Bank PHB makes 966 staff redundant

About 966 employees of Bank PHB Plc were made redundant yesterday in what the bank described as an exercise to reduce its bloated workforce. The sacked employees represented about 13 per cent of its 7,000 staff strength. The bank hopes to save about N4.5 billion annually through the rationalisation exercise. The bank's result published recently revealed a whopping loan loss provision of N232.16 billion, while its stock of non-performing loans stood at N415.11billion. Bank PHB's net loss for the period under review stood at N438.65 billion.

NIGERIA TODAY ONLINE

WEDNESDAY FEBRUARY 24, 2010

The Guardian

   Wednesday, December 30, 2009

Security Adviser queries DG, NIA over Mutallab

    * Inquest reveals involvement of sons of two former justices

From Martins Oloja, Abuja Bureau Chief

NIGERIA's intelligence/ Security machinery has kicked into overdrive in its bid to find what went wrong on its part, who knew what and when about the deeds or moves of Farouk Abdulmuttallab, now facing charges of attempted terror attack in the United States of America (U.S.A).

Piqued by the negative impact of the global discussion of the involvement of the Nigerian in the Christmas day's botched attempt to blow up a U.S.-bound plane that took off from Amsterdam, Holland and with the looming spectre of being tagged a haven of terrorists, Nigeria's presidency has launched a comprehensive probe of the tragic incident. The claims and counter- claims on who knew what, when and where, about Farouk Mutallab's suspected attempt are of course of special interest.

The probe, which promises to be far-reaching, began in earnest on Monday morning when the National Security Adviser Abdul Sarki Mukhtar, a retired Major-General, personally issued and signed a strongly-worded query to the Director-General of the National Intelligence Agency (NIA) Ambassador E.O. Oladeji.

In the query entitled: "Alleged Involvement of Umar Farouk Mutallab in an Attempt to Bomb a U.S. Airliner" and dated December 28, the National Security Adviser indicated that the National Intelligence Agency had prior knowledge of a report said to have been deposited with it on the suspect. The words of the query:

"From all indications, it seemed that your Agency had prior knowledge of a report, said to have been made by Alhaji Umar Mutallab about the tendencies of his son, Umar Farouk, towards radicalisation, which was manifested in the incident leading to his arrest in the U.S."

The query goes further, "It is really unfortunate and sad that knowledge of such an important intelligence issue could not be brought to the attention of this office, or the weekly Intelligence Community Committee Meeting (ICCM). It was this failure that led to the unfortunate incident we are grappling with now".

"The report if circulated within the ICC would have alerted the Security Agencies at our Travel Control Points (TCPs) to take appropriate required action, that would have led to his arrest, before boarding the KLM flight from Nigeria, thereby pre-empting the sad incident", it added.

The NSA notes that "Failure to do so has not only led to this rather unfortunate international embarrassment to the Nigerian nation, but also depicted our country as a haven for terrorists. You are therefore to explain what led to this failure of intelligence, and the persons therein involved. Your explanation, should reach me on or before Tuesday December 29, 2009, "

According to sources close to the NIA, the National Security Adviser's letter has caused some "consternation" within the Agency coming on the heels of a recent crisis that led to the dramatic removal of the former DG NIA, Ambassador Imohe.

The Guardian gathered last night that even as the NIA chief executive faces the challenge of answering the query from the NSA, the presidency has been told that contrary to earlier reports that the lead and indeed activities of Umar Farouk (Jnr) were reported to Nigeria's security agencies, "the father only reported it to a former National Security official who served under President Obasanjo, who in turn reportedly informed one of the directors at the National Intelligence Agency (NIA). The director obviously did nothing about the lead until the current incident happened."

The report of how Mutallab (snr) reported his son is said to have also raised curiosity of the Intelligence and Security Community. One puzzle operatives are hoping to unravel is "what the former Managing Director of UBA knew and what compelled him to head for the American Embassy instead of, for instance, the British High Commission which had in May this year rejected his son's re-entry visa shortly after he completed his degree programme in a London university".

