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Wednesday, October 3, 2012

Zamfara to boost education with two percent deduction from contracts

Zamfara State Government is to establish a law compelling all its contractors to give two per cent of their contract sum in order to boost the education sector.

Governor Abdulaziz Yari said this on Wednesday while receiving individual reports on education from all the emirate councils in the state, the News Agency of Nigeria reports.

He explained that already, he had sent a bill to the state house of assembly requesting the legislators to review the law on the deductions from one per cent to two per cent as mandatory tax deductions from state government contracts, which would be added to education development in the state.

The governor, who set up the emirates’ education committees three weeks ago, noted that the state government could not handle educational development in the state alone.

Yari said with contributions received from contracts and other sources, it would allow the state government service other sectors such as healthcare, road construction, improvement of social welfare and provision of good drinking water.

He said from the reports submitted, the state government was now saddled with the responsibility of educating a total of 548,000 primary school aged children.

“So, we will have to review this year’s budgetary allocation to the education sector to about N5 billion, including collections from the Universal Basic Education Commission, in order to meet the target,” he said.

Yari said that various projects were currently ongoing under the Ministry of Education as well as that of science and technology, such as the building of staff quarters, expansion of schools and provision of furniture and learning materials.

The governor, who also set up a nine-man committee headed by Prof. Abdullahi Shinkafi, urged the committee to compile a summary of all the emirates’ submissions within three days in order to allow the state government start execution.

He also warned contractors handling projects under the sector to speed up and finish the projects or face the consequences.

He gave the contractors the next 30 days within which to finish their projects or have the projects transferred to more competent contractors.

Yari said that the state government had paid up all its contractual obligations, adding that funds meant for the payment of on-going projects had been in the state government coffers for the last seven months.

He said “anyone who completes his work, will be paid immediately.”

NAN reports that the concern of the governor on the development of the education sector had led to the setting up of a high-powered committee in 2011 to assess the problems of primary education.

FG to engage 1,500 workers in irrigation project

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The Federal Government will engage 1,500 workers through the Integrated Irrigation Dam Project in Eyekonrin-Araromi, Kwara, an official has said.

Managing Director of the Lower Niger River Basin Authority, Ilorin, Kwara State, Alhaji Abubakar Aduagba, announced this in Eyekonrin, Asa Local Government Area during the National Good Governance Tour to the project on Tuesday, the News Agency of Nigeria reports.

Aduagba explained that the construction of the dam started in 2009 as constituency project of a member of House of Representatives, Mr. Ayo Adeseun, which was funded by the Federal Ministry of Water Resources.

According to him, the 1.3 cubic metre dam will also provide 5,000 gallons of water per day for the people living in the area.

He also said that the National Directorate of Employment took advantage of the project to build structure in the area to train graduates in farming and fishing.

“The dam, which was built by a local contractor, is now 100 per cent completed and the full irrigation processes will start next year.

“The NDE is also taking the advantage of the project to build their structure in this area to train people in farming, fishing among others,” he said.

He, however, noted that the dam would not be operated by the Federal Government but by individual farmers who would be formed into cooperative groups.

Aduagba told the inspection team led by the Minister of Information, Mr. Labaran Maku, that the project cost was N630 million.

In another development, the Director-General of Michael Imoudu National Institute of Labour Studies, Ilorin, Dr. John Olanrewaju, said the Federal Government would spend N550 million on the construction of the institute.

Taking the team round the ongoing project in the institute during the tour, the director-general said N148 million had so far been spent on the construction of auditorium and road network.

Olanrewaju explained that the construction work in the institute would require N350 million while furniture and other facilities would take the rest amount.

He appreciated the Federal Government for accelerating development in the institute, saying that the institute, established in 1983, had suffered neglect in the past.

The director-general explained that the institute had now become a regional centre as labour unions across the West Africa were coming to the centre for trainings.

He commended the Federal Government for the support and lauded the state government for donating two blocks of hostel to the institute.

In his remarks, the Minister of Labour and Productivity, Chief Chukwuemeka Wogu, said that the accelerated effort given to the institute was more than contribution from the previous government.

He added that the effort had made the institute a foremost trade union centre in Africa.

Malawi president, Joyce Banda, explains pay cut, vows to sell official jet

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Malawi President Joyce Banda has said that she has decided to take a 30 per cent pay cut as a demonstration that she is prepared to sacrifice in line with government’s austerity measures.

