth rate: 2.4% (2005 est.)

Electricity - production: 15.59 billion kWh (2003)

Electricity - production by source:
fossil fuel: 61.69%
hydro: 38.31%
nuclear: 0%
other: <.1% (1998)

Electricity - consumption: 14.46 billion kWh (2003)

Electricity - exports: 40 million kWh (2003)

Electricity - imports: 0 kWh (1998)

Oil - production: 2.35 million bbl/day (July 2006 est.)

Oil - consumption: 310,000 bbl/day (2003 est.)

Agriculture - products: cocoa, peanuts, palm oil, maize, rice, sorghum, millet, cassava (tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish

Exports: $52.16 billion f.o.b. (2005 est.)

Exports - commodities: petroleum and petroleum products 95%, cocoa, rubber

Exports - partners: United States 47.4%, Brazil 10.7%, Spain 7.1%(2004)

Imports: $25.95 billion f.o.b. (2005 est.)

Imports - commodities: machinery, chemicals, transport equipment, manufactured goods, food and live animals

Imports - partners: the People's Republic of China 9.4%, United States 8.4%, United Kingdom 7.8%, Netherlands 5.9%, France 5.4%, Germany 4.8%, Italy 4% (2004)

Debt - external: $12 billion with London Club(2006 est.)

Economic aid - recipient: IMF $250 million (1998)

Currency: 1 Naira (NGN) = 100 kobo

Exchange rates: Naira (NGN) per US$1 - 128 (2005), 132.89 (2004), 129.22 (2003), 120.58 (2002), 111.23 (2001)

External Reserves: $49 billion (December 2006)

Fiscal year: calendar year

NOTE: THIS IS THE LATEST GDP ESTIMATE SO FAR FOR 2007!
i think it can now be favorably compared to that of saudi arabia! and it seems to catching up with south africa! CHEERS!

where did you get this info?

usersky0010

November 9th, 2007, 04:25 AM

wika

usersky0010

November 9th, 2007, 04:26 AM

del

usersky0010

November 9th, 2007, 04:30 AM

crypt

Michaelda

November 9th, 2007, 05:15 AM

well!, go-on to google and type in this "(nigeria gdp wikipedia 2008)" and baam!!, then you`ll see where i got it from!

WIKIPEDIA!! WIKIPEDIA!! WIKIPEDIA!!!
thanks

De La Canada

November 9th, 2007, 07:06 AM

08/11/2007 23:40 ABUJA, Nov 9 (AFP)
Nigeria plans to increase 2008 spending by seven percent
Nigeria's federal government plans to increase spending seven percent to 2.47 trillion naira (20 billion dollars/14 billion euros) in 2008 from 2.30 trillion naira the previous year, President Umaru Yar'Adua said Thursday.

Yar'Adua, addressing a joint session of the parliament, said education spending will rise 12 percent over the previous year, health spending 13 percent and expenditure on energy 16 percent.

The amount allocated to spending on security nationwide and on security and development in the volatile oil-rich Niger Delta will go up by seven percent, he said.

The overall spending increase is contained at seven percent because of savings on the capital budget, notably on expenditure on roads which was heavily overbudgeted for in 2007, election year, an official involved in drawing up the 2008 and 2007 budgets said.

"The 2008 budget ... gives priority to, and makes ample provision for improving physical infrastructure, particularly power and transportation, human capital development, the Niger Delta and social safety nets," Yar'Adua said.

The budget is based on projected GDP growth of 11 percent, inflation of 8.5 percent and an exchange rate of 117 naira to the dollar, against 127 the previous year.

The Nigerian currency has been strengthening against a weak dollar over the past few weeks.

Total revenue available to fund the budget will be 1.986 trillion naira, leaving a budget deficit of 484 billion naira, the official said.

This gap will be financed by domestic borrowing, from the proceeds of privatisation and from oil block signature bonuses - the money paid upfront by an investor who is allocated an oil block in Nigeria.

Crude oil production is projected at 2.45 million barrels per day and the oil price is assumed to be 53.83 dollars per barrel, compared with 2.5 million barrels per day and a price of 40.00 dollars for 2007.

Nigeria is currently selling its crude oil at more than 95 dollars a barrel.

Oil revenue represents 80 percent of total estimated revenue.

"We will continue to diversify our revenue base by further development of the non-oil sectors of our economy," the president said.

©2007 AFP

iluvnaija

November 9th, 2007, 01:51 PM

Zenith Emerges African Bank of the Year
By Linda Eroke, 11.08.2007

Another international recognition has come the way of Zenith Bank as it was Wednesday night named the ‘African Bank of the Year,’ by the African Investor magazine, capping an extraordinary year in which the performance of the bank’s stock on the Nigerian Stock Exchange (NSE) earned it the award of the ‘Quoted Company of the Year’.
At the well-attended award ceremony held at The Civic Centre, in Lagos, Zenith Bank emerged Africa’s best, beating five other banks including the Standard Bank Group of South Africa.
Judges at the highly competitive and reputable awards were: Alhaji Bamanga Tukur, Chairman, Africa Business Roundtable; Dr. Ken Kwaku, former Chief Representative for Africa at the Multilateral Investment Guarantee Agency (MIGA), Ms. Arunma Oteh, Vice-President, Corporate Service, African Development Bank; Dr. William Kalema, Chairman, DFCU Uganda; and Dr. Joe Wanjui, Chairman, UAP Insurance, Kenya and member, Board of Directors Stanbic Bank, South Africa.
Receiving the award, the Group Managing Director/ Chief Executive of Zenith Bank, Jim Ovia said, “It is a great honour for every Zenith Bank staff wherever they may be either in Zenith Bank, London, UK; Zenith Bank, Accra, Ghana; Zenith Bank, Johannesburg, South Africa or the grandfather of them all, Zenith Bank, Nigeria. “This is an endorsement of our brand and an inspiration to continue to provide excellent financial services to our growing communities of customers.”
Zenith Bank was in January 2007 adjudged the most customer-focused bank in Nigeria from a survey conducted by foremost consulting firm, KPMG. The survey, which focused on corporate customers of banks, including companies in a variety of sectors, discovered that it was most satisfied with the services rendered by Zenith Bank. In 2005, Zenith was named ‘The Most Respected Bank in Nigeria’ from a survey conducted by PriceWaterHouseCoopers.
That year also, Zenith Bank also won the ‘Bank of the Year’ award from The Banker magazine, a publication of the Financial Times of London.
Recently in Washington DC, Zenith Bank was again named the most Corporate Socially Responsible Bank in Africa by the Business Africa Magazine.
This award reaffirmed the fact that Zenith Bank is not just a leading financial power house, but also the pacesetter in Corporate Giving. Zenith Bank has virtually changed the way banks respond to their environment by devoting an appreciable amount of its profit before tax for philanthropy.
The bank’s philanthropic activities are anchored on the premise of giving back to the host communities and societies for providing an environment conducive and supportive of the pursuit of enterprise. Only recently, the bank was also adjudged the Most Corporate Socially Responsible Company in Nigeria by ThisDay newspaper for investing N1 billion in a single project – the highest by any company on a single project in Nigeria.
Zenith Bank, which first quarter results continue to draw applause from the investing and financial publics, is the largest company in Nigeria as well as the West African sub-region with market capitalisation of N613.12 billion ($4.84 billion) as at June 30, 2007. Total assets plus contingents approximates $10.02 billion (N1.27 trillion) making it the biggest bank in Nigeria.
The bank’s uaudited result for the quarter ending September 30, 2007 showed gross earnings of N28.86 billion and a profit before tax of N10.33 billion, up from N6.41 billion last year. Profit after tax for the quarter amounted to N8.06 billion, showing a remarkable jump of 70 per cent over the N4.73 billion recorded for the corresponding period last year.
The bank last week announced plans to raise an additional N130 billion from the capital market by way of public offer of 1.763, 000, 000 ordinary shares of 50 kobo each and a rights issue of 1,654,557,911 units.
Established in May 1990, the bank became a public limited company in June 2004 and was listed on the Nigerian Stock Exchange on October 21, 2004 following a successful initial public offering (IPO), which recorded a subscription level of 554%.
Zenith Bank remains a global brand with strong presence in Accra, Ghana (Zenith Bank, Ghana) and London, England (Zenith Bank, UK) as well as a representative office in Johannesburg.
Zenith Bank’s core values include service excellence, investment in human capital development, superior asset quality and strong credit culture, good and sustainable earnings, strong capital base, professionalism and community development. The bank maintains sound corporate governance culture in line with global best practices. This reflects in the bank’s consistent impressive risk assets quality with non-performing loans to gross loans and advances ratio of 1.67% against industry average of 18% and peer group average of 7%1.

iluvnaija

November 9th, 2007, 01:55 PM

Nigerian president says fiscal bill approved
Thu 8 Nov 2007, 15:05 GMT
[-] Text [+]

ABUJA, Nov 8 (Reuters) - Nigerian President Umaru Yar'Adua has assented to the fiscal responsibility bill, which institutionalises discipline in public spending, he told the National Assembly on Thursday.

