10 million ton refinery.....cant they just put it in engliish n say hw many barrels

that sort of growth is only realistic if the niger delta is solved, eletricity increases (a lot) mining comes on board and we stop wasting the gas. Duke had a good plan to do it. I dont see it with this current president

Michaelda, I agree with what you said! if those preconditions are not met Nigeria won´t reach those fantastic growth rates

Guys, we are talking of 13-15% on average (!!!!) for a period of more than 10 years, that´s enormous! A lot of preconditions are not in place for this type of super-high growth, let´s be honest.

It is not unrealistic. Why is Angola's economy or Sudan's growing faster than Nigeria's. It's simple, Nigeria's economy is growing steadily but due to alot of economical hindrances such as infrastructure, the full growth potential of the Nigeria economy is not being realized. Investments will triple, the economy will erupt, and you know what's funny I'm not even being optimistic. Look at the World economy today, the state of Nigerian affairs and the projected oil boom in the next 1 and a half decades. The only thing that could dwindle Nigeria's 2020 goals is an unstable Government.


Angola is a case for itself, the country lies in tatters. moreover, the country is experincing a high rate of new oil discoveries and new mineral activity, into the bargain a lot of construction is taking place, the nation has to be built from scratch after 3 decades of war. So you can´t compare Nigeria to Angola. Impossible.

As for the unstable government, I could only subscribe to this.
An aspect of great importance to be considered.
Nevertheless, in my opinion, Yar´Adua lacks the heart to push Nigeria forward, he is too much involved into demarcating himself from obasanjo while he misses to look at the bigger picture.
If Obasanjo had stayed on (let´s just remember: it was him who initiated all the reforms and helped to bring back Nigeria from its pariah state status, it was him who travelled the globe like mad to rid Nigeria of its debt etc.), Nigeria most likely would have been much better.

I am not against Yar´Adua but he lacks the heart and cosmopolitan aura of Obasanjo who was well-connected globally.

Angola is a case for itself, the country lies in tatters. moreover, the country is experincing a high rate of new oil discoveries and new mineral activity, into the bargain a lot of construction is taking place, the nation has to be built from scratch after 3 decades of war. So you can´t compare Nigeria to Angola. Impossible.

As for the unstable government, I could only subscribe to this.
An aspect of great importance to be considered.
Nevertheless, in my opinion, Yar´Adua lacks the heart to push Nigeria forward, he is too much involved into demarcating himself from obasanjo while he misses to look at the bigger picture.
If Obasanjo had stayed on (let´s just remember: it was him who initiated all the reforms and helped to bring back Nigeria from its pariah state status, it was him who travelled the globe like mad to rid Nigeria of its debt etc.), Nigeria most likely would have been much better.

I am not against Yar´Adua but he lacks the heart and cosmopolitan aura of Obasanjo who was well-connected globally.

First Obasanjo supporter i've ever met. boy, get your facts right about BABA!! This guy was a fat, selfish, old KUNT!!

Angola is a case for itself, the country lies in tatters. moreover, the country is experincing a high rate of new oil discoveries and new mineral activity, into the bargain a lot of construction is taking place, the nation has to be built from scratch after 3 decades of war. So you can´t compare Nigeria to Angola. Impossible.

As for the unstable government, I could only subscribe to this.
An aspect of great importance to be considered.
Nevertheless, in my opinion, Yar´Adua lacks the heart to push Nigeria forward, he is too much involved into demarcating himself from obasanjo while he misses to look at the bigger picture.
If Obasanjo had stayed on (let´s just remember: it was him who initiated all the reforms and helped to bring back Nigeria from its pariah state status, it was him who travelled the globe like mad to rid Nigeria of its debt etc.), Nigeria most likely would have been much better.

I am not against Yar´Adua but he lacks the heart and cosmopolitan aura of Obasanjo who was well-connected globally.

i disagree with you on obasanjo. he may have had those qualities, but he used it for ill. yes some good things came out of his admin, but he could have done well. yaradua will likely be an improvement, but we can still do better

Well, I was and am still in support of Obasanjo, he was not perfect , of course, he had many faults but when he took over Naija in 1999, have you forgotten what the country was like? It was a hellish shithole, a country at a complete standstill where even most of the airport lights ceased to function ...moreover, on the international scence it was a pariah state on par with Mugabe´s Zimbabwe or Pol Pot´s Cambodia...... and during his term he at least lay the foundation for a new Nigeria which would have never happened if someone like Yar ´Adua had taken over 1999: only lip-service and talking rubbish like giving 15% growth rate on average until 2020 to Nigeria. :blahblah::blahblah:How many presidents has Nigeria had so far that talked this senseless rubbish? What has Yar´adua realised so far? I am still waiting for new stuff, for visions... things are crawling at a snail´s pace and everyday I read the media, I get angry and impatient more and more! Look at Yar´Adua state because he became president: there was absolutely nothing, it was like noman´s land! Yes, he is a nice person fighting corruption but he lacks vision entirely and worldwide conncetions among so many more things. Nigeria needs a Mahitir-style leader, a strong man that puts economy above EVERYTHING ELSE IN LIFE!!! Yar´Adua lacks his quality, he is like a "cute" lame duck!

Moreover, look at Obasanjo´s brilliant team of advisers, these were people who had something in their minds: all Western educated and vibrant minds like Ngozi Okonjo-Iweala - whom I greatly respect :cheers:- among others.

Yar, A dua`s Government is at the moment hanging in the balance and has a gloomy future because of uncertainty surruounding the-to-be-judgement of the election tribunal. Feelers from ex-colleagues shows that He may be booted out of office with the way the tribunal sittings are going. That is one reason why his government is at the moment moving at a "snail speed" or in other words is experiencing a go-slow. Yar adua is an intelligent man that knows what he wants to achieve on the long run. His economic master plan if implemented and does not derail will make way for a better and stronger Nigeria economy but they may not be realistic afterall if he loses in the tribunal.

His masterplan is like a secret recipe which he wouldn`t want to disclose for fear of not handing it over to oppositions should he booted out. So, wahtever he says at the moment is like "a tip of the iceberg" of what would be if given the opportunity to continue ruling.

Yar, A dua`s Government is at the moment hanging in the balance and has a gloomy future because of uncertainty surruounding the-to-be-judgement of the election tribunal. Feelers from ex-colleagues shows that He may be booted out of office with the way the tribunal sittings are going. That is one reason why his government is at the moment moving at a "snail speed" or in other words is experiencing a go-slow. Yar adua is an intelligent man that knows what he wants to achieve on the long run. His economic master plan if implemented and does not derail will make way for a better and stronger Nigeria economy but they may not be realistic afterall if he loses in the tribunal.

His masterplan is like a secret recipe which he wouldn`t want to disclose for fear of not handing it over to oppositions should he booted out. So, wahtever he says at the moment is like "a tip of the iceberg" of what would be if given the opportunity to continue ruling.

Why would you want to disclose a "master plan" if it would help and improve the country? A politician's interest is supposed to better the state of his/her nation, if your going to deny the process soley on the base of "politics" then in my eyes your a crook. I personally like Yar' Adua he seems like a genuine guy with a great vision, but in politics nice guys don't always succeed. You need to have some cajones, that being said Obsanjano was the one who initiated the reforms, apart from Matthias no one here is giving him credit.

Why would you want to disclose a "master plan" if it would help and improve the country? A politician's interest is supposed to better the state of his/her nation, if your going to deny the process soley on the base of "politics" then in my eyes your a crook. I personally like Yar' Adua he seems like a genuine guy with a great vision, but in politics nice guys don't always succeed. You need to have some cajones, that being said Obsanjano was the one who initiated the reforms, apart from Matthias no one here is giving him credit.

Thats why they are called "Nigerian politicians", self interest plays a great role in our politics. Nigeria would have been better off if only there is continuity in successive Governments but evreybody wants to be a Hero - Thats why Lagos State in this Political dispensation is bound to progress more than any other state because there is continuity being carried over from the past to present era (1999 till date).

On Obasanjo, yes, credit and Kudos to him but he lost popularity based on his hypocrisy while in Government, he laid the foundation for a stronger Economy but with all the can of worms spilling over now, Nah. A rogue is a rogue, it is as simple as that.

Why would you want to disclose a "master plan" if it would help and improve the country? A politician's interest is supposed to better the state of his/her nation, if your going to deny the process soley on the base of "politics" then in my eyes your a crook. I personally like Yar' Adua he seems like a genuine guy with a great vision, but in politics nice guys don't always succeed. You need to have some cajones, that being said Obsanjano was the one who initiated the reforms, apart from Matthias no one here is giving him credit.

Woow, I never thought that we could agree on something! But this is brief and simple what I wanted to say, Yar´Adua is a nice and intelligent guy as a human being, no doubt about it, but he lacks the qualities , let´s say the certain " political gamesmanship", to make Nigeria take-off economically.

obasanjo did some good things and he was the right person for that time but he also did some bad things, such as using force in the niger delta, the bakassi issue, rigging the election for a lame duck like Yar adua (who has turned on him anyway.) He also never faced the sharia issue and that has also florished in the north.

so while has has given us long lasting good things like the central bank governor, the former minsiter of finance and the former nafdac lady, EFCC (which may not be long lasting after all) he has also done damage that is far reaching and long lasting. a country just waking up like nigeria in 1999, had little choice and obasanjo was acceptable. But he could have done better. least of all not allowing the peopel to pick their own leader and installing Yar. Though Yar may turn out better, he is not the best we have to offer.

On Obasanjo, yes, credit and Kudos to him but he lost popularity based on his hypocrisy while in Government, he laid the foundation for a stronger Economy but with all the can of worms spilling over now, Nah. A rogue is a rogue, it is as simple as that.

I was even in favour of Obasanjo´s third term in office, in my eyes, he didn´t complete what he had started, his terms in office where too short for the mess that he inherited and the size of Nigeria´s complex web of problems and interests .....that´s why I am saying democracy is difficult to establish in states whose economies are not on a solid foundation. Even if some people hate me for it but certain African countries need some sort of forceful, intelligent, cosmopolitan, "nationalistic" (don´t misunderstand the word here) and globally well-connected strongman (mind me: I certainly don´t have Big Man Mobuto style in mind here!!!!)..moreover, most of the democracies that we see are not consolidated democracies in the sense of Western democracies and I doubt it that they will ever become consolidated in the Western sense because African culture is different from the West...Most African democracies that we see today in Africa are "electoral democracies" with (grave) flaws, just a handful of African states are true "electoral democracies" on their way to become some sort of "consolidated democracies" but certainly not in the Western sense. (and most of these countries already have a certain stage of socio-economic development)

Honestly, I think if Yar´Adua continues to stay in office, the risk will be high that the worst might happen: a repetition of the "dark days" practice, namely a military coup...with the difference to the past, however, military will most likely be short-lived, for a variety of internal and external reasons which I don´t want to enlarge on ....... elections will be organized afterwards, something like what Thailand is experincing at the moment.

On Obasanjo, yes, credit and Kudos to him but he lost popularity based on his hypocrisy while in Government, he laid the foundation for a stronger Economy but with all the can of worms spilling over now, Nah. A rogue is a rogue, it is as simple as that.

I was even in favour of Obasanjo´s third term in office, (yes, I know it would have been against the constitution) in my eyes, he didn´t complete what he had started, his terms in office where too short for the mess that he inherited and the size of Nigeria´s complex web of problems and interests .....that´s why I am saying democracy is difficult to establish in states whose economies are not on a solid foundation. Even if some people hate me for it but certain African countries need some sort of forceful, intelligent, cosmopolitan, "nationalistic" (don´t misunderstand the word here) and globally well-connected strongman (mind me: I certainly don´t have Big Man Mobuto style in mind here!!!!)..moreover, most of the democracies that we see are not consolidated democracies in the sense of Western democracies and I doubt it that they will ever become consolidated in the Western sense because African culture is different from the West...Most African democracies that we see today in Africa are "electoral democracies" with (grave) flaws, just a handful of African states are true "electoral democracies" on their way to become some sort of "consolidated democracies" but certainly not in the Western sense. (and most of these countries already have a certain stage of socio-economic development)

Honestly, I think if Yar´Adua continues to stay in office, the risk will be high that the worst might happen: a repetition of the "dark days" practice, namely a military coup...with the difference to the past, however, military will most likely be short-lived, for a variety of internal and external reasons which I don´t want to enlarge on ....... elections will be organized afterwards, something like what Thailand is experincing at the moment.

It really depends if his policy of achieving that 13% growth has anything to do with significant development in the oil and gas sector. GDP of oil producing countries are not to be compared with non-oil producing countries for they can be much larger even though development in non-oil sectors is still limited.


But having a $900b economy is still cool enough.

you make good points about the need for a strong man like singapore had for a while, or the system the chinese are using. putin is doing what obasanjo tried to do, but obasanjo should have run for another office.

i tink obasanjo should have had an open discussion on the merits of having no term limits. he went about it the backward way. besides, he didnt show himself worthy of it. he is too corrupt to sit in power too long

Honestly, I think if Yar´Adua continues to stay in office, the risk will be high that the worst might happen: a repetition of the "dark days" practice, namely a military coup...with the difference to the past, however, military will most likely be short-lived, for a variety of internal and external reasons which I don´t want to enlarge on ....... elections will be organized afterwards, something like what Thailand is experincing at the moment.


My fear for coups taking place is 90 percent with all the mumbo jumbo going on at the moment. The phobia I have for coups didn`t make me want to make mention of it but since you wrote about it in your quote I have decided to pour it all out.
2008 will be a defining year for Nigeria, if we get to 2009 without the worst(Miltarisation of Nigeria) happening, then to greater heights we will go.

My fear for coups taking place is 90 percent with all the mumbo jumbo going on at the moment. The phobia I have for coups didn`t make me want to make mention of it but since you wrote about it in your quote I have decided to pour it all out.
2008 will be a defining year for Nigeria, if we get to 2009 without the worst(Miltarisation of Nigeria) happening, then to greater heights we will go.
my sentiments eactly

you make good points about the need for a strong man like singapore had for a while, or the system the chinese are using. putin is doing what obasanjo tried to do, but obasanjo should have run for another office.

i tink obasanjo should have had an open discussion on the merits of having no term limits. he went about it the backward way. besides, he didnt show himself worthy of it. he is too corrupt to sit in power too long

Yes,

As for the corruption factor, you are perfectly right , I don´t plead for Obasanjo sitting in office for "eternity" but for a while longer (at least 5 more years or 10 at best).

Mahatir of Malaysia - another strongman whom I greatly respect despite his faults- , he was from form being perfect but it is his credit that Malaysia has taken the corner from a unimportant economic backwater to an Asian tiger economy. He stepped down without being forced to do so.

Obansanjo also stepped down in 1979 and he handed over a country that wasn´t really too bad but which was entirely "destroyed" by military Big Men in the years and decades that followed.

As for the open discussion on the merits of having no term limits, this would have been a viable option but I am sure Nigeria wouldn´t have supported it.

You know, Nigeria is given a very good opportunity now; favourable international climate at the moment: high oil prices which will likely stay high for the next decade, an opportunity that Nigeria should seize at any cost and investors are (re-)discovering Nigeria due to the reforms initiated during the Obasanjo period. This is the ultimate time for Nigeria to have a strongman with an acute alertness of mind to aggressively push the country forward socio-economically...this chance is being missed, however, ....at least I cannot see it.

I am not a huge fan of Yar adua but he is beginning to show the otherside of him. God-fatherism and favouritism will strive harder and even deadlier in Yar adua`s time in office because he lacks the strong-will and strong-fist to make that radical change that will mould Nigeria for better

I hope he will make good use of his gentility, if only Nigerians will accept a weakling President

AFC leads Africa’s N124bn flagship deep-sea container port project

The Africa Finance Corporation (AFC) is to lead a consortium that will develop Sub-Saharan Africa’s first deep-sea container port project at the Atlantic coastline area of Olokola.
The consortium of AFC, Dangote Group and Western Metal Product Company (Wempco) signed a memorandum of understanding (MoU) in Hong Kong on Monday, December 24 with the Olokola Export Free Trade Zone Company (OKFTZC) and the Ogun and Ondo states to develop this $1 billion (N124 billion) landmark project. It will, upon completion, dramatically transform Africa’s shipping and port capacity.
Under the structure of the MOU, the AFC-led consortium will maintain a 78 percent shareholding, with Africa Infrastructure Limited, a wholly owned AFC subsidiary carrying out the role of sole project developer/manager and AFC as the sole project financial adviser.
The host Ogun and Ondo states and the local community will hold 22 percent shareholding in the project. This is through an innovative host community investment arrangement. It is one designed to sustain the project’s local license to operate, by ensuring that the host community has a vested interest and share from the project’s success. This compelling incentive is also geared towards ensuring project work to the local community all the time.
Gbenga Daniel, Ogun State governor, described the project as “the very first in Sub-Saharan Africa to drive the economic development of our joint Atlantic coastal states of Ogun and Ondo, and make Olokola Africa’s economic gateway to the World.”
Austine O. Ometoruwa, AFC president and chief executive officer, welcomed his AFC-led consortium’s success in securing the investment partnership with the OKFTZC and the Ogun and Ondo States, and AFC’s role as sole project developer/manager and financial advisor.
“This is a landmark infrastructure project in Africa, and critical to the economic development of the region. At current all time World freight prices and given Africa’s limited shipping capacity, the Olokola Deep sea container port will deliver efficiency for Africa, providing first time access to 50 tonnage ocean container liners.

This will improve Africa’s capacity to grow its domestic economies and compete internationally. AFC is delighted to play such a pivotal role within one year of its operation to help Africa develop its infrastructure capacity under private sector leadership in a profitable way,” Ometoruwa said.
The AFC is a private sector-led investment bank and development finance institution set up to proactively create bankable infrastructural and industrial assets, and to help mobilize and channel required capital towards Africa’s economic development.

Nigeria needs N11.6trn for infrastructure
Tunji OLAWUNI, Abuja

For Nigeria to meet her energy needs, up to $20 billion (N2.48 trillion) would be required over the next six years, minister of finance, Shamsudeen Usman has told the senate.
In addition, the upgrading and expansion of the railway system will require between eight and 17 billion US Dollars for the same period. The minister’s projection for the same period indicates that $14 billion would be needed for roads and another $60 billion for oil and gas.
The minister gave these figures in a submission to the senate at a closed door session. The presentation which was accessed by Business Day covers Nigeria’s infrastructure investment requirements over the next six years.
Usman informed the lawmakers in the document that oil revenues and savings were clearly inadequate and explained that the infrastructure investment were critical to achieving the 13 per cent annual growth targeted.
He noted that for medium term plans to spur rapid growth, there is need for good macro-economic policies and adaptable fiscal policy and instruments coupled with budgetary discipline.
The finance minister noted that for Nigeria to become a top 20 country by 2020 annual growth rate of 13 to 15 per cent is required but said the country is currently achieving growth rate of six per cent under the medium term framework.
He advocated for a shift of emphasis to medium and longer term planning so as to sustain overall macro-economic stability; and achieve effective and timely appropriation of resources.
Usman in the submission said there is the need for better fiscal and macroeconomic coordination among the three tiers of government through adherence to budget implementation.
He also advocated for adoption of oil reserve fund through saving of excess crude revenues and to spend the money only on “strategic public investment under guided rule.”

Well, I was and am still in support of Obasanjo, he was not perfect , of course, he had many faults but when he took over Naija in 1999, have you forgotten what the country was like? It was a hellish shithole, a country at a complete standstill where even most of the airport lights ceased to function ...moreover, on the international scence it was a pariah state on par with Mugabe´s Zimbabwe or Pol Pot´s Cambodia...... and during his term he at least lay the foundation for a new Nigeria which would have never happened if someone like Yar ´Adua had taken over 1999: only lip-service and talking rubbish like giving 15% growth rate on average until 2020 to Nigeria. :blahblah::blahblah:How many presidents has Nigeria had so far that talked this senseless rubbish? What has Yar´adua realised so far? I am still waiting for new stuff, for visions... things are crawling at a snail´s pace and everyday I read the media, I get angry and impatient more and more! Look at Yar´Adua state because he became president: there was absolutely nothing, it was like noman´s land! Yes, he is a nice person fighting corruption but he lacks vision entirely and worldwide conncetions among so many more things. Nigeria needs a Mahitir-style leader, a strong man that puts economy above EVERYTHING ELSE IN LIFE!!! Yar´Adua lacks his quality, he is like a "cute" lame duck!

Moreover, look at Obasanjo´s brilliant team of advisers, these were people who had something in their minds: all Western educated and vibrant minds like Ngozi Okonjo-Iweala - whom I greatly respect :cheers:- among others.

Have you heard of a concept -'Dare to Bore'? It basiacally means, doing what needs to be done not for praise but so that things are done properly and this is what I believe Yar'Adua is doing. He is not praising 1 thing he is doing however, he is doing the job and not crying out for compliments or announcing what he has done a million times like it wasn't his job in the first place!

Well, I was and am still in support of Obasanjo, he was not perfect , of course, he had many faults but when he took over Naija in 1999, have you forgotten what the country was like? It was a hellish shithole, a country at a complete standstill where even most of the airport lights ceased to function ...moreover, on the international scence it was a pariah state on par with Mugabe´s Zimbabwe or Pol Pot´s Cambodia...... and during his term he at least lay the foundation for a new Nigeria which would have never happened if someone like Yar ´Adua had taken over 1999: only lip-service and talking rubbish like giving 15% growth rate on average until 2020 to Nigeria. :blahblah::blahblah:How many presidents has Nigeria had so far that talked this senseless rubbish? What has Yar´adua realised so far? I am still waiting for new stuff, for visions... things are crawling at a snail´s pace and everyday I read the media, I get angry and impatient more and more! Look at Yar´Adua state because he became president: there was absolutely nothing, it was like noman´s land! Yes, he is a nice person fighting corruption but he lacks vision entirely and worldwide conncetions among so many more things. Nigeria needs a Mahitir-style leader, a strong man that puts economy above EVERYTHING ELSE IN LIFE!!! Yar´Adua lacks his quality, he is like a "cute" lame duck!

Moreover, look at Obasanjo´s brilliant team of advisers, these were people who had something in their minds: all Western educated and vibrant minds like Ngozi Okonjo-Iweala - whom I greatly respect :cheers:- among others.

lol and what happened to Okonjo-Iweala during OBJ's tenure?? Please, you are only showing us you know the side of OBJ he wants you to know. I mean the other day, OBJ was stopped on the highway and nearly killed by the crowd of people mad at him for not doing anything for 8 years in presidency. I mean if he did sucha great job, would the common man who elected him in the first place want to physically beat him to death?

Yes,

As for the corruption factor, you are perfectly right , I don´t plead for Obasanjo sitting in office for "eternity" but for a while longer (at least 5 more years or 10 at best).

Mahatir of Malaysia - another strongman whom I greatly respect despite his faults- , he was from form being perfect but it is his credit that Malaysia has taken the corner from a unimportant economic backwater to an Asian tiger economy. He stepped down without being forced to do so.

Obansanjo also stepped down in 1979 and he handed over a country that wasn´t really too bad but which was entirely "destroyed" by military Big Men in the years and decades that followed.

As for the open discussion on the merits of having no term limits, this would have been a viable option but I am sure Nigeria wouldn´t have supported it.

You know, Nigeria is given a very good opportunity now; favourable international climate at the moment: high oil prices which will likely stay high for the next decade, an opportunity that Nigeria should seize at any cost and investors are (re-)discovering Nigeria due to the reforms initiated during the Obasanjo period. This is the ultimate time for Nigeria to have a strongman with an acute alertness of mind to aggressively push the country forward socio-economically...this chance is being missed, however, ....at least I cannot see it.

Do you release how corrupt Obasanjo really was?? i mean his wife bought a 1 billion Niara necklace, back when it was worth about 100 million dollars. Now if he can spend that much on jewelery, what did he actually embezzle in total?

Nixoderm,I never said that Obasanjo was perfect. anyway, Can you please show me the articles? Neither my Dad nor my Nigerian relatives told me anything about what you are talking!

Look, I am sure you didn´t get my point. You are anti-Obansanjo but I still prefer him to Yar´adua whose days are counted....what did he do in office? "being unable to move", is far too little. I want to see action but I don´t see any.

I don't like Yar either! What we need is a very cosmopolitan, young, modern and aggresive president. Who knows what they want and will get it! Someone like Fashola governor of Lagos! Look at lagos now, he has been in office on 6 months and he has transformed the state and continued what his predecessor started!! I would also love a nationalist who would struggle to make Nigeria top class!

My fear for coups taking place is 90 percent with all the mumbo jumbo going on at the moment. The phobia I have for coups didn`t make me want to make mention of it but since you wrote about it in your quote I have decided to pour it all out.
2008 will be a defining year for Nigeria, if we get to 2009 without the worst(Miltarisation of Nigeria) happening, then to greater heights we will go.
:applause:

My fear for coups taking place is 90 percent with all the mumbo jumbo going on at the moment. The phobia I have for coups didn`t make me want to make mention of it but since you wrote about it in your quote I have decided to pour it all out.
2008 will be a defining year for Nigeria, if we get to 2009 without the worst(Miltarisation of Nigeria) happening, then to greater heights we will go.

There isn't going to be a coup in Nigeria so dead that thought. Nigeria is going through alot but let's just remain hopeful.

Nixoderm,I never said that Obasanjo was perfect. anyway, Can you please show me the articles? Neither my Dad nor my Nigerian relatives told me anything about what you are talking!

Look, I am sure you didn´t get my point. You are anti-Obansanjo but I still prefer him to Yar´adua whose days are counted....what did he do in office? "being unable to move", is far too little. I want to see action but I don´t see any.

Stop sounding like a cry baby, Yar'adua's days aren't counted. Like you I preferred OBJ's style but let's just give Yar'adua a chance, he still has a long time to go.

The 2020 plan is not nonsense, and it wasn't created by the Yar'Adua Government. It was created by people like Charles Soludo during Obasanjo's Government. Charles's Soludo being one of the best economists on the continent. You speak about new oil explorations in Angola and Mineral exploits, but if there is a country that has underutilized it's resources, especially it's mineral resources more than Nigeria, please let me know!

As for a coup, I don't really see one happening. Most politicians in Nigeria today only have financial power, they don't have any military backing. The opposition are not clearly defined, and there are more than a hundred men that want Yar'Adua out of power. If Yar'Adua is to leave office, it will stem from his own party. PDP is so dominant in Nigeria today.

My perspective of Yar'Adua is that he is slow, but legitimate. He came to office illegitimately, and that is having some impact on the course of his decisions, but I don't see him as a genuinely corrupt individual.

Nixoderm,I never said that Obasanjo was perfect. anyway, Can you please show me the articles? Neither my Dad nor my Nigerian relatives told me anything about what you are talking!

Look, I am sure you didn´t get my point. You are anti-Obansanjo but I still prefer him to Yar´adua whose days are counted....what did he do in office? "being unable to move", is far too little. I want to see action but I don´t see any.

A month after Yar'Adua's election I remember warning you all about his character: indecisive, slow, and totally lacking bodlness or charisma. His only recourse is "the rule of law" - which he's obsessed with. I would argue that with poor infrastructure, rampant corruption, and mass poverty, the rule of law doesnt mean much for the layman. Remember his pledge to announce a power national emergency? His pledge to fix the Delta problem? etc. etc.

To put icing on the cake he's currently being manipulated, and blackmailed, to get rid of not only Ribadu but most high ranking officers at the EFCC. The argument that Yar'Adua is checking Obasanjo's residual influences is pathetic. Obasanjo's own daughter is under investigation by the EFCC, so is the father of corruption and PDP wallet, Ibori. Thsi coincides with the return of dirty crooks like Igibenedion from Morocco, and Peter Odili's reemergance at the public level.

I still stand by what I said, Yar'Adua will go down history as another Shagari. Also I see increasing signs of his own party getting rid of him. I agree with you Matthias on this one. My only hope now is that while in power, Yar'Adua would fix the rotten electoral system.

Stop sounding like a cry baby, Yar'adua's days aren't counted. Like you I preferred OBJ's style but let's just give Yar'adua a chance, he still has a long time to go.

Come on, wake up and stop dreaming, so the shock won´t be too hard afterwards.

A month after Yar'Adua's election I remember warning you all about his character: indecisive, slow, and totally lacking bodlness or charisma. His only recourse is "the rule of law" - which he's obsessed with. I would argue that with poor infrastructure, rampant corruption, and mass poverty, the rule of law doesnt mean much for the layman. Remember his pledge to announce a power national emergency? His pledge to fix the Delta problem? etc. etc.

To put icing on the cake he's currently being manipulated, and blackmailed, to get rid of not only Ribadu but most high ranking officers at the EFCC. The argument that Yar'Adua is checking Obasanjo's residual influences is pathetic. Obasanjo's own daughter is under investigation by the EFCC, so is the father of corruption and PDP wallet, Ibori. Thsi coincides with the return of dirty crooks like Igibenedion from Morocco, and Peter Odili's reemergance at the public level.

I still stand by what I said, Yar'Adua will go down history as another Shagari. Also I see increasing signs of his own party getting rid of him. I agree with you Matthias on this one. My only hope now is that while in power, Yar'Adua would fix the rotten electoral system.

Very well said!:applause::applause::applause:

I don't like Yar either! What we need is a very cosmopolitan, young, modern and aggresive president. Who knows what they want and will get it! Someone like Fashola governor of Lagos! Look at lagos now, he has been in office on 6 months and he has transformed the state and continued what his predecessor started!! I would also love a nationalist who would struggle to make Nigeria top class!

Agree on all what you said expect the factor "young". Presidents should have a certain age and "lordliness", surely one of the reasons why D. Duke never made it.

Syke Bank to Acquire Gambia’s 3rd Largest Bank
Syke Bank is on the verge of acquiring The International Bank for Commerce (IBC), Gambia's third largest bank.
A Gambian newspaper, Allgambia, had reported at the weekend that Skye Bank is on the final stages of acquiring a 100 per cent stake in the bank.
The report added that the Gambian Bank, which is part of the Abass Group of Companies, with headquarters in Banque Mauritanie Pour Le Commerce Internationale (BMCI), would be sold to Skye Bank for about US$20 million.
If the deal goes through, Skye Bank will become the fourth Nigerian bank after First International, Gua-ranty Trust Bank Plc and Access Bank Plc to set up shops in the Gambia in the last few years.
The International Bank for Commerce was incorporated as a limited liability company in The Gambia after acquiring the BICIS Bank in August 1997.
Skye Bank Plc was formed two years ago from the merger of Prudent Bank, EIB International Bank, Bond Bank, Reliance Bank and Cooperative Bank.
Skye Bank has concluded arrangements to raise N50 billion from the capital market to enhance its capital base and boost its competitiveness in the market.
The public offer, which is expected to open within the next few days will provide the investing public opportunity to buy into a fast growing and value adding institution with high returns on investment.
Specifically, the bank intends to raise N18 billion through rights issues while the balance of N32 billion would be raised through a public offer.

Over and over again, we have tried to convince ourselves that Nigeria is getting better but reality is beginning to dawn on us all. Lets pray and hope and pray what you are about to read below doesn`t blow your minds.

It scares me to death. This is A-behind-the scene-write-up

"Yar adua is beginning to lose his grip on power to sycophants and blackmailers. Things will soon go ugly, the military will issue an informal warning, things will get uglier instead, Nigeria may be miltarised, Civillians will take up arms to fight for themselves. This they(Nigerians) will do because they have been pushed too far to the extreme. Nigeria will be liberated. It will be called the 2008 revolution"

I am still hoping it doenst at all happen. Thats why I said 2008 will be a defining year for Nigeria. Take it or Leave it!!!

There isn't going to be a coup in Nigeria so dead that thought. Nigeria is going through alot but let's just remain hopeful.


Of Course we are hoping and praying it doesn`t all happen as long as this po-loot-icians will keep their asses together.

Over and over again, we have tried to convince ourselves that Nigeria is getting better but reality is beginning to dawn on us all. Lets pray and hope and pray what you are about to read below doesn`t blow your minds.

It scares me to death. This is A-behind-the scene-write-up

"Yar adua is beginning to lose his grip on power to sycophants and blackmailers. Things will soon go ugly, the military will issue an informal warning, things will get uglier instead, Nigeria may be miltarised, Civillians will take up arms to fight for themselves. This they(Nigerians) will do because they have been pushed too far to the extreme. Nigeria will be liberated. It will be called the 2008 revolution"

I am still hoping it doenst at all happen. Thats why I said 2008 will be a defining year for Nigeria. Take it or Leave it!!!

Nigeria…..Military, The Nigerian Military is tainted and has become synonymous with pain and suffering. If the Military were to force their way into power ‘Again’, with the militants in the delta, liberation movements all over Igbo-land and the occasional genocidal tendencies of the people up north…How long do you think the country will hold together?

Why would you want to disclose a "master plan" if it would help and improve the country? A politician's interest is supposed to better the state of his/her nation, if your going to deny the process soley on the base of "politics" then in my eyes your a crook. I personally like Yar' Adua he seems like a genuine guy with a great vision, but in politics nice guys don't always succeed. You need to have some cajones, that being said Obsanjano was the one who initiated the reforms, apart from Matthias no one here is giving him credit.

I agree wholeheartedly…I believe the progression of the nation state should be priority, above all. But in Nigeria, Ethnicity tends to be in all things, like the Holy Spirit.

I liken Nigeria to a Tree, with ethnicity forming the roots. Something Nigeria does not need but cannot function without.

Syke Bank to Acquire Gambia’s 3rd Largest Bank
Syke Bank is on the verge of acquiring The International Bank for Commerce (IBC), Gambia's third largest bank.
A Gambian newspaper, Allgambia, had reported at the weekend that Skye Bank is on the final stages of acquiring a 100 per cent stake in the bank.
The report added that the Gambian Bank, which is part of the Abass Group of Companies, with headquarters in Banque Mauritanie Pour Le Commerce Internationale (BMCI), would be sold to Skye Bank for about US$20 million.
If the deal goes through, Skye Bank will become the fourth Nigerian bank after First International, Gua-ranty Trust Bank Plc and Access Bank Plc to set up shops in the Gambia in the last few years.
The International Bank for Commerce was incorporated as a limited liability company in The Gambia after acquiring the BICIS Bank in August 1997.
Skye Bank Plc was formed two years ago from the merger of Prudent Bank, EIB International Bank, Bond Bank, Reliance Bank and Cooperative Bank.
Skye Bank has concluded arrangements to raise N50 billion from the capital market to enhance its capital base and boost its competitiveness in the market.
The public offer, which is expected to open within the next few days will provide the investing public opportunity to buy into a fast growing and value adding institution with high returns on investment.
Specifically, the bank intends to raise N18 billion through rights issues while the balance of N32 billion would be raised through a public offer.

the consolidation has had positive effects for the whole region. good news. and it integrates the economies, which has a long term positive effect.

2007: Economy in retrospect


The nation’s economy witnessed significant growth in the outgoing year in spite of the drag caused by the Federal Government’s inability to address the power crisis and pervasive sense of insecurity due to incessant militant activities in the Niger Delta as well as the violence prone general elections in April.

Prudent monetary policy forced inflation down to 4.6 per cent in October, from 6.3 per cent in the third quarter of 2006. Gross Domestic Product, however, slipped to 6.05 per cent as at end of the third quarter, down from 7.5 in the corresponding period of 2006.

However, food inflation remained in double digits for most of the year, as increasing transportation costs and other overheads saw prices of basic commodities rise.

The Monetary Policy Rate was reduced from 10 to eight per cent mid-year and later rose to nine per cent in October and again to 9.5 per cent December, as the Central Bank of Nigeria attempted to control liquidity in the system.

Buoyed by the nation’s growing foreign reserves and the success of the deregulation of the foreign exchange market, the naira appreciated significantly in the year to N118 per dollar by December, up from N126 per dollar a year ago.

However, for the first half of the year, little attention was paid to economic matters by the Olusegun Obasanjo administration as the focus was on the April elections and its aftermath. A rift in the Presidency, and jostling for power by the big actors dominated the polity.

After the dust had settled, however, Obasanjo irritated Nigerians with a last-minute hike in the prices of fuel and an increase in VAT from five to 10 per cent in May. The current government quickly reversed these decisions.

In August, shortly after the inauguration of President Umaru Yar’ Adua, Nigerians were also shocked by the announcement by Governor of the Central Bank, Prof. Charles Soludo that the naira would be re-denominated with the removal of two zeros. As debates for and against the move raged, President Umaru Yar’Adua, who apparently was in the dark, “suspended” the decision. Soludo, to the surprise of many, kept his job.

Overall, 2007 was a good year for the financial services sector as the banks consolidated further through series of capital raising exercises both in the local and domestic market and increased their spread in terms of branch network and ATM deployment. The declared huge profits, though they have drawn flak for apparently failing to impact as much as expected on the real sector, especially the small and medium enterprises.

The stock market was hot, as stocks reached record highs. Many companies also came to the market either by way of listing or through initial public offerings, while many banks made return trips to raise more funds.

Telecom operators also saw a huge growth in network coverage and profits, while insurers also went through a controversial consolidation exercise that saw the number of operators pruned to 49 down from 103.

For manufacturers, it was a mixed bag. The blue chips had little reason to complain as they were able to raise money cheaply from the capital market or from banks, while the small and medium enterprises still struggled with the problems of infrastructure, which impacted negatively on their ability to secure loans from banks.

We will take a brief look at what happened in the major sectors.

Stock Market; Boom time all the way

Investors reaped bountiful returns in the nation’s stock market, which grew by over 100 per cent in the outgoing year, an outstanding performance even for an emerging market economy.

Increasing awareness about opportunities in the stock market, scores of IPOs, public offers and new listings and the influx of foreign investors seeking high returns, even in the face of risks, sent many stocks soaring to record levels during the year.

The Nigeria Stock Exchange All Share Index closed at a historic high of 56,863.41 on December 28, up from 33,601.41 on January 1, 2007, while the market capitalisation of all the 212 listed equities peaked at N9.98tn, just millions shy from the N10tn mark. At the beginning of the year, market capitalisation was N4.3tn.

Federal Government of Nigeria Bond yields were also high, hovering around the 10 per cent mark and many institutional investors and foreign entities found a safe haven for mediu to long term funds, though secondary market bond trading was largely insignificant.

As expected, most of the big public offerings were by the banks, which had set a psychological benchmark of $1bn (N120bn) as the new capital base for industry players.

The value of IPOs, public offerings, private placements and new listings as at December was N969bn. Banks alone raised over N600bn.

The big ones include Oceanic Bank’s N55.4bn public offer and UBA Plc’s N39bn public offer and N14.4bn rights issue in March/April; Diamond Bank’s N17bn placing; First Bank’s N58.2bn hybrid offering in May/July; Access Bank’s N70.3bn public offering in July/August; and International Breweries’ N120bn public offer in August/September.

Other notable offerings are Fidelity Bank’s N45bn offering in September/November; Afribank Plc’s N100bn offer for subscription; First City Monument Bank’s N63bn offer in October/November; Zenith Bank’s N130bn hybrid offering still ongoing and Costain West Africa’s N54 offer and rights issue, also on going.

Feelings that the market was bloated were confirmed at the end of the third quarter as stocks plunged in an apparent market correction, but the bears were soon overcome and significant recovery has been seen in virtually all sectors, as the year comes to a close.

Investor sentiments favour an even stronger performance in the coming year and market operators are confident that given the persistent high liquidity in the economy, the stock market remained a good option for investments, moreso when the fortunes of the real sector is expected to improve as the financial services sector begins to impact more effectively on not just the blue chips, but also the critical SME sector.

Oil and Gas: Held down by militants

By now, oil and gas sector players have learnt to sleep with one eye opened. Militant activity on a daily basis in the Niger Delta has made nonsense of work schedules and the only meaningful activity being done is in the deep offshore where militants cannot reach.

Attacks on oil installations and personnel in the Niger Delta, amid the cat and mouse with military, have raised the premium on labour contracts. Few oil workers want to come to Port Harcourt, Warri or anywhere close.

The year has seen a series of shut downs of facilities such that Nigeria was unable to realise the full potential earnings of the windfall from record oil prices. For most of the year, Nigeria exported just 75 per cent of normal capacity as the militants ruled the creeks.

Of all the oil and gas majors, only the Nigeria Liquefied Natural Gas Limited in Bonny had some peace. Shell, Chevron, Agip and Total all fell victim of attacks.

Fortunatelly, there were no real fuel shortages in 2007, except for supply disruptions due to hoarding in the first week of July. Import programmes went on schedule as major importers and a few smaller players fed the strong local demand.

The same could not be said for gas both for industrial and domestic consumption. Gas supplies to the thermal stations, especially Egbin, in Lagos States, were disrupted several times largely due to militant attacks on pipelines supplying the Nigerian Gas Company as well as periodic maintenance by NGC.

Cooking gas supply for most of the year was sub-optimal as marketers relied on importation from abroad, including from plants in Benin Republic. In December, cooking gas price climbed to a record N5,000 per 12.5 kilogramme refill, in spite of claims that a Federal Government-sponsored programme to ensure gas supplies from ExxonMobil facilities reached Lagos ports on a regular basis had commenced.

The gas situation has resulted in continuous drop in power supply, which averaged 3,000 megawatts for the year. The thermal stations inaugurated by former President Obasanjo did little to boost supply, as they were not fully completed before the cosmetic inaugurations.

The Independent Power Plant sector, expected to complement government’s efforts to boost power supply did not witness any growth as the expected privatisation of the unbundled units of the Power Holding Company of Nigeria did not take place. There is still confusion over the prices of gas and no agreements have been reached over the appropriate tariff to be charged by commercial power generators.

The refineries sector, as usual, remained comatose for the whole year, though Nigerians have been promised that Warri and Kaduna would return to production in January.

An attempt to conclude the privatisation of the Port Harcourt and Kaduna refineries by selling them to an indigenous conglomerate, headed by Aliko Dangote, was reversed after a hue and cry by vested interests, though many thought that this was the best option. Government has voted about $90m for turnaround maintenance.

However, about three private companies took steps towards the setting up of private refineries in the east, but it is not clear if the projects will mature due to high cost and the fact that the downstream petroleum sector was not yet fully deregulated.

The year also saw the exit of the former Group Managing Director of the troubled Nigerian National Petroleum Corporation, Mr. Funsho Kupolokun, who spearheaded the partial deregulation of the oil and gas downstream sector.

The NNPC, in spite of efforts to inject fresh blood, has remained an inefficient monolith and has not achieved its dream of being a world-class oil company in the league of Malaysia’s Petronas or Brazils’ Petrobras, due to its being subject to direct control from the Presidency.

In the third quarter, it was announced that the NNPC would be split into five units, but without any legislation to back that up yet, no such thing has happened.

Incidents of pipeline vandalism in the east and southern parts of the country also resulted in heavy loss of lives as desperate criminal continued to drill pipelines, which remained generally unsecured.

Also incidents of kerosene explosion were reported as substandard petroleum products continued to be smuggled into the markets.

Financial services: Big profits, little else

The banking sector has been the dominant sector of the economy in terms of visibility, and business headlines, but many are not satisfied that the sector recapitalisation and consolidation had impacted positively on the real sector as expected.

The big banks, have seen balance sheet- size cross the trillion naira mark and profits are being declared in two digit billions, but most of the business of the banks, according to insiders are directed towards the blue chips and large customers.



However, banks have been able to successfully mobilize cheap deposits across the nations through their increasing branch network and aggressive marketing of new and innovative products.

Increased confidence in the banking system has also enable banks return to the capital market shortly after the initial round of consolidation to raise more funds and most public offers have been highly over subscribed.

The banking sector also saw the entry of more foreign ownership as banks floated global depositary receipts in foreign markets and some overseas investors took major positions in banks such as Diamond Bank, FCMB and Access Bank. Standard Bank of South Africa was able to take a controlling position in IBTC Chartered Bank Plc in the third quarter.

Fears of foreign domination of the banking sector has prompted the Central bank of Nigeria to say that the top ten banks are considered national assets and no foreign firm will be allowed to take control. Rather foreigners are welcome to set up banks in Nigeria.

In spite of criticism that bank have failed to energise the real sector, manufacturing companies’ fortunes increased during the year on average with many blue chips recording increased profitability due to cheaper funds from the banking system and increased access to consumer credit.

Indeed, the banks, under increased shareholder pressure to deliver blockbuster returns, have liberalised lending terms and are increasingly turning to retail banking to boost the bottom line. This year a slew of retail products, designed to lift consumer spending has impacted on manufactures, and importers of consumables, especially electronic and even car dealerships.

The aggressive stance of banks is also being extended offshore with many big banks seeking or extending footholds in the West African sub-region.