Besides, the Intelligence and Joint Security Services are said to be interested in questioning the eminent Mutallab, a former federal commissioner (minister) under General Obasanjo as military head of state (1976-1979) on "why he did not report the suspicious deeds of his son to the offices of current National Security Adviser or even the Directors-General of the State Services Department or the National Intelligence Agency".

In the same vein, the presidency, still smarting from the embarrassment occasioned by the absence of the president for more than a month now, is now running with bursting adrenaline to get to the root of this crisis. As a result, so many questions are being asked: What are some of the relationships the older Mutallab has in the world of business, government and even religion? Being married to an Arab Yemeni himself, what could the older Mutallab know or say of his son's Yemeni connections? Yemen is now widely known as the base of radical islamic fundamentalists where attacks had previously been planned on American targets.

Could the attempted attack by Mutallab have been a culmination of an intricate web of local and transnational intrigues that may have implications for domestic and foreign policy direction of the current administration?"

Just as answers were being sought to these and other questions, last night, it was revealed by diplomatic sources that Umar Farouk may not have been alone in his suspected enterprise. Indeed, two sons of two former justices of Nigeria have also been fingered and are already under the scrutiny of security men.

British investigators are said to have also revealed that a Pakistani citizen who collaborated with a Yemeni citizen actually trained the three Nigerian suspects inside the United Kingdom.

,

The Guardian

   Wednesday, December 30, 2009

Security Adviser queries DG, NIA over Mutallab

    * Inquest reveals involvement of sons of two former justices

From Martins Oloja, Abuja Bureau Chief

NIGERIA's intelligence/ Security machinery has kicked into overdrive in its bid to find what went wrong on its part, who knew what and when about the deeds or moves of Farouk Abdulmuttallab, now facing charges of attempted terror attack in the United States of America (U.S.A).

Piqued by the negative impact of the global discussion of the involvement of the Nigerian in the Christmas day's botched attempt to blow up a U.S.-bound plane that took off from Amsterdam, Holland and with the looming spectre of being tagged a haven of terrorists, Nigeria's presidency has launched a comprehensive probe of the tragic incident. The claims and counter- claims on who knew what, when and where, about Farouk Mutallab's suspected attempt are of course of special interest.

The probe, which promises to be far-reaching, began in earnest on Monday morning when the National Security Adviser Abdul Sarki Mukhtar, a retired Major-General, personally issued and signed a strongly-worded query to the Director-General of the National Intelligence Agency (NIA) Ambassador E.O. Oladeji.

In the query entitled: "Alleged Involvement of Umar Farouk Mutallab in an Attempt to Bomb a U.S. Airliner" and dated December 28, the National Security Adviser indicated that the National Intelligence Agency had prior knowledge of a report said to have been deposited with it on the suspect. The words of the query:

"From all indications, it seemed that your Agency had prior knowledge of a report, said to have been made by Alhaji Umar Mutallab about the tendencies of his son, Umar Farouk, towards radicalisation, which was manifested in the incident leading to his arrest in the U.S."

The query goes further, "It is really unfortunate and sad that knowledge of such an important intelligence issue could not be brought to the attention of this office, or the weekly Intelligence Community Committee Meeting (ICCM). It was this failure that led to the unfortunate incident we are grappling with now".

"The report if circulated within the ICC would have alerted the Security Agencies at our Travel Control Points (TCPs) to take appropriate required action, that would have led to his arrest, before boarding the KLM flight from Nigeria, thereby pre-empting the sad incident", it added.

The NSA notes that "Failure to do so has not only led to this rather unfortunate international embarrassment to the Nigerian nation, but also depicted our country as a haven for terrorists. You are therefore to explain what led to this failure of intelligence, and the persons therein involved. Your explanation, should reach me on or before Tuesday December 29, 2009, "

According to sources close to the NIA, the National Security Adviser's letter has caused some "consternation" within the Agency coming on the heels of a recent crisis that led to the dramatic removal of the former DG NIA, Ambassador Imohe.

The Guardian gathered last night that even as the NIA chief executive faces the challenge of answering the query from the NSA, the presidency has been told that contrary to earlier reports that the lead and indeed activities of Umar Farouk (Jnr) were reported to Nigeria's security agencies, "the father only reported it to a former National Security official who served under President Obasanjo, who in turn reportedly informed one of the directors at the National Intelligence Agency (NIA). The director obviously did nothing about the lead until the current incident happened."

