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Politics / Re: Tompolo To Face Fresh Charges - EFCC by fajoren: 12:55pm On Jan 21, 2016 |
The only people he wants to NEGOTIATE with and who he searches for CREDIBLE LEADER is for Boko Haram. The CREDIBLE LEADER of IPOB, Nnamdi Kanu and the CREDIBLE LEADER of NIGER DELTA, Tompolo, deserve to be killed or be in jail. The CREDIBLE LEADER of BOKO HARAM however is to be found and bargained with. God dey." [/quote] When Jonathan identified to Polo as leader, he squandered the billions on private jets, mansions and speedboats. I am from the Niger delta and he is not my leader but a common criminal. He has been a big disappointment considering what we sacrifices we made for him 1 Like |
Politics / Re: Drama As Buhari Faults Auditor-general On Lake Chad Report-vanguard by fajoren: 6:58am On Oct 13, 2015 |
Adminisher:Lol, you forget Jonathan already? Probably give N10 billion contract to tompolo to protect the lake during the meeting. And why not another N5billion for kitchen stoves to all the lake Chad women. |
Politics / Re: Boko Haram Fuel Dump Discovered In Maiduguri (Photos) by fajoren: 6:40pm On Oct 01, 2015 |
ceo247frolic:All these chelsea supporters na racist, agbero, danfo drivers, okada and now No. 1 boko haram financiers . Abrahamovich sent the supplies the diesel from russia through obi to this guy. |
Health / Need 200kgs Of Moringa Seeds Immediately by fajoren: 3:43pm On Sep 14, 2015 |
I need 200kgs of moringa seeds immediately. Export quality.. I am based in lagos Leave message with proof of your product. Photos preferably will get more attention Urgent |
Nairaland / General / Re: Moringa Seeds Interested Buyers by fajoren: 3:26pm On Sep 14, 2015 |
bamimark:You are not on whatsapp |
Religion / We Are Renovating Mosques. Send Us Pictures Of Your Mosques by fajoren: 5:57pm On Aug 15, 2015 |
Asalaamu Alaikom We are developing an idea to renovate mosques around the country. Send us pictures of your mosques and areas that need renovatin Send photos to kashetima@gmail.com with details of mosques. We will contact you immediately |
Islam for Muslims / We Want To Renovate Your Mosques. Please Share Photos on your phones by fajoren: 1:56pm On Aug 15, 2015 |
Asalaamu alaikom We are a philantropic group of professionals developing an idea of renovating mosques. Please share photos of your mosques and areas of your mosques that need renovating. Send your photos to kashetima@gmail.com and we will contact you immediately contact you Insha Allah 2 Likes 1 Share |
Religion / We Want To Renovate Your Mosques. Share Photos by fajoren: 1:43pm On Aug 15, 2015 |
Asalaamu alaikom We are a philantropic group of professionals developing an idea of renovating mosques. Please share photos of our mosques and also areas of your mosques that need renovating. We will contact you Insha Allah. |
Investment / Investment Due Diligence by fajoren: 7:32am On Aug 03, 2015 |
Regulating Due Diligence by Dr Isaac Ogbodu, Head of Due Diligence and Special Research with Greystone law and risk. The examples we will look at indicate at least four main regulatory approaches through which States can ensure human rights due diligence activities by business. Usually these approaches co-exist within the same jurisdictions and legal systems. The first approach imposes a due diligence requirement as a matter of regulatory compliance. States implement rules that require business enterprises to conduct due diligence, either as a direct legal obligation formulated in a rule, or indirectly by offering companies the opportunity to use due diligence as a defense against charges of criminal, civil or administrative violations. For example, the courts use business due diligence to assess business compliance with environmental laws (US, CEPA), labor (China overseas workers), consumer protection (Germany) and anti- corruption laws (US FCAP / UK BA). Similarly, regulatory agencies regularly require business due diligence as the basis upon which to grant approvals and licenses for business activities (EIA in India and Ghana; Germany/construction). Anti- money laundering laws are increasingly global (e.g. OECD, China) their KYC or CDD provisions are forms of due diligence. The second regulatory approach provides incentives and benefits to companies in return for their being able to demonstrate due diligence practice. For example, (Japan / Korea / Taiwan Green Procurement / US Federal Procurement re child labour; US Davis-Bacon re social dumping / wages in construction and fed contracts; Norway Pension Fund Global ethical screening) in order for business enterprises to qualify for export credit, labeling schemes or other forms of State support, States often require due diligence on environmental and social risks (the Dutch “Trade and Industry Tool” for ODA requires a company to submit a risk assessment of impacts; US Trade preferences Hope Act in Haiti) A third approach is for States to encourage due diligence through transparency and disclosure mechanisms. States implement rules that require business enterprises to disclose due diligence with the intention that markets and society will attempt to constrain any identified harms. For example, (Aarhus Convention in EU re environmental info to stakeholders), securities laws in most countries, consumer protection laws (France, Argentina, Germany, EU) and reporting requirements for corporate social responsibility (Denmark, Norway, Spain, Malaysia) operate on the logic that information serves the interests and will prompt action by investors, regulators, and people who might be adversely affected by a business activity. (US California web site disclosure re DD for human trafficking, for co. over 100 mill). A fourth category involves a combination of one or more of these approaches. States regularly combine aspects of these approaches in order to construct an incentive structure that promotes respect by business for the standards set down in the rules and ensures that compliance can be assessed in an efficient and effective manner. For example, administrative rules governing environmental protection, labor rights, consumer protection or anti-corruption may require business due diligence as the bases for a license or approval, and may also require regular reporting disclosure of due diligence activities by business. Enforcement of such rules can combine a combination of administrative penalty (fines), criminal law sanctions and the possibility of civil action, in which due diligence can be a defense. In general, what these approaches show is that it is entirely possible for States to use their roles as regulators, purchasers, financiers, investors, and owners, to ensure the incentives for business are based on ensuring a business respect’s human rights, including through the use of due diligence. I would like to say a word about what we found with respect to jurisdiction the reach of due diligence and its significance for jurisdiction: As you all know, contemporary business activity is integrated across national and organizational boundaries. Companies operate through networks of suppliers, sub-contractors, franchisees, and distributors, often located in different States. The corporate group usually includes a number of separate legal entities, over which the parent company, which owns part or all of the stock, exercises variable degrees of control. These various entities may be incorporated or operate in different jurisdictions. As a result, most products and services available today may be said to be the result of collaboration between a number of business entities, entertaining contractual or investment links, and often escaping the jurisdiction of any single State. The problem is that respect for legal standards, such as environmental protection, or labor rights, may be undermined by the creative use of business relationships, the various forms of business entities and the organization or structure of corporate groups. Our analysis suggests due diligence is used by these different legal regimes to overcome the obstacles to effective regulation posed by complex corporate structures or trans-jurisdictional activities. Over