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Discussion Starter · #1 · (Edited)
By Joseph Inyang
[email protected]
http://nigeriansforsuperenergy.com


After the dismantling of the former USSR. President Yeltsin took over power. He was elected with 57% vote but lost that popularity after a traumatic series of economic crises. After vowing to reform the Russian economy, Yeltsin turned to the advice of Western economists, and Western institutions such as the IMF, the World Bank, and the U.S. Treasury Department. This policy recipe came to be known as the "Washington Consensus" or "shock therapy," a combination of measures intended to liberalize prices and stabilize the state's budget. The IMF approved a $22.6 billion emergency loan on July 13 1998. The reforms also devastated the living standards of much of the population, especially the groups dependent on Soviet-era state subsidies and welfare entitlement programs. Through the 1990s, Russia's GDP fell by 50 percent, vast sectors of the economy were wiped out, inequality and unemployment grew dramatically, while incomes fell. Tens of millions of Russians were plunged into poverty.
Part of Yeltsin's big economic push was promoting privatization as a way of spreading ownership of shares in former state enterprises as widely as possible to create political support for his economic reforms. In the West, privatization was viewed as the key to the transition from communism in Eastern Europe, ensuring a quick dismantling of the Soviet-era planned economy to make way for 'free market reforms. Effectively giving away of valuable state assets to a small group of tycoons in finance, industry, energy, telecommunications, and the media who came to be known as the "Russian oligarchs" in the mid-1990s. By summer 1996, substantial ownership shares over major firms were acquired at very low prices by the "oligarchs." Boris Berezovsky, who controlled major stakes in several banks and the national media, emerged as one of Yeltsin's most prominent backers. Along with Berezovsky, Mikhail Khodorkovsky, Roman Abramovich, Vladimir Potanin, Vladimir Bogdanov, Rem Viakhirev, Vagit Alekperov, Viktor Chernomyrdin, Victor Vekselberg, and Mikhail Fridman emerged as Russia's most powerful and prominent oligarchs. By the time Yeltsin left office his approval rating about 2%. Yeltsin then hand picks Putin to take over from him.
Does this sound familiar?

When Putin took over he was extremely concerned about the ongoing demographic problems, such as the death rate being higher than the birth rate and immigration rate, cyclical poverty, and housing concerns within the Russian Federation. In 2005, four "national projects" were launched in the fields of health care, education, housing and agriculture. In his May 2006 annual speech, Putin proposed increasing maternity benefits and prenatal care for women. "Real incomes have been growing by about 10 percent a year, and that can't fail to be visible to the population," says Yevgeny Gavrilenkov, an economist with Troika Dialogue, a Moscow investment bank. Putin also had Russia pay its IMF debt ahead of time.
One of the most controversial aspects of Putin's second term was the prosecution of Russia's richest man, Mikhail Khodorkovsky, President of Yukos oil company, for fraud and tax evasion. While much of the international press saw this as a reaction against a man who was funding political opponents of the Kremlin, both liberal and Communist, the Russian government has argued that Khodorkovsky was engaged in corrupting a large segment of the Duma to prevent changes in the tax code aimed at taxing windfall profits and closing offshore tax evasion vehicles. Many of the initial privatizations, including that of Yukos, are widely believed to have been fraudulent (Yukos, valued at some $30bn in 2004, had been privatized for $110 million), and like the other oligarchic groups, the Yukos-Menatep name has been frequently tarred with accusations of links to criminal organizations.
In the recent years, the political philosophy of Putin's administration has been described as "sovereign democracy". The political term recently gained wide acceptance within Russia itself and unified various political elites around it. According to its supporters, policy of the President must above all be supported by the popular majority in Russia itself and not be governed from outside of the country; such popular support constitutes the founding principle of a democratic society.
According to public opinion surveys conducted by Levada Center, Putin's approval rating is 80% as of May 2007. It started at 31% in August 1999, rose to 80% by November 1999. Currently 70%. With most Russians asking him to run for a third term. He says no to a third term.

So the $60 million question is, can Yar' Adua be like Putin? You be the judge!!!
Based on his early pronouncements and actions I think he could be.

“As I keep saying, we cannot begin to address, in a fundamental manner, the problems of the economy, until we successfully tackle the power and energy issue. It is critical to all my plans. So I am more interested in how much gas we can tap for domestic use than what we can get for export. We must power this economy,” President Yar’Adua said.
He directed the NNPC to expeditiously come up with a workable plan to ensure adequate gas supply to existing and new power generation plants.
President Yar’Adua also said he would tackle the Niger Delta problem by meeting the developmental challenges in the region and enforcing law and order.
“My plan is for a massive intervention and after consulting with all the stakeholders, we will take our plan to the National Assembly so everyone can buy in. Once we can address the development issues, it would be easy to tackle the criminal element of the problem,” he said.

Data Source C S Monitor, JR List,Thisday and Wikipedia
 

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I'm still seaching for new articles about him from local and international media to post over here.I haven't seen him do his job yet,maybe it's to early to criticise him even if he is not so good.
 