The bill was passed by the National Assembly under the previous government of President Olusegun Obasanjo, which stood down in May, and its passage had been delayed by difficult talks between the federal and state authorities.

iluvnaija

November 9th, 2007, 01:56 PM

RUSAL to restart Nigeria aluminium smelter in Jan
Fri 9 Nov 2007, 11:32 GMT
[-] Text [+]

By Tume Ahemba

LAGOS, Nov 9 (Reuters) - Russia's United Company RUSAL will reopen Nigeria's only aluminium smelter in January after a nine year closure, a top company official said on Friday.

The Alscon smelter in southeast Nigeria had a capacity of 193,000 tonnes a year when it was built by the government at a cost of $2.5 billion in 1997, but it was poorly managed and produced just 40,000 tonnes of metal before closing in 1999.

RUSAL, the world's largest primary aluminium producer, paid $250 million for a 77.5 percent stake in Alscon last year after a two-year privatisation process.

"Right now, we are modernising the equipment. We will start the plant in January and increase production step by step until we reach full capacity," Alexandr Livshits, director of international special projects, told Reuters.

Livshits, speaking through an interpreter over the telephone, said 70 percent of the plant has already been refurbished and upgraded.

The plant originally had been expected to restart in December, but was delayed by a dispute with the local community over dredging of the Imo river, and the kidnap of six Russian workers at the plant in June.

The hostages were released unharmed after two months in captivity.

Livshits, who is on a trip to Nigeria, said he met with top Nigerian government officials to find a way to resolve the dispute over the dredging of the Imo river, which is central to the import of raw materials and export of finished aluminium.

Communities argue the dredging will affect fishing, a central economic activity in the area.

Dredging will now start early in 2008 and last 11 months, but meanwhile, there are sufficient raw materials on site to keep the plant running, Livshits said.

"We can expand the plant's production capacity faster as soon as we resolve the problems with the local communities," he said.

RUSAL said in February it planned to invest $150 million over the next three years to complete, refurbish and modernise the plant, but Livshits declined to say how much has so far been invested.

"I can only say that we have spent enough money to make it possible for us to start the plant in January."

Its privatisation was dogged by setbacks for years. The plant was first sold to another buyer for $410 million in 2004, but the contract was revoked weeks later after the winner failed to meet a deadline to pay a 10 percent deposit. RUSAL, which was initially disqualified from the public auction, was then recalled to sign a deal, but its takeover was delayed by talks with the government until last year.

Nigeria retains a 15 percent stake in ALSCON, while Germany's Ferrostaal AG <MANG.DE> holds 7.5 percent.

You are to blame

November 10th, 2007, 05:32 AM

Nigeria to spend 7% more in 2008

09 November 2007 12:00

Nigeria's federal government plans to increase spending by 7% to 2,47-trillion naira ($20-billion) in 2008 from 2,3-trillion naira the previous year, President Umaru Yar'Adua said on Thursday.

Yar'Adua, addressing a joint session of the Parliament, said education spending will rise by 12% over the previous year, health spending by 13% and expenditure on energy by 16%.

The amount allocated to spending on security nationwide and on security and development in the volatile oil-rich Niger Delta will go up by 7%, he said.

The overall spending increase is contained at 7% because of savings on the capital budget, notably on expenditure on roads, which was heavily overbudgeted for in 2007 (election year), an official involved in drawing up the 2008 and 2007 budgets said.

"The 2008 budget ... gives priority to, and makes ample provision for, improving physical infrastructure, particularly power and transportation, human capital development, the Niger Delta and social safety nets," Yar'Adua said.

The budget is based on projected GDP growth of 11%, inflation of 8,5% and an exchange rate of 117 naira to the dollar, against 127 the previous year. The Nigerian currency has been strengthening against a weak dollar over the past few weeks.

Total revenue available to fund the budget will be 1,986-trillion naira, leaving a budget deficit of 484-billion naira, the official said.

This gap will be financed by domestic borrowing, from the proceeds of privatisation and from oil-block signature bonuses -- the money paid upfront by an investor who is allocated an oil block in Nigeria.

Crude oil production is projected at 2,45-million barrels per day and the oil price is assumed to be $53,83 per barrel, compared with 2,5-million barrels per day and a price of $40 dollars for 2007. Nigeria is currently selling its crude oil at more than $95 a barrel.

Oil revenue represents 80% of total estimated revenue. "We will continue to diversify our revenue base by further development of the non-oil sectors of our economy," the president said. -- Sapa-AFP

Matthias Offodile

November 10th, 2007, 04:47 PM

FG to boost economy with $6bn investment in free trade zones

By LOUIS IBA
Thursday, October 18, 2007

The Federal Government is planning to establish six Free Trade Zones (FTZ) in each of the six geo political zones as part of measures of boosting industrialization and stemming the problem of unemployment and poverty in the country.

Minister of Commerce and Industry, Mr. Charles Ugwu, who disclosed this in an interactive session with members of the private sector in Lagos, decried the many problems plaguing the real sector. He therefore urged investors in the real sector to be more proactive in their actions and contributions towards resolving the crisis, especially in their partnership with the Federal Government.

According to him, the real sector had been relegated to the background in terms of their influence and contributions to government’s economic policies as the banks have become more forceful and proactive in engaging government and influencing decisions which borders on the economy.

The minister, a past President of the Manufacturers Association of Nigeria (MAN), who no doubt commended the forcefulness of the banks, stated that it was wrong for the real sector to allow the service sector to drive policies that will ultimately be to the benefit of the real sector.

“The economy as it stands today is driven by the middle class. It is the banks that are the service sector that are more proactive. It is not to the benefit of the real sector to allow the banks that are in the service sector to drive all the polices that should benefit the real sector. The real sector should close ranks because of the fragmentation of views amongst members of the real sector. They should speak in one voice and begin to engage government and make inputs into policies that affect them; they should drive the economy,” the minister said.

On the FTZ, Ugwu said each of them would cost an estimate of $1bn with about
$6 billion needed to bring the six on stream. He said that government hoped to double the industrialization of the country through them so that the 2020 vision of Nigeria being ranked as one of the top 20 industrialization nations would be achieved. He said while the FTZ would be established in each of the six geopolitical zones, states and local government’s would be encouraged to establish an industrial park that would be equipped with skill acquisition centres, training schools, Independent Power Plants and water supply.

He said investors would simply move to the parks and pay rents and that government would provide the entire infrastructure in the parks.

Ugwu also suggested that one way of fast tracking the industrialization of the country was to grant tax rebates to investors and that this can come in the form of concession of 12 per cent to14 per cent derived from corporate tax, which the industries would have to plough back into investments for the growth of the economy.

Top executives of companies in Lagos and those of the various parastatals in the Federal Ministry of Commerce and Industry attended the interactive session.

Matthias Offodile

November 10th, 2007, 05:26 PM

Nigerian President lauds stock exchange role in economy

Fri Nov 9, 2:00 PM ET

LAGOS (AFP) - Nigerian President Umaru Yar'Adua on Friday commended the Nigeria Stock Exchange (NSE) for playing a key role in efforts to transform the country's economy.

The stock market had over the years served as avenue for sourcing funds for the real sector of the economy, said Yar'Adua.

This had become possible through long-term funds provided by contributory pensions schemes and other cheap funds for investments.

With the contributions of the stock market he was confident that Nigeria would achieve its vision of becoming one of the world's top 20 economies by 2020.

Yar'Adua was speaking at the inauguration of a new digital trading floor of the exchange in Lagos.

NSE president Oba Otudeko said the new trading floor, connected to 330 workstations, would improve stock market activities in the country.

The exchange had seen a tremendous growth in capitalisation over the years, he added. Capitalisation had risen to 9.4 trillion naira this year from 5.12 trillion the previous year.

