31 Oct 2013

APC govs storm Salami’s book presentation

















The book titled, ‘Isa Ayo Salami: Through Life and Justice, was written to mark Salami’s retirement from service.

The former PCA retired while still serving a suspension placed on him by the National Judicial Council following a disagreement with the then Chief Justice of Nigeria, Justice Aloysius Katsina-Alu.

Leaders of the All Progressives Congress, including a former Lagos State Governor, Asiwaju Bola Tinubu, and a former Head of State, Maj.-Gen. Muhammadu Buhari (retd.), on Wednesday made a surprise appearance at the presentation of a book in honour of the retired President of the Court of Appeal, Justice Ayo Salami.


The APC delegation, which arrived shortly after the commencement of the event, also included the party’s National Chairman, Chief Bisi Akande, the governors of Osun, Ekiti and Zamfara states, Rauf Aregbesola, Kayode Fayemi, and Abubakar Yari respectively.

Others included the party’s national spokesman, Alhaji Lai Mohammed; a former minister of the Federal Capital Territory, Mallam Nasir El Rufai, as well as several national and state lawmakers in the party.

On behalf of ’11 progressive governors’ of the APC, Yari, the chief presenter, purchased 250 copies of the book in the sum of N55m.

According to him, the books are to be donated to Nigerian universities.

In an address at the event, Justice Salami, who retired after reaching 70 years on October 15, 2013, said he had no regrets for refusing to pervert the course of justice, as he was allegedly instructed by Justice Katsina-Alu, even though the development led to his suspension from office.

OGUN STATE GOVT: COMPENSATING VICTIM OF MASS DEMOLITION ALONG SANGO, IJOKO- ALAGBOLE


The Director-General, Ogun State Bureau of Lands and Survey, Mr. Adewale Oshinowo, has urged owners of structures affected by the ongoing reconstruction of the 32-kilometer Sango-Ijoko-Akute-Alagbole road to report at the agency’s Abeokuta office to collect their compensation.

He said the fund for the payment had been made available and was awaiting collection at the bureau, a statement said on Wednesday.

Oshinowo, who spoke against the backdrop of the outcry by residents, whose properties were demolished by the government as a result of the ongoing reconstruction and expansion of roads in the state, noted that the state government was not insensitive as been alleged.

He added that property owners were given adequate notice before the demolition started.

He said, “We gave residents of Ijoko, Agbado, Alagbole, Akute and Ojodu areas more than two years notice before embarking on the demolition exercise in order to start the construction of the 32km highway. Even if you give them up to 50 years to vacate the areas, they will still say the same thing: that they were not given adequate notice.”

LIST OF WORLD MOST POWERFUL PEOPLE


Forbes list of World most Powerful people......... to view the full list go to www.forbes.com/powerful-people/list

2013 LIST OF WORLD BEST COACH OF THE YEAR


Who deserve the crown: The best Coach OF THE YEAR

(1) Carlo Ancelotti (Real Madrid)
(2) Rafael Benitez (Napoli)
(3) Antonio Conte (Juventus)
(4) Vicente Del Bosque (Spain)
(5) Sir Alex Ferguson (ex-Manchester United)
(6) Jupp Heynckes (ex-Bayern Munich)
(7) Jurgen Klopp (Borussia Dortmund)
(8) Jose Mourinho (Chelsea)
(9) Luiz Felipe Scolari (Brazil)
(10) Arsene Wenger (Arsenal)

2013 LIST OF WORLD FOOTBALLER OF THE YEAR


Who deserve the crown: The best Player of the year 2013, Messi, Ronaldo or ............ me lolz

(1) Gareth Bale (Real Madrid/Wales)
(2) Philipp Lahm (Bayern Munich/Germany)
(3) Thomas Muller (Bayern Munich/Germany)
(4) Manuel Neuer (B ayern Munich/Germany)
(5) Bastian Schweinsteiger (Bayern Munich/Germany)
(6) Mesut Ozil (Arsenal/Germany)
(7) Robin van Persie (Man United/Netherlands)
(8) Arjen Robben (Bayern Munich/Netherlands)
(9) Edinson Cavani (PSG/Uruguay)
(10) Luis Suarez (Liverpool/Uruguay)
(11) Andres Iniesta (Barcelona/Spain)
(12) Xavi (Barcelona/Spain)
(13) Neymar (Barcelona/Brazil)
(14) Thiago Silva (PSG/Brazil)
(15) Radamel Falcao (Monaco/Colombia)
(16) Andrea Pirlo (Juventus/Italy)
(17) Frank Ribery (Bayern Munich/France)
(18) Cristiano Ronaldo (Real Madrid/Portugal)
 (19) Eden Hazard (Chelsea/Belgium)
(20) Zlatan Ibrahimovic (PSG/ Sweden)
(21) Robert Lewandowski (Dortmund/Poland)
(22) Lionel Messi (Barcelona/ Argentina)
(23) Yaya Toure (Manchester City/Ivory Coast)

29 Oct 2013

FEMALE BANKER, TWO OTHERS REMANDED IN PRISON OVER N135M THEFT


A 28-year-old female banker, Tejumola Okemakinde, and two others are remanded in prison by an Ikeja High Court over an alleged N135m theft.