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Nigeria: President's Public Assets Declaration: Yar'adua Worth N856m

Vanguard (Lagos)

29 June 2007
Posted to the web 29 June 2007

Ben Agande
Abuja

PRESIDENT Umaru Yar'Adua is worth N856,452,892 in cash and landed properties, according to his assets declaration made public yesterday in Abuja. His liabilities as at last May 28 stood at N88,793,269.77. That was 24 hours to his inauguration.

Nineteen million naira of the assets belongs to his wife, Turai.
Africa 2007

The public declaration of the assets is in fulfilment of his campaign promise to let Nigerians know how much he is owning.

However, the Code of Conduct Bureau reportedly advised him against the public declaration because, as it said, "such action would put pressure on other categories of public officials to do same even when the constitution makes the exercise a private matter."

Special Adviser to the President on Communications, Mr. Segun Adeniyi, who made the assets public said the president felt that "his campaign pledge to Nigerians (to make his assets declaration public) is a solemn commitment" that should not be violated by other exterior considerations.

Adeniyi said the President's action was "borne out of his conviction that the war against corruption cannot have meaning until those at the helm begin to live by example.

"Having weighed the two sides, the President has come to the conclusion that since he will not be breaking any law, he cannot go back on his promise to the nation."

While the president's total income from his assets stands at N18.7 million, that of his wife, according to the declaration made by the president, was put at N132,000.

The President's cash in bank which he said was derived from savings, campaign contributions and post campaign contributions was put at N7.5 million.

A breakdown of the assets declaration shows that the President has a total of N43,702,892.43 as cash in bank, being remuneration, savings, campaign and post campaign contributions lodged with the Bank PHB.

Details show that while a total of N26,602,681.00 stands as credit at the Bank PHB, Nagogo Road, Katsina State branch, N12,000,264.21 is in the Apapa, Lagos State branch. Also, a total of N4,999,947.22 is at the head office of the bank in Kaduna.

The President declared a total of N88,793,269.77 as his liabilities, being cash in Nigerian banks as loans and debit at the Imani Estate, Maitama, Abuja branch of Unity Bank Plc (formerly Intercity Bank). These are in two accounts of N26,817,362.19 and N61,975,907.58 respectively.

President Yar'Adua's built-up, vacant and undeveloped plots, are valued at N577,000,000 and they include his family compound at Yar'Adua Quarters in Katsina State, valued at N105,000,000, a property he said he acquired through inheritance in November 1997.

He also declared a multi-storey building at A8 Wuse 2, Abuja with total value of N212,000,000. The land for the plot was granted by the Federal Government to him in 1988.

Another duplex declared by the president and situated at Malali, Kaduna State with a value of N120,000,000 was said to have been given to him by his late elder brother, Major-General Shehu Musa Yar'Adua. It was originally a three-bedroom bungalow. The President also owns a seven-bedroom duplex at 2, Lema Jubril Close valued at N90,000,000 that was built from savings in 1987.

He also owns a vacant plot at Asokoro New Layout in Abuja valued at N50,000,000. This, like the other property he owns in Wuse district of Abuja, was granted him by the Federal Government in 1998.

Apart from these, President Yar'Adua owns two farms worth N25,000,000 in Katsina State. One is located at Ruwan Godiya in Faskari Local Government of Katsina State valued at N10,000,000 that was acquired in 1982 while another farmland and orchard also located at Ajiwa, Batagarawa Local Government in Katsina State is worth N15,000,000. It was acquired in 1993.


President Yar'Adua, by his declaration, is a share holder with 2,000,000 units of shares of Habib Bank acquired in 1998. They are in the process of being converted to Bank PHB; 100,000 unit of shares of Intercity Bank Plc also in the process of conversion to Unity Bank Plc and another 100,000 units of shares of Muradi Hotels Limited. The location of the hotel was not stated in the form. The president is a proud owner of vehicles worth N181,250,000.

Of these, 29 of the cars are new, worth N174,700,000 and are parked in Katsina and Abuja. These are campaign vehicles. He also owns a Honda Accord car worth N350,000 and a Mercedes Benz worth another N6,500,000.

The president also declared the assets of his wife, the value of which he put at N19,000,000. These are made up of three local houses worth N15,000,000 acquired in 1998; one twin bungalow valued at N15,000,000 located in Kofar Kaura Layout in Katsina State acquired in 2002 and three vacant plots in Katsina acquired in 2003 worth N2,500,000 as well as household furniture in Katsina acquired when he was a director of Habib Bank worth N3,000,000.
 

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That's a sign of leading by example, i applaud this man for being so bold to declare his assets. Now can the rest of them follow.
 

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Discussion Starter · #6 ·
Loan Changes in Brazil Motivate New Buyers and Home Building

Here is another example where a President has change laws and encouragement to change the lives of low - income people. In Nigeria, let us hope the new land reform and push by the new president to for banks to give more real loans...

God Bless Nigeria!!!

Loan Changes in Brazil Motivate New Buyers and Home Building
Paulo Fridman for The New York Times

Glauco Rodrigues and Alexandra Soldi are buying this new two-bedroom apartment.


Article Tools Sponsored By
By ANDREW DOWNIE
Published: July 5, 2007

SÃO PAULO, Brazil — Talk about an untapped market.


Apartments for lower-middle income people are available in the Piazza Navona in São Paulo.