Vice-President Khumbo Kachali announced last Friday that he and his boss would take a 30 per cent pay cut as part of the Banda administration’s austerity measures.

Banda on her return from her maiden appearance at the UN General Assembly in New York on Tuesday said, “The 30 per cent is what I got to become President of Malawi, so basically what I have done is to go back to my salary as vice-president.

“It may not be significant, it may not be a lot, but for me it’’ a demonstration that I am prepared to sacrifice.”

Banda, who is one of the few women to rule an African nation, ascended to power following the sudden death from cardiac arrest of her predecessor Bingu wa Mutharika in April.

“I’m finishing President Bingu wa Mutharika’s term. I didn’t know that I was going to be president by this time, but I’m doing the best that I can, but the 30 per cent came along with that job, it can go,” she said.

Banda, 62, said when she told the vice-president to make the announcement while in New York, Kachali volunteered that he too would take the salary cut, the Pan African News Agency reports.

But she said she would not force the rest of her cabinet to follow suit.

“I think it would not be fair for me to insist that because this is the decision that I have made I should then insist that all cabinet ministers should do the same,” she said.

“It’s up to them.”

As part of her government’s austerity measures Banda also said her government was selling the controversial presidential jet in a fortnight.

Her predecessor, Mutharika, got into trouble with Malawi’s biggest aid donor, Great Britain, when he used donor money to buy the plane.

London reacted by reducing its annual aid allocation to Malawi by three million pounds.

Banda said, “My position on the plane is that I shall never fly that plane again, it has to go.”

Vice-President Kachali said the plane would be sold “in two weeks.”

The decision by the Banda administration to allow a 49 per cent devaluation hit Malawians hard in the pocket.

Wild-cat strikes followed with people accusing leaders of not suffering together with the people.

Edo begins distribution of relief materials to flood victims

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Governor Adams Oshiomhole of Edo State says the state government has started the distribution of relief materials to victims of the flood disaster in the state.

This is contained in a statement signed by the governor’s Chief Press Secretary, Mr. Peter Okhiria, in Benin on Tuesday.

The statement said Oshiomhole made this known after inspecting the affected areas, the News Agency of Nigeria reports.

According to the statement, more than 30 communities of three local government areas – Etsako Central, Etsako East and Esan South East – are affected.

It added that Oshiomhole said the immediate release of funds would take care of the urgent needs of the victims.

It also stated that the distribution relief materials were being coordinated by the Chairman of the Relief Committee, Hajia Maimuna Momodu, in conjunction with the State Emergency Relief Agency.

The statement said the government would take adequate measure to ensure effective monitoring for even distribution of the materials to the victims.

It stated the governor appealed to the Federal Government to come to the aid of the victims.

The statement also listed the relief materials distributed to include mattresses, blankets, clothing, various food items, toiletries, beverages and drugs.

Tuesday, October 2, 2012

From Sweden with a yearning voice

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Mansour
| credits:

Guess who the latest foreign artiste testing the waters of Nigerian music industry is. He is Pan Africanist singer, Gabiy Mansur. The direction he is coming from is as interesting as his story as although he is a Sudanese, he is based in Sweden.

While he is in Nigeria to promote his new album titled Cage, the fact that he is here with his producers, Freestylla music led by Freedom Fabana and promoters, Romeo Music indicates that they really mean business.

And Mansour, who confesses that his sojourn to Nigeria has been an eye opener, cannot hide his reverence for the industry.

He notes, “The Nigerian music industry is a big one. It is the biggest in Africa and music from the country is popular in different parts of the world.”

While his music encompasses hip hop, reggae and dance hall, the 16-track album is Mansour’s way of expressing his perception about life, which, he says, can be intriguing and tough.

“Life can be a cage,” he notes. “It is partly about real life experience. Besides, I had to struggle hard to get the songs out.”

Although he left Sudan when he was 15, his exit was not as a result of the crises the country has witnessed for decades. According to him, his passion for exploring the world prompted his journey to Sweden. He has been to several other countries, he adds.

Mansour has performed in a number of places that include Lagos Airport Hotel and Oriental Hotel. He describes the audience’s reaction to his music as being encouraging.

“Some of them asked me to speak Swedish to them. But even if I do, they do not understand,” notes the singer who says he has met several artistes that include Tuface and OJB.

His influences in music include Tupac, Bob Marley and Fela because, he says, he always falls in love with people who speak the truth always.

He says life is good in Sweden but it is tough for a foreign artiste to break into the terrain.