The report of how Mutallab (snr) reported his son is said to have also raised curiosity of the Intelligence and Security Community. One puzzle operatives are hoping to unravel is "what the former Managing Director of UBA knew and what compelled him to head for the American Embassy instead of, for instance, the British High Commission which had in May this year rejected his son's re-entry visa shortly after he completed his degree programme in a London university".

Besides, the Intelligence and Joint Security Services are said to be interested in questioning the eminent Mutallab, a former federal commissioner (minister) under General Obasanjo as military head of state (1976-1979) on "why he did not report the suspicious deeds of his son to the offices of current National Security Adviser or even the Directors-General of the State Services Department or the National Intelligence Agency".

In the same vein, the presidency, still smarting from the embarrassment occasioned by the absence of the president for more than a month now, is now running with bursting adrenaline to get to the root of this crisis. As a result, so many questions are being asked: What are some of the relationships the older Mutallab has in the world of business, government and even religion? Being married to an Arab Yemeni himself, what could the older Mutallab know or say of his son's Yemeni connections? Yemen is now widely known as the base of radical islamic fundamentalists where attacks had previously been planned on American targets.

Could the attempted attack by Mutallab have been a culmination of an intricate web of local and transnational intrigues that may have implications for domestic and foreign policy direction of the current administration?"

Just as answers were being sought to these and other questions, last night, it was revealed by diplomatic sources that Umar Farouk may not have been alone in his suspected enterprise. Indeed, two sons of two former justices of Nigeria have also been fingered and are already under the scrutiny of security men.

British investigators are said to have also revealed that a Pakistani citizen who collaborated with a Yemeni citizen actually trained the three Nigerian suspects inside the United Kingdom.

,

The Guardian

Wednesday, December 30, 2009

Security Adviser queries DG, NIA over Mutallab

* Inquest reveals involvement of sons of two former justices

From Martins Oloja, Abuja Bureau Chief

NIGERIA's intelligence/ Security machinery has kicked into overdrive in its bid to find what went wrong on its part, who knew what and when about the deeds or moves of Farouk Abdulmuttallab, now facing charges of attempted terror attack in the United States of America (U.S.A).

Piqued by the negative impact of the global discussion of the involvement of the Nigerian in the Christmas day's botched attempt to blow up a U.S.-bound plane that took off from Amsterdam, Holland and with the looming spectre of being tagged a haven of terrorists, Nigeria's presidency has launched a comprehensive probe of the tragic incident. The claims and counter- claims on who knew what, when and where, about Farouk Mutallab's suspected attempt are of course of special interest.

The probe, which promises to be far-reaching, began in earnest on Monday morning when the National Security Adviser Abdul Sarki Mukhtar, a retired Major-General, personally issued and signed a strongly-worded query to the Director-General of the National Intelligence Agency (NIA) Ambassador E.O. Oladeji.

In the query entitled: "Alleged Involvement of Umar Farouk Mutallab in an Attempt to Bomb a U.S. Airliner" and dated December 28, the National Security Adviser indicated that the National Intelligence Agency had prior knowledge of a report said to have been deposited with it on the suspect. The words of the query:

"From all indications, it seemed that your Agency had prior knowledge of a report, said to have been made by Alhaji Umar Mutallab about the tendencies of his son, Umar Farouk, towards radicalisation, which was manifested in the incident leading to his arrest in the U.S."

The query goes further, "It is really unfortunate and sad that knowledge of such an important intelligence issue could not be brought to the attention of this office, or the weekly Intelligence Community Committee Meeting (ICCM). It was this failure that led to the unfortunate incident we are grappling with now".

"The report if circulated within the ICC would have alerted the Security Agencies at our Travel Control Points (TCPs) to take appropriate required action, that would have led to his arrest, before boarding the KLM flight from Nigeria, thereby pre-empting the sad incident", it added.