time, the legal regimes governing due diligence activities have adapted their reach to the activities and relationships created by this integration of business enterprises. In national legal systems, the responsibility of business enterprises to conduct due diligence does not end at the legal boundary of the individual company. Due diligence extends throughout the corporate group and in some cases to all business relationships globally. This is true in the national and international laws governing of anti-corruption (UK), workplace safety (China), conflict minerals (US), anti-discrimination against people with disabilities (US) and with respect to civil actions (and the EU Brussels I Regulation e.g. NL/Shell Nigeria both of which deploy due diligence in this regard). The intent of such provisions is to prevent business enterprises from escaping responsibility by outsourcing risky activities to others through their business relationships. These laws approach responsibility in a way that recognizes the formal limits of the legal entity but does not allow the choice of organizational forms to create obstacles to addressing the potential harms or violations arising from the business activities of that entity. The purpose of the due diligence concept is to require a business to identify, prevent or mitigate, and account for, a harm or violation. By doing so across a firm’s business relationships globally, the scope of due diligence is designed to overcome other legal boundaries, such as the reality of separate legal entities, or separate jurisdictions. Its scope is, therefore, often determined first and foremost by the nature of the harm to be avoided. With that I would like to conclude by adding that our report made a series of recommendations about practical steps legislators could take to both encourage and require due diligence by businesses. These ranged from the use of due diligence in licensing, procurement and export credit activities, in transparency and reporting requirements and all the way over to the place of due diligence as a defense for companies facing civil or criminal actions. We heard earlier today that the problem with ensuring that business acts responsibly is that “everything is voluntary”. Based on my participation in the Expert Group I am convinced that era is coming to a close. It is now time for lawmakers to give at least as much regulatory attention to protecting human rights from abuse by businesses as they do the protecting against other public goods threatened by business activity. The question for policy makers is no longer whether to regulate, but how to regulate – both fairly and effectively – to protect human rights. |
Business / Shell Nigeria Continues Divesting by fajoren: 7:05am On Aug 03, 2015 |
Royal Dutch Shell is to start the sale of $2 billion
oil and gas assets in the Niger Delta in 2014 after
weak refining margins and crude oil theft in Nigeria
forced the profits of Europe’s largest oil company
to tumble.
The $2 billion Niger Delta assets, according to JP
Morgan, is part of the $30 billion (£18bn) assets
the company would sell off next year after weak
refining margins and oil theft in Nigeria caused a
sharp fall in profits
The UK-based Telegraph quoted Nigerian economic
analyst Dr. Isaac Ogbodu as saying that
the oil giant would sell up to $30 billion (£18bn) of
assets next year.
They include oil assets in the Niger Delta worth $2
billion; a $7 billion stake in Woodside Petroleum,
Australia’s second largest oil and gas producer;
and other assets totalling $20 billion.
The $30 billion disposal plan could be unveiled as
early as January 2014, and would be the largest in
the Anglo-Dutch oil group’s history.
According to Fred Lucas of JP Morgan Cazenove,
Shell’s guidance for capital spending implies at
least $15 billion in asset sales during the next two
years.
“Yet without too much thought to portfolio stress,
we can isolate almost double that figure of
potentially non-core assets in Shell’s global
portfolio,” he added.
Retiring Shell’s Chief Executive Officer, Mr. Peter
Voser, said: “We are entering into a divestment
phase like we had a few years ago.”
Voser, who steps down at the end of the year to be
replaced by Ben van Beurden, said asset sales
would allow Shell’s net capital investment,
spending on projects adjusted for acquisitions and
disposals, to fall from this year’s record $45
billion.
“We are entering into a divestment phase like we
had a few years ago. The net capital spending is
considerably going to come down in 2014. We
know exactly what we are going to do. Ben will
introduce to the market new targets,” Voser had
said at his company’s headquarters in The Hague.
Shell’s Chief Financial Officer, Mr. Simon Henry,
said Shell would be investing in projects from
Brazil to China and plans to sell production assets
in Nigeria, the United States, and possibly some
other regions, along with interests in refineries and
retail.
Voser, 55, a Swiss national and an economist by
training, is retiring 31 years after first joining Shell.
Since his appointment in 2009, he has overseen
the completion of some of Shell’s largest projects. |
Business / US Consul-general Visits Procter And Gamble Facilities by fajoren: 8:47pm On Aug 02, 2015 |
The United States Consul General to Nigeria,
Jeffrey Hawkins, has said that Procter & Gamble
(P&G) Nigeria Limited is leading the race for
increased American investment in the Nigerian
economy. Hawkins stated this while visiting the
brand new state-of-the-art manufacturing plant of
the company in Agbara Industrial Estate in Ado-
Odo, Ota, Ogun State recently.
Consul-General Hawkins who expressed
satisfaction with the quality and standards of the
manufacturing facility disclosed that the United
States of America is in Nigeria, not only as one of
world’s fastest growing economy and Africa’s
biggest economy, “it is very clear that the United
States is very much interested in Nigeria and the
Nigerian market and economy as an investment
destination. That’s why our government has been
actively involved in driving more American
investment in Nigeria. We continue to encourage
American companies to explore investment
opportunities in Nigeria and motivate existing
American companies to increase their investments
in the country.
“Procter & Gamble Nigeria Limited is one American
company that has consistently display confidence
in the Nigerian economy and investment climate
and has been at the forefront of increased
American investments in Nigeria. It is also quite
clear that American businesses, particularly
Procter & Gamble in this case, is quite interested in
the Nigerian market. As you can see, with this
plant, Procter & Gamble has made Nigeria the hub
of its business in this region,” he said.
With about 6 million Nigerian babies been raised,
Hawkins expressed that Nigerian babies start their
lives on a comfortable note because they are
weaned and raised on Procter & Gamble (P&G)
products particularly the company’s range of
quality diapers and other global renowned baby
care products.
According to Consular-General Hawkins, the
importance of diapers cannot be overemphasized
while raising babies. “I am a father myself, I know
what it means to raise babies, so I know the
importance of diapers and other baby care
products” he said adding that “Procter & Gamble
in particular very much understood the importance
of establishing relationship with the customer early
in life. Anyway, for a company with wide products
range like Procter & Gamble, they understood that
they need a relationship that will go a whole
lifetime with the customer. And Procter & Gamble
also understands that if you provide quality
products at quality prices, you can keep that
customer throughout his/her lifetime. It means that
almost every Nigerian baby is already Procter &
Gamble customers,” he said.
The US envoy also hinted that his visit is in
furtherance of the objectives of the recent visit to
Nigeria by Secretary of Commerce of United States,
Ms. Penny Pritzker adding that his country’s
government has initiative policies and programmes
targeted as encouraging and driving investments
by US companies in the Nigerian economy.