Brazil’s newfound economic stability and changes in lending laws are for the first time making it possible for the country’s working poor to buy their own homes. And using money that has been pouring in from foreigners who sense a lucrative investment — $4.8 billion since September 2005 — the country’s construction and real estate companies are building as fast as they can.

“There is a stronger demand for houses. There is a housing deficit, and now there are people with money to buy them,” said João Crestana, the vice president of urban development at Secovi, a leading confederation of constructors and developers in São Paulo state, Brazil’s most populous. “Companies can see there is a market.”

Although changes are sweeping through the industry, the biggest are evident in the market for houses and apartments intended for Brazilians earning up to five times the monthly minimum wage of 380 reais ($198), like Glauco Rodrigues and Alexandra Soldi.

Until recently, the young couple, who plan to get married Sept. 8, would have had little choice but to rent or live with one of their parents until they saved for their own place. Now, they are set to move into their own home early next year, a new two-bedroom apartment they are buying in the gritty north side of São Paulo.

For years, Brazil’s poor had little access to credit. And even if they could get credit, they could not hope to meet interest rates that were frequently among the highest in the world. That, combined with unemployment and underemployment, low pay and the instability brought on by regular economic crises, explain the explosion of favelas, the shantytowns scattered in and around Brazil’s urban centers.

But since Luiz Inácio Lula da Silva became president in 2003, interest rates have tumbled to 12 percent from 25 percent and appear set to continue falling. Inflation was 3.1 percent last year and is well under control. And both the minimum wage and workers’ salaries are rising at rates exceeding the cost of living, according to government figures, meaning workers have more disposable income. Buying a small home is finally a real possibility for many Brazilians.

“Credit is so readily available,” said Luiz Galfaro, co-president of Galfaro Empreendimentos Imobilarios, his family’s construction company, which is building the apartment that Mr. Rodrigues and Miss Soldi are buying. “Buying a house is getting to be like buying a car.”

Brazil’s construction firms are using the huge new investment by foreigners to help meet the growing demand. The country’s biggest mortgage financier, the government-run Caixa Econômica Federal, estimates that Brazil needs 7.9 million new homes. Ninety-two percent of those homes are needed by people who are classified as lower-middle income. Companies that once devoted their entire business to building chic residential properties for the cosmopolitan wealthy in São Paulo and Rio de Janiero are starting to construct smaller and cheaper homes in state capitals and the provinces.

Rodobens, a provincial firm specializing in the lower-middle income bracket, has plans to build 10,000 homes a year over the next four years, a fifteenfold rise on its previous annual total. Cyrela, a major Brazilian developer that raised 1.2 billion reais ($625 million) in a September 2005 initial public offering of stock and a second sale 10 months later, added lower-income properties last year to its portfolio of middle, high-income and luxury homes. And Gafisa, Brazil’s second-biggest developer, created two new companies last year specifically aimed at building homes for the less well off.

“We are redirecting our efforts to that lower-middle-income sector,” said Wilson Amaral de Oliveira, Gafisa’s chief executive. “All the big companies are moving in that direction because it is going to bring us more business. And it’s not a bubble, it’s sustainable. Just look at the demographics.”

The demographics show that the number of people ages 25 to 50 — a strong indicator of future demand — will grow over the next 20 years, meaning more and more people will reach the age when they want their own home.

Mortgages are still rare in Brazil, with bank loans for house purchases representing just a tiny fraction of the country’s gross domestic product. Those few who did qualify for mortgages customarily got loans over a maximum of 15 years at interest rates well into double figures. Home buyers needed to put down around 35 percent of the property’s value.

Now, though, banks and other lenders are loaning up to 80 percent of the property’s value, allowing borrowers up to 30 years to pay them back and offering fixed interest rates for the first time.

Mr. Rodrigues and Miss Soldi, for example, put down 16,000 reais (about $8,300) and have a 20-year mortgage. They will pay it back at 990 reais ($515) a month, about the same they would pay in rent.

“Our intention was always to buy because it is hard to find somewhere that is good to rent, and nowadays what you pay in rent is what you pay in mortgage,” Mr. Rodrigues said as he anxiously viewed the half-finished property. “And with a mortgage, at the end it’s yours.”

Banks are lending more thanks in large part to a 2004 law that makes it easier for them to seize property from borrowers who fail to repay their loans. Previously, repossessing homes took banks six to eight years. Now it can take less than a year.

The law is also important because it overturned legislation that permitted any home buyer taking legal action against a lender to suspend all repayments. Banks were afraid to lend to all but the most trustworthy borrowers for fear they would get caught up in legal disputes that would take years to unravel.

“Banks now have much more security to finance,” said Décio Tenerello, president of the Brazilian Savings and Loan Trade Association. “That law means Brazil now has one of the most modern mortgage systems in the world.”

Confirmation comes in the lending figures. The number of houses financed by Caixa Econômica Federal more than doubled in three years, to more than 600,000 last year from 261,327 in 2003. The amount lent by the bank doubled in the first three months of this year over the same period in 2006.