Insurers, had a difficult year overall as the controversial consolidation exercise gave many executives sleepless nights.

Following a review of the consolidation programmes, the Federal Government forcefully took over NICON Insurance and Nigeria Re, from core investor, Mr. Jimoh Ibrahim, who is currently disputing the move in court.

However, the eventual release of insurance funds, kept in escrow, for months, after the exercise ended, has boosted confidence in the sector, and already, insurance stocks are receiving a lot of attention from investors

On another hand, the microfinance sector, eventually took off with dozens of new microfinance banks registered for business. However, about 145 defunct community banks were axed by the CBN, for failing to convert to MFBs.

The MFB sector is being looked upon to provide the much-needed micro-credit to the huge informal sector, and contribute to poverty reduction.


Telecom: Making money from airwaves


Telecom sector operators reaped record profits on account of consistent strong demand for services, increased coverage of the Nigerian space and the influx of cheap mobile phone, especially Chinese-made clones of the major brands into the Nigerian market.

Indeed, Nigeria overtook South Africa in subscriber base as MTN, for example, now has more subscribers in Nigeria than in South Africa. The number of activated mobile lines grew to 25 per cent to 40milion lines, up from 29million a year ago, while the number of base station increased by about 4,000 over last year’s figure to 10,000.

Teledensity – number of telephone line per thousand – grew from 24.3 in 2006 to 28.4 in the outgoing year.

The award of universal licenses to a number of operators saw a reconfiguration of ownership structure in the industry. MTN bought over VCG Communications, while South Africa’s Telkom bought 75 per cent controlling interest in Multi-links for $285m. New players on the block - Alheri Engineering, owned by Aliko Dangote and VisaFone, owned by Jim Ovia joined the battle for the airwaves this year. The Federal Government also issued 3G licences to MTN, Globacom, Celtel and Alheri with a promise to move value added service offering for mobile phone users.

Mubadalla Development Company of the United Arab Emirates also got a unified service access licence, which includes a GSM licence, while Sudatel of Sudan bought 70 per cent local operator, Intercellular for $50m.

However, mobile operators, failed to please customers fully during the year as the unbridled sale of lines and bogus promotions resulted in network congestion. This attracted the attention of the Nigeria Communication Commission, which fined N20m for embarking on promotional activities contrary to NCC activities. The National Assembly, in December, also “banned” MTN from selling more phone lines.

GSM operators are also in court over NCCs attempts to impose huge fine for poor quality of service.

Also, following the launch of Nigeria’s communications satellite, NigComSat1, designed to boost the nation’s communication’s infrastructure, the owner company, NigComSat ran into stormy waters over its decision to render all inclusive telecom services.


Trade and Commerce: At the crossroads



Efforts to grow the non-oil sector, mainly agriculture, has continued to experience hiccups as policy summersaults sent confusing signals to potential investors.

Nigeria, which imports food worth $3bn a year failed yet to get her agricultural and industrial policy right. The much hyped $5bn cassava policy, appears to have been jettisoned after the exit of Obasanjo.

High cost of inputs, especially fertiliser, almost non-existent storage facilities and largely manual methods of farming across the nations has resulted in low output and high wastages of fruits, food and cash crops and much of the expected agricultural revolution remains a matter of conjecture, with more energy devoted to seminars than actual production.

Manufacturing sector capacity utilization dropped from 46.7 per cent at the begging of the year to 42.4 per cent as at November, poor infrastructure, especially non-existent power supply forced many companies into oblivion. Indeed, about 122 textile firms collapsed in the last 24 months, dozens, this year alone according to the industry association.

The iron and steel industry, is yet to take-off despite a controversial sale of Ajaokuta Steel and Delta Steel to Indian investors. The Aluminuim Smelter Company in Akwa Ibom State also has some challenges concerning personnel and has yet to resume production.

The SME sector did not fare to well in the outgoing year, largely of account of infrastructure issues. Also the CBN reviewed the Small and Medium Enterprises Equity Investment Scheme, which provides that banks set aside 10 per cent of profit for SME investments to the effect that such commitments were no optional. Moves by the Small and Medium Enterprises Development Agency to jump start the SME sector by the creation of industrial parks in collaboration with state governments and banks did not yield any result in the outgoing year.

However, a number of agro-allied industries involved in fruit juice, poultry products processing are growing

However, heavy industries, such as cement appeared to fair better as new investment such as the Obajana factory being positioned to support an anticipated construction boom.

Local industries are also being confronted with the specter of Nigeria succumbing to European Union threats to sign the controversial free trade agreement, which they say will open up Nigerian markets to cheap, subsidised European goods and further weaken the manufacturing sector.

The Manufacuters Association of Nigeria claimed that the nation would lose $680m annually, if she signs the EPA. However, Nigeria’s failure to sign the agreement by December 31 (today) means that the tariff on exports such as cocoa to the EU will rise to 15 per cent, up from 4.5 per cent, under the existing terms.


Transport: Mixed bag


Transport sector operators continued to incur huge costs due to the deplorable state of major highways. While fleet sizes of the major bus and truck operators have grown, high cost of maintenance and road accidents have impacted negatively on their bottom lines.

Water transportation remains limited to ramshackle boats which ply the river routes in the west, though the quality of transportation some parts of the Niger Delta has improved in terms of quality of vessels used. However, Nigeria has been unable to make use of the Niger/Benue river combinations to move goods along the north-south axis due to the failure to dredge the rivers to accommodate large vessels.

As regards the railways, it was still the same old story. Plans by the Obasanjo administration to contract the Chinese to reconstruct the Lagos-Kano line are being reviewed by the current government. The share of the railways as regards tonnage per kilometer has continued to dwindle with must of the heavy haulage this year, done by road.

The aviation sector, however, saw a significant boost in terms of fleet size and modernisation.

Arik Air set the new benchmark for operators with its acquisition of new aircraft including Boeing 737-800 regional jets and Bombardier Dash-8 turbo props, aprt from order for the revolutionary Boeing 787 Dreamliner. The carrier’s fleet grew from 13 in January to 18 at present. Other carriers are being forced to modernize their fleet.

Chanchangi Airlines has 11 aircraft, Bellview, six and IRS four

Also, the new domestic terminal of the Murtala Mohammed Airport, Lagos became fully operations this year. The ultra modern concourse, built with private funds, features state-of-the-art facilities and a new airport hotel project is on going.

Airlines have also embraced e-ticketing, which in collaboration with financial institution, will be the new payment mode for air travel as from 2008.

On the international scene, three carriers – Arik, Virgin Nigeria and Bellview were designated on United States routes and are expected to commence operations by the second quarter of 2008.


Overall, analysts agree that the economy is on the path to recovery, largely on account of financial sector reforms and prudent fiscal policies.

However, it is clear that with except drastic action is taken to boost the power sector, revive the railways and ensure stability of policies to engenger investor confidence, Nigeria dream to become of the top 20 economies by 2020 will remain a mirage.

today, on the last day of the year, nigeria cross the 10 trillion naira threshold on the stock exchange capitalisation.

Of Course we are hoping and praying it doesn`t all happen as long as this po-loot-icians will keep their asses together.

There's so much more to executing a coup than people think, right now as things stand in the world there won't be a coup in Nigeria. So it's not even about hoping and praying, it's about the fact that it won't even happen.

There's so much more to executing a coup than people think, right now as things stand in the world there won't be a coup in Nigeria. So it's not even about hoping and praying, it's about the fact that it won't even happen.

i like your confidence, but what is is based on?

i think its unlikely there will be a coup since so much is invested in the country, but you cant be certain

Do you know what's really interesting. The whole africom business with the US. This talk of coups with the US in sight is giving me shivers!

look forget about coup..one is baseless about this time...there might be a couple of jitters but we'll get on track..dnt even wrry bout tht

i like your confidence, but what is is based on?

i think its unlikely there will be a coup since so much is invested in the country, but you cant be certain

It's because the foundation has been set that it'll be harder to pull off a coup. A coup will only succeed when there's an outcry for one and right now the body language of the Nigerian people say that they are tired of coups, they would rather take the worst cilivial government than face the "best" military government. And also why do you think the top ex military boys favored OBJ to become president back in 1999? It's because they wanted somebody who had military experience and who knows how to set up the system whereby it would be hard to execute a coup; ie: mobile phones etc. Bottomline is that a coup won't happen and some Nigerians need to get that thought out of their heads.

It's because the foundation has been set that it'll be harder to pull off a coup. A coup will only succeed when there's an outcry for one and right now the body language of the Nigerian people say that they are tired of coups, they would rather take the worst cilivial government than face the "best" military government. And also why do you think the top ex military boys favored OBJ to become president back in 1999? It's because they wanted somebody who had military experience and who knows how to set up the system whereby it would be hard to execute a coup; ie: mobile phones etc. Bottomline is that a coup won't happen and some Nigerians need to get that thought out of their heads.
from your lips to God's ears

Ondo attracts $15b investment to free zone

THE Ondo State government and the Federal Government have concluded arrangements to attract $15 billion foreign investments to Olokola free trade zone within the next two years.

Chief of Staff to the Ondo State governor, Mr. Femi Agagu, said yesterday in Akure, that already, the government and some private companies had attracted a $2.5 billion fertilizer plant to the zone.

He told the News Agency of Nigeria (NAN) that two foreign firms had concluded arrangements to establish two petro-chemical plants in the zone, which is located between Ondo and Ogun states.

The chief of staff said that Toyota Motor Company had also indicated its intention to locate its assembly plant in the zone.

Agagu said the state government had equally secured a license from the Federal Government to establish a multi-million-naira seaport in the zone.

He said the seaport project would be a joint venture between the government and some private enterprises because the Federal Government had no interest in building more ports in the country.

The chief of staff, therefore, advised the restive Niger Delta youths in Ondo State to make use of the opportunities coming their ways instead of engaging in restiveness, which would not benefit them in any way.

He said, what the government was doing now with the money allocated to the Ondo State Oil Producing Areas Development Commission (OSOPADEC) in providing basic infrastructure would be a lasting legacy.

Agagu said: "We are determined to change the oil producing areas now because one day the oil will dry up and there will be no more derivation money.

"This is why we are taking this area to a high level that will ensure quantum lift of their economy.''

lol was jst about to post this

The piece of news is important and very annoying at the same time:ohno:




Nigeria corruption tsar sidelined


http://newsimg.bbc.co.uk/media/images/40969000/jpg/_40969617_efcc203.jpg
Nuhu Ribadu was promoted in April

The head of Nigeria's anti-corruption unit has reportedly been ordered to go on year-long study leave, in an apparent attempt to sideline him.

Nuhu Ribadu, who has spearheaded Nigeria's attempts to combat financial crime, is involved in the prosecution of seven former state governors.

Observers say that if he is removed from his post, it will be a blow to President Umaru Yar'Adua's credibility.

The president came to power in May promising to fight rampant corruption.

Reports say Mr Ribadu was told to tender his resignation in readiness for further studies.

Nigeria's police chief Mike Okiro called a press conference to say there were no ulterior motives behind the move, and that Mr Ribadu had been ordered to attend a one-year policy and strategic studies course in central Nigeria.

The BBC's Alex Last in Lagos says that despite the official denials, the notion that Mr Ribadu may be removed from office is highly controversial and invites suspicion that the move is designed to hinder the campaign against corruption.

In the last few months the agency has arrested a number of former state governors, most recently James Ibori from Delta state: a hugely wealthy and powerful politician who was a key figure in President Yar'Adua's election campaign.

Promotion

In April, outgoing President Olusegun Obasanjo promoted Mr Ribadu and gave him a new four-year mandate to co-ordinate anti-corruption work.

His critics, who saw Mr Ribadu as an ally of Mr Obasanjo, said he was being rewarded for silencing the opposition.

Chris Albin-Lackey, researcher on Nigeria at Human Rights Watch, told Reuters that if Mr Ribadu's suspension goes ahead, "the day he leaves office will be the day the credibility of Nigeria's 'war on corruption' is entirely destroyed".

The campaign group Transparency International, describes Nigeria as one of the most corrupt countries in the world.

The Economic and Financial Crimes Commission (EFCC) under Mr Ribadu has convicted over 150 persons involved in economic and financial crimes since its establishment in 2003.

http://news.bbc.co.uk/2/hi/africa/7162719.stm

US ad agency lists Nollywood in top 80 for 2008

EFFORTS by Nigerians to tell their stories through the video medium have reverberated in the United States where the Nigerian film industry, popularly called Nollywood, has been picked by JWT, US largest advertising agency, as one of the 80 things to watch in 2008.

Nollywood is number 49 on the list, a few notches above Mobile Technology explosion which stands at 44. Some others on the list include: Africa — foreign investment and development, Antibiotic backlash, Assisted marriage, Brain exercises, Higher education online, and French President Nicholas Nicolas Sarkozy, just to name a few.

“These people, products, places, services and shifts will help define 2008,” according to Ann Mack, director of Trendspotting at JWT.

“By examining what will resonate with people or drive their thinking and behaviour, we can identify larger patterns that will shape all of our lives in the years to come. Love it or hate it, technology continues to be a common trend on our list. It drives the serendipitous randomness that throws up chance connections, ground breaking discoveries and great business ideas,” Mack added.

Since the cult film, Living in Bondage, in 1992, the country’s movie industry has steadily risen to become the third largest in the world after America’s Hollywood and Bollywood of India. But while the latter rely on heavy budget and cinematic technology, the Nigerian producers work on shoe-string budget, sometimes about N1 million although some have recently hit about N5 million, using the handheld video recorder to knock out films within 10 days.

Technology has also been on the side of the industry. The advent of the digital video and high definition (HD) cameras has impacted heavily on the industry making it possible for the teeming producers to churn out high quality products, defying time and cost.

According to an agency report, “the films go straight to DVD and VCD. At least 50 new titles are delivered to Nigerian shops and market stalls every week, where an average film sells 50, 000 copies.

A hit may sell several hundred thousand. Disks sell for around N200 each, making them affordable for most Nigerians and providing astounding returns for the producers.”

The report which credits what it calls the Nigerian phenomenon to two main ingredients — Nigerian entrepreneurship and digital technology— values the industry at $500 million a year.

However, this report is coming at a time the Nigerian government remains undecided on what to do with the film industry. While most voices have suggested that no film industry anywhere in the world, including Hollywood, Bollywood and the UK film industry grows without government intervention, the Nigerian government has refused to do anything in the nature of endowment or a fund that could impact on the sector.

In the past decade, Nigerians films have become major hits in international film festival across the world including Europe and the Americas. This year they staged a major entry into the famous Cannes Film Festival in France. The films have also remained the major thrust of most of the festivals focussing on the African film industry.

“Nollywood films are proving popular in all English-speaking Africa and have become a staple on M-NET, the South African-based satellite television network. Nigeria satellite equivalent of M-NET, Hi-TV has followed suit. Nigerian stars have become household names from Ghana to Zambia and beyond. The last few years have seen the growing popularity of Nollywood films among African Diaspora in both Europe and America,” the report said.

very good news. the industry doesnt need a fund as much as it nees the government to be a government, by creating the enabling environment, better copyright protection laws and the like

Reps assure on $8.3 billion Lagos-Kano railway project

Bola Badmus, Abuja - 02.01.2008

HOUSE of Representatives has given assurance that it will pursue the completion of the $8.3 billion Nigeria Railway Modernisation Project by making funds available for it in the New Year.

Committee on Land Transport of the House gave the assurance when its members visited the equipment construction site of the project at Idu-Karmo area of Abuja.

Chairman of the committee, Honourable Abiodun Adesida, gave the promise against the backdrop of poor funding of the project which was commenced on the eve of the departure of former president, Chief Olusegun Obasanjo.

The Obasanjo administration had in March 2007 awarded the contract for the construction of a modern railway from Lagos to Kano to the contractors, China Civil Engineering Construction Corporation (CCECC), but $250 million was paid to them from the excess crude accounts, being only 3 per cent out of the 13 per cent mobilisation fees required.

Adesida, who commended the contractors for their commitment, stressed that the project could not be completed on time if more funds were not released. The chairman, who pointed out the importance rail transport system to the country’s economy because of the volume of goods it carries, said that the condition of roads could be made better if the rail transport system was rehabilitated.

“We shall do all in our power to assist government and Nigerians achieve the dream of enhanced transport sector through realising the goal of attaining a double tract rail,” Adesina assured. He, however, called on both the Special Projects Unit (SPU) under the Presidency and officials of the Ministry of Transport to harmonise their positions on the project to ensure that funds were made available under the 2008 Appropriation.

The committee boss also counseled the acting Permanent Secretary in the office of the Secretary to the Government of the Federation (SGF), Rabiu Abubakar, to ensure that the project was returned to the Ministry of Transport in the next few weeks so that some funds would be allocated to it in the 2008 budget.

This sounds re assuring with the negative reports stating that this project may be cancelled.

the amount is clearly too high. its major fraud. i would like to see it renegotiated, but that would delay it

I agree, Michaelda but unfortunately, that will delay the whole project

Sudatel acquires majority stake in Intercellular for N69 billion


Sudatel, the state telecom company of the Sudan has bought a 70 percent stake in Intercellular, in a deal that sums up to $550 million (about N68.75 billion).

This follows an agreement in principle reached between both companies in Abuja recently.
The terms of the deal are that Intercellular shareholders will get $10 million, while the company gets an immediate loan of $10 million and $30 million goes to other expenses. Sudatel is then obliged to invest $100 million (N12.2 billion) per year into the expansion of Intercellular, over the next five years.

Fidel Otuya, director of communications for Intercellular confirmed the deal to Business Day weeks back and added that the company’s shareholders had directed the management to convey their agreement to Sudatel and seal the deal before the end of last year (2007).

The monies coming from the deal will give Intercellular a stronger hand in a market in which competition is getting keener by the day.

Telephone subscriptions have galloped from about 500,000 before the deregulation of the sector in year 2001, to 46.2 million as at September last year (2007). Over 95 percent of this figure is in the hands of the GSM (mobile) companies which had exclusive rights for five years.

Established in 1998, Intercellular, a pioneer private telephony operator (PTO) has between 100,000 and 120,000 subscribers and is one of the holders of the unified licence, which allows fixed network operators carry out mobile services and vice versa.While some industry watchers believe that Sudatel would want to stamp its name on its new acquisition, Otuya, Intercellulars’ director of communication said it would be premature at this time to speak of a change of name.

Sudatel has thus prevailed in the tussle to buy a majority stake in Intercellular. It has beaten the Dangote Group, one of the contenders and cast its’ claim in iron before the Mubadala Investment Company of the United Arab Emirates, another interested party, could get on its’ feet.

Before now, Telkom of South Africa had bought a 75 percent stake in MultiLinks, another Nigerian PTO for $280 million (about N35.4 billion) just as Zenith Bank of Nigeria acquired another local PTO, Cellcom, for N4 billion and MTN bought VGC Communications for $75 million, about ( N9.5 billion).

Likewise, the Emirates Telecom Corp, Etisalat bought a 40 percent stake in a new Nigerian telephony operator, the Mubadala Investment Company, emerging from the United Arab Emirates.

Promising suitor in move to catch Nigeria’s eye

By Matthew Green in Abuja

Published: January 4 2008 23:07 | Last updated: January 4 2008 23:07

Gazprom’s move to capture a share of Nigeria’s vast gas reserves is one of the boldest forays in the global fight for African energy assets.

Representatives from Nigeria’s government and the Russian state-owned group say they are discussing a proposal under which the company would offer a package of energy investments. In return, Gazprom would gain a production foothold in some of the biggest gas deposits in the world and a presence in an export market increasingly important to the US and Europe.


The scheme, if successful, would add Russia to the ranks of Chinese, Indian and South Korean national oil companies attempting to use huge state-backed investments in Africa to gain the edge over established western companies.

An official of the Nigerian National Petroleum Corporation said multinational oil companies had invested $5bn (€3.4bn, £2.5bn) in liquefied natural gas (LNG) over the past five years, yielding revenue of $9bn. Those investments are likely to increase sharply if various planned projects come online.

Gazprom hopes Nigeria will add to its global stature but the Russian company will need patience and deep pockets if it wants to succeed in what is one of the toughest places on earth in the energy business.

Multinational companies, in partnership with the state-owned NNPC, already control most of the country’s existing gas fields, meaning Gazprom might have to start the painstaking business of exploration to generate new prospects.

“Nigeria is a good place for Gazprom to go simply because there are substantial gas reserves there,” says Stewart Williams, a senior analyst at Wood Mackenzie, the energy consultants. “But they are going to have to go out and develop their own fields. It’s a long-term commitment.”

From the Nigerian government’s point of view, it is easy to see why Gazprom would be a promising suitor.

Nigerian officials talk enthusiastically about the idea of working with the Russians, who they say share their perception that western companies have profited from Nigeria’s oil for decades without giving enough in return.

“The Russians are coming to Nigeria in a very big way,” says a senior Nigerian oil industry official. “Gazprom is saying, ‘We’re better than Shell or any other company that has exploited you for the past 50 years’.”

Gazprom has sought to *tailor its proposals to the policy objectives of Umaru Yar’Adua, Nigeria’s president, who has made overhauling the oil and gas *sector a priority since he won power in April.

Gazprom has promised to bring its considerable experience to help with one of Mr Yar’Adua’s biggest priorities – ending the chronic electricity shortages that are sapping growth in the country of 140m people, where poverty is rife.

Gazprom has offered to build a project to capture the huge quantities of gas burned off during oil production in a process known as flaring. Russia and Nigeria – the two biggest gas flarers in the world – are both trying to end the wasteful practice.

Environmental groups estimate that Nigeria burns off almost half of its roughly 5bn cubic feet of daily production because of a lack of gas-gathering networks. Mr Yar’Adua’s government has made increasingly strident threats of fines and shut-downs against oil companies to try to make them speed up progress to end flaring this year, a deadline that the companies are unlikely to meet.

However, analysts say the cost and practical difficulties of building such a project would be huge, partly because of persistent violence in the Niger Delta region, source of most of Nigeria’s oil and gas. Mr Yar’Adua’s government launched a peace initiative to try to end the unrest but an initial ceasefire has been broken by a series of attacks in recent months.

Violence has also contributed to delays in plans by multinationals to invest billions of dollars in building two more LNG plants to add to Nigeria’s single existing plant, which handles the country’s exports.

Analysts also question how profitable it would be for Gazprom to invest in helping Nigeria harness its gas for power production, given that domestic demand would reduce the amount available for export.

Given the sheer quantity of gas at stake in Nigeria, Gazprom might decide that the long-term rewards are worth the risks in a country that is increasingly keen to find new partners to replace those from the west.

Copyright The Financial Times Limited 2008

More competition :cheers:


Gazprom Nigeria move bodes ill for the west

Financial Times

http://media.ft.com/cms/6f68385c-882a-11da-a25e-0000779e2340.gif

By Dino Mahtani in London and Matthew Green in Abuja
updated 4:41 p.m. ET Jan. 6, 2008

Russia's moves to tap Nigeria's huge energy reserves will send shivers through western governments already concerned about a shortage of global gas supplies.

Gazprom, Russia's state-owned energy giant, has offered to invest billions of dollars in developing the gas sector in Nigeria, where western majors have traditionally put most of their efforts into extracting oil.

Nigeria, Africa's biggest oil exporter, is believed to have some of the largest untapped gas reserves in the world.
Story continues below ↓advertisement

Gazprom's move comes at a time when North American and European governments are increasingly turning to gas imports to meet rising demand as domestic production falls.

Western nations are also particularly keen on securing supplies of liquefied natural gas - gas cooled to a liquid so it can be transported by tankers around the globe - to reduce their dependence on vulnerable pipelines. Demand for LNG is set to reach 16 per cent of global gas demand by 2015, but supply conditions are tightening.

Delays in implementing LNG plants in Egypt, Australia, Indonesia, Russia and Iran could give Nigeria, with its giant gas reserves and accessibility for US and European markets, even more strategic importance.

Gazprom has yet to submit detailed proposals to the Nigerian government for developing its gas industry, but the company says it is willing to help capture gas currently burned as waste during oil production in the Niger Delta.

Nigerian energy officials say Gazprom executives have tabled no specific proposals to build a new LNG plant in Nigeria, which currently has a single LNG export facility.

But Nigerian officials believe that ultimately the Russians will aim to export gas through their own LNG plant, or perhaps via Nigeria's planned Trans-Sahara pipeline.

"Gazprom is talking about co-operating across the whole spectrum of Nigeria's gas industry," said a senior Nigerian energy industry official. "But their ultimate aim is to export gas to the market in Europe and America, and that would presumably be through LNG."

Analysts say Gazprom has also signed an accord to help develop an LNG plant in Nigeria's neighbour, Equatorial Guinea, which might also provide a potential route for exporting Nigeria's gas reserves to the west.

So far, concerns over cost, security, political risk and the environment as well as problems sourcing raw gas supply have hindered oil multi-nationals in meeting growing LNG demand.

"Because you have a multiplicity of factors it's not that there is a silver bullet out there that could solve these problems," said Frank Harris, an LNG expert at Wood Mackenzie, energy consultants.

Consuming countries had some cause to celebrate late last year, when a group of major companies including Chevron, Total, BP and Eni decided to build an LNG plant in Angola.

But out of 11 LNG projects thought by industry analysts to be ready for an investment decision last year, only two, in Angola and Australia, have come through. Together they should add 10m tonnes per year of production capacity - 80m less than if all 11 had been sanctioned.

Three projects in Nigeria are also falling behind schedule because of security concerns. Gazprom's offer to generate power in Nigeria from gas also raises questions about how much will be left for export.

"The Russian government wants Gazprom to anchor the expanding relationship between Nigeria and the Russian Federation," a Nigerian oil official said. "They now have to come down to the detail of what they want to do. We are waiting for them."
Copyright The Financial Times Ltd. All rights reserved.

Molue to be banned in Lagos

Lagos State government is working hard to re-brand the state to attract foreign investments.

Governor Babatunde Fashola disclosed this at an interactive session with media executives on weeken in Ikeja.
He said that the new image would be devoid of the use of the Molue (a commercial bus) as a symbol to represent the city.

Fashola expressed regret that Lagos had over the years been portrayed internationally as a city of crime with nothing positive to show.

"With such portrayals, an economic hub such as Lagos could neither attract serious investors nor investments,’’ he noted.

The governor said that crimes were not peculiar to Lagos, noting that even those countries which advertised only their renowned tourism icons and institutions had their own sleazy communities.

Fashola, who also spoke on the current federal structure in the country, argued that the Federal Government had no constitutional powers to lord it over the states since it derived its powers from them.

According to him, the people who make up the country belong to the states which constitute corporate Nigeria, noting that if these people were not there, then there could be no federal government.

he should improve the molue, not ban it. its a feature of lagos and should be improved, like what duke did not okada is calabar. he needs to make sure they all have insurance and that the passengers are safe in the buses by keeping passengers to a certain number

he should improve the molue, not ban it. its a feature of lagos and should be improved, like what duke did not okada is calabar. he needs to make sure they all have insurance and that the passengers are safe in the buses by keeping passengers to a certain number

How does one improve molue? Those buses need to go, they are old and dangerous to passengers and non passengers. They need to perfect that BRT system they are working on and sometime in the future they need to have a system where more than one bus company is running that system. Lagos shouldn't keep those coffins on wheels just because it's a "feature". Lagos needs change and Fashola is looking like he's in a position to deliver that change. Okadas should go too, they have no business operating in a civilized city.

How does one improve molue? Those buses need to go, they are old and dangerous to passengers and non passengers. They need to perfect that BRT system they are working on and sometime in the future they need to have a system where more than one bus company is running that system. Lagos shouldn't keep those coffins on wheels just because it's a "feature". Lagos needs change and Fashola is looking like he's in a position to deliver that change. Okadas should go too, they have no business operating in a civilized city.

one should modenize the molue buses, not discard them. what makes buses of the today reliable? insurance, no overflow of passengers, among other things. it being a feature of the city is important from a tourist perspective, but it seends to be modernized.

and what exatly is wrong with okada, if managed properly. you dnt want your transport system to rely on okada solely or heavily, but as an alternative on back roads, it works when does properly

one should modenize the molue buses, not discard them. what makes buses of the today reliable? insurance, no overflow of passengers, among other things. it being a feature of the city is important from a tourist perspective, but it seends to be modernized.

and what exatly is wrong with okada, if managed properly. you dnt want your transport system to rely on okada solely or heavily, but as an alternative on back roads, it works when does properly

How do you modernize molue buses? Have you been to Nigeria lately? Because if you have I doubt you'd think one could modernize molue buses. Fashola is doing a good job by getting rid of those pieces of crap because it's about time Lagos becomes a world class city. I'm talking about safety, effectiveness, law and order and you're talking about "features". As for okada, I think it needs to be phased out completely. We should be talking about efficient buses, ferries, and rail not molues and okadas in 2008.

FG, Mittal discuss 172,000 barrels per day refinery deal

The Federal Government has opened discussion with steel magnate Lakshmi Mittal for the establishment of a 10-million ton refinery, the equivalent of 172,000 barrels per day refinery capacity in the country, Business Day’s investigations have revealed.

The Federal Government has opened discussion with steel magnate Lakshmi Mittal for the establishment of a 10-million ton refinery, the equivalent of 172,000 barrels per day refinery capacity in the country, Business Day’s investigations have revealed.
This is part of government’s effort to ensure that the country not only meets her domestic fuel needs, but also exports petroleum products to neighbouring countries.

The development is also viewed by analysts as part of the Indian family’s efforts to diversify from the steel sector.

Mittal, who is also the chief executive of the world’s largest steel manufacturer, ArcelorMittal, ranks among the world’s top five billionaires. He was estimated by a reputable foreign magazine to be worth $51 billion (N6.4-trillion).

Business Day checks revealed that Mittal Investments Sarl, the holding company of Mittal family, had earlier in 2007 acquired 49 percent stake in Indian state-owned refinery Hindustan Petroleum Corporation Limited (HPCL), in a move to boost investment in the oil and gas sector.

Investigations have also shown that HPCL is Mittal’s partner in the Nigerian refinery project, which value is said to be in excess of $2.5-billion (N315-billion).

According to sources, HPCL and Mittal have already indicated interest to work with the Nigerian National Petroleum Corporation (NNPC) to examine the feasibility of setting up the new refinery.

The sources say the Federal Government has invited Mittal for exploring the possibility of setting up the refinery.

Business Day has gathered that the NNPC is to hold 40-49 percent stake in the proposed refinery.

An NNPC source told Business Day on condition of anonymity that the discussion on the refinery project was still at the presidency level.

"The issue is still at the presidency level. It has not come down to the NNPC. It is expected that in the next couple of weeks, we shall know the deatils. When it comes down to NNPC, we will sit down together and set up a technical committee," he said.

It would be recalled that Mittal had earlier in 2007 lost a bid to take over the Port Harcourt Refinery to Blue Star Consortium floated by Aliko Dangote, Femi Otedola and the Rivers State government.

The HPCL had planned to bid for the 10.5-million tones refinery with Mittal but later abandoned the deal when the result of its due diligence did not find the refinery viable, a development that made Mittal to bid for the refinery alone.

The London-based billionaire businessman recently disclosed that the family was looking at opportunities ranging from exploration and production to refining.

"We are slowly trying to grow this sector for us as a family. Not as ArcelorMittal. It is part of the family’s diversification from steel. As a family, we want to diversify into other sectors. Combine that with our knowledge and experience in steel, perhaps oil could be another sector for us," Mittal said.

Mittal established ArcelorMittal when his Mittal Steel acquired Europe’s top steel manufacturer, Arcelor in 2006.

He built his steel empire by buying government-owned, ailing steel companies around the world and turning them around.

One of his companies, Mittal Investments Sarl, joined with India’s leading oil giant, Oil and Natural Gas Corporation (ONGC) to form ONGC Mittal Energy Limited (OMEL), which won oil blocs in Nigeria.

OMEL had in the May 19, 2006 oil licensing round won Oil Prospecting Licence (OPL) 279 and 285 after committing to invest $6-billion in 180,000-barrels per day greenfield refinery, a 2,000-megawatts power plant and an East-West railway line that will run from Lagos to Port Harcourt.

OMEL paid a signature bonus of $50-million for OPL 285 and $75-million for OPL 279.

It is not yet certain if the two licences are among those being reviewed by President Umaru Musa Yar’Adua’s administration for alleged irregularities.

"I don’t remember if the (two) blocs awarded to ONGC-Mittal is also under review," Odein Ajumogobia, minister of state for energy (Petroleum), said when asked, in Saudi Arabia at an OPEC conference in November 2007, if OMEL’s Blocs 285 and 279 were among those being reviewed.

However, OMEL shunned the May 11 2007 licensing round despite being given the right of first refusal on OPL 250.

The fear that the bidding documents might not be signed properly by relevant government agencies before Obasanjo would hand over to Yar’Adua might have scared off the Asian investor.

Russia’s Gazprom in bold move to shake off West’s grip on Nigeria’s gas

Gazprom, Russia’s state-owned energy group, is seeking to win access to vast energy reserves in Nigeria in a move that will heighten concerns among western governments over its increasingly powerful grip on gas supplies to Europe.

A senior Nigerian oil industry official, who declined to be named, said the company was offering to invest in energy infrastructure in return for the chance to develop some of the biggest gas deposits in the world. The Russian move is part of a courtship that saw Vladimir Putin writing to Nigeria’s leader, Umaru Yar’Adua, last year to seek energy co-operation.
Gazprom’s efforts are likely to cause concern among European governments anxious about their dependence on Russia for a quarter of gas imports. The country’s readiness to cut off supplies has alarmed EU governments.

"What Gazprom is proposing is mind-boggling," the Nigerian oil official told the Financial Times. "They’re talking tough and saying the west has taken advantage of us in the last 50 years and they’re offering us a better deal . . . They are readyto beat the Chinese, the Indians and the Americans."

Gazprom representative Ilya Kochevrin confirmed the talks with Nigerian officials. "We made a decision to go global in terms of acquiring assets and developing strategy outside Russia. Africa is one of our priorities," he said.

Any move by Gazprom to establish itself in Nigeria, long dominated by companies such as Royal Dutch Shell, Chevron and ExxonMobil, would reinforce a global trend of state-backed energy companies challenging western rivals.

Although Nigeria is an important provider of liquefied natural gas to the US and Europe, western energy companies have historically focused on producing and selling oil from Nigeria, which is Africa’s biggest producer of crude. However, demand has prompted plans for more facilities to cool natural gas into the liquid state, which makes it possible to ship to Europe and elsewhere.

The Nigerian official said Gazprom executives had visited Abuja in mid-December with a range of proposals to revamp the underperforming gas sector.

A Gazprom document, seen by the FT, says it can offer "strong technical expertise and financial resources".

The Nigerian official said Gazprom was also competing with international banks to take over funding the government’s share of ventures with western oil companies, hoping to win gas exploration blocks and approvals to build LNG plants in return.

Foreign Firm Announces $35m Investment in Nigeria

By Chika Amanze-Nwachuku, 01.08.2008

An international private equity firm, Emerging CapitalPartners (ECP), yesterday announced a $35 million investment in Ocean & Oil Investments Limited (O&OI), Oando's largest shareholder.
O&OI also provides the company with substantial management and technical support.
According to an agency report, ECP's recent investment, which is the firm's fifth in the African oil and gas sector, was made through subordinated convertible notes.
Commenting on the project, Tom Gibian, ECP’s Chief Executive Officer said "ECP views Oando as uniquely competitive, due to its management strength, size, market position and steady core downstream business.
As the largest indigenous company in the market, Oando is poised to capitalise on many opportunities in the market, as the Nigerian government seeks to increase involvement of local companies in the country's oil and gas sector.
"On his part, the company’s Managing Director, Navaid Burney, said "ECP's investment will support Ocean & Oil in its mission to make Oando the premier energy company in West Africa. We hope to enhance the company's growth trajectory through our capital, as well as our extensive experience in supportingcompanies with their strategic direction and corporate governance.”

This company is well placed to experiencedramatic growth in the coming few years." Chief Executive Officer of Ocean & Oil, Pade Durotoye, lauded the investment and said "ECP's investment in Ocean & Oil validates our belief in the growth potential of Oando Plc, in the near to medium- term," adding that Oando has successfully developed a strong operating platform upon which it is launching its dynamic growth and diversification vision.
“This strategic partnering with ECP is indeed a crucial stepin Ocean & Oil's vision of seeing Oando become themajor player in the Nigeria energy sector,” hesaid.The investment was made through ECP's $523 million EMPAfrica Fund II, established in December 2005, to capitalise on the numerous investment opportunities throughout Africa in sectors such as telecom, natural resources, financial services and agribus.

World Bank predicts robust growth for Nigeria’s economy

Economic growth in Nigeria is projected to pick up significantly in 2008, buoyed by a recovery in the oil sector and strong gains in the non-oil sector, the World Bank has said.

“Stabilisation in the Niger Delta should allow oil production to recover gradually and exceed 2005 levels, supporting gains 10 per cent in Nigeria’s oil sector, following the contraction recorded in 2007,” the bank said in its 2008 Global Economic Prospects released on Tuesday.

The Niger Delta region, which plays host to the country’s vast oil reserves, has been beset with violence by militants seeking a greater control of oil wealth.

The World Bank’s report said the risks associated with the activity of militant groups in the Niger Delta remained substantial, with oil production still about 25 per cent below the 2.9 million barrels daily capacity.

The report noted that crude oil production, including condensates and natural gas liquids, declined by 7.1 per cent during the third quarter (year-on-year), bringing output down 4.2 per cent for the first nine months of 2007.

“This unfavorable result followed a contraction in production of 5.3 per cent in 2006,” the bank added.

The report said performance in Nigeria, sub-Sahara’s second largest economy, had improved marginally over the course of 2007, even as it projected a 7.4 Gross Domestic Product growth for 2008.

According to the report, GDP growth climbed modestly from 5.6 per cent in 2006 to 5.9 per cent, as strong gains in the non-oil sector offset substantial underperformance in the oil sector.

“A 9.5 per cent expansion in the non-oil sector during the third quarter of 2007 (year-on-year), driven by

strong performance in agriculture and financial services, pushed overall growth up to 6.1 per cent from 5.7 per cent in the previous quarter,” the report added.

The report, however, said that investment growth in 2008 would be moderate, notwithstanding the government’s plans to invest substantial amounts in roads, railways, and electricity infrastructure and in the dredging of the River Niger.

“This investment appears highly import intensive, with import sourcing accounting for some 75–80 per cent of expenditure, thereby limiting the direct positive effects on Nigeria’s growth,” it said.

According to the report, growth among Africa’s oil exporters is expected to slow to 6.9 per cent by 2009, as forecasts show oil prices declining that year and as investment projects begin to unwind with Nigeria’s GDP diving at 6.1 per cent.

The report said the transition would occur when GDP growth rate in sub Saharan Africa would peak at nine per cent in 2008, led by continued advances in Angolan and Sudanese crude oil output and anticipated recovery in Nigerian production.

Diamond Bank Listed on London Stock Exchange
This Day (Lagos)


NEWS
10 January 2008
Posted to the web 10 January 2008

By Moses Obajemu
Lagos

Diamond Bank Plc made history yesterday across the shores of the land as it became the first West African Bank to be listed on the Professional Securities Market (PSM) of the London Stock Exchange (LSE).

The peak of the epoch making event, according to a statement from the bank, was the ringing of the bell by the Group Managing Director of Diamond Bank, Mr. Emeka Onwuka, signalling the starting of trading on the floor of the London Stock Exchange. The event was witnessed by captains of industries, top government dignitaries including the chairman of Diamond Bank, HRM Igwe Alfred Nnaemeka Achebe; Mr. Pascal Dozie, Founder, Diamond Bank; and Director General of the Nigerian Stock Exchange Prof Ndi Okereke-Onyiuke. Also among the dignitaries were the Director General of the Nigeria Security and Exchange Commission, Mr. Al Faki; and Mr. Chuka Eseka, MD Vetiva Capital Management Limited, who was the Financial Adviser/Domestic co-coordinator for the offer and a host of others.


Commenting on the admission to the LSE, Diamond Bank CEO said "the listing is an important step in the evolution of the Bank's strategy and is aimed at raising stronger capital base, attracting new shareholders, raising its international profile, enhancing the leadership position of Diamond Bank in the middle market and developing the Bank into a reputable financial conglomerate".

Head of Primary Market, London Stock Exchange, Tracy Pierce, also stated: "I am personally delighted to welcome Diamond Bank to the London Stock Exchange. This is the second Nigerian company to be listed in the London Stock Exchange and the first Nigerian company to be listed on our Professional Securities Market, and we hope that many more companies from Nigeria will follow."

In the same vein, Okereke-Onyiuke did not hide her emotions. She said: "This is a major fulfilment for me as Diamond Bank has placed Nigeria in the world map, especially the world financial system, by being listed not just in the London Stock Exchange but the first African company/bank to be listed in the Professional Securities Market of the London Stock Exchange. This is because the Professional Securities Market is the cream of the London Stock Exchange and you must pass through a rigorous process before being listed in this market. I do hope that many more Nigerian companies will come and be listed in this market."

The offer enabled Diamond to raise US$500million through 37.6 million newly issued GDRs, each representing 100 ordinary Diamond shares. The settlement price per GDR has been set at $13.30 and will be traded on PSM.

The offer proceed will enable Diamond expand its footprint through traditional and electronic channels in order to seize the growing Nigerian retail market, enter new business segments like Mortgages, Insurance, Investment Banking and also strengthen its Francophone West Africa expansion.

Diamond Bank's market capitalisation post-offering is now N263.2billion (US$2.3 billion as at January 02, 2008), while its shareholders' fund is in excess of N100billion. Morgan Stanley is the Global Coordinator and Sole Book-runner for the offering.

The Bank had its first major foreign equity capital injection in April 2007 when an international consortium led by Actis Capital LLP, as strategic investor, injected $134 million into the Bank. The investment gave Actis a 19.1 per cent stake in the Bank. Actis is a leading private equity investor in emerging markets, having significant investments across Africa, China, India, South East Asia and Latin America. Actis' approach to investment is long-term and partner-oriented.

Diamond Bank has strategic relationships with international financial institutions and export credit guarantee agencies, thereby strengthening the Bank's structured trade/project finance capacity and enhancing its contribution to the development of the economy. Such relationships include on-lending/trade facility arrangements with International Finance Corporation (IFC), European Investment Bank (EIB), Africa Export & Import Bank (AFRIEXIMBANK), US Export & Import Bank (USEXIMBANK), FMO and DEG.

The Group operates a leading Nigerian bank offering a wide range of financial services and products throughout Nigeria. Historically, the Group has focused on banking small and medium sized companies in Nigeria, with a particular strength in trade finance. In order to meet customers' needs, the Group has maintained a geographical presence throughout Nigeria. In 2001, the Bank obtained a universal banking licence from the CBN and in recent years, the Group began to expand its products and services (including insurance and mortgage products), as well as its customer base.

Established in 1991, Diamond remains one of the strongest in Nigeria and its core strengths lies in its unique SME business model and its solid brand associated with integrity, professionalism and good corporate governance. The Bank considers itself to be a true "universal bank" in Nigeria, offering financial services across the entire client spectrum, through over 139 business locations in Nigeria with absolute commitment to quality. The Bank believes that it is well-placed to leverage its historical experience in the middle market to access the developing Nigerian retail market and expand into the existing market for large corporate clients.

Members of the Group include one offshore banking subsidiary - Diamond Benin, which operates seven branches in the Republic of Benin and five non-bank financial institutions (NBFIs). The NBFIs are Diamond Securities Limited, which provides brokerage, asset management and registrar services; Diamond Pension Fund Custodian Limited - one of the four institutions licensed in Nigeria to provide custodian services under the new laws following pension reform in Nigeria in 2004; ADIC Insurance Limited and ADIC Life Assurance Limited, which provide life and non-life insurance services in Nigeria; and Diamond Mortgages Limited - a licensed mortgage company.

Diamond Bank earlier declared an impressive half-year results, showing 71 per cent increase in profit before taxation to N7.3 billion for the period ended October 31, 2007 from N4.2 billion recorded in the corresponding period of 2006. The remarkable performance of the Bank was as a result of the growth in business activities following the successful implementation of the Bank's business strategy post-consolidation. In recent times, the Bank has introduced some innovative products and significantly enhanced its business model, gaining substantial mileage in the retail segment of the market. It has also strengthened its presence in the middle market where it has traditionally done very well.

The Bank has introduced cutting edge products in its resolve to provide creative solutions to customers' business problems. Some of the value-adding products introduced recently include Diamond Reach, a non resident account designed to offer Nigerians resident abroad the opportunity of maintaining account in their home country Nigeria. The Bank also introduced a novel product called Diamond BusinessXpress Account. This is a specialised current account designed to support the growth of Micro, Small and Medium Enterprises (MSMEs) with attractive features like free transaction cost and easy access to credit facilities.