Hawkins who was accompanied on the visit by top
US Embassy officials including the US Consulate
Economic Officer, James Plasman and the event coordinator, US-Nigeria Economic
Specialist, Dr Isaac Ogbodu hailed the leading fast
moving consumer packaged goods (FMCG) giant
(P&G) Nigeria Limited for sitting its multibillion
naira new manufacturing plant in Nigeria, thereby
making the country the hub of its manufacturing
operations in the West Africa with capacity to
service the entire sub-Saharan Africa growing
markets.
Hawkins said he is satisfied with the growing
interest of US businesses in the Nigerian
investment climate adding that P&G has boosted
the confidence of American investors in the
Nigerian economy. He said the company is
strategically leading the industrial revolution that
Nigeria so much desires adding that it is also a
confirmation of the renewed American interests in
the Nigerian investment climate.
On hand to receive the US envoy were top
management of P&G Nigeria led by the company’s
Managing Director, George Nassar, Plant HR
Manager, Akinkunle Akinpelu, SSA, GR Director,
Temitope Iluyemi, Communications Director, Khulu
Mabaso,. PS GR/SEC Manager, Olanlege
Abdulfattah, Corp Communications Manager,
Tomiwa Akande and Nigeria GR Manager
Ikechukwu Ofuani.
Responding, P&G’s Managing Director, George
Nassar thanked the envoy for the visit, adding that
P&G Nigeria will continue to keep faith with its
promise to be a trend-setter in its strive to
improve Nigerians lives across the strata of the
populace. He disclosed that the new multibillion
naira manufacturing plant of P&G has not only
created over 5,000 direct and indirect jobs for
Nigerians, “the rippling effects of doors of
opportunities that it has opened to Nigerian
business and economy can only be imagined.”
Nassar who said P&G is proud to showcase the
company’s newly commissioned state-of-the-art
manufacturing facility to the US Government added
that he hope the visit of the US envoy to the facility
will further spur the US Government to play its
interventionist role of relating with Nigerian
governments to provide enabling infrastructural
environment for American businesses to flourish in
Nigeria. |
Investment / Mnes Must List With The Nigerian Stock Exchange by fajoren: 7:22pm On Aug 02, 2015 |
The House of Representatives has disclosed that it
will consider debating legislation to mandate
multinationals in the oil and gas, and
telecommunications sectors to list certain
percentage of their value on the Nigerian Stock
Exchange (NSE).
The Speaker of the House of Representatives, Hon.
Yakubu Dogara, speaking when he received
members of the Nigeria-United Kingdom Capital
Market Project on a courtesy visit in Abuja
yesterday, said such legislation would help deepen
the market.
He lamented that multinational firms have refused
to list on the NSE, noting that there is no
justification for the refusal.
“Apart from capital inflow being sought, the market
needs to be deepened, as most of the big
international companies in Nigeria are not
participating in the Nigerian Stock exchange. This
is sad because these companies account for a
huge percentage of revenues in oil, communication
and energy etc.,”
Dogara also gave the assurance that the lower
chamber would provide legislation into areas of
value added partnership directed at wealth
increase, wealth redistribution, employment
generation and economic diversification.
Speaking earlier, President Nigeria Stock Exchange,
Mr. Aigboje Imoukhuede, said the aim of the
Nigeria- UK Capital Market Project is to ensure the
increase in capital flow between the capital markets
for mutual development.
Senior consultant on the project Dr. Isaac Ogbodu,
said Nigeria is one of the most exciting markets to
work with, with a study currently being done to
improve market structure.
In another development, members of the House of
Representatives have called on President
Muhammadu Buhari to declare an emergency in
the labour sub-sector of the economy in view of
the high rate of unemployment in the country,
particularly among young Nigerians.
The resolution was reached during plenary on
yesterday, after a motion was moved by Hon.
Kingsley Chinda (Rivers PDP) who also sought the
convening of a national summit on unemployment.
The resolution did not elicit much debate as
members agreed it was a matter of urgent public
importance.
Chinda also prayed that the lower chamber direct
the Committee on Labour and Productivity (when
constituted) to request for and review the federal
government’s blueprint on generation of 3,000,000
jobs per annum, analyse same and report back to
it within four weeks for further legislative action,
recalling that several young people lost their lives
in a stampede where they had gathered to write
tests for recruitment into the immigration service.
Chinda noted that unemployment is a time bomb
whose results can be disastrous for the nation if
not death with.
“If urgent steps and pragmatic steps are not taken
to address this problem, the country would be at
risk at a high risk of unrest and vices which could,
in the long term lead to a breakdown of the social
and economic order in the country to the detriment
of livelihood pattern,” he said.
The motion was unanimously passed following a
voice vote.
The House members also urged debtors to settle
the N4 billion owed to the West Africa
Examinations Council by the 19 states of the
federation, after the examination body threatened
to withhold the results of about 600,000 students
whose state governments promised to settle their
examination bills.