Justice Olutoyin Ipaye ordered the remand of Okemakinde and her alleged accomplices, Ige Egbeyemi, 50, and Olukayode Adeoye, 32, in prison, after their arraignment.

They are to remain in prison pending the hearing of the bail applications, fixed for November 11.

Okemakinde lives at 26, Animasaun Street, Ijeshatedo, Lagos; Egbeyemi is of Plot 3, Block 4, Flat 2, Iba Housing Estate, Lagos, while Adeoye, lives at 30, Felicia Kokosho Street, Opebi, Lagos.

The defendants and their companies— Povyte Ventures Ltd., Whales and Chase Ltd. and Tenumola Onike Enterprise Ltd.; were charged to court by the Economic and Financial Crimes Commission.

The News Agency of Nigeria reports that they are facing 34 counts of conspiracy, stealing, forgery, uttering and use of false documents.

The EFCC counsel, Mrs. Fadeke Giwa, alleged that they committed the offences between May and September, 2011 at Apapa, Lagos.

Giwa said they had conspired with one Irene Egbeyemi (now at large) to steal the money belonging to LilyPond Containers Ltd.

She accused them of forging various documents and bank cheques to facilitate the theft.

CONRAD MURRAY RELEASED (MICHEAL JACKSON DOCTOR)


 
According to reports Conrad Murray was released from the LA county jail at 12:01 am Monday morning October 28. Murray, who's medical license has been revoked, plans to apply to have his license reinstated.

Late Michael Jackson's doctor, Conrad Murray, who was sentenced to four years in prison for involuntary manslaughter for causing the death of Michael Jackson with an overdose of the anesthetic Propofol, has been released from prison.

US Senator TED CRUZ Pleads for Peace


On Monday Oct. 21st, US Republican Senator Ted Cruz told a rally that Nigerian email scammers have been hired to run the Obamacare website, a comment that a lot of Nigerians found offensive. After being bombarded with several phone calls from Nigerians in Houston and all across the US, the office of Ted Cruz has issued a statement from the Senator apologizing for what he said.

The full statement reads:

It’s unfortunate that we’re living in a time where just about every joke can be misconstrued to cause offense to someone.

To the good people of Nigeria - a beautiful nation where my wife lived briefly as the child of missionaries - no offense was intended.

I am fully appreciative of the range of mutual economic and security interests that make Nigeria an important friend to the United States.

And even to those few unscrupulous email scammers who were the subject of the joke, I apologize to you for the unfair comparison to the utterly dysfunctional Obamacare website.

THE MOST POWERFUL WOMAN IN NIGERIA

Most of the glaring cases of abuse of power including reckless spending of taxpayers’ money have been carried out by the women in Jonathan’s cabinet. These women have proven to be more powerful than the
number one citizen of Nigeria because despite public outcries that greet some of their decisions, they go scot-free.
Those who fall in this seemingly untouchable category are the First Lady, Mrs. Patience Jonathan; the Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala; the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke; the Director-General of the Securities and Exchange Commission, Ms. Arunma Oteh; and the Minister of Aviation, Ms. Stella Oduah.

PATIENCE JONATHAN (The woman in Charge)
Mrs. Jonathan, a native of Bayelsa State, was born in Port Harcourt on October 25, 1957 and holds National Certificate of Education in Mathematics and Biology from the Rivers State College of Arts and Science, and a Bachelor of Education degree in biology and psychology from the University of Port Harcourt.

In Nigeria’s history, Patience Jonathan is believed to be the most powerful First Lady in terms of the amount of influence she has over her husband and his cabinet. Mrs. Jonathan first gave a glimpse into the enormous power she wields in 2011 when she traversed the country, campaigning for her husband in a way that irked many Nigerians.

Another show of impunity by the President’s wife is the way she cripples any town or city she visits with her long motorcade, including bulletproof limousines and scores of armed policemen.

NGOZI OKONJO-IWEALA
Okonjo-Iweala, who also served as finance minister and foreign minister under President Olusegun Obansanjo and as a Managing Director at the World Bank, was born on June 13, 1954 to Professor Chukuka Okonjo, who is the Obi (traditional ruler) of Ogwashi-Uku.

She graduated from Harvard University in 1977, and earned her Ph.D. in regional economic development from the Massachusetts Institute of Technology in 1981.

She is married to Ikemba Iweala from Abia State. She is currently 83rd on Forbes Global list of powerful women

The state governors, who have complained about the shabby way the minister treat them, have called for her removal while the Academic Staff Union of Universities has called her a ‘dictator.’ But no matter the protest, Okonjo-Iweala remains a darling of the President.

The sacking of Mr. Shuaib Yushau as the Head, Media and Information Unit of the National Emergency Management Agency, after he wrote what was considered a critical article against Okonjo-Iweala, further showed that the minister was not to be messed with.