The NSA notes that "Failure to do so has not only led to this rather unfortunate international embarrassment to the Nigerian nation, but also depicted our country as a haven for terrorists. You are therefore to explain what led to this failure of intelligence, and the persons therein involved. Your explanation, should reach me on or before Tuesday December 29, 2009, "

According to sources close to the NIA, the National Security Adviser's letter has caused some "consternation" within the Agency coming on the heels of a recent crisis that led to the dramatic removal of the former DG NIA, Ambassador Imohe.

The Guardian gathered last night that even as the NIA chief executive faces the challenge of answering the query from the NSA, the presidency has been told that contrary to earlier reports that the lead and indeed activities of Umar Farouk (Jnr) were reported to Nigeria's security agencies, "the father only reported it to a former National Security official who served under President Obasanjo, who in turn reportedly informed one of the directors at the National Intelligence Agency (NIA). The director obviously did nothing about the lead until the current incident happened."

The report of how Mutallab (snr) reported his son is said to have also raised curiosity of the Intelligence and Security Community. One puzzle operatives are hoping to unravel is "what the former Managing Director of UBA knew and what compelled him to head for the American Embassy instead of, for instance, the British High Commission which had in May this year rejected his son's re-entry visa shortly after he completed his degree programme in a London university".

Besides, the Intelligence and Joint Security Services are said to be interested in questioning the eminent Mutallab, a former federal commissioner (minister) under General Obasanjo as military head of state (1976-1979) on "why he did not report the suspicious deeds of his son to the offices of current National Security Adviser or even the Directors-General of the State Services Department or the National Intelligence Agency".

In the same vein, the presidency, still smarting from the embarrassment occasioned by the absence of the president for more than a month now, is now running with bursting adrenaline to get to the root of this crisis. As a result, so many questions are being asked: What are some of the relationships the older Mutallab has in the world of business, government and even religion? Being married to an Arab Yemeni himself, what could the older Mutallab know or say of his son's Yemeni connections? Yemen is now widely known as the base of radical islamic fundamentalists where attacks had previously been planned on American targets.

Could the attempted attack by Mutallab have been a culmination of an intricate web of local and transnational intrigues that may have implications for domestic and foreign policy direction of the current administration?"

Just as answers were being sought to these and other questions, last night, it was revealed by diplomatic sources that Umar Farouk may not have been alone in his suspected enterprise. Indeed, two sons of two former justices of Nigeria have also been fingered and are already under the scrutiny of security men.

British investigators are said to have also revealed that a Pakistani citizen who collaborated with a Yemeni citizen actually trained the three Nigerian suspects inside the United Kingdom.

,

The Guardian

Wednesday, December 30, 2009

Security Adviser queries DG, NIA over Mutallab

* Inquest reveals involvement of sons of two former justices

From Martins Oloja, Abuja Bureau Chief

NIGERIA's intelligence/ Security machinery has kicked into overdrive in its bid to find what went wrong on its part, who knew what and when about the deeds or moves of Farouk Abdulmuttallab, now facing charges of attempted terror attack in the United States of America (U.S.A).

Piqued by the negative impact of the global discussion of the involvement of the Nigerian in the Christmas day's botched attempt to blow up a U.S.-bound plane that took off from Amsterdam, Holland and with the looming spectre of being tagged a haven of terrorists, Nigeria's presidency has launched a comprehensive probe of the tragic incident. The claims and counter- claims on who knew what, when and where, about Farouk Mutallab's suspected attempt are of course of special interest.

The probe, which promises to be far-reaching, began in earnest on Monday morning when the National Security Adviser Abdul Sarki Mukhtar, a retired Major-General, personally issued and signed a strongly-worded query to the Director-General of the National Intelligence Agency (NIA) Ambassador E.O. Oladeji.

In the query entitled: "Alleged Involvement of Umar Farouk Mutallab in an Attempt to Bomb a U.S. Airliner" and dated December 28, the National Security Adviser indicated that the National Intelligence Agency had prior knowledge of a report said to have been deposited with it on the suspect. The words of the query:

"From all indications, it seemed that your Agency had prior knowledge of a report, said to have been made by Alhaji Umar Mutallab about the tendencies of his son, Umar Farouk, towards radicalisation, which was manifested in the incident leading to his arrest in the U.S."