The stock exchange which was inaugurated in 1960, began trading a year later with 19 firms, but now has more than 200.

iluvnaija

November 11th, 2007, 12:41 PM

Firm Boosts Lagos’ $1.5bn Project
11.11.2007

The $1.5billion tourism project of the Lagos State Government got a boost at the weekend as some of its foreign partners injected a whopping $105m into it.
When completed, the project will showcase the efforts of the government to position the state as Africa’s preferred destination for tourism.
The feat was achieved by the government through the state Ministry of Tourism and Inter-governmental Relations which got the $105 million dollars from Supra Energy and Power City Ltd to build an Energy City in Badagry, Lagos West.
The deal extensively discussed during the governor’s recent visit to Singapore and publicly consummated at a brief signing ceremony held at the Department of Trade Negotiations, Ministry of Commerce, Bangkok, Thailand on November 9 had the Lagos State Commissioner for Tourism and Inter-governmental Relations, Senator Tokunbo Afikuyomi representing the state government along with his counterpart in the Commerce and Industry Ministry, Honourable Adeniyi Oyemade. Otthers who witnessed the ceremony were the Director General of the Ministry of Commerce for the Royal Kingdom of Thailand, Mr. Rechane Potjanasuntorn, representative of the Nigerian Embassy in Thailand, Mr. A. R Saliu and directors of all the companies involved in the project.
The project estimated to cost $1.5b when completed and being driven by Supra Energy and Power City Ltd, Dhevanand Company Ltd as well as Siam Design Consortium and supported by the Department of Export Promotion of the Thailand Ministry of Commerce have altogether raised the sum of $105 million USD to fund the first phase development of the Energy City in Lagos on a 670 hectares of land already allocated by the Lagos State Government in Badagry.
When completed, the Lagos Energy City will be a fully integrated business centre solution for the oil and gas industry. Located in the ancient Badagry Town in the Lagos West Senatorial District, the Energy City will cater to the needs of all players in Nigeria and indeed the West Coast of Africa in the industry’s value chain, providing world class facilities such as a Convention and Exhibition Centre, 2 Five Star Hotels, a Boutique Hotel, Luxury Oceani-view Villas, Schools, sports complex Mega Malls, medical facilities among others.
With the first phase of the project expected to be a Convention Centre and Tourist Zone, Lagos State seems set to reclaim its strategic place in Nigeria’s continued quest for regional leadership in the hosting of important conventions, meetings, festivals, exhibitions and other tourism related events in Africa. The Second phase which is the Energy City Zone is expected to increase streams of revenue for Lagos State just as it will re-position Nigeria as a global energy player in the league of other global energy hubs such as Houston, Qatar, Singapore and Calgary.
The choice of Badagry by the Lagos State Government for the Energy City has been necessitated by the need to provide access not only to the Niger Delta through the Lagos Atlantic ocean but the West Coast sub-regional market, a case further strengthened by the discovery of oil in Ghana.
The Lagos Energy City project has been designed as an Eco-City with the efficient use of energy, electricity, water and solid waste which will be integrated and recycled for further use. Positioned to be the first integrated energy hub in the West African sub-region, the Lagos Energy City will significantly give a major boost to the income and pace of business activities in Lagos State.
Major shareholders of the Lagos Energy City Project are the World Energetic Holdings Ltd (HK), Royal Orchid Holdings Ltd (HK), Elite Max Asia Ltd (HK), Transglobal Energy Funds Pte. Ltd (Singapore) and the Lagos State Government through the Tourism Ministry.

zexyworm

November 11th, 2007, 03:34 PM

AIRSHOW-
Embraer signs $811 mln Virgin Nigeria aircraft deal
Sun Nov 11, 2007 7:58am EST
DUBAI, Nov 11 (Reuters) - Brazil's Embraer (EMBR3.SA: Quote, Profile, Research) (EJN.N: Quote, Profile, Research) has agreed to sell 10 aircraft to Virgin Nigeria in a deal that could be worth $811 million, the planemaker said on Sunday.

Virgin Nigeria agreed to buy seven Embraer 170 aircraft and three 190s, it said in a statement at the Dubai Airshow.

The deal gives the airline the option to buy six more 190s and purchase rights for eight 190 and 195 aircraft, it said.

The deal would be worth $811 million if all options were exercised, Embraer said. (Reporting by John Irish:editing by Dayan Candappa)

:banana::banana::banana:

Matthias Offodile

November 11th, 2007, 03:58 PM

Zexyworm, wonderful news!:cheers:

pappy

November 12th, 2007, 07:56 AM

Matthias Offodile

November 12th, 2007, 06:50 PM

Nigeria has lowest public debt –Report

BLESSING ANARO on 12 November, 2007 00:00:00 | 162 times read
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At 10.4 percent, Nigeria has one of the lowest total public debts as a percentage of Gross Domestic Product (GDP) in the world, thanks to the bulk settlement of the country’s external debt stock by the last administration.

A report by the World Fact Book made available by the Debt Management Office (DMO) says Nigeria’s total public debt as a percentage of GDP stands at 10.4 percent, with a sovereign credit rating of BB- from Standard and Poor (S&P), is slightly higher than that of Russia at 8 percent with the same sovereign credit rating.

According to the report, other countries’ public debt as a percentage of GDP and sovereign credit rating are as follows: Germany 66.8 percent (AAA), France: 64.7 percent (AAA); United State of America: 64.7 percent (AAA); Argentina: 61.0 percent (B); India:52.8 percent (BB+); Vietnam: 47.5 percent (BA3); United Kingdom: 42.2 percent (AAA); South Africa: 32.9 (BB+); China: 22.10 percent (A-); Korea: 31.9 percent (A2); Romania: 21.1 percent (BBB-); Japan 176.2 percent (AA) and Lebanon: 209 percent (BB-).

Although the report do not reveal the composition of the public debt to show the proportion that is owed to external sources, one thing that is clear from the data is that the size of a country’s public debt in relation to its GDP has little to do with the level of development in the country.

Godwin Obaseki, managing director, Afrinvest, who spoke at the 11th African Stock Exchanges (ASEA) conference, said robust macro-economic growth continued to be a key driver of stock market performance with national GDP growth (2006 GDP: $117 million) at over 5.0 percent since 2003, forecast at 7.9 percent in 2007.

Obaseki said the new goal was to achieve 13.5 percent GDP growth rate of between 2007 and 2020.

Rdokoye

November 15th, 2007, 04:25 AM

Enugu commits N7 billion to 130 km roads

November 13, 2007
The on-going road rehabilitation and reconstruction exercise in diferent parts of Enugu State will cost the State Government the sum of seven billion naira.

Briefing Government House correspondents in his office on the progress of the exercise, the State Commissioner for Works and Transport, Engr. Luke Mmamel said that a total of one hundred and thirty kilometers of urban roads in Enugu and Nsukka will be rehabilitated or reconstructed.

The Commissioner stated that due process was followed in awarding the contracts to seven reputable constractors to handle the road reconstruction in the thirteen zones in which the State was sub-divided for the purpose.

According to Engr. Mmamel, ten kilometers of road would be rehabilitated or reconstructed in each zone located at Abakpa Nike, Emene, Trans Ekulu, Government Reserved Area (GRA), Uwani A and B, Achara Layout A and B, Gariki, Nsukka Urban, New Haven, Independence Layout and Iva Valley.

He said that under the present exercise, major streets within the thirteen zones would be rehabilitated and resurfaced while inter-local government roads would receive a similar attention.

The Commissioner noted with satisfaction the steady progress and quality of work by the contractors handling the road project. “We are in good shape and by December we would have achieved more than sixty percent success in the road rehabilitation exercise,” he said.

Answering a question on the arrangements put in place to ensure that quality job was done and according to specifications, Engr. Mmamel explained that in addition to engineers of his ministry at site, government also engaged the services of two reputable consultants to closely monitor and inspect the work as they progress.

On modalities for payment to the contractors, the Commissioner said: “We did not mobilize the contractors. We adopted a system of pay as you go. Once certificate is generated and certified in your favour, we pay within seventy-two hours.”

He explained further: “What we get from federal allocation will not be enough to offset all the bills of our obligations to the contractors. So what we did was to get some banks and obtain a standing facility. If our money is not enough to pay, we draw from the already agreed facility and pay, So far, I do not think we have drawn from any facility; we are still managing what we have”.

On the reason for the delay in the rehabiliation of the major streets and dual carriage ways in Enugu metropolis such as Okpara Avenue, Zik Avenue, Ogui Road, Agbani Road, Kingsway Road, among others, Commissioner Mmamel attributed it to government’s desire to give the roads special attention by total reconstruction.