The only possible downside is the chance that the newfound investment will drive up land prices. Carlos Peyrelongue, an analyst for Merrill Lynch, warned that the influx of cash could push up prices, although he said that such oversupply would probably come only at the higher end of the market and that “three to four years out, there is enough pent-up demand to take on the supply.”

For now, developers are optimistic.

“There is an affordability for those in the low-income sector who want to buy houses,” said Luis Largman, the chief financial officer at Cyrela. “We didn’t operate in the low-income sector, but now we do. We are making up for lost time.”
 

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Discussion Starter · #7 ·
Land Use Act review crucial for housing delivery — Union Homes MD

We hope this happens soon!!!!

Land Use Act review crucial for housing delivery — Union Homes MD

By Yinka Kolawole
Posted to the Web: Monday, July 02, 2007

Managing Director/Chief Executive, Union Homes Savings & Loans Plc, Nigeria’s foremost mortgage finance institution, Mr. Ekundayo Austine Aikhorin, has stated that the planned move by President Umar Musa Yar’Adua to review the Land Use Act is a crucial step to achieving an efficient housing delivery system in Nigeria.

Aikhorin who was speaking at a recent workshop organized by the Mortgage Banking Association of Nigeria (MBAN), advised that the review, said to be in its final stages, and in which MBAN foresees a solution to mortgage finance problems, should be hastened, so as to eliminate many obstacles that impede effective housing delivery. In his words, “For long, the time consuming and costly process of title documentation by the authorities has remained a key obstacle. A solution proffered by MBAN must now be hastened.”

He observed that the new administration should have no difficulties in putting final touches to the long-awaited review of land titling and foreclosure laws, since the review was reported to be at an advanced stage before the exit of the last administration. “It is heart-warming that President Yar’Adua has already stated his intention to review the Land Use Act, as a first step towards the realization of an efficient housing delivery system in Nigeria,” he stated.

The Union Homes boss maintained that housing is paramount in the hierarchy of man’s needs, and should receive more attention from the government and stakeholders at all levels. He noted that the immediate past government’s recognition of housing as a top priority programme attracted many of the recapitalized banks to the sector, adding that the regulatory authorities should review the application of the same set of loan provisioning guidelines to both commercial banks and primary mortgage institutions.

“For every mortgage loan created, there must be adequate monitoring and control to ensure that the facility does not get stuck. Everything is well if the loan repayment is running as scheduled, however, once there is any unpaid instalment, it is a signal that the loan repayment could be in problem. Presently, due to the fact that there are no preferential sources for loanable funds available to mortgage banks (as both commercial banks and mortgage institutions obtain deposits from same sources) the monetary authorities require the PMIs to adopt the prudential guidelines which applies to commercial banks in the country,” he noted, stating that this ought not to be.

While acknowledging that mortgage sector reform is an integral part of the government’s comprehensive economic plan, aimed at ensuring the provision of decent affordable housing for Nigerians, Aikhorin pointed out that the dearth of cheap loanable funds to increase the existing housing stock on continuous basis, is the bane of the mortgage industry in the country. His words: “Due to the dearth of cheap loanable funds to increase existing stock of housing units in the country on a continuous basis, the mortgage industry is yet undeveloped and still at its rudimentary stage. This is again attributable to the disconnect between the mortgage industry and the capital market.”

Aikhorin called for a more vibrant primary mortgage market, noting that in advanced countries where government support has helped to develop large mortgage channels for home ownership, there is an existence of vibrant primary and secondary mortgage markets which operate in cooperation with the capital market to create and trade mortgages. “The primary mortgage market deals with originating new loans secured by charges over landed properties while secondary mortgage market deals with the buying and selling of mortgage securities to investors, obtaining commitments, pricing and establishing rates. The process incorporates the assurance that mortgages originated are saleable products. This market is presently non-existent in Nigeria. For it to develop, the primary mortgage market must first of all be firm,” he asserted.
 

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Discussion Starter · #8 ·
I’m worth N4.4 bn - Daniel

Leadership is starting to bear fruits!!! Go Yar 'Adua!!! Yes we need that FOI bill.

I’m worth N4.4 bn - Daniel

Daud Olatunji, Abeokuta - 16.07.2007

THE governor of Ogun State, Chief Gbenga Daniel, has publicly declared his assets as being N4 billion with a loss of about N1.5 billion between 2003 and 2007.

Governor Daniel also disclosed that his wife who was worth N99 million in 2003 was now worth N157 million.

At a press conference jointly addressed by the Chief Press Secretary to the governor, Mr. Wale Adedayo, and the Chief of Staff, Mr. Yomi Majekodunmi, on Sunday, they disclosed that Governor Daniel decided to make the assets he declared to the Code of Conduct Bureau public to follow the example laid by President Umaru Yar’Adua.

“As at May 2003, his assets totalled N5,969,470,000 but this has reduced to N4,468,606,074 in May 2007, a significant loss of about N1.5 billion or 25 per cent,” he said.

The Chief Press Secretary also stated that prior to Governor Daniel’s emergence as governor in 2003, his foreign bank investment was N497,070,000 but had been closed in line with the Constitution of Nigeria.

The precise value of the total amount of the assets of the governor after deduction of liabilities was N4,468,606,074 with about 15 vehicles worth N147,400,000.