Hon. Linus Okorie (Ebonyi PDP) raising the motion
under matters of urgent public importance,
recalled that the examination body had said its
operations are being affected by the debt which
was incurred by the states. |
Politics / SCANDALOUS!!!! Must Read If You Care About Nigeria by fajoren: 9:12am On Jul 28, 2015 |
Excerpt from a piece by Remi Oyeyemi for Sahara reporters. With the pressure from the Western powers, especially the United States of America, it is one’s hope that President Buhari would be able to develop the necessary backbone to go through with this. This is a task that calls for courage and fearlessness on his part. This is a case that would make and confirm his reputation as a genuine anti-corruption crusader, who truly wants to save Nigeria from the fangs of corruption. Or it may turn out to be the case that would demystify him and expose him as a lily-livered paper tiger. But first, let us quickly peruse the list of the alleged bribe takers. Please note that this list is not necessarily complete of all that are involved at other levels, but the names here are the one that have been holding Nigeria captive through corruption: 1. General Olusegun Obasanjo, Ex - Military Head of State and ex- Civilian President of Nigeria. 2. General Ibrahim Badamosi Babangida, Ex Military President of Nigeria. 3. General Sani Abacha, Ex- Military Head of State of Nigeria. 4. General Abdusalaam Abubakar, Ex - Military Head of State of Nigeria. 5. Alhaji Abubakar Atiku, former Vice President of Nigeria. 6. Alhaji M.D. Yusuf, former Inspector General of Police. 7. Air Vice Marshal Abdullahi Dominic Bello, ex Chief of Air Staff, Nigeria Air Force, and former MD of the defunct Nigeria Airways. 8. Chief Donald (Don) Etiebet, a former Petroleum Minister of Nigeria 9. Chief Dan Etete, a former Petroleum Minister of Nigeria (The man with The Malabu Scandal Connection) 10. Dr. Jackson Gaius Obaseki, former Group Managing Director of the NNPC 11. Mr. Funso Kupolokun, former Group Managing Director of NNPC 12. Ibrahim Aliyu, a former permanent secretary. 13. Abdulkadir Abacha, son of former Military Head of State, Sani Abacha 14. Bodunde Adeyanju, a former Personal Assistant to President Olusegun Obasanjo 15. Ibrahim Aliyu of Urban Shelter and Intercellular among others. The above names are those implicated in the Halliburton bribery scandal. Of the names on the list only the former Vice President, Alhaji Abubakar Atiku (awaiting trial in Washington DC for money laundering ) and Dan Etete (who has already been convicted in France for money laudering) have dramatic international dimensions to their involvement in this ugly mess, despite the scandal itself being international in nature from the get go. The names on this list are the traitors of the Nigerian State and betrayers of the Nigerian people. They are the ones to whom the destiny and fortunes of Nigeria were entrusted but who shamelessly and without conscience, mortgaged it for a reeking pot of poisonous porridge. They are the profiteers from the pangs of Nigerian people. They are the Iscariots of the Nigerian State who sold their people, their future and their happiness for “thirty pieces of silver.” There have been so many scandals in Nigeria - the Festus Okotie – Eboh Scandal (the first and the last time when the cheque of what would have been Nigeria’s first international loan flew out of the aircraft window); the Scania Scandal; the Leyland Scandal; the Umaru Dikko Rice Scandal; The Import Licence Scandal; Bamangar Tukur’s Nitel Scandal; the Shehu Malami et al Union Bank Scandal (when the bank vault was opened at 2.00am to take out hundreds of millions in cash); Anosike Brothers’ Privatisation Scandal at the Daily Times; the $2.8 billion saga among others. In recent times we have had the Sanusi Lamido’s 640 billion Central Bank of Nigeria Scandal; the Maina Pension Scandal; Kerosine Subsidy Scandal; Police Pension Fund Fraud; Aminu Tambuwal and Dimeji Bankole 10 billion NASS Fraud Orgy; Stella Oduah’s Scandal; Senators Sola Saraki/Bukola Saraki’s Societe Generale Bank Scandal; Senator Bukola Saraki’s Trade Bank Scandal; The Missing NNPC 20 Billion Naira Scandal; Erastus Akingbola Intercontinental Bank Scandal; Abba Morro Immigration Scandal; Malabu Oil Scandal, Farouk Lawan $620,000 Bribery Scandal, again, among many others. Of all these scandals, none has been as damaging, denigrating, detrimental and destructive to the image, dignity and integrity of Nigeria as a corporate entity than the Halliburton bribery scandal. The Halliburton scandal did not only damage the corporate image of Nigeria as an entity, it deflated the pride of ordinary, honest, hardworking Nigerians across the planet with the kind of opprobrium that was brought to bear on them. As someone who has travelled the capitals of European countries, I know what kind of indignity, humiliation and slight that one has got to bear as a Nigerian. It is difficult to put in worlds the kind of discomfort that Nigerians have had to be subjected to. Though, the 419ers, drug barons and couriers also have their own contribution to the sordid image of the country, but none compared to the negative coverage and mention that the Halliburton scandal generated across the world. Now that President Mohammadu Buhari has asked the relevant agencies to dust up the files of and on this scandal, it gives some pulsation to the majority of Nigerians who voted for CHANGE during the election of 2015. It does not matter whether he was edged on by the United States of America or he was the one taking the initiative, the bottom line is that Nigerians who voted for CHANGE also want JUSTICE as its compulsory concomitants. The way and manner President Buhari handles this matter would determine whether the days of corruption in Nigeria is truly numbered or Nigeria would be condemned to eternal damnation of corruption and disgrace. This case calls for uncommon courage on the part of President Buhari and all those who might be handling the files and the processes of attaining JUSTICE for Nigeria and Nigerians. This case would give validity to the much vaunted and celebrated courage of President Buhari. It would either cement his image as a true man of integrity or expose him as a pretender. This case would either make him the true father of a new Nigeria or a collaborator in the moral paralysis that would eventually destroy this country. This case already, has announced President Buhari’s date with history. This case provides a golden opportunity for him to write his name in gold for posterity, not just among Nigerians but also internationally. This case is the kind that tries a man’s soul. This is because, he would have to put some of his close friends on trial and prosecute them, hopefully sincerely. President Buhari’s close friend, General Sani Abacha is dead. But he could still be tried post-humously and his son, if found guilty, sent to jail. Though, President Buhari once publicly defended General Abacha that he did not steal any money, it is my hope that he would be able to be fair and equitable in this process. Then there is President Buhari’s former boss and mentor, General and former President Olusegun Obasanjo - Onyejekwe who is on the list too. The self proclaimed “Evil Genius”, the man who planned the coup that ousted President Buhari himself, General Ibrahim Babangida is also on the list. The self effacing but obnoxiously corrupt General Abdusalaam is on the list too. President Buhari’s current closest buddy, whose protégé, Shehu Garuba, is the president’s spokesperson and Senior Adviser on Media and Publicity, former Vice President Abubakar Atiku is on the list too. Would President Buhari have the courage to try all these his friends who are alleged criminals in this scandal? These names belong to the most corrupt elements in the Nigerian History. They are those who consciously and deliberately messed up this country; who unashamedly destroyed the character of this country; who heartlessly humiliated this country in the comity of nations; who deliberately disgraced the citizens of this country across the world; yes, they are those who are were given the honour of serving their country and their people but consciously chose the dishonor of greed and avarice. Would President Buhari be able to muster the courage to bring them to justice or take justice to them as the case may be? If President Buhari is able to bring all involved in this scandal to justice, through fair trial, jail the guilt and retrieve our money from them, I promise to have his picture in the most decent corner of my room, and light it constantly with twelve candles strategically placed around it on a permanent basis. I promise to pray in front of this Buhari’s picture with my head bowed at least once a day until the day I exit this world. I am willing to give him this honour, if he is able to deliver. “In the long history of the world, only a few generations have been granted the role of defending freedom in its hour of maximum danger. I do not shrink from this responsibility – I welcome it.” - John F. Kennedy, in his Inaugural Address January 20, 1961 Please follow me on Twitter @OyeyemiRemi Sahara reporters 26/07/2015 |