According to Engr. Mmamel, under the special attention programme, Zik Avenue, Agbani Road and Kingsway Road will be dualized, while Ogui Road and Okpara Avenue will be expanded with good pedestrian sidewalks, functional street lights and service lines provided.

He told the newsmen that already some reputable contractors such as RCC, Nigercat, Arab Contractors, Setraco and Bulletin have been invited to assess the roads and send in their bills of quantity for the reconstruction and dualization of the roads.

In his words, “we decided to engage contractors that have done major works in Lagos and Abuja, so we invited RCC, Setraco, Bulletin Nigercat, Arab Contractors and other contractors. They have come and they have inspected the roads and by the end of the month (November) contract for the roads will be awarded. The contract will cover all the major dual carriage ways from Enugu Prison to Zoo Junction, to Egbuna Junction, back to Holy Ghost Cathederal, linking Okpara Avenue, then the Presidential Road and the Independence Avenue.”

The Commissioner said that as at the moment, the Power Holding Company of Nigeria (PHCN), the State Water Corporation and others service providers have sent the cost of the relocation of their service lines to enable construction work to commence at site.

In his contribution, the Permanent Secretary in the Ministry, Engr. Batholomew Edeh, described the new dimension in urban road construction in the state as a demonstration of seriousness and desire for service on the part of the new leadership of the State.

Engr. Edeh observed that the provision of service lines on both sides of the road, and ducts as well as T-offs for the Water Corporation would help check the incessant cutting of asphalted roads by the public and the service providers.

Nixoderm

November 23rd, 2007, 12:01 AM

Milan group invests $80 million in 'tallest hotel in Nigeria'
Wednesday, November 21, 2007; Posted: 09:03 AM

Nov 21, 2007 (Al-Bawaba via COMTEX) -- IHG | charts | news | PowerRating -- milan group invests $80 million in 'tallest hotel in nigeria' Construction begins on InterContinental Lagos as city sees renewed investment in infrastructure Construction has begun on InterContinental Lagos, InterContinental Hotels Group's first property in Nigeria. The owning company, the Milan Group, is spending approximately $80 million on the prestigious project, which is set to be the tallest hotel in the country at 100 metres high.

The development, which is centrally located on Victoria Island, will cater for a steadily increasing number of business travellers arriving in Nigeria, as the country goes through a period of renewed investment in its infrastructure.

John Bamsey, Chief Operating Officer, InterContinental Hotels Group, Middle East and Africa, said, "InterContinental Lagos is a key property for us as we expand our presence across the Middle East and Africa region. Current plans are to almost double the number of properties in our portfolio by the end of 2010 with 11 hotels set for Africa alone." "With luxury and excellence as standard, InterContinental Lagos will provide services and amenities specifically designed for the international business traveller," added Bamsey. "In addition, we will differentiate from our competitors by offering authentic local experiences that enhance the leisure stay." Ramesh Valechha, Chairman of Milan Industries Ltd said, "InterContinental Lagos will be the first of a new generation of modern hotels in the region, setting new standards in upscale hotel facilities and services. Offering an international brand such as InterContinental will meet the needs of an increasingly discerning market of business travellers arriving in Lagos." The development is a clear reflection of InterContinental Hotel Group's confidence in the city, which is seen as a thriving commercial hub of Nigeria. Surrounded by creeks, lagoons and rivers, Lagos has undergone substantial development and has steadily witnessed a vast expansion of local industries.

In 1999 the United Nations predicted that the city's metropolitan area, which had only 290,000 inhabitants in 1950, would exceed 20 million by 2010. The new government is therefore focused on increasing investment in the city's infrastructure to support this growth. International help came from the World Bank in 2006 when it granted US$200 million for the Lagos Metropolitan Development and Governance Project, aimed at improving urban areas.

Inbound travel is also on the increase with the World Travel and Tourism Council (WTTC) predicting that Nigeria's travel and tourism will grow 1.6% in 2007 and by 2.0% per annum, in real terms, between 2008 and 2017.

InterContinental Lagos will feature 230 Standard Rooms, each measuring 42 square meters, 87 Club Rooms, 31 Bay Suites, one Junior and one Presidential Suite. Food and beverage options include an all day dining restaurant with a view of a seven metre high waterfall, a 116-seater lobby bar, two speciality restaurants and a Garden Cafe.

A full health club including steam and sauna rooms, as well as a 22 metre swimming pool will allow guests to indulge in a state-of-the-art relaxation programme. Water sports and beach activities for both adults and children will be provided, offering guests the opportunity to take full advantage of Victoria Island's beaches.

Top-of-the-range business facilities include IP telephony, wired and wireless connectivity throughout the hotel, and a 1300 square metre meeting room with seating capacity of 870. Board Room and Business Centre are available to guests along with five meeting rooms spread over 400 square meters.

IHG's entrance into the Nigerian market will further strengthen its position within Africa, with two already existing InterContinental properties and current plans to open 10 hotels across the InterContinental, Crowne Plaza, Holiday Inn and Express by Holiday Inn brands by the end of 2010.(C) 2007 Al Bawaba (www.albawaba.com)

Michaelda

November 23rd, 2007, 02:17 AM

i love this stuff, but anyone have info on investments outside of lagos an abuja. i'd like to see some in yola, bauchi, akwa ibom, enugu, etc

Rdokoye

November 23rd, 2007, 02:21 AM

Ebonyi Plans New Abakaliki City

By Felix Uka, Correspondent, Abakaliki
Wed, 21 Nov 2007 00:00:00

Ebonyi State Government has acquired 1,500 hectares of land to be developed as the new city in Abakaliki, its capital, to be named Ochudo city.

Arrangements were also said to have been concluded for digitalisation of the state Ministry of Land Surveyor and Housing, to institute appropriate channel and position it for effective service.

Its Commissioner, Jonah Egba disclosed this to Daily Independent in his office, at the weekend while explaining the government’s plans to develop the state.

He said that the new Abakaliki city would have various housing units, adding that it was the responsibility of the ministry to provide adequate accommodation for the increasing population in the state.

Egba, however narrated that the development of the city would not be left in the hands of government alone, adding that enabling environment would be provided for commercial private estate developers, who would wish to build at the lowest cost and sell and that plots would equally be allocated to individuals, who would like to develop on their own.

He pointed out that the master plan of the new city would be handled by experts in the field and that it was different from the old Abakaliki master plan, which had gotten to 80 percent completion.

On the land reform, the commissioner said that he had gotten approval to take off immediately along with the training of staff on computer manipulation and also construction of a new secretariat that would house the digital equipment.

He said that the project of completing the secretariat would be done within three months, after which the installation of the reform equipment.

Stating that the development of the new city would take off immediately after the approval of the 2008 budget, he said that the manual system in the operation of the ministry had not been helpful particularly for those outside the state, who would like to buy lands adding that with digitalisation and rectification, Certificates of Occupancy (C of Os) would no longer take months to be obtained from the ministry.

He however, warned the public to follow due process and not cutting corners in getting lands in state to avoid encountering problems at the end.

Rdokoye

November 23rd, 2007, 02:24 AM

Enugu awards N828 million water contracts

November 14, 2007
The Enugu State government has signed a contract agreement worth N828.6 million with five firms under the World Bank-assisted National Urban Water Sector Reform to rehabilitate the water supply networks in urban and semi-urban towns in the State.
In a speech before assenting to the contract at the Government House, Enugu, Governor Sullivan Chime named the five successful firms as Natson Engineering Nigeria Limited, Lilleker Bros. Nigeria Limited, Agro Structure International Limited, GBJ Gauff Consultants and Wardrop Nigeria Limited.

The governor, who described the signing of the contract as a major step towards the actualization of his government’s four-point agenda to better the lots of the people, urged them to ensure the execution of the contract according to specifications and in record time.
In his words, “I am sure you will not disappoint us. I believe the people of Enugu State look forward to having an improved water supply in the next few years”.

Governor Chime noted that his administration attached much importance to water supply, adding that on assumption of office he created the Ministry of Water Resources as a full-fledged ministry for the actualization of adequate water supply in the state.

The governor disclosed that Enugu State government had paid its counterpart fund of N60 million for the project being executed by the state in partnership with the World Bank.

Speaking on behalf of all the contractors, the managing director of Natson Engineering Nigeria Limited, Mr. Kole Fansho noted that the contracts covered the completion of Nsukka emergency water rehabilitation work and the Enugu water rehabilitation as well.
Mr. Funsho assured the governor that they would execute the projects beyond his expectations and beyond the requirements of the tender.

“We want to assure you that we do not want to be your contractors; we want to be your partners. The good people of Enugu State will forever be grateful to you that this is happening so early in your tenure”, he said.