He urged the National Assembly to urgently pass the Freedom of Information Bill to allow the electorate to hold their representatives accountable and prevent democracy from being short changed.

He said "just as openness can nurture this young democracy, rumour mongering has the capacity to undermine quality decision-making by the people.

“It destroys reputations and has served to keep away some genuine patriots from seeking elective positions in this Fourth Republic.”
 

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yes!Maybe this would reduced the power of corruptions in the country.That guy is really expensive!
 

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Discussion Starter · #10 ·
Dangote withdraws from PH, Kaduna refineries

If that is so. Please! Please!! Please!!! tell him to give us back our "junk".
They say one man's junk is another man's treasure"
If God gives you S*** use it for manure and thank you God.
It is now time for President Yar 'Adua to use the S*** for manure.
35% of all black people are depending on him and his team.

God bless Nigeria!!!!!
The letter, which was addressed to the BPE DG, reads in part, “We have, therefore, pulled out to enable the NNPC operate it at full capacity, without government funding, then eliminate NNPC importation of petroleum products and gradually eliminate queues at the filling stations within 12 months.
We cannot let this stand!!! what the hell is 12 months without government funding...... This guys must think they own Nigeria!!!! Mr. President it is time to do them a Putin


We asked and it was given.... I say again.... let us make our junk into a treasure and envy of the world!!!!:banana: :banana: :banana:
I have suggested the recommendation... 24 Refineries in a National/Publicly traded oil company with global reach is what we need!!! http://nigeriansforsuperenergy.com/phpBB3/viewtopic.php?f=8&t=3&sid=ae587a2c7f142926472cc90e2833e4d2 Now we need a technocrat in the caliber of Charles Soludo, Dora Akunyili, El Rufai, Ngozi Okonjo-Iweala, Nuhu Ribadu and Oby Ezekwesi to name a few.

God Bless Nigeria!!!!!

Ah... we are still waiting for the names of all those corrupt people in NNPC. Mr. Dangote please send it to the press as a concerned Nigerian.


Dangote withdraws from PH, Kaduna refineries
By Clara Nwachukwu and Chiawo Nwankwo, Abuja
Published: Thursday, 19 Jul 2007

Blue Star Oil Services Limited, the consortium that acquired controlling stakes in the Port Harcourt and Kaduna refineries, has pulled out of the deal.
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Femi Otedola and Aliko Dangote

The consortium is made up of companies belonging to billionaire businessmen, Alhaji Aliko Dangote and Mr. Femi Otedola.

Consequently, the consortium is demanding a refund of the $721m it paid for the acquisition of the refineries, with interests accruable.

The spokesman of the Bureau of Public Enterprises, Mr. Joe Anichebe, told our correspondent on the telephone, that he could not confirm if the Director-General Mrs. Irene Chigbue, had received any notification of the withdrawal.

Anichebe stated that Chigbue could not be reached as she was attending a meeting.

Investigations by our correspondent revealed that Blue Star, in a letter dated July 17, 2007, announced its withdrawal from the deal.

The BPE had divested 51 per cent of Federal Government’s shares in the two refineries in May, just before the exit of former president Olusegun Obasanjo.

Blue Star, in the letter, said it was withdrawing from the deal in view of the continued vilification of the consortium by the organised labour and some vested interests in the Nigerian National Petroleum Corporation.

The letter, which was addressed to the BPE DG, reads in part, “We have, therefore, pulled out to enable the NNPC operate it at full capacity, without government funding, then eliminate NNPC importation of petroleum products and gradually eliminate queues at the filling stations within 12 months.”

The pull out was, however, with a caveat, “In the vent that the NNPC failed to meet these commitments within 12 months, we reserve the right to resume interests in the refineries at a re-negotiated rate to reflect the state of the assets.”

As far as Blue Star was concerned, as noted in the letter, the purchase of the two refineries at the cost of $561m for Port Harcourt and $160m for Kaduna refineries, was a fair deal.

They added that the price paid for the Port Harcourt refinery, in deed, exceeded the reserve price quoted by the BPE.

According to the consortium, “Our interest in the refineries were borne out of patriotism that private sector participation would ensure efficiency and effectiveness in the operations of these refineries, which were expected to perform better than they did in the past.”

They argued that recent claims by the NNPC that it could run the refineries “more efficiently” contradicted “published data that showed an average of 35 per cent capacity utilisation between 1997 and 2005, which suggested the need for private sector participation.”

Under the terms of the agreement by the consortium, Dangote holds 55 per cent stake, Zenon Oil, promoted by Femi Otedola, holds 25 per cent, while the Rivers State Government and the Trans-national Corporation held 15 per cent and five per cent respectively.

Meanwhile, the House of Representatives on Wednesday threw out a motion that sought to probe the sale of Port-Harcourt and Kaduna refineries, amid protest from many lawmakers.

The sale by former President Olusegun Obasanjo in the twilight of his administration had been a subject of national debate and investigation by the Senate.

Two related motions sponsored by Messrs John Agoda and Abdullaziz Abubakar, which were consolidated, triggered the debate.