Woman narrates ordeal in kidnappers’ den

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Arrested kidnappers of Lagos businessman.
| credits: Eniola Akinkuotu

Women leader, Redeemed Church of God, Cornerstone Parish, Lagos, Mrs. Adebusola Odunaya, on Tuesday described her release by kidnappers after six days of captivity as an act of God.

PUNCH Metro reported last Thursday that Adebusola had on Saturday, September 21, left home for Lagos to buy beverages and some other items but could not be found for six days.

But the 37-year-old Adebusola resurfaced on September 27.

In a telephone interview, Adebusola said although she could not recognise the exact spot, she was held in a bush along the Lagos-Ibadan Expressway and was released after six days.

Adebusola said, “On the fateful day, I was to go to Lagos Island to pick my stock of noodles. It was past 12 noon.

“When I got to Ishaga area, there was no vehicle there. I decided to go to Agege to board a bus. When I got to Agege, there was no direct bus going to Idumota on Lagos Island. I had to board an Oshodi vehicle (molue). As we were already in the vehicle, I heard a conductor calling Idumota. I had to alight from the vehicle I was in and went for that.

“When I got there, the vehicle was still loading. Three women and the driver were inside. I joined them. As soon as I did, the women then asked the driver to move so that they could carry people along the road. I became happy that the vehicle would be fast.

“As we were expecting the vehicle to move, the conductor came and touched me with the handkerchief he was holding. That was when I fell asleep. I did not wake until five days after in a forest along Lagos- Ibadan Expressway.”

Adebusola said when she regained consciousness on the fifth day, she found out that her hair had been cut and the money she wanted to use to pay for the items, about N500, 000 had been taken.

“They ransacked my bag and saw our General Overseer’s (Pastor Enoch Adeboye) picture and Redeemed wristband. They asked me, ‘So you are a member of Redeemed?’ I said yes.

“Two men among the kidnappers ordered me to call my family. As I called my brother, they were telling me what to say. When I looked at the front, I saw a horrible looking hut. There were two women lying unconscious near it. I don’t know if the women were alive or dead. The whole place looked scary.

“They said, ‘thank God for your life.’ They now led me through the jungle to Lagos-Ibadan Expressway and left me. That was how I was freed from the kidnappers.”

[/media-credit] Arrested kidnappers of Lagos businessman.

Police smash kidnap syndicate, arrest eight

Meanwhile, the police in Lagos have arrested a gang of eight, including a woman, suspected to have killed a businessman, Mr. Odidi Nweze, in FESTAC recently.

The Commissioner of Police, Mr. Umar Manko, said the suspects’ modus operandi was to kidnap their victims and take them to FESTAC.

Manko said the command was worried by the number of victims who had been taken to FESTAC.

He said, “In the cases of kidnapping that had been recorded of recent, victims were usually drugged and taken to FESTAC. Now, we have smashed this particular syndicate. Its ring leader, Kelvin Emenike, was the first to be arrested. Though he lives in Port Harcourt, Rivers State, he was lured to Lagos by the police under the guise of a business proposal.

“It was Emenike who led the police to arrest the seven other gang members, including a woman. There is a previous case of suspected murder of a clearing agent linked to this group.”

He said the suspects who used an uncompleted building located somewhere in Okota, Lagos as their hideout were in the habit of trailing their victims to an obscure place, abduct and blindfold them before taking them to their hideout in Okota.

Whenever the victims’ families pay ransom, Manko said, it was the woman that usually collects and shares it among members of the gang.

Emenike, who confessed to the crime, said the gang killed the businessman because he attempted to snatch a gun from one of them.

He said, “Although the parents later paid N1.2m out of the money we demanded, we killed him even before they paid the money.

“When he was kidnapped at Satellite Town, as we were going to Okota, he attempted to disarm one of us. So, I grabbed the gun and fired him point blank. He later bled to death.”

When asked how he picked his targets, Emenike said they usually go on motorcycles and trail people in flashy cars, adding that they would then attack the victims and demand ransom from their families.

Emenike said, “There was one time that we kidnapped two people in a jeep but the victims told us that the vehicle wasn’t theirs and we later let them go. Most times, we receive between N1m and N5m as ransom depending on how the family negotiates.”

Mixed reactions greet FG’s shake-up of aviation agencies

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Mixed reactions, on Tuesday, greeted the Federal Government’s restructuring of some agencies in the Ministry of Aviation.

In the restructuring, some personnel were redeployed, while some directors were said to have been retired.