Politics / Nasir El Rufai. Kaduna. How About Your Governor? by fajoren: 12:20pm On Jun 28, 2015 |
I welcome you all with humility and gratitude to the very first Town Hall meeting we are hosting as a government. It is not yet one month since we were sworn-in, but to the extent that it has pleased Allah to bestow His grace upon us, we have set about doing the work of change that you mandated us to do. During the campaign, we promised that we shall be engaging and interacting with the public regularly. We pledged that we will provide you regular updates and listen to your feedback, including criticisms and suggestions. Here we are before you today to do as we pledged. As we have started, so we intend to continue, always striving to get better at achieving results. Immediately after we were sworn-in on 29 May 2015, we reported for duty with the sense of urgency that you demanded. As we expected, we met a state that is broke, and whose schools, hospitals and roads are in poor shape. We knew that a lot of sacrifice will be required to restore the state to good health. This government’s priority is actually growth and development in a safe and secure environment; because we understand that the things that matter are the public goods of quality schools, decent hospitals and good roads; we know that leaders must pursue the creation of a climate that promotes security, social harmony and is therefore conducive to bringing jobs and economic opportunity. Thus our first step was to announce that the deputy-governor and I will be taking a 50% pay cut. As we took briefings from the ministries, departments and agencies in our very first week, the depth of the financial problem became clearer to us as well as the impact the decades of impunity have had on the mental attitudes of the institutions that constitute the public service. As one astute observer of the situation commented recently, the public service does not serve the public; rather it considers itself as the public and thus serves only itself. We emphatically reject this mentality. The new government of Kaduna State has therefore declared that the resources of the state will be devoted to serving the public, with schools, hospitals and roads; aiding our farmers and doing our utmost to create jobs. To do that, we must cut the cost of running government. Ours will no longer be the state that has too little left for the needs of the majority of the people. That is our guiding principle as we reduce costs. And we have taken concrete action in this regard. We have restructured our ministries from 19 to 13. We have also decided that we will have only 13 commissioners, ten special advisers and 12 special assistants. You all remember that the previous government had 24 commissioners, 41 special advisers and about 400 special assistants. But good governance is not about recruiting vast numbers of political appointees. It is about the smallest number that can provide the quality of service that is required. We are saddened by the condition in which we found the state. But we shall never use that as an excuse for non- performance. It is our duty to do our best always. That is why we are finding creative even if difficult ways to deliver on our promises. What we have done In our first month, we have done the following things: Governance Reforms Prioritising the People: We have made clear our intention to devote a larger chunk of the state’s resources to providing public services. We have signalled that a government elected by majority vote should serve the majority. Pay cut: the governor and the deputy governor have taken a voluntary pay cut of 50%, and we have urged other political official holders, elected or appointed, to follow this example. Cost-cutting: ministries have been reduced from 19 to 13; while your government has committed to appointing only 13 commissioners and the handful of needed special advisers and special assistants. The selection of the Commissioners, Advisers and Assistants will be based on merit, capacity and experience because what is priority to us is getting the necessary skill sets that will facilitate moving the State forward. Biometric verification: Our government is already conducting biometric verification of its employees in order to update the payroll and provide reliable data as to the precise number of personnel in the public service. Two of Nigeria’s leading banks, UBA and Zenith, are working with us on this project. Tax Reform Committee: We have set up a committee chaired by Ifueko Omogui, former chairman of the Federal Inland Revenue Service, to review our internal revenue generation structures, systems and laws. The committee will recommend ways by which we can improve our internally generated revenue. This will reduce our dependency on the federal government. We will be masters of our own fate. Transparency: We have signed up to Open Budget, a tool that enables you to track what we are doing with your money. Health Your government has already convened a summit of Kaduna State Healthcare partners to set out the state’s priorities in the Health Sector, and to also ensure that all funds in the health sector are streamlined to ensure an effective coordinated service delivery. The donor community and multilateral agencies attended, along with businesses that are active in the state’s health sector. Kaduna State has signed an Memorandum of Understanding with General Electric Healthcare to modernise our primary health centers and public hospitals. Both parties have committed to identifying the specific needs of the centers and hospitals, so that modern equipment can be installed to improve the diagnosis and management of patients. We have signed the 2015 Kaduna State- UNICEF 2015 workplan. The state government is ready with its counterpart funding for the agreed initiatives in healthcare, nutrition, HIV/AIDS, water, sanitation and child protection. Installation of two dialysis machines and the repair of three dialysis equipment at Barau Dikko Hospital. Arrangements are being made to purchase consumables for the next 12 months so that dialysis will be affordable to Kaduna citizens. Security Peace Committee: A committee, chaired by the respected General Martin Agwai, is working to identify the causes of conflict and insecurity in Southern Kaduna and thereafter recommend ways of tackling the problem. Interstate cooperation: Kaduna State is working with Zamfara, Katsina, Kebbi and Niger States to design a collective approach to common security challenges in the forest ranges that strides our respective States. A meeting is being held today with the respective State Governors and Security Agencies to advance the implementation of this initiative. Presidential support: Kaduna State has briefed and updated the president on the security challenges, and the president has pledged FG support for the comprehensive security plan. Relief: We have conducted multiple aerial surveys of the Birnin-Gwari area and have visited affected communities there and in Southern Kaduna, offering medical assistance and condolences. Prisons: we have visited prisons in Kaduna and Zaria, pursuing rehabilitation of facilities and decongestion. As a result of these efforts, 98 persons awaiting trial for minor offenses were released by the Chief Judge of Kaduna State. Infrastructure Zaria Water Project: We have ordered accelerated work to complete this project as a priority item for our government. We have visited the site of the project and reviewed it with the contractors. A firm decision has been taken to commit funds monthly so that the project can be completed by early 2018. The African Development Bank and Islamic Development Bank, the major funders of the project, have been consulted and they share our desire to speed-up completion. In addition, we are working on a project to upgrade the capacity to supply water to Kaduna residents through a new Kaduna Water Project. Job creation Kaduna Cabs: We have initiated a scheme to revive taxi services in our major urban centres. The aim is to create jobs for owner-drivers who will help improve the commuting experience with their comfortable cars and excellent customer service. The scheme is starting with 200 vehicles in Kaduna, and is being implemented in collaboration with Peugeot. We have already placed adverts to invite participation in the scheme. Indorama: Our drive to attract new investors to the state has attracted positive response from Indorama, a leading player in petrochemicals. They have selected Kaduna as their regional distribution centre. They will be building warehouses, fertilizer blending plant and a training centre in Kaduna. Shopping Mall: Our main urban centres, including the state capital Kaduna, are lacking modern shopping malls. We have indicated our readiness to partner with capable investors in this sector. Agriculture Fertilizer: One of our first actions in office was to stop the unfair practice of allocating subsidized fertilizer to prominent persons to the detriment of ordinary farmers. We launched the 2015 fertilizer sales season in Kachia with a clear structure that sells fertilizers to interested persons from designated sales point. We shall be reviewing and improving the process of procuring and distributing fertilizer to make access easier for the farmers. A New Agricultural Policy is being prepared with the aim of enhancing the capacity of the sector to create viable jobs; improve farm productivity and raise the involvement of Kaduna citizens in the value chain. Sanitation Clean city agenda: We have met the sanitation contractors and have expressed to them our dissatisfaction at the squalid state of our urban areas. We want our towns and cities to be clean, and we shall do it. Sports Kaduna has, for the first time in a long while, hosted an international football match when the Super Eagles played a friendly match with Chad at the Ahmadu Bello Stadium. Our people turned out to see the game, showing that Kaduna is a sports city. That impressive turnout has now placed us on the radar to host many competitive matches because the football authorities now know that our great people will actually come to the stadium, fill it up and cheer the players. What we intend to do In the following months, we shall be focused on the following issues: Education : we shall begin implementing our comprehensive agenda to improve education. School repairs, and the provision of facilities like furniture, water and toilets will begin as we fulfill our responsibility to provide a better learning environment. Alongside this, we shall begin to enhance the capacity and quality of the teachers generally, and we shall pay extra attention to getting more and better teachers in English, Maths and Science. Health : hospital upgrades, in terms of facilities and equipment, will be accelerated as our MoU with GE Healthcare is steadily implemented. We have a commitment to properly equipping our hospitals so that most of our people’s healthcare needs can be met by our own public hospitals. Township Roads: neighborhood and township roads in our major urban centres will be upgraded to the extent we can within this rainy season. Transport: our multilayer transport architecture will be executed. That includes preparations, studies and projects to put in place: – the new cab scheme and expanding to Zaria and Kafanchan, – a BRT system for mass transit starting with Kaduna, – a major project to establish Kaduna- Zaria light rail system between Shika and through the Kaduna Metropolis and up to the Refinery, – new bus and truck terminals in Kaduna, Tafa, Mararaban Jos and Zaria Security Comprehensive security plan for Southern Kaduna and the Birnin-Gwari/ Giwa axis Forensic laboratory under the control of our State Internal Security outfit – Operation Yaki – to enhance the investigative capacity of law-enforcement agencies Clean Cities : We would not allow our urban centres to continue to be defaced by waste. We shall be improving waste collection, then we would introduce sanitary inspectors and engage the public in a voluntary commitment to make our cities clean. Rural and community development: Under the leadership of our Deputy Governor, we shall be mainstreaming the Millennium Village Pampaida programme as a viable model across our rural communities. It will have components to improve education, healthcare, rural roads and the farming activities that engage most of our rural residents. Job Creation : your government will undertake direct recruitment of qualified doctors, nurses and teachers to urgently raise the quality of service in our hospitals and schools. We shall also employ at least 50 youths per ward over the next four years, in our initial efforts for traffic control and environmental enforcement. But try as it might, government can only employ a minority of youths who need jobs. Thus we remain focused on creating a favourable climate for the private sector to create jobs. Textile Revival : We have the support of Mr. President to work on policies and schemes that will revive this sector as viable and sustainable employer of labour. We are cooperating with current and potential textile investors on a package that stimulates the value-chain from cotton farming to garmenting. There is so much to do, with fewer resources. But we have no option than to deliver quality performance for the people who have invested so much hope in us. We need your understanding and support for the difficult decisions that we must take if we are to serve you to the best of our ability. We will need committed people in and out of government to contribute to achieving the goals we have set out. We are not shrinking government for its own sake. We are making government leaner so that it can work better for you. Let us all make sacrifices for change. Above is the Keynote address by Nasir El- Rufai, Governor of Kaduna State, at the first Town Hall meeting of the APC Kaduna State Government, at the Hassan Katsina House, Kawo, Kaduna, on Saturday, 27 June 2015 |
Investment / Investing In Nigeria. A Study Into Power Generation And Telecoms by fajoren: 5:50am On Jun 12, 2015 |
- Alexandre Rene %> Alexandre Rene On April 6 of this year, Nigerian economists officially announced what the world had long suspected — namely, that Nigeria possessed not only Africa’s largest population, but also its largest economy. Nigeria’s first GDP rebasing in over 24 years prompted this announcement. The new GDP figures, totaling $510 billion, represent an almost 89 percent increase over the prior year. Nigeria’s GDP has grown at an average rate of 7 percent each year for the past 10 years, and Nigeria’s economy is predicted to become one of the world’s 15 largest by the year 2050. Nigeria’s Growth, Past and Future Nigeria’s revised GDP figures reflect a growth story that has been well under way for over 20 years. However, this growth had until recently remained outside of official figures. GDP is measured by picking a reference point, known as the base year, and calculating changes in the real (versus nominal) value of each sector of the economy for each month, quarter, or year from that baseline. In most countries, a new base year is set approximately every five years. Prior to this recent exercise, Nigeria used 1990 as its base year. By waiting over 20 years to rebase its economy, Nigeria’s official GDP figures in recent years ignored new inventions and did not fully account for growth in new or previously less important sectors of the economy. In other words, Nigerian economists had calculated GDP with outdated assumptions about the size and importance of certain sectors of the economy, including services, film, e-commerce, banking and telecom. The telecom industry alone accounts for over a quarter of the GDP increase. Nigeria has begun the transition from an agriculture and extraction-dominated economy into a more diversified one. A number of factors favor Nigeria’s strong growth over the next decade. It has a population of around 170 million people — almost one in five sub-Saharan Africans is Nigerian. The country is young — 44 percent of Nigeria’s population was under the age of 15 in 2012. Nigeria has the second largest amount of proven crude oil reserves in Africa, and Lagos has sub-Sahara’s second largest and most liquid stock market. Despite its promise, the main barrier to Nigeria’s future prosperity is a continued deficit in investment and personal security. Nigeria faces terrorism concerns in the northern part of the country that have accounted for the deaths of more than 1,500 people just this year. Piracy, crime and violence have plagued other parts of the country, while port delays, uncertain land rights, and unemployment also increase the investment risk of the country. Anti-Corruption Risk in Environment in Nigeria Of the legal risks facing businesses wishing to invest in Nigeria, corruption is among the most significant. For businesses and investors wishing to enter or expand their exposure to the growing Nigerian economy, it is important to recognize the anti-corruption risks that are prevalent in these areas. Nigeria has historically been regarded as a country that presents heightened anti-corruption risks, and it has long received poor rankings in Transparency International’s Corruption Perceptions Index. In 2013, Nigeria was ranked 144 out of 177 countries ranked — in the bottom 20 percent. Bribery allegations involving Nigerian government officials have also been featured in several high-profile investigations by the U.S. Department of Justice and the Securities and Exchange Commission. A