In response to the need to facilitate effective payment for trade transactions between countries in the West African region, the Bank launched Diamond NGN/CFA EasyTrade. The product is meant to facilitate payment for goods/services by the Bank's customers and non-account holders involved in intra-regional cross border trade between Nigeria and the Francophone West African countries, especially Benin Republic. The Bank also raised the bar in the international trade operations in Nigeria with the introduction of a document and transaction monitoring service tagged Diamond Trade Tracker. This is a web-based service designed to provide corporate customers access to on-line, real-time information on their international trade transactions at no extra cost.

The recent investments in promising financial services sub-sectors, i.e. insurance, mortgage and pension funds, will improve the growth, earning mix and profitability of the Bank's business over time. Conscious of the fact that these businesses are outside its core competence areas, the Bank is working with very competent and experienced firms to speedily position the subsidiaries for market penetration. ADIC Insurance, for instance, has entered into a strategic alliance with a leading South African insurer, Hollard Insurance, toward the launch of a veritable assurance model in Nigeria.

Foreign Firms Plan $10bn Gas Project in A’Ibom
From Okon Bassey in Uyo, 01.11.2008

Nigeria's aspiration to generate as much revenue from gas as oil by 2010 has received a boost as a consortium of three transnational oil and gas companies has opened discussions with the Akwa Ibom State government for the construction of $10 billion (about N1.2 trillion) Liquefied Natural Gas plant in the state.
The consortium, Centrica of Greece, CCC of the United Kingdom and Statoil Hydro of Norway, are jointly packaging the project which is to be sited along the Akwa Ibom State coastline of the Tom Shott Island in Mbo local governmet area of the state.
At a special presentation of the project prospects to the State Executive Council in Uyo, yesterday, the leader of the team, Mr. Simon Binini, said construction of the gas plant would commence in 2010, while production would will start three years later.
He explained that the choice of the state as the project site was informed by its abundant gas resource and the commitment of the state governemnt to develop investment opportinies in the state.
Describing the project as a high revenue yielding venture that would be of great benefit to the state and the country at large, he said explained that the project has an operational lifespan of 25 years but that the entire venture will last up to 40 years.
According to him, the firms have the technical acumen to start up and finish the project having worked together in other countries, assuring that the consortium was in good stead to handle the project, if given the nod by the state govenemnt.
Responding, the State Governor, Chief Godswill Akpabio said he was overwhelmed at the choice of the state by the consortium and pledged the state government’s prepardness to contribute its own quota to get the project started even before the planned 2010 date.
Governor Akpabio stated that his government embarked on projects including; the airport project, good access road network and the Independent Power Plant in anticipation that big time investments would come to the state.
He stated that his administration was ready to partner with any business concerns that will add value to the lives of the people, saying the multiplier effect of such a mega-project including production of ammonia for fertiliser deserves encoragement. He disclosed that the state government has started surveying the site of the project and pledged to provided accommodation, shopping malls for its take-off even as he assured of the security of the families of the investors in the state.
The government, he added, will also assist the consortium in obtaining whatever legal papers that may be required to fast track the commencement of the project within the life of his administration.
Confirming the project in a telephone interview last night, a senior official with Statoil explained that the amount would be spread over the period the project would last.

Nigeria: Meet the New Anti-Corruption Czar





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This Day (Lagos)

14 January 2008
Posted to the web 14 January 2008

Lagos

His name is Mr. Ibrahim Abdullahi Lamorde. You probably knew him as the dreaded Director of Operations, Economic and Financial Crimes Commission (EFCC).

Henceforth, at least till Mallam Nuhu Ribadu returns from his study leave, Lamorde will be the face of the anti-corruption war in Nigeria.


Following Ribadu's forced leave for a one-year senior officers' course at the National Institute for Policy and Strategic Studies (NIPSS), Kuru, Plateau State, Lamorde was appointed the acting Executive Chairman of EFCC via an announcement from the Presidency at the weekend.

Lamorde, an Assistant Commissioner of Police (ACP), has over 20 years continuous training and experience in policing and management.

Lamorde, 45, joined the Nigeria Police in 1986, after graduating with a Bachelor of Science degree in Sociology from the Ahmadu Bello University, Zaria, in 1984.

He served at the Niger State Police Command between 1987 and 1988 in Minna. He was Divisional Crime Officer (DCO) in Rijau, Niger State, between 1988 and 1989 and served as Police Public Relations Officer (PPRO) Niger State Command for four years.

Lamorde was a pioneer officer of the Special Fraud Unit (SFU) of the Nigeria Police, created in 1993. He served in the premier anti-419 corps of the Nigeria Police until 2002. While still an officer of the SFU, he was deployed as Chief Investigation Officer of Ermera District of East Timor of the United Nations Civilian Police where he served between 2000 and 2001.


He was briefly Divisional Police Officer, Ojo, Ibadan, Oyo State and was later deployed in the Force Headquarters, Abuja, from where he was seconded as a pioneer officer and Director of Operations of the EFCC.

In the global pursuit of criminals, Lamorde has worked effectively with other government law enforcement agencies around the world, including the FBI, Metropolitan Police, US Postal Inspection Services (USPIS), Internet Crime Complaints Centre (IC3), the Dutch Police, German Police and the South African Police, among others.

Lamorde, a Member of the Nigerian Institute of Management (NIM) and Nigerian Institute of Public Relations (NIPR), has attended several international training programmes, seminars and workshops where he delivered papers on the Nigerian fight against corruption, Advance Fee Fraud and other forms of economic and financial crimes. He also attended a Strategic Management of Regulatory and Enforcement Agencies course at the Harvard University in 2005

Nigeria, Slovenia outperform Indian markets in 2007: S&P
15 Jan, 2008, 2009 hrs IST, PTI


MUMBAI: It might be a little difficult to believe but the west African nation of Nigeria has emerged as the best performing stock market in the world in 2007, leaving Slovenia and India behind at the second and third places.

Nigeria was the best performing market with gains of 115 per cent, followed by Slovenia with 87.62 per cent and India with 80 per cent, a study by Standard & Poors revealed.

Overall, emerging markets rose 42 per cent in 2007 as against a gain of 9.4 per cent in developed markets, according to Standard & Poors-Citigroup BMI global index.

The current and expected sales growth in emerging equity markets fueled their returns in 2007. As a result, there was an outflow of cash from the developed markets into emerging markets, S&P Senior Index Analyst Howard Silverblatt said.

The month of December saw 19 of the 26 developed world equity markets landing in negative territory, an improvement from the 24 developed markets that were down in November.

Across the emerging market board, the losses were moderate with both Peru (-4.64 per cent) and China (-3.82 per cent) declining the most during the month. However, both countries posted strong full-year gains of 72.88 per cent and 69.83 per cent respectively.

India markets witnessed positive returns across all the time spans with gains of 9.09 per cent during the one month period, 25.19 per cent in three-months and full year-gains of 80.85 per cent.

Out of the 26 emerging markets, 11 gained at least 50 per cent in 2007 with Nigeria coming in best with a 115.32 per cent gain. China gained 69.83 per cent, ranking seventh.

Losses were mostly modest in December although Iceland (-11.58 per cent) posted its second consecutive month of double digit declines (-15.48 per cent for November).

Canada rebounded from its double-digit November loss (-11.17 per cent) to post a 2.69 per cent gain in December, while Luxembourg was the best developed market performer last month, gaining 3.83 per cent, the study shows.

Nine of the ten sectors posted losses in December compared to just seven in November. Both figures stand in sharp contrast to October and September, when all ten sectors were up. The Energy sector posted a strong 5.41 per cent December gain, with the US energy sector performing the best.

Conversely, consumer discretionary was the worst performing sector last month, declining 3.26 per cent, with US issues hit the hardest.

Nigeria, Slovenia outperform Indian markets in 2007: S&P
15 Jan, 2008, 2009 hrs IST, PTI


MUMBAI: It might be a little difficult to believe but the west African nation of Nigeria has emerged as the best performing stock market in the world in 2007, leaving Slovenia and India behind at the second and third places.

Nigeria was the best performing market with gains of 115 per cent, followed by Slovenia with 87.62 per cent and India with 80 per cent, a study by Standard & Poors revealed.

Overall, emerging markets rose 42 per cent in 2007 as against a gain of 9.4 per cent in developed markets, according to Standard & Poors-Citigroup BMI global index.

The current and expected sales growth in emerging equity markets fueled their returns in 2007. As a result, there was an outflow of cash from the developed markets into emerging markets, S&P Senior Index Analyst Howard Silverblatt said.

The month of December saw 19 of the 26 developed world equity markets landing in negative territory, an improvement from the 24 developed markets that were down in November.

Across the emerging market board, the losses were moderate with both Peru (-4.64 per cent) and China (-3.82 per cent) declining the most during the month. However, both countries posted strong full-year gains of 72.88 per cent and 69.83 per cent respectively.

India markets witnessed positive returns across all the time spans with gains of 9.09 per cent during the one month period, 25.19 per cent in three-months and full year-gains of 80.85 per cent.

Out of the 26 emerging markets, 11 gained at least 50 per cent in 2007 with Nigeria coming in best with a 115.32 per cent gain. China gained 69.83 per cent, ranking seventh.

Losses were mostly modest in December although Iceland (-11.58 per cent) posted its second consecutive month of double digit declines (-15.48 per cent for November).

Canada rebounded from its double-digit November loss (-11.17 per cent) to post a 2.69 per cent gain in December, while Luxembourg was the best developed market performer last month, gaining 3.83 per cent, the study shows.

Nine of the ten sectors posted losses in December compared to just seven in November. Both figures stand in sharp contrast to October and September, when all ten sectors were up. The Energy sector posted a strong 5.41 per cent December gain, with the US energy sector performing the best.

Conversely, consumer discretionary was the worst performing sector last month, declining 3.26 per cent, with US issues hit the hardest.

I must confess that this is really impressive, I am really gobsmacked!!!

Nigeria, Slovenia outperform Indian markets in 2007: S&P
15 Jan, 2008, 2009 hrs IST, PTI

This automatically uplifted my mood!:banana::banana::)

Predictions for Nigeria's Stock Market
It is official. This year 2007, the Nigerian stock market was the fourth best performing in the world; in terms of sheer growth. According to Bloomberg, arguably the world's most sophisticated financial information provider, Nigeria's All Share Index came in fourth behind China's Shanghai Index (97% growth), PFTS of Ukraine (a fairly new market), and the Slovenian Index.

With a growth of 73% in the year, the Nigerian stock market can no longer be ignored by any serious global investor. Those sharp minds have started to participate in the growth of the market, directly and otherwise. On the other end of the spectrum, the worst performing indices for 2007 include Venezuela, Nikkei (Japan), Republic of Ireland, Ecuador and surprisingly, the Johannesburg Stock Exchange in South Africa.


The growth of the All Share Index of any country is a natural pointer to the growth of that economy as a whole. This is because the index contains shares listed for all the industries in a country. It therefore presupposes that most major companies in a country are publicly quoted. This supposition may be misleading though, as many big companies are still, and are increasingly privately held. Furthermore, the indexes say nothing about the constituent parts of the stock market. For example, in Nigeria, banking shares may have driven the process, but the index tells nothing of what has happened in the manufacturing sector. This is dangerous for analysis.

However the mere fact that Nigeria featured so prominently in the list of best performing capital markets last year, moving from the ninth position as at June 2007 to finish off at fourth, means that the global financial community has another financial instrument on which to invest. It also means that the capital market, and not necessarily the banking industry, will be the leading light for the Nigerian economy, as it is the locus for the attraction of Foreign Portfolio Investments. For more good money will go after good money, and as the major fund managers are reviewing the list of top performers for 2007, they are presently debating just how much they should invest in the Nigerian stock market in the coming years. It's all about the 'Benjamins', as the Americans would say.

Locally also, more people are going to join the gravy train of this ingenuous market called the stock market in the coming years. People who have seen their friends and family double their investments in the last two years, will go to great extents to also see just what they can benefit from the process. The ingenuity that surrounds share trading anywhere in the world is that it is the bidding process that drives up the price, and so if more money goes after a share, the price naturally goes up and vice versa. It matters less the reason why more money will go after a share. It could be for fundamental reasons (where a company is deemed to be doing well), or it could be sentimental, speculative or driven by market information (or misinformation). Overall, the combination of increased international and local participation in our stock market seems to guarantee a process of more bids and less offers.

But the stock market can also be so good, it can kill itself. In the same way as more people joining in generally leads to higher prices, sudden mass exit from the markets may lead to a crash, otherwise called market correction. Because of increased international participation in the market, investors and regulators have to be mindful of events on the global scene. Global markets sometimes react in irrational ways. Increased globalization of our financial markets as has been evident in the past few years may translate into volatility, and transmute into the dual problems of herding and contagion. By this, I mean that the global markets may wake up one day and pull funds out of our market out of a whim about what will happen in say, sub-Saharan Africa. If major stockholders like foreign hedge funds sell off from our markets, small shareholders may be unaware of this and will therefore be the losers.

Very cogently, investors and regulators should notice the considerable level of indirect participation in our stock market through the use of Global Depository Receipts. Every major bank in Nigeria is raising funds through this means, which is effectively a way by which the investing world states that they are scared of investing in a country directly. A proliferation of GDRs will mean that we are not attempting to change the mind of the global investing community, but are satisfied with the classification handed to our country as being a relatively unsafe investment destination. Secondly, the market should be mindful of speculative capital in this area, because major GDR holders abroad, especially institutional investors, have a way of playing the market, say from London, in a way that can affect prices here in Nigeria. We should also ask ourselves what happens in the event that GDR holders decide to exit the market by instructing their depository bank to dispose shares in Nigeria. This act alone will mark down the market.

Looking at the horizon though, it seems Nigeria may not see much political volatility in the years to come. It also seems that we are moving closer to being able to solve problems through the courts as is the hallmarks of the present administration. This is song to the ears of the global markets, as that kind of assurance enables them to increase their investment horizon i.e go longer term. We are also terribly blessed by God and do not have many environmental disasters unlike some parts of Asia and the United States. Remember that the Kobe and other earthquakes dealt severe blows on the Japanese economy, almost bring it to its knees in the early 90s. The first casualty after such disaster is always the stock market. This is not so say that Lagos, Nigeria's financial hub, is an environmentalist's paradise; far from it. A lot more needs to be done to make things better.

In the coming years the Nigeria stock market will continue to mature. Perhaps only one of the 250 odd shares listed on our stock exchange costs more than a Pound. From a global perspective, all our shares are still effectively 'small cap', meaning that they have a long way still to go. Pundits have it that no Nigerian banking industry share should be priced less than 20 Naira by the middle of 2008 (great opportunity if this happens). Many shares in that market will also gain value before a slow down occurs. A slow down will be necessary at some point though, so that the Bond market will become vibrant, and the relative volatility of the market should be slowed down.

The corporate finance activities of our repositioned banks should also ensure that more companies are taken to the stock market this year, thereby increasing market capitalization and growth, and further attracting the attention of the global markets. With crude oil prices surpassing $100 at the first two trades this year, a lot of confidence is imbued in Nigeria by global investors. With that kind of windfall, the country is expected to keep racking up, at least marginally, its foreign reserves, which is a key indicator of a country's financial stability. A few derivative instruments (GDR is one), should also creep into the financial space in the coming months.

By and large, another great year is predicted for investors. One is reminded though, that only people with surplus funds can benefit from the wonderful mechanics of the stock market. It may be instructive to remind those that 'make it' there, to remember to give something back to the larger society, so as to be able to enjoy that windfall. Government should also ensure that it discharges its social roles very astutely, so that the country becomes a more permanent abode for foreign portfolio investors. The best is yet to come; in fact the best is several years away.

Great News. :applause: :applause:

I must confess that this is really impressive, I am really gobsmacked!!!

i saw this coming. ive been following it for two years now and its been blowing up liek crazy. wish i knew how to contact companies there that can handle my investment.

It would be nice to know if there are internet brokers in Nigeria, like we have here with ETRADE, Ameritrade etc

Nigeria Launches DVB-H Mobile TV

Biz-Community (Cape Town)

16 January 2008
Posted to the web 16 January 2008

Cape Town

Nigeria has beaten South Africa in the roll-out of the DVB-H mobile TV... Details Nigeria, MultiChoice Africa's local business partner in Nigeria, has launched Africa's first commercial mobile broadcast TV service in the city of Abuja.

The launch places Nigeria at the forefront of the world digital television technology race, and highlights the progressive stance that the country's National Broadcasting Commission (NBC) is taking in the adoption of new technologies.

Details Nigeria switched on its mobile television network using the Digital Video Broadcast - Handheld ("DVB-H") technology standard. Consumers in Abuja will be able to receive a specially compiled bouquet of DStv channels, which includes SuperSport, CNN, Africa Magic and Big Brother Africa, live on their mobile phones. The Abuja launch will be followed by a similar roll-out in other Nigerian cities over the next couple of months.

Details Nigeria chairman Adewunmi Ogunsanya says: "We are very excited that Nigeria becomes one of the first countries in the world to commercially roll out DVB-H services, something that will ensure Nigerians have early access to global innovations in the industry. We will distribute the service through several mobile operators in Nigeria and has already signed a distribution agreement with MTN Nigeria."

DVB-H is widely considered to be the world's leading mobile broadcast technology standard, and is also currently being trialled by MultiChoice Africa in Namibia and preparations are well advanced for a launch in Kenya. Eben Greyling, CEO MultiChoice Sub-Sahara Africa says, "We are fortunate to be in a position to move quickly with our mobile TV roll-outs in Africa. We have had tremendous support from government and regulatory authorities in Africa who have been providing an enabling environment for the roll-out of new technologies. Our biggest stumbling block at this stage is to find the resources to roll-out the service in all the countries where we have been allocated frequencies and commercial licenses."

Worldwide research has firmly established that there is genuine consumer desire for superior quality video and audio content on cellphones, and industry analysts predict that by 2010 more than 150 million people worldwide will be regular users of mobile broadcast services.

Experts express mixed reactions on Lekki master plan

Various environmental abuses on the Lekki-Ajah sub-region of Lagos State will soon be a thing of the past as the state has signed a N300million contractual agreement with a foreign firm, Messrs Dar Al-Handasah for the preparation of a Comprehensive Infrastructure Master Plan for the region. The project, according to the Resident Manager of Dar Al-Handassah’s Shair and Partners, Mr. Ga M. Abu-Heneidy, will commence immediately and be completed in June 2008. He said the infrastructure master plan covered the land use planning, infrastructure, drainage and roads, revealing that its completion will ensure that all existing estates are linked with common and central facilities like, roads, drainage and sewage system.

Meanwhile, the President of the Association of Town Planning Consultant of Nigeria (ATOPCON), Dr, Femi Olomola, while commending government for the initiative lamented government’s indifference to indigenous firms, saying the job should have been contracted to local companies. According to him, indigenous town planning firms should have be given the opportunity to do the job, pointing out that they have requisite capacity to execute it. He said, “I do not know when government will begin to recognize the expertise of the indigenous firms. It is worrisome that government is giving out a job which indigenous town planning firms can do without any hiccup to a foreign firm.”

Against speculations that local firms lacked capacity to execute the project, Olomola said it was not true, emphasizing that the foreign firm awarded the contract will still depend on local counterparts for relevant information on existing land use and drainage in other to execute the plan. He stated that there were local town planning firms that could handle the project and even, syndicate it if the need arises.“When you are bidding for jobs, they will ask for your experience and capacity, but in this case, where are we going to have the capacity and experience when jobs that can easily be handled by indigenous firms are being contracted to foreign firms?” he stated.

Another local consultant who spoke with the Nigerian Tribune on condition of anonymity disclosed that government at no time advertised the project and that no indigenous firm bid for it. He pointed out that there was no way indigenous contractors would developed where job that are supposed to be executed by them are given out to their foreign counterparts. Lekki sub-region is the fastest growing corridor in Lagos and the whole Nigeria in terms of physical development. It has the largest concentration of private estates development, siting of the Lekki Free Trade Zone, the proposed Lagos International Airport and Deep Sea Port. The region also has high potential for tourism development in view of the area having being surrounded by natural water bodies.

Some of the problems militating against Lekki sub region range from haphazardly arranged physical developments, poor linkages between private layouts and government schemes, lack of proper linkages between sewer lines, roads, drainage lines coupled with unapproved diversion of natural water courses and water bodies. Others are uncoordinated sand filling due to absence of benchmarks, flagrant disregard of town planning laws and regulations by developers.

The need for the blueprint was conceived in May 2007 after the meeting of all stakeholders comprising landowners, private developers, and corporate organizations with government on how to find lasting solution to various degrees of environmental degradations in the corridor. The infrastructure master plan aims at ensuring even distribution of facilities and services among other things in order to avoid lopsided developments that have characterized the region. It is to address the sorry state of the environment along Lekki and its livability, which is becoming increasingly worrisome to all stakeholders.

Lagos State Governor, Mr. Raji Fashola disclosed that master plans for Badagry, Yaba, Surulere and Alimosho among other sub regions would soon commence to guide physical development of Lagos. He pointed out that there is need for modern planning to meet the challenges being faced in the sub regions, saying his administration was committed to leave master plans as legacy for the future generation. He promised to ensure that as the master plans are being developed, they are legislating for implementations.

He assured stakeholders that the construction of the coastal road and the Fourth Main Land Bridge to complement the on going upgrading of the Lekki-Epe expressway will commence soon. He identified lack of proper linkages from road, water and drainage and uncoordinated physical development coupled with illegal sand mining as problems of physical planning in the corridor. Commissioner for Physical Planning and Urban Development, Mr. Bolaji Abosede, said his ministry and other stakeholders recommend Dar- Al-Handasah, which he said has proven records in Nigeria having produced the drainage and storm water master plan for Lagos Metropolis in the 1980s. Dar-Al-Handasah consultant is an international multidisciplinary organization of engineering, architecture, planning, environment and project and construction management based in Dubai.

He explained that a six technical committee are representatives of the developers, landowners and government. They are constituted to negotiate with the consultant on professional fees and look into the issue of cost recovery. He pointed out that the cost of the project will be borne by the stakeholders and that it will be at no cost to the state government. The term of reference prepared and agreed by the stakeholders, he said include the update, the land use master plan of the project area, formulate a set of environmental planning guidelines, prepare solid water management master plan, review the previously prepared water transport master plan.

Others, according to him, are the preparations of waste/storm water collection, treatment and disposal master plan, a blueprint for the power/water supply system, preparation of conceptual layout for road network, landscape design and landscape irrigation system, conceptual plans for fire fighting system, conceptual plans and typical sections for the upgrading and expansion of the existing local roads and the proposed coastal road and the review of the current tourism plan.

Experts express mixed reactions on Lekki master plan

Various environmental abuses on the Lekki-Ajah sub-region of Lagos State will soon be a thing of the past as the state has signed a N300million contractual agreement with a foreign firm, Messrs Dar Al-Handasah for the preparation of a Comprehensive Infrastructure Master Plan for the region. The project, according to the Resident Manager of Dar Al-Handassah’s Shair and Partners, Mr. Ga M. Abu-Heneidy, will commence immediately and be completed in June 2008. He said the infrastructure master plan covered the land use planning, infrastructure, drainage and roads, revealing that its completion will ensure that all existing estates are linked with common and central facilities like, roads, drainage and sewage system.

Meanwhile, the President of the Association of Town Planning Consultant of Nigeria (ATOPCON), Dr, Femi Olomola, while commending government for the initiative lamented government’s indifference to indigenous firms, saying the job should have been contracted to local companies. According to him, indigenous town planning firms should have be given the opportunity to do the job, pointing out that they have requisite capacity to execute it. He said, “I do not know when government will begin to recognize the expertise of the indigenous firms. It is worrisome that government is giving out a job which indigenous town planning firms can do without any hiccup to a foreign firm.”

Against speculations that local firms lacked capacity to execute the project, Olomola said it was not true, emphasizing that the foreign firm awarded the contract will still depend on local counterparts for relevant information on existing land use and drainage in other to execute the plan. He stated that there were local town planning firms that could handle the project and even, syndicate it if the need arises.“When you are bidding for jobs, they will ask for your experience and capacity, but in this case, where are we going to have the capacity and experience when jobs that can easily be handled by indigenous firms are being contracted to foreign firms?” he stated.

Another local consultant who spoke with the Nigerian Tribune on condition of anonymity disclosed that government at no time advertised the project and that no indigenous firm bid for it. He pointed out that there was no way indigenous contractors would developed where job that are supposed to be executed by them are given out to their foreign counterparts. Lekki sub-region is the fastest growing corridor in Lagos and the whole Nigeria in terms of physical development. It has the largest concentration of private estates development, siting of the Lekki Free Trade Zone, the proposed Lagos International Airport and Deep Sea Port. The region also has high potential for tourism development in view of the area having being surrounded by natural water bodies.

Some of the problems militating against Lekki sub region range from haphazardly arranged physical developments, poor linkages between private layouts and government schemes, lack of proper linkages between sewer lines, roads, drainage lines coupled with unapproved diversion of natural water courses and water bodies. Others are uncoordinated sand filling due to absence of benchmarks, flagrant disregard of town planning laws and regulations by developers.

The need for the blueprint was conceived in May 2007 after the meeting of all stakeholders comprising landowners, private developers, and corporate organizations with government on how to find lasting solution to various degrees of environmental degradations in the corridor. The infrastructure master plan aims at ensuring even distribution of facilities and services among other things in order to avoid lopsided developments that have characterized the region. It is to address the sorry state of the environment along Lekki and its livability, which is becoming increasingly worrisome to all stakeholders.

Lagos State Governor, Mr. Raji Fashola disclosed that master plans for Badagry, Yaba, Surulere and Alimosho among other sub regions would soon commence to guide physical development of Lagos. He pointed out that there is need for modern planning to meet the challenges being faced in the sub regions, saying his administration was committed to leave master plans as legacy for the future generation. He promised to ensure that as the master plans are being developed, they are legislating for implementations.

He assured stakeholders that the construction of the coastal road and the Fourth Main Land Bridge to complement the on going upgrading of the Lekki-Epe expressway will commence soon. He identified lack of proper linkages from road, water and drainage and uncoordinated physical development coupled with illegal sand mining as problems of physical planning in the corridor. Commissioner for Physical Planning and Urban Development, Mr. Bolaji Abosede, said his ministry and other stakeholders recommend Dar- Al-Handasah, which he said has proven records in Nigeria having produced the drainage and storm water master plan for Lagos Metropolis in the 1980s. Dar-Al-Handasah consultant is an international multidisciplinary organization of engineering, architecture, planning, environment and project and construction management based in Dubai.

He explained that a six technical committee are representatives of the developers, landowners and government. They are constituted to negotiate with the consultant on professional fees and look into the issue of cost recovery. He pointed out that the cost of the project will be borne by the stakeholders and that it will be at no cost to the state government. The term of reference prepared and agreed by the stakeholders, he said include the update, the land use master plan of the project area, formulate a set of environmental planning guidelines, prepare solid water management master plan, review the previously prepared water transport master plan.

Others, according to him, are the preparations of waste/storm water collection, treatment and disposal master plan, a blueprint for the power/water supply system, preparation of conceptual layout for road network, landscape design and landscape irrigation system, conceptual plans for fire fighting system, conceptual plans and typical sections for the upgrading and expansion of the existing local roads and the proposed coastal road and the review of the current tourism plan.

Glo overtakes MTN as Nigeria 's largest GSM network
Glo Mobile, the fastest growing telecommunication network in Africa, has taken over leadership of the Nigerian Global System for Mobile Telecommunication (GSM) market, edging its closest competitor, MTN to the second position. In its latest survey on mobile network operators in Africa and the Middle East, London based Cellular News, a leading wireless telecoms online publisher that focuses on the global mobile/cellular market, said the country's regulator, Nigerian Communications Commission, (NCC) has supplied new data on the market which showed that "Glo Mobile is now credited with a larger share of the national total and in fact, market leadership". Cellular News said, "since the last review of the region (Africa and the Middle East), there have been a number of adjustments to the data, most notably in Nigeria where the regulator has supplied new data on the market". The report said Glo Mobile's second quarter numbers have been revised upwards to just over 15 million, enough to give it fourth place in the region last quarter, ahead of MTN Nigeria. "As a result of this, the proportion of the region's customers connected to the ten market leaders has risen from around 43 per cent to 47 per cent," it said. But while there appeared to be jubilation and celebration in GloMobile camp, officials of MTN kept sealed lips when contacted for their reactions. One senior official simply said the information was not true, but declined to give details. Cellular News said the numbers given by the Nigerian regulator, however showed that there is a growing issue with inactivity in the country.

Glo Rated Nigeria’s Leading Network

By Efem Nkanga, 01.18.2008


Glo Mobile has been rated the No. 1 network in the Nigerian market, thereby pushing the industry's leader, MTN Nigeria, to the second position in the latest survey of networks in Africa and Middle East by Cellullar-News, a respected wireless telecoms’ online publisher.
Glo now occupies the fourth position in Africa and the No. 1 slot in Nigeria.
In its latest survey on mobile network operators in Africa and the Middle East, London-based Cellular-News, the globally respected wireless telecoms online publisher which focuses on the global mobile/cellular market, said the country's telecommunication regulator, Nigerian Communications Commission (NCC) has supplied new data on the market which showed that "Glo Mobile is now credited with a larger share of the national total and in fact, market leadership".
Cellular News said since the last review of the region (Africa and the Middle East), there has been a number of adjustments to the data, most notably in Nigeria where the regulator has supplied new data on the market.
The report said Glo Mobile subscriber numbers have been revised upwards to just over 15 million, enough to give it fourth place in the region last quarter, ahead of MTN Nigeria.
As a result of this, the proportion of the region's customers connected to the 10 market leaders has risen from around 43 per cent to 47 per cent, it said.
Cellular News said the numbers given by the Nigerian regulator, however, showed that there is a growing issue with inactivity in the country.
Of the 46.2m connections at the end of September, nearly 8m or 17 per cent were inactive, it said.
The report said, “Glo Mobile which was sixth at the start of last year, but has apparently now overtaken MTN Nigeria as the market leader”, occupies the fourth place on the list of the largest mobile network operators in the region.
“The list of the ten largest companies in the region is, once again, unchanged as far as constituents are concerned,” said the report.
It listed the top 10 operators in Africa and the Middle East as Vodacom SA (22.5 million), TCI Iran (19.5 million), STC Saudi Arabia (15.8 million), Glo Mobile (over 15 million), MTN Nigeria (14.99 million), MTN South Africa (14.1 million), Mobinil (added 1.8 million new connections), Maroc Telecoms (12.8 million), Orascom Algeria (12.7 million), Vodafone Egypt 912.2 million).
The report said: “MTN subsidiaries take both fifth and sixth place this quarter. MTN Nigeria is now the largest single unit within the group, ahead of MTN South Africa. The Nigerian company added nearly one million new connections to end the quarter with 14.99 million subscribers, while the South African company added 0.67 million, to reach a total of 14.1 million.
“Mobile ownership continues to spread across the region. At the end of June there were over 60 networks with more than one million customers; three months later that number has risen to over 70, with many of these being multi-million operations. All of the top 15 operators have more than six million customers and the three of these in 11th, 12th and 13th places overall - Algeria Telecom Mobile, Celtel Nigeria and Safaricom Kenya – have over nine million. At their current growth rates, all three will pass the ten million mark in the current quarter (Q4 2007).”
The report further said that the mobile market in Africa and the Middle East bounced back with a record number of new subscribers in the second quarter of last year after a quiet second quarter.
“Over 32 million net additions were made in the three months to end September, some 2 million more than were connected in the previous best quarter, Q4 2006,” said the report.
Glo Mobile, owned by the Mike Adenuga Group, commenced operations in August 2003. It is credited with the phenomenal growth in the Nigerian telecoms industry as it crashed the cost of telephony in the country, making it affordable to a broad spectrum of the society.
It also pioneered the introduction of many products and services into the Nigerian market such as 2.5G, Per Second Billing, picture messaging (MMS), Mobile Internet, Blackberry, Voice SMS, Vehicle Tracking and lately 3G.

Sorry, Illuvnaija, we almost posted identical articles! But good business news have become thin since Yar´adua has taken over! This man really gets on my nerves

Banks’ deposits soar to over N5trn

Total deposits in the commercial banks’ coffers have risen to over N5 trillion from about N2 trillion recorded in 2004.

Within the last three years, number of depositors has grown averagely by 50 percent, from14.8 million depositors to about 22 million, meaning that slightly more than seven million additional people have opened accounts within the period.
In terms of size, banks’ deposits have grow from N1.3 trillion to N4.3 trillion with their branch network also expanding very rapidly from 3,200 when consolidation started, to about 4,300 branches, signifying over 1,000 additional new branches.
The governor of the Central Bank of Nigeria (CBN), Chuwkwuma Soludo, read out these statistics yesterday in Abuja at the second International Microfinance Conference, entitled: “Improving access to microfinance,” organised by the apex bank.
According to Soludo, Nigeria’s banking sector is “today rated as the fastest growing in Africa. Credits to the private sector, are also expanding and as at the end of 2007, recorded an average growth rate of 80 percent on a year-on-year basis.”
This record, he said was the highest in the history of Nigeria as the rate was able to grow to up to half in terms percentages.
The governor said these achievements were all part of the lager initiatives of actualising the Financial Systems Strategy (FSS 2020) of the CBN, a blueprint to reposition Nigeria to become one of the 20 largest economies in the world by 2020.
Soludo however said that despite this significant progress made in the banking sector, the country still had a long way to go in making finance available to a vast majority of the Nigerians who lack access to financial services presently.
Basically, formal finance is available only to 35 percent of the Nigerian population, he said.
This is huge problem according to the governor who observed that the enlarged vision of the government, including job creation and poverty eradication will hardly be achieved if the poor and vulnerable lack access to finance to empower themselves.


He said that it was in view of this problem that the microfinance policy mandated the community banks to convert to micro finance institutions in 2005. To this end, he said that since the launch, a total of 107 new licences, Approvals-In-Principle (AIP) including new microfinance applications had been processed by the CBN.
He said together with the community banks that migrated, the microfinance institutions in the country were in excess of 600 as at date.
The apex bank governor however expressed dissatisfaction with the way the new MFBs were spread in the country, implying that while some individuals and communities had taken the issue of microfinance seriously, a huge number of the population was yet to see the need and buy into the idea.
He however disclosed that proposal was ready to partner with the government at both the federal and state levels to launch a micro-credit fund, which would be ready for launch soon.

Sorry, Illuvnaija, we almost posted identical articles! But good business news have become thin since Yar´adua has taken over! This man really gets on my nerves

i agree. he's not only slow but ineffective, an lacks vision

German Bank offers facilities to12 Nigerian banks

Editor

COMMERZBANK of Germany, one of the largest universal banks in Europe, has concluded plans to syndicate foreign denominated currency facilities for 12 Nigerian banks.

The initiative is coming ahead of the formal commissioning of the German bank's representative office in Lagos next week.

Mr. Florian M. Witt, who has arrived the country to head the Lagos office, would not disclose the banks involved and also declined the value of the facilities.

But Witt, in a chat with newsmen in Lagos, said the bank was tickled into establishing the Lagos office by the tremendous rise in the fortunes of the nation's financial institutions.

According to him, Nigerian banks have shown great features of credibility and strength, and we are ready to partner with them in project financing in such areas like commerce, industry, infrastructure, oil and gas among others.

He said: "The consolidation programme in Nigeria's banking sector was very efficiently carried out and actually recorded extreme success. It was well received in the international market. This has now enabled the banks to become adequately strengthened to play bigger roles in project financing.

"Indeed, the scenario has now positioned Nigeria as the financial hub for sub-Saharan Africa and we have actually witnessed the country's banks making successful business forays into both anglophone and francophone West African countries.

"The BB-rating for Nigeria, in terms of risk factor, has raised the confidence level of international capital market players in the country's economy."

He added: "Since return to democracy in 1999, Nigeria has experienced a very positive political and economic development. As the most populous country on the continent and as an important member of the Organisation of Petroleum Exporting Countries, Nigeria is an interesting market for producers of capital and consumer goods, as well as service industry players. Therefore, Commerzbank decided to have a physical presence here."

Witt explained that the representative office in Lagos would maintain and expand the bank's relationships with the Federal Government, the Central Bank of Nigeria and local financial institutions.

"Commerzbank will also provide conferences and training seminars to professionals in the financial institutions sectors, a sign of commitment to the market. Furthermore, it will accompany German and non-German corporate clients entering and working in the Nigerian market," he said.

The bank, last week, opened a representative office in Dubai. It also recently opened shop in Panama City, Adis-Ababa in Ethiopia, Cairo in Egypt and Johannesburg in South Africa, among other places.

Commerzbank is actively involved in retail banking, asset management, corporate and investment banking, as well as real estate and public finance. It is represented in over 40 countries worldwide, with a 35,000 workforce and total assets of about $900 billion.

Nigeria Recorded $33bn DFI in 8yrs, Says NIPC
Nigeria recorded $33 billion Direct Foreign Investment (DFI) between 1999 and 2007, Executive Secretary, Nigerian Investment Promotion Commission (NIPC), Mr Mustapha Bello, has said.
Bello said this while featuring on the News Agency of Nigeria (NAN) forum yesterday in Abuja.
He said that as at 2007, about $33 billion which came into the country in the form of investments in both oil and non oil sectors of the economy while the country received 22 billion dollars (N2.56 trillion) from Direct Foreign Investments between 1999 and 2002.
"As at 2007, the CBN recorded that about 33 billion dollars (N3.86 trillion) came into the country in the form of investments in both oil and the non oil sectors of the economy,'' Bello said.
“ We have seen a very big leap in investments since 1999. If you go to the website of World Economic Forum, they reported it. And we have verified it with our Central Bank that between 1999 and 2002, we received a total of 22 billion dollars in foreign investments. Substantial part of that was from oil and gas, followed by telecommunications and other non oil and gas sectors.''
He said in addition to attracting direct foreign investments, government had also encouraged local investors in such areas as agriculture.
He said the initial concept of Export Processing Zone was changed to ``Free trade Zone'' to encourage both importation and exportation of goods.
He said the transformation had led to 100 per cent for both the importation and exportation of goods, as against the previous target of 75 per cent importation and 25 per cent exportation."If you want the Calabar free zone to function, make it flexible. You can import 100 per cent or export 100 per cent," he said.

"We even added a concession of 35 per cent reduction on tariff to investors that manufacture locally what used to be imported"."This is to discourage importation as well as attract new investors,'' the executive secretary said.Bello said there was need for collaboration between all agencies in the free trade zone for government policies to be effectively implemented

thats only 4 billion a year, and most of it oil im sure, followed by banking. we have to do better

thats only 4 billion a year, and most of it oil im sure, followed by banking. we have to do better

I totally agree with that!

Anambra signs agreement on waste recyling plant

Written by Enyim Enyim
Monday, 21 January 2008

Onitsha—Anambra state government has signed a tripartite agreement with the Federal Government and Larger International for the establishment of a waste recycling plant in Nkwelle Ezunaka near Onitsha.

Commissioner for Environment, Dr. Ifedi Okwenna who represented the state told reporters yesterday in Onitsha that the project which is expected to take off before the end of this month would gulp N4 billion.

Okwenna said the project, initiative of the federal government, was designed to ensure proper sanitation of seven major cities in country for healthy living.

He explained that in the agreement, signed last week in Abuja, the federal government would provide N250m take off grant, Larger International, N3.75bn while Anambra State government would provide 55 hectares of land, within Onitsha axis.

He further said the state government would be paying N17m monthly subvention to Larger International for refuse evacuation from Onitsha which according to him is subject to review yearly depending on the progress of work.

Okwenna was optimistic that his ministry would be able to raise the money monthly following the N13m revenue generated in the last quarter of 2007 and its N26m monthly target in 2008.

The Larger International, he said, is expected to build a multi-million naira waste management plant at the 55 hectares provided at Nkwelezunaka, in Oyi Council Area of Anambra.

“This will be one of the most effective projects of this administration in term of refuse disposal because we are not only gathering all the dirts in Onitsha and environs, we shall also import from neighbouring state, refine and sell them off back to the industry that will require them for several needs. It will also create employment for our people”, he said.

He stated that plans have been concluded to engage a Canadian company, Access Energy Technology Limited in the solid waste management of the three major cities, names, Awka, Onitsha and Nnewi.

He said the project slated to take off in March this year will convert waste to wealth by recycling the refuse and transforming them into manure, gas and generate 140 mega watt of electricity daily.
Meanwhile, the commissioner, Okwenna, was at the weekend elected, fellow of the Certified Institute of Public Administration of Ghana.

In a statement signed by Executive Secretary, Ghana Institute of Public Administrators, Michael Mensah, dated Jan. 7, 2008. Okwenna was chosen for his enormous contributions to the environment sector in the last ten years.

Expanding the Lagos-Ibadan Expressway

THE Federal Government's decision to expand the Lagos-Ibadan Expressway and turn it into a 10-lane freeway is a welcome development. This particular road is no more than a death trap and a source of anguish to travellers. It is estimated that about 30 deaths are recorded on the road daily, due to accidents, most of which are avoidable. Something surely needs to be done to curb the carnage, and to protect lives.

The Speaker of the House of Representatives, Hon. Dimeji Bankole made the disclosure about the road expansion plan during a recent courtesy call on the Alake of Egbaland, Oba Adedotun Gbadebo. According to him, "the cost of the recurring congestion on the road is getting unbearable for the federal government". He added that the private sector will be involved in the reconstruction which is estimated to cost about $67 billion.

All the necessary details seem to have been worked out. The project is expected to be completed within two years. Apart from the engineering reconstruction of the road, including the introduction of underground tunnels, facilities will be provided along the entire stretch of the expressway. Traffic will be directed away from crowded religious centres in order to reduce congestion. Hotels and recreational facilities will also be provided at strategic spots on the highway for travellers.

The Lagos-Ibadan expressway was completed in 1978 but since then it has not undergone any major maintenance work despite the fact that it is one of the busiest roads in the nation. The road has been neglected and left to disintegrate. It is not surprising, therefore, that the Lagos-Ibadan expressway has become notorious in many respects. With massive vehicular traffic, daily, traffic congestion is perennial and disheartening. Commuters waste long hours in crippling traffic. Robbers, rapists, pick-pockets often capitalise on the chaos to attack innocent persons.

Lack of management has given rise to uncontrolled development on the highway. For instance, the many religious worship centres that occupy vast sections of the highway compound the traffic situation especially when there are major events that attract large crowds of worshippers.

Over the years, public outcry about the appalling condition of the road has not yielded any positive result. The federal authorities that ought to manage the highway occasionally send contractors who put up some appearance for a few weeks without making any difference. The Lagos-Ibadan expressway should be rescued from its present state of neglect. There is no doubt that its reconstruction is worthwhile economically. The road links Lagos to other parts of the country.

Whatever contracts that may have been awarded in the past to effect repairs on the badly damaged portions of the road have been carried out haphazardly. Indeed, the money meant for the last rehabilitation exercise was allegedly diverted by politicians to finance the ill-fated Third Term agenda of the former administration. It is instructive that the reconstruction will now be carried out by the private sector under a BOT arrangement. This will reduce pressure on the Federal Government, apart from giving the private entrepreneurs a sense of partnership. For now, however, not much is known by the public about the details of the partnership between the Federal Government and the construction company that has been granted a concession on the Lagos-Ibadan expressway. There is need for transparency and accountability. Quality should be the overriding consideration. Public information and input where necessary should be accommodated.

The Nigeria Society of Engineers may be involved in the project to help monitor progress and standards. The contractor that would handle the road should be given clear specifications on what is to be done. The company should be closely monitored at various stages of the work. Most road contracts in Nigeria fail to meet international standards because the contractors are not closely monitored or made to adhere to specifications.

Since the proposed reconstruction is a major engineering work, there should be an Environmental Impact Assessment (EIA) of the project. People and institutions that have structures that may be affected by the expansion are advised to cooperate with government. Undue litigation that may stall or delay the work should be avoided. Property owners should be aware that highways have a right of way that should be respected. Whatever disputes that may arise nonetheless should be resolved amicably with a greater emphasis on the public interest.

Road users should cooperate while the reconstruction work is going on. Bearing in mind the busy nature of the road, the work should be done expeditiously in order not to disrupt movement unduly or expose commuters to excessive hardship.

Lagos plans film, energy cities for tourism 23/1/2008



In a bid to reposition the tourism sector, Lagos State government has begun ground works on several multi-billion naira projects to enhance its tourists’ attraction sites on Badagry and Lekki axis . The Assistant Editor (Arts), Ozolua Uhakheme, reports on the Ministry of Tourism and Inter-governmental Relations’ new year plan of actions.