Also in his contribution, the acting managing director, Enugu State Water Corporation, Mr. F. C. Okonkwo, went down memory lane to explain that in September 2004 the federal government applied for and secured a loan from the International Development Association in order to increase access to piped water networks in selected urban and semi-urban towns in some states of the federation.

Mr. Okonkwo added that Enugu State was enlisted in the project in August 2006.

He explained that Enugu State Water Corporation through its project implementation unit had completed various evaluation reports through both international and national competitive bidding processes and had received the International Development Association’s no-objection to sign and award the contracts.

In their separate comments, the Enugu State Commissioner for Water Resources, Engr. Emecca Ani, and the Senior Special Assistant to the Governor on Water Supply, Mr. O’Brien Ofordu commended Governor Chime for assenting to the agreement.
They said that the contracts covered the total rehabilitation of electrical faults, drilling of more deep boreholes and extension of pipelines to increase water production and distribution.

Engr. F. C. Okonkwo signed on behalf of the State government while the representatives of the five firms led by Mr. Kole Fansho signed for the contractors.
The projects are expected to be completed and delivered to the Enugu State government by September 2010.

Rdokoye

November 23rd, 2007, 02:27 AM

Gov. Chime excited by FG’s upgrade of Enugu airport to international status

November 15, 2007

Governor Sullivan Chime has expressed excitement at the decision of the Federal Government to upgrade the Akanu Ibiam Airport to an international status, saying it is a welcome development which will immensely benefit the people of the Southeast zone and even beyond.

Speaking when he received in audience members of the Senate Committee on Aviation at the Government House, Enugu, Governor Chime specifically thanked President Umaru Musa Yar’Adua for the decision and promised to give the needed support to actualize the objective.

He therefore called on the governments of the Southeast States to support the airport project since it is not for Enugu State alone. “We will do everything possible to make sure that the entire arrangement materializes. We will support Mr. President. We will spend a special thanks to him for that decision. We will also send our goodwill messages to the senators through the Deputy Senate President”, he said.

On the observations and requests made by the Senate Committee, Governor Chime told the visitors: “I am delighted that all these things are happening during my administration. We will take it up. We will certainly address all those little challenges; we only needed a little encouragement”.

He remarked further: “The upgrading of the Enugu Airport to an international status came at the appropriate time. I am sure Enugu will certainly in the next few years be completely changed. Enugu will now be a Mecca of not just Easterners but the whole Nigeria”.

He told the senators that already a committee was already in place to work closely with the airport officials to address the issues they raised. “We are now working on our roads. Though the Emene Road is a federal road we intend to work on it. We also have the Nike Water Scheme. I am sure in the next few months we will be able to supply water to the airport. I am sure the State government will not fail to do what it is supposed to do”, he said.

Earlier in his speech, the leader of the delegation, Senator Anyim Udeh told the governor that their visit to the State was in continuation of their inspection tour of facilities in all the twenty one airports in the country to ascertain their safety.

According to him, “in July this year, the senate discussed issues affecting the safety of our airports, safety of our air space, and at the end the senators resolved to direct that the aviation committee should embark on a fact-finding tour of all airports in the country”.

Senator Udeh, who is also the chairman of the senate committee on aviation, explained that their assignment included assessment of the state of maintenance in the airport, verify the number of grounded aircraft and give their owners 90 days within which to remove them.

He told the governor that the equipment they saw at Enugu Airport were old but appealed to him to help address the issue of access road and water supply in the airport which he said needed urgent attention.

Senator Udeh described the administration of President Yar’Adua as a caring and listening one going by the way it had addressed most of the requests made to it by the senators and the people of the Southeast zone.

He thanked the President for acceding to the upgrade of the airport following a representation by southeast senators that the zone is the only one in the country without an international airport.

Rdokoye

November 23rd, 2007, 02:42 AM

Chinese firm to establish N75 billion cement factory in Enugu

November 14, 2007

The Enugu State Government has signed a Memorandum of Understanding (MoU) with a Chinese's company, Minghong Group Corporation Ltd, Zhuhai, for the establishment of a modem cement factory in the State.

The N75 billion cement plant, one of the biggest of such to be established by the company in Africa, is to be sited at Amechi Idodo in Nkanu East Local Government Area.

The signing of the memorandum, which took place at the Government House, Enugu, was witnessed by members of the State Executive Council and representatives of the host community where the plant would be cited.

Speaking shortly after giving his consent for the establishment of the factory in his State, Governor Sullivan Chime described the ceremony as a major step towards the realization of one of his administration's four point agenda to industrialize Enugu State and create jobs for the unemployed.

According to Governor Chime, "the establishment of the cement factory is in line with the present government's policy to bring development to Enugu State. We are today taking a major step towards realizing that goal. 1 am sure the youth and our people will be employed; the economy of the State will be positively affected.”

The governor noted that the establishment of the factory is a demonstration that Enugu State is investor-friendly and assured the management of the company that government would show sufficient commitment to ensure the success of the project.

He also promised that his government would provide the enabling environment to enable their investments thrive and urged them to endeavour to abide by the terms of the agreement.

In his words, "I thank you for affording us the opportunity of doing business with your company. We look forward to attracting more businesses from China to Enugu. We will certainly give you the enabling environment to allow your investments to thrive.”

The State Chief Executive, responding to their request, promised to visit China with a view to attracting more businesses and industrial establishments to the State in future.

"Once those conditions are met, 1 believe it will go a long way in instilling confidence in us towards what we are doing. Definitely the host community Amechi Idodo obviously has a lot to gain from the citing of the plant in their area, apart from the benefit the entire people of Enugu State will gain.”

In a speech, Dr. Iyke Odenigwe, partner of the company, described the project as very important that would put Enugu State in a global map of cement production.

He also added that the project and other projects being planned in Enugu with the Chinese partners would anchor and support the State government's four-point agenda as it affects industrialization and economic development.

Dr. Odenigwe affirmed that the people of ldodo Community, where the plant would be cited, are automatically stakeholders that must be carried along.

He pledged the company's determination to respect and work in cordial relationship with the community to actualize the drive of establishing the cement factory in Enugu State.

Dr. Odenigwe said that with the signing of the Memorandum of Understanding, work would start at the site in six months time while production proper would commence in 18 months time. He added that the factory would produce about three million tones of cement annually.

In his brief speech, the Vice Chairman of the Company, Mr. CAI Jing Ming, expressed gratitude to the Enugu State Government for its commitment and support so far towards the establishment of the project.

Mr. Ming promised to abide by the terms of the agreement, pointing out that the successful take off of the project would open up avenues for more Chinese investments to the State and appealed to the governor to continue to give them support and protection.

Michaelda

November 23rd, 2007, 05:34 AM

thx. i hope the development in the country is even. not sure if this fits here but

Posted Tuesday, November 20, 2007

Nigeria offers $13m debt relief to Liberia

igeria has proposed writing off $13 million out of $48 million it is owed by Liberia as a contribution to consolidating peace there, President Umaru Yar'Adua said in a letter read out to the Senate on Tuesday.

He said Liberia's debt burden was an obstacle to economic recovery in the small West African country, which emerged from 14 years of civil war in 2003 desperately poor and saddled with $4.5 billion in foreign debts.

"The Liberian government has made several passionate pleas to Nigeria to write off the debts," Yar'Adua said in his letter, seeking approval from the Senate for the write-off.

"There is a potential risk of Liberia sliding back into anarchy if progress is not made in achieving sustainable economic development, which will undermine our previous efforts," he said.

Nigeria was the main contributor to ECOMOG, a West African peace-keeping force that was active in Liberia during the war. It also helped end the conflict by granting asylum to Liberian warlord Charles Taylor in 2003.

Since taking the reins of Liberia following 2005 elections, President Ellen Johnson-Sirleaf has travelled the world pressing creditor nations to cancel debts and give Liberia a chance to rebuild.

Nigeria, Africa's most populous country and its top oil producer, benefited from its own debt relief deal in 2005 when it used windfall oil savings to pay back $12 billion to rich creditor nations who wrote off another $18 billion in return.

© 2007 Reuters

Nixoderm

November 24th, 2007, 03:53 AM

Globacom to Rollout Fiber Optic Services

Highway Africa News Agency (Grahamstown)

23 November 2007
Posted to the web 23 November 2007

Remmy Nweke

Nigeria's Second National Operator and Third Generation (3G) compliant telecommunications company, Globacom Limited, has taken its vision of positioning itself on the continent to a higher level by commissioning the first portion of its $700 million fiber optic cable to link Nigerian cities. The executive director of Marketing Communications at Globacom, Mr Okon Iyanam, said the Minna-Abuja route of the fibre backbone, which was launched Thursday 22 November 2007 will carry all the traffic for Niger, Kebbi and Sokoto states with accompanying benefits to nearby cities and communities.