quick examination of two of the growing sectors of the Nigerian economy — power generation and telecom — demonstrates some of the inherent corruption risks facing businesses. Power Generation The current Nigerian electric power system continues to limit the country’s potential. According to the World Bank, only 48 percent of Nigeria’s almost 170 million people had access to electric power in 2011. For those who have access to power, near daily blackouts and brownouts frustrate consumers and businesses. In order for the economy to continue to grow, this infrastructure crisis will need to be addressed. Seeking to harness the private sector in an attempt to solve this crisis, Nigeria is in the midst of privatizing and expanding its electric power system. The Nigerian government has privatized the country’s power distribution and generation assets, and has granted a concession to a private company to run the transmission system. Numerous new power plants will need to be built over the next several years, and the transmission and distribution system will likewise need to be modernized and expanded. In order to fuel this new power generation capacity, new natural gas pipelines will need to be built to transport supplies to generation facilities. Companies that wish to gain exposure to this enormous growth opportunity will need to factor in the anti-corruption risks presented by this situation. Interactions with entities of the Nigerian government are an inevitable aspect of an investment in this area. For example, operating an electric generation plan in Nigeria requires a license from the Nigerian Electricity Regulatory Commission. Other licenses from the NERC are needed in order to trade bulk power across the grid, and the NERC has approval power over tariffs. Close or frequent interactions with any regulator or government agency present risks that bribery will occur. Similarly, companies should ensure that they are comfortable with any local agents or business partners they enlist. Much of the preexisting infrastructure in the power sector was sold to a wide spectrum of Nigerians and foreign corporations. Any business wishing to partner with these actors will need to carefully examine whether it is comfortable with how these potential partners secure any assets they bring to the table. Many enforcement actions initiated by the U.S. government have involved payments made by third-party agents to Nigerian government officials. Telecom The Nigerian telecom sector also illustrates the complicated risk/reward ratio facing companies operating in Nigeria. Nigeria’s rebased GDP figures show that the industry grew from virtually nonexistent in 1990 to comprise 8.69 percent of the country’s GDP in 2013. There are over 120 million active mobile phone subscribers in a country of 170 million people. However, given that Nigerians commonly have multiple mobile phone subscriptions on different networks due to poor service, analysts believe that there is substantial room for growth in this sector. Nigerian authorities have also launched various pilot projects to encourage the use of mobile banking and cashless transactions. To tap this potential wellspring of growth, business investors will need to work closely with various actors in the Nigerian government. For example, wireless spectrum auctions will be a source of corruption risk in the Nigerian telecom sector. Within the next few years, Nigeria is expected to migrate its television broadcasts from analog to digital service, freeing up large and valuable portions of the wireless spectrum for potential sale. As the country continues to make sections of its wireless spectrum available to companies, bidders will need to consider how to approach potential corruption risks in participating in any auctions. Corruption in an auction context can result from both bid rigging and from the distortion of bid evaluations and quality rankings. For example, an employee of a bidding entity may pay a regulator for inside information on how best to structure a bid. Alternatively, the entity may be tipped off that its bid is not the lowest, allowing for it to be dropped. Petty corruption — a risk factor present in many industry sectors across the globe — is endemic in Nigeria and is likely present in its telecom sector. Local investigative journalists have recently alleged that mobile phone operators in Nigeria have provided employees of the Nigerian Communications Commission with free mobile phone service. According to these accounts, this free service has been provided in order to head off enforcement of quality of service regulations against mobile phone carriers. Risk Mitigation Strategies for In-House Counsel to Consider In light of the potential investment opportunities that are available in Nigeria, businesses and investors should familiarize themselves with these corruption risks and should take prudent steps to minimize potential exposure to them. According to Dr. Isaac Ogbodu of Greystone Law and risk LLC, "risk minimization starts with an appropriately rigorous due diligence plan, and is reinforced by a strong compliance program tailored for the country". Conduct Due Diligence Commensurate With the Risk With due diligence, a one-size-fits-all approach should be avoided. SEC, DOJ, and the U.K.’s Serious Fraud Office have all urged companies to conduct due diligence into potential partners, acquisitions, and business opportunities with a vigor that matches the potential corruption risk presented by the opportunity. A key aspect of performing diligence is to gain familiarity with Nigerian customs, terminology, and known risk areas. For example, small cash bribes or tips are called “dash” in Nigeria. Similarly, Nigeria has historically had a tout system. These unofficial intermediaries operate outside of the official bureaucratic process, and can be an omnipresent part of dealing with some agencies. Adopt and Enforce Strong Compliance Programs Tailored for Nigerian Conditions After contracts are signed, it is important to design and implement a strong compliance program tailored for local conditions. The compliance program should cover any third party agents retained by the company to work on its behalf. The program should include a robust training program that educates both company employees and certain third party agents. The Foreign Corrupt Practices Act and U.K. Bribery Act contain a number of concepts — such as the very broad interpretation of who constitutes a “government official” — that may need clear explanation. —By Alexandre Rene, Patrick Welsh and Nicole Durkin, Ropes & Gray LLP Alexandre Rene is a government enforcement partner in the Washington, D.C., office of Ropes & Gray. Patrick Welsh is a government enforcement associate in the firm's Boston office. Nicole Durkin is a litigation associate in the firm's Washington office. |
Investment / Investment In Nigeria. A Study by fajoren: 5:37am On Jun 12, 2015 |
- On April 6 of last year, Nigerian economists officially announced what the world had long suspected — namely, that Nigeria possessed not only Africa’s largest population, but also its largest economy. Nigeria’s first GDP rebasing in over 24 years prompted this announcement. The new GDP figures, totaling $510 billion, represent an almost 89 percent increase over the prior year. Nigeria’s GDP has grown at an average rate of 7 percent each year for the past 10 years, and Nigeria’s economy is predicted to become one of the world’s 15 largest by the year 2050. Nigeria’s Growth, Past and Future Nigeria’s revised GDP figures reflect a growth story that has been well under way for over 20 years. However, this growth had until recently remained outside of official figures. GDP is measured by picking a reference point, known as the base year, and calculating changes in the real (versus nominal) value of each sector of the economy for each month, quarter, or year from that baseline. In most countries, a new base year is set approximately every five years. Prior to this recent exercise, Nigeria used 1990 as its base year. By waiting over 20 years to rebase its economy, Nigeria’s official GDP figures in recent years ignored new inventions and did not fully account for growth in new or previously less important sectors of the economy. In other words, Nigerian economists had calculated GDP with outdated assumptions about the size and importance of certain sectors of the economy, including services, film, e-commerce, banking and telecom. The telecom industry alone accounts for over a quarter of the GDP increase. Nigeria has begun the transition from an agriculture and extraction-dominated economy into a more diversified one. A number of factors favor Nigeria’s strong growth over the next decade. It has a population of around 170 million people — almost one in five sub-Saharan Africans is Nigerian. The country is young — 44 percent of Nigeria’s population was under the age of 15 in 