After a passive participation in last year’s edition, Lagos state government has declared its readiness to resuscitate the annual Black Heritage Festival held every October in Badagry as part of moves to boost the tourism sector. Besides, the state is also developing an energy city/conference centre in partnership with private investors on the Badagry-Seme border axis.

According to Mr. Ashamu Fadipe, a director in the Ministry of Tourism and Inter-governmental Relations, the state is embarking on the projects to reposition tourism for better appreciation. The energy city, he said, is a multi-trillion naira project which would flag off during the first quarter of this year. The state is also redeveloping the slave ports, expanding and upgrading the collections at the museum as well as erecting monuments showing the activities of slave trade in Badagry. But other planned projects like the aquarium, shopping mall and a 16-hole gulf course.

Fadipe also disclosed that to complement other tourism facilities in the state, a film city that will provide modern facilities for the production of quality films would be developed. He added that the agreement for the partners in the project has already been signed.

"The film city that will be located near Badagry will have the state of the art equipment, film production studios, shooting sets, film processing laboratories, recreation facilities, conference centre and hotels among others," Fadipe explained.

On the Bar beach shoreline protection he noted that the state is currently concentrating on this aspect of the tourism development adding that private developers would be invited to build holiday resorts around the beach. This, he said, is however being handled by the ministry of waterfront and infrastructure development.

According to Fadipe, the Orile-Badagry expressway has been earmarked for expansion by the state and that arrangement has been concluded with the federal government. The Badagry expressway project is expected to commence in the next 36 months.

Meanwhile, land owners who refuse to develop their landed properties according to specification at tourism estates in Oniru-Lekki axis may likely have their ownership revoked as soon as government decides to regularise the ownership of such lands in the state. Fadipe dropped the hint while briefing the press on the new-year plan of actions of the state ministry of tourism and inter-governmental relations in Lagos recently. He stressed that within the shortest possible time, government would come up with a position on defaulters.

This never-ending planning planning and planning ...and the endless bla bla really sucks, I want to see CONCRETE actions and no pipedreams, one message in a paper and nothing more, this is wreaking my nerves!:bash::ohno:

This never-ending planning planning and planning ...and the endless bla bla really sucks, I want to see CONCRETE actions and no pipedreams, one message in a paper and nothing more, this is wreaking my nerves!:bash::ohno:

this is what you will get under a yar adua admin

this is what you will get under a yar adua admin

He has been in office for less than 5 months, so you surely can't expect him to be building things at this stage.

He has been in office for less than 5 months, so you surely can't expect him to be building things at this stage.

why not? instead of cancelling the last guy's stuff he can spend time building new things. nigeria has seen improvements under obasanjo and this guy is reversing many of them. but he has not provided a single idea. and from what my brother tells me he is suffocating projects like tinapa

I must say that there is nothing to show for most of the "developments" by Obasanjo. Take a look at the two main exressways in Nigeria and you will understand what I am saying. Also with the spending of over $10 billion on power, there is nothing to show for it. In the light of this, I believe that Yar'Ardua is doing the right thing. He needs to plan and make sure that funding will be available before embarking on any new project.

the economy is one of the fastest growing on the continent, it' s banking ndustry and stock market one of the fastest in the world. same goes for its telecom industry. agric is also growing at a rate that outpaces all other sectors.

i can also list of ton of flaws of obasanjo. but right now i cant name any good things from yardy

nigeria is used to commiting fund and little of it actually getting to do what is done...what yaradua is doing is first to restructure hw most of the income comes in so its more efficient and make sure funds that are allocatted are actually used for what they are supposed to do....basically he is setting his house in order b4 spending..if two yrs into yardua's tenure n u dnt see the good effects of this ...

nigeria is used to commiting fund and little of it actually getting to do what is done...what yaradua is doing is first to restructure hw most of the income comes in so its more efficient and make sure funds that are allocatted are actually used for what they are supposed to do....basically he is setting his house in order b4 spending..if two yrs into yardua's tenure n u dnt see the good effects of this ...

ok, i'll be patient. i just find some of his decisions more political than developmental

FEC Re-awards N9.8bn Gas Transmission Pipeline Contract

From Juliana Taiwo in Abuja, 01.24.2008

The re-awarding of the N9,867,845,40.90 contract for the engineering, procurement and construction of the 24 inches by 107-kilometre Calabar-Adanga, gas transmission pipeline in Cross River State was top on the agenda of the Federal Executive Council (FEC) meeting yesterday.
The meeting chaired by Vice-President Goodluck Jonathan also approved a memo from the Minister of Finance seeking rectification of President Umaru Musa Yar’Adua’s proposed International Development Association (IDA) credit.
The proposal is in support of the West and Central African Air Transport Safety and Security project, which has Nigerian component at $46.65 million.
Briefing State House correspondents after the meeting which lasted almost seven hours, the Minister of Information and Communications, Mr. John Odey, said the Calabar-Adanga gas transmission pipeline contract was first awarded by former President Olusegun Obasanjo’s administration.
He said it was initially awarded to two different contractors - IDT Aljamin and Wilbros Consortium - with Messrs Wilbros as leading partner as part of its effort to improve the power situation in the country.
The contract, he said, was later revoked and re-awarded to Messrs Castech Consortium because of non-performance following sharp disagreement by the contractors.
Odey said the contract was re-awarded to the same contractors (Messrs Castech Consortium) selected by the immediate past administration and was expected to be completed within 15 months.
The project is under the aegis of the National Integrated Power Project (NIPP).
The minister said the IDA’s $46.65 million credit facility is expected to be repaid over 40 years including 10 years moratorium, which would be used to strengthen airport security and general air safety in Nigeria.
He said this was part of the West African and Central Africa Air Security strategy for which the IDA agreed to advance the loan.
The funds, he explained, would be utilised and managed by the various government air safety-related agencies like the Nigeria Civil Aviation Technology College, Zaria and the Federal Airports Authority of Nigeria (FAAN) and would be supervised by the Ministry of Transport.
“A memo sought the approval of the IDA credit in the sum of approximately $46.65 million in support of the West and Central African Air Transport Safety and Security project in our various airports. The project when completed will help to create a safe and secure environment in West and Central Africa that will allow African airlines to competitively access regional and worldwide market with the expected result in support of sustainable economic growth within the region.
“It will also improve Nigeria’s Civil Aviation Authority compliance with an international civilian aviation authority standard on air safety and security to improve security at Abuja, Kano, Lagos and Port Harcourt International Airport,” he said.

why not? instead of cancelling the last guy's stuff he can spend time building new things. nigeria has seen improvements under obasanjo and this guy is reversing many of them. but he has not provided a single idea. and from what my brother tells me he is suffocating projects like tinapa

I can 100% agree with that:cheers:, without Obasanjo´s base work Nigeria would still be sitting on its heaps of debts, the banking sector would have never transformed which is quintessential for any vigorous economy.

I think that we are all aware of Obasanjo´s faults and deficits but better a man with fault than a guy wasting its time by reversing obsessively everything what his a thousand times more competetent predecessors ha done (I am not just talking about Obasanjo here) have built up in in despair and sweat. Yar´Adua is a lame duck, one just has to look at his former federal state and its "remarakable improvements". I do not have anything in person (as a human being) agaist Yar´Adua but he is not the right man to lead such a complex and important country like Nigeria.

The new cia world factbook figures are out. nigeria has imroved a lot economically. botswana too. the numbers on ghana have to be wrong tho. good stuf

https://www.cia.gov/library/publications/the-world-factbook/geos/ni.html#Econ
GDP (purchasing power parity):

$294.8 billion (2007 est.)
GDP (official exchange rate):

$90.52 billion (2007 est.)
GDP - real growth rate:

6.1% (2007 est.)
GDP - per capita (PPP):

$2,200 (2007 est.)
GDP - composition by sector:

yar'Adua kicks-start $1.6b stainless steel plant

RECOGNISING the importance of industrialisation to the realisation of Vision 2020, President Umaru Musa

Yar'Adua on Tuesday performed a foundation stone laying ceremony for the construction of $1.6 billion Pioneer Stainless Steel Tube Mill in Abuja, describing it as a bench mark in the process of industrialising the country.

The factory, which is located in Idu Industrial Estate, Abuja will serve as the headquarters of the Designed Stainless Product Limited (DSP), the owner of the project.

Expected to serve the West Africa Sub-region, it will impact on local content policy of government, as most of its products will form inputs for other industries, thereby reducing the nation's import needs.

Yar'Adua, who was represented by the Minister of Commerce and Industries, Charles Ugwu commended the management of the company for its innovation and for aligns with government vision of developing the country through massive industrialisation.

He noted that with the potentials of the industry, which cuts across all human endeavour, smaller related industries in the area of steel now stand a better chance to source their raw materials, a development, which would go a long way to accelerate industrial development and economic growth.

Managing Director of DSP, Mr. Itekena Abel-Tariah in his welcome said the foundation stone laying ceremony marks the beginning of development of stainless steel sub-sector of iron and steel industry in the country.

He disclosed that the project would be done in six phases and has duration of 12 years for completion.

He added that funding for the project would be solely provided by foreign financial institutions, noting that local financial institution in the country have not been encouraging potentials local investors, a attitude, which he described as anti-enterprises.

Chinese firm to invest N115.8b on Kajola free zone in Ogun

A CHINESE Civil Engineering Construction Company is to invest N115.8 billion in the proposed Kajola Specialised Railway Free Trade Zone (Kajola FTZ) in Ogun State.

The Chief Coordinator of the firm, Mr. Karl Leo, told the News Agency of Nigeria (NAN) recently in Abeokuta that the equipment for the project had already arrived in the country.

According to him, the project was done in partnership with Ogun State government and most of the industries that would be in the zone would be railway-related firms.

"We do not need to bring too many Chinese people to this industrial zone, because we believe Nigerians can do it.

"It is just the ideals and technology that are needed here.

"So with the partnership, we believe we can build the modern railway system for Nigeria by developing its industrial park," he said.

He said that community people in the area would be given priority in employment when the industries became operational.

"We are quite happy about the support which the people are giving us, and we do not envisage any problem with them in the near future," Leo said.

Also speaking with NAN, the Economic Adviser to Ogun Governor, Ms. Yosola Akinbi, said that government had concluded arrangements to enable the Chinese company to begin work.

She described the project as a major backbone for the industrialisation of the state as it would engender rail transport activities.

She said that it would also encourage the siting of commodity marketing, container fabrications, vehicle assembly plants and agro-allied industry.

Akinbi said that Governor Otunba

Gbenga Daniel had held a meeting with six communities in Kajola to educated them on the project and assured them of adequate compensation for their land.

LOL EG is wealthier than Switzerland yet has an unemployment rate of 30%. :nuts:

LOL EG is wealthier than Switzerland yet has an unemployment rate of 30%. :nuts:

They have high paying jobs, and millions of charities and generous citizens.

Either that or there is no economic distribution.

This also says alot about the economy, I'm guessing alot of the country's money is being generated from one or two sectors. Looks like a country, with lot of money being generated, to a relatively small population, but little investments being invested into infrastructure etc.

They have high paying jobs, and millions of charities and generous citizens.

Either that or there is no economic distribution.

This also says alot about the economy, I'm guessing alot of the country's money is being generated from one or two sectors. Looks like a country, with lot of money being generated, to a relatively small population, but little investments being invested into infrastructure etc.

The wealth is generated solely on oil, but Switzerland doesn't have that much of a diversified economy. They've just specialized very well in a couple of industries and have boomed from it. It's funny though to see that EQ is considered wealthier than Switzerland.

Nigeria: War Against Corruption - President Yar'Adua Backs Removal of Immunity Clause

Nigeria First (Abuja)

24 January 2008
Posted to the web 24 January 2008

Abuja

President Umaru Musa Yar'Adua has announced in Davos, Switzerland that he fully supports the removal of the immunity from prosecution conferred on the President, Vice President, State Governors and Deputy Governors by the 1999 Constitution.

Speaking at a dinner hosted by the Partnership Against Corruption Initiative in Davos, on Wednesday January 24, President Yar'Adua said that he was confident that these public officials will soon be stripped of their current immunity from prosecution.


"I have confidence that the next constitutional amendment will strip these public officials of this immunity and I am personally in support of that," he said.

According a press statement issued by his Special Adviser on Communications, Mr Olusegun Adeniyi, the President indicated that he expected the removal of the immunity clause from the constitution to greatly facilitate the work of Nigeria's anti-corruption agencies, which, he said, have been granted "total and complete independence of action" by his administration.

"One thing I have done is to give them total and complete independence of action. The institutions are directly under me in the Presidency, so when I assumed office, I called their chairmen and told them that they have total independence to go and act within the law: that is the only condition I gave, that everything they do must be within the law establishing them and within the laws of the Federation," President Yar'Adua said.

He also told his audience that in furtherance of the ongoing war against corruption in Nigeria, the Federal Government will soon introduce new legislation that will make all violations and disrespect for due process punishable by law.

"We now have a situation in which people award contracts without caring whether they have enough money to complete the project and because of this, there are lots of abandoned projects all over the country, in fact some going into billions of dollars. This is the kind of disrespect for established regulations and procedures that feeds corruption.

"Our decision to fight corruption properly and have respect for law, order and due process will now make such acts of omission or commission punishable by law, and that will clean the system and make sure that whatever business dealings government enters into, we have the ability to abide by the covenant we signed. In fact, that is the path of honour, not only for any government but also for companies that are operating in Nigeria," President Yar'Adua said.

The President said that his Administration will also implement other measures "to ensure that opportunities to commit corruption are reduced to the barest minimum so that anybody, any public official who commits an act of corruption will know he has done it as a deliberate attempt, not because he has an opportunity to commit corruption."

"One of the responsibilities of leadership is to protect the followers from harming themselves, therefore leaders must shoulder the responsibility of ensuring that they have systems that do not encourage corrupt practices, systems based clearly on the rule of law, regulations and procedures," he said.

President Yar'Adua commended the Partnership Against Corruption Initiative which was formally launched in 2004 by Chief Executive Officers of global engineering, construction, energy, metals and mining industries to develop multi-industry principles and practices that will result in a competitive level playing field, based on integrity, fairness and ethical conduct.

"The truth is that some companies have benefited materially from corruption, while we, the governments and the nations, are usually at the receiving end, because very few people benefit from corrupt actions. In nations where corruption thrives, the vast majority are shortchanged, so the measures and the steps you are taking really require courage.

"I will like to see this initiative being vigorously pursued and publicized so that in the near future when we are doing business in Nigeria and we see a list of companies which come for competition, we can ask, which are those companies that have acceded to Partnership against Corruption Initiative? These are the companies we will do business with. I think when you push forward and pursue this initiative vigorously, we will reach that point," President Yar'Adua told the chief executives of the world's leading multinational companies at the dinner.

LOL EG is wealthier than Switzerland yet has an unemployment rate of 30%. :nuts:

the new system of measuring country's economies seems to short change countries like ghana. its basically saying nigeria''s per capita has exploded from last year and ghana is now much poorer. and congo is even worse off. many of the previous economic gains seems to be wiped away in the new estimates

the new system of measuring country's economies seems to short change countries like ghana. its basically saying nigeria''s per capita has exploded from last year and ghana is now much poorer. and congo is even worse off. many of the previous economic gains seems to be wiped away in the new estimates

CIA is a great source if you want to examine the overall and general look of a nation's economy. Such as its current account, trading partners, how much oil it exports/imports, unemployment, commodoties ect but its stats tend not to be that specific and a tad outdated. So if your looking for an indepth look CIA is not the place to go. I prefer the IMF anyday, it has a combination of goverment sources (not always reliable) and independent studies within that country.

imf leaves out too much info, like number of phones, industrial growth rate, etc

It is nice to read:

A growing number of super rich Nigerians are driving Ferrari cars!

What it's like to drive a Ferrari
24 January, 2008 12:00:00 Anonymous

http://www.businessdayonline.com/thumbnail.php?file=Ferari_422702747.jpg&size=article_medium

Today, some super rich Nigerians - more than ever before - can afford to own a brand new Ferrari.
This question as usual, how did these privileged few come about the ‘load’ to acquire this wonder on wheels. Okay lets ask again, how many of these new millionaires, who are also being lured by the performance and luxury of BMW and Mercedes Benz, will succumb to the exotic appeal of this sultry vehicle?
For the most part, a Ferrari is not a very practical transportation device. In recent past, the question is, what is the Ferrari magic that turns heads and keeps their owners coming back for more?
Unlike most exotic cars, the name "Ferrari" is immediately recognized by the average person even if they have absolutely no interest in cars. Ask what a Ferrari is and, without hesitation many will tell you it's a fast, expensive, ultimate sports car. Only one other exotic car brand name is as well recognized by the general public for what it is. That brand is Rolls Royce. All this brand recognition can be summed up in one word, "prestige." Drive into the local country club and, even if your associates don't know the difference between a Ford and a BMW, they will know what a Ferrari is. There are other cars that cost as much as a Ferrari, but unless you are a car enthusiast, you may not recognize those names for what they are.
Driving a Ferrari for the first time can be likened to a date with your favorite movie star. You're extremely nervous at first, but once you begin to relax, the fun begins. Out on the road, this car certainly draws attention. People will try to see if they recognize the driver while other drivers and passengers try to make eye contact with you. Cars seem to be always chasing you to try to get a longer look while not paying enough attention to their own driving (almost as bad as drivers talking on cell phones).

Nigeria: Oceanic Health Secures HMO Permit

Kelvin Egerue
Lagos

National Health Insurance Scheme (NHIS) has increased the number of Health Management Organisations (HMOs) in the country with the licence granted Oceanic Health Management Limited.

A subsidiary of Oceanic Bank International Plc, Oceanic Health Management Limited is a privately owned limited liability company with an authorised share capital of N100m. The accreditation letter reference: NHIS/OPS/408 and signed by Mr. M.B.W. Dogo-Muhammad, executive secretary, NHIS had empowered the Oceanic Health to operate as HMO.

"Your company was found to have satisfied all requirements for accreditation as an HMO. It is my pleasure to inform you that the Hon. Minister of Health has granted approval for your accreditation to operate as an HMO under the regulation of the NHIS," the memo had read in part.

According to Dr. (Mrs.) Cecilia Ibru, chairman, Oceanic Health Management Limited, the firm has been structured to provide health care through a network of reputable hospitals strategically located across Nigeria.

These health care providers include primary, secondary and tertiary care institutions, amongst others.

"We have world-class diagnostic centers amongst our healthcare providers. We are also in partnership with other insurance companies and health care organizations abroad for easy access to overseas medical treatment when required. We ensure effective health care delivery through our integrated service infrastructure," she said.

Dr. Ralph Olarenwaju, medical director, Mother and Child Hospitals, Ikeja said Oceanic Health has the expertise and service delivery channels needed for excellent operations as HMO.

"Oceanic Health's profile is one that should naturally command a lot of respect given its relationship with Oceanic Bank that is known for excellence. I have no doubt that its operations will improve the standards of HMO operations in Nigeria," he said. In addition, Dr. Gregory Osagie, medical director, Divine Medical Centre, Ikoyi, said the fact that more individuals and employers are increasingly embracing health insurance portends a great future for the nation. "With the licensing of Oceanic Health as an HMO, we can now look forward to efficient healthcare administration in Nigeria," he added.

Ibru said the benefits of Oceanic Health's services to its clients include; a wider choice of healthcare providers nationwide, efficient referral system all through primary, secondary and tertiary levels of health care, portability of care as out-of-station or emergency care, guaranteed access to quality healthcare as medical treatment is subjected to rigorous quality assurance techniques, access to medical counselling on 24-hour call lines and also emergency evacuation both locally and internationally when required.

"We monitor our providers to ensure that the medical services received are efficient and medically appropriate, carry out Health enlightenment campaigns in companies that require it and also collate medical statistics to aid preventive health programmes," she added.

Some Oceanic Health products include coverage of international evacuation for illnesses (both routine and emergencies) that cannot be managed adequately in Nigeria. Treatment outside Nigeria would be at the nearest centre of excellence, the United Kingdom, France, Germany, Switzerland and South Africa. Oceanic Health has also launched a rural/community health insurance plan aimed at promoting effective primary healthcare delivery services in Nigeria. The plan is not-for-profit and is intended to make healthcare available and accessible to the vulnerable and socially excluded groups, which predominantly live in the rural areas.

China Devt Bank seeking stake in Nigeria's United Bank of Africa - report


BEIJING (XFN-ASIA) - China Development Bank is in talks to buy a stake in Nigeria's United Bank of Africa (UBA), with plans to invest more than five bln usd, the Economic Observer reported over the weekend.

'China Development Bank's initial plan is to buy into the bank for a stake worth five bln usd, although the specific size of the stake is still under discussion,' an unidentified source close to China Development Bank told the newspaper.

'China Development Bank hopes to obtain some influence in the management of (UBA), but control would be nearly impossible,' the source added.

In September China Development Bank reportedly entered into a partnership with UBA to expand its financing of infrastructure projects in Africa.

jianlin.li@xinhuafinance.com


xfnlj/xfntm

this is what you will get under a yar adua admin

i am not with yar adua but do you guys really think the president can boost a private project??? how childish..:nuts:

i am not with yar adua but do you guys really think the president can boost a private project??? how childish..:nuts:

why cant the president boost a private project? especially in nigeria?

Nigeria’s External Reserves Hit $54.8bn

Nigeria’s external reserves increased from US$51.33 billion during the week ended January 4 to US$54.79 billion by January 18, the Central Bank of Nigeria (CBN) has said.
This represents a 6.74 per cent or $3.46 billion increase, following the rise in crude oil production and the high oil prices in the international market.

HERE IS THE FULL ARTICLE ABOUT NIGERIA´S GROWING EXCHANGE RESSERVES, Sammyjay77!:cheers:

Nigeria’s External Reserves Hit $54.8bn
•Spend it on people's welfare, says Fashola
By Deji Elumoye, 01.28.2008


Nigeria’s external reserves increased from US$51.33 billion during the week ended January 4 to US$54.79 billion by January 18, the Central Bank of Nigeria (CBN) has said.
This represents a 6.74 per cent or $3.46 billion increase, following the rise in crude oil production and the high oil prices in the international market.
But Mr. Babatunde Fashola (SAN), the Governor of Lagos State, has expressed reservation at the non-utilisation of the nation's huge foreign reserves.
The banking watchdog, which made the latest figures known in the latest edition of its Economic Indicators Report, explained that the current level of reserves could support 23 months of foreign exchange disbursements.
The CBN noted that the average volume of output of crude oil rose from 2.17 million barrels per day to 2.21 million barrels per day during the week under review, while the crude price stood at US$92.77 per barrels as at January 18.
It also observed that currency in circulation in the country dropped by 5.63 per cent or N53.6 billion to N897.7 billion by January 18, 2008.
Nigeria’s currency in circulation had reached its peak level of N951.3 billion during the week-ended January 4, and slightly declined to N933.6 billion by January 11.
The CBN attributed the decline to the decrease observed in currency outside the banking system during the period.
It was, however, a mixed development in banks’ savings and lending rates during the week-ended January 18.
“The average interest rate on savings account was 3.43 per cent as at January 18, 2008 from 3.32 per cent on January 11. The average prime lending rate of banks was 16.66 per cent during the period under review, compared with 17.47 per cent on January 11.
“The average maximum lending rate of banks stood at 18.67 per cent by January 18, as against 17.52 per cent in the preceding week,” the CBN explained.
It noted that the naira maintained its exchange rate to the dollar in the last three weeks, trading at N116.31 to the dollar at the Wholesale Dutch Auction System (WDAS).
But speaking at the weekend in Lagos while addressing members of the Lagos Country Club at its New Year party, Fashola cautioned the federal government against maintaining external reserves when there are no functional hospitals, good roads and universities in the country.
He opined that the reserves could be spent in hiring expatriate knowledge if the nation fails to plough it back in its educational system.
He noted that at a time when the American dollar is losing value and many economies are thinking of ways to diversify the base of their economies, the value of the $51 billion may be gone if Nigeria’s economic advisers do not become proactive with the savings.
Fashola explained that Lagos is moving rapidly towards fiscal and financial independence as shown by the performance of the 2007 budget as well as the Internally Generated Revenue profile of the state which stood at over 75 per cent.
He added that the significance of the good performance of the budget and the revenue profile of the state is that the government can perform better if it had more money to work with.
Fashola recalled that when his predecessor in office, Asiwaju Bola Tinubu laid the foundation for fiscal and financial independence of the state, no one expected that some months later, the funds of the local councils would be withheld illegally for 18 months.
He added that with financial re-engineering, the government then succeeded in running the councils successfully for 18 months with funds generated internally, culminating in the state now generating between eight and nine billion naira monthly.

From Lewis Asubiojo, Abuja

CONSTRUCTION work has begun on the $1.6 billion Stainless Steel Tube Mill factory expected to meet the steel needs of the West African sub-region and by extension, Africa.

Located at Idu Industrial Estate, Abuja in the Federal Capital Territory (FCT), it is owned by Designed Stainless Products Limited, one of the leading companies in stainless products in the country. The project, which will be executed in six phases, will form inputs for other industries when completed, thereby reducing imports of such needs into the country, among other impacts on the local content policy of government in several.

It will also serve as DSP Headquarters and be solely financed through a foreign loan. A Korean company, Woo Sung Industrial machinery Co Ltd., is the project's technical partner. Some industries likely to benefit from the company's products after completion include medical, pharmaceutical, beverages, confectionery, furniture, oil and gas, building and construction, automobile and automotive.

While performing the foundation stone laying ceremony, President Umaru Musa Yar'Adua, who was represented by the Minister of Commerce and Industries, Charles Ugwu, described the project as a bench mark in the process of industrialising the country. President Yar'Adua commended the management of the company for its innovation which aligns with government's vision of developing the country through massive industrialisation.

He noted that with the industry's huge potentials, which cut across all human endeavors, more unemployed Nigerians would be employed after its completion, which will give rise to accelerated industrial development and economic growth in the country.

Chairman of DSP, Itekena Michael Abel-Tariah, noted that the foundation stone laying ceremony of the industry marked the beginning of development of the stainless steel sub-sector of iron and steel industry in the country. He thanked President Yar'Adua for his support, adding that his organisation's vision was to build a stainless steel giant in Africa that would meet world standard.

Meanwhile, Abel-Tariah, who is also the company's managing director, took a swipe at local financial institutions, accusing them of not encouraging potential local investors by giving them loan assistance. He described them as anti-enterprise. According to him, "the reforms in the financial sector of our economy have not translated into production of goods and services because of wrong application of the funds raised by the reform.

"The government may have to look into this if it wants to grow this economy. The economy cannot grow only on foreign finance," the DSP boss said, adding that his organisation was disposed to accommodating and partnering any genuine new local equity investor.

Nigeria: Rivers, Canadian Firm to Build N1.2tr Specialist Hospital

Ahamefula Ogbu
Port Harcourt

Rivers State government has entered into a joint venture with a Canadian firm, Clinotech Diagnostics and Pharmaceuticals Incorporated, to build a $100 million (about N1.2 trillion) Mega Specialist hospital that will ensure that Nigerians would no longer go abroad for specialist treatments.

The hospital, slated to have between 1,000 and 1,500 bed space, will be a private-public sector partnership, which will see the foreign partners charging fees for their services fromwhich 40 per cent of the profit will go to the state.

As part of the agreement, Clinotech is expected to build a turbine to provide electricity to the project, a hotel where people from outside the state would lodge while waiting for treatment and a conference centere where experts will converge to share ideas.

State Governor Chibuike Amaechi, who has signed the Memorandum of Understanding (MOU), where the state is to own 40 per cent of the investments, said he hopes to save the N100 million that the state spends monthly intreating people abroad.

The money spent on treating people abroad cover cost of travels, accommodation, relation that travels with the person to be treated and the actual cost of treatment.

In the agreement, state government is to provide land andCertificate of Occupancy that it reserves the right to revoke, should its partner default in the terms of the agreement.Clinotech is a Canadian firm owned by a Nigerian whoseparents are from Rivers and Bayelsa states, but haslived in Canada for over 30 years. The investment islike a repatriation of his efforts to the country.While signing the agreement where Amaechi and theCommissioner for Health, Mr Sampson Parker, signed onbehalf of the state government, it was agreed that thehospital will make capacity building part of itscontributions to the venture.

By Sola Adebayo, Warri
Published: Wednesday, 30 Jan 2008

The Warri Refinery and Petrochemical Company, resumed operations on Tuesday, two years after it was shut down.

Barring any technical hiccup, refined petroleum products will be available from the plant as from Friday.

The red flame, which indicated that the refinery was back on stream, rented the air in the refinery premises in the early hours of Tuesday. Petroleum dealers, who sighted the flame from the nearby Warri Refinery Depot, and residents of the neighbouring communities to WRPC, especially, those in Warri and Effurum, celebrated the development.

WRPC‘s workers who also trooped out to watch the flame, praised President Umaru Yar‘Adua, and the Group Managing Director, Nigerian National Petroleum Corporation, Mr. Abubakar Yar‘Adua, for their efforts which resulted in the latest development in the plant.

Our correspondent gathered that the Managing Director, WRPC, Mr. Andy Yakubu, who briefed the NNPC GMD on the progress made by his management in Abuja on Friday, was given the nod to restart the plant by the GMD.

Consequently, it was gathered that crude oil was introduced into the component units of the plant on Monday night as a prelude to the restart processes.

Yakubu, who returned to Warri on Monday, supervised the processes leading to the restart of the plant on Tuesday.

Tuesday‘s development ended the nightmare of the management of NNPC, which had been under intense pressure to revamp the nation‘s ailing refineries in order to reduce the nation’s dependence on imported refined petroleum products.

The WRPC and the Kaduna Refinery and Petrochemical Company were shut in February 2006 due to their inability to refine crude oil.

The Chanomi Creeks pipeline, which supplied crude oil to them from the fields of the American oil giant, Chevron Nigeria Limited in Escravos, was vandalised by suspected Niger Delta militants at 27 locations in Warri South West Local Government Area of Delta State. The pipeline measured 20,000 cubic metres from Escravos to WRPC.

The vandalism of the pipeline, identified as System 2C, led to the closure of both WRPC and KRPC.

The WRPC was planned for re-opening in the first week of January before the pipeline was ruptured again during pressure test to determine its suitability for operations.

The repair of the pipeline was successful as it resumed supply of crude to WRPC last Thursday.

Findings by our correspondent, who visited the plant on Tuesday, showed that the GMD of NNPC was billed to visit Warri next week, apparently for on-the-spot assessment of the situation on the ground and to formally inaugurate the pioneer crude refining plant for operations.

This is excellent news

Roadworthiness certificates for Lagos vehicles

By Sunday Aborisade


The era of rickety vehicles plying the roads of the Lagos metropolis may be over as the state governor, Mr. Babatunde Fashola (SAN), has said that his government will soon be issuing roadworthiness certificates to all vehicles in the state.

Fashola stated this on Thursday in Ikeja while inaugurating the Auto-Hackney and Auto-Insure introduced under the Automated Vehicle Registration and Renewal policy for vehicle owners in the state.

Represented on the occasion by his deputy, Mrs. Adebisi Sosan, the governor lamented the frequent cases of traffic congestion and air pollution being caused by many vehicles on Lagos roads.

The governor explained that the issuance of roadworthiness certificates to all categories of vehicles in the state would ensure safety of lives and property of commuters and the entire populace.

He said the billions of naira being committed to building network of roads within the metropolis would not achieve the desired objective if government failed to pay attention to the condition of the vehicles plying them.

He said, “The resultant greater efficiency and transparency in the issuance of roadworthiness certificates will further raise the safety standards of vehicles plying our roads to our collective benefit.

“It is the only way we can have constant, reliable and up-to-date data of vehicles plying our roads for the records and for effective planning.

“It will significantly discourage theft of vehicles as they will be more easily traced when accurate records are kept.

“We will also be in a better position to ensure that only genuinely roadworthy vehicles ply our roads and those who drive them truly have the necessary competence to do so.”

The Lagos State Environmental Protection Agency recently raised the alarm that the emission of polluted air from the exhaust of rickety cars was dangerous to the health of residents.

Investigations at LASEMA reveal that transport was ranked as the largest single source of air pollution in the state, causing nearly two-third of the carbon monoxide, a third of the nitrogen oxides, and a quarter of the hydrocarbons in the atmosphere.

The findings also show that with the escalation in the number of vehicles on the roads and the emission of dangerous fumes, Lagos was on the fast lane to smoggy skies and dirty air.

Fashola said registration and renewal of vehicle particulars, which would henceforth be processed online, would make it easy to get rid of smoky cars from Lagos roads.

In a study on the air quality improvement in Lagos, a member of staff of the Lagos Metropolitan Area Transport Authority, a World Bank-assisted project, Mr. Olukayode Taiwo, blamed the situation on the nation’s poor economy.

Taiwo, in his study entitled, ‘The state of urban air pollution in Lagos,’ said cars already written off the roads abroad and meant to be crushed as scraps, were being imported into the country, not minding their harmful effects.

“Cars that should have been fitted with catalytic converters are sold to the Nigerian market where they pollute the environment indiscri-minately,” he said.

The expert lamented that there was no legislative framework or set standard to monitor emission from mobile services.

He said the legislation put in place by the Federal Environmental Protection Agency in 1991 was limited to emission generated through stationery sources like generators and heavy equipment in factories.

Angola may upstage Nigeria as Africa’s top oil producer
31 January, 2008 12:00:00 PIUS MORDI with agency report

Angola may soon upstage Nigeria as Africa’s top oil producer as up to 25 percent of oil output has been lost to the crisis in the Niger Delta at a time that the southern African country is executing an ambitious plan to boost production.
Experts predict that as early as mid 2008 when Angola’s oil production will hit two million barrels per day, it may outstrip Nigeria from the top spot it has occupied for over 50 years.
This emerged as President Umaru Yar’Adua has assured investors of adequate government funding in 2008. His assurance came against the backdrop of an alarm sounded by Shell and other oil majors that their fortunes are declining following government’s failure to meet its investment commitments.
“The challenge really is funding, but I am happy to say that we have addressed the issue,” Yar’Adua said in an address to an oil-and-gas seminar read on his behalf by junior oil minister Odein Ajumogobia in Abuja.
“The year 2008 will be the first time our budgeting will not be limited by budget constraints, but by demand of the industry,” he said.
The president called for more investment in the sector to reduce operational and production costs as well as to boost productivity and profitability.
Director of the Department of Petroleum Resources Tony Chukwueke told the seminar the state-run oil group NNPC and joint-venture partners such as Shell, ExxonMobil, ChevronTexaco and Agip had nearly concluded arrangements to fund the ventures.
Analysts predict Nigeria’s crude oil output ranging between 2.1 million to 2.6 million barrels per day in the coming months — the same or slightly higher than its current level of around 2.1 million barrels per day, its OPEC quota.
That rate is about 500,000 or 600,000 barrels a day less than what it would produce at full capacity.
“Angola is soon going to produce more than Nigeria - they’re already planning on two million barrels a day by mid-2008 and Nigeria’s taking that idea very badly,” an Abuja-based oil trader predicted.
“For 50 years Nigeria has been Africa’s oil giant and they find the idea of a rise in Angolan output a bit scary.”
While some new offshore fields are coming on line in Nigeria, production remains hampered by continued unrest in the oil-rich Niger Delta, which has helped slash the country’s production by a quarter in 2006 and 2007, to its current output.
“Nigeria would definitely like to increase its daily production but their major preoccupation right now is just to get back what they’re losing to vandalism,” the Abuja trader said.
Still, Sebastian Spio-Garbrah of Eurasia Group in New York said that despite short-term negative headlines out of the Delta, he expects 2008 will see “an overall improving security stability situation in the Delta and improved Nigerian production.”
Not all analysts are so sanguine and most agree the Delta will remain volatile, offering Nigeria little chance of getting production much over 2.6 million barrels a day in the immediate future.
Experts also believe the government’s target of four million barrels per day by 2010 is unrealistic.
Nigeria’s peak production level was 2.6 million barrels until two years ago, when unrest in the restive Niger Delta reduced the figure by a quarter.
The Shell Petroleum development Company had said that the Federal Government’s failure to finance its majority share in the company posed a “big risk” to its existence.

Lagos Awards 31 Major Road Contracts

By Deji Elumoye, 02.04.2008


Lagos State is set to wear a new look as the state government weekend, in a landmark move, awarded contracts for the rehabilitation and reconstruction of 31 major roads.
The contracts were awarded at an extraordinary meeting of the State Tenders Board at the Akodo Beach Resort, in Ibeju Lekki which had in attendance the Ministries of Works and Infrastructure, Envir-onment and Transportation as well as bidding contractors.
Among the major contracts considered by the extraordinary Tenders Board meeting were the rehabilitation of the Ago Palace Way, Amuwo Odofin Phase 11 which has been recommended to CCECC and that of Yaba (Jibowu) Iddo-Mainland Phase 11 which has been awarded to PW Nigeria Ltd.
Other contracts listed and considered by the meeting were Upgrading/Rehabilitation of Apapa Central Business District GRA (CBD), Apapa LGA Phase 11; construction of Okota-Itire Link Bridge and road works and a holistic approach to road development in the state from 2007 to 2010.
Also considered were the construction of Ajangbadi-Ilogbo road in Ojo; construction of Ijede-Egbin road in ikorodu and the construction of Ajoke Sodamola street in Fagba Iju, among others.
Others were rehabilitation of Comfort Oboh street Kirikiri, Amuwo Odofin, rehabilitation of Abdullahi Street Kirikiri; rehabilitation of Dillion street; Kirikiri all in Amuwo Odofin, construction of Ajiweh/Okun-Ajah/Ogombo Road in Eti Osa LGA; rehabilitation of Shodipo street, Papa Ashafa, Agege; construction of Alasia street; Ijanikin, Ojo; construction of Fagbayi Network, Alimosho; rehabilitation of Balogun street, Phase 1, Agege; rehabilitation of Samuel Ekundayo street, Badagry; rehabilitation of Odo Olowu street, Ijeshatedo, construction of Oremeji/Irepodun Street, Oko Oba; construction of Rotimi Odusanya Street, Ikorodu, and construction of Mancity Olaniyi Road, Ifako Ijaiye.
The extraordinary meeting also considered contracts for the improvement of traffic gridlock in some locations such as former Toll Gate, descent of Anthony Bridge; Mobolaji Bank Anthony Way and Michael Otedola estate road (under the bridge). Others are the Falomo bridge by Ozumba Mbadiwe; construction of roundabout at Billings Way; Ikeja; Improvement of Maryland under Pass (Odo-Iyalaro) and expansion of Town Planning Way.
Governor Babatunde Fashola said the meeting was meant to fasttrack the implementation of the budget 2008 by bringing all the agencies involved in the preparation of the budget – executing ministries, funding agencies and the contractors – together to ensure that ongoing projects are sustained and that new ones conceptualised by the present administration are awarded.
That way, Fashola said, drainage works, hospital projects, housing, beautification projects and road construction would progress “steadily and enable us take advantage of the dry season to get a lot of work done before the onset of the rainy season.”
He explained that the meeting would allow sufficient progress to be made on programmes designed to ensure free movement during the rainy season and also curtail flooding.
He said: “The extraordinary meeting is meant to ensure that all agencies of government are gathered under one roof to shorten the bureaucracy. Like a product line, what should have taken a much longer period is shortened such that during the rainy season we would be spending more time monitoring projects with varying completion periods.”

Lagos Awards 31 Major Road Contracts

Fashola seems to be the hungriest governor.

Lagos Energy City for launch this month



The $1.5 billion (N180 billion) Lagos Energy City at Badagry has been slated for launching this month.

The city conceived by a consortium of Asian firms from Hong Kong and Singapore with some local firms and the Lagos State Government, is expected to make the city Africa’s energy hub and a one-stop facilities for oil and gas compaies in the country.

Supra Energy and Power City Limited, concessionaires of the project , is known globally.

The chairperson of the board of directors of the company, Mrs. Amina Oyagbola who currently is the corporate services executive of MTN Nigeria and CEO of the MTN foundation, said the launching of the master Plan is tentatively set for February 23, in Lagos. She said after the launching, a series of international marketing initiatives would be launched by the management of Lagos Energy City, beginning with GASTECH 2008 - the world’s biggest gas fair and the World Petroleum Congress.

Oyagbola who in company of other directors of the company addressed journalists on the latest developments on the project in Lagos highlighted the gains of project including the creation of over 2000 jobs and other opportunities for the people of Badagry.

He said: "Mr. Sathirut Tandanand, head of Siam Design Consortium, the lead master plan designer of the world class project, Lagos Energy City, is currently in Lagos to present the Master Plan Design to the Board of Directors of Supra Energy and Power City Limited, the concessionaires of the Lagos Energy City project, and to the Lagos state government."

Siam Design Consortium comprises five leading architectural and engineering companies from Thailand - Dhevanand Company Limited, Siam Oriental Development Company Limited, Ongsa Architects Company Limited, RAFA Design Office Company Limited and EEC Engineering Network Company Limited.

The consortium designed the Suvarnahbhumi Airport (landscape) in Bangkok, Dubai Metro Project, the Asian Games Village in Doha, Qatar, and the Millennium Hilton in Bangkok, Thailand, among others and would create the master plan and architectural design of the energy city project.

The award-winning Singaporean Design consortium, Whiz Associate Pte., Limited, would carry out the design of Zone 1. Members of the design consortium include Whiz Concepts; Formwerkz Architects; Zarch; Salad Dressing; TEP Consultants Pte Limited and Lighting Planners Associates Inc. The Singapore consortium also plans to design the cabanas and the luxury condominium side of the project.

The two design consortiums will coordinate with local architects to provide local content for the project.

The Master Plan design includes the designs for both Zones 1 and 2.

Zone 1 is the convention and tourist area that aims to re-develop the coast of Badagry into a regional destination in the convention and tourist market while Zone 2., or the Energy City Zone, will strengthen Nigeria’s position as a global energy player, allowing it to join the ranks of other global energy hubs such as Houston, Qatar, Singapore and Calgary.

In addition, Zone 2 will include world class designs of houses, apartments, and town houses that will all be designed to make efficient use of the natural environment.

The chief executive officer of Transglobe, a major stakeholder in the project, said the master plan was ready before end of last year adding that they were focused to achieve the 130 megawatts power station that would supply uninterrupted power to the energy city on record time.

To ensure success of the project, he said the Lagos State Government has formed a special committee that explores all avenues to ensure a hitch-free establishment. The stakeholders have also sought the cooperation of the communities assuring them to be shareholders in the project.

Sathirut Tandanand said that the energy city would be the biggest project in Africa and would be energy efficient and serving community. Nigeria being a tropical country, he said that 50 per cent of the area would be for green space such as garden and landscape. He assured of maximum security.

Alhaji Lai Mohammed, a director, said that there would be no communal upheavals. According to him, the key dignitaries of Badagry including the traditional rulers, the Supra Energy and Power City Limited, the Lagos state executive council and the committee headed by the deputy governor, had a protracted meeting where the benefits of the project were unveiled to the communities with an option to move the project to other communities that need it. The Badagry people willingly agreed to construction of the project there. Over 250 people including youth leaders, were said to be in attendance at the meeting.

On her appointment as chairman, Mrs. Oyagbola said: "I am very excited to be part of this ground breaking project that will develop the country as a whole and the oil and gas sector in particular, and contribute significantly to the welfare of the people and community."

She said the Lagos Energy City would be a fully integrated business centre solution for the oil and gas industry and would carter for the needs of all players in the industry’s value chain, providing world class facilities such as a convention centre, hotels, luxury villas, schools, mega malls, and medical facilities, among others.

T
he project aims to enhance investments in the country, as it can provide a ‘plug and play’ solution to major players in the industry. It is positioned to be the first integrated energy hub in the region and would significantly increase Nigeria’s ability to attract critical revenue streams from the energy sector. In addition, its close proximity to the proposed l0-lane Lagos-Badagry road will further enhance regional development."

The construction of phase 1 of the project comprising of infrastructure: roads and other amenities would start in March this year and expected to be completed in November after which the second phase would commence.

Lagos Energy City is a 670 hectare development project divided into two zones with zone 1 serving as convention and tourism zone and zone 2, the energy city zone.

Zone 2 is being conceived as Africa’s first fully-independent business centre for the oil and gas industry. It will serve the needs of all players in the industry value-chain, providing world class office facilities, executive residences, schools, sports club, medical facilities and retail centres, among others.

Other members of Board of Directors of the company include Mr. Ademola Adeyemi-Bero the managing director of British Gas Exploration and Production and Mr. Ebenezer Onyeagwu, a General Manager in Zenith Bank Plc, the official bank to the project.