The query goes further, "It is really unfortunate and sad that knowledge of such an important intelligence issue could not be brought to the attention of this office, or the weekly Intelligence Community Committee Meeting (ICCM). It was this failure that led to the unfortunate incident we are grappling with now".

"The report if circulated within the ICC would have alerted the Security Agencies at our Travel Control Points (TCPs) to take appropriate required action, that would have led to his arrest, before boarding the KLM flight from Nigeria, thereby pre-empting the sad incident", it added.

The NSA notes that "Failure to do so has not only led to this rather unfortunate international embarrassment to the Nigerian nation, but also depicted our country as a haven for terrorists. You are therefore to explain what led to this failure of intelligence, and the persons therein involved. Your explanation, should reach me on or before Tuesday December 29, 2009, "

According to sources close to the NIA, the National Security Adviser's letter has caused some "consternation" within the Agency coming on the heels of a recent crisis that led to the dramatic removal of the former DG NIA, Ambassador Imohe.

The Guardian gathered last night that even as the NIA chief executive faces the challenge of answering the query from the NSA, the presidency has been told that contrary to earlier reports that the lead and indeed activities of Umar Farouk (Jnr) were reported to Nigeria's security agencies, "the father only reported it to a former National Security official who served under President Obasanjo, who in turn reportedly informed one of the directors at the National Intelligence Agency (NIA). The director obviously did nothing about the lead until the current incident happened."

The report of how Mutallab (snr) reported his son is said to have also raised curiosity of the Intelligence and Security Community. One puzzle operatives are hoping to unravel is "what the former Managing Director of UBA knew and what compelled him to head for the American Embassy instead of, for instance, the British High Commission which had in May this year rejected his son's re-entry visa shortly after he completed his degree programme in a London university".

Besides, the Intelligence and Joint Security Services are said to be interested in questioning the eminent Mutallab, a former federal commissioner (minister) under General Obasanjo as military head of state (1976-1979) on "why he did not report the suspicious deeds of his son to the offices of current National Security Adviser or even the Directors-General of the State Services Department or the National Intelligence Agency".

In the same vein, the presidency, still smarting from the embarrassment occasioned by the absence of the president for more than a month now, is now running with bursting adrenaline to get to the root of this crisis. As a result, so many questions are being asked: What are some of the relationships the older Mutallab has in the world of business, government and even religion? Being married to an Arab Yemeni himself, what could the older Mutallab know or say of his son's Yemeni connections? Yemen is now widely known as the base of radical islamic fundamentalists where attacks had previously been planned on American targets.

Could the attempted attack by Mutallab have been a culmination of an intricate web of local and transnational intrigues that may have implications for domestic and foreign policy direction of the current administration?"

Just as answers were being sought to these and other questions, last night, it was revealed by diplomatic sources that Umar Farouk may not have been alone in his suspected enterprise. Indeed, two sons of two former justices of Nigeria have also been fingered and are already under the scrutiny of security men.

British investigators are said to have also revealed that a Pakistani citizen who collaborated with a Yemeni citizen actually trained the three Nigerian suspects inside the United Kingdom.

,

The Guardian

Wednesday, December 30, 2009

Security Adviser queries DG, NIA over Mutallab

* Inquest reveals involvement of sons of two former justices

From Martins Oloja, Abuja Bureau Chief

NIGERIA's intelligence/ Security machinery has kicked into overdrive in its bid to find what went wrong on its part, who knew what and when about the deeds or moves of Farouk Abdulmuttallab, now facing charges of attempted terror attack in the United States of America (U.S.A).

Piqued by the negative impact of the global discussion of the involvement of the Nigerian in the Christmas day's botched attempt to blow up a U.S.-bound plane that took off from Amsterdam, Holland and with the looming spectre of being tagged a haven of terrorists, Nigeria's presidency has launched a comprehensive probe of the tragic incident. The claims and counter- claims on who knew what, when and where, about Farouk Mutallab's suspected attempt are of course of special interest.