Similarly, Mr. Lawrence Ani, was reportedly suspended indefinitely from his job as Saturday Editor of Thisday Newspaper for publishing a story that cited data that indicated a drop in Nigeria’s Gross Domestic Product under Okonjo-Iweala’s watch

DIEZANI ALISON-MADUEKE
Alison-Madueke is the first woman to hold the position of Minister of Petroleum Resources in Nigeria, and in October 2010 she became the first woman to head a country’s delegation at the annual OPEC conference. She was also the first female Minister of Transportation, and the first woman to be appointed to the board of Shell Petroleum Development Company Nigeria.  Alison-Madueke was born on December 6, 1960 in Port Harcourt.

She graduated from Howard University in 1992, with a Bachelor’s degree in architecture and returned to Nigeria to join Shell Petroleum Development Corporation.
About 10 years later, she earned an MBA from Cambridge University and was appointed as the first female executive director of Shell Nigeria.

In 1999, she got married to Admiral Alison Madueke (retd), one-time Chief of Naval Staff who was at different times military governor of Imo and Anambra states.

Virtually all sections of the Nigerian society have called for the resignation of the Petroleum Resources Minister, Diezani Alison-Madueke, all to no avail. Most of those who sought her removal had cited several allegations of corrupt practices under her watch as reasons for their demand.

After the revelation of massive fraud in the fuel subsidy administration to the tune of N1.7trn, many had thought that heads would roll, including that of Alison-Madueke, who supervised the rot. Some heads did roll, but not that of the queen of the Nigeria oil and gas industry.

Till date, the Presidency has not queried or probed Diezani over allegations against her and the indictment of departments under her by several panels, including those headed by Nuhu Ribadu, Farouk Lawan, and Aigboje Aig-Imoukhuede as well as the Nigerian Extractive Industry Transparency Initiative.

STELLA ODUAH
Oduah joined the Nigerian National Petroleum Corporation in 1983 and in 1992, she established a petroleum products marketing company, Sea Petroleum & Gas Company Limited. She was married to the former Minister for Works, Chris Ogiemwonyi.

She got her Bachelor’s degree in accounting and MBA from American universities

The latest revelation that she forced the Nigerian Civil Aviation Authority to buy her bulletproof vehicles has again elicited calls for her removal and prosecution but considering the way the President has treated public outcries against these powerful women, Oduah is likely to remain minister till the end of Jonathan’s administration. Princess Stella Oduah was born on January 5, 1962 to Igwe D.O. Oduah of Akili-Ozizor in Anambra State on January 5, 1962.

ARUNMA OTEH
Through her battles, the Director-General of the Securities Exchange Commission, Ms. Arunma Oteh, has sufficiently earned the name ‘Iron lady’ even beyond her official sphere of influence. When she clashed with the House of Representatives Committee on the Capital Market, it was the chairman of the committee, Mr. Herman Hembe, that got hurt.

The committee had accused Oteh of fraud and misappropriation of funds. She fired back, accusing Hembe of demanding bribe from SEC. The SEC board suspended Oteh in order to investigate the findings of the lawmakers, who probed the capital market and indicted her. She immediately petitioned the President and Okonjo-Iweala. After two months, the President returned Oteh to her position, following the auditor’s report that said her offence amounted only to ‘administrative lapses.’ The directors and staff of the commission, who had protested Oteh’s alleged high-handedness, were advised to calm down and obey their boss.

On the other hand, Hembe was arraigned by the Economic and Financial Crimes Commission and also stepped down as chairman of the committee.
The crisis led to an intense battle between President Jonathan and the House of Representatives. The House demanded the sacking of Oteh but Jonathan refused.

The passage of the 2013 budget was delayed because of the fight. Eventually, the lawmakers insisted on zero budget for SEC to force the President’s hand, but he did not budge. Calls for her removal by civil society groups also fell on deaf ears. Oteh, who is an indigene of Abia State, is also a British citizen.

She graduated with first-class degree in computer sciences from the University of Nigeria in Nsukka and earned her MBA from Harvard Business School.




Civil Service Commission hid N11.7m in employee’s account – Reps


The House of Representatives Committee on Public Accounts said on Monday that the Federal Civil Service Commission breached financial regulations by paying “over N11.7m” into the private bank account of one member of its staff

The Chairman of the committee, Mr. Adeola Olamilekan, directed the commission to produce the employee, whose name was not given, on Wednesday (tomorrow) for questioning.

The committee also found out that another employee collected N493,000 to attend a conference but there was no documentation to justify the expenditure.

Similarly, a consultant was said to have been paid N900,000 by the commission without deducting tax and charges due to the government

Sarz Becomes First Nigerian Ambassador For NIKE

Sarz, whose real name is Osaretin Osabuohien, has become the first Nigerian to sign an endorsement deal with top-flight sports equipment company, NIKE. He was recently unveiled in Lagos. As a brand ambassador, he would be involved in many Nike events and activities in Nigeria.

Sarz is behind most of Nigerian artistes' monstrous hit songs, infact, he was hailed in Wizkid's new song Jaiyejaiye ft Femi Kuti, whose video was released few days back.

WORLD's LARGEST MEGA-AIRPORT FINALLY OPEN TO PASSENGER

Dubai's aviation industry achieved its biggest milestone to date on Sunday, when the emirate's new airport welcomed the arrival of its first commercial flight.

Located in Jebel Ali and part of Dubai World Central, an "aviation city" that the government launched as a free economic zone, Al Maktoum International Airport is expected to become the world's largest airport upon completion.

