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Old July 20th, 2010, 08:28 AM   #461
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TRADE GROUP WANTS SOVEREIGN WEALTH FUND INVESTED IN INFRASTRUCTURE
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ABUJA, July 20 (NNN-NAN) -- The National Association of Nigerian Traders (NANTS) has suggested that the Sovereign Wealth Fund be invested in equitable infrastructure development in the country.

The President of the association, Mr Ken Ukaoha, made the call in an interview with the News Agency of Nigeria (NAN) on Monday in Abuja.

He was commenting on the decision of the National Economic Council to create the Sovereign Wealth Fund to replace the Excess Crude Account, usually shared by the 36 states.

"There is no way the country can meet up with the demand of stepping up infrastructure with the ongoing 'pool-and-share’, which rather makes government and the people lazy,’’ he said.

Ukaoha said that for the country to achieve the Vision 20:2020, there was a need for massive investment in infrastructure.

He noted that the current level of infrastructure in the country was bedeviled by the menace of abandonment and the lack of maintenance.

"The fund has the capacity of turning the economy in the right direction.

"The ritualistic sharing of the excess crude account has left some states and local government officials as occupants in Abuja.

"They sleep there with all assurances that something bigger is coming their way every month,’’ he added.

Ukaoha cautioned that the fund should be secured and invested, stressing that the security of the fund must go beyond physical "locking-up’’.

"The Federal Government must design appropriate legal instruments that will guide its being domiciled, accessibility and distribution,'' he said.

Ukaoha said the modalities must also look at equity in the redistribution mechanism while ensuring fairness and justice, especially in the location of infrastructure.

He stressed the need to adequately save for the future, especially given the overall development strategy of the nation as encapsulated in Vision 20:2020.

"If we must become one of the largest 20 economies of the world by 2020, then we must save and spend prudently,’’ he added.

Ukaoha urged the National Assembly to ensure the credibility of the trustees of such fund, wherever it was agreed to be domiciled.

“This will reduce or eliminate the suspicion that goes with funds guarantee, ensure transparency and accountability in the running of the account,'' he said.
http://namnewsnetwork.org/v2/read.php?id=127466
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Old July 21st, 2010, 03:15 PM   #462
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I think the trade group has a good idea about the way to make use of the Sovereign wealth, using for infrastructural development, which is urgently needed to speed up other development in the country.
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Old July 21st, 2010, 03:52 PM   #463
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Originally Posted by friendsofthecity View Post
I think the trade group has a good idea about the way to make use of the Sovereign wealth, using for infrastructural development, which is urgently needed to speed up other development in the country.

I disagree the aim is to hedge against massive swings in the price of oil. Its to invest overseas, to make sure there is money around when there is none in the crude account. Its for the countries long-term financial stability overall instead of oil. i know it may seem odd not to invest in internal, eg Dubai, but the current crisis is a perfect example where do countries look when the domestic markets dries up??
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Old July 21st, 2010, 07:46 PM   #464
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Old July 22nd, 2010, 07:59 AM   #465
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I disagree the aim is to hedge against massive swings in the price of oil. Its to invest overseas, to make sure there is money around when there is none in the crude account. Its for the countries long-term financial stability overall instead of oil. i know it may seem odd not to invest in internal, eg Dubai, but the current crisis is a perfect example where do countries look when the domestic markets dries up??
It's obvious the so-called "trade group" has no idea what a SWF is.
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Old July 22nd, 2010, 08:59 AM   #466
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Very good management.
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Old July 22nd, 2010, 07:24 PM   #467
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It think the fund would have been rather used to develop the country infrastructure than investing it in other economies. It's better to diversified the economy before resorting to speculating about such form of national security. It's also obvious that turning to creating Sovereign Wealth at a time when the nation needs to fund it insfrastructural development paramount to the benefit of the people and nation.

I think the trade group is familiar with people handling the fund, if things are taken into the broad light.

Last edited by friendsofthecity; July 22nd, 2010 at 07:29 PM.
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Old July 23rd, 2010, 05:02 AM   #468
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Electronic Payplus Ltd commissions plant in Lagos
By Ikeoye Oyetoro
Thursday, July 22, 2010
In a bid to boost local production of smart cards to meet the growing needs of banks and other institutions in the private and public sectors of the economy, electronic Payplus Limited commissioned its Ultra modern card personalisation plant in Lagos.