Commissioning the project, the Niger State Governor, Alhaji Mu?azu Babangida Aliyu, described the project as a new dawn in telecommunications services in the state, as well as neighbouring states, adding that the facility would boost government and private businesses in the region.

He also said the project would further reposition the state for e-governance, stressing that only the best of telecommunications infrastructure would enable Nigeria to catch up with the rest of the world in the march towards digital inclusion. Glo's Optic Fibre project he said, was a step in the right direction and one more demonstration of Globacom?s innovativeness to the telecoms revolution in the country.

"I recall that Glo pioneered per second billing, made the Global System for Mobile communications (GSM) affordable and introduced a number of value added services (VAS) such as multimedia messaging and Blackberry," he declared.

For him, Glo has indeed made, apart from the Nigerian nation, the whole of Africa proud with its avalanche of innovative products as far as telecommunications is concerned.

Expertly described as an information super highway, Glo's fiber optic cable will transmit voice and data at the speed of light, unlike satellite and microwave transmission platforms that are used by some telecommunications companies, fiber optics have a much faster speed of data transmission, voice and broadband internet and multimedia services over a range of frequencies.

The chief operating officer at Globacom, Jameel Mohamed, said the fiber optic backbone has the ability to transmit data at higher transmission rates with lower losses as well as the ability to do this at lower error rates.

Jameel disclosed that the network would boost communications in Nigeria, as it would eliminate the problems associated with satellite and microwave transmission mediums.

"At present, service providers rely on satellite based operators for their bandwidth requirements. These are dependent on weather and therefore not completely reliable. A thunderstorm can render the microwave and satellite ineffective. Fiber optics guarantee high speed, reliable data and voice connectivity to meet the large bandwidth requirements of service providers," he stated.

Jameel added that the service offers a high-speed solution for enterprises with large communication requirements. It is a dedicated point-to-point bandwidth, and since the bandwidth is wholly dedicated to the customer, the service provides secure, reliable and high-speed connectivity.

This exclusive, high capacity, high-speed digital circuit provides the customer an opportunity to combine a variety of telecommunication applications, including the transmission of point-to-point voice, high speed data, fax and video, said Jameel.

He explained that the service is ideal for establishing an integrated network to serve a variety of functions within a wide area network of an organization.

"We have put in place a network of infinite capacity, so that the consumer can scale his bandwidth requirement as his need grows. The service is also much cheaper than satellite based transmissions because the satellite bandwidth providers retail bandwidths that they procure in bulk and this makes their services very expensive. Our optic fibre service thus offers the customer the best value for money," Jameel stated.

The facility is also expected to provide land bandwidth for offices and corporate organizations and that telecom companies, internet service providers, individual businesses, manufacturers, oil companies, banks and financial institutions, governments and other corporate organizations will now have a better alternative for their bulk voice and data transmission requirements.

After the installation of the cables, the people of Niger, Sokoto and Kebbi states and neighbouring towns will witness a revolution in data transfers as they now will have a much faster transmission of data, voice, broadband internet and multimedia services over a range of frequencies.

The dedicated bandwidth along with the sophisticated software and hardware ensures that the flow of information remains confidential between two communication points.

The Globacom backbone infrastructure moves in a ring and provides a self-healing, back up every inch of its route. This ensures that if there is any problem at a point, the traffic will be re-directed and connection will be automatically re-established by a parallel loop in the ring.

Nixoderm

November 24th, 2007, 04:03 AM

Nigeria: FG Restates Commitment On Industrialisation of Country

Vanguard (Lagos)

23 November 2007

Leon Usigbe
Lagos

THE Federal Government has stressed its commitment to make the country one of the most industrialized in the world by the year 2020.

According to the minister of Tourism, Culture and National Orientation, Prince Adetokunbo Kayode (SAN), the industrialization would be pursued vigorously along side the attainment of various targets contained in the Millennium Development Goals and the second National Economic Empowerment and Development Strategies (NEEDS).

Speaking yesterday at the opening of a two-day workshop on participatory Budget Monitoring and Evaluation organized by Government/Civil Society Partnership Programme in Abuja, he said that the present administration would not tolerate budgetary indiscipline, violation of due process and lack of transparency in order to meet these objectives.

The Minister, who was represented at the workshop by his Special Adviser, Barrister Lanre Aladeitan, noted that corruption could not be removed from any society without the application of the principles of budgetary discipline.

According to him, "Our government is therefore fully poised to support every concept and institution that is truly committed to the attainment of its national development expectations in both the short and the long run."

Stating that the role of the civil society in watching over the implementation of public sector budgets cannot be over-emphasized, the Minister expressed the hope that the sector will become more visible not just in the nation's public budgetary planning and implementation processes in the nearest future, but also in the course of public policy formulation and advocacy.

The Chairman of the Economic and Financial Crimes Commission (EFCC), Mallam Nuhu Ribadu, in his address at the ceremony, stated that the Commission is now in partnership with civil society group for the promotion of anti-corruption values among young Nigerians in secondary and tertiary institutions through the medium of an Integrity club system.

Mallam Ribadu, who spoke through his Chief of Staff, Mr. Dapo Olorunyomi, disclosed further that EFCC had set up inter-faith advisory coalition of distinguished faith leaders on how to deepen the anti-corruption struggle within Islamic and Christian faith circles.

The EFCC Chairman further disclosed that the Commission has lately started registering undergraduates who are signing up enthusiastically to build a cyber-crime free brigade on campuses.

While declaring the workshop open, the Speaker of the House of Representatives, Hon. Sabur Dimeji Bankole, expressed the hope that it (the workshop) would build the capacity of Civil Societies and focus government institutions on public sector expenditure performance evaluation.

In his opening remarks earlier, the Executive Director of National Orientation Agency (NOA), Dr. Lanre Adebayo pointed out that democracy goes beyond voting, stressing that it involves people?s participation in the whole process of governance including the budgetary process.

He said that the essence of galvanizing the civil society organization and community based organizations was for the purpose of interacting with the people; get their inputs with same forwarded to the legislative and executive for action through budget.

Tbite

November 29th, 2007, 02:13 PM

Yar’Adua to lay foundation stone of Economic City

President Umaru Musa Yar’ Adua will on December 4 perform the foundation laying ceremony of the $2 billion Kano Economic City.

The project was conceived by Integrated Development and Investment Services Limited (IDIS), a company noted for its huge investments in properties and economic empowerment projects, in partnership with Kano State government.

A statement said the project is financed by a consortium of local and foreign banks, with the award winning and the largest capitalised bank in Nigeria, Oceanic Bank International.

The ststement said the project is five times the size of Tinapa, the high profile business and tourist resort based in Cross Rivers State.

Other notable consultant and partner in the project include KPMG, a global brand of professionals providing Audit, Tax and Advisory services.

“The company operates in 148 countries and has more than 113,000 professionals working around the world and would bring its expertise to bear on the project”.

“It is wholly private sector funded, will house a five star hotel with escalators, the first of its kind in Nigeria, which analysts believe will redefine the hospitality industry, residential and industrial estates, an all encompassing shopping mall, which will feature world class brands, a World Trade Centre which would be comparable to any in the world, retail market consisting of 5,500 lock-up shops”.

“The shops include large, medium and small warehouses, two large cinema halls, social and recreational facilities, conference facilities, rail terminus, fuel and fire stations and maintenance building”.