Like the emirate's main airport, Dubai International Airport (located 50 kilometers to the north), Al Maktoum International Airport is owned by the government of Dubai and operated by Dubai Airports Company.

Although full commercial passenger services were originally scheduled for 2017, the mega project was delayed for years due to the regional financial crisis, and faces a new tentative completion date of 2027.
Various reports estimate the total cost of the project at 120 billion dirhams ($32.67 billion).

The airport has been open for cargo flights since 2010.

Hungarian low-cost airline Wizz Air was the first airline to be welcomed at the new passenger terminal, and was greeted with a customary festive water salute.

Al Maktoum International Airport's two other launch carriers are Kuwait-based low-cost carrier Jazeera Airways and Bahrain's full-service Gulf Air, which also made its inaugural flight to the new airport on Sunday.

The UAE's state-owned carrier Emirates is expected to operate entirely out of the new hub by the time of completion.

More: Insider Guide: Best of Dubai

Gulf News has reported that more airlines are close to signing deals to use the new airport, with the Dubai Airports CEO hinting at more announcements to come.

Currently operating just one main runway, Al Maktoum will ultimately operate five runways with an annual capacity of 160 million passengers and 12 million tons of cargo.

To put those numbers into perspective, the world's current busiest airport, Hartsfield-Jackson Atlanta International Airport, serviced approximately 95 million passengers in 2012.

Dubai International Airport handled 57.7 million




28 Oct 2013

REVEALED: NCAA DG, others earn N4.2bn yearly



The Director-General of the troubled Nigerian Civil Aviation Authority, nine directors of the agency and 956 other members of staff earn N4.2bn as salaries and allowances annually.

This personnel cost represents 27.92 per cent of the annual budget of the NCAA, which stood at N15.3bn this January.

The “Certification” page of the NCAA’s 2013 budget, which our correspondent obtained in Abuja on Sunday, read, “The management of the NCAA, under the supervision of the Minister of Aviation, is hereby authorised to spend the sum specified in the schedule outlined here from the funds of NCAA during the year ending 31st December, 2013, not exceeding N15,316,850,000.”

A copy of the document was also lodged with the House of Representatives Committee on Aviation investigating the N255m bullet-proof cars the NCAA bought for the Minister of Aviation, Ms. Stella Oduah.

The agency has nine directors on its payroll, taking home N164.07m yearly. This is broken down into N18.6m (basic salary) and N142.4m (allowance).

The DG earns a total pay package of N22.6m, sub-divided into N2.9m (basic salary) and N19.9m (allowance).

The DG and nine top directors earn a combined annual pay of N186.7m every year.

The NCAA has 699 of its workers on salary GLs 7-13, who earn a combined salary of N1.9bn yearly.

This is broken down into N426.6m (basic) and N1.4bn (allowance).

There are 95 workers on GL 7; 168 on GL 8; 139 on GL 9; 76 on GL 10; 141 on GL 12; and 80 on GL 12.

Similarly, 200 senior officers on GLs 14-17, earn a combined sum of N1.7bn annually.

The break down indicates N245.7m as basic salary and N1.4bn as allowance.

The NCAA also has 67 members of staff on GL 14; 62 on GL 15; 52 on GL 16; and 19 on GL 17.

At the lowest rung of the ladder are 56 workers on GLs 4-6, collecting a total of N68.7m as a pay per annum.

This group’s basic salary is N13.1m, while the allowance is N53.6m per year.

A further breakdown indicates that the 67 members of staff on GL 14 earn a combined pay of N315.6m, while the 62 on GL 15, earn N597.6m and the 52 on GL 16, take home N584.1m.

The 19 senior officers on GL 17 earn a total of N282.4m, bringing the total pay package for this category (GLs 14-17) to N1.7bn per year.

The same applies to the 95 workers on GL 7, who earn a total of N171.7m, while the 168 members of staff on GL 8 take home N363.2m and the 139 on GL 9 collect N347.08m.

The 76 members of staff on GL 10 earn N222.1m, while the 141 members of staff on GL 12 take home N548.5m and another 80 employees on GL 13, earn N331.09m per annum, bringing the overall total for this category (GLs 7-13) to N1.9bn.

As for the 12 employees on GL 4, they earn N12.7m, while the 22 on GL 5, earn N26.06m and the 22 on GL 6, take home N29.9m, bringing the total for the category (4-6) to N68.7m per annum
Source: punchng.com

CANADA BEGINS COMPULSORY FINGERPRINT FOR VISA APPLICANTS

 
The Canadian High Commission in Nigeria says Nigerians applying for visa to Canada, will henceforth be required to provide their fingerprints.

It said the new requirement which took effect from October 23, was introduced to check fraud, facilitate legitimate travel by making entry into the country easier.

According to the High Commission, applicants will need to go in person to a visa application centre to submit their application and give their fingerprints as well as have their photograph taken.

But, the High Commission noted that the new application process will exempt applicants under the age of 14 or over the age of 79 as well as diplomats and government officials travelling on official business.

NSCDC, POLICE OFFICERS CRUSHED AFTER RESCUING ACCIDENT VICTIMS


Police Public Relations Officer, Ngozi Braide, said the incident occurred a few minutes before the compulsory monthly sanitation exercise.