The plant which is located along the Lekki-Epe expressway is ISO certified and has full certification of verve card personalisation bureau based on the EMV standard and presently has a capacity for producing 7.2 million cards per annum and a lot of space for increasing the capacity as the business progresses.

Speaking at the event, the Managing Director/Chief Executive Officer of Electronic Payplus Ltd, Mr Bayo Adeokun said “the plant will enable us meet and exceed customers expectations through world class service delivery that guarantees fat, secured and assured delivery of smart cards to all our present and potential customers”.

He added that the company is primarily focusing “on delivering total smart card to the banking industry by offering a wide variety of plastic cards fro the simplest PVC to the most sophisticated smart contact and contact less cards, and offers low, mid and high volume personalisation systems as well as software solutions for electronic payment processing and chip personalization all of which are EMV certified”.

Analysing the security of the card holder, he said ‘’we encode the card holders security information on the card after we might have produced the blank card and this is exactly what enable the card holders to use the card for whatever purpose he wishes”.

According to him, there are standards for us to meet among which security of all the necessary information that is physical security standard which this company must adhere to before we can get certification from certified authority e.g master card, interswitch and visa.

Also, the Minister of State for finance, Remi Babalola who was represented by his Special Assistant, Mr Bode Agunbiade emphasized on the importance of an effective payment system in any nation saying it will enhance the growth and development of this country because, as recent events in the global financial system has revealed, the financial services system is integrated as a whole, where events in one part have tremendous impact on the entire system.

According to him, “one of the technological innovations in banking, finance and commerce is electronic payments as it has undoubtedly made our lives better by cutting across distance, space and even time”. He added that Electronic payment (e-payments) is a technological advancement that enables us to perform financial transactions electronically, thus avoiding long lines and other hassles.

Mr Agunbiade noted that as payment is an integral part of the mercantile process, electronic payment system is an integral part of e-commerce as its emergence has created new financial needs that in many cases cannot be effectively fulfilled by traditional payment systems.

He however called on all stakeholders to continuously generate systems that will reduce, if not eliminate all the observed risks associated with e-payment especially issues concerning integrity, transactions, authentication, financial risk and incidences of financial crimes.

COMPANY WEBSITE. . .http://www.epayplusng.com/homepage.aspx
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Old July 23rd, 2010, 05:04 AM   #469
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This is quite good to assist the fast growing Nigerian payments system. . welldone. . . .
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Old July 24th, 2010, 05:02 AM   #470
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We’ll give Nigeria Africa’s biggest shopping mall –Obiechina, Aco-Hiteck MD


By HENRY UMAHI
Saturday, July 24, 2010

After successfully constructing the biggest private housing estate in Abuja - the Aco-Hitech/AMAC Estate, with over 1,500 housing units along Nnamdi Azikiwe International Airport road, Aco-Hiteck is about to start a most ambitious shopping mall in Africa.

The mall will be executed under a public/private agreement with the Enugu State government. It will be located within the premises of the old Eastern Nigeria Industrial Estate along Zik Avenue, Uwani, Enugu.
Under the agreement, the estate developers would fund the project and recoup through the sale of shops to interested individuals and organizations while the state government would provide land, security and enabling environment for the successful execution and management of the plaza. The project will be completed in two and half years at a budget of N3.5 billion.

The Managing Director of Aco-Hiteck, Dr. Alex Obiechina, told Saturday Sun: “The idea is to replicate the type of shopping malls you see in advanced economies like America and Europe. We want our people to shop with comfort as against shopping in tears or pains as obtains today. Our aim is for people to do their shopping in an air-conditioned environment, where there will be elevators, banks, parking lots and security. Indeed, everything will be readily available within the premises”.

Obiechina revealed: “The mall is strategically located to enhance the concept of the project, which includes the immediate sale of spaces. The great potential of this project is that it enhances commerce and seriously reduces inconveniences in buying and selling of goods. Indeed, we want to redefine shopping in Enugu by introducing a style powered by ultra modern facilities in contrast with the traditional markets common in Nigeria. What we are doing is like a transformation of business concept in this clime.”