Visafone: Here comes another telecoms giant

The number "8" is said to symbolise a new beginning just as "7" symbolises perfection. For the telecoms industry in Nigeria, the year 2008 could prove to be a period of a new beginnning, both for the operators and the subscribing public, with the arrival of Visafone on the turf any moment from now, all things being equal. Since 2001 when the first GSM operator in the country launched service, setting off a revolution in the sector, the industry has continued to be dominated by the GSM operators.Whatever happens in the industry, minds always focus on MTN, Glo and Celtel and whatever they do, determine a lot of things in the industry. So, there has been a big line of demarcation between the GSM operators that are seen as major players and the fixed line operators that use the CDMA technology and are without doubt, considered the minors.


However, Visafone Communications Ltd, founded by the banking guru, Mr Jim Ovia, is set to drastically reduce the line and perhaps change the current orientation of most Nigerians who situate GSM service in an arena of possibilities beyond the reach of CDMA. In the first place , Visafone is not pretending about its decision to make its presence felt across the country by the time it rolls out. To achieve that much, the company bidded for spectrum in the 800MHz band and the licence to operate in 26 states and the Federal Capital Territory (FCT), Abuja in July, 2007.

Contesting alongside for the licence were GiCell Wireless, TC Africa Telecoms Network and Multilinks. But after a review of applications of the said companies by the Nigerian Communications Commission(NCC),only Visafone was said to have met all the criteria to allow it to participate in the auction for the frequencies, and therefore it was declared the winner. Visafone subsequently fulfilled the condition given by the regulatory body, paying the reserve price of NGN400 million, less the deposit already paid, within 14 days.

The spectrum licence that will be valid for an initial period of five years, offers three-carrier frequency spaces, totalling 3.75MHz in the 800MHz band. They are 881.31MHz, 882.57MHz, 883.83MHz (receiver) and 836.31MHz, 837.57MHz, 838.83MHz (transmission).The regions covered by the licence are Ogun, Ondo, Osun, Oyo, Ekiti, Kwara, Edo, Delta, Benue, Kogi, Niger, Nasarawa, Taraba, Plateau, Bauchi, Gombe, Adamawa, Borno, Yobe, Jigawa, Kano, Kaduna, Katsina, Zamfara, Kebbi, Sokoto States and the FCT, Abuja. The spectrum was made available on a technology neutral basis, although it is particularly suitable for fixed-wireless and cellular CDMA operations.

Being true to the stuff he is made off, Mr Ovia had earlier achieved a 100 per cent acquisition of the then ailing Cellcom which had been operating in Lagos and Abuja. With this, Lagos State comes under its telecoms empire with ease. Not only that, another fixed line operator headquartered in Ikeja, Lagos called ITN formerly owned by a major guru in the industry has also been sold to Visafone 100 per cent. This is expected to strengthen Visafone’s network in the state that arguably constitutes 60 per cent of the telecoms business in Nigeria.

Mindful of the need to be strong in the eastern part of the country, Visafone also gunned for the strongest PTO in that part of Nigeria, acquiring Bordeax . It has also been rumoured that negotiation is nearing completion on buying over another strong PTO in the region to continue the spread. Visafone has also been the talk of the industry as touching acquisition of some other small telecoms players in the northern part. The agenda actually is to cover all parts of the country up to the degree the MTNs, Glos and the Celtels of this world have done and more within a short period of time.

Accoding to Tele-Info's findings, one other thing that will help Visafone roll out without much problems is the fact that it has incorporated Cyber Space, an Internet Service Provider owned by Mr Ovia, into its service delivery system. As at today, Cyberspace carries all data communication service of Zenith Bank which has branches spread all over Nigeria. Cyber Space may not exist again as it will be totally incorporated into Visafone. With Cyber Space's infrastructure, plus facilities inheritted from the buy overs, the issue of data communication service could be seen as fait accompli.

In terms of technology to be deployed, when Visafone rolls out, it comes along with the 3G(EVDO) that has become sing-sung among the three GSM operators. The expectation is also that every Visafone subscriber will be on the net anywhere they want with high speed Internet access. This will actually close the gap between the CDMA operators and their GSM counterparts, considering the fact that CDMA tariffs are more bearable. In essence, it may not take a long time before Visafone’s subscribers to do away or reduce the use of other phone lines, especially those of the GSM operators that are still struggling with the issue of bad quality of service, while their tariffs are on the high side. This may really pose a good challenge to the dominance of the three giants in the telecoms sector of Nigeria's economy.

Visafone is also not preparing in a small way as to personnel to man the affairs of the new comer to the telecom sector. Already in charge are Mr Ninan Thomas as the MD and CEO; Mr Vinor Shaha, the Chief Operating Officer; and Mr Varadaraja Rao as the Chief Technical Officer. Mr Thomas came to Visafone equipped with experience and expertise drawn from both finance and telecommunications. He has worked in the telecommunications sector in India, Philippines and the USA for the past 19 years. He was briefly President, Operations at ICT Starcoms, Chicago before coming to Visafone.

Mr Shah is a telecommunications engineer and was in the telecoms wing of the Indian Army where he served for 21 years and rose to the rank of a Colonel. His career took off in Info Electronics Systems. Mr Rao is not a new face in Nigeria as he was with Multi-Links as the Chief Technical Officer. His primary assignment there included operations and network roll out, international sales, marketing, brand promotion and turnkey telecoms systems and services. Other key staff were also drawn from relevant sectors. Mr Ovia is expected to lead with the same kind of the ingenuity demonstrated with Zenith Bank to shoot Visafone very high. It is needless to state that the finacial muscle is there.

When it rolls out, it has been estimated that Visafone, the wholly-owned Nigerian telecommunications company will not only empower Nigerians by providing them with seamless communications and data services, there will also be about 5,000 jobs for Nigerians over the next three years.

A statement from the company made available to Tele-Info states, "we are not just in the business to help Nigerians talk and communicate. We are committed to building both infrastructural and human capacity by providing employment for educated and suitably qualified Nigerians." Speaking during an event in Lagos in December, the MD/CEO of Visafone, Mr. Ninan Thomas had promised that Visafone will "redefine the business of talk and communication. We will offer the best in terms of quality of service: voice clarity, seamless connectivity, wide coverage, mobile, 3G high speed data (EVDO) and a host of fantastic value added services."

Analysts believe that Visafone, which was incorporated in Nigeria on June 20, 2007, following its acquisition of Cellcom and received its Unified Access Service licence as a telecoms operator from the Nigerian Communications Commission (NCC) on August 1, 2007 is expected to help define the telecoms landscape in 2008.

Writing in Cyberschuul, an online news medium, Engrs Gbenga Sesan and Titi Omo-Ettu, say "for 2008, two players to watch in the industry are Starcomms and Visafone. The promoter of Visafone comes necessarily into analysis since he has a record of aggressive approach to marketing products with a strong base in Information Technology. Considering the complimentary strength of his earlier and new efforts, he may spring some surprises and make good strategic influence in the fixed wireless services arena. Will he take Visafone to the capital market the way he did Zenith? Only time can tell."

US Reaffirms Faith in Nigeria


From Constance Ikokwu in Washington, D.C., 02.06.2008

As President George W Bush prepares for his second official trip to Africa, the United States (US) government has once again expressed its commitment to Nigeria in spite of the numerous challenges facing the country.
An Assistant to the President on National Security Affairs, Stephen Hadley, said although Nigeria is not one of the countries to be visited, the country remains a “strategic” and “important” partner to the US.
According to Hadley, “Nigeria is one of our important partners and it is an exciting country. We'll be working closely with Nigeria. It is one of our strategic partners in Africa.”
President Bush and his wife, Laura, will be in Africa between February 15 and 21. They will visit Tanzania, Rwanda, Ghana and Liberia, where Bush is expected to meet with Presidents Benjamin Mkapa, Paul Kagame, John Kufuor and Ellen Johnson-Sirleaf.
THISDAY gathered that issues on human rights, democratic reform, free trade, and open investment regimes will be on Bush’s agenda during the visit.
The White House also says it will be an opportunity for Bush to review first hand the progress made on HIV/AIDS, malaria and economic development since his last trip to the continent in 2003.
Bush had made his first official trip to Africa with a visit to former president, Chief Olusegun Obasanjo, at Abuja in 2003.
Oil is the cornerstone of US/Nigeria relations.
Instability in the Niger Delta is a source of concern to both countries as Nigeria is a major exporter of oil to the US. Nigeria currently supplies about 15 per cent of US energy needs.
Analysts say the US is keen on securing oil supplies from Africa and the Middle East. The volatility of the Middle East - instability in Iraq and contentious relations with Iran - has made the US look more to Africa.
In a visit to Saudi-Arabia last month, Bush had publicly asked the Organisation of Petroleum Exporting Countries (OPEC) to increase oil output.
The world and particularly the US had been hit hard by high oil prices.
With US economy on the brink of recession, fear is mounting that consumers will bear the brunt.
Bush had secured President Yar'Adua's support for the new US/Africa Command (AFRICOM) during a visit to the White House last year.
Yar’Adua’s support for AFRICOM had generated controversy in the country, which culminated in the US ambassador to Nigeria saying last week that his country had no intention of having a base in the African continent.
This however appears to be an afterthought or policy change following widespread condemnation of the command.

DEL

ECO

DEL

WOW!

Whatever, just keep posting current events that relate to Nigeria's growing economy and try to follow the format.

Uganda: Nigeria Firm Eyes Energy

A Nigerian billionaire is ready to invest in the construction of a $300 million power generation plant to produce 250 mega watts in Uganda.

Mr Aliko Dangote, the president of the Nigeria-based Dangote Group, has just concluded an investment opportunity search tour to Uganda.

"Power generation is one of the investment opportunities among others that I am ready to inject money into if given permission by the government," he said in an interview.

Mr Dangote, who also visited recently, has held meetings with Mr Patrick Bitature, the chairman and Dr Maggie Kigozi, the executive director of the Uganda Investment Authority (UIA).

"Dangote's investment ambition if successfully implemented will go along way in supplementing the on-going $500 million (Shs850 billion) Bugajali power project in curbing the power problem the country is experiencing. This will mean more industries coming up, job creation thus economic development of Uganda," Mr Bitature said.

The investor said some of the factors that are attracting him to invest in Uganda, were the political stability and the fast-growing economy.

The development is a welcome boost to the government's efforts to woo more private investors into the power sector.

However, Mr Dangote said they are also interested in food processing, a crucial industry for the country's export sector. Uganda earns a paltry $1.7 billion (Shs2.8 trillion) from exporting raw commodities such as coffee, fruits and cotton among others.

Yet if value were to be added on the products before export, the earnings would be ten times higher.

In Nigeria, Dangote Group has invested heavily in the flour milling industry with a production capacity of 1 million tonnes of flour per annum. The four mills are currently being restructured for stock exchange listing.

It also has investments in sugar processing with a production capacity of 1.4 million tonnes per year.

The Group imports raw sugar from Brazil and refines it to supply bottling plants and bakeries through a wide network of distributors.

It also runs the Dangote Pasta Plant and three salt refining facilities among several other investments in Nigeria.

The Group also produces polypropylene bags in Nigeria essentially for internal consumption for the packaging of its products - cement, flour, sugar and salt.

Article from South Africa's "The Times" newspaper"

Nigeria seeks a new image
By Jacques Lhuillery, AFP Published:Feb 07, 2008

ABUJA - Nigeria, Africa’s most populous country, with all its oil wealth, has a poor image that its foreign minister is determined to tackle.

Foreign Minister Ojo Maduekwe wants his country to overcome a reputation for corruption, rigged elections, democracy shortfalls, email scams and military rule to get its message of "citizen diplomacy" across.

The Nigerian administration has to improve its "performance at home in order to market Nigeria outside," he told AFP in an interview. "We therefore need a foreign affairs policy that will settle this image problem."

"What we’re trying to do is to say that, by its geography, its history and its culture, Nigeria, with its 140 million inhabitants, is Africa’s biggest country, that one African out of five is Nigerian and that, logically, Africa is at the centre of our foreign policy," the minister said.

Nigeria’s frustration was highlighted by a recent editorial in The Guardian daily. "The arrogance towards and the disdain for Nigerians by the American, the British, and several other embassies is simply outrageous," it said, expressing indignation that US President George W. Bush has not included Nigeria on an Africa tour this month.

Many western diplomats complain of the difficulty in convincing ministers from their countries to visit one of the continent’s most important countries. "They aren’t exactly queuing up to come here," commented one.

But a series of military rulers, a corrupt elite and even Nigeria’s oil wealth have combined to taint Nigeria’s image.

Petroleum and gas have over the past 50 years brought in a vast fortune for the country, which no longer shares the same pressing concerns of its poorer African neighbours.

A striking example are the Economic Partnership Agreements (EPAs), setting out trade regimes, between the European Union (EU) and Africa, which will this year replace previous conventions.

These agreements are vital for some countries, especially in west Africa. But because of its oil wealth, they are only of marginal interest for Nigeria, a key member of the Economic Community of West African States (Ecowas).

Nigeria has tended to criticise other Ecowas members, such as Ghana and Ivory Coast, who have signed separate temporary agreements.

Nigeria is also the fifth largest oil supplier to the United States and this has made it a prime beneficiary of benefits under the US African Growth and Opportunity Act. Washington’s criticism of the 2007 presidential and legislative elections in Nigeria was not very strong.

"It’s as if the mere fact of having oil allows Nigeria to dispense with a foreign policy and still have everyone on its side," said an opposition politician, who asked not to be identified.

Oil gives Nigeria the strength to say what it does not want, whether in the shape of agreements with Europe that it considers unbalanced or a US military presence in the region, one diplomat said.

The US administration has been searching for more than a year for a base in Africa for the US African military command, Africom, which is currently in Stuttgart, Germany. Nigeria and other countries have declined.

Protecting the oil rich Gulf of Guinea is considered a strategic security question for the United States. By 2015 the region will provide 25 percent of US oil imports.

President Umaru Yar’Adua said last November he would not agree to a US base in the region.

Another handicap for Nigeria, which sees itself as a rival to South Africa on the international political stage, is 30 years of military regimes since independence and elections marred by fraud and violence.

Nigeria’s foreign affairs policy is most visible in Africa through the peacekeepers it has sent across Africa - from Sierra Leone a few years back, to Darfur today and soon to Somalia. "Our peacekeeping operations are an essential element of our foreign affairs policy," Maduekwe explained.

But while Nigeria’s voice may be stronger in Opec than the United Nations, shaping an active foreign policy has become a necessity and Maduekwe said: "In tackling these domestic issues, we will also draw foreign goodwill and foreign capitals because Nigeria is not all about oil."

I'm so glad Nigeria has started a development process and, although you may still have to wait for many, many years to see a real, solid progress in your country, I hope the growth lasts and a lot of Nigerians can enjoy it. The world should help developing countries, not just stare at them with sadness and then ignore them once again.
Best wishes from Argentina.

High fashion lines right in Lagos’s own backyard

A new generation of Nigerian fashion designers are targeting the country's rich and famous while hatching plans to turn Lagos into Africa's fashion capital, writes Waldimar Pelser.

ON a mannequin behind walls of glass and giant concrete elephant tusks, olive-green snakeskin piping jazzes up an evening gown and blue metallic threads meet black cotton cloth handwoven in a Yoruba method that is said to be a thousand years old.

Nigerian haute couture got a new temple recently and the priestess is Deola Sagoe, an award-winning Lagos-based designer.

With the opening of her flagship store on one of Victoria Island’s premier business streets, Sagoe joined a handful of high-end Nigerian designers catering to an elite used to the very best of London, Paris and Milan boutiques.

Now the ladies of Lagos can indulge in $1 000 (about R7 525) pieces or a $25 000 wedding dress right in their backyard – and according to Sagoe she can’t keep up.

In an industry that has long been dominated by tailors who clothe the wealthy at a fraction of the price Western designers charge, Sagoe and her high-end peers have found a budding local market for tailor-made clothing and high-quality, ready-to-wear collections.

“There is a huge market, not in terms of numbers but in terms of the very rich. These buyers want beautifully crafted things to wear. Since they go for the world’s best, they easily recognise what is world class,” says Sagoe.

After years of shopping at boutiques like Chanel, Valentino and Prada, Nigerians are eager for top-quality local designs and it is coming from the likes of Sagoe and Emmy Collins, a London-based Nigerian menswear designer with a boutique on Ikoyi’s Awolowo Road. He charges $300 for a shirt.

“There are sure to be huge parties every week or some cocktails or charity balls... there is so much going on here,” says Sagoe.

“Women are very vain. Some would not be seen dead in the same piece and we all go to the same parties, the circles are small.”

Her answer has been to spend two years building a “lifestyle boutique” on Ajose Adeogun Street, with a floor dedicated to high fashion pieces and another to her prêt-à-porter line and decorated jeans.

There is even a VIP room where clients can privately discuss their fashion fantasies and a fashion café that will soon start serving light meals.

She calls the building, with its arches of intersecting elephant tusks, “African Gothic” – and her own designs are equally bold.

In villages far from Lagos she commissions handwoven cotton cloth, sometimes with her trademark metallic threads; a short black and blue tutu-like skirt becomes the ornate end-product.

It is Sagoe’s signature style; a raffia-like cotton made using “the exact same technique since the 10th century”, she says.

Other pieces incorporate influences of the Arabian tunic, mandarin collar and the Indian jelab. She works in cotton, French Chantilly lace and traditionally printed West African cloth. Her jeans sport an ornate Deola Sagoe crest on the pocket and there are shoes and plans for a men’s line as well.

Her big break came in 2000 when she showcased her designs at New York’s Seventh on Sixth fashion week as part of M-Net and AngloGold Africa Designs fashion show, where she emerged as winner.

About the same time, Emmy Collins met US music star Prince in a New York club and was inspired to launch his own label.

Collins told Nigerian men’s magazine Mode last month that he drew inspiration from the late Nigerian music legend, activist and philanderer Fela Kuti and today his designs are available from Hollywood to Florence.

At his Lagos outlet all shirts sport the Dick Tracey-like Emmy Collins emblem – the silhouette of a man with a hat. A charcoal jacket with red accents fetches $850.

There are floral waistjackets, oversized collars and cuffs that take three cuff-links or buttons.

“Many guys would love to wear these clothes but they don’t have the guts,” says a store attendant. Collins himself told Mode he caters for “the confident man”.

Now he is planning a Lagos fashion show to “elevate the standard of fashion shows in Nigeria” and like Sagoe, would like to open boutiques in South Africa.

But for Sagoe, having seen her wares modelled from Cape Town to Paris, the focus remains to turn Lagos, with its reputation for snappy dressing, into West Africa’s fashion capital.

“Nigeria is such a dynamic place at the moment. Everything is turning around so rapidly to world and global standards,” she says.

Of her own pieces, people sometimes say they “can’t believe it is African stuff”.

“Yes it is! I have a message to the world. We’re not going to ape Western fashion,” she says.

Article from South Africa's "The Times" newspaper"

Nonsense the handicap would be in Nigeria allowing America to set up base there.

I would rather see instability there than have America come in there.

We would have the American Government Siphoning Oil like it's Multinational Corporations are already doing all over the world.

They have no business in the region, we all know what the problem in the region is, what they can do is help invest in the cause.

High fashion lines right in Lagos’s own backyard

Lovely news!:cheers::cheers:

I will ook for internet sites of those designers. "Ruff n´Tumble" already offers exquisite children wear. It is just like "Gap for Kids":cheers:

New investments in refineries to target Lagos

Fresh investments in the building of new oil refineries will target the Lagos axis as the focal point of a new strategy to end the era of importation of refined products.
The new strategy being canvassed by the federal government, is anchored on the fact that up to 55 percent of refined products is consumed in the country’s commercial capital.
The strategy aligns with the mega city project, which has been endorsed by the Umaru Yar’Adua administration. The National Energy Council evolved the new approach in what appears to be a renewed effort aimed at boosting local refining capacity.
As a first step towards this policy direction, Yar’Adua has directed that all discussions towards the construction of private refinery in Lagos State be accelerated.
The president who chairs the National Energy Council has directed all stakeholders to look in the direction of the state in the consideration of in the form of construction of private refineries in Lagos which consumes an average of 13 million litres of fuel per day.
“Part of the mandate of the Energy Council headed by the president himself is to stop a regime of fuel importation by making Nigeria self-sufficient in refined petroleum products,” the source hinted.
“The president is not unaware of the 55 percent of total PMS consumption in Nigerian is taken by Lagos and the president directed that investment should target the Lagos axis.
This is because Lagos is key in the plan of the president to grow the economy and this is why the Lagos Mega city plan is top on the agenda of the administration and why the Federal Government is working closely with Governor Babatunde Fashola to actualise the dream.
Consequently, Yar’Adua is of the view that any “potential investor be made to cite refinery in Lagos and discussions are ongoing with some investors in the sector for the possible emergence of a private refinery in Lagos “.
President Yar’Adua had expressed determination to find lasting solution to the perennial fuel problems in the country.
The president’s pledged came on the heels of the planned increased production capacity of the Warri refinery from 70 percent to 90 percent before the end of the 2008.
A dependable presidency source told Business Day that the resumption of the Warri refinery has renewed hope for the resumption of production of fuel in the refurbished Kaduna refinery with a production capacity of 70 per cent soon.
The source said there are strong indications that the production capacity may be increased to about 90 per cent before the end of the fist quarter of 2008.
Investigations revealed that all the nation’s refineries have the capacity to go full steam to 18 million litres of Premium Motor Spirit (PMS) per day. Total national demand stands at about 25 million liters per day.
When contacted the special adviser on communications to the president, Olusegun Adeniyi, confirmed that “Warri refinery is now working almost at utmost capacity and I understand the Kaduna refinery will also be on stream next week”.
“This administration intends to break the cycle of importing fuel from abroad by targeting potential investors who will build refineries in the Lagos area,” he said.
According to him, “the president has taken his time to critically examine this perennial fuel palaver, as he has been doing on several other national issues to fully understand the problem and proffer lasting solutions. I am sure some of these measures will start bearing fruits very soon in all areas of national life,” Adeniyi.

FG invites bids for highways’ management

The Federal Government on Thursday invited bids from interested private operators for the maintenance and management of the Lagos-Badagry dual carriageway and nine other major highways in the country.

It said it took the measure as government alone cannot bear the financial burden of maintaining the large network of road infrastructure in the country.

The Minister of Transportation, Mrs. Diezani Alison-Madueke, disclosed this in Abuja during the Stakeholders’ Forum for Road Maintenance Concession, organised by the Federal Roads Maintenance Agency.

Other roads to be concession the envisaged plan include the Sagamu-Ore, Abuja-Kaduna, Kaduna-Kano, Enugu-Onitsha, Enugu-Okigwe-Umahia, Ilorin-Jebba-Mokwa-Pizhi-Kotongora, Benin-Auchi-Lokoja, Kotongora-Birni Yauri-Jega-Sokoto, and Umuhia-Aba-Port Harcourt dual carriageways.

The lengths of these roads total about 2,672 kilometers, with the Kaduna-Kano dual carriageway being the longest with 460 kilometers.

According to her, “Road construction and rehabilitation is capital intensive and government’s financial commitments on the various road projects are quite enormous. Maintenance of the roads also requires substantial and stable sources of funding.

“In this regard, it has become obvious that the yearly capital allocations can no longer sustain road maintenance given competing demand for funds by other sectors of the economy.”

Alison-Madueke said this had informed government’s policy to shift from 100 per cent public funding of road projects to partnership with the private sector under the public-private partnership scheme.

“The FERMA road concession is therefore the beginning of an expected sustained synergy between the public and private sector in providing good roads for our people in the years to come,” she noted.

FG invites bids for highways’ management

The Federal Government on Thursday invited bids from interested private operators for the maintenance and management of the Lagos-Badagry dual carriageway and nine other major highways in the country.

It said it took the measure as government alone cannot bear the financial burden of maintaining the large network of road infrastructure in the country.

The Minister of Transportation, Mrs. Diezani Alison-Madueke, disclosed this in Abuja during the Stakeholders’ Forum for Road Maintenance Concession, organised by the Federal Roads Maintenance Agency.

Other roads to be concession the envisaged plan include the Sagamu-Ore, Abuja-Kaduna, Kaduna-Kano, Enugu-Onitsha, Enugu-Okigwe-Umahia, Ilorin-Jebba-Mokwa-Pizhi-Kotongora, Benin-Auchi-Lokoja, Kotongora-Birni Yauri-Jega-Sokoto, and Umuhia-Aba-Port Harcourt dual carriageways.

The lengths of these roads total about 2,672 kilometers, with the Kaduna-Kano dual carriageway being the longest with 460 kilometers.

According to her, “Road construction and rehabilitation is capital intensive and government’s financial commitments on the various road projects are quite enormous. Maintenance of the roads also requires substantial and stable sources of funding.

“In this regard, it has become obvious that the yearly capital allocations can no longer sustain road maintenance given competing demand for funds by other sectors of the economy.”

Alison-Madueke said this had informed government’s policy to shift from 100 per cent public funding of road projects to partnership with the private sector under the public-private partnership scheme.

“The FERMA road concession is therefore the beginning of an expected sustained synergy between the public and private sector in providing good roads for our people in the years to come,” she noted.

Lagos embarks on 44 projects next month
Lagos State Governor, Mr. Babatunde Fashola, on Sunday said that work would begin on 44 projects in the state next month.

Fashola also said that the N403bn 2008 budget would be used to transform the state.

“Our dream is to dream great dreams and set about achieving them,” he said.

He spoke at the Christian Association of Nigeria Lagos State branch 2008 interdenominational divine service in Ketu.

He said that the contractors would move to sites within the next one month on projects involving hospitals, schools and roads.

Fashola reiterated his commitment to use every project to create jobs.

“The state government has already made it mandatory for every contractor to provide jobs for young people at project sites,” he said.

Fashola said that government would ensure that the people secured loans to run businesses without hassles through the signing of the Micro-Finance Bill into law.

He urged religious leaders to use their sermons to reinvigorate the sense of empathy in the people.

Fashola added, “There is a need to preach tolerance and love for one another.

“Only these attributes can ensure that the people live in peace always as exemplified by the fact that Nigerians have always lived in unity despite its diversity.’’:banana::banana:

New Atlantic City project to start in March
By Akinpelu Dada
Published: Monday, 11 Feb 2008

The proposed New Atlantic City in Lagos will take off in March, according to the state Commissioner for Waterfront Infrastructure Development, Mr. Adesegun Oniru.

The project is designed to reclaim about eight square kilometres of land and push back the Victoria Island shoreline to 1950s levels.

The commissioner said the proposed city would comprise mixed used real estate, combining commercial and recreation centres that would turn the state to a tourist haven, noting that the project would be handled by a private developer, Energyx BV.

A statement made available to our correspondent on Thursday by the Public Relations Officer, MWID, Mrs. Oluwayemisi Rotimi, noted that Oniru reiterated that though the developer would build the estate at no cost to the state government, the state would gain a lot from the project.

Such gains, according to him, include employment opportunity for not less than 50,000 people, while the sorting of approval by the developer would also generate income for the government.

He added that the estate would not only be a tourist haven, it would also put the state in the eyes of the world.

The proposed city will be bigger than the existing Victoria Island by about 20 to 40 per cent and make the island, which hitherto had been a liability to the state in terms of constant ocean surge, gradually become an asset.

The commissioner said that the developer would be granted a 70 to 78 years Certificate of Occupancy with a lay out approval by the state government.

Meanwhile, Oniru has vowed to deal with people who engage in illegal activities of land reclamation from water bodies in order to gain more space because of the environmental problems their activities could create in the nearest future.

He said that whenever water was displaced through massive and illegal sand filling, the water displaced would automatically move to another area, a situation that could result in major flooding problem for the state.

Oniru further said that indiscriminate sand filling and dredging might have multiplier effect in other areas.

The commissioner noted that environmental pollution could also result from the illegal activities and threaten flora and fauna, adding that since there were dredged materials which were hazardous to the environment, a proper study including testing of dredged materials must be carried out before embarking on any dredging activity.

He reiterated that the tourism potential of the state could be jeopardised if the illegal activities were allowed to continue.

Visafone unveils first dual SIM phone in Nigeria

Visafone, Nigeria‘s newest mobile telephone company has unveiled its customised and branded dual SIM phone which can receive calls on both CDMA and GSM networks simultaneously.

The company made this known on Friday in a statement.

According to the statement, this latest innovation would help to underline Visafone‘s promise to revolutionise the telecom industry and bring the joy of communication to Nigerians.

The phone is produced specially for Visafone, the dual SIM phone is a compact, state-of-the-art, multi-functional and technologically advanced mobile device with 2.0 mega pixel camera, video.

It also has a voice recorder, with a bluetooth connectivity, a video and music player with MP3 capabilities, the statement explained.

Introduced in two colour variants, white and black, the company cited that the innovation would help it grab a huge chunk of the CDMA market, which had hitherto been defined by lack-lustre phones devoid of the technologically advanced features of the phones in the mobile market.

The phone‘s Wireless Application Protocol capability allows the user to browse the internet directly on the phone while its mini USB function positions the phone as a modem for providing internet access on a desk top or laptop.

It is also multi-compliant on 800MHz and 1900MHz on the CDMA and 900MHz and 1800MHz on the GSM band.

The phones, which are competitively priced in comparison to other phones in the range possess the same functionalities, are also expected to be a big hit with the youth market that are in love with multifunctional phones that can take pictures, play music and games as well as a host of other multi-media applications, the statement explained.

The company believes that introduction of the dual SIM phone will provide a convenient alternative for a large slice of GSM subscribers who may not want to give up their GSM phones or carry two phones.

Visafone, a wholly owned Nigerian telecommunications company, has renowned banker Mr. Jim Ovia as founder and promoter and industry analysts believe that the consummate and trend setting banker will replicate his legendary business savvy and entrepreneurial magic in telecoms.

It should be recalled that the company received its Unified Access Service licence as a telecom operator from the Nigerian Communications Commission in August last year and was incorporated in Nigeria in June, same year, following its acquisition of Cellcom.

Visafone‘s introduction of the Dual SIM phone is one of the many innovations that the mobile phone company is introducing to the Nigerian telecoms market to help revolutionise the sector and make the CDMA sub-sector, a real passport to reach the world, the company said.

Nigeria: Lagos to Build $3.5 billion Atlantic City


Daily Trust (Abuja)

10 February 2008
Posted to the web 11 February 2008

Olumide Bajulaiye
Lagos

The Lagos state government is to build a N416.5 billion ($3.5 billion) Atlantic City which is expected to be the biggest city on the Atlantic coast in Africa.

This is coming after government, two weeks ago, unfolded plans to float a Yacht Hotel on the Lagos Lagoon later in the year.

The new Eko Atlantic City is expected to accommodate 250,000 people and will be bigger than Victoria Island.

Governor Babatunde Fashola said this when he received members of the Clinton Foundation.

The governor said the state signed an agreement with the foreign partners that would handle the project a few days ago.

He said the Atlantic City would be one of the largest cities on the Atlantic in the world, adding that the city would be environmentally friendly.

Fashola said the proposed city would make use of solar energy and it would be a centre of attraction for tourists.

The Commissioner for Waterfront Development, Prince Adesegun Oniru, said the government was planning to reclaim the Bar Beach by 40 per cent to pave way for the Atlantic City.


The commissioner said France-based Enagix BV would handle the project which is expected to start next month.

The Atlantic City will be at no cost to the Lagos State government as Enagix BV will provide the $3.5 billion for the project and recoup its money and interest over a period of 70 years.

The city will serve as a commercial, residential and tourist haven with world class state-of-the-art facilities.

Lagos Govt Floats Yacht Hotel, To Boost Tourism

The Lagos State Government has concluded plans to float a five-star Yacht Hotel on the Lagos lagoon. Governor Babatunde Fashola is at the centre in the proposed plan to float the Sunborn Yacht Hotel on the Lagoon which is meant to enhance the tourism potentials of the state. Close sources to the government told P.M.News that talks with the promoters of the project have reached an advanced stage. It will cost N3.36 billion, with Diamond Bank providing the cash.

It was also gathered that the state government may sign a memorandum of understanding with the promoters of the project anytime from now.

The proposed Yacht Hotel which is the Sunborn Yacht Hotel located in Excel Centre, London Docklands will be moved to the Lagos Lagoon later this year.

The hotel will be floated under the Public-Private Partnership (PPP) programme.

The Yacht Hotel on the Lagos lagoon is expected to supply a breathtaking background for corporate guests, conference delegates, wedding parties and leisure guests to hold their event.

The hotel would have spacious suites and executive bedrooms with majority having balconies, elegant lounges on various decks, first class restaurants and bars that would make a stay at the hotel one filled with memories.

It is expected that the hotel would add character to the Lagos skyline as it would be a lovely sight to behold at night, while efforts would be made to obtain a marriage license for the Yacht so as to become a honeymoon destination.

“This Yacht hotel would be a delightful addition to the Lagos landscape as it is going to add value by being one of the very few floating hotels in the world.

“The floating hotel wound put Lagos in the league of cities like New Year, Barcelona, Paris, Finland, etc and ahead of cities like Dubai, Abu Dhabi and Doha who are at different stages of acquiring floating Hotels,” said a publication of the Ministry of Tourism and Inter-Governmental Relations.

According to government source, the proposed hotel would be delivered before the first half of this year to coincide with the first anniversary of the administration of Governor Fashola in office.

The Environmental Impact Assessments (EIA) for the hotel has been commissioned to look into how the environment, especially the Lagos lagoon is likely to be affected by the operation of the Floating Hotel.

The EIA is being carried out by the Environmental and Scientific consultants (ESC) of New Jersey, United states of America (USA).

It is expected that the Hotel would run at a profit, given that the novelty of the Floating Hotel would attract many more customers as well as get lots of corporate clients to hold annual general meetings and other corporate events there.

The cost of acquiring the boat for the project is put of N3.12 billion, upgrading cost put at N160 million and transportation and installation cost estimated at N80 million, given a total cost of about N3.36 billion.

The expected annual revenue according from the Yacht Hotel is put at $12,000,000 (N1.6 billion).

Yar'Adua Vows to End Fuel Importation

As the Kaduna refinery resumes production this week, President Umaru Musa Yar'adua has vowed to end fuel importation soon.

Top Presidency sources told Daily Trust at the weekend that the president had declared at a meeting of the National Energy Council headed by himself that part of the council's mandate " is to stop fuel importation and make Nigeria self-sufficient in refined petroleum products".

Towards ending the regime of fuel importation, the president was said to have directed that discussions on the construction of a private petroleum refinery in Lagos State be fast-tracked immediately and that all forms of political considerations should be jettisoned in the siting of refinery projects in the country.

According to our sources, President Yar'Adau directed that the establishment of private refineries be targeted around the Lagos axis which consumes between 12 and 15 million litres of fuel per day.

The president's promise to end fuel importation, Daily Trust gathered, was further reinforced when he got signals that the Kaduna refinery is now set to resume production at a capacity of 70 per cent in a week's time while there are strong indications that this may jack up to 90 per cent capacity before the end of March. The Warri refinery resumed production on January 30, 2008, after almost two years of inactivity.

However, it was gathered that even if all refineries are working at full capacity, they can only produce 18 million liters of PMS per day, 7 million litres short of the national demand.

When contacted, the Special Adviser (Communications) to the President, Mr Olusegun Adeniyi, confirmed that "Warri refinery is now working almost at full capacity and I understand the Kaduna refinery will also be on stream next week".

He also said "this administration intends to break the cycle of importing fuel from abroad by targeting potential investors who will build refineries in the Lagos area.

Fed Govt votes $100b for Niger Delta masterplan 12/2/2008


At least, $100billion would be spent on the implementation of the ambitious master plan on the Niger Delta in the next 15 years, it was learnt yesterday.

The amount would be disbursed on the realization of government goals for the first 15 years.

Managing Director of the Niger Delta Development Commission (NDDC), Mr Timi Alaibe, who made the disclosure said the drawing up of the master-plan was the first-ever genuine effort that any Federal Government would make to address the Niger Delta issue.

Alaibe spoke while presenting a paper at the just concluded South-South Parliamentary Caucus retreat in Yenagoa, Bayelsa State capital.

The paper, titled: The Niger Delta Region and the Challenges of Sustainable Development", Alaibe disclosed that "the Niger Delta is a potent region with vast investment opportunities for Nigerians in Diaspora and foreign investors. The master plan needs about $1000bllion to realise goals set for its first 15-year implementation period".

According to him, with the birth of the master plan, for the first time a holistic development plan is in place, and with the strong backing of relevant stakeholders, stressing "for the first time we are building on existing structures rather than the common tear-down-and start-again which have bred mistrust and disillusionment and the future is becoming bright for the Niger Delta region."

Describing the proposed East West road from Calabar to Lagos as an avenue to open up the tourism and industrial potentials along the Coastal belt of Nigeria , Alaibe called on the National Assembly to join the partners for sustainable development Forum, which he described as the platform for the implementation of the master plan.

"For the Mater Plan to be sustainable, it is vital for the national and state Assemblies to give it legislative backing, appropriate funds for development as stipulated by law and foster adequate integration of the master plan-based programmes and projects in the annual budgets of the Federal Government", he said.

Govt unfolds N248.64b scheme for communities

* To remove 30m from poverty by 2011
From Emeka Anuforo, Abuja

A MAJOR step was yesterday taken by the Federal Government in its quest for rural development and poverty reduction as it unveiled what it described as the country's first attempt at grassroots planning, the Community Economic Empowerment and Development Strategy (CEEDS).

CEEDS is a four-year plan for the physical development and economic empowerment of the nation's rural villages, communities and even individual households.

The vision of government is to, through the scheme, lift 30 million Nigerians out of poverty by the end of 2011.

The initiative, estimated to cost about N284.64 billion in four years, was described by the National Planning Commission as a home grown four-year Rural Development Plan and Poverty Reduction Strategy for Nigeria.

The strategy is designed to complement other medium term development strategies, and is anchored on seven areas: poverty reduction, social mobilisation and partnership for development, community capacity enhancement, micro-finance, public works, ecological restoration and improvement, and productivity enhancement that is research-driven.

The Minister/Deputy Chairman of the National Planning Commission, Senator Sanusi Daggash, who unveiled the draft of the strategy to Federal ministries, departments and agencies in Abuja, disclosed that one of the 'novel' ideas in the implementation of the strategy was the proposed National Solidarity Fund mechanism (NSF) for funding the plan.

The institutional arrangement for the scheme has the National Planning Commission, the Coordinating Office and National Authorising Office (NAO), while the Ministry of Finance will be responsible for sourcing of the National Solidarity Fund in partnership with board of trustees from the private sector and faith-based organisations.

Already, four banks in the country are said to have pledged N10 million each towards the success of the scheme. More corporate agencies are also expected to buy into the project.

A special CEEDS implementation unit (CIU) would be created and located in each council. These units would liaise directly with the community project implementation committees and planning officers at the state and national levels for development of the plans.

The three tiers of government, using their relevant line ministries/ agencies are to facilitate the process, through the creation of an enabling environment for effective collaboration of all stakeholders.

He explained: "The NSF is designed to harness contributions from all avenues either in cash or kind to bridge the remaining resource gap. This mechanism has an incentive structure that will make every one want to contribute to it.

"The NSF has seen poverty reduced by more than 50 percent in less than three years in countries like Tunisia and some provinces of China. I believe that with the establishment of NSF, in the next four years, the nation would witness the transformation of about 8, 288 communities in the 36 states and FCT.

"This translates to about 224 communities per state in the next four years, at a rate of 52 communities per annum."

Throwing more light on the CEEDS concept, Daggash stressed: "CEEDS is unique in four main respects. First, it is Nigeria's first attempt at grassroots planning. Nigeria has had many poverty interventions and rural development programmes by successive governments. These interventions had been primarily ad hoc and crash in nature. The outcome in most of the cases had been disappointing and in some cases, dismal.

"The reasons for the failure are many: They range from corruption, lack of continuity, inadequate resources and lack of political commitment to lack of ownership and buy-in-beneficiaries."

Nigeria leads major global equity markets in returns on investment

study by Afrinvest West Africa Limited and Standards and Poors shows that as at November last year, returns from the Nigerian market was the highest among African and Middle East emerging markets with the exception of Zimbabwe. According to the report, investors made 63.3 percent from the Nigerian market, behind Zimbabwe with 93.4 percent and China 82.1 percent, although the Nigerian score notched up to 74.7 percent by year end.
Returns from Brazil was 41.7 percent , Russia 6.6 percent, India 47.8 percent Standard and Poors 500 4.4 percent, FTSE100 3.4 percent , Egypt 39.7 percent, Saudi Arabia 19.3 percent and South Africa 21.6 percent and United Arab Emirates 38.8 percent.
“Nigeria offered the highest returns among Middle-Eastern and African emerging market peers, except for Zimbabwe (driven by hyper-inflation). By November 2007, the benchmark Nigerian Stock Exchange (NSE) Index was up
63.3 percent, and 74.7 percent by year end 2007. However, Nigerian equities outperformed stocks in the U.S, U.K, Turkey and even Russia”, the study said.
In another report by Exotix Limited, a UK based emerging markets specialist investment banking firm, which put the returns from the Nigerian Stock market at 91 percent at the end of the 2007 compared with South Africa’s 19 percent even as the local capital market contributed only 7.6 percent to the economy. The South African Bourse on the other hand accounted for 87.8 percent, Exotix said.
Some of the companies that contributed to the returns from the Nigerian Stock Market, include growth stocks like First Bank, Intercontinental Bank, United Bank, Zenith Bank, Oceanic Bank, Dangote Sugar, Bank PHB, Nestle and some insurance companies like Continental Reinsurance, Custodian and Allied Insurance, Staco Insurance and Intercontinental Energy Insurance.
The study shows that South Africa’s huge market capitalization of $857.4 billion compares with Nigeria’s meagre $74.7 billion. Investment recovery period from South Africa’s stocks is 18 times as against Nigeria’s 31.1. While dividend yield in Nigeria was 1.5 percent, South Africa has dividend yield of 1.7 percent.
Exotix’s research however showed that the Tanzanian stock market recorded the highest return of 290 percent in 2007, a leap from two percent in 2007, followed by 119 percent and Malawi with 111.9 percent , an increase from 14 2 percent in 2006.
Ugandan stock market ended the year with the highest dividend yield of 11.6 percent followed by Mozambique’s 9.5 percent and Kenya’s 2.8 percent.
Out of $967.4 billion capitalization in Africa, Sub Saharan Africa contributed 119.0 percent while the sub regional stock market accounted for 12. percent of the African economy.
Ike Chioke , deputy managing director of Afrinvest West Africa said the 7.6 percent contribution of the capital market to the economy is a mere statistics, as a lot of activities go on in the market that may not have been captured.
Analysts believe that Nigerian market still has good prospects in 2008. The International Monetary Fund projects economic growth rate of eight percent in the new year and Ndi Okereke-Onyiuke , director general of the Nigerian Stock Exchange expressed confident that the growth trend in 2007 would be sustained .
Onyiuke’s optimism was based on the ongoing consolidation in the financial sector which is expected to compel more companies come to the market for fresh funds. At her 2007 market review, Onyiuke noted,” we are confident that the current growth trend in the market would be sustained in the new year.
“The primary market promises to be busy during 2008, as insurance companies move to consolidate merger arrangements and expand capacity”.
Fola Fagbule, head of research in Afrinvest foresees international capital flight from developed and other emerging markets to Nigeria , but warns that this would depend on foreign investors’ risk appetite.

Aluminium - Ascon to Begin Production Soon

Minister of State for Mines and Steel, Alhaji Ahmad Gusau, yesterday said the Aluminum Smelter Company (ASCON), is to resume production this month.

The company, located in Ikot Abasi, Akwa Ibom State, was privatised in 2007

Gusau said this in Abuja, when he received members of the National Support for Yar'Adua/Jonathan Presidency (NSYJP), adding that the development had resuscitated the aluminum sector, which had great economic potentials.

"Production resumption has repositioned Nigeria for industrial development, in line with government's seven point agenda," he said and commended the group for their activities and support for government.

He stressed the need for Nigerians to collaborate with government to ensure that it met the 2020 target of being among the first 20 developed nations in the world.

Speaking earlier, Leader of the delegation, Mr Muda Bukar, said the visit was to solicit nation-wide support for government's seven point agenda.

It would be recalled that UC Rusal, a Russian aluminum company, bought 77 per cent share of ASCON in February, 2007.