She said, “Around 7am, state traffic policemen were alerted of multiple accidents around IkejaAlong Bus Stop. On getting there, the policemen observed the crushed corpses of two pedestrians at the centre of the expressway.

“A few metres away, there was another accident involving two commercial buses and a truck. The policemen were able to rescue the victims in the buses and conveyed them unto an ambulance. The policemen stood nearby by the BRT Bus Stop to get a vehicle into which they could put the corpses.

“However, some minutes later, a white jeep parked at the centre of the road for unknown reasons. Another vehicle, which was coming behind with high speed, did not notice the vehicle on time and attempted to avoid hitting the white jeep.

“However, the driver swerved to where the policemen were and knocked them down. One policeman died on the spot as well as the civil defence man. Another policeman was also injured but survived. Meanwhile, the driver has been arrested and investigations are ongoing.”

Braide warned motorists to be safety conscious especially during the ember months and also obey the movement restriction on environmental sanitation days.

CHAOS IN UK AS STORM STRIKES


Hurricane-force winds have disrupted power and transport networks across southern Britain Monday as one of the strongest storms in decades hits the country during rush-hour.

Various media reports suggest that up to 40,000 households are without power in the south of the UK and major rail networks are running a restricted service or are closed until 9 a.m. London time.

The storm has been accompanied by severe rain causing flood warnings and bridge closures. Felled trees as a result of the severe winds have caused damage and road closures and sea routes have been affected. Ferry company P&O Ferries has cancelled one channel crossing and the Port of Dover is shut until further notice.

The London Stock Exchange said it expects a normal trading session despite the forecast, however, one senior market analyst, Michael Hewson, warned that insurance companies could be impacted by the storm.

The country's Meteorological Office has issued warnings for much of the south of England and recorded winds of 99 miles per hour (mph) off the south coast's Isle of Wight on Monday morning.

CITIES IN AFRICA WITH HIGH COST OF LIVING

 
According to an index released by the Economist Intelligence Unit (EIU) on 25 African cities, Lagos and Abuja have been listed among the top four cities in Africa with high cost of living.
The key results of cost of living per city by the EIU reveal that Abuja is the second most expensive city with total expenditure score of 107.4, next to Luanda with a score of 131.8, while Lagos comes fourth with 100.8 total expenditure, as Addis Ababa came last with a score of 60.8.

A breakdown of the index shows that Abuja emerged number 12 out of 25 cities, in terms of consumption of alcoholic beverages, tobacco and narcotics, scoring 78.3, while Lagos scored 63.8 to emerge number 21 of the cities that consume same.

Meanwhile, Khartoum in Sudan comes tops on the list of cities with highest consumption of alcoholic beverages, tobacco and narcotics, scoring 121.3. On the other hand, Douala in Cameroon ranked last of the 25 cities sampled with 46.9 consumption rate.

In terms of transport, Lagos and Abuja emerged 15 and 22 out of the 25 cities, scoring 107.5 and 91.7, respectively. Top in the list is Abidjan with 172.0 score spent on transportation, while Alexandra in Egypt came last with a score of 71.7.

According to the EIU, per capita expenditure is higher in each of the sampled cities, as the index indicates that citizens in cities spend 94.4 percent more, per capita, than their counterparts in the countryside.

“Africa is urbanising fast and cities are attracting more and more migrants. As a result, we are witnessing the emergence of “super cities”- each bringing considerable opportunities. The demographic profile of these cities can be much different than the national level picture,” the EIU notes in the survey.

Africa’s growth is becoming more diverse as a result, companies are more interested than ever in expanding into Africa, it says further.

A recent survey conducted by The Economist Group of 217 global companies based in 45 countries reveals that expansion in Africa is a priority for two thirds of them within the next decade.

EIU’s key result of expenditure per capita differs markedly across cities. For instance, US$/per capita expenditure of Abuja and Lagos are 2,185 and 2,159, respectively, in terms of total expenditure on all items.

Johannesburg in South Africa emerged number one of the cities with highest US$/per capita expenditure, scoring 7,436, while Dar es Salam in Tanzania spend is lowest, scoring 572 US$/per capita expenditure.

A breakdown of the US$/per capital expenditure indicates that Lagos and Abuja scored 4 and 3, respectively, in terms of spend on alcoholic beverages and tobacco.

In the area of transport, US$/per capita expenditure of Abuja and Lagos stood at 157 and 147, respectively. Tripoli in Libya emerged the top most city with 1,780 US$/per capita expenditure on transport, while Lusaka in Zambia is at the bottom of the list with 31.

Even though, it says challenges remain, which include corruption, poor roads, inefficient border posts, inadequate railway networks, poor skill base, congested ports, and unwitting airports, among others.

To the EIU, to expand, companies need Africa city-level data and analysis, as “companies looking to expand into Africa want to concentrate their strategy where growth and demographics are most favourable – in major cities. It is not enough to plan a strategy around nationally-forecasted growth, but rather to have critical forecasting and business information on a particular city.”

The Economist Intelligence Unit also notes that 25 African cities present best opportunities for growth - based on key economic drivers, client feedback and a survey of economists.