Agoda‘s motion on the sale of Port Harcourt and Kaduna refineries was co-sponsored by three other lawmakers, while that of Abubakar on re-opening of the two refineries had 19 co-sponsors.



articles in the punch
 

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Discussion Starter · #13 ·
FG Re-opens Ibeto Cement In Port Harcourt

Brothers and Sisters:

Looks like the African Tiger is ready to walk .. soon it will be leaping into the African sky. :banana: :banana: :banana:
Pray for Nigeria!!!! Mr. President please call Putin and he will share some more experiences with you.
God Bless Nigeria

FG Re-opens Ibeto Cement In Port Harcourt
by David Apeh

The monopoly enjoyed by Aliko Dangote in the cement business has suffered a major set back with the reopening of the Ibeto Cement in Port Harcourt. President Umar Yar’Adua gave directives that the company, closed down during the Obasanjo era, be reopened for businesses. He did this on the day he revoked the sale of the Kaduna and Port Harcourt refineries last week.

Ibeto Cement is owned by Chief Cletus Ibeto, an apolitical business man who has excelled as an entrepreneur. Said to be uninterested in politics, Ibeto built the company from scratch, turning it into a conglomerate. The company was into bulk bagging of cement and it was doing business at a cheaper price.

This was said to have irked Dangote who enjoys a certain level of monopoly in the sector.

Dangote knew exactly what to do. He went to his powerful friend, Obasanjo who was the nation’s leader at the time and complained about the challenge posed by Ibeto Cement. According to sources, Dangote told Obasanjo that: "This man might run us out of business."

To arrest the situation, Obasanjo contrived a new law which stipulates that unless you own a cement milling plant, you can not engage in the business of bagging bulk cement.

His new policy automatically ran Ibeto aground and he was forced to close shop, thus rendering thousand of workers jobless.

His attempt at starting a milling plant in Ebonyi State ran into a brick wall as the president ignored Ibeto application to this effect. The plant remained shut through out the regime of President Obasanjo.

Reprieve however came the way of Chief Ibeto last week, when President Yar’Adua announced the revocation of the sale of refineries last week. With the pronouncement also came the order that Ibeto Cement should reopen.

Dangote’s monopoly in the Nigeria’s business landscape has come under heavy scrutiny by the new administration. Although favoured by the Obasanjo’s regime, Yar’Adua has distanced himself and the new administration from the fraudulent acquisition by the business mogul.

In a recent interview, Dangote said it amounted to a "suicide" when a business man choose to fight a government. According to him, this explains why he kow tow to any regime in power.
 

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Discussion Starter · #14 ·
Senate Sends FOI Bill To Yar’Adua

When he signs this one, one nail in the corruption coffin!!!!!!
Thanks in advance Mr. President!!!!!
God Bless Nigeria!!!!

Senate Sends FOI Bill To Yar’Adua

By Adetutu Folasade-Koyi, Senior Correspondent, Abuja

•Taraba Ministerial Nominee Dropped

Senate President, David Mark, has directed the Clerk of the National Assembly, Nasir Arab, to forward a clean copy of the Freedom of Information (FOI) Bill to President Umaru Musa Yar’Adua for assent.

Yar’Adua has reportedly signified to the leadership of the National Assembly his readiness to sign the Bill, it was learnt.

Former President Olusegun Obasanjo refused to sign the bill before leaving office. He reportedly queried the title of the bill and wanted it changed to Right to Information Bill.

At a meeting with human rights activists in Aso Rock Presidential Villa, Obasanjo was said to have given the change as a condition for signing the bill, a move rejected by the delegation that met with him.

Daily Independent

gathered that the Senate President gave the directive to the Clerk before the close of legislative business last Thursday.

Smart Adeyemi (PDP Kogi West), one of the proponents of the bill, confirmed Mark’s directive to Daily Independent at the weekend.

His words: "The Senate President did confirm that he has directed the Clerk of the National Assembly to present a copy of the FOI Bill to President Yar’Adua for assent.

"He said the President is not against the bill. President Yar’Adua has promised us that he is ready to sign the bill into law. So, by now, I’m sure that the Clerk would have forwarded the bill to the President."

Meanwhile, the ministerial nominee from Taraba State, Ibrahim Tukar el-Sudi, has been dropped.

Although he was present at the Senate premises last Thursday, he and another nominee from Kaduna State, Adamu Ahmed, were not called into the chamber for the screening exercise.
 

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Refineries’ Capacity To Hit 80% By Dec, Says Yar’Adua

President Umaru Yar’Adua has pledged to ensure that the Nigerian National Petroleum Corporation (NNPC) raises production at the refineries to between 70 and 80 per cent before the year ends.

He spoke to reporters at the Murtala Muhammed Airport, Lagos on Sunday on his way from Dodan Barracks (the former throne of federal power) where he held talks with some Governors, including those of Lagos, Tunde Fashola; and Ogun, Gbenga Daniel.

Yar’Adua gave the promise against the backdrop of the withdrawal by Bluestar of its 51 percent buy in the Port Hacourt and Kaduna Refineries, triggered by public criticism of the sale.

They were sold off by the Bureau of Public Enterprises (BPE) at the behest of former President Olusegun Obasanjo in the twilight of his days in office.

The refineries are supposed to produce at least 445, 000 barrels per day (bpd) of oil but are at the moment eking out about 30 percent of that figure.