Aviation sector workers gathered in groups on Tuesday morning at the Murtala Muhammed Airport, Lagos, discussing the development.

In their discussions, as witnessed by our correspondent, various positions were expressed by the workers. Some said they were surprised at the shake-up, while others said they would face the situation with equanimity.

Meanwhile, stakeholders and professionals in the industry have also expressed varying views on the development.

While some saw the move as a positive development, others described it as a “vindictive” one that was bereft of “professionalism” but with a tint of “ethnic colouration.”

The President, Aviation Round Table, Captain Dele Ore, said that the move might not move the industry forward.

He said, “If at all we want to embark on a restructuring exercise, I have always said we should start from the ministry. That is the correct thing to do. The people that ill-advised the former ministers are still lurking around. That is the truth; but I wish everybody good luck in their endeavours.”

It had been widely speculated early on Tuesday that the shake-up was to affect top management staff in the Nigerian Civil Aviation Authority, the Federal Airports Authority of Nigeria, the Nigerian Airspace Management Agency, the Nigerian College of Aviation Technology, the Accident Investigation Bureau and the Nigerian Meteorological Agency.

Letters to those either retired or sacked were expected to be released on Tuesday, the report said.

But the Special Assistant (Media) to the Minister, Mr. Joe Obi, on Tuesday, said the media report was not totally true, although some of the issues reported were correct.

He said the ministry would issue a press statement on the matter very soon.

Jonathan has no role in Salami’s recall – NJC

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Suspended President of the Court of Appeal, Justice Ayo Salami
| credits: File copy

National Judicial Council on Tuesday told an Abuja Federal High Court that President Goodluck Jonathan had no powers under the law to play a role in the reinstatement of the suspended President, Court of Appeal, Justice Ayo Salami.

The NJC told the court that rather than Jonathan, the exclusive powers to recall Salami was vested in it.

Following its decision to recall the suspended PCA, the NJC had reportedly forwarded a letter recommending Salami’s reinstatement to the President, but Jonathan refused to act on the recommendation, as a result of the Attorney General of the Federation and Minister of Justice, Mr. Bello Adoke’s advice that the matter was sub judice.

In its written address in response to a suit instituted by 11 human rights activists against Jonathan and Salami’s continued suspension, the NJC agreed with the plaintiffs that the President had no role to play in the recall of the suspended PCA.

Jonathan, the AGF, NJC, Salami and the Acting PCA, Justice Dalhatu Adamu, were listed as the defendants in the suit filed on behalf of the activists by Mr. Jitobo Akanike.

The NJC’s written address, dated October 2, 2012, was filed by its counsel, Mr. Usman Isah.

The plaintiffs had asked the court to determine whether Jonathan had the powers to recall Salami, and also, whether he (Jonathan) can reappoint Adamu as acting PCA after the expiration of three months without the recommendation of the NJC.

The NJC agreed with the plaintiffs on both issues, maintaining that Jonathan had no powers under the law to recall Salami, and that Adamu’s continued stay in office as acting PCA was illegal.

“By virtue of the combined provisions of sections 153, 158 (1), of the Constitution, and the NJC’s power to exercise disciplinary control over judicial officers contained in paragraph 21 (1) of the part 1, third schedule of the Constitution, the NJC is clothed with the power to suspend and recall the 4th defendant (Salami) without any recourse to the President (the 1st defendant),” the NJC argued.

The council added, “We submit that by virtue of section 238 (5) of the Constitution, the 5th defendant (Acting PCA) cannot be reappointed after the expiration of three months without the recommendation of the 3rd defendant (NJC), as such the continued stay in office by the 5th defendant is unconstitutional and illegal.”

I’m no stooge of Tinubu – Akeredolu

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L-R: Tinubu, Akeredolu and Akande
| credits:

Action Congress of Nigeria’s candidate for the October 20 Ondo State governorship election, Rotimi Akeredolu, has dismissed claims by Governor Olusegun Mimiko that he plays stooge to former Lagos State Governor Bola Tinubu.

Akeredolu said this while addressing supporters at Ikare Akoko on Tuesday.

He said, “Was he not the stooge when he ran to Tinubu for his support when his mandate was stolen?

“Mimiko said I was planted in this state by Tinubu but where did he get his own support? Tinubu is the Moses of our time. He is only working to liberate this state from the clutches of the oppressors.

“You people have spoken by giving us your support. I am calling on you people of Ikare and Ondo to vote massively on October 20.”