Sitting on a massive 121.2 hectares of land on the outskirt of the city (this will increase to 350 hectares when the second and third phases are completed), provides ease of circulation, parking and maneuverability for vehicular and human traffic.

n and full utilization of support facilities were taken into consideration.Analysts believe that the injection of $2 billion into the Nigerian economy would impact positively on the economy of the state and the geo-political zone. The domino effect of this, they stress, would impact on tourism development and even trigger a property boom given the expanse nature of the project.This notwithstanding, IDIS sees the project as its contribution towards the economic development of the state in particular and Nigeria in general. Because of the ambitious nature of the project, it is anticipated that thousands of Nigerians would be directly employed by the businesses that would utilize the facilities while hundreds of thousands would be indirectly employed by the outfits that would spring up.IDIS says its objective is in line with that of the governments which strive to maintain price stability, high employment rate, and sustainable growth. Government’s policies, it would be recalled, has been geared towards monetary and fiscal policies, regulation of financial institutions, trade, and tax policies. The regulations of financial institutions, has for instance made it possible for banks to now finance huge projects such as the Economic City project and the Murtala Mohammed Airport 2 project which also gulped billions of Naira and a host of other big time projects. The choice of Kano for such a huge project is not far fetched. Historically, the state has been a commercial and agricultural state, which is known for the production of groundnut as well as for its solid mineral deposits. The state has more than 18,684 square kilometers of cultivable land and is the most extensively irrigated state in the country.Kano is arguably within the first five states in terms of commercial activity within Nigeria. The city is reputed to have one of the biggest agricultural and manufacturing sectors. Plans are being considered to build a Nuclear Power Station in the North Eastern geo political zone. The plant is to be fueled from Uranium mined in Gombe State and supplied over a rail network. This will further boost the electricity being supplied by the National Grid both to Kano and neighboring states.Being the home of astute businessmen such as Alhassan Dantata and others, who made their fortune in the days of the groundnut pyramids of the twentieth century, industry watchers are of the opinion that the city has not lost its cuttings edge of being a state of entrepreneurs. The Kano Economic City project will further give impetus to the economic prosperity of the state, which is one of the most cosmopolitan states in the country and its citizens. Kano is considered by Analysts as a mini Nigeria because of the concentration of almost all the 250 ethnic groups in Nigeria there.

adebayoa

November 29th, 2007, 02:33 PM

Tbite, you beat me to it, I think a new thread will be better for this though

pappy

November 29th, 2007, 07:42 PM

Tbite, you beat me to it, I think a new thread will be better for this though

I don't think it deserves it's own thread yet, there isn't enough info on it.

iluvnaija

December 1st, 2007, 04:30 PM

ArcelorMittal to build Nigerian steel mill
Thu 29 Nov 2007, 7:21 GMT
[-] Text [+]

BRUSSELS, Nov 29 (Reuters) - ArcelorMittal <MTP.LU><MTP.PA>, the world's largest steelmaker, said on Thursday it intended to construct a 300,000 tonne per year steel mill in Nigeria.

The mill will be located within the Calabar Free Trade Zone in Cross River State. Construction is due to begin in early 2008, with production starting in 2010.

The mill will produce large diameter welded pipes that meet the oil and gas industry's technical specifications, the company said in a statement. It gave no financial details. (Reporting by Philip Blenkinsop; editing by Dale Hudson)

iluvnaija

December 1st, 2007, 04:30 PM

Nigerian reserves top $50 bln in Nov - cenbank
Fri 30 Nov 2007, 14:38 GMT
[-] Text [+]

LAGOS, Nov 30 (Reuters) - Nigerian foreign reserves climbed to a new all-time high of $50.09 billion on Nov 23 from $49.10 billion a month earlier, the central bank said on Friday.

Foreign reserves have grown steadily over the past three years due to rising prices for the country's main export, oil, and improved fiscal discipline.

The healthy reserves position has been one factor supporting the naira currency, which has strengthened dramatically against a weak dollar, boosting appetite for Nigerian securities.

The latest reserves figure was published on the central bank Web site. It did not state how many months of its imports the reserves could finance.

Reserves stood at $42.87 billion on Nov 23 last year, the figures showed.

The naira closed at 118.92 per dollar on Thursday, having gained 5.79 percent against the greenback since Aug 30.

Michaelda

December 1st, 2007, 05:25 PM

Yar’Adua to lay foundation stone of Economic City

they need to work on keeping the city clean. it wont acheive great status if ti remains a mess

Michaelda

December 1st, 2007, 05:26 PM

Matthias Offodile

December 1st, 2007, 10:14 PM

Nigerian reserves top $50 bln in Nov - cenbank
Fri 30 Nov 2007, 14:38 GMT
[-] Text [+]

Very good , $3 billion more in just one month! Good but it has to get even better. I want to see those resserves double and triple...then we enter waters where the world will start to pay respect towards Nigeria. This is possible in a year or two. But I am still waiting for the creation of state funds. Nigeria needs hundreds of billion of dollars and/or euros stashed away in foreign exchange and state funds that buy into foreign companies.

kulani

December 2nd, 2007, 06:57 PM

Very good , $3 billion more in just one month! Good but it has to get even better. I want to see those resserves double and triple...then we enter waters where the world will start to pay respect towards Nigeria. This is possible in a year or two. But I am still waiting for the creation of state funds. Nigeria needs hundreds of billion of dollars and/or euros stashed away in foreign exchange and state funds that buy into foreign companies.

Yes, Nigeria needs to create a sovereign investment fund that can be used to buy refining assets world wide as well as used to invest in alternative energy to hedge the country and actually make Nigeria a really big investor especially in the continent.

africa500

December 3rd, 2007, 12:23 AM

Sudatel in Nigeria

Nigeria: Sudanese Firm to Buy 70 Percent Stake in Intercellular

This Day (Lagos)

26 November 2007
Posted to the web 27 November 2007

Shina Badaru
Lagos

Sudan Telecommunications Company (Sudatel), the national telecoms company of Sudan, is to buy 70 per cent share of Intercellular, one of Nigeria's leading privately owned telecoms operator, in yet another major take-over in the nation's fast-growth telecoms sector, Technology Times has confirmed.

Technology Times is yet to verify final financial details of the Intercellular-Sudatel deal that will see Bashir el-Rufai, the top promoter of the business and ex-General Manager, Lagos Zone of the Nigerian Telecommunications Limited (NITEL), and other Nigerian shareholders ceding control to the Sudanese operator. Sudatel is hoping to inject capital for funding expansion, agressive marketing and network upgrade to drive the future growth of the Nigerian telecoms company in the unified service market fusing mobile and fixed services.

El-Rufai had hitherto hinted that Intercellular was in talks with an undisclosed foreign operator expected to inject no less than $150 million and was quoted in a recent interview with Sunday Trust where he admits that previous talks with Telecel to take stakes in Intercellular fell through as "they backed out due to some of the terms and conditions of the agreement."

Sudatel, which flagged off as a regional carrier in 1994, also has capital investors from eight countries including Saudi Arabia, Emirates, Qatar, Yemen, Bahrain, Iran, Sultanate Oman, Jordan, and 14 local and regional banks and 80 local and foreign companies.

Sudatel also has stakes in Arab Cables (40 per cent), Thurya Mobile Phone Service, Rascom, Sudanet (51 per cent), Datanet (99 per cent), Hawatif Corporation, among others.

On the other hand, Intercellular which commenced operation in 1998 is among the first indigenous phone companies providing wireless communications services in Nigeria. At present, it has licences to operate VSAT gateways and to provide cellular telephone and terrestrial wireless data and Internet services.

Telecoms sources confirmed that the two companies would announce the new deal early next year as Sudatel follows the footsteps of fellow Arabian operators that have lately entered the Nigerian telecoms market to consolidate their international expansion into emerging markets.

Mubadala Development Company, the UAE government-owned company granted a $400 million licence early this year, recently picked Emirates Telecommunications Corporation (Etisalat) to operate its telecoms business hoped to go live in Nigeria by first quarter of next year.

Under the deal, Etisalat, now holds 40 per cent equity in the telecoms company, Emerging Markets Telecommunications Limited used by Mubadala to operate its telecommunications business in Nigeria. Mubadala holds 30 per cent share of the business while Nigerian investors hold the remaining 30 per cent.

Hitherto, Zain Group (formerly MTC Group) of Kuwait had acquired controlling stake in Celtel Nigeria (formerly Vmobile), the nation's number three mobile operator.

According to el-Rufai, local operators face a huge challenge from securing long term loans to drive their growth in the face of stiffer competition from the bigger GSM operators.
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"So for us, the best thing to do was to look for equity. I have run around our community (the north), because we are a northern company with 98 per cent northern shareholding. But this equity has not been forth coming. We have tried through state governments and other individuals and it's been difficult. They have not been willing to invest. As a result, we have recorded not quite an impressive success. The result is that today, our equity is only $16million and there is no way you can run telecoms with a meagre amount of $16million when you compare with our other immediate competitors like Multi-links, Starcomms and so on.