Yar’Adua’s statement means the government plans to restore the refineries to full operations.

He also promised to intervene in the problems posed by the mega city nature of Lagos, the country’s former capital that is populated by all and sundry who jostle for bread and butter in a state famed for business and wealth.

He said his understanding of the population of Lagos and its scanty infrastructure is that it needs a rail transport system.

Yar’Adua confirmed that he had come to the city to discuss with Fashola and Daniel on how to improve social provision for dwellers in the metropolis, the suburbs, and in the shanty towns round and about.

He expressed concern that the growth in the population of Lagos adversely affects the neighbouring Ogun, apart from its impact on the infrastructure of Lagos itself.

A bill on the intervention would be sent to the National Assembly, he added, which should not be mistaken for the federal authorities taking over Lagos.

His words: "We came to discuss Lagos because we discovered that the infrastructure cannot cope with the growing population. It is pertinent for the Federal Government to come in, and look, and discuss the problems (with other stakeholders) so that whatever we say later will be objective.

"There is a fear that a legislation on Lagos will appear as if the Federal Government is taking over the state; that is not the case. We (himself, Daniel, and Fashola) have now agreed that the final document will be sent to National Assembly to look at it so that whatever is objectionable to them can be raised, and through dialogue we can come to a mutual agreement for the development of Lagos State.

"It is very clear that in Lagos, road transport cannot solve (commuting) problems. Once a city grows beyond a certain size, you need rail service to cater for the urban transport system".
 

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From my personal faivorite magazine.

Nigeria

Shilly-shally
Jul 19th 2007 | LAGOS
From The Economist print edition

The new president is looking hamstrung even before he gets going


WHEN Umaru Yar'Adua took his presidential oath on May 29th, he promised to be a “servant leader” and to move speedily towards solving Nigeria's most pressing problems: insurgency and gangsterism in the oil-producing Niger Delta region, an appallingly erratic supply of electricity, and massive endemic corruption. Almost two months later the former chemistry teacher, one of only three post-colonial Nigerian rulers not to have hailed from a military background, has yet to announce his full ministerial team to help him run one of Africa's most troubled and important countries.

EPA

What's under Yar'Adua's hat?The process is tortuously slow because the beleaguered Mr Yar'Adua is under pressure to serve the interests both of Nigeria's powerful political factions and of the allies of Olusegun Obasanjo, his predecessor and mentor, who is still pulling strings as the ruling party's chairman.

Choosing a government is even harder. Mr Yar'Adua lacks legitimacy in the eyes of many Nigerians because the elections in April were so patently rigged. He must pick good people to regain some legitimacy, but lacks a strong enough political network of his own to resist the pressure to pay off some of his more venal backers. Hence the prevarication and delay.

Mr Obasanjo has already compromised Mr Yar'Adua by foisting on his successor two of his well-known sycophants as Senate president and speaker of the House and, with days to go before stepping down, by naming as the army's new chief of staff a general considered divisive in military circles. Nor has Mr Yar'Adua helped himself by appointing a police chief with a poor reputation who previously headed the police contracts division.

The infighting over top jobs is taking its toll. The new president, who has a kidney ailment, has shown how fed up he has become with the demands being made on him by publicly asking political delegations to stop making congratulatory visits until a “more auspicious” time.

Since then, he has tried to bring opposition members into a national unity government, but this has divided the opposition parties and made some of their factions still more determined to challenge his election victory in court. Earlier this month the new president listed 35 people for ministries but would not say which ones they would get, forcing the Senate to screen the nominees without knowing their responsibilities.

While the horse-trading goes on, the servant leader cannot get to grips with Nigeria's most urgent problems. The Delta region's lawlessness is worsening. This month armed gangs stooped lower than ever by kidnapping toddlers for ransom, including a three-year-old Briton and the son of a prominent chief. Elsewhere a crime wave is spreading; armed robberies are getting more numerous, especially in Lagos, Nigeria's huge commercial capital.

Joseph Makoju, who advises the president on electricity, says he has already lowered the figure Mr Yar'Adua set for boosting power generation by the end of this year from 10,000MW to 8,000MW. That may drop again if the president fails to find a good minister for power soon.

Hurry up before things get worse
The delay in forming a government may also start to threaten Nigeria's macroeconomic stability. The state governors, many of whom also lack legitimacy following the election, want the central government to dish out oil-windfall savings. But without tough new legislation, the windfalls, worth more than $10 billion, may be used as political slush funds. Nonetheless, the government is advertising its success in charging three former state governors with embezzlement and money-laundering: a sign, perhaps, that Mr Yar'Adua is getting tough on corruption.

Yet many other former governors close to the former president seem to have got away with looting their state coffers for the past eight years. With their own protégés now in power in many places, it is hard to imagine Mr Yar'Adua taking them on, particularly since he has ruled out pushing for an amendment that could have stripped them of their constitutional impunity.

http://www.economist.com/world/africa/displaystory.cfm?story_id=9525723
 

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From my personal faivorite magazine.