In Corporate Network members, the EIU identifies 25 African cities (across 19 countries) that are of particular interest. The EIU collects and analyses the data needed to support the case and strategy for market entry.

25 Oct 2013

Ecobank Transnational opens first branch in Ethiopia

 
Pan-African banking group Ecobank Transnational has opened its first branch in Ethiopia, establishing a foothold in the fast-growing East African economy and extending its African network to 35 countries.

Economic growth in Africa’s second most populous country is running at more than 9 percent and the government could open up the state-dominated banking sector to new entrants before too long.

Ecobank CEO Thierry Tanoh said that the new branch will give the lender a head start in marketing its pan-African services to overseas businesses and other banks in the region before possible banking deregulation.

“Ethiopia has emerged as one of Africa’s most exciting new markets and is forecast to be the world’s third-fastest-growing economy between 2011 and 2015, behind only China and India,” Tanoh said, adding that Ecobank aims to profit from increasing trade across different African nations as the continent steps up its development and infrastructure.

Tanoh said that such trade had grown to 12 percent of total trade on the continent last year, from less than 10 percent five years ago.

Shares in the bank slipped 1.36 percent to 13.85 naira on Friday, but the stock has gained 24 percent since the start of the year.

Ecobank, which has been expanding rapidly across Africa in recent years, said it obtained the licence for a representative office in July and that the new operations will start with an initial staff of three people.

Nigeria, Africa’s most populous nation with 160 million people to Ethiopia’s 80 million, contributes more than 40 percent of Ecobank’s group revenue.

MRS Oil: Strong performance in Q2 as revenue hits N46bn


 

Background
MRS Oil Nigeria plc, a major player in the downstream Nigerian oil and gas industry, condensed interim financial statement for the half year 2013, shows a strong performance.
The company distributes and markets refined products and fuels, also blending lubricant and manufactures greases.
MRS was incorporated as Texaco Nigeria Limited (privately owned company) on August 12, 1969, and was converted to public limited liability company quoted on the Nigerian Stock Exchange in 1978, as a result of the Nigeria Enterprise Promotion Decree.
MRS has 254 million shares outstanding, with shareholder funds standing at N19.3 billion at the end of June 2013.

Financial performance for half year 2013
MRS reported gross income of N46.06 billion for the six-month period to June 2013, an increase of 21.1 percent Year-on-Year (YoY), from N38.2 billion as of half year (HY) 2012.
Premium motor spirit (PMS) sales, which make up to 75.6 percent of total revenue for the six month period to June 2013, rose by 25.5 percent (N34.9bn) from N27.8 billion in the corresponding period 2012.
Gross profit fell by 3.6 percent to N2.76 billion in June, 2013, as compared with N2.8 billion in the corresponding period of June 2012.
The slight contraction in gross profit is as a result of rise in the cost of sales by 22.2 percent to N43.3 billion in June, 2013 from N35.43 billion corresponding period of 2012.
It posted a profit before tax of N256.6 million half year ending June 2013, showing decrease of 4.2 percent, compared with N267.8 million in the corresponding period last year.
Profit after tax increased by 44.2 percent to N192.4 million in June, 2013 from N133.6 million in the corresponding period 2012. Income tax expense, which was based on management’s estimate of the weighted average income tax expected for the full year as stated in the condensed interim financial statement, shrank by 52.2 percent to N64.14 million June 2013, from N134.23 at year end 2012.
Administrative and distribution expenses rose to N2.6 million q-o-q in June, 2013 from N2.3 million in June 2012.
Earnings per share increased by 43.4 percnt to 76 kobo from 53 kobo in HY 2012. This was largely driven by the retail/commercial and industrial segment of MRS, which was the largest contributor to revenue across key indices.
The retail/commercial and industrial segment contributed 85 percent of turnover, 69 percent of gross profit, and 84 percent of profits before tax.
Trade and other receivables grew by 22.2 percent to N22.3 billion HY 2013, from N18.4 billion year end 2012. Trade receivables (Debtors), which make up 54 percent of total trade and other receivables, rose by 54 percent to N12.4 billion for HY 2013, from N3.4 billion year end 2012. The analysis reveals that discount should be given to customers to enable them pay more quickly and hence improve debtors collection.
Inventories increased by 30.2 percent to N5.6 billion for the period ended June 2013 as compared with N4.3 billion year end 2012. A break down of inventory as stated in the notes to the condensed financial statement shows that premium motor spirit (PMS) increased by 127.3 percent to N1.98 billion for six month to June 2013, as against N872.3 million in yearend 2012.
To reduce inventories; the company should adopt the Just in time (JIT) inventory system, which focuses on having the right quantity at the right time to prevent wastage of resources.
Cash and Cash equivalents reduced by 50 percent to N5.1 million in June 2013 compared with N10.1 million for year end in 2012. It shows the company is pursuing a conservative liquidity policy that avoids over-trading in its operations.
MRS property, plant and equipment, which represent 99 percent of total non-current asset, fell slightly by 2.3 percent to N 21.5 million compared with N22 million year end 2012.