"Some of them have 10 times the equity we have. So it's been very difficult for us. We made efforts to get foreign investments, but you know the problems of Nigeria like the risk and other infrastructural problems. All these discouraged the investors. But I am glad now that we have two serious interested companies that we are talking to. One is a Nigerian company and one is a foreign one and I hope that we are going to close the deal so that quite a lot of money will come into the company and this will coincide with the issuance of unified licence which we have. We can now do full mobile like MTN and others. We have made our plans and by God's grace within a month we should be able to close and then bring in a strategic investor who will bring a lot of money so that we can rapidly expand and introduce new services like broadband so that we increase internet penetration and introduce other data services," el-Rufai said.

On how the company started after the were sacked from Nitel, he said, "we started this company with a share capital of N200 million. It was not easy, but when we were sacked there were a lot of Nigerians that sympathised with us because the peak of NITEL's growth was during our time. So they contributed money and then Hakeem Belo Osagie, the then Chairman of UBA, said he was going to assist us so he gave us a loan. Motorolla as an organisation, at that time, was doing all it could to break into the Nigerian market but they couldn't. So they sympathised with us and came to our aid by giving us vendor financing. So we started."

fairness2007

December 3rd, 2007, 12:29 AM

I don't really like anything Sudanese. Nigeria should think before allowing their investment in the country.

Tbite

December 3rd, 2007, 01:50 AM

Nigeria Turns From Harsher Side of Islamic Law

Candace Feit for The New York Times

KANO, Nigeria — Just last year, the morality police roamed these streets in dusky blue uniforms and black berets, brandishing cudgels at prayer shirkers and dragging fornicators into Islamic courts to face sentences like death by public stoning.

A woman in Kano rides a motorcycle taxi, which was illegal under the brand of Islamic law that held sway here until recently. More Photos »

But these days, the fearsome police officers, known as the Hisbah, are little more than glorified crossing guards. They have largely been confined to their barracks and assigned anodyne tasks like directing traffic and helping fans to their seats at soccer games.

The Islamic revolution that seemed so destined to transform northern Nigeria in recent years appears to have come and gone — or at least gone in a direction few here would have expected.

When Muslim-dominated states like Kano adopted Islamic law after the fall of military rule in 1999, radical clerics from the Arabian peninsula arrived in droves to preach a draconian brand of fundamentalism, and newly empowered religious judges handed down tough punishments like amputation for theft. Kano became a center of anti-American sentiment in one of the most reliably pro-American countries in Africa.

But since then, much of the furor has died down, and the practice of Islamic law, or Shariah, which had gone on for centuries in the private sphere before becoming enshrined in public law, has settled into a distinctively Nigerian compromise between the dictates of faith and the chaotic realities of modern life in an impoverished, developing nation.

“Shariah needs to be practical,” said Bala Abdullahi, a civil servant here. “We are a developing country, so there is a kind of moderation between the ideas of the West and traditional Islamic values. We try to weigh it so there is no contradiction.”

The federal government cracked down on the Hisbah last year, enforcing a national ban on religious and ethnic militias, and the secular, federally controlled police force has little interest in enforcing the harshest strictures of Shariah. Violence between Muslims and Christians has also begun to subside in the north.

But even before then, the feared mutilations and death sentences almost never materialized. Public floggings are quite common, and in Zamfara, the first state to adopt Shariah as the basis of its criminal code, at least one man had his hand amputated in 2000 for stealing a cow, but other sentences of mutilation have rarely been carried out.

And despite several internationally known adultery sentences of death by stoning in a public square — including that of Amina Lawal, a woman from Katsina State who gave birth to a child out of wedlock that a Shariah court in 2002 took as evidence of the crime — not one stoning sentence has been carried out. Ms. Lawal’s conviction was overturned the following year, and she is now active in local politics, living freely with her daughter Wasila in her hometown.

The change has little to do with religious attitudes — northern Nigeria remains one of the most pious Muslim regions in Africa, as it has been since the camel caravans across the Sahara first brought Islam here centuries ago. In Kano, the main city of Kano State, thousands of men spill out in neat rows onto the city’s main boulevards on Friday afternoon, an overflow of devotion for the week’s most important prayer, and virtually all Muslim women are veiled.

The shift reflects the fact that religious law did not transform society. Indeed, some of the most ardent Shariah-promoting politicians now find themselves under investigation for embezzling millions of dollars. Many early proponents of Shariah feel duped by politicians who rode its popular wave but failed to live by its tenets, enriching themselves and neglecting to improve the lives of ordinary people.

“Politicians started seeing Shariah as a gateway to political power,” said Abba Adam Koki, a conservative cleric here who has criticized the local government’s application of Shariah. “But they were insincere. We have been disappointed and never got what we had hoped.

Facing backlash from citizens and criticism from human rights groups at home and abroad, state governments that had swiftly enacted Shariah and embraced its harshest tenets are now shifting the emphasis from the punishments and prohibitions to a softer approach that emphasizes other tenets of Muslim law, like charity, women’s rights and the duty of Muslims to keep their environment clean.

“Shariah is not only about the cutting off of wrists,” said Muzammil Sani Hanga, a member of Kano State’s Shariah Commission and a legal expert who helped draft the state’s Islamic code. “It is a complete way of life.”

New programs have sprung up to encourage parents to send their daughters to hybrid public elementary schools that offer traditional Islamic education along with math and reading, in keeping with Islamic principles that call for the education of girls. In many of these classrooms, girls outnumber boys, and the United States Agency for International Development is so impressed with the potential of these programs that one third of the schools it supports across Nigeria are integrated Islamic and secular, according to officials at the agency.

State officials are using Islamic exhortations on cleanliness to encourage recycling of the plastic bags that choke landfills and gutters. One governor, citing the Islamic duty to care for the indigent, recently instituted a monthly stipend for disabled beggars.

“Our approach is a humane Shariah, not a punitive Shariah,” said Bala A. Muhammad, director of a state program in Kano called A Daidaita Sahu. The name, a Hausa commandment, means “straighten your rows,” a reference to the razor-sharp lines formed by Muslims as they line up to pray and a metaphor for the orderliness required in everyday life by the Koran.

Hundreds of yellow motorized rickshaws purchased by the state government make it easier for women, who had been barred from taking motorcycle taxis, to get around.

“As a Muslim woman I want to be modest,” said one commuter, Amina Abubakar, as she stepped daintily into the back seat of a rickshaw and pulled its privacy curtain closed. “This is more comfortable, and the safety is better.”

To be sure, conservative elements hold sway in some areas. In October, a Shariah court in Kaduna upheld the ban of a satirical play by the human rights activist Shehu Sani about a corrupt politician who uses Shariah to manipulate his constituents.

But the shift may also be helping to ease tensions between Muslims and Christians in a country where sectarian conflicts, often stoked by politicians to stir up support, have killed thousands over the past decade.

“The thing has caused a lot of harm,” said the Rev. Foster O. Ekeleme, a Methodist bishop in Kano who leads a flock of mostly Ibo tribespeople from southeastern Nigeria. “There was burning of Christian churches. Christians were killed. So many people were displaced. But now, the tempo is cooling down.”

Mr. Ekeleme had just been visited by a senior adviser of the Kano State governor, an Ibo Catholic, Chris Azuka, who was appointed to try to improve interfaith relations in the state.

“The idea of Shariah is to promote social justice, not create religious conflict,” Mr. Azuka said. “Shariah is not about violence.”

Northern Muslims and southern Christians have long coexisted uneasily across what is now modern Nigeria. Two centuries ago, the Hausa rulers of the north waged a jihad to convert southerners to Islam, and while they only reached the middle of the country, the aftershocks of the period can be felt to this day.

More recently, the Hausa elite have dominated the military, while southern Christians, like the Yoruba and the Ibo, have dominated commercial and intellectual life. According to international human rights organizations, 11,000 to 15,000 people have been killed in sectarian and ethnic conflicts in Nigeria since the return of democracy in 1999.

In Jigawa State, religious violence exploded in September 2006, amid political tensions before elections in 2007. A Muslim woman claimed that a Christian one had insulted the Prophet Muhammad, and mobs of Muslim youths descended on Christian churches in the state capital, Dutse, burning several to the ground.

The mob arrived at the Assemblies of God church, where the pastor’s wife, Nadi Dangana, said she barely escaped over the wall before the youths broke down the gate.

“We escaped with our lives, but all our property is gone,” she said.

The church was left in ashes, its altar and crosses charred stumps. A makeshift sanctuary without walls stands in its place. Blackened bits of salvaged corrugated roofing keep out the rain.

But these days tensions have cooled, said Garba Shehu, a former Muslim from Dutse who converted to evangelical Christianity. When the governor signed the law creating a stipend for beggars, he invited three Christian clergy members to pray alongside three Muslim clerics.

“We thank God we don’t