From the words of the man behind the project, Aco-Hiteck has the manpower and financial strength to complete the project on schedule and according to specifications. Obiechina said that the company had proved its capability to handle ambitious projects by successfully completing the 1,500 housing units it jointly developed with Abuja Municipal Area Council (AMAC).

He said: “The cost of the shops will be moderate and it is open to Nigerians and foreigners, who are interested. We will do business on first come first served basis. As an organization that markets integrity, we assure prospective buyers of shopping spaces that would be worthwhile investment because we deliver on promise. For instance, we have completed all the 1,500 housing units in Abuja and handed over to the subscribers and everybody is happy.”

The project will take off as soon as the government provides the Certificate of Occupancy, as he assured that the financiers are ready. “The upgrade of the Enugu Airport will be an added advantage because people who are coming from various places can easily have a place to do comfortable shopping”, he noted.

On the cutting edge of Aco-Hiteck as an estate developing firm, the MD said: “Our major area of advantage is the ability to construct cheap, qualitaty buildings. We have made reputation in Abuja because of the quality of houses we build at a very low cost. Building affordable houses is our hallmark and we want to replicate it in Enugu. Wherever we go, the challenge is to build affordable quality houses. In other words, we give quality to money.
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Old July 24th, 2010, 05:15 AM   #471
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wow enugu with africa's largest shopping mall. .
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Old July 24th, 2010, 09:30 AM   #472
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the east is become a leisure/tourism oriented region from all the developments in calabar ibom enugu and port
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Old July 24th, 2010, 06:04 PM   #473
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Quote:
Originally Posted by Samuel107 View Post
We’ll give Nigeria Africa’s biggest shopping mall –Obiechina, Aco-Hiteck MD


By HENRY UMAHI
Saturday, July 24, 2010

After successfully constructing the biggest private housing estate in Abuja - the Aco-Hitech/AMAC Estate, with over 1,500 housing units along Nnamdi Azikiwe International Airport road, Aco-Hiteck is about to start a most ambitious shopping mall in Africa.

...
I would love to see the images of that estate in Abuja.
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Old July 24th, 2010, 09:36 PM   #474
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I would love to see the images of that estate in Abuja.
Its pretty cool . .we got a house there,its mostly 2 and 3 bedroom buildings
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Old July 26th, 2010, 10:32 PM   #475
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Australian firm to begin gold mining in Osun(Segilola Gold Project)

Sunday, July 25, 2010

An Australian mining giant, CGA Mining Limited, will soon begin mining gold in Osun State, Minister of Mines and Steel Development, Mr. Mohammed Sada, has said.

Sada said this at the inauguration of the Field Procedures Manual for the Geochemical Mapping of Nigeria in Abuja on Thursday.


He also disclosed that 15 foreign companies had already started the mining of various minerals in the country.

According to the minister, the Australian company has already established the existence of over 620,000 ounces of gold and is set to begin mining operations soon.

When the firm begins operations, it will be the first major mining of gold in the country which has been certified to have abundant deposits of solid mineral resources that are yet to be tapped.


Sada said, "Nigeria is richly endowed with a wide range of solid minerals which if properly managed and exploited have the potentials of becoming the pillar of our economic growth in the near future.

"Of great importance is the fact that mineral occurrences are spread all over the country and every state in Nigeria has at least one type of solid mineral deposit.

"The strategy in the minerals industry is on course toward making Nigeria a mining nation and for the industry to contribute significantly to Nigeria's macroeconomic indices, rural wealth creation and poverty reduction among artisanal and small scale miners."
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Old July 26th, 2010, 10:39 PM   #476
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Segilola Gold Project
Joint Venture Partner

CGA Mining Limited (“CGA”) entered into a Heads of Agreement with Tropical Mines Limited (“TML”), a private company based in Nigeria, to acquire a 51% interest (by earn in) in the Segilola Gold Project in Nigeria, considered to be the most advanced gold exploration project in the country. TML is a Nigerian company owned 80% by local investors and 20% by the Government.

To date CGA has earned 25% of the project and is on track for the balance of 2 x 13%.

Location

The Segilola Gold Project is located at the village of Iperindo-Odo Ijesha, near the city of Ilesha in Osun State, Nigeria. The project site is situated within 600m of a sealed road, 18km south of the regional centre Ilesha, the local government centre, with a population of 300,000, which is itself located on a sealed dual carriage way, 120km north east of Lagos (the principal international entry port and major commercial centre of Nigeria, estimated population, 16 million).