National Chairman of ACN, Chief Bisi Akande, presented a banner to Akeredolu, saying it signified that the former President of the Nigerian Bar Association would be the next governor of the state.

Akande said, “I am thanking you now, but I know I will come back and thank you again after the election.”

Osun State Governor Rauf Aregbesola told party supporters to stay at the polling booths after casting their votes so that the ballots could be counted in their presence.

Aregbesola said the step would frustrate rigging.

He said, “Rogues who have positioned themselves to steal votes would not have a chance in the coming election.”

Former Governor Segun Osoba predicted victory for the ACN.

Wanted oil marketers refuse to surrender to EFCC

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EFCC Chairman, Ibrahim Lamorde
| credits:

The three oil marketers declared wanted by the Economic and Financial Crimes Commission over the fuel subsidy scam have yet to surrender themselves, it was revealed on Tuesday.

Spokesman for the anti-graft agency, Mr. Wilson Uwujaren, confirmed to our correspondent that the marketers were still on the wanted list of the EFCC.

He said, “The three persons declared wanted by the commission over the fuel subsidy scam – Abdul Afeez O. Olabisi, Abubakar P. A. Jeldi, Ikechukwu O. Nworgu – are still on the EFCC Wanted Persons list.

“As stated in an ealier statement on the subsidy scam, the arraignment of suspects will be in batches.Two batches have been arraigned so far.

The EFCC had on September 7 declared the marketers wanted for their involvement in the fuel subsidy scam.

They are Abdul Afeez Olarenwaju Olabisi (Fago Fargo Petroleum and Gas Limited); Abubakar Peters Ali Jeldi (Managing Director of Nadabo Energy Limited) and Ikechukwu Onuabuchi Nworgu of Star Inspection Services Nigeria Limited.

The agency said they were wanted for offences bordering on criminal conspiracy, forgery, obtaining money by false pretences and money laundering running into several billions of Naira.

Gunmen kill 23 students, others in Adamawa

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Inspector General of police, Muhammed Abubakar

GUNMEN midnight Monday stormed an off-campus residence of students of the Federal Polytechnic, Mubi, Adamawa State, and shot dead 23 students.

Also, three other persons, including a retired soldier, a guard and father of a studfent, lost their lives in the orgy of killing with a total of 25 felled victims.

The murdered students were said to have been called out by their killers. As a replacement for one of their targets, the gunmen killed the father.

Police on Tuesday confirmed the number of deaths even as students were said to have deserted the campus of the polytechnic. The police also said five others sustained serious injuries and were receiving treatment in the hospital.

Commissioner of Police in Adamawa, Godfrey Okeke, confirmed to our correspondent on the phone that 26 corpses had been deposited in the mortuary.

Okeke said the killers came with a hit list with which they identified their targets before gunning them down.

According to him, the police had commenced investigations into the killings and detectives were exploring wide angles to identify the motives for the attacks and the perpetrators and their sponsors.

The CP said, “It was around 2am that one of my officers told me about the attack in Mubi and I asked him to find out what happened. We learnt that the attackers came with a list and were calling out the names of their victims whom they either shoot or slaughter.

“This morning (Tuesday), I went to the scene with the SSS director and Brigade of Guards Commander and we saw 26 bodies on the ground. They have been deposited in the mortuary and we have commenced investigations into the incident.”

Asked why the operatives of the Joint Taskforce who have been in charge of security in the area did not respond to the sound of gunshots, Okeke said the JTF men were not aware of the incident because the gunmen muffled the sounds of their gunshots and also used knives to slaughter some of their victims to avoid detection.

He said the police would explore all possibilities, including the fact that the killings might have been sponsored by participants in the student union elections that held last Saturday at the Federal Polytechnic.

“We are exploring all angles in our investigations; you know there was a student union election at the school last Saturday, so we will investigate this angle too to know whether there is a link to the killings,” he said.

Public Relations Officer of the Adamawa State command of the Nigeria Police, Mohammed Ibrahim, had earlier confirmed to the News Agency of Nigeria that 25 people were killed, 19 of them students of the Federal Polytechnic.

“We are just leaving Mubi with the Commissioner of Police and the Brigade Commander. Nineteen students were killed… all in all 25 persons were killed. Although the investigation is continuing, there are signs that there may have been some internal factors. But we cannot prove it until we complete our investigation”, Saharareporters quoted Ibrahim to have said on the phone.

A resident however told NAN that students of both the polytechnic and those of the nearby School of Health Technology lived in the affected hostel.