Fed Govt votes $100bn for Niger Delta masterplan 12/2/2008

Sorry, but these kind of messages are absolute bullshit!:bash:

Blablabla, yes, I am the Prince of BelAir. Trash talk!:bash:

Lagos Govt Floats Yacht Hotel, To Boost Tourism


The Lagos State Government has concluded plans to float a five-star Yacht Hotel on the Lagos lagoon. Governor Babatunde Fashola is at the centre in the proposed plan to float the Sunborn Yacht Hotel on the Lagoon which is meant to enhance the tourism potentials of the state. Close sources to the government told P.M.News that talks with the promoters of the project have reached an advanced stage. It will cost N3.36 billion, with Diamond Bank providing the cash.

It was also gathered that the state government may sign a memorandum of understanding with the promoters of the project anytime from now.

The proposed Yacht Hotel which is the Sunborn Yacht Hotel located in Excel Centre, London Docklands will be moved to the Lagos Lagoon later this year.

The hotel will be floated under the Public-Private Partnership (PPP) programme.

The Yacht Hotel on the Lagos lagoon is expected to supply a breathtaking background for corporate guests, conference delegates, wedding parties and leisure guests to hold their event.

The hotel would have spacious suites and executive bedrooms with majority having balconies, elegant lounges on various decks, first class restaurants and bars that would make a stay at the hotel one filled with memories.

It is expected that the hotel would add character to the Lagos skyline as it would be a lovely sight to behold at night, while efforts would be made to obtain a marriage license for the Yacht so as to become a honeymoon destination.

“This Yacht hotel would be a delightful addition to the Lagos landscape as it is going to add value by being one of the very few floating hotels in the world.

“The floating hotel wound put Lagos in the league of cities like New Year, Barcelona, Paris, Finland, etc and ahead of cities like Dubai, Abu Dhabi and Doha who are at different stages of acquiring floating Hotels,” :bash::bash:said a publication of the Ministry of Tourism and Inter-Governmental Relations.

According to government source, the proposed hotel would be delivered before the first half of this year to coincide with the first anniversary of the administration of Governor Fashola in office.

The Environmental Impact Assessments (EIA) for the hotel has been commissioned to look into how the environment, especially the Lagos lagoon is likely to be affected by the operation of the Floating Hotel.

The EIA is being carried out by the Environmental and Scientific consultants (ESC) of New Jersey, United states of America (USA).

It is expected that the Hotel would run at a profit, given that the novelty of the Floating Hotel would attract many more customers as well as get lots of corporate clients to hold annual general meetings and other corporate events there.

The cost of acquiring the boat for the project is put of N3.12 billion, upgrading cost put at N160 million and transportation and installation cost estimated at N80 million, given a total cost of about N3.36 billion.

The expected annual revenue according from the Yacht Hotel is put at $12,000,000 (N1.6 billion).

Since when is Finland a city and please where is New Year located?:ohno:

This kind of unreflected news wreak my nerves, it is like a fantasy article with not really concrete and detailed information.

I also tried to google for the Lagos Atlantic City and its promoter has not even a website, although it is said that a France based company will heavily invest into this entire project that will amount to more than 3.5 bn $, (I also looked for information in French language concerning the project, there is none avaibale...) the company can´t be found on the internet, just in this article. this is very strange. Really frustrating, can´t it be a little bit more concrete or is somebody just dwelling on sweets dreams? Moreover, I thought that a Dubai based company is planning the whole thing and now it is someone from France.

There are many contradictions surrounding the project and an article every three to four months is really not sufficient given that this is a quintessential project for Lagos.

Only seeing is believing...otherwise it is just a silly pipe-dream.

Since when is Finland a city and please where is New Year located?:ohno:

This kind of unreflected news wreak my nerves, it is like a fantasy article with not really concrete and detailed information.

I also tried to google for the Lagos Atlantic City and its promoter has not even a website, although it is said that a France based company will heavily invest into this entire project that will amount to more than 3.5 bn $, (I also looked for information in French language concerning the project, there is none avaibale...) the company can´t be found on the internet, just in this article. this is very strange. Really frustrating, can´t it be a little bit more concrete or is somebody just dwelling on sweets dreams? Moreover, I thought that a Dubai based company is planning the whole thing and now it is someone from France.

There are many contradictions surrounding the project and an article every three to four months is really not sufficient given that this is a quintessential project for Lagos.

Only seeing is believing...otherwise it is just a silly pipe-dream.

I posted this already Matt.

I posted this already Matt.

And where did you do it, please?

My initial enthusiam dimmed considerably when I wanted to find photos about the project or at least a website of the company that they are naming... but this company doesn´t even exist. It is a joke!

Infrastructure gets additional N458bn as Senate passes budget

12 February, 2008 12:00:00 Tunji OLAWUNI



After a prolonged debate on the specifics of the 2008 budget that spanned three months, the National Assembly yesterday added N458-billion to the N2.4-trillion earlier proposed by President Umaru Yar’Adua exclusively for the development of infrastructure.
“This additional revenue is committed to the provision of water, roads, power, enhancement of social services such as education and health care delivery and in the information technology and human development sectors,” the senate noted yesterday as it adopted the Iyiola Omisore report and passed the 2008 Appropriation Bill.
In effect, the sum of N2, 898,801,095,668.00 will be spent by the Federal Government in the 2008 fiscal year from the consolidated revenue fund.
The extra N498-billion will be sourced from the increase in benchmark as well as funds that the government failed to capture. The senate captured up to N192-billion outside government’s projections.
They include N2.51-billion from miscellaneous oil revenue (pipeline fees); N67.46-billion from signature bonus from auctioned oil blocs brought forward as at January this year; N6.87-billion derivable from seven percent port development surcharge and N2.83-billion from five percent sugar development levy.
Out of the N2.898-trillion, over N1.41-trillion is for recurrent expenditure while N952.297-billion is devoted to capital expenditure. The sum of N372.2-billion is for total debt service and N163.57-billion is set aside for statutory transfers.
The passage of the bill followed the submission of the report of the appropriation committee by its chairman, Omisore which reviewed upward the benchmark from the $53.83 proposed by the executive branch to $59 per barrel.
Omisore in his report said “the review of the oil price benchmark, the capturing of other revenues not captured by the executive and the inclusion of revenues brought forward as at January 1, 2008 enabled the committee to moderately adjust upward the expenditure envelope.”
The senate in passing the budget agreed with the executive and fixed crude oil production to 2.45 million, Joint Venture Cash calls, $4.97-billion and exchange rate to be N117 to a Dollar while also agreeing with the executive to fix the GDP growth rate at 11 percent while inflation rate is put at 8.5 percent
Highlights of the recurrent expenditure put at N1.41-trillion showed that interior got N252.6-billion; education N168.64-billion; defence N158.05-billion; health N89.45-billion; presidency N18-billion; office of the Secretary to the Government of the Federation N30.9-billion; and the Independent Corrupt Practices Commission (ICPC) N2.1-billion.
Others are Commerce, N9.8-billion; Information N19.6-billion; Head of Service N4.4-billion; Justice N18-billion; Labour, N5.6-billion; Science and Technology, N12.5-billion; Transportation N51.6-billion; Energy 59.74-billion.
Others are the legislature N7-billion; Senate N35.534-billion; House of Representatives N58.032- billion; legislative aides, N4.792-billion; National Assembly general service N12.897-billion.
For capital expenditure, the approved budget was N52.297-billion and major highlights are transportation N199.6-billion; energy N126.4-billion; Agriculture and water resources N119.3-billion; and Federal Capital Territory
Others are N61.85-billion; health N60.20-billion; and education N52.32-billion. interior N45.111-billion; and presidency N9.037-billion.
The rest are justice N1.922-billion; mines and steel development N3.2- billion; defence, N37.4-billion; INEC N1.392-billion; National Assembly office N3.2-billion; Senate N5.8- billion; House of Representatives N9.786-billion; and NASS service commission N699-million.

Poverty to drop below 20 per cent in 2015, says Yar'Adua
From Emeka Anuforo, Abuja

IF the words of President Umaru Musa Yar'Adua are anything to go by, less than 20 per cent of Nigerians would live below the poverty line by the year 2015.

Speaking in Abuja yesterday, President Yar'Adua expressed the optimism that with the various poverty reduction programmes being unfolded by his administration, the poverty level would come down to below 20 per cent.

He spoke at the launch of a N50 billion micro-credit development fund. The fund, which would be administered by the Central Bank of Nigeria (CBN), was set up by the Bankers' Committee.

Under the scheme, banks would set aside five per cent of their profit after tax and channel same into the fund. The fund will be available to states and local councils for lending to communities in their domain.

The President lauded the effort of the apex bank over the fund and its other policies aimed at making Nigeria's banking system the best on the continent.

He also commended the CBN for successfully converting community banks to micro-finance banks and the licensing of new ones.

President Yar'Adua promised that government would work towards the effective implementation of the Financial System (FSS 2020) Strategy.

He stressed that the Presidency had directed the Attorney General of the Federation to work on the FSS 2020 implementation by tidying up legal and constitutional aspects of the strategy for the attention of the National Assembly.

President Yar'Adua tasked states and local councils on making available one per cent of their yearly budgets to the fund.

And where did you do it, please?

My initial enthusiam dimmed considerably when I wanted to find photos about the project or at least a website of the company that they are naming... but this company doesn´t even exist. It is a joke!

I posted it on the previous page.

As for the Lagos Atlantic City project I share your concern, it's rather heartbreaking.

Check the Chagouri Construction website soon, they might carry some content on that...

Nigeria: Lagos Spends N64.4 Million On Toilets in Schools


The Lagos State Government has earmarked N64.4million for the construction of 23 modern toilets in various public schools across the state.

The project, which is being executed under the state's advocacy programme is expected to be commissioned within the next two weeks Commissioner for the Environment, Dr. Muiz Banire, who made this known, during an inspection of the projects in some selected schools in the state said, the sum of N64.4 million had been disbursed for the project, each at the cost of about N2.8 million.


He explained that the project would be extended to other schools in due course. The first phase is spread across 14 local government areas, while the second phase will commence soon. Some of schools would also be beautified in the process.

Banire said the state government was committed to evolving a qualitative and conducive environment for learning in the interest of the general public and the state in particular.

The project, which the Commissioner said was aimed at encouraging and improving the health culture among the students, consists of four toilets each for male and female sudents, a wash hand basin and a bathroom for the supervisor. There is also a bore hole with an overhead tank for water supply and a standby generator to run it.

Schools visited included, Topo Junior Grammar School, Badagry; Shilloh Primary School, Oke Koto, Agege, and Aunty Ayo Junior High School, Ikoyi

Nigeria’s foreign reserves hit new high of $56bn

Less than two weeks after the nation’s foreign reserves hit an all round high of $54.2 billion, it has climbed further to $55.95 billion as at end of Tuesday, the Central Bank of Nigeria (CBN) has revealed.

The amount, however, shows a slight decline over the figure it hit last weekend. As at February 8, 2008, the reserves stood at $56.0-billion.
The rate of increase in the reserves may not be as steep as expected with the National Assembly increasing the budget benchmark from about $53.83 to $59 per barrel.
This means that more money will be available for capital expenditure, while less will be available for building up the nation’s reserves.
Biodun Senjobi, president of the Money Market Association, said spending money on infrastructure was the only way to go, even if it had possible impact on inflation.
The huge infrastructural deficit visible everywhere has to be tackled head-on if economic growth is expected.
He however agreed that in the past, some of the projects embarked on by the government were ill-conceived.
As for Mazi Unegbu, former president of the Chartered Institute of Bankers of Nigeria (CIBN), people may think that the increase in budgetary expenditure will cause inflation, but it is unlikely to be the case.
Although past administrations did not diligently implement previous budgets, Unegbu is of the view that the resolve of this government in tackling the infrastructure problem adequately justifies the increase in expenditure.
He also expressed confidence that the increase in budgetary allocation will also address the unemployment problem.
All these developments are coming at a time the apex bank is considering a major policy shift in reserves management.
Recently in London, the apex bank gave indication of the possibility of allowing indigenous bank stand a lone in the management of Nigeria’s foreign reserves, which was then $54 billion.
It is expected that the policy which is still in the conceptualisation stage will later require the confirmation of the board of the CBN.
Currently, the 14 global asset managers and their local counterparts include Black Rock and Union Bank of Nigeria plc; J.P. Morgan Chase and Zenith Bank plc; H.S.B.C and First Bank of Nigeria plc; BNP Paribas and Intercontinental Bank plc; UBS and United Bank for Africa plc; and Credit Suisse and IBTC Chartered Bank plc.
Others are Morgan Stanley and Guaranty Trust Bank plc; Fortis and Bank PHB plc; Investec and Fidelity Bank plc; ABN Amro and Access Bank plc; Cominvest and Oceanic Bank plc; ING and Ecobank plc; Bank of New York and Stanbic Bank plc; and Crown Agents and Diamond Bank plc.

U.S. names Nigeria, four others as potential world powers
From Laolu Akande, New York

THE United States (U.S.) has described Nigeria as a rising economic power to watch out for.

Consequently, the U.S. has resolved to break fallow grounds in its diplomatic ties with the country.

Speaking on "transformational diplomacy" on Tuesday at Georgetown University, Washington, DC, America's Secretary of State, Condolence Rice, stated that globalisation was empowering countries in Asia and Africa, which could seize upon the benefits of the new order to bring them into greater U.S. diplomatic focus.

Nigeria and South Africa in Africa and China, India and Indonesia in Asia were the countries listed by Rice, days ahead of President George W. Bush's visit to Africa, which, however, does not include a stop in Abuja.

She said: "Globalisation is not displacing the importance of geo-politics as many assumed that it would in the last decade. Rather, it is reshaping it. In countries like China and India, Nigeria and South Africa, Brazil and Indonesia, countries that had not been the main focus of our diplomacy in the past, billions of citizens are joining the global economy and their growing wealth is translating them into rising powers."

Rice added that the landscape of international politics was becoming more decentralised, with countries like Nigeria pursuing their interests vigorously.

With this development, she noted that the U.S. must advance its global leadership by being active in more places, which is the essence of "transformational diplomacy."

But she observed that globalisation had shed lights on the weaknesses of many states, including their inability to govern effectively and create opportunities for their people.

Rice said: "Many of these states are falling behind. Others are simply failing. And when they do, they create holes in the fabric of the international system where terrorists can arm and train to kill the innocent, where criminal networks can traffic in drugs and people and weapons of mass destruction, and where civil conflict can fester, spread and spill over to affect entire regions. Just think of the Afghanistan of 2001."

In response to these challenges, she said, U.S. foreign policy and national security strategy must be expressed in such a way that they "work with our many international partners to build and sustain a world of democratic, well-governed states that respond to the needs of their people, that reduce widespread poverty, and that conduct themselves responsibly in the international system."

Submitting that the world was changing, Rice said U.S. diplomacy must also change its order, "to work in new ways, in new places, with new partners and for new purposes. I call this transformational diplomacy."

Rice, who has also not been on an official trip to Nigeria since she assumed office three years ago, said: "I've had the honour of serving beside men and women of courage and dedication - the Foreign

Service, Civil Service and Foreign Service Nationals. America has the finest diplomatic service in the world and I see the evidence of this time and time again."

Nigeria’s foreign reserves hit new high of $56bn



It has to keep rising and rising and rising and it has to remain untouched! It seems so that Nigeria is able to save between 3-4 Billion US dollars a month which is not really bad, if this trend continues we might see the $100 Billion mark at the end of the year!:cheers:

IMF Gives Nigeria’s Economy Thumbs Up
From Constance Ikokwu in Washington, D.C., 02.16.2008


The International Mon-etary Fund (IMF) has concluded its 2007 economic assessment of Nigeria under the Article IV Consultation with a verdict that the country’s “economic outlook is favourable, provided appropriate policies are maintained.
The Senior Advisor (Africa Department) of the IMF, David Nellor who spoke to journalists in Washington D.C. yesterday said the Article IV Consultation follows previous assessments by the IMF that points to significant gains such as reduced inflation rate, strengthened external and fiscal positions and a burgeoning financial sector.
These gains, Nellor noted, reflect the country’s implementation of the home-grown Nigeria Economic Empowerment and Development
Strategy (NEEDS), supported by the Policy Support Instrument (PSI).
The IMF advisor said Nigeria had posted the strongest economic growth in several years and that a 9 per cent growth in the non-oil sector was feasible in 2008. However, Nellor warned that the good news comes with challenges.
He noted: “One of the over-arching areas of the Article IV consultation is that Nigeria faces new challenges now brought about by the success of its past reform efforts. I think the authorities have the objectives clearly in mind and that they understand the issues associated with the management of oil revenues.
“They now need to look to develop long standing institutions which will bring about those objectives. And from the Fund’s perspective, we stand ready to assist the authorities in these efforts in on-going consultations with them.
Nigeria was commended for the oil-price based fiscal rule, which the executive directors of the IMF say was instrumental in achieving macroeconomic stability.
The government’s medium-term fiscal strategy was viewed by the IMF as a “sound foundation” for fiscal policies while encouraging the authorities to adhere to the strategy’s deficit targets.
Government’s decision to rely on concessional external financing in order to avoid re-accumulation of unsustainable debt was also viewed in a positive light.
Another policy that received the nod from the IMF was the Central Bank’s plan to introduce an inflation targeting regime once the institutional underpinnings for it are in place.
The Fund encouraged Nigeria to finalise and implement the debt management framework, improve the understanding of inflation process and monetary policy transmission mechanism, and move ahead with plans to further strengthen banking supervision.
“Directors agreed that the balance of payments outlook is consistent with external stability and that the projected modest current account surplus reflects an appropriate balance between Nigeria’s status as a low-income country and as an oil producer.
“Most Directors viewed favourably the increased flexibility in Nigeria’s exchange rate, which should help support the authorities’ monetary policy objectives,” said the Article IV Consultation report.
“Nigeria is increasingly integrated into global financial markets. Interest in Naira assets has been spurred by improved macroeconomic conditions, reduced external vulnerabilities and global liquidity developments. Hence, since 2005, bank capitals have increased two fold; government securities trading, five fold; and stock market capitalization four fold,” it added.
The IMF further noted that while the private sector environment has been strengthened, more needs to be done. The infrastructure gap should be addressed and the public financial management system needs to be strengthened, said the report.
Overall, Nigeria’s prospects are really strong, Nellor maintained.

Nigeria to build mega filling stations in Ghana, Togo and Benin to check smuggling

Lagos, Nigeria - The Nigerian National Petroleum Corporation (NNPC) has c oncluded plans to build mega stations in Ghana, Togo and Benin Republic to help r esolve the problems of trans-border smuggling of refined petroleum products from Nigeria, the independent guardian newspaper reported, quoting the NNPC managing d irector Abubakar Lawal Yar' Adua as saying.

The paper said Yar'Adua gave the hint when he led the corporation's management t o an interactive session convened by the Senate committee on Petroleum (Down Str e am) at the National Assembly in Abuja, the Nigerian capital, Friday.

He, however, told the Senator Emmanuel Paulker-led committee that the Corporatio n was yet to complete the construction of the 37-mega stations it embarked upon i n Nigeria.

According to him, only 25 stations had been completed while the remaining 12 wer e at their finishing stage in addition to the 12 floating stations being execute d in parts of the Niger Delta region.

The session also afforded both the committee and the NNPC the opportunity to ass ess the state of Nigeria's refineries.

Both parties agreed that more refineries needed to be built in the country to bo ost fuel supply.

Yar'Adua said: "The past administrations simply built refineries to make money b ut they failed to invest in their maintenance. That is why the issue of Turn Aro u nd Maintenance which is supposed to be done every two years was never accorded a n y priority. And so, the refineries don't operate efficiently and sufficiently."

He, therefore, urged the Senate to prevail on the executive arm of government to support NNPC's plan to build one refinery each in Lagos and Cross River states,

adding South Africa with just a population of 40 million had more refineries tha n Nigeria.

Earlier, Paulker had told the NNPC team that the problems of petroleum products prices, under capacity utilisation of refineries, the perennial importation of r e fined products and adulteration of fuel were among the issues that prompted the i nteraction.

Lagos - 16/02/2008

Africa is Back on Track – de Villepin

By Godwin Haruna, Omololu Ogunmade and Crusoe Osagie, 02.18.2008

THISDAY Awards

Former French Prime Minister, Mr. Dominique de Villepin, yesterday at the 13th Annual THISDAY Awards ceremony in Lagos declared that the cheering news he had is that Africa is back on track in world affairs.
Speaking at the ceremony held at the magnificent THISDAY Dome in Ikoyi, Lagos, Villepin said Nigeria stood a good chance of leading Africa into the new epoch in the world.
Villepin and former Australian Prime Minister, Mr. John Howard, were guest speakers at the awards ceremony where eminent Nigerians including former head of state, Gen. Yakubu Gowon, former Central Bank of Nigeria (CBN) Governor, Dr, Ola Vincent and former vice–chancellor of the University of Benin, Prof. Grace Alele-Williams, bagged the Lifetime Achievement awards.
Villepin said the six per cent growth rate of Africa was an indication that the continent is on a threshold of a better future compared with two per cent growth of some European countries.
He identified three events in recent history, which have also changed the world, namely, the fall of the Berlin Wall in 1989, which, he said represented a big moment of hope and liberty.
The others, he said, included the events of 9/11 in the United States, which has made the world unsafe and the third is the war in Iraq, which he said had shown that military force is not a solution to the problems of the world.
He said Nigeria and Africa were integrating themselves into the world in a way that was not known before.
“People in Africa are dealing with China, India, Australia and so many other countries in Asia and South America. People are coming to you because they want something from you not only because you are rich, but because you have something to sell to the world; some lessons to give from what you have achieved since independence,” the former prime minister said.
Villepin added that Nigeria’s legendary reconciliatory effort was something desirable in the world.
He said at the turn of the century, 46 per cent of the world’s conflicts were in the African continent, but it was remarkable that Nigeria played important roles to change the equation.
He cited such important contributions to peace building in Sierra Leone, Liberia, Congo Democratic Republic, Cote d’Ivoire and the others.
The former prime minister said such contribution has reinforced democracy, peace and stability in the continent.
He said as a writer himself, he recognised Nigeria’s immense contribution to the growth of arts in all its ramifications adding that the country produced Prof. Wole Soyinka, the Nobel laureate in literature.
He counselled those in positions of authority to hold on to education and health as priorities for the nation to build on its efforts of affecting more lives, adding that these were the things that would make any nation proud and great.
Also speaking at the well-attended event, Howard, former Prime Minister of Australia, stated that with Nigeria’s enormous resources, there was nothing the country could not achieve.
Howard stated that from his experience in power, Nigeria should work more on foreign investment inflow to the country.
He also called for more investment into infrastructural development, which he said was essential to the building of a modern nation.
He said Nigeria should not relent in continuing on the path of reform and fight against corruption and other vices.
Howard stated that Nigeria was destined for success like some of the Asian countries today, if she adopted good economic policies.
“Considering Nigeria’s extra-ordinary resources, there is the possibility that she will get there if she takes the path of reform,” he said.
Earlier in his welcome address, Chairman/Editor-in-Chief of THISDAY Newspapers, Mr. Nduka Obagbeina, stated that the event centre was a testament to the Nigerian spirit.
He congratulated the award winners and said it was a way of motivating others in the arduous task of nation building.
Other Lifetime Achievement Award winners are A.G.F. Abdulrasaq, Bola Ajibola, Tayo Akpata, Sunday Awoniyi (Posthumous), Allison Ayida, Alfa Belgore, Gilbert Chikelu, David Dafinone, Lateef Kayode Jakande, Arthur Mbanefo, Abdullahi Mohammed, Sonny Odogwu, Felix Ohiwerie, Molade Okoya-Thomas, Toyin Olakunri, Maitama Sule and M.D. Yusufu.
Several dignitaries attended the occasion from all walks of life including government, business and the entertainment industry.



Winners at a Glance...

Banker of The Year – Dr. Cecilia Ibru
ICT Company of The Year – Reltel Wireless
Product of The Year – Chivita
Governor of The Year – Babatunde Fashola, Emmanuel Uduaghan and Ikedi Ohakim
Govt Regulator of The Year – Nigeria Civil Aviation Authority
Most Improved Bank – Diamond Bank
Corp. Socially Resp. Coy – The UBA Foundation
Hotel of The Year – Grand Hotel, Asaba
Minister of The Year – Ojo Maduekwe
Airline of The Year – Arik Air
Best Bank in Mergers,
Acquisition & Consolidation– IBTC Chartered
Transaction of The Year – GTBank
Bank of The Year – Zenith Bank Plc
Oil & Gas Coy of The Year – Zenon Petroleum
Company of The Year – Dangote Sugar Refinery
Brand of The Year – Access Bank & Coca Cola
Stock Offer of The Year – First Bank Plc
Young Manager of The Year – Toyin Subair
CEO of The Year – Jim Ovia
Representative of The Year – Hon. Farouk Lawan
Senator of The Year – Senator David Mark
Govt Agency of The Year – Customs & The Immigration Services
Entrepreneur of The Year – Femi Otedola
Corporate Citizens of The Year – Femi Otedola & Jim Ovia
Insurance Coy of The Year – PHBInsurance

Africa is Back on Track – de Villepin


Mr Dominique de Villpin is someone who knows Africa pretty well (as opposed to Mr Sarkozy). Both have the same age, btw. Mr Villepin was born in Africa, his office is overloaden with African art which he has a passion for and he travels to Africa frequently. He is not a numb-minded but open-minded modern-day politician...but he left the French government once Mr Sarkozy entered.

The following sentences are good that they are stressed.:cheers:

Villepin added that Nigeria’s legendary reconciliatory effort was something desirable in the world.
He said at the turn of the century, 46 per cent of the world’s conflicts were in the African continent, but it was remarkable that Nigeria played important roles to change the equation.
He cited such important contributions to peace building in Sierra Leone, Liberia, Congo Democratic Republic, Cote d’Ivoire and the others.
The former prime minister said such contribution has reinforced democracy, peace and stability in the continent.

Nigeria: APM Terminals Spends $136m in Apapa Port



Leadership (Abuja)

22 February 2008
Posted to the web 22 February 2008

Enyeribe Anyanwu
Lagos

Multinational terminal operations experts, AP Moller Terminals, the concessionaire of the Apapa Port Container Terminal, has so far expended the sum of $136 million for the expansion and modernisation of the container terminal.

Michael Lund Hansen, managing director of APM Terminals, Apapa Ltd, disclosed this to newsmen who were on facility tour of the company's operational area in Lagos Wednesday. Conducting them round the 25,000 TEU yard capacity where demolitions and reconstruction work is still on going, Mr. Hansen said container transport market is growing fast in Nigeria as more and more containers now flow through the terminals.

He said in order to cope with the growth, it becomes necessary that several things must be put in place. These, according to him, include:

- Upgrading the container terminal with more space, new crane equipment and modernised facilities.

- Dredging of the Lagos channel to up to 13.5 metres as fast as possible as the current depth is restricting certain vessels from coming to Lagos and also the quantity of load they can bring in.

- Improving the release of containers since at present containers for direct delivery take an average of 30 days at the port.

On APM Terminals part, Mr. Hansen said the company is doing its best to improve operations by getting the necessary equipment, upgrading the facilities and setting up a modern city office with new processes and modern technology.

"As vessel sizes and container volumes continue to grow, in APM Terminals we see it as our challenge, and our goal to continue to provide world-class service at every point in our global terminal network," he said.

Recounting the experience of the company on taking over the container terminal, Mr. Hansen said the major challenges faced by the company were how to establish safety and security and to organise the operation which was largely unorganised. To tackle these problems, he said, the company started by erecting fences round its concessioned area, clearing the human traffic comprising hawkers, food vendors, hair dressers, restaurant operators and their structures, and reconstructing the place.

"With security in place and the operation organised, we have turned to the construction of new facilities and implementation of new equipment. The construction of new facilities include removal of old buildings inside our concession area and subsequent refurbishment of the foundation and pavement for new container yard space. We will also commence construction of new office building, workshop as well as entry and exit gates.

"The new equipment purchases have been necessary as the equipment taken over from NPA was unable to operate effectively. Some equipment we have been able to repair but we also had to buy many new machines," said Mr. Hansen.


The APMT managing director said four new gantry cranes will arrive in June to enable the company to serve larger vessels, especially gearless vessels, adding that this will be important to shipping lines calling in Nigeria and will also be a significant step towards making the country a transhipment hub for West Africa.

Mr. Hansen declared that APM Terminals had come to Apapa to make changes and that these changes are in line with the federal government's reform programme and will be beneficial to the Nigerian consumer, while being recognised by the outside world.

APM Terminals global network spans more than 50 facilities in 31 countries including its new, expanded terminals in Guangzhou, China, Tangiers, Morocco, Portsmouth, Virginia, USA and Xiamen, China.

Nigeria deal in the offing: Russia's Gazprom

02-20-2008, 20h36
ABUJA (AFP)


Gazprom headquarters are seen in Moscow. Russian gas giant Gazprom is optimistic that talks with the Nigerian authorities will result in a deal worth more than seven billion dollars, a Gazprom executive said Wednesday in Abuja.
(AFP/File)

Russian gas giant Gazprom is optimistic that talks with the Nigerian authorities will result in a deal worth more than seven billion dollars, a Gazprom executive said Wednesday in Abuja.

"We have good signs that there will be a deal," Boris Ivanov, the CEO of Gazprom's Netherlands unit told AFP in Abuja.

Ivanov, speaking on the margins of an oil and gas conference, said it was just a question of time until a deal is concluded.

"It will definitely be in excess of several billions of dollars," Ivanov said.

"It's a comprehensive proposal. It's gas distribution, it's upstream elements of the business, it's getting gas out basically. It is oil as well.

"We came as the last major company. We lost 15 years of expansion in Africa, now we are ready to catch up", Ivanov said during a speech to present Gazprom's activities around the world.

Gazprom wants a stake in Nigeria's vast gas deposits and is ready to invest in energy infrastructure to get that access, oil industry officials have said.

As Africa's largest producer of crude oil, Nigeria is trying to boost its woefully inadequate domestic energy supply. It also wants to harness the gas it currently flares while its domestic market goes short.

"We want to help the government fulfill its ambitious gas programme ... which means (an additional) 6,000 megawatts (of power) by the year 2009," Ivanov said.

Nigeria's junior Gas Minister Olatunde Emmanuel Odusina, attending the same conference, said that discussions between the two parties are still in progress and that so far nothing has been signed.

He declined to say whether, from his point of view, talks are on the right track.

Nigerian, Russian gas deal worth N805bn
By Agency Reporter
Published: Saturday, 23 Feb 2008

Russian gas giant Gazprom has said it is optimistic that talks with officials of the Nigerian government will result in a deal worth more than $7 billion (N805bn).
Skip to next paragraph
click to expand image
File

Gas plant in the Niger Delta

Agence France Presse quoted the Chief Executive Officer of Gazprom’s Netherlands unit, Boris Ivanov, as saying in Abuja on Wednesday, “We have good signs that there will be a deal.” Ivanov, who was speaking on the sides of an oil and gas conference, said it was just a question of time until a deal is concluded.

During a speech to present Gazprom’s activities around the world, he said, “It will definitely be in excess of several billions of dollars. It’s a comprehensive proposal. It’s gas distribution. It’s upstream elements of the business. It’s getting gas out basically. It is oil as well. We came as the last major company. We lost 15 years of expansion in Africa, now we are ready to catch up.”

Gazprom wants a stake in Nigeria’s vast gas deposits and is ready to invest in energy infrastructure to get that access, oil industry officials have said. As Africa’s largest producer of crude oil, Nigeria is trying to boost its woefully inadequate domestic energy supply and also wants to harness the gas it currently flares while its domestic market goes short.

Ivanov said, “We want to help the government fulfill its ambitious gas programme which means (an additional) 6,000 megawatts (of power) by the year 2009.”

Nigeria’s Minister of State for Gas, Emmanuel Odusina, who was attending the same conference, said discussions between the two parties were still in progress and that so far, nothing had been signed.

He declined to say whether, from his point of view, talks are on the right track.

Lagos acquires world’s first boat hotel :banana::banana::banana:

By Mudiaga Affe

Published: Monday, 25 Feb 2008
The Lagos State Government has acquired world’s first boat hotel, the Sunborn Yacht Hotel, to create a new tourism destination proposition for the state and a unique hospitality experience for local and international tourists.

The State Commissioner for Tourism and Inter-governmental Relations, Senator Tokunbo Afikuyomi, said in a testament on Sunday that the state secured the funding support from one Nigeria’s leading investment banks, Diamond Capital Ltd, on Wednesday 20, February 2008 and made history when it was officially finalised.

He said that the cost of acquisition, transportation and up-grade of the spectacular hospitality facility has been put at about 25m Euros when delivered by the third quarter of the year 2008.

Afikutomi said when delivered, it would bring Lagos State into the league of major cities of the World such as New York, Paris, Barcelona and others with prestigious Yacht hotels signaling the high points of their tourism earning efforts.

The commissioner disclosed that final sales contract signing ceremony for the acquisition has a Lagos based firm, Planet Project Ltd as Project Managers, is the dream of the present administration to acquire a heritage hotel such as the Sunborn Yacht Hotel as indicative of the administration’s desire to transform the tourism landscape in Nigeria and assume sector leadership in Africa and beyond.

He said, “The success of the Lagos State government bid is an abundant proof of the correctness of the often expressed belief of governor, Mr. Babatunde Fashola, that, what will move Lagos forward is, and this project is driven as Public Private Partnership initiative.”

He further disclosed that the final sales contract signing ceremony which followed two days of inspection of the proposed Marina waterfront site for the floating hotel facility by the team was attended by key officials of his ministry, Diamond Capital Ltd, MIDC Ltd, Planet Project Ltd and legal Consultant, Mr. Ovie Ukiri of Ajumogobia & Okeke.

He added that the 105 luxury suites floating hotel is fitted with such breathtaking facilities as two exquisite Royal Suites with private sauna, separate bedroom and a living room, terrace balcony over looking the water in 58 rooms, a central air-conditioning system for all the rooms and public places.

It will also be fully equipped 5th deck restaurant with kitchen and cocktail bar for 100 people, a Yacht Club Lobby bar for about 70 people, another upper deck Banquet Hall capable of seating over 200 people, two inter-connected Conference Rooms amongst others, he said

Lagos acquires world’s first boat hotel :banana::banana::banana:

By Mudiaga Affe

Published: Monday, 25 Feb 2008
The Lagos State Government has acquired world’s first boat hotel, the Sunborn Yacht Hotel, to create a new tourism destination proposition for the state and a unique hospitality experience for local and international tourists.

The State Commissioner for Tourism and Inter-governmental Relations, Senator Tokunbo Afikuyomi, said in a testament on Sunday that the state secured the funding support from one Nigeria’s leading investment banks, Diamond Capital Ltd, on Wednesday 20, February 2008 and made history when it was officially finalised.

He said that the cost of acquisition, transportation and up-grade of the spectacular hospitality facility has been put at about 25m Euros when delivered by the third quarter of the year 2008.

Afikutomi said when delivered, it would bring Lagos State into the league of major cities of the World such as New York, Paris, Barcelona and others with prestigious Yacht hotels signaling the high points of their tourism earning efforts.

The commissioner disclosed that final sales contract signing ceremony for the acquisition has a Lagos based firm, Planet Project Ltd as Project Managers, is the dream of the present administration to acquire a heritage hotel such as the Sunborn Yacht Hotel as indicative of the administration’s desire to transform the tourism landscape in Nigeria and assume sector leadership in Africa and beyond.

He said, “The success of the Lagos State government bid is an abundant proof of the correctness of the often expressed belief of governor, Mr. Babatunde Fashola, that, what will move Lagos forward is, and this project is driven as Public Private Partnership initiative.”

He further disclosed that the final sales contract signing ceremony which followed two days of inspection of the proposed Marina waterfront site for the floating hotel facility by the team was attended by key officials of his ministry, Diamond Capital Ltd, MIDC Ltd, Planet Project Ltd and legal Consultant, Mr. Ovie Ukiri of Ajumogobia & Okeke.

He added that the 105 luxury suites floating hotel is fitted with such breathtaking facilities as two exquisite Royal Suites with private sauna, separate bedroom and a living room, terrace balcony over looking the water in 58 rooms, a central air-conditioning system for all the rooms and public places.

It will also be fully equipped 5th deck restaurant with kitchen and cocktail bar for 100 people, a Yacht Club Lobby bar for about 70 people, another upper deck Banquet Hall capable of seating over 200 people, two inter-connected Conference Rooms amongst others, he said


This has been posted already, do searches before you post.

Lagos Govt Floats Yacht Hotel, To Boost Tourism

This has been posted already, do searches before you post

When you posted your article the project was still on the negotiation table and not and not yet acquired but I posted this after it was confirmed that Lagos have acquired the Yacht. Read Properly before you write!!! On The negotatiation table anything can happen. Even though negotation have reached an advanced stage at that time parties can still work out of the deal.

Alpine Investment, KACCIMA strike lease deal on facility development

A N10.5 billion naira ultra-modern shopping mall, entertainment complex and conference hotel is expected to be constructed shortly by Alpine Investments Services on a 10-acre of land leased on long term basis from the Kano State Chamber of Commerce, Mines, Industry and Agriculture (KACCIMA).

The Vice Chairman /Chief Executive Officer of Alpine, Mallam Mohammed Hayatu-Deen, disclosed this at the recently concluded leasehold signing ceremony held in Kano.

The objective of the scheme, according to Hayatu-Deen, is to develop the Trade Fair Complex site strategically located along Zoo Road into a world class retail, hospitality and conference resort.

He explained that the project was designed to capitalise on the legacy of Kano as a strong industrial and commercial hub of Northern Nigeria with extensive trade routes going as far as the Republic of Niger, Chad, Cameroon and Central Africa.

He added that the development would be a targeted approach in re-capturing that legacy and injecting the much needed economic and social dynamism to the city.

The prime sponsor and developer, Alpine, stated that the scheme will be built on 10 acres of the Trade Fair Complex and would consist of an ultra-modern shopping mall, a movie theater, a hotel with conference and banquet hall facilities.

Negotiations have been ongoing with potential anchor tenants and letters of commitment have been secured from two internationally renowned retail outlets indicating their strong interest in participating in the development as the two key anchor tenants.

Alpine has constituted a formidable development team to execute the project. This includes a globally recognised architect with a track record of developing unique designs that are able to speak to the culture and background of the environment.

Also on board are an experienced development manager who will ensure that the vision is not diluted and a project advisor with a strong global background to provide the necessary counsel on how to ensure the development measures up to global standards.

The project sponsors are of the opinion that a development of such magnitude would bring along with it economic benefits, in terms of stimulation of employment and acquisition of new skills.

Furthermore, it will expand the revenue base of the state, while presenting an opportunity for local retailers to showcase their merchandise in the same way retailers do in strong commercial centres such as Dubai and Malaysia.

In addition, the scheme is expected to attract a plethora of other add-on services to the development and boost its potential as a destination point to tourists.

In signing this lease agreement, KACCIMA has shown that it remains focused and dedicated to its sole and primary responsibility of enhancing commercial activity in Kano. Most importantly, it underscores the foresight exhibited by the chamber in their ability to monitor the pulse of global trends in commercial development and the need to bring Kano up to par with similar cities in Nigeria, across the continent and globally.

Alpine, the project finance experts, created to meet the needs of entrepreneurs and investors who demand intelligent project finance solutions and consultancy, originates and executes large scale projects in sectors where it has demonstrated expertise such as real estate, infrastructure, oil and gas, power and telecommunications.

Oando Buys Two Shell Nigeria Blocks For $625.7 Million


by Spencer Swartz Dow Jones Newswires Monday, February 25, 2008


Oando PLC, Nigeria's biggest energy firm, said Monday it has bought two Nigerian offshore oil licenses from Royal Dutch Shell PLC for $625.7 million and is in talks with two other foreign oil majors about possibly buying three more oil licenses.

The Shell asset sales, which were expected, give Oando 49.8% stakes in two blocks, the company said. Shell's decision to sell the blocks is aimed at strengthening the financial health of its Nigerian operations after losing a lot of onshore crude oil production and revenues the past two years to militant attacks on energy infrastructure.

Oando Chief Executive Wale Tinubu said the company, whose shares are traded on the Nigerian and Johannesburg exchanges, was in negotiations with another European oil major and one U.S. major about purchasing three more oil blocks.

"We are in talks with two other majors about buying these blocks. We hope to have something to announce in coming weeks or months," Tinubu told Dow Jones Newswires in an interview.

Tinubu said Oando, which is small with a market capitalization of around $350 million, was looking to raise $500 million in financing through a combination of debt and equity issuance to fund the acquisition of those additional blocks. He added that Oando wants to have that financing wrapped up before June.

In January, Oando took out a $200 million loan through Merrill Lynch to help buy Shell's two licenses.

The Shell asset sale has been privately endorsed by the Nigerian oil ministry, Nigerian energy officials say, although it must still gain approval from the government and from Agip, a unit of Italian oil company Eni SpA (E). Agip owns the remaining 50.2% in each block, Oando said.

Shell's decision to sell to Oando dovetails with the Nigerian government's desire to increase the role of Nigerian energy companies and banks in the country's energy sector.

The license disposals also reflect the increased pressure the Nigerian government is putting on foreign energy companies to fully utilize oil blocks they won in past licensing rounds. If block aren't utilized, the government has promised to strip companies of those licenses.

Copyright (c) 2008 Dow Jones & Company, Inc.

Total Nigeria Usan Project to Deliver First Oil By 2011

Obafemi Oredein Dow Jones Newswires Wednesday, February 20, 2008


http://www.rigzone.com/images/news/library/maps/3/2281.jpg

The deep offshore Usan oil field operated by Total SA (TOT) in Nigeria will deliver its first oil by 2011, the company's Managing Director Jacques Marraud des Grottes said Wednesday.

"We have the green light for the project," des Grottes told journalists at the eighth Nigeria Oil and Gas Conference.

The Usan project was originally scheduled to go on stream by 2009.


Des Grottes said the Akpo field was on schedule and would come on stream by 2009, adding its Floating Production Storage and Offtake facility would be installed in June.

Des Grottes said he didn't know if the light-density condensate to be produced from the field would count towards Nigeria's crude oil supply limit under the OPEC quota.

Africa's largest computer plant for launch in April

AFRICA's largest digital computer plant, Zinox Technology, will be commissioned early April this year going by feelers from the company located in Gbagada, a Lagos surburb.

Its promoter, Leo Stan Ekeh, insinuated at the weekend that the plant is being put in place to meet the yearnings and aspirations of the patrons of Zinox Computers and the need to sustain global standards.

Zinox Computers, Nigeria,s Best Computer Brand of the Year 2007, is investing heavily on Africa,s largest and most digitalised IT factory in order to keep pace with the rising expectations of the Nigerian market. He told visiting past President of the Information Technology Association of Nigeria, Mr. Chris Uwaje, on a facility tour of the new factory.

Ekeh explained that the Zinox brand has aroused genuine high expectations among Nigerians and West Africans through her positioning and her superb delivery on quality. He said that the responsibility of the Zinox brand lay in surpassing these expectations.

The Zinox chairman informed Uwaje that he was overwhelmed by the patronage and moral support that the Zinox brand has received from the governments and people of Nigeria since the launch in 2001. He said that the brand embarked on this expansion programme for three main reasons firstly to address the recent question being asked about the capacity of the OEMs to deliver on numbers. He explained further that a few people, who were impressed about the fast pace of IT penetration were beginning to wonder aloud if the OEMs had the capacity to produce the large numbers that would be in demand.

Ekeh explained that the new factory when commissioned in April 2008 would raise the installed capacity of the Zinox brand to 5,000 systems daily. Secondly, he said that the new factory would address the aspiration of Nigerians that the IT sector should lead the trade expansion into West Africa. In addition it would provide employment for Nigerians.

The past president ITAN commended the Zinox chairman for holding steadfastly to his vision to make Zinox Africa,s Number 1 IT manufacturer. He described the scope of the project as awesome and capable of propelling Nigeria into the knowledge economy.

Uwaje said that he was highly pleased at the information that some multi nationals and blue chip companies had standardised on Zinox Computers. He was particularly pleased that TotalFinaEelf, a French multinational in Oil and Gas, has standardised on the Zinox brand. Uwaje said that Nigerians should also count their friends from the percentage of local content that the multinationals are willing to absorb.

Uwaje was also full of praises for the First Bank of Nigeria for buying four thousand systems to empower their workforce. He also praised the Nigeria Communications Commission for being at the forefront of the IT penetration campaign in Nigeria.

He extolled the Communications regulator for opening up digital centers in the six geo-political zones of the Federation in addition to donating computers regularly to schools in the hinterland.

Uwaje called on all multinationals and corporate persons to emulate the examples of the blue chip companies that he has just mentioned. He stated that companies, who make huge investments in Nigeria like Zinox Computers is doing deserve to be patronised in order to move Nigeria forward developmentally.