Nigeria has a well established petro-chemical industry based in the Niger River delta and the government of Nigeria, is now in its second term of democratic rule. The Government has recently established the Ministry for Solid Minerals Development to administer all mineral assets occurring in Nigeria other than oil and natural gas.


Drawing Number 1 South Western Nigeria indicating the Segilola Project Site

Licences

The project is the subject of Mining Lease (ML 19706 changed by the revised cadastral system to ML41) that covers an area of 46 hectares within an Exploration Licence (EPL 13205, changed by the revised cadastral system to EL39) covering 16km2. The current title holder, TML has recently been granted an extended Exploration Licence area of 400km2 surrounding the project area. All such licences would be transferred to the joint venture with CGA on satisfaction of the conditions precedent as set out below.

Joint Venture Terms

The Heads of Agreement is conditional on securing any required ministry and Government approvals. The key terms of the joint venture are as set out below.

Payment to TML of a signing fee of US$250,000 on satisfaction of the due diligence period and for TML securing the Ministerial letter of consent to the transfer of 51% of the respective licences to SGL.
Completion of a definitive drill program and subsequent bankable feasibility study within a twenty four (24) month period.
A deferred payment of US$400,000 if and when the project is deemed to be economic, project financing is secured, development construction commenced and drawdown of debt funding is available.
Should the project be developed, repayment of TML past onsite expenditure, subordinate to project financing and joint venture partner loan accounts.
CGA will be the manager and operator of the joint venture.

Geology

The geological setting is described as basement gneiss and Proterozoic schist belt. The known mineralised zone extends over an identified strike length of approximately 1000m, open at both ends and down dip. The gold mineralisation is associated with quartz veins. The veins are invariably steep dipping and are commonly associated with fractures and shear zones. What is commonly called the Iperendo reef is not one vein but comprises a vein system of several parallel-silicified zones within the Ile-Ife-Ilesha schist belt.


Drawing Number 2 Simplified Geology

The gold mineralisation is known to be closely linked to silification and phyllic alteration, and to occur together with pyrite and molybdenite. The gold mineralisation is bound to the vein sections and to the altered wall rocks thus forming a drillcore indicated ore body with a thickness between 5m and 28m (average approximately 10m). The gold contents change along strike as well in dip, grades encountered in the cores vary between <1g/t and 136g/t.


Drawing Number 3 Regional Geology – South Western Nigeria

The concentration of the gold in quartz veins and silicified zones along major faults and fracture zones is attributed to the Pan Africa thermotectonic event. The major fractures and shear zones, most with an overall NNE-SSW tend to appear to be a feature of the region. The regional setting is very similar to the Ashanti and Sefwi systems in nearby Ghana, which have hosted gold production in excess of 20 million ounces.


Drawing Number 4 Southern Ghana Indicating the two gold bearing “belts” similar to that existing in South Western Nigeria

Previously completed works by Hansa Geomin, a German resource engineering company, at the site include the following:

Landsat TM imagery and aerial photography;
Geological mapping @ 1:12500;
1500 soil samples analysed for gold;
520m of costeaning;
100m of exploration adit;
400km ground magnetics;
10km radiometrics; and
2800m of diamond drilling. Holes were spaced 30m apart logged and sampled/analysed in 1m intervals.

Resource Potential

An assessment by a leading Australian geological firm in October 1995 included an assessment of the potential ore reserves at the project which suggested a potential resource in excess of 800,000 ounces.

A drill indicated gold mineralisation zone has been shown to exist for 950m along strike and to 150m in depth. The drilling to date suggests a grade in excess of 5g/t will be available in any future operations.

The Company has not yet commissioned a technical report on the Segilola Project, and as such is not in a position to adopt the resource and other technical information prepared by TML or its consultants, but intends to prepare a 43-101 compliant technical report once a resource estimate is prepared by the Company.

CGA has reviewed the TML database (hard copy) and the Hansa Geomin database (digital), determined a common grid and produced plans and sections detailing all previous drilling and excavations.

Current work has tested the strike extensions and has so far increased the potential to 1750m in strike length and there is potential for further upside and possible parallel structures.

Completed

The first option for earning 25% of the project has been completed and ratified.