Spokesman for the National Emergency Management Agency, Yushua Shuaib, also confirmed the incident though he couldn’t confirm the casualty figure.

Shuaib told a news agency that police were investigating the possibilities that the killings were as a result of rivalry between factions in the students’ union election in the polytechnic.

Shuaib was quoted as saying that the attack had been probably launched by a faction not satisfied with the election.

“The crisis in Mubi is suspected to have been fuelled by campus politics after an election at the Federal Polytechnic,” the NEMA spokesperson said.

Abdulkarim Bello of the Red Cross said, “They were conducting elections in the Federal Polytechnic and unknown gunmen just entered and sprayed people with bullets”.

A student, who was said to have refused to give his name, reportedly told saharareporters that the gunmen were wearing military uniforms, and were calling out the names of individual students before killing them.

The student said that after surrounding the compound around midnight, the gunmen started taking the students outside, ascertaining their names and shooting them, while others butchered the bodies with sharp knives. The mutilated corpses were left lined up in the courtyard.

The student said the killings were likely to have a connection with last Sunday’s Student Union Government election, which was said to have been contested on regional grounds between Northern and Southern students in the institution.

Court orders CBN to declare whereabouts of N191bn forfeited by Cecilia Ibru

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A Federal High Court, Lagos on Tuesday gave the Central Bank of Nigeria 72 hours to declare the whereabouts of about N191bn asset forfeited by the convicted former Managing Director of Oceanic Bank Plc (now Ecobank Plc), Mrs. Cecilia Ibru.

Justice Mohammed Idris gave the order in a judgment on Monday.

The judgment was on a suit instituted by the President of Progressive Shareholders Association, Mr. Boniface Okezie, seeking to compel the apex bank to release the information under the Freedom of Information Act.

In granting part of the reliefs sought in the suit, Idris also ordered CBN to declare “the total cash and value of properties recovered from Cecilia Ibru.”

He ordered the apex bank to declare “the whereabouts of the money recovered from Cecilia Ibru; and what part of this cash and properties has been returned to Oceanic Bank and/or its shareholders.”

He said the order must be complied with “within 72 hours.”

More details later.

Court orders CBN to declare whereabouts of N191bn forfeited by Cecilia Ibru

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Justice Mohammed Idris gave the order in a judgment on Monday.

In granting part of the reliefs sought in the suit, Idris also ordered CBN to declare “the total cash and value of properties recovered from Cecilia Ibru.”

He said the order must be complied with “within 72 hours.”

More details later.

Gunshots cause fresh scare in Lagos

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Policemen attached to the Rapid Response Squad on Tuesday morning patrolled Mobolaji Bank-Anthony Way in Ikeja, Lagos State after gunshots rang out near Sheraton Hotel.

The policemen, in vans and motorcycles, and with guns at the ready, patrolled the busy road from the intersection at Joel Ogunnaike Street to Maryland and back.

A PUNCH correspondent, who drove past the police patrol, noticed that even drivers of the vans rode with rifles on their laps.

Reports said some unidentified gunmen fired shots near the upscale hotel, although it could not be confirmed if they attacked motorists or any offices.

However, it was suspected that the gunmen had planned to raid parts of Lagos, in the same fashion as a gang of armed robbers rode through some parts of the metropolis some weeks ago, killing and robbing motorists, policemen and foreign exchange traders.

More details later.

Obi continues tour of flooded areas in Anambra

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Anambra State Governor, Peter Obi, on Tuesday continued his tour of areas ravaged by flood in the state.

The governor visited Onitsha and moved to Umueze Anam, with a team of government officials, to ensure the evacuation of people stranded in flood-hit communities.

The state government had swiftly responded to the flood disaster by evacuating affected persons from their communities to rehabilitation camps.

Also, efforts are being made to feed the displaced persons and provide them with water, mosquito nets and other relief materials.

Schools in the affected areas have also been shut.

Obi had on Monday abandoned the Independence Anniversary parade in the state capital, Awka, and headed for Ogbaru Local Government Area, where some communities were badly hit by the flood.

As at Monday, four camps had been established in Anambra West for displaced persons in the state and neighbouring Kogi State, according to information released by the state government on Tuesday.

The camps are Umuoba Unity Primary School, with 175 persons; Umuleri General Hospital, with 300 persons; Bishop Crowther Primary School, with 200 persons; while St. Joseph’s Secondary School has yet to be occupied.

More details later.