SKorea's Hyundai wins $1.6 billion deal in Nigeria

27 Feb, 2008, 1228 hrs IST, AGENCIES


SEOUL: Hyundai Heavy Industries, the world's top shipbuilder, said Wednesday it had won a $1.6 billion deal to build a floating oil rig for a French client in Nigeria.

It said in a statement the FPSO (floating production storage and offloading) platform will be completed by late 2011 for Elf Petroleum Nigeria, a unit of France's Total.

The rig will be able to refine 160,000 barrels of crude oil and produce some five million tonnes of natural gas a day, while storing as much as two million barrels of crude, it said.

The rig will be built in an oilfield 100 kilometres (62 miles) southeast of Bonny Island, Hyundai said.

Hyundai has so far this year won deals totalling 6.7 billion dollars to build vessels and offshore plant and facilities.

I hope Nigeria can actually benefit from it, better hope oil prices stay where their at.

China's Sinoma wins $1.6b EPC contract in Nigeria
Sat 1 Mar 2008, 6:47 GMT


BEIJING, March 1 (Reuters) - China's Sinoma International Engineering Co <600970.SS> has won a $1.6 billion contract to build cement plants for Nigeria's Dangote group, the official China Securities Journal reported on Saturday.

Sinoma and Dangote, a private industrial conglomerate, also signed a letter of intent for a further $1.18 billion equipment, procurement and construction (EPC) contract, the newspaper reported.

Under the $1.6 billion EPC agreement, signed during a visit by Nigerian president Umaru Yar'Adua to Beijing, Sinoma will build seven 6,000-tonne-per-day cement production lines for Dangote.

The $1.18 letter of intent would see Sinoma build four more 6,000-tonne-per-day and two 3,000-tonne-per-day production lines.

The projects will take up to five years to complete and will not have a significant impact on either company's performance in 2008, the newspaper reported. (Reporting by Simon Rabinovitch; editing by Louise Heavens)

Chevron venture to develop oil field off Nigeria

February 29, 2008 - 11:00 AM PST

San Francisco Business Times - by Steven E.F. Brown



A joint venture between Chevron Corp. and Nigeria's national oil company will move forward on development of the Usan oil field off the African coast.

San Ramon-based Chevron's subsidiary, Chevron Nigeria Deepwater Ltd., has a 30 percent stake in the Usan field, about 60 miles south of Port Harcourt, Nigeria's principal oil-refining city, on the delta coast of the Niger River. The first oil should be produced there in late 2011. Chevron expects peak production of 180,000 barrels per day.

Other companies helping to develop the field are French company Total SA's (NYSE: TOT) subsidiary Elf Petroleum Nigeria Ltd., which holds 20 percent and is the operator of the field; ExxonMobil's (NYSE: XOM) Esso Exploration and Production Nigeria (Offshore East) Ltd., which has 30 percent; and Nexen Petroleum Nigeria Ltd., a unit of Canada's Nexen Inc. (NYSE: NXY), which holds 20 percent.

Oil production in Nigeria is both technologically and politically difficult. The Usan field's oil is under water nearly half a mile deep and will be recovered by a floating production, storage and offloading vessel, or FPSO, that can store 2 million barrels of oil. An FPSO is a ship with tanks for the oil as well as equipment needed to connect to drilling platforms, process their oil and offload it onto tankers or into a pipeline. The technical challenges of such a project make it expensive.

Nexen, for example, said its capital investment in the Usan project will be from $1.6 billion to $2 billion, with an extra $300 million to be spent in 2008.

All the companies participating in the Usan development are joint ventures, typically 40-60 splits, between the non-Nigerian companies and the Nigerian National Petroleum Co. According to the Economist magazine, the NNPC provides up to 76 percent of the Nigerian federal government's revenue. Political disputes over the allocation of oil money in Nigeria have led to sabotage of oil company equipment and attacks on their workers.

Chevron Nigeria Deepwater Ltd. is based in Lagos, the former capital of Nigeria and the second-largest city in Africa after Cairo.

Chevron Corp. (NYSE: CVX) is based in San Ramon.

Liberty Group in Talks to Expand in Nigeria, Kenya

By Vernon Wessels

Feb. 28 (Bloomberg) -- Liberty Group Ltd., the life insurer controlled by Africa's largest bank, announced the acquisition of a health care administrator and said it's in talks with companies in Nigeria and Kenya to tap rising income on the continent.

``Nairobi will be the hub for our East African business despite all the issues they're having,'' Rex Tomlinson, deputy chief executive officer of Johannesburg-based Liberty, said today. Liberty is involved in ``many discussions'' in Kenya and Nigeria, he said.

In Kenya, former UN Secretary-General Kofi Annan announced an agreement today to end ethnic violence that has killed over 1,500 people since a disputed Dec. 27 election. Nigeria, Africa's most populous nation, has made it mandatory for companies to have a retirement plan for workers. Liberty is following the growth plans of parent Standard Bank Group Ltd., which has 18 African units.

The insurer today said it agreed to buy Neil Harvey & Associates, South Africa's largest independent provider of administration and managed care systems, to add health administration to life and money management throughout Africa, Liberty Chief Executive Officer Bruce Hemphill said.

The companies will form a venture controlled by Liberty and run by Peter Botha, the former head of African Life Health. Terms of the acquisition weren't disclosed.

The health business ``will help them capture a larger share of the consumer's wallet,'' said Neill Young, who helps manage the equivalent of $18 billion at Coronation Fund Managers Ltd. in Cape Town. Standard Bank provides a ``competitive advantage'' in expanding Africa, an under-invested market, he added.

Shares Gain

The stock advanced 1.1 percent to 77.60 rand, valuing Liberty at 22.4 billion rand ($3 billion). The company reported a 14 percent rise in 2007 adjusted embedded value to 94.44 rand a share, beating the average estimate of six analysts surveyed.

The insurer plans an office in Nairobi to serve life, health, property and casualty insurance and money management businesses in Tanzania, Uganda and Rwanda. Lagos will serve Ghana, Guinea and Ivory Coast. Liberty already has units in Botswana, Lesotho, Namibia, Swaziland and Namibia, served out of South Africa.

The life insurer, South Africa's third-largest behind Old Mutual Plc and Sanlam Ltd., is emulating Sanlam's strategy, started two years ago, of diversifying away from life coverage.

``Sanlam has made more of this strategy till now,'' Coronation's Young said. ``Liberty has a strong brand in the higher income brackets, which may help them.''

Rejuvenated Sales

Liberty took control of Stanlib Ltd., the country's largest mutual-fund company, in December 2006 and combined the money manager's marketing and sales force with that of its own, boosting its product range and spurring 2007 sales. Stanlib's assets rose almost 16 percent to 340 billion rand last year.

Full-year net income climbed 5.6 percent to 3.04 billion rand, held back by a one-time gain of 374 million rand in 2006 on the sale of a Jersey-based hedge fund manager, Liberty said in an exchange statement. New-business sales rose 14 percent to 5.6 billion rand after a 1 percent drop in 2006.

The company expects earnings growth in 2008 after inflation even though stock-market volatility has increased because of a global credit crunch, CEO Hemphill said.

To contact the reporter on this story: Vernon Wessels in Johannesburg at vwessels@bloomberg.net
Last Updated: February 28, 2008 11:19 E

Nigeria Has Very Strong Balance Sheet, Says S&P
•Bemoans poverty level, deplorable infrastructure
From Kunle Aderinokun in Abuja, 03.03.2008


Standard and Poor (S & P), one of world’s leading rating agency, has said Nigeria has a very strong balance sheet given its “solid foreign exchange, low debt level and strong budget position.”
The rating agency, which monitors the economic prospects of 110 sovereign governments worldwide however, lamented that the country was still facing the challenges of low per capital income and widespread poverty and infrastructure deficiency.
The S & P team, which made these known over the weekend at the conclusion of it’s assessment of Nigeria’s reform programme and economic performance, did not, however, give a rating for the country as it said it was yet to take a final decision.
It said the rating would be released next month.
Sharing some of their findings with journalists after their assignment, Managing Director, South Africa and Sub Saharan Africa of S & P, Mr. Konrad Reuss, said there were expectations that the observed strong economic performance would continue.
He added that another positive finding was the “macroeconomic stability that has been created through a very prudent fiscal policy over the years and assisted by the monetary policy of the Central Bank of Nigeria.”
Specifically, Reuss said “there are several positives about the Nigerian economy. What we often refer to is the balance sheet, which is reflected in solid foreign exchange, low debt level, strong budget position.
“So, Nigeria has a very strong balance sheet here. If you focus purely on the balance sheet, you could argue for a much higher rate. However, balance sheet alone is not what only drives the rating because the rating is forward rating. We don’t want to say something today and walk away from it tomorrow.
“So rating is forward looking and for that reason we have to take into consideration direction of policies. We have to look at how positive the policies will impact on the economy. We have earlier mentioned a strong balance sheet on the positive side and we mentioned a strong economic performance.
“We have the impact here in Nigeria and it is not only in the oil sector. I think one that I was particularly impressed is the strong performance in the non-oil economy, which really suggests a very broad based strong performance of the economy.”
He said: “The challenge for Nigeria is in terms of per capita income, which is still low. Nigeria is still facing widespread poverty and infrastructure deficiency. And on the policy side, the country is in a critical juncture.
“We have a new government that is working on a consensus with other levels of government on where to go with future spending, and finding a consensus and getting a support with regards to prudent policies would be important.
“And that is where we have some of the uncertainties, which we have to balance against the positive sides that I had earlier mentioned. We are talking about future behaviour of the levels of government and that is what we have to discuss after the visit and analyse.”
Speaking on the next line of action after the assessment of the nation’s economy, Reuss said: “We are here for our annual surveillance mission to update ourselves on the developments in the economy, the budget and finances. What will happen next is for us to go back and report to our Internal Credit Committee.
“So, the decision with regards to the rating of Nigeria is not one that only two of us will take here. It is actually the Internal Credit Committee of the firm that confirms on the about 150 sovereign ratings that we have around the globe.
“We are going to present our findings and report to that committee, and the committee in a very democratic way will vote at the end for the rating for Nigeria. So, it is really a committee decision, which we hope will come within the next four to six weeks. And subsequent to that decision, we will come back and have discussions with the government and then issue a press release.”
On the IMF’s prediction that the country’s economy will grow by nine per cent this year, Reuss said “from what we heard, that is not an unreasonable assumption. Non-oil growth is very strong. The growth was strong last year in spite of dislocations in the oil sector. I think with the assumption that production is going to increase in the oil sector and putting the two together– continued non-oil growth, high oil prices, a strong banking sector, prudent spending, I think strong growth is certain but I won’t put a number to it. The significant thing is the step up. And what will be quite interesting is if the growth is sustained.”
Also speaking, Associate Director, S&P, Mr. Ben Faulks said the team had about 20 meetings with government officials including the Central Bank of Nigeria (CBN), ministry of finance as well as top executives of banks, the organised private sector, amongst others.
Reacting to the observed low capita income and poverty level, Minister of State for Finance, Mr. Remi Babalola, said “on the issue of the challenge in terms of per capita level and poverty level, when you compare that with where we were two years ago and the position we are right now, there is a significant improvement. In fact, there is more improvement compared to what you see in Brazil and India.
Rating, which is carried out by financial analysts with knowledge of the macro-economic environment in which the rated entity operates, is an assessment of the risk associated with an enterprise or country.
The outcome of the exercise is the assigning of a rating category often alphabetical and/or numerical designations in a hierarchical order of increasing or reducing risk. The major advantage of rating is that it provides persons who are not financially inclined with an essay to use ‘report card’ of the financial condition or country and ability of the rated enterprise/country to meet obligations in a timely manner.
Each rating is normally time-bound during which the agency monitors the results of the obligor to ensure that its financial condition or ability to meet obligations in an orderly manner does not deteriorate. In most cases the rating is valid for a year.
A rating is however, not a recommendation to purchase, sell or hold a security, and it does not comment on market price or suitability for a particular investor.

Nigeria should just keep marching on. Nigeria does not need rating to pursue thier goals although it helps with regards to external confidence in the economy.

Ecobank hands over 100 BRT buses to NURTW

Ahead of the official inauguration of the Lagos Bus Rapid Transit Scheme, by the Lagos State Government, Ecobank has handed 100 units of mega buses to the National Union of Road Transport Workers.

A statement by the bank on Saturday, said this was part of the bank’s financing scheme for the Lagos City Transport Initiative.

It said the 100 units of blue mega buses, financed by Ecobank at a total cost in excess of N1bn, were expected to ease transportation problem in the city adjudged to be one of the most populous in the world.

The statement quoted the Country Head, Small and Medium Enterprises, Ecobank, Mr. Peary Idornigie, who spoke during the handover ceremony as saying that the bank was committed to contributing substantially to the growth of the Nigerian economy.

“Ecobank believes it can support Lagos State’s initiative of providing a convenient transportation system for a larger proportion of the population through financing schemes like this,” the statement said.

It said, “Providing easy and fast transportation for the Lagos populace would go a long way in ameliorating the transport stress associated with life in Lagos.

“The BRT scheme is fashioned to allow individuals reach their work place and go back to their homes within a short period.”

Glo Begins Commercial 3G as NCC Approves Tariff

Globacom subscribers in Lagos, who have been longing to hook up to the network's 3G Plus services launched last December can now move up to the platform as the company announced that the services are now available to subscribers in the Lagos area.

The flag off of the services, according to the company came on the heels of the regulator, Nigerian Communications Commission's approval of the tariffs for the service .

In a statement last week, Glomobile Chief Operating Officer, Mr. Mohammed Jameel, said prepaid and postpaid subscribers with 3G phones on the network can access the 3G Plus services by sending 'Activate' to 444 on SMS, while others without 3G phones can procure 3G compatible devices and 3G HSDPA data cards at its Lagos Gloworld outlets.

However, it appears the service would not even now be made available to all Lagos subscribers as Jameel's statement noted that access to the services would be better in Ikoyi, Victoria Island, Lekki, Lagos Island, Murtala Mohammed Airport, Alaba, Ikeja Mainland and Surulere. Others are Apapa, Berger, Egbeda, Ejigbo, Festac Town, Okota and Lagos State University.

MobileWeek gathered that the Glo 3G Plus services readily available at the moment include Video Calling, High Speed Internet (HSI), Mobile TV and Video on Demand. Video Calling, also called videophone, enables two subscribers with 3G video phones to talk to each other while viewing real-time 2-way live video between each other and this only works if the caller and the recipient are both within the Glo 3G coverage areas.

Announcing the flag off of the services, the company officials stated that subscribers in Lagos can now make and receive live video calls to friends, family and colleagues across the Glo 3G Plus network.

Against the backdrop of speculations that 3G charges may be on both the caller and receiver like the Thuraya satellite services, Jameel said his company's 3G Plus services would attract N50 per minute or N1 per second for both prepaid and postpaid subscribers, with only the calling party being charged.

The company said however that Video Calling is being offered at a promotional offer of N30 per minute or 60 kobo per second during the first 30 days of launch, thereafter, the N50 a minute or N1 per second charge takes effect.

Part of the cost of surfing the net via Globacom's 3G plus, included a monthly rental of N15,000, or a browsing rate of 35kobo per kilobyte at peak times and 20kobo per kilobyte at off-peak times, depending on the subscribers desired package.

The company said that by providing Nigerians with high speed internet access, video calling and mobile TV, amongst other services, it was empowering the subscribers to enter the next generation of technological innovations made in advanced countries as that would inevitably benefit the lives and businesses of the subscribers that utilise these products.

This is great news, in the coming months we can anticipate coverage to span out across Urban Centres and Major towns. :banana2: :cucumber: :carrot: :pepper:

Nigerian scientist shares Nobel peace price 4/3/2008


A Nigerian Scientist, Dr. Anthony Okon Nyong of the Department of Geography and Planning, university of Jos has been named a co-recipient of the 2007 Nobel Peace Price.

Dr. Nyong is to share the price with former American Vice President, Al Gore and some top United Nations scientists on Intergovernmental Panel of Climate Change to which Dr. Nyong is a member.

In a statement from the university of Jos signed by its Deputy Registrar, Information and Publicity, Steve Otowo, said the university don who is now on leave of absence at the International Development Research Centre of Canada is renowned for his expertise in climate change.

According to the statement, Dr. Nyong had served on the board of distinguished scientists who worked at the Intergovernmental Panel of Climate Change, IPCC since 2002 and as head of the African Team as well as member of the 20-man global expert group, the task group on data and scenario support for impact and climate analysis.

The statement noted that the group mandate is to facilitate wide availability of climate change related data and scenario to enable research and sharing of information across the three IPCC working as a group.

Dr. Nyongs work, according to the statement, has contributed to the considerable attention that is now being focused on climate change in Africa due to the continents high vulnerability to the adverse impacts of climate variability and change.

According to the statement, Dr. Nyong has emerged as one of the pioneers of climate adaptation in Africa and has published extensively on this field serving severally as member of the International board of the body.

Growth in Vietnam, Nigeria to exceed China -PWC
Tue 4 Mar 2008, 10:00 GMT


By Susan Fenton

HONG KONG, March 4 (Reuters) - China is set to replace the United States as the world's largest economy by 2025 but other emerging markets such as Vietnam, Egypt and Nigeria might offer better growth opportunities for investors, says accountants PricewaterhouseCoopers.

By 2050 China's economy will be 30 percent bigger than the U.S. economy, PricewaterhouseCoopers predicts in a report entitled "The World in 2050: Beyond the BRICs".

However, real economic growth in China between now and then will average 6.8 percent annually, lagging 9.8 percent growth in Vietnam and 8.5 percent in India.

The so-called BRIC economies -- Brazil, Russia, India and China -- will continue to offer investment opportunities but so will markets like Nigeria -- which is set to overtake South Africa as Africa's biggest economy by 2050 -- even though it is high risk, says the accountancy firm.

Development of the middle class in these fast-growing economies will present huge potential for foreign retailers, energy and utility companies, healthcare and media firms.

But mass market manufacturers will continue to suffer from increased competition from China and new low-cost competitors such as Vietnam, the report says.

"Of course, retailers need to be savvy enough to identify the right business strategies and local partners for such overseas ventures," John Hawksworth, head of macroeconomics at PricewaterhouseCoopers LLP, said in a statement.

"This has not always been the case for overseas investments by retailers in the past, particularly in culturally unfamiliar territories such as China or India."

China is set to become the world's biggest consumer market after the United States by 2020.

Brazil meanwhile could overtake Japan's economy by mid-century. Russia, Mexico and Indonesia by then will be potentially bigger economies than Germany and Britain, the report predicts.

It projects Brazil's economy will grow by 5.2 percent annually between now and 2050 while Mexico's economy will expand by 4.7 percent a year and Russia will average 4.3 percent growth. Projected average real growth rates for the fastest-expanding emerging market economies: 2007-2050 (percent per annum): Vietnam 9.8 India 8.5 Nigeria 8.0 Philippines 7.2 Egypt 7.1 Bangladesh 7.0 China 6.8 Indonesia 6.7 Pakistan 6.4 Source: PricewaterhouseCoopers (Editing by Anne Marie Roantree)

Nigerian economy grew 7.64 pct y/y in Q4 '07-cbank

LAGOS, March 4 (Reuters) - Nigeria's economy grew 7.64 percent year-on-year in the fourth quarter of 2007 versus 6.1 percent in the preceding quarter, driven by the non-oil sector, the central bank said on Tuesday.

The bank said in an economic report that the non-oil sector grew an estimated 10.99 percent, compared with 9.47 percent in the third quarter.

(Reporting by Oludare Mayowa; editing by David Stamp)

Nigeria is on the rise again and this time...it shall be for a long long time

Strong naira, returns, lure Credit Suisse, others to Nigeria

The appreciation and stability of the naira in the last few years have created return opportunities, which are serving as stimuli to the inflow of N250-billion from foreign portfolio investors into the country.

These offshore investors, whose returns from developed markets are plummeting, consider the Nigerian market an emerging preferred centre due to rising returns on investment.
Some of the foreign investors are Credit Suisse Private Banking, Merrill Lynch, Investec Asset Management Limited, ABN Amro, Barring Assets Management, J P. Morgan, Deutche Asset Management, Citi Group, Fidelity International Limited and Gartmore Investment Management.
Others include Genesis Investment Management, ICAP Securities, State Street Global Advisers, Actis Capital, Kingdom Holding Company and Renaissance Capital.
Musa al- Faki, director- general of the Securities and Exchange Commission (SEC), confirmed their presence in the country last week at the retreat for senior management staff of the Federal Ministry of Finance in Kaduna.
Although al-Faki said their interest was due to the successful listing of GT Bank and Diamond Bank on the London Stock Exchange and the country's breakthrough as "Appendix A" signatory to the International Organisation of Securities Commission (IOSCO), investment managers have attributed the development to the appreciation and stability of the Naira.
Since 1999, the local currency has appreciated from N130 to N118 against the US Dollar. And for about three years now, the Naira has been stable.
S. Enyinnaya, managing director and chief executive of Valueline Securities Limited, said the stability of the Naira has instilled confidence in local and foreign investor to plan.
Enyinnaya also believes that foreign investors have reaped and repatriated good returns from their assets.
Abayomi Sanya, managing director of Goldman Assets Nigeria Limited, said when these foreign investors bring in their money, and the Naira appreciates, over time when they are taking their money out of the country, the value of their investment increases.
This means that they make money from the differentials in the value of the Naira when they made their entry and the time they are exiting the market.
They gain from currency appreciation, he said. This is aside the returns on investment, which serve as incentives to other foreign investors.


Analysts said the two to three digit percent returns compared with five percent returns on investment in developed markets, is difficult to resist even when the risk in investing in emerging markets like Nigeria is high compared with explored markets. Some of these investors set up shops here while others, especially hedge funds, take positions in equities, bond and mutual funds.
International perception that government’s economic reform measure is on course as well as the credit ratings of the country by Standard and Poors and Fitch are also boosting confidence in the economy.

Strong naira, returns, lure Credit Suisse, others to Nigeria

The appreciation and stability of the naira in the last few years have created return opportunities, which are serving as stimuli to the inflow of N250-billion from foreign portfolio investors into the country.

These offshore investors, whose returns from developed markets are plummeting, consider the Nigerian market an emerging preferred centre due to rising returns on investment.
Some of the foreign investors are Credit Suisse Private Banking, Merrill Lynch, Investec Asset Management Limited, ABN Amro, Barring Assets Management, J P. Morgan, Deutche Asset Management, Citi Group, Fidelity International Limited and Gartmore Investment Management.
Others include Genesis Investment Management, ICAP Securities, State Street Global Advisers, Actis Capital, Kingdom Holding Company and Renaissance Capital.
Musa al- Faki, director- general of the Securities and Exchange Commission (SEC), confirmed their presence in the country last week at the retreat for senior management staff of the Federal Ministry of Finance in Kaduna.
Although al-Faki said their interest was due to the successful listing of GT Bank and Diamond Bank on the London Stock Exchange and the country's breakthrough as "Appendix A" signatory to the International Organisation of Securities Commission (IOSCO), investment managers have attributed the development to the appreciation and stability of the Naira.
Since 1999, the local currency has appreciated from N130 to N118 against the US Dollar. And for about three years now, the Naira has been stable.
S. Enyinnaya, managing director and chief executive of Valueline Securities Limited, said the stability of the Naira has instilled confidence in local and foreign investor to plan.
Enyinnaya also believes that foreign investors have reaped and repatriated good returns from their assets.
Abayomi Sanya, managing director of Goldman Assets Nigeria Limited, said when these foreign investors bring in their money, and the Naira appreciates, over time when they are taking their money out of the country, the value of their investment increases.
This means that they make money from the differentials in the value of the Naira when they made their entry and the time they are exiting the market.
They gain from currency appreciation, he said. This is aside the returns on investment, which serve as incentives to other foreign investors.


Analysts said the two to three digit percent returns compared with five percent returns on investment in developed markets, is difficult to resist even when the risk in investing in emerging markets like Nigeria is high compared with explored markets. Some of these investors set up shops here while others, especially hedge funds, take positions in equities, bond and mutual funds.
International perception that government’s economic reform measure is on course as well as the credit ratings of the country by Standard and Poors and Fitch are also boosting confidence in the economy.

China to aid Nigeria's health-care with hospital complex

THE Chinese government has offered to build and equip a comprehensive hospital in the Abuja metropolis to be donated to the Federal Government of Nigeria.

This was disclosed in Abuja by the Representative of the Chinese Embassy, Wang Daohao, who met the Minister of State for Health, Gabriel Aduku, during his facility tour of the Federal Staff Hospital, Garki.

Wang revealed that the condition to commence the building, which will house special malaria centre, include the provision of a plot of land of about 150 - 200 thousand square meters, access road, portable water and telecommunication facilities by the Federal Government.

The Chinese government will hand over the facility to the Nigerian government once it is completed without interference in its administration and management.

The minister promised to do everything possible to facilitate the provision of the required land by the authorities to enable the Chinese government commence the project, which he said will go a long way in alleviating the health care problems of many Nigerians living in and around the Federal Capital Territory.

"I wish to restate that the government is committed to meeting its own part of the agreement because it is to our collective advantage. Malaria is a disease we must conquer in the nearest future and the provision of this facility will assist us achieve the target of reducing the impact of malaria to the barest minimum," he said.

Earlier, the Consultant in-Charge of the Federal Staff Hospital, Garki, Dr. Chinwe Igwilo, while briefing the minister, revealed that over 60 per cent of the hospital's out-patients in 2007 were treated for malaria.

Of worry is the rate at which FCTA records the spread of HIV/AIDS.

She noted that the rate of HIV/AIDS in the FCT is becoming high as over 101 new cases were detected in December 2007 and 128 cases in January 2008.

"Though malaria is responsible for high mortality, the rate at which HIV/AIDS is transmitted in the city is alarming. In December last year, we had 101 cases, but in January 2008, we had 128 new cases. We have not done the one of February, but it is now a source of worry that the rate of HIV/AIDS new infection is phenomenally rising," she said.

To curtail the spread of the virus, Igwilo urged Nigerians to ensure the use of well screened blood, tow the line of abstinence and faithfulness to their partners, while also avoiding sharing sharp objects. These steps, the medical expert explained, would help reduce the prevalence of the virus.

Angolan Banking System Seeks to Conform to Basel II



Luanda, 03/04 – Angola’s Reserve Bank (BNA) intends the country’s banking system to become stronger and compliant with the regulations of the Basel II Accord, with a view to meeting the challenges of the international market.

This was said Monday in Luanda by BNA vice governor, Rui Minguês.

According to the official, who was addressing the opening of the seminar on "New Basel II Accord”, BNA, in its capacity as Central Bank and supervisor of the country’s banking activity, is enforcing a set of regulations, aiming at the efficient functioning of the financial institutions and working in a safe environment.

He said the first step towards the safeguard of the good functioning of the financial institutions was the promulgation of the New Accounts Plan that reflects, to a great extension, the approximation to the Basel Accord II and the regulation on the capitals and needs of capital for each type of risk.

The creation of regulations permits BNA to more and more and gradually transfer to the banks the management and control of their own risks, in line with the Basel II Accord, the official also said.

Being banking one of the most internationalised activities, BNA has been seeking to approximate the Angolan regulation to the international standards, especially to the Basel I and II.

He explained that Basel I dictated the main elements of banking management, whereas Basel II started its action in the evaluation of risks on credits and on its general activity.

“The Basel II accord was signed more than four years ago. In order for an appraisal of risks in small and medium scale companies, with this new accord, there is need for a change in the methods of management with a view to adjusting or determining the risk,” he also explained.

BNA deputy governor said he hopes the seminar helps the commercial banks to better understand what is behind the regulation it issued and find suggestions that can contribute to improve the central bank regulation.

The New Basel Accord on capitals like Basil II, is an international accord that sets the rules of risk management the banks are adopting, seeking to keep pace with the changes regulating authorities are enforcing.

Such regulations aim at arresting the possibility of an international bank crisis, securing to that purpose that each bank, particularly, avails itself with enough capital to carry out its activities that involve some risk.

The seminar on "New Basel II Accord" that will close on Saturday is being jointly sponsored by the Angolan Banks Association (Abanc) and the “Universidade Lusófona de Lisboa”.

It comprises two parts. The first is designed for banks managing board members and the second for commercial financial technicians.

The event is tackling such topics as modelling of the banking activity under Basel II, Basel II fundamental regulations, the three pillars of banking systems stability and the fundamental role of discipline in the market.

Sorry, for that post wrong thread!

Sorry, for that post wrong thread!

I forgive you, my son.

I forgive you, my son.


here is humour:lol::lol::lol::lol:

Lagos must be the biggest city in the world not to have a metroline.

True, Lagos NEEDS a metroline if it wants to significantly further its economic growth. As the population grows and traffic worsens, daily life such as commuting will be almost impossible, not only that, but it woill turn away furure investors. Not to mention the pollution and lowered property values.

It will be hard for construction vehicles to move materials in a reasoanble time do to traffic, thats why theres next to no building activity in the CBD.

FG to Hand Over Four Airports to Concessionaires

From Juliana Taiwo in Abuja, 03.04.2008

As exclusively reported by THISDAY last month, the Federal Government has confirmed that four of the nation’s international airports will soon be handed over to private concessionaires to manage.
The airports include the Murtala Muhammed Internatio-nal Airport (MMIA), Lagos; Nnamdi Azikiwe International Airport (NAIA), Abuja; Mallam Aminu Kano International Airport (MAKIA), Kano; and the Port Harcourt International Airport (PHIA).
The Minister of State, Air Transportation, Felix Hassan Hyatt, told State House correspondents after a meeting with President Umaru Musa Yar’Adua in Abuja yesterday that the four airports which would be upgraded to meet international standards would be handed over to concessionaires after a modality had been worked out.
Hyatt said following Federal Government’s inability to shoulder the management of the airports alone, hence its resolve to call on the private sector to inject funds into its management, especially in the upgrade of facilities.
According to the minister, “You see we are talking of updating the first four international airports to bring it up to standard. People are making mistake that we are privatising airports but that is not the issue.
“The issue is that we have agreed that government does not have the funds to uplift the standard of these airports to international standards within the period of five years. We know this because it is capital intensive. But by our experiment in Lagos in the local terminal, it is possible for private entrepreneur to come in and within a short period of time develop the facility to acceptable international standards.”
He said though the private sector would be wholly responsible for the management of the airports, the government would provide security.
“The security remains in the hands of government and that is what everybody is worried about. But what we are saying is that with the infrastructural set up there right now, everybody knows it is not the standard expected. So what do we do? Get involved with somebody and under what condition? That is what we are going to work out.
“We cannot operate international airports without thinking of the security implications because a lot of people will be coming from outside the country whose character we do not know. Everything will be put on ground to ensure safeguarding the interests and sovereignty of our country,” he explained.
Hyatt said President Yar’Adua had given directives that the concession must be done within the laws of the land.
“He wants development of airports that would not affect the laws of the land. He is interested in the whole airport in the country because the whole country is his constituency. He is interested in the legal setup and the security of every inch of Nigeria,” he minister said.
Hyatt said due process would be strictly followed in arriving at the terms of agreement before a final decision is taken on the matter.
“All you need to do is that you do not allow them to rip off the society. You have to incorporate the interest of the society. If you bring me a proposal, you will expect me to subject it to scrutiny And the first thing that I have found out which was lacking is that if you bring a design, we must have a joint expert to look at the designs.
“You don’t just bring a design that has been in operation somewhere. Our own local conditions must be taken into consideration. Two, you don’t say it is going to cost us N100 million to develop it. How do I know that it is going to cost N100 million? I must have my own quantity surveyor in that joint committee who will either confirm the cost or give me a different estimate.
“Then I must also have an expert who will confirm that it will take five years to build the airport and not 10 years. At the end of the day, I need a financial expert who will work out the financial analysis to tell me this is going to be the financial flow year and convince me that for the contractor, for him to raise funds, develop and recover his money it will take him two, three or five years. These are the basic things you require before you go into any agreement, “ Hyatt said.

True, Lagos NEEDS a metroline if it wants to significantly further its economic growth. As the population grows and traffic worsens, daily life such as commuting will be almost impossible, not only that, but it woill turn away furure investors. Not to mention the pollution and lowered property values.

It will be hard for construction vehicles to move materials in a reasoanble time do to traffic, thats why theres next to no building activity in the CBD.

Lagos need integrated public transportation in the form of elevated light rail, buses, and ferries. There should be laws discouraging cars on the streets that way we don't have crappy jalopies cruising around and polluting the place. Transportation needs to be clean, effiecient and safe. Another thing Lagos needs is tons of public housing. In my opinion I think we need to study and try to follow the singaporean model, build highrises and make it very affordable for alot of families, this will create revenue and we can use some of it to build free housing blocks for the really poor.

This is what I mean:
http://www.youtube.com/watch?v=anjIp5BbehE

Lagos need integrated public transportation in the form of elevated light rail, buses, and ferries. There should be laws discouraging cars on the streets that way we don't have crappy jalopies cruising around and polluting the place. Transportation needs to be clean, effiecient and safe. Another thing Lagos needs is tons of public housing. In my opinion I think we need to study and try to follow the singaporean model, build highrises and make it very affordable for alot of families, this will create revenue and we can use some of it to build free housing blocks for the really poor.

This is what I mean:
http://www.youtube.com/watch?v=anjIp5BbehE

Very well said. but they also need to impose penalties like in Singapore , too, when tenants/owners run down those public - government-subsidized - appartments. This is very important because Nigeria is a tropical country and things start to mould annoyingly speedily.

In Malaysia´s capital Putraya which is spotlessly clean (like cities in Japan):cheers:, owners are forced to repaint their houses and mow their lawns regularly by the government if they don´t do it, they will get fines and if they don´t pay it, they will end up expropriated from their houses in the medium to long-term. I just love this: harsh but disciplining measures!!!:cheers:

Nigerian forex reserves hit new high of $56.8 bln

LAGOS (Reuters) - Nigerian foreign reserves rose to a new high of $56.80 billion at the end of February up from $54.21 billion the previous month, the central bank said on Wednesday.

The reserves grew by 33.08 percent year-on-year on the same period last year when they stood at $42.68 billion.

The latest figure published on the bank's Web site did not state how many months of Nigeria's imports the reserves can finance, but it had said the January figure could support 28 months of the top African oil exporter's import bills.

Nigeria, sub-Saharan Africa's second biggest economy, has recorded significant growth in its forex reserves in the past three years thanks to rising oil prices, Nigeria's main stay

And up and Up it goes:cheers::cheers::banana::banana::banana:

Nigerian forex reserves hit new high of $56.8 bln



And up and Up it goes:cheers::cheers::banana::banana::banana:

Isn't this old news? I'm sure I read this a few weeks ago. Anyways, I'm glad it's rising but wake me up when it's $100 billion.

Pappy, I have told you before to read properly before making comments, its just that this time you asked a question and I will answer you with what you thought it is.

The one below was posted on the 15th of february and then the reserve stood at $56bn but now it is $56.8. Reuters said it is an all time high and I deem it fit to post it here.!!!

Nigeria’s foreign reserves hit new high of $56bn



It has to keep rising and rising and rising and it has to remain untouched! It seems so that Nigeria is able to save between 3-4 Billion US dollars a month which is not really bad, if this trend continues we might see the $100 Billion mark at the end of the year!:cheers:

Isn't this old news? I'm sure I read this a few weeks ago. Anyways, I'm glad it's rising but wake me up when it's $100 billion

My answer......No it is not an old news but a very fresh news

Pappy, I have told you before to read properly before making comments, its just that this time you asked a question and I will answer you with what you thought it is.

The one below was posted on the 15th of february and then the reserve stood at $56bn but now it is $56.8. Reuters said it is an all time high and I deem it fit to post it here.!!!





My answer......No it is not an old news but a very fresh news

Whoa! Don't get your panties in a bunch I was only asking. Anyway I'm glad it's rising but I won't be satisfied until I see $100 bn.

thts gud cos we aint stopping even whn we get thre

Mathhias, I am completely against government subsidised accomodation full-stop. They would be better off to pay people a little more and allow market forces to play their part.

Mathhias, I am completely against government subsidised accomodation full-stop. They would be better off to pay people a little more and allow market forces to play their part.

That's where it get tricky. With the way Nigeria is set up with most people being poor, free market system will render alot of people homeless. However we could mix both the systems somehow in a way that would benefit as many people as possible.

Lagos need integrated public transportation in the form of elevated light rail, buses, and ferries. There should be laws discouraging cars on the streets that way we don't have crappy jalopies cruising around and polluting the place. Transportation needs to be clean, effiecient and safe. Another thing Lagos needs is tons of public housing. In my opinion I think we need to study and try to follow the singaporean model, build highrises and make it very affordable for alot of families, this will create revenue and we can use some of it to build free housing blocks for the really poor.

This is what I mean:
http://www.youtube.com/watch?v=anjIp5BbehE

Well, this is a very ambitious idea, but, the city of Lagos barely has any room, not to mention Singapore has a way smaller population.

Well, this is a very ambitious idea, but, the city of Lagos barely has any room, not to mention Singapore has a way smaller population.

If you study the Singaporean system you'll see how it might work in Lagos. First, a government authority is created, let's call it the National Housing Board (NHB), their duty is building, developing and maintaining public housing throughout the city. They buy land and build, they destroy decaying buildings and build, etc. There's more than enough room in Lagos for such projects.

These new buildings won't be for the extremely poor but for the lower to upper level middle class. The rent will be extremely cheap compared to market prices but that's not where most revenue will come from, revenue will come from 1) selling advertising spots to big companies 2) renting office units (built by the NHB) 3) Car parks and other services offered by NHB and finally rent collected from tenants. This will run into billions of naira enough to use to build and maintain more high rise housing projects/estates.

With some of the money made, the NHB will save some of it in a "housing fund" to build housing for the extremely poor. These homes will be cheap to build and will be provided to the poor free of charge but in an extremely organized form where names will be taken and identities will be collected and recorded.

Something like this: http://www.leeryanmiller.com/semester-at-sea/photos/india-public-housing2.jpg

The reason I support highrises is because: 1) it creates space to house more people 2) it creates a closer community 3) it makes the skyline look good :cheers:

There's more to my ideas but that's basically it in a nutshell

http://www.businessdayonline.com/thumbnail.php?file=Data_444_812492515.jpg&size=article_medium

Nigeria leads Africa's Internet usage chart
03 March, 2008 12:00:00 Bill OKONEDO and Ben Uzor jr.
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Nigeria has scaled up from five million to eight million Internet users between December 2006 and December 2007 and currently has the highest number of Internet users on the African continent.
The Seychelles, which has just 29,000 Internet users, however leads in Internet density on the continent. The total population of the Seychelles is 81,895 and its Internet density is 35.4 percent.
This is according to data made available by Internet World Statistics, on its website.
The Seychelles which leads the continent in Internet density today had only 6,000 Internet users in 2000. Now, its share of the continent's Internet density is 0.1 percent and it has seen a growth rate of 383.3 percent in the seven years between 2000 and 2007.
Nigeria, for which the report recorded a population of 135 million, for 2007, had only 200,000 Internet users in the year 2000. With eight million Internet users today, the country's Internet density stands at 5.9 per cent. The country thus has 18.1 per cent of Africa's Internet user share.
Next to Nigeria as regards volume of Internet users, comes the North African nation of Morocco, which had 6.1 million users as at December 2007. Morocco's total population for the same period is given as 33.75 million and its 6.1 million users represent 18.1 percent of the country's population and 13.8 percent of the total Internet users in Africa.
After Morocco, comes the fellow North African nation of Egypt, which has six million Internet users, representing 7.5 percent of its population and 13.6 percent of Internet users on the continent. Egypt's' population is recorded on the chart as 80.33 million.
South Africa trails Egypt with 5.1 million Internet users. This figure represents 11.6 percent of that country's population and 11.5 percent of Africa's Internet users. South Africa's population is stated as 43.99 million.
Surprisingly, the war-torn nation of Sudan comes fifth on the continents Internet user table. Sudan, which has a total population of 39.3 million, is reported to have 3.5 million Internet users, representing 8.6 percent of its' population and 7.9 percent of the continents' Internet users.
After Sudan comes Kenya which has 2.8 million Internet users, representing 7.5 percent of its population and 6.3 percent of the continents' Internet users.
Algeria follows with 2.5 million Internet users. This figure represents 7.4 per cent of its' population and 5.6 percent of the continents' Internet users. The country's population is given as 33.33 million.
Tunisia trails Algeria with 1.6 million users, representing 15.7 percent of its population and 3.6 percent of the continents Internet users. Tunisia's population is 10.2 million.
Zimbabwe is ninth on the table, with 1.2 million Internet users, representing 9.9 percent of its' population and 2.8 percent of the continents' Internet users. Zimbabwe's population is 12.3 million.
Uganda ranks tenth on the table with 800,000 users, representing 2.5 percent of its' population and 1.7 percent of the continents Internet users.
Information and Communication Technologies (ICTs), including the Internet have long been identified as essential tools for the effective bridging of the knowledge and economic gap between the west and the countries of the African continent.
They sharpen decision support systems for public administrators focused on improving the planning and monitoring of development programmes.
ICTs and the Internet have also been identified as having the capacity to automate the process of delivering service to the citizenry and thereby bringing about transparency.
Some of the ways in which this is done, is by the collection of various payments which citizens need to make to government agencies.
The use of ICTs and the Internet can shorten queues at collection centres, improve accuracy in billing and accounts and provide immediate proof of payment to citizens.
Through the use of ICTs and the Internet, citizens can also obtain access to crucial information about markets, which can determine whether they turn a profit or make a loss.
ICTs and the Internet also facilitate distance learning, thus bridging the knowledge gap and creating better and more opportunities.

Well, unfortuantely you can't go buy amount of internet users you must go by percent. Mainly because, Nigeria is the SIGNIFICANTLY leader in population for the eNTIRE continent, so its obvious that there will be more internet users. By percentage SA, Gabon or Botswana leads.

ex. a poor nation with 200 million people has 55 million internet users, while a richer nation with 30 million has 19 million users. Even if in that richer nation, ALL citizens had internet access, it still cant compete against the larger nation.

Well, unfortuantely you can't go buy amount of internet users you must go by percent. Mainly because, Nigeria is the SIGNIFICANTLY leader in population for the eNTIRE continent, so its obvious that there will be more internet users. By percentage SA, Gabon or Botswana leads.

ex. a poor nation with 200 million people has 55 million internet users, while a richer nation with 30 million has 19 million users. Even if in that richer nation, ALL citizens had internet access, it still cant compete against the larger nation.

actually you're wrong. read the article and youll see what countries lead by percentage. and its not SA, gabon or botswana. thats not to say those countries are doing well, but north african nations lead in the internet arena

NEW STUDY: PRICE WATER HOUSE COOPERS


China to be world's biggest economy by 2025


Published: March 05, 2008, 00:37

Hong Kong: China is set to replace the United States as the world's largest economy by 2025 but other emerging markets such as Vietnam, Egypt and Nigeria might offer better growth opportunities for investors, says accountants PricewaterhouseCoopers.

By 2050 China's economy will be 30 per cent bigger than the US economy, PwC predicts in a report entitled The World in 2050: Beyond the Brics.

However, real economic growth in China between now and then will average 6.8 per cent annually, lagging 9.8 per cent growth in Vietnam and 8.5 per cent in India.

The so-called Bric economies - Brazil, Russia, India and China - will continue to offer investment opportunities but so will markets like Nigeria - which is set to overtake South Africa as Africa's biggest economy by 2050 - even though it is high risk, says the accountancy firm.

Development of the middle class in these econ-omies will present huge potential for foreign retailers, energy and utility companies, healthcare and media firms.

But mass market manufacturers will continue to suffer from increased competition from China and new low-cost competitors such as Vietnam, the report says.

"Of course, retailers need to be savvy enough to identify the right business strategies and local partners for such overseas ventures," John Hawksworth, head of macroeconomics at PwC, said.

"This has not always been the case for overseas investments by retailers in the past, particularly in culturally unfamiliar territories such as China or India."

China is set to become the world's biggest consumer market after the United States by 2020.

Brazil could overtake Japan's economy by mid-century. Russia, Mexico and Indonesia by then will be potentially bigger econ-omies than Germany and Britain, the report said.