Nigeria

Shilly-shally
Jul 19th 2007 | LAGOS
From The Economist print edition

The new president is looking hamstrung even before he gets going


WHEN Umaru Yar'Adua took his presidential oath on May 29th, he promised to be a “servant leader” and to move speedily towards solving Nigeria's most pressing problems: insurgency and gangsterism in the oil-producing Niger Delta region, an appallingly erratic supply of electricity, and massive endemic corruption. Almost two months later the former chemistry teacher, one of only three post-colonial Nigerian rulers not to have hailed from a military background, has yet to announce his full ministerial team to help him run one of Africa's most troubled and important countries.

EPA

What's under Yar'Adua's hat?The process is tortuously slow because the beleaguered Mr Yar'Adua is under pressure to serve the interests both of Nigeria's powerful political factions and of the allies of Olusegun Obasanjo, his predecessor and mentor, who is still pulling strings as the ruling party's chairman.

Choosing a government is even harder. Mr Yar'Adua lacks legitimacy in the eyes of many Nigerians because the elections in April were so patently rigged. He must pick good people to regain some legitimacy, but lacks a strong enough political network of his own to resist the pressure to pay off some of his more venal backers. Hence the prevarication and delay.

Mr Obasanjo has already compromised Mr Yar'Adua by foisting on his successor two of his well-known sycophants as Senate president and speaker of the House and, with days to go before stepping down, by naming as the army's new chief of staff a general considered divisive in military circles. Nor has Mr Yar'Adua helped himself by appointing a police chief with a poor reputation who previously headed the police contracts division.

The infighting over top jobs is taking its toll. The new president, who has a kidney ailment, has shown how fed up he has become with the demands being made on him by publicly asking political delegations to stop making congratulatory visits until a “more auspicious” time.

Since then, he has tried to bring opposition members into a national unity government, but this has divided the opposition parties and made some of their factions still more determined to challenge his election victory in court. Earlier this month the new president listed 35 people for ministries but would not say which ones they would get, forcing the Senate to screen the nominees without knowing their responsibilities.

While the horse-trading goes on, the servant leader cannot get to grips with Nigeria's most urgent problems. The Delta region's lawlessness is worsening. This month armed gangs stooped lower than ever by kidnapping toddlers for ransom, including a three-year-old Briton and the son of a prominent chief. Elsewhere a crime wave is spreading; armed robberies are getting more numerous, especially in Lagos, Nigeria's huge commercial capital.

Joseph Makoju, who advises the president on electricity, says he has already lowered the figure Mr Yar'Adua set for boosting power generation by the end of this year from 10,000MW to 8,000MW. That may drop again if the president fails to find a good minister for power soon.

Hurry up before things get worse
The delay in forming a government may also start to threaten Nigeria's macroeconomic stability. The state governors, many of whom also lack legitimacy following the election, want the central government to dish out oil-windfall savings. But without tough new legislation, the windfalls, worth more than $10 billion, may be used as political slush funds. Nonetheless, the government is advertising its success in charging three former state governors with embezzlement and money-laundering: a sign, perhaps, that Mr Yar'Adua is getting tough on corruption.

Yet many other former governors close to the former president seem to have got away with looting their state coffers for the past eight years. With their own protégés now in power in many places, it is hard to imagine Mr Yar'Adua taking them on, particularly since he has ruled out pushing for an amendment that could have stripped them of their constitutional impunity.

http://www.economist.com/world/africa/displaystory.cfm?story_id=9525723
:bash:
 

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I am not too fond of the Economist. Throughout all the years the never ever published anything positive on Africa, all they can do is bashing till blood drops out of all veins! Negative news sells and even more when it comes from africa and Nigeria in particular. Surprisngly, Nigeria received $9.1 Bn in foreign investment - du to the FT.com - more than $4 bn were invested in non-oil sector. so Naija received almost the same amount of money like Vietnam last year. (the latter got $10 billion), but you never ever hear a word of criticism from any European paper with regard to Vietnam, they are treating Vietnam like their a fluffy teddy toy while at the same time, they spit on Nigeria.

Goosh, we had this debate so many times and it is a battle lost in advance, let them continue with their Afro-pessims.... this will only intensify the more Chinese or other asian investors come to africa. in the end it is all about bucks and influence, to put it bluntly.
 

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I am not too fond of the Economist. Throughout all the years the never ever published anything positive on Africa, all they can do is bashing till blood drops out of all veins! Negative news sells and even more when it comes from africa and Nigeria in particular. Surprisngly, Nigeria received $9.1 Bn in foreign investment - du to the FT.com - more than $4 bn were invested in non-oil sector. so Naija received almost the same amount of money like Vietnam last year. (the latter got $10 billion), but you never ever hear a word of criticism from any European paper with regard to Vietnam, they are treating Vietnam like their a fluffy teddy toy while at the same time, they spit on Nigeria.

Goosh, we had this debate so many times and it is a battle lost in advance, let them continue with their Afro-pessims.... this will only intensify the more Chinese or other asian investors come to africa. in the end it is all about bucks and influence, to put it bluntly.
 

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^^ Unless you are naive, Alex Roney is another troll.

Remember these people come under different new names solely to condemn Nigeria. The guy has just eight posts, most of them about Nigeria.

Arthabitat is another such long lasting troll. I don't know why you choose to entertain them.
 
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