Share performance and outlook
The stock closed trading at N34.26 per share on October 23, 2013, and currently has a price to sales ratio of 0.1.
It had a market capitalisation of N8.7 billion as October 23, 2013, while its shares have risen by 115 percent in the past year, compared with a 41.8 percent gain in the wider NSE All Share Index

NCAA OVERSHOOTS 2013 VECHICLE BUDGET BY N403M

The management of the Nigerian Civil Aviation Authority (NCAA) has revealed that it made extra budgetary spending of its 2013 Appropriation, and confessed that the purchase of two BMW bulletproof cars for Stella Oduah, minister of aviation, was carried out without the National Assembly’s permission
This is even as the Bureau of Public Procurement (BPP) washed its hands off the process of the procurement of the said vehicles.

This was the outcome of about six hours of investigative hearing by the House of Representatives Committee on Aviation on the purchase of the cars at $1.6 million (about N255 million).

During the hearing, NCAA testified that approval for the purchase of the cars was obtained from the office of the aviation minister.

It was also revealed that the prices of the vehicles were inflated along the line of purchase, as NCAA in its memo to the minister claimed that the vehicles were sold at N70 million each, but eventually paid a little over N127 million each for the cars.

During the hearing, Fola Akinkuotu, director, NCAA, who exonerated himself from the transaction, claimed that the purchase process started and was concluded before he assumed office last August.

This left Joyce Nkemakolam, who was in acting capacity to clear the air…

24 Oct 2013

Jonathan Must Learn From Ethiopia: War Against Indiscipline

When the Nigerian Ambassador to Ethiopia, Paul Lolo, was asked what similarities Nigerians share with Ethiopians, he said that they also love and welcome strangers and visitors like Nigerians do. But the real challenge President Goodluck Jonathan fellow Nigerians face, according to Lolo, is the following:
“One thing I admire about Ethiopians which I know we can copy is respect for law and order. They don’t require a big stick to obey the law. Day, night, afternoon and morning, you will find them waiting.

“They have cultivated and imbibed the culture of queuing up. The first person to arrive will be upfront, whoever comes will take his place in the queue.

“We were on this track in Nigeria in the 80s. It was then the government introduced the War Against Indiscipline. That war was beginning to bear fruit when we abandoned the programme. Regrettably, we have not gone back to it in all honesty and seriousness.”

All the things actually mentioned above by the Ambassador boil down to the difference between discipline and indiscipline.

Because of indiscipline Jonathan and the PDP refused to implement electoral reform.

Because of self-indiscipline the President truncated rotational presidency.

Because of indiscipline Jonathan doesn’t honour the agreement with university lecturers, which poses obstacles to the future of our youth.

Acting as the President for less than 2 months Jonathan started proposing a single term of seven years, giving insincere excuses. That time in 2011, nobody knew he was going to violate his electoral promise of a single 4-year term.

Certain people provide support fo Jonathan in terms of the national conference, which is already doomed to failure, since it is evident it is not in good fate.

Anti-conference advocates once told Nigerians that there was no need for the conference and that the National Assembly would fix Nigeria.

But the question is: What have they done to move Nigeria forward from 1999 to 2013 in terms of what makes for justice, peace, and stability?

So now the appeal is to Nigerians: let’s rally massively behind leaders who epitomise self-discipline and also have proven credibility win  in 2015

SKELEWU VIDEO: SESAN vs MOE MUSA, Which Video is better?















On monday, Davido Released another Video to his Monster Hit Single Skelewu which was Directed by Moe Musa, The Insult was Much compare to what he received from that of Sesan. From your Own View, which video make sense pass Sesan Skelewu Video or Moe Musa Skelewu Video

BRIDGING THE GAP BETWEEN IT AND BUSINESS


For the past several years we have watched with increasing dismay at the increasing chasm between information technology groups and their business counterparts.

The IT side complains that, despite the increasing penetration of technology into every nook and cranny of the business, it doesn’t have a seat at the table and no one understands how difficult its job is given the constraints under which it operates. The other side complains that IT doesn’t understand the business, slows innovation, and consistently overpromises and under-delivers.

Amid all this bickering, the most important point gets lost – that the failure to derive the full advantage of information technologies does enormous disservice to companies. Further, the pace of technological change and the demands to do more with the data grow exponentially and will continue to do so for the foreseeable future. While we have no “silver bullet” solution, we do offer three steps that can help:

•Quit making the same mistakes over and over again.

People are not given adequate opportunity to provide input, nor educated on the new process and applications they are expected to use, and they blame IT for imposing something on them they do not like. Or business silos blame IT because “systems don’t talk,” when the root issue is that departments don’t like working together. It is time to put a stop to this. Both sides must acknowledge the mistakes of the past, resolve not to repeat them, and develop the courage to speak up.

•Find common ground on medium-term issues

Organizations develop trust when they know what to expect from each other. We propose business and IT work in that direction by bringing a few tough technological trade-offs front and center, with the goal of finding some middle ground.

•Companies should ask, ‘how do we expect it to help us compete?’

Companies must invest in these parts of IT for the long term. Importantly, the critical investment is less in any particular technology and more in building organizational capabilities. While few information technologies qualify as strategic – after all, they will be woefully out-of-date in three to five years – developing the ability to keep pace with the technology curve in these areas must be viewed as strategic.