Shock greets FG’s overhaul of aviation agencies

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Shock on Tuesday greeted the Federal Government’s overhaul of some agencies in the Ministry of Aviation.

In the restructuring, some personnel were redeployed while some directors were retired.

Aviation sector workers gathered in groups on Tuesday morning at the Murtala Muhammed Airport, Lagos, discussing the development.

Some said they were surprised at the shakeup while others said they would take the situation with equanimity.

A national newspaper reported on Tuesday that the shake-up affected top management staff in the Nigerian Civil Aviation Authority, Federal Airports Authority of Nigeria, Nigerian Airspace Management Agency, Nigerian College of Aviation Technology, Accident Investigation Bureau and Nigerian Meteorological Agency.

The paper quoted sources close to the ministry as saying on Monday that letters were released to top directors and general managers either redeployed to sister agencies, or elevated to higher positions, as well as those being brought into the parasatals from outside.

Letters for those either retired or sacked are expected to be released Tuesday, the report said.

It stated that FAAN’s directorates were increased from seven to nine, with seven of the directors to head the directorates being brought in as new recruits.

FAAN General Manager (Training), Hajiya Salamatu Eluwa, was promoted to Director of Administration while the its Public Affairs Department was split into two, with the former General Manager, Public Affairs, Mr. Akin Olukunle, redeployed to the Protocol and Passages Unit, while Yakubu Datti would now head the newly created Corporate Communications Unit.

Also affected in the shake-up is the former Director of Engineering of FAAN, Mr. Saleh Dunoma, who is being redeployed to head the newly created Directorate of Projects, the report said.

The paper also learnt that the Directorate of Legal Services, which was phased out some years back, had been restored.

More details later.

Monday, October 1, 2012

Nigeria, a fertile place for short-term investment – Adubor

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Vincent Adubor
| credits:

Vincent Adubor is an Assistant Director with the Chartered Institute of Stockbrokers. In this interview with Okechukwu Nnodim, he says Nigeria is one of the most fertile places for short-term investment

What are your three key investment principles?

You must invest in what you can control, where you think you will be in charge. You don’t go and invest where you don’t have an idea of what is happening. So you must be knowledgeable about what you are investing in. If you are to invest in land, you must know that location is one of the most important things to consider and you must know other things that surround the security of the land you are investing in.

So before going into any type of investment, you must be familiar with it; you don’t just invest because other people are investing.

Secondly, you must be able to know point of entry and point of exit. For example, now that we are talking about property issues in Europe and in America, there was a time it was at its peak. And at that peak period, I don’t think an average investor can just enter.

You have to know what is the average price like, how does it start, what is the bottomline, what is the support and what is the resistance so that you will be able to say if I enter at this point, what is my gain going to be like and how long it is going to be.

Therefore what I am trying to say is that you should know your point of entry and exit. If you are a speculator, you must know when to exit. If you are a long term investor, you must be able to give duration in terms of projection of when you might have made your maximum return or at least 50 per cent and above. And at the point of exit, even if you’ve not made what you want to make on the investment, have you taken advantage of breaking even at exit instead of total loss? So this is what I mean by point of entry and point of exit.

Thirdly, what are your expectations in terms of return on investment? In every business the bottom line is profit. So what are you looking at? Is it short, medium or long term? All these will help you to know when and where to invest in, whether it is stock, land or any business.

Are there short-term investments in Nigeria that can generate good returns?

I think Nigeria is one of the most fertile places to invest for short term. Let’s take the capital market for example and let’s forget about what happened even after the meltdown, you and I know that there was a time when (the share price of ) Guarantee Trust Bank Plc, not quite one year now, was N9. Today you and I know the price and when you take the average percentage in terms of income, you will know what I am talking about. So if you have cash and you are not in a hurry, Nigeria is a fertile place to invest.

So in that aspect, you could have made your 100 per cent returns under one year and one year is a short term from all angles. In terms of investment analysis in Nigeria, when you talk of money placement, one year, 180-days or 190-days period is short-term and it is like the money market.

But even in the capital market, if you want to invest and pull out all your money you can make it. Even in the past two months, if you analyse the stocks movement, forget about the market makers they have now, you would have noticed that some stocks have gained up to 25 to 30 per cent.

It’s been argued that only about 10 per cent of the listed equities have gained this much, so how would an investor interested in the stock market know which stocks to invest in?