Ground Survey

The ground survey of the project area is currently underway. Sphero Grid Surveyors, an Osogbo based survey contractor were engaged to do a topographic survey of the project site. A 2.5 Km NNE-SSW Grid centred on the main mineralized vein have been cut. A 1km E-W grid lines centred on the mineralized zone is also being done. More E-W lines are being cut at 200m intervals along the NNE-SSW baseline to form part of the grid to create a topographic contour of the main mineralised zone.

Environmental

Environmental Consultants (Fugro Consultants Nigeria Limited) have produced the final environmental baseline study report of the project site. The next phase will be the environmental impact statement in the next phase.

Diamond Drilling

Following trenching activities and soil chem. exercises a 10,000m diamond drilling campaign was embarked upon during 2008 and was concluded in May 2009. This comprised of some 104 holes being completed. The results of this programme have been encouraging and have confirmed continuity of gold mineralization sufficient for a resource evaluation.

Initially the strike length was some 950m and this has now been extended to 1750m. Additional drilling is currently underway in order to expand the resource extensions at depth in the additional areas confirmed strike length.

Geotechnical

Geotechnical logging of the core has been ongoing based on information provided by SRK (UK).

Assays

Core was logged and prepared at the Ilesha camp where the core was halved and samples of half core sent to the SGS assay laboratory in Ghana. There are no assay laboratories in Nigeria. Whilst turnaround time for assays from SGS in Ghana was initially a problem this was improved by stationing a representative in that country to expedite the process.

Currently awaiting on the assay results from the three remaining holes from the original 10,000m campaign.

Resource

Work has commenced on the resource model and all results to date have been included. This is ongoing as results are received and will initially be used for in-house resource generation. Lower Quartile Solutions (LQS) of Western Australia were contracted to do an independent analysis and JORC and NI 43-101 compliant resource estimate.

Metallurgical

Several samples have been sent for metallurgical testwork (bottle roll test) and these have all indicated very good gold recovery potential (95%+).Samples will now be sourced for further metallurgical and process testwork to be carried out.

http://www.cgamining.com/projects/project.php?project=3
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Old July 28th, 2010, 02:26 AM   #477
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The environmental impact of the mining has to be carefully address before allowing these projects of gold mining in the country to continue. We have seen what happened in the oil exploration and drilling caused in the Niger-delta region. Let's hope this won't be a mess like that one.
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Old July 28th, 2010, 03:38 AM   #478
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The environmental impact of the mining has to be carefully address before allowing these projects of gold mining in the country to continue. We have seen what happened in the oil exploration and drilling caused in the Niger-delta region. Let's hope this won't be a mess like that one.
How do they mine Gold in Ghana,South Africa and Australia are those places not on the earth?. . . .

You cant compare Mining to oil drilling. . . .Mines are all over the USA from California to Appalachia. . its no big deal
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Old July 28th, 2010, 07:38 AM   #479
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Segilola Gold Project
Joint Venture Partner

CGA Mining Limited (“CGA”) entered into a Heads of Agreement with Tropical Mines Limited (“TML”), a private company based in Nigeria, to acquire a 51% interest (by earn in) in the Segilola Gold Project in Nigeria, considered to be the most advanced gold exploration project in the country. TML is a Nigerian company owned 80% by local investors and 20% by the Government.

To date CGA has earned 25% of the project and is on track for the balance of 2 x 13%.

Location

The Segilola Gold Project is located at the village of Iperindo-Odo Ijesha, near the city of Ilesha in Osun State, Nigeria. The project site is situated within 600m of a sealed road, 18km south of the regional centre Ilesha, the local government centre, with a population of 300,000, which is itself located on a sealed dual carriage way, 120km north east of Lagos (the principal international entry port and major commercial centre of Nigeria, estimated population, 16 million).


http://www.cgamining.com/projects/project.php?project=3
I am thrilled at this because we are finally tapping into other
resources besides oil. We need these foreign investors to
help diversify our economy from oil.
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Old July 28th, 2010, 08:02 AM   #480
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we've HAD resources other then oil and have been mining them for ages.

problem isn't the lack of resources or having the 'right' ones, it's the fact that we're not making as much as we should industrially. industry takes a country a lot further then minerals, which do nothing but make elites rich.
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