 (Thomas C. Redman is president of Navesink Consulting Group and the author of “Data Driven: Profiting from Your Most Important Business Asset.” Bill Sweeney is the founder of Risk, Data, and Analytics, a boutique consultancy focusing on those three areas.)

source: from Businessdayonline

STOCK MARKET REPORT FOR 18TH OCTOBER, 2013



 It was a brief trading week as the Federal Government of Nigeria declared Tuesday, October 15 and Wednesday October 16, 2013 as public holidays to commemorate the Eid-el-Kabir celebrations.A turnover of 895.210 million shares worth N11.659 billion in 14,989 deals were traded this week by investors on the floor of The Exchange in contrast to a total of 1.482 billion shares valued at N15.164 billion that exchanged hands last week in 21,606 deals. The Financial Services Industry
(measured by volume) led the activity chart with 702.814 million shares valued at N7.559 billion traded in 9,280 deals; thus contributing 78.51% and 64.83% to the total equity turnover volume and value respectively.
 The Conglomerates Industry followed with a turnover of 82.502 million shares worth N307.986 million in 741 deals, while the Consumer Goods Industry came third with 48.371 million shares worth N2.289 billion in 2,382 deals.
 Trading in the top three equities namely Zenith Bank Plc, Transnational Corporation of Nigeria Plc and Unity Bank Plc (measured by volume) accounted for 312.180 million shares worth N3.649 billion in 1,705 deals, contributing 34.87% and 31.30% to the total equity turnover volume and value respectively

DANGOTE CEMENT PLC: APPOINTMENT OF REGISTRARS

 Dangote Cement Plc notified The Exchange that it’s Board of Directors has approved the appointment of United Securities Limited as the Company’s new Registrars to replace MainstreetBank Registrars Limited. MainstreetBank Registrars will however continue to act as the Registrars until December 31, 2013 when they will finally hand over to United Securities Limited.Dangote Cement Plc states that this is not a case of joint Registrars between MainstreetBank Registrars and United Securities, but only a measure to ensure a seamless and successful handover.

South Africa’s MTN says stiff competition keeps Q3 growth flat

South Africa’s MTN Group on Thursday reported a slower-than-expected 1 percent increase in subscribers for the third quarter, hit by strong competition in key markets such as Nigeria and Iran.

MTN, Africa’s largest mobile operator, said in a statement it had 203.8 million subscribers at the end of September, from 201.5 million three months earlier.

MTN, which operates in 22 countries in Africa and the Middle East, said the number of subscribers in Nigeria, Africa’s most populous country, increased by 0.6 percent to 55.6 million.

“The third quarter has been characterised by lower-than-anticipated subscriber growth following ongoing price competition and subscriber registration requirements across a number of markets,” CEO Sifiso Dabengwa said in a statement.

MTN said conditions would remain challenging in its home market of South Africa, where it faces tough competition from local rivals Vodacom and unlisted Cell C.

South Africa’s telecoms regulator said this month it planned to cut by 75 percent the fees mobile operators can charge rivals to use their network.

Analysts have said the change would be a blow to MTN’s revenue. The company said it continued to discuss the proposed changes with the regulator.

MTN said the number of South African subscribers increased by just under 1 percent to 25.2 million.

Iran saw a decrease of 1.7 percent to 41.3 million, hurt by a weakening economy and an increased push by MTN’s main competitor.

Shares of MTN fell 1.2 percent to 198.78 rand, underperforming a 0.3 percent increase in the benchmark Top-40 index.

BEST PLACE (AS IN OFFICE) TO WORK IN NIGERIA.

Guinness, First Bank, others adjudged best places to work
Twenty eight companies were adjudged as the best places to work in Nigeria because of their strong ethical standards and work-friendly environment.
 The companies include Guinness Nigeria Plc, First Bank of Nigeria Plc, Fidelity Bank Plc, GlaxoSmith Beecham Nigeria, Akintola Williams & Delloitte, and Microsoft. Others are Johnson Wax Nigeria Limited, Mansard Insurance Limited, United African Company Plc, Vitafoam Nigeria Plc, and the Chartered Institute of Personnel Management (CIPM).



22 Oct 2013

Photo Of The Day: Ayiri Emami In A Hot Bum Short

n front of one of his houses

Would you have imagined this man as a multimillionaire?
Really! He is a Warri based Oil Mogul, Ayiri Emami, the CEO of 911 entertainment who recently gave Durella a brand new Toyota Prado Jeep. And also, known for being generous to Nigerian music artistes. The same guy that gave 2face a range rover jeep in 2010 and also sponsored his Dubai wedding.

Looking HOT 'N' SEXY *smiles* in this bump short! Oops! Really funny!


Further research made us to understand that he is a highly influential Niger Delta youth leader, who was the former Chairman of Delta Waterways Security Committee and a very good friend of  'Omosede Igbinedion'. The young man from what we hear is awesomely rich, his indescribable mansion in his homestead testifies to the fact that money to him is like water in the ocean. It was even said that he had the most expensive wedding in Nigeria at one point; how the cost of the wedding was arrived at we don't know.
We celebrate him!