Fast facts: In the spotlight

Projected average real growth rates for the fastest-expanding emerging economies: 2007-2050:

* Vietnam 9.8
* India 8.5
* Nigeria 8
* Philippines 7.2
* Egypt 7.1
* Bangladesh 7
* China 6.8
* Indonesia 6.7
* Pakistan 6.4

Source: PricewaterhouseCoopers

http://www.gulfnews.com/business/Economy/10194776.html

Nigeria is among THEM!!!!!:cheers::cheers::banana::banana:

Well, unfortuantely you can't go buy amount of internet users you must go by percent. Mainly because, Nigeria is the SIGNIFICANTLY leader in population for the eNTIRE continent, so its obvious that there will be more internet users. By percentage SA, Gabon or Botswana leads.

ex. a poor nation with 200 million people has 55 million internet users, while a richer nation with 30 million has 19 million users. Even if in that richer nation, ALL citizens had internet access, it still cant compete against the larger nation.

Fact but look at the Growth Rate.

200,000 to 8 Million in 8 Years. With Growth, Density enlarges.

Nigeria's Economic Growth Accelerates to 7.6%

March 4 (Bloomberg) -- Nigeria's economic growth accelerated to an annual 7.6 percent in the fourth quarter, led by non-oil industries, the central bank said.

Expansion quickened from 6.1 percent in the previous three months, the Abuja-based Central Bank of Nigeria said in a quarterly report published on its Web site today.

``Increased production activities by manufacturing firms during the festive periods'' boosted growth, the report said.

Non-oil industries expanded 10.9 percent, the bank said, without giving details. Agricultural output increased after prices of the west African country's produce, including cocoa, cotton, soybean and palm oil, jumped at the international market.

Crude oil production fell 2.3 percent to 2.13 million barrels a day in the fourth quarter from the previous three months, the central bank added.

Militants in the Niger Delta, which is the country's main producing region, have been sabotaging the industry since February 2006 in a bid to win more control of the resource and financing for the area, neglected by successive Nigerian governments.

Royal Dutch Shell Plc, Europe's largest oil company, is the most affected by the cutbacks among major oil companies in Nigeria. Shell has lost 477,000 barrels daily as a result of the attacks.

Nigeria, Africa's largest oil producer and most populous country, witnessed a net foreign exchange inflow of $5.16 billion in the quarter. The country received $10.8 billion, while there was an outflow of $5.67 billion, the central bank said.

Nigeria's Economic Growth Accelerates to 7.6%


Hey pappy, I belive this was posted in the previous page.:):lol:

Hey pappy, I belive this was posted in the previous page.:):lol:

I know, I did it to prove a point.

I know, I did it to prove a point.

Good. No grudge!!

The Food Chain
A Global Need for Grain That Farms Can’t Fill
Dan Koeck for The New York Times

On his North Dakota farm, Dennis Miller has seen wheat prices steadily climb. More Photos >



Article Tools Sponsored By
By DAVID STREITFELD
Published: March 9, 2008

LAWTON, N.D. — Whatever Dennis Miller decides to plant this year on his 2,760-acre farm, the world needs. Wheat prices have doubled in the last six months. Corn is on a tear. Barley, sunflower seeds, canola and soybeans are all up sharply.

Benedicte Kurzen for The New York Times

The cost of bread in Nigeria soared in the last year as demand for wheat outstripped supply. More Photos »

“For once, there’s great reason to be optimistic,” Mr. Miller said.

But the prices that have renewed Mr. Miller’s faith in farming are causing pain far and wide. A tailor in Lagos, Nigeria, named Abel Ojuku said recently that he had been forced to cut back on the bread he and his family love.

“If you wanted to buy three loaves, now you buy one,” Mr. Ojuku said.

Everywhere, the cost of food is rising sharply. Whether the world is in for a long period of continued increases has become one of the most urgent issues in economics.

Many factors are contributing to the rise, but the biggest is runaway demand. In recent years, the world’s developing countries have been growing at about 7 percent a year, an unusually rapid rate by historical standards.

The high growth rate means hundreds of millions of people are, for the first time, getting access to the basics of life, including a better diet. That jump in demand is helping to drive up the prices of agricultural commodities.

Farmers the world over are producing flat-out. American agricultural exports are expected to increase 23 percent this year to $101 billion, a record. The world’s grain stockpiles have fallen to the lowest levels in decades.

“Everyone wants to eat like an American on this globe,” said Daniel W. Basse of the AgResource Company, a Chicago consultancy. “But if they do, we’re going to need another two or three globes to grow it all.”

In contrast to a run-up in the 1990s, investors this time are betting — as they buy and sell contracts for future delivery of food commodities — that scarcity and high prices will last for years.

If that comes to pass, it is likely to present big problems in managing the American economy. Rising food prices in the United States are already helping to fuel inflation reminiscent of the 1970s.

And the increases could become an even bigger problem overseas. The increases that have already occurred are depriving poor people of food, setting off social unrest and even spurring riots in some countries.

In the long run, the food supply could grow. More land may be pulled into production, and outdated farming methods in some countries may be upgraded. Moreover, rising prices could force more people to cut back. The big question is whether such changes will be enough to bring supply and demand into better balance.

“People are trying to figure out, is this a new era?” said Joseph Glauber, chief economist for the United States Department of Agriculture. “Are prices going to be high forever?”

Competition for Acres

At a moment when much of the country is contemplating recession, farmers are flourishing. The Agriculture Department forecasts that farm income this year will be 50 percent greater than the average of the last 10 years. The flood of money into American agriculture is leading to rising land values and a renewed sense of optimism in rural America.

“All of a sudden farmers are more in control, which is a weird position for them,” said Brian Sorenson of the Northern Crops Institute in Fargo, N.D. “Everyone’s knocking at their door, saying, ‘Grow this, grow that.’ ”

Mr. Miller’s family has worked the Great Plains for more than a century. One afternoon early last month, he turned on the computer in his combination office and laundry room to see what commodity prices were up to.

“Oh, my goodness, look at that,” Mr. Miller said. Barley was $6.40 a bushel, approaching a price that would tempt him to plant more. Soybeans were $12.79 a bushel, up from $8.50 in August.

The frozen earth outside was only a few weeks from coming to life, but Mr. Miller was happily uncertain about what to plant. Last year, the decision was easy for Mr. Miller and everyone else: prices of corn were high because of new government mandates for production of ethanol, a motor fuel. This year, so many crops look like good bets, and there is so little land on which to plant them.

“I’m debating between spring wheat, durum wheat, canola, malting barley, confection sunflowers, oil sunflowers, soybeans, flax and corn,” Mr. Miller said.

The biggest blemish on this winter of joy is that farmers’ own costs are rising rapidly. Expenses for the diesel fuel used to run tractors and combines and for the fertilizer essential to modern agriculture have soared. Mr. Miller does not just want high prices; he needs them to pay his bills.

Until recently, he could expect around $3 a bushel for his wheat — far less than his parents and grandparents received, when inflation is taken into account. Consumption in the United States was dropping as Americans shunned carbohydrates. The export market, while healthy, faced competition.

Now prices have more than tripled, partly because of a drought in Australia and bad harvests elsewhere and also because of unslaked global demand for crackers, bread and noodles. In seven of the last eight years, world wheat consumption has outpaced production. Stockpiles are at their lowest point in decades.

Around the world, wheat is becoming a precious commodity. In Pakistan, thousands of paramilitary troops have been deployed since January to guard trucks carrying wheat and flour. Malaysia, trying to keep its commodities at home, has made it a crime to export flour and other products without a license. Consumer groups in Italy staged a widely publicized (if also widely disregarded) one-day pasta strike last fall.

In the United States, the price of dry pasta has risen 20 percent since October, according to government data. Flour is up 19 percent since last summer. Over all, food and beverage prices are rising 4 percent a year, the fastest pace in nearly two decades.

The American Bakers Association last month took the radical step of suggesting that American exports be curtailed to keep wheat at home, though the group later backed off.

If all this suggests a golden age for American growers, it could well be brief, said Bruce Babcock, an economist at Iowa State University. He predicted that farmers would do their best to ramp up production, possibly to the point of pulling land out of conservation programs so they could plant more. “Give farmers a price incentive, and they’ll produce,” he said.

The Agriculture Department forecasts that world wheat production will increase 8 percent this year. In the United States, spring and durum wheat plantings are expected to rise by two million acres, helping to drive prices down to $7 a bushel, the government said.

Yet the competition among crops for acreage has become so intense that some farmers think the government and analysts like Mr. Babcock are being overly optimistic.

Read Smith, a farmer in St. John, Wash., thinks a new era is at hand for all sorts of crops. “Price spikes have usually been short-lived,” he said. “I think this one is different.”

His example is plain old mustard. Two years ago, Mr. Smith would have been paid less than 15 cents a pound for mustard seeds. As more lucrative crops began supplanting mustard, dealers raised their offering price to 20 cents, then 30 cents, then 48 cents early this year. Mr. Smith gave in, agreeing to convert up to 100 acres of wheat fields to mustard.

Mr. Smith said it was inevitable that supermarket mustard, just like flour, bread and pasta, would become more expensive.

“We’ve lulled the public with cheap food,” he said. “It’s not going to be a steal anymore.”

Bread to Be Had, for a Price

As the newly urbanized and newly affluent seek more protein and more calories, a phenomenon called “diet globalization” is playing out around the world. Demand is growing for pork in Russia, beef in Indonesia and dairy products in Mexico. Rice is giving way to noodles, home-cooked food to fast food.

Though wracked with upheaval for years and with many millions still rooted in poverty, Nigeria has a growing middle class. Median income per person doubled in the first half of this decade, to $560 in 2005. Much of this increase is being spent on food.

Nigeria grows little wheat, but its people have developed a taste for bread, in part because of marketing by American exporters. Between 1995 and 2005, per capita wheat consumption in Nigeria more than tripled, to 44 pounds a year. Bread has been displacing traditional foods like eba, dumplings made from cassava root.

Nigeria’s wheat imports in 2007 were forecast to rise 10 percent more. But demand was also rising in many other places, from Tunisia to Venezuela to India. At the same time, drought and competition from other crops limited supply.

So wheat prices soared, and over the last year, bread prices in Nigeria have jumped about 50 percent.

Amid a public outcry, bakers started making smaller loaves, hoping customers who could not afford to pay more would pay about the same to eat less. Sales have dropped for street hawkers selling loaves. With imports shrinking, mills are running at half capacity.

At Honeywell Flour Mills, one of the largest in Nigeria, executives were glued one recent day to commodity screens. The price of wheat ticked ever upward. “Even when you see a little downturn, you wait for some few hours or a day, and before you know it, it’s gone way up again,” said the production director, Nino Albert Ozara.

Despite the crisis, there is little sense of a permanent retreat from wheat in Nigeria. The mills are increasing their capacity, hoping for a day when supply is sufficient to stabilize prices. “The moment you develop a taste, you are hooked,” said a confident Muyiwa Talabi, director of an American wheat-marketing office in Lagos.

Mr. Ojuku, the man who buys fewer loaves, and one of his fellow tailors in Lagos, Mukala Sule, 39, are trying to adjust to the new era.

“I must eat bread and tea in the morning. Otherwise, I can’t be happy,” Mr. Sule said as he sat on a bench at a roadside cafe a few weeks ago. For a breakfast that includes a small loaf, he pays about $1 a day, twice what the traditional eba would have cost him.

To save a few pennies, he decided to skip butter. The bread was the important thing.

“Even if the price goes up,” Mr. Sule said, “if I have the money, I’ll still buy it.”

Will Connors contributed reporting from Lagos, Nigeria, and Salman Masood from Pakistan.

The Food Chain
A Global Need for Grain That Farms Can’t Fill

Nigerians in Nigeria tend to eat too much though, Until I came to London, one Loaf of bread was not enough but now two slices is far too much to eat. We may have to cut down on food.

yeah im addicted to bread. ive nver gotten over that

yeah im addicted to bread. ive nver gotten over that

Probably you savour it with ewa agonyin :lol: :lol: :lol:

With Ewa agnyin I can down 1 loaf of bread. No shaking

Nigerians in Nigeria tend to eat too much though, Until I came to London, one Loaf of bread was not enough but now two slices is far too much to eat. We may have to cut down on food.

The climate has something to do with it. The heat in Nigeria makes people tired and hungrier than in London.

Nigeria: Cement Price Drops in Lagos

The price of cement, which rose above N2,000 a couple of weeks ago has dropped to around N1,800, Daily Trust Market Survey in Lagos yesterday has shown.

Daily Trust's checks at major cement market at Abule-Egba in Lagos showed that the product is now being sold for between N1, 700 and N1, 800 depending on the brand and the location of the cement seller.

At Akute, a border town between Lagos and Ogun State, the product is sold for N1,800 per bag, while it is sold at Abule-Egba for between N1,600 and N1,700 per bag, depending on the brand of the product.

One of the sellers at Abule-Egba, Mrs. Abosede Biliaminu, in an interview with Daily Trust disclosed that the price began to drop when the first consignment arrived the country last week.

Mrs. Biliaminu said that the news of the arrival of the consignment forced the price of the product down, adding that people who are initially hoarding the product with the intention that the price might still go up started to sell, thereby forcing the price down.

Ajisafe Moruf is another cement seller at Akute who said that local cement companies are colluding with sellers of the product to hike the price. He said with the federal government resolve to reduce the price of cement, the price of the product will soon reduce below the present cost.

It would be recalled that the Minister of Commerce and Industry, Engineer Charles Ugwu has said recently at a public forum that the Federal Government granted license to stakeholders in the cement industry to import the commodity in bulk, in order to satisfy the local demand.

Nigerian firm provides 1b naira insurance cover for public buses

Lagos, Nigeria - One of Nigeria's leading financial institutions, Cornerstone Insurance Plc, has been appointed to provide comprehensive insurance cover for the 100 buses of the Lagos Bus Rapid Transit (BRT) scheme, which is expected to take off 17 March.

Under a plan to address the chaotic public transportation system in Nigeria's economic capital city of over 10 million people, the long, air-conditioned buses will run on dedicated lanes from different parts of the commercial city and only stop at designated bus stops.

This will be a departure from the present rickety and old buses that ply the ever busy Lagos roads.

"Any transformation process is replete with risks and will take the expertise of a dependable risk bearer to anticipate and appropriately mobilise resources to ensure that the wheel of progress does not grind to a halt," Dominic Ichaba, the Chief Executive Officer of the Insurance company, said at the insurance certificate presentation ceremony.

He expressed the company's readiness to partner with the Lagos State government in its efforts to transform the area into a mega city.

"This is one of many practical steps to register our readiness and willingness to mobilise every resource at our disposal as a responsible stakeholder,'' Ichaba added.

The BRT Project Co-oordinator, Olusegun Spencer, commended the company's insurance support and partnership which, he said, will ensure a successful operation of the scheme in the metropolis.

Cornestone insurance company is a leading Nigerian innovative underwriter with tailor-made risk coverage of different classes.

$3bn Required for Lagos Light Rail System –NRC

About $3billion will be required for the construction of a light rail system to improve the traffic situation in Lagos state.
The Acting Managing Director of the Nigerian Railway Corporation (NRC), Mr Jetson Nwankwo, disclosed this to News Agency of Nigeria (NAN) at the weekend in Lagos.
Nwankwo said that the project might be financed either by the World Bank or the AfricanDevelopment Bank (ADB) in collaboration withthe Federal and Lagos state governments.The NRC chief put the cost of constructing akilometre of modern rail at between $3 million and $6 million, depending on the terrain.
He, however, said that there was nothing wrong insacrificing such an amount for a state like Lagos,considering its role in the nation's economy.
"If you need to pull down some structures and paycompensation before construction, pull them down.Nothing is too much to sacrifice for the traffic problemin Lagos".
"If other countries are having underground metro line system, why can't Nigeria do it? We have to start from somewhere".
"For instance, South Africa, because of the 2010Olympic games, has built an underground train system to handle envisaged high traffic at the stadium. Let us have the political will to decide on the type of rail system we want, whether a light train system, a metro line or a mono rail system".
''We can build between 5 and 10 kilometres everyyear and this can continue in the next 100 years,''Nwankwo said.He described the Lagos light rail system as feasible, adding ``I have gone round the state and most of the roads have space which can accommodate a rail line.”

Nigeria: Cement Price Drops in Lagos

This is great news, but I wonder why there is a major issue with supplies and why the Government is relying on these "Consignments" when it should be focusing on ensuring that the Cement factories in the country are running effectively

This is not really a good move for the country, but it is not really a concern, there is some revenue and as long as the economy is growing and housing and construction are doing well then there is no immediate concern.

Nigeria plans to refine crude oil abroad

Nigeria is set to refine its crude oil abroad. For now, the Federal Government is focusing on offshore refineries in Eastern Europe.

Through the Nigerian National Petroleum Corporation (NNPC), the government has kicked off talks on how it can secure partnership with the refineries to boost its downstream investment profile.

General Manager, NNPC London Office, Uthman Mohammed, said the corporation had started preliminary discussions with some refiners in Hungary and Romania.

Mohammed, who is the National OPEC Representative, told The Guardian at the weekend that the proposal was now before the NNPC management and the Minister of State for Energy (Petroleum Matters), Mr. Odein Ajumogobia, for approval.

He said the London Office of the NNPC had been re-positioned to explore investment potential across the globe and had advised the headquarters for action.

Mohammed explained that the idea was to bring Nigerian crude to those refineries and refine it and sell same in the international market having added value to the product.

He said in doing so, Nigeria would make more money from the refined crude since value would be added to the product.

He said the NNPC was not considering outright purchase of such refineries but that it would enter into partnership with their operators such that the final product could stimulate investment in retail outlets in the United Kingdom (UK) and other European countries.

Mohammed said in line with NNPC's new policy, the London office was also exploring the possibilities of acquiring filling stations in the UK, adding that the unit had the resources to finance the venture.

The NNPC boss disclosed that over $3 billion (about N351 billion) would be saved yearly as expenditure on fuel subsidy by refining Nigerian crude oil in Eastern Europe.

"With such offshore refining arrangement, subsidy at home can easily be offset. For instance, today, a litre of petrol in London is one pound, 10 pence, about N270 at current exchange rate while at home, petrol sells for N70 per litre at the pump. You can imagine how much savings can be made from refining our crude oil in Europe and cushioning the impact of subsidy at home," he said.

Mohammed also explained that his office was driven by a new policy in the NNPC, which encourages all its business units to be enterprising, which he added was in line with the ongoing reforms in the oil and gas industry.

"There is a new policy in the NNPC which empowers the various business units to identify new opportunities and generate revenue in line with the planned re-organisation of the oil and gas industry. Corporate Commercial and Investment unit has been set up in the NNPC this year to identify and pursue investments.

"When we acquired this London office in 1994, it cost us £2 million and today, it is worth more than £10 million. This can be used as collateral to secure loans for any of our businesses. But of course, we need clearance from our corporate headquarters. We have received several overtures from banks here.

"However, when we decide on any business venture and develop it up to a point, we would invite Corporate Commercial and Investment to come in and take over," he said.

Mohammed stated that the initiative was not novel, adding that the diplomatic face-off between Nigeria and Britain in the 1990s under the late head of state, Gen. Sani Abacha, which caused the London office to relocate to Paris, dislocated the smooth operations of the NNPC abroad.

"By the time we relocated to London, we were reduced to just providing protocol services and market intelligence. Now, we are trying to grow beyond that to emulate our Libyan counterparts," he said.

Mohammed said that plans had been concluded to house the Brass LNG in the NNPC London Office as tenants, including the NNPC shipping company, NIDAX, an NNPC/Daewoo joint venture.

The London office, he said, had saved over $2 million (about N234 million) from 2006 till this year, procuring project materials on behalf of the NNPC.

Nigeria: Dangote Sugar Posts N17 Billion Profit in Nine Months

Dangote Sugar refinery Plc has announced the sum of N17,854,424 billion as its Profit After Taxation( PAT) for the period ended 30th September, 2007.

This figure contrasted sharply with the sum of N12,865,128 billion that was posted by the company on September 2006.

Its profit before taxation during the period under review is N23,805,898 billion compared with the sum of N12,865,128 recorded in the previous year.

Also, its current gross profit stands at N24,281,140 billion as against N16,810,863 billion posted in September 2006.

According to the company's Balance Sheet made available to Daily Trust yesterday, its current turnover is N62,046,793 billion.The previous turnover was N64,851,330 billion.

The company further said it declared and paid the sum of N8,000,000 billion as dividend for the second quarters of 2007 Dangote Sugar Refinery Plc ("DSR" or "the Company") commenced business in March 2000 as the sugar division of Dangote Industries Limited. Dangote Industries Limited had initially entered the sugar business in 1978 through the importation and trading of white sugar.

Dangote Industries commenced white sugar production in year 2000 and commissioned the sugar refining factory located at Apapa port in year 2001.

In January 2006, the sugar division was spun - off as Dangote Sugar Refinery Plc via a scheme of arrangement, which transferred all the assets, liabilities and undertakings attributable to the sugar division of Dangote Industries Limited to Dangote Sugar Refinery Plc.

DSR became listed on the Nigerian Stock Exchange in March 2007, following very successful initial public offering, in which 30% of the Company came out of existing shareholding of Dangote Industries Limited was sold to the public.

The Company has consistently paid quarterly dividends of at least N4 billion to its shareholders.

With an initial installed capacity of 600,000 metric tonnes per annum, DSR has undergone two expansion programmes, which increased the refining capacity to the current 1.44 million metric tonnes per annum, thus, making it the largest sugar refinery in sub Saharan Africa and second largest in the world.

The company is currently working towards completing the expansion of the refinery by an additional of one million metric tonnes annual capacity.

DSR also intends to undertake the upstream segment of sugar refining, in conjunction with Savannah Sugar Company Limited, Numan in Adamawa State, a subsidiary currently owned by the parent company, Dangote Industries Limited, to create a synergy that would see to an increase in the overall sugar production capacity of the Company.

The company recently commenced the export of its first consignment of 30,000 bags of 50kg sugar to Ghana, in December 2007.

The venture into export is an initiative that would see to the full utilization of the 1.44 million metric tonnes capacity facility and afford the Company the opportunity to maximize the advantages offered by the ECOWAS free trade zone and the sub-Saharan Africa over the ban on exportation of sugar to the region, by European Union.

Nigeria: Fashola Seeks Restoration of Lagos Masterplan

Lagos State Governor, Babatunde Fashola (SAN) at the weekend appealed to eminent Lagosians to use their reverred positions to tackle the issue of distortion of the city's masterplan.

He enlisted thee support of eminent citizens in tackling such problems as street trading, begging, illegal sand digging, driving against the traffic and other social vices.

Governor Fashola spoke when he received the team of eminent citizens traditional rulers of Lagos led by the Oba of Lagos, Oba Rilwan Akiolu who gave a report of what transpired during the last meeting of the team with President Umaru Musa Yar'Adua in Abuja. The Governor said as respected opinion leaders, the members of the team should assist the state government in effecting attitudinal changes from members of their communities, faithful and patrons and the people on their ways of life.

He thanked the group members for successfully engaging the President to commit himself to a peaceful resolution of the dispute over the landed properties of Lagos , adding that already he has been engaged in discussion with the Federal Attorney General on the issues involved.He revealed that the President has also promised to convene a meeting with the Lagos State Governor immediately the committee set up by both the Federal Government and Lagos State Government on the issue of the disputed properties in their reports.

While briefing the gathering on what transpired at Abuja , elder statesman and former Commissioner for Works and Housing, Alhaji Femi Okunnu (SAN) said the team was assured after the parley by President Umaru Musa Yar'Adua that he would accelerate the settlement process and allow the rule of law to prevail.While tracing the origin of how Lagos came into being and the issue of expropriated land came about, Alhaji Okunnu said before Lagos was created on 27 May 1967, it remained a Federal territory.

Alhaji Okunnu explained that all lands in Ikoyi till the canal by virtue of the 1960 Lands Ordinance belonged to Lagos except buildings being used for official purposes by the Federal Government.

He added that while he was serving as Commissioner for Works and Housing there was no disputes about properties in Lagos as even the then Head of State, General Yakubu Gowon accepted that all lands especially those in Victoria Island were properties of Lagos State .He added that at that point in time, some plots of land were given on free volition by the State to Federal Government citing the land on which the Lagos International Trade Fair was built as one of such given without any compensation paid to the land owners.

He traced the genesis of expropriation of Lagos lands to the era of General Ibrahim Babangida when several lands forcibly taken over could not be retrieved by governors who were military appointees are leading to the ejection of several state government officials from official quarters. The former Commissioner also revealed under the law, the Federal Government has no land as all such lands have by virtue of the Land Use Act been vested in State Governors, adding that a total of 147 quarters of the State have been expropriated by the Federal Government. In his own remarks, Oba of Lagos, Oba Rilwan Akiolu 1 expressed the belief that President Umaru Musa Yar'Adua "is a God fearing leader who will accede to the request of the team from Lagos and return all Lagos landed properties".

Also contributing, former Governor Bola Ahmed Tinubu commended the team for the efforts it has made in getting an amicable settlement to the issue. He asked the team of eminent Lagosians to look inwards as there are still some unpatriotic Lagosians who are bent on frustrating efforts of the present government in getting what rightly belonged to Lagos which he had been denied for so long.

Nigeria: Fashola Unfolds Agenda for Economic Summit

Lagos State Governor, Mr. Babatunde Fashola (SAN), Friday unfolded the agenda of the planned State Economic Summit scheduled for April, this year.

Fashola, who spoke while receiving the American Ambassador to Nigeria, Mrs. Robin Renee Sanders and the U.S. Assistant Secretary for Commerce, Mr. Israel Hemandez in his office, said the Summit would be looking at practical ways to address and implement the state government's plans as it relates to water supply, power supply, development of rail and water transportation as well as look at infrastructure for the rail system.

According to him, the summit would also be looking at possibilities for concessioning and bringing in the rolling stock and coaches to operate the rail system.

"We will also be looking at possibilities of concessioning to bring in the ferries to operate the water transportation. We will be starting on three major water routes which have just been awarded for construction of jetties and terminal buildings, water supply, water treatment and reticulation as well as distribution and metering", the governor said.

In the area of investment, Fashola said the State Government needed investment in power supply and distribution, merchandising and manufacturing particularly in the Free Trade Zone.

"It gives you the opportunity to enjoy the best of worlds, manufacturing off-shore and selling on-shore", the Governor said, adding that the manufacturer also has a ready market.

Giving the Housing sub-sector as an example, Fashola, who described the opportunities for investment in the sector as almost limitless, said the government has been able to stimulate market demand in partnership with some banks to bring in N40 billion real accessible demand backed by finance for mortgage, adding that the challenge before government now was to build the houses and put in place the policy framework that would make the environment conducive.

"The opportunity to invest is almost limitless. You have a big gap between actual demand and supply, shopping malls, manufacturing of household equipment, air conditioners, television, electrical and electronic gadgets and so many other household appliances", the Governor pointed out, adding that the Free Trade Zone would help investors to start manufacturing those things in Nigeria.

He disclosed that the State Government planned to arrange during the Summit to take the Trade Mission from Europe and the United States to visit the Free Trade Zone, adding that the opportunities for Tourism was breath-taking and also almost limitless.

"On both sides of the city stretching from the Western to the end of the Eastern Axis, you have about 180 kilometre beach and Atlantic Coastline waiting to be taken", Fashola disclosed adding that the only limiting factor was the imagination and courage to take the risk.

Describing the Ambassador as Pro-Business, the Governor declared: "We look forward to doing more business with you here".

Earlier in her remarks, the U.S. Ambassador told the Governor that she was in his office to introduce the U.S. Secretary for Commerce who is leading a delegation of 13 American companies on a business mission to Ghana , Nigeria and South Africa .

Speaking about the trade mission, Hemandez said the topic of discussion would be the development of stronger business ties between Lagos and the United States adding that the goals of the trade mission he was leading to Nigeria would be to learn about Lagos State and national development goals and projects that might offer an opportunity to U.S. companies to get involved.

Yar’Adua pledges 17,000 megawatts of power by 2011


19 February, 2008

As a first step towards resolving the intractable power generation and distribution problems in the country, President Umaru Yar’Adua yesterday established a presidential committee for the accelerated expansion of Nigeria’s power infrastructure.
Under the new power arrangement, Yar’Adua pledged to deliver an ambitious 17,000 megawatts of power supply to the country by 2011, a phenomenal development never before projected.
On the short term, the committee is charged with the responsibility of delivering within 18 months the 6,000 additional megawatts of electricity targeted under the National Integrated Power Project (NIPP). It is expected to submit an interim report to Yar’Adua within 30 days.
But business leaders and power experts are skeptical of the feasibility of the plan, given the timeline taken to build new power plants, the inconclusive nature of previous efforts and the lingering problems in the Niger Delta.
On the long run, the committee’s mandate, according to President Yar’Adua, also includes adding an extra 11,000 megawatts of power generation capacity by 2011 through diverse sources.
The committee chaired by Fatima Balaraba Ibrahim, minister of state for energy (power), has Rowland Owan, chief executive officer of the Nigerian Electricity Regulatory Commission (NERC), as secretary.
Inaugurating the committee at the Presidential Villa, Abuja, Yar’Adua said the inputs of the committee would be expected to form “a vital component of the state of emergency to be declared in the power sector.”
In undertaking its assignment the committee is expected to conduct an independent technical, financial and legal audit of infrastructure in Nigeria’s power sector; source funding for the completion of ongoing NIPP projects based on terms and conditions mutually acceptable to the Federal Government and investors; provide inputs for the design of an appropriate securitisation structure to attract credible investors to the power sector; and provide inputs for a power purchase agreement template that will ensure a reasonable level of return on investment for investors and affordable tariffs for consumers.
The committee, the president stated “will be driven by private sector leadership” adding that its establishment is based on the conclusion by government to forge an effective partnership with the private sector in solving the nation’s power supply problems.
Reacting to the plan, Goddy Duru Oguzie, a power consultant, said it was not possible to build new plants and achieve the short-term target of generating 6,000 megawatts.
According to him, it takes a minimum of 24 months and up to 36 months to build new plants, but if the plan is to leverage on existing plants and rehabilitate them, then they can achieve 3,000 megawatts.
Adeniyi Adesanya, national vice president, small and medium industries of NACCIMA, doubted that the project will get off the drawing board. “If one looks at the antecedents of government on previous ventures, they cannot be taken seriously. The only person working at Aso Rock is the one who writes the script without substance. The blue print is not even ready and he is talking about generating 6,000 in 18 months. I want him to tell us the real state of the power sector. I don’t have confidence in what he [the president] has said. Yar’Adua needs to be advised to restructure the PHCN, look into the place and bring in people who can turn it around.”
A stake holder in the energy sector who did not wish to be named said there is so much confusion bordering on insincerity on the part of government on the issue of power. “What illustrates this better than the conflicting figures on how much the Obasanjo administration wasted on the failed search for improved power supply? It shows that the government does not have a clear understanding of the challenges in the sector and can no longer be trusted.”
Members of the committee include Austine Ometoruwa, CEO of Africa Finance Corporation (AFC), a private sector-led development finance institution which is expected to play a central role in the new initiative with its significant investment and technical capacity and Aliko Dangote, chairman of the Dangote Group.
Others are Lewis Tung, group managing director of the Wempco Group; Cyril Odu, executive director of Exxon-Mobil; Kola Adesina, executive director of Sahara Energy; Atedo Peterside, chairman of IBTC-Chartered Bank and Abubakar Lawal Yar’Adua, group managing director of the Nigerian National Petroleum Corporation (NNPC).
The rest are Tanimu Yakubu, chief economic adviser to the president and Joseph Makoju, special adviser to the president on power.

Lot of news appearing now, seems Yar'Adua is finally getting things going, rather than just amending policies from his predecessor.

does anyone know how many power plants are under construction in nigeria and how much power those U/C will add to the network

EFCC, ICPC recover over N600 billion, plan joint strategy
From Florence Oretade (Abuja)

TWO anti-corruption agencies in Nigeria, Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC) yesterday revealed that they had recovered not less than N600 billion of stolen money from individuals since their operation.

EFCC on its part said over $5 billion was received from public stolen fund while ICPC said it recovered N13 billion from systems study and corruption prevention exercise along with non payment of tax revenue from public sector agencies.

The revelation was made in Abuja at a joint strategy retreat for three government anti- corruption agencies, including the Code of Conduct Bureau, initiated by the Coalition for Change.

The acting chairman of the EFCC, Mr. Ibrahim Lamorde, represented by the Chief of Staff, Mr. Dapo Olorunyomi, said that the issue of merger as being canvassed in some quarters is not the answer to effective operation of the agencies.

According to him, those calling for the merger of both EFCC and ICPC are ignorant of the separate roles of the two agencies.

His words: "Corruption is a dynamic phenomenon, and usually manifests itself through diverse formations. It operates through a network mechanism. What the country needs, therefore is an efficient synergy of anti-corruption organisations to effectively combat corruption. The task of the commission is meant to understand the operations of corruption networks and to device internal strategies to check them."

The commission had made about 213 convictions, most of them very high-profile ones, even as it is prosecuting over a thousand cases of economic corruption and money laundering in several courts in the country, he said.

He, however, noted that for a country with so much corruption, the rate of 213 (EFCC) and 12 (ICPC) convictions was pathetic.

Meanwhile, other outlets for monitoring and investigating was another special control unit against money laundering established by EFCC in collaborating with the Ministry of Commerce and Industry in order to check and discover new methods of corruption through trade and export activities.

Said he: "Most of these people have been found to hide their loot not necessarily in banks, neither do they try to launder money through banks, insurance companies or the stock market, but they buy houses and jewelleries and cars, which they trade over time for more profit," he observed.

Speaking on the way it conducts its mandate, the Head of Department of Education in ICPC, Mrs. Rasheedat Okoduwa, disclosed that cases involving 284 persons in several courts were under prosecution with a figure of about 148 criminals.

Police create new anti-terrorism squad
From Terhemba Daka, Abuja

THE Nigeria Police yesterday unveiled its newly created Anti- Terrorism Squad (ATS) aimed at ensuring a more secure environment conducive to meaningful socio-economic development in the country.

The Inspector General of Police, Mr. Mike Okiro, said the squad was critical to the realisation of the president's economic vision of taking Nigeria to the league of the world's 20 best economies by the year 2020.

Unveiling the anti-terrorism squad at the opening of a five-day seminar on Anti-Terrorism in Abuja, Okiro said its creation was necessitated by the concern that the nation and the international communities were faced with the dangers of both international and domestic terrorism.

Though Nigeria has not experienced any international terrorist attack, the IGP noted that the same could not be said with regard to the domestic form of terrorism, which was witnessed, daily through numerous violent criminal acts committed by misguided individuals.

He listed such cases to include sabotage, assassinations, hijacking of planes, kidnapping, bank robberies and bomb explosions.

Okiro also explained that terrorists' aim was to create extreme fear in the minds of the people and thereby achieve their demands.

He stated: "Having no respect for ethnic values, government and humanity, the terrorists resort to violence to create panic in the society. Satisfaction of their demands and taking revenge become the main aim, thereby the easiest way chosen is terrorism."

Like the rest of Africa, the IGP stated, Nigeria was not invulnerable to the global threat of terrorist attack. He cited the Kenyan and Tanzanian embassy bombings of 2001 and subsequent terrorist attacks in North Africa as sad reminders of the vulnerability of the continent.

The Inspector General of Police charged the first batch of the new anti-terrorism officials, which comprises 308 policemen, to come up with a national anti- terrorism strategy which would establish objectives, in line with the tenets of transparency and accountability.

Lagos BRT takes off on Monday 11/3/2008


The Bus Rapid Transit (BRT) aimed at easing traffic in the Lagos metropolis will take- off on Monday.

Under the scheme, luxury buses painted in blue and red will ply designated routes from different parts of Lagos.

Many of the buses will ply the Mile 2/CMS route. And to avert traffic congestion during peak hours, the movement of trailers and heavy trucks will be restricted.

The Managing Director of the Lagos State Metropolitan Area Transport Authority (LAMATA), Dr Dayo Mobereola, made these known yesterday during his visit to The Nation newspapers.

Mobereola was received by Mr Soji Omotunde, Controller, Public Affairs and Marketing of The Nation at the Matori, Lagos office of the newspaper

The government, he said, had already ordered the Danfo and Molue drivers operating on the designated BRT routes to move to the service lane to reduce the pains being experienced by road users.

Mobereola said there was the need to find a lasting solution to the age-long transportation problems in Lagos.

He said his visit was borne out of LAMATA’s efforts and quest for professional excellence in the transport sector.

"The reason why LAMATA was created is to find solution to the needless but endless transportation problems in the state. The problems have been there for over 40 years.

"In order to solve the problems, you need to understand the way people are moving, the time of their movement and where they are moving to. The population of Lagos State is 18 million. And that is why the government is saying that the idea of moving everybody by road must stop.

"We must take the pressure away from the road. Trailers and other trucks are now to be operating in the state between 11 a.m. and 4 p.m. and from 11 p.m. to 4 a.m. And the security personnel would be patrolling the state in order to enforce the law," he said.

Mobereola assured Lagosians that the BRT would be affordable, safe and timely.

He said the BRT would have zero tolerance for traffic offenders.

Besides, he said as part of the move to develop the transportation system, the government has approved seven water transportation routes where floating jetties would be provided.

The government is also planning to build new railway line to provide modern and quick services for the people. He said the government is concerned about the plight of Lagosians, who go through harrowing experience on daily basis, moving from one point to the other.

State govts, foreign firms sign MoU on power generation 11/3/2008



In a bid to assist the Federal Government attain stable power by 2020; some state governments are partnering international firms to explore other sources of power supply such as coal.

The Minister of State for Energy (Power) Mrs. Fatima Balarabe Ibrahim said some of the state governments have signed Memorandum of Understanding (MoU) in that regard.

"Some state governments have signed Memorandum of Understanding (MoU) with international companies for coal, solar and hydro power generation. We have contractual financing from some international partners. The whole arrangement is to achieve 29,700 mw by 2020.

She however, did not mention the states involved but expressed confidence that electricity supply would substantially improve with the several arrangements in place.

The Minister said that the private sector is also showing interest and has shown commitment.

"A lot of interest has been shown in the power sector. We have at least four serious proposals. I call them serious because the investors have come and done feasibility studies on generation.

"The private sector has indicated interest to contribute its quota to the development of the power sector in generation, distribution and transmission. We need the intervention of the private sector because the costs are very prohibitive," she said.

Mrs Ibrahim said that government has a programme of action in short and medium term adding that it would first of all rehabilitate the infrastructure to enable the country generate at least 5800mw by first quarter of next year, complete the ongoing transmission system to be able to wheel at least 10000mw in the short term and privatize as much as possible the generation and distribution companies and enhance the on grid and mini grid generation.

Kaduna refinery to begin operation this week 11/3/2008



B
arring the unexpected, the Kaduna refinery would commence operation this week to boost locally refined petroleum products and reduce fuel importation.

The refinery is expected to raise the first flare within the week after which normal refining would begin.

The Warri refinery, which begun operation last month, it was gathered, is increasing output.

Spokesman of the Nigerian National Petroleum Corporation (NNPC), Dr Livi Ajuonuma said that the refinery has begun to receive crude adding that the tanks have been filled with crude in readiness for refining.

Ajuonuma said that the Warri refinery is operating at 55 per cent installed capacity, while Kaduna would begin operation at 60 per cent of installed capacity and would rev up to 75-80 per cent. The development, would substantially boost the quantity of crude being refined locally.

The Department of Petroleum Resources (DPR) had in its recent report said that only 4,046,250 barrels of crude oil was refined in the country during the third quarter of last year representing only 10.83 per cent of the nation’s refineries’ utilisation capacity.

It said that the low level refining capacity was due to shut down of the Warri and Kaduna refineries while Port Harcourt refinery, the only functional plant refines below capacity.

The Kaduna and Warri Refining and Petrochemicals’ Lines 2C, the Department said, were down due to vandalization and did not operate last year.

Nigeria to earn N795b from crude oil in April
By Yakubu Lawal, Deputy Energy Editor

SOARING global oil prices will bring into the Nigerian treasury a whopping N795.2 billion in April alone.

The amount is derived from the $109 per barrel a day buyers have offered for the country's Bonny Light contracts for next month. Official data disclosed to The Guardian at the weekend showed that contracts for the first week of April settled for $109 (N12, 862) per barrel. This is the highest offer for the country's crude since last year when the price of oil rose above $100 per barrel.

At 2.1 million barrels daily output, if the selling price of $109 and the official exchange rate of N111.8 to the dollar are maintained throughout the month, Nigeria's earning from crude sale will peak at N795.2 billion.

A senior official of the Nigerian National Petroleum Corporation (NNPC) corroborated this when he told The Guardian at the weekend that the country's contracts for April had reached $109 (N12, 862) daily following a $3 per barrel premium placed on the Bonny Light when the North Sea Brent sold for $106 per barrel at the close of business last week.

"We are very lucky that we have high oil price now, which we are really cashing on to maximise return from our crude. We are able to sell our crude for $109 a barrel at last as the price has hit $106 per barrel. We simply added a $3 a barrel premium on the prevailing price for April delivery," he said.

According to him, "the season has been very favourable to us since the country has been able to make a lot of money," adding that the high grade of Bonny Light of over 36 degrees American Petroleum Institute (API) had made Nigerian crude, the brand of oil consumers.

Minister of State for Energy (Petroleum Matters), Mr. Odein Ajumogobia, had told The Guardian after the recent 148th conference of the Organisation of Petroleum Exporting Countries (OPEC) that "we are producing about 2.1 million barrels per day, including condensate." He explained that about one million barrels of crude were still shut in by the oil-producing companies.

The production shut-in, the minister said, was due to the activities of militants in the Niger Delta region.

Oil prices at the close of trading last week settled at a record of $106 a barrel as investors reacted to a surprise drop in the United States (U.S.) crude supplies and the declining value of the dollar against the Euro.

Also supporting last week's impressive oil prices was OPEC's decision not to raise output beyond the current 32 million barrels per day and the tension in the Venezuela's border.

OPEC's 32 million barrels per day output represents 40 per cent of the world oil supply.

In Europe, Light Sweet crude for April delivery was unchanged from the previous $104.52 a barrel in electronic trading on the New York Mercantile Exchange. Prices briefly rose to a record of $105.97 earlier last week when Nigeria's crude was at $107 and $108 after hitting $109.

On Wednesday, the April contracts jumped $5 to reach $104.52 a barrel and later rose to $104.95 in post-settlement electronic trading. Also, earlier last week, oil prices broke the previous inflation-adjusted rate of $103.76 set in 1980 during the Iran hostage crisis. In London, Brent crude fell 14 cents to $101.50 a barrel on the ICE Future Exchange.

"The primary factor causing the surge in oil prices is the surprising drawdown in crude inventories, which caused traders to react dramatically," said Victor Shum, an energy analyst with Purvin & Gertz in Singapore.

Most analysts had expected the U.S. Energy Department to report oil stocks as they rose last week for the eighth straight time. Instead, the stocks fell 3.1 million barrels.

In Vienna, OPEC said last Wednesday it would hold production level steady, at least for now. OPEC ministers cited falling demand for the decision to retain output.

Meanwhile, the dollar fell to a new low against the Euro, with the European Union (EU's) shared currency climbing to $1.5370 after the European Central Bank and the Bank of England left their benchmark interest rates unchanged. The Euro set its previous high mark of $1.5302 on Wednesday.

Abuja Gets Another 300 Green Cabs

Abuja Leasing Company Limited is set to roll out another set of 300 Peugeot 307 vehicles valued at over N1billion.
Managing Director of the firm, Mr. Tunji Tolani who disclosed this said the fleet expansion was in line with the company’s policy of creating wealth andcomfort for Nigerians.
Tolani said that with this additional cabs, the company has reached a landmark number of 1000 vehicles in a span of two years.
According to him, the provision of an efficient transport system in Abuja does not only createemployment but is also in line with the 7-point agenda of the Federal Government.
He said with this rollout about 300 jobs will be provided and also in addition to making a new entrepreneur.
He attributed the success of the company over the past two years on the support received from the Federal Capital Territory Administration and its shareholders.
He said the company has already grown as the largest commercial fleet operator in Nigeria and Sub-saharan Africa, adding that the new vehicles were already on ground while the necessary security device will be installed before the end of the month when the vehicles will be handed over to another batch of successful participants in the scheme.

Lagos to redeem N15bn bond
By Layi Adeloye
Published: Wednesday, 12 Mar 2008

The Lagos State Government on Tuesday concluded arrangements leading to the redemption of the N15bn bond raised three years ago through the Nigerian Stock Exchange.

In pursuit of the early retirement of the bond, an investors/stakeholders’ meeting was held in Lagos on Tuesday, where approval to go ahead with the planned redemption was secured by the state government.

At the meeting, two issues were raised by the investors, including the legality of the abrupt retirement of the bond without allowing it to run through its gestation period of 15 years, and whether there would be any compensation for the investors who would hav