Well like I said, many of our practitioners, are not well exposed to market analysis, but what is important is that over the years even if you are not a broker, you would have known that even though there is capital market meltdown, there are some stocks that are known to be steady. So historically you will know that, you will be able to look at one or two stocks.

Apart from that, in terms of property, aside the cost of building, location is another point. If you are able to get a good location in Nigeria and build a good property and you are able to handle it properly, I mean under two years you will make your money. I am talking of real estates now and you can get good returns there. I know that even in Ikorodu, Ketu and some other non-luxury areas, people bought land and even when they couldn’t build on them, the land continued to appreciate.

For an average individual who wants to invest in the stock market, what are the basic things to look out for?

If you don’t know anything about the market you must meet a practitioner, which is why we are brokers. And the broker must look at the fundamentals, forget about whether a company is paying dividend now or they are paying next year or what they have paid. Look at the current fundamentals and see the projections and see whether the ones that they have already sold out agree with their projections or surpassed it.

You may not reap immediately but in the long term you are going to reap.

So the fundamentals of companies, not bandwagon effect of companies, like ABC companies are mopping up and you don’t know their objectives and you join them without finding out. No! Do your analysis through your stock, let him advise you and go to all the sectors to pick and you will get something good.

Foreigners always say it is easy to make money in Nigeria, do you agree?

Anything you can do in a virgin land like Nigeria will guarantee you good income. If you travel outside to developed nations, nearly all ideas have been exhausted there and they are only refining ideas. But here we have not even started with any idea.

Group demands soldiers, police neutrality

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Inspector-General of Police, Muhammed Abubakar
| credits: File copy

Ahead of October 20 Ondo State governorship election, a group, Ondo State Progressives, has demanded neutrality from soldiers and police during the poll.

The group said at a press conference in Lagos on Monday it would resist any attempt by security agents to take sides in the poll.

Chairman of the group, Mr. Dele Okeigbo, said the warning was necessary to avoid bloodletting as witnessed in 1983.

Okeigbo also asked the Independent National Electoral Commission to give every party a level-playing ground to operate in order to avoid chaos.

Okeigbo said, “Soldiers can be deployed in the state but they should be neutral during the election. They should play their roles professionally and not to take sides.

“As a group, we want the best election conducted in our state. We do not want chaos; we want INEC to give every party the opportunity to exercise their franchise. We do not want bloodletting as we experienced in 1983.

“The electorate should vote wisely for the right candidate and party that will move the state forward. Ondo is our own and its interest must be protected.

“Ondo is a volatile place and they can easily be provoked if there is a kind of manipulation. Our people know their rights and let nobody provoke them.”

Okeigbo said the group had enlightened the electorate to have it at the back of their minds that their votes remains their power and they should preserve their future by voting conscientiously.

“The voters must continue to guard their votes. They must vote for people who can deliver,” Okeigbo said.

Nasarawa governor pardons nine prison inmates

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Nasarawa State Governor Tanko Al-Makura on Monday pardoned nine prison inmates from the state as part of activities to mark Nigeria’s 52nd Independence Anniversary.

Al-Makura, who announced the pardon when he visited the prisons in Lafia, said the gesture was also part of activities to mark the 16th years of the creation of the state, the News Agency of Nigeria reports.

He donated one Hilux van, two cows and 20 bags of rice to the inmates, directing that it should be cooked and served to the inmates to celebrate the double anniversary.

The governor also called for the speedy dispensation of justice in the country to further decongest the prisons.

He decried the delay in the administration of justice in the country, pointing out that many inmates had languished in prisons without obtaining justice.

“The speedy trial of suspects will certainly help to decongest the prisons as cases of awaiting trial suspects will reduce drastically,’’ he said.

He called on the Federal Government to give priority attention to welfare of prison inmates so that they could become reformed citizens on completion of their jail terms.

The state Comptroller of Prison, Kunle Sanusi, thanked the governor for the gesture and assured him of the judicious use of the items.

FRSC warns motorists as fallen tree blocks Ibadan-Ife Road

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Federal Road Safety Commission on Monday night warned travellers on Ibadan-Ife Road to exercise caution around Akinlalu junction.

FRSC said in a Facebook post that a mighty tree fell across the inward Ibadan side of the expressway, five kilometers after Oduduwa University and just before Akinlalu.

“Traffic alert. For those travelling to Ibadan, you are advised to slow down when approaching Akinlalu junction, about five kilometres after Oduduwa University. A mighty tree just fell and blocked the the road. FRSC marshals from RS11.11 are clearing the obstruction.” the post said.

More details later.

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