2012. Nigeria has the second largest amount of proven crude oil reserves in Africa, and Lagos has sub-Sahara’s second largest and most liquid stock market. Despite its promise, the main barrier to Nigeria’s future prosperity is a continued deficit in investment and personal security. Nigeria faces terrorism concerns in the northern part of the country that have accounted for the deaths of more than 1,500 people just this year. Piracy, crime and violence have plagued other parts of the country, while port delays, uncertain land rights, and unemployment also increase the investment risk of the country. Anti-Corruption Risk in Environment in Nigeria Of the legal risks facing businesses wishing to invest in Nigeria, corruption is among the most significant. For businesses and investors wishing to enter or expand their exposure to the growing Nigerian economy, it is important to recognize the anti-corruption risks that are prevalent in these areas. Nigeria has historically been regarded as a country that presents heightened anti-corruption risks, and it has long received poor rankings in Transparency International’s Corruption Perceptions Index. In 2013, Nigeria was ranked 144 out of 177 countries ranked — in the bottom 20 percent. Bribery allegations involving Nigerian government officials have also been featured in several high-profile investigations by the U.S. Department of Justice and the Securities and Exchange Commission. A quick examination of two of the growing sectors of the Nigerian economy — power generation and telecom — demonstrates some of the inherent corruption risks facing businesses. Power Generation The current Nigerian electric power system continues to limit the country’s potential. According to the World Bank, only 48 percent of Nigeria’s almost 170 million people had access to electric power in 2011. For those who have access to power, near daily blackouts and brownouts frustrate consumers and businesses. In order for the economy to continue to grow, this infrastructure crisis will need to be addressed. Seeking to harness the private sector in an attempt to solve this crisis, Nigeria is in the midst of privatizing and expanding its electric power system. The Nigerian government has privatized the country’s power distribution and generation assets, and has granted a concession to a private company to run the transmission system. Numerous new power plants will need to be built over the next several years, and the transmission and distribution system will likewise need to be modernized and expanded. In order to fuel this new power generation capacity, new natural gas pipelines will need to be built to transport supplies to generation facilities. Companies that wish to gain exposure to this enormous growth opportunity will need to factor in the anti-corruption risks presented by this situation. Interactions with entities of the Nigerian government are an inevitable aspect of an investment in this area. For example, operating an electric generation plan in Nigeria requires a license from the Nigerian Electricity Regulatory Commission. Other licenses from the NERC are needed in order to trade bulk power across the grid, and the NERC has approval power over tariffs. Close or frequent interactions with any regulator or government agency present risks that bribery will occur. Similarly, companies should ensure that they are comfortable with any local agents or business partners they enlist. Much of the preexisting infrastructure in the power sector was sold to a wide spectrum of Nigerians and foreign corporations. Any business wishing to partner with these actors will need to carefully examine whether it is comfortable with how these potential partners secure any assets they bring to the table. Many enforcement actions initiated by the U.S. government have involved payments made by third-party agents to Nigerian government officials. Telecom The Nigerian telecom sector also illustrates the complicated risk/reward ratio facing companies operating in Nigeria. Nigeria’s rebased GDP figures show that the industry grew from virtually nonexistent in 1990 to comprise 8.69 percent of the country’s GDP in 2013. There are over 120 million active mobile phone subscribers in a country of 170 million people. However, given that Nigerians commonly have multiple mobile phone subscriptions on different networks due to poor service, analysts believe that there is substantial room for growth in this sector. Nigerian authorities have also launched various pilot projects to encourage the use of mobile banking and cashless transactions. To tap this potential wellspring of growth, business investors will need to work closely with various actors in the Nigerian government. For example, wireless spectrum auctions will be a source of corruption risk in the Nigerian telecom sector. Within the next few years, Nigeria is expected to migrate its television broadcasts from analog to digital service, freeing up large and valuable portions of the wireless spectrum for potential sale. As the country continues to make sections of its wireless spectrum available to companies, bidders will need to consider how to approach potential corruption risks in participating in any auctions. Corruption in an auction context can result from both bid rigging and from the distortion of bid evaluations and quality rankings. For example, an employee of a bidding entity may pay a regulator for inside information on how best to structure a bid. Alternatively, the entity may be tipped off that its bid is not the lowest, allowing for it to be dropped. Petty corruption — a risk factor present in many industry sectors across the globe — is endemic in Nigeria and is likely present in its telecom sector. Local investigative journalists have recently alleged that mobile phone operators in Nigeria have provided employees of the Nigerian Communications Commission with free mobile phone service. According to these accounts, this free service has been provided in order to head off enforcement of quality of service regulations against mobile phone carriers. Risk Mitigation Strategies for In-House Counsel to Consider In light of the potential investment opportunities that are available in Nigeria, businesses and investors should familiarize themselves with these corruption risks and should take prudent steps to minimize potential exposure to them. According to Dr Isaac Ogbodu of Greysone Law and Risk LLC, "risk minimization starts with an appropriately rigorous due diligence plan, and is reinforced by a strong compliance program tailored for the country". Conduct Due Diligence Commensurate With the Risk With due diligence, a one-size-fits-all approach should be avoided. SEC, DOJ, and the U.K.’s Serious Fraud Office have all urged companies to conduct due diligence into potential partners, acquisitions, and business opportunities with a vigor that matches the potential corruption risk presented by the opportunity. A key aspect of performing diligence is to gain familiarity with Nigerian customs, terminology, and known risk areas. For example, small cash bribes or tips are called “dash” in Nigeria. Similarly, Nigeria has historically had a tout system. These unofficial intermediaries operate outside of the official bureaucratic process, and can be an omnipresent part of dealing with some agencies. Adopt and Enforce Strong Compliance Programs Tailored for Nigerian Conditions After contracts are signed, it is important to design and implement a strong compliance program tailored for local conditions. The compliance program should cover any third party agents retained by the company to work on its behalf. The program should include a robust training program that educates both company employees and certain third party agents. The Foreign Corrupt Practices Act and U.K. Bribery Act contain a number of concepts — such as the very broad interpretation of who constitutes a “government official” — that may need clear explanation. —By Alexandre Rene, Patrick Welsh and Nicole Durkin, Ropes & Gray LLP Alexandre Rene is a government enforcement partner in the Washington, D.C., office of Ropes & Gray. Patrick Welsh is a government enforcement associate in the firm's Boston office. Nicole Durkin is a litigation associate in the firm's Washington office. |
Politics / Re: What HRM Emir Dr. Sanusi Lamido Sanusi Said About President Buhari 12 Years Ago by fajoren: 3:49pm On May 31, 2015 |
language is a moral medium and writing
is a means of education and exhortation aimed at
inviting the reader to act for his freedom and
liberate first his consciousness, then his person,
from the obscurantist cloak of myths, superstitions
and outright fallacies invoked by those responsible
for his state of alienation. This theme runs in the
writings of several intellectuals, from Marx and
Trotsky, to Sartre, Chomsky and Eco.
Sanusi Lamido Sanusi |
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