The probe, which promises to be far-reaching, began in earnest on Monday morning when the National Security Adviser Abdul Sarki Mukhtar, a retired Major-General, personally issued and signed a strongly-worded query to the Director-General of the National Intelligence Agency (NIA) Ambassador E.O. Oladeji.

In the query entitled: "Alleged Involvement of Umar Farouk Mutallab in an Attempt to Bomb a U.S. Airliner" and dated December 28, the National Security Adviser indicated that the National Intelligence Agency had prior knowledge of a report said to have been deposited with it on the suspect. The words of the query:

"From all indications, it seemed that your Agency had prior knowledge of a report, said to have been made by Alhaji Umar Mutallab about the tendencies of his son, Umar Farouk, towards radicalisation, which was manifested in the incident leading to his arrest in the U.S."

The query goes further, "It is really unfortunate and sad that knowledge of such an important intelligence issue could not be brought to the attention of this office, or the weekly Intelligence Community Committee Meeting (ICCM). It was this failure that led to the unfortunate incident we are grappling with now".

"The report if circulated within the ICC would have alerted the Security Agencies at our Travel Control Points (TCPs) to take appropriate required action, that would have led to his arrest, before boarding the KLM flight from Nigeria, thereby pre-empting the sad incident", it added.

The NSA notes that "Failure to do so has not only led to this rather unfortunate international embarrassment to the Nigerian nation, but also depicted our country as a haven for terrorists. You are therefore to explain what led to this failure of intelligence, and the persons therein involved. Your explanation, should reach me on or before Tuesday December 29, 2009, "

According to sources close to the NIA, the National Security Adviser's letter has caused some "consternation" within the Agency coming on the heels of a recent crisis that led to the dramatic removal of the former DG NIA, Ambassador Imohe.

The Guardian gathered last night that even as the NIA chief executive faces the challenge of answering the query from the NSA, the presidency has been told that contrary to earlier reports that the lead and indeed activities of Umar Farouk (Jnr) were reported to Nigeria's security agencies, "the father only reported it to a former National Security official who served under President Obasanjo, who in turn reportedly informed one of the directors at the National Intelligence Agency (NIA). The director obviously did nothing about the lead until the current incident happened."

The report of how Mutallab (snr) reported his son is said to have also raised curiosity of the Intelligence and Security Community. One puzzle operatives are hoping to unravel is "what the former Managing Director of UBA knew and what compelled him to head for the American Embassy instead of, for instance, the British High Commission which had in May this year rejected his son's re-entry visa shortly after he completed his degree programme in a London university".

Besides, the Intelligence and Joint Security Services are said to be interested in questioning the eminent Mutallab, a former federal commissioner (minister) under General Obasanjo as military head of state (1976-1979) on "why he did not report the suspicious deeds of his son to the offices of current National Security Adviser or even the Directors-General of the State Services Department or the National Intelligence Agency".

In the same vein, the presidency, still smarting from the embarrassment occasioned by the absence of the president for more than a month now, is now running with bursting adrenaline to get to the root of this crisis. As a result, so many questions are being asked: What are some of the relationships the older Mutallab has in the world of business, government and even religion? Being married to an Arab Yemeni himself, what could the older Mutallab know or say of his son's Yemeni connections? [/b]Yemen is now widely known as the base of radical islamic fundamentalists where attacks had previously been planned on American targets.

Could the attempted attack by Mutallab have been a culmination of an intricate web of local and transnational intrigues that may have implications for domestic and foreign policy direction of the current administration?"

Just as answers were being sought to these and other questions, last night, [b]it was revealed by diplomatic sources that Umar Farouk may not have been alone in his suspected enterprise. Indeed, two sons of two former justices of Nigeria have also been fingered and are already under the scrutiny of security men.

British investigators are said to have also revealed that a Pakistani citizen who collaborated with a Yemeni citizen actually trained the three Nigerian suspects inside the United Kingdom.
,

Thanks

Hi,

Do you still have the Elemax SH3200EX (2.6KVA) for sale? At what price?

Cheers

Just saw your reply to my question.

Thanks AjanleKoko.

[size=8pt]Etisalat eyes 51% stake in Kuwait's Zain[/size]
by John Irish and Rania El Gamal on Tuesday, 21 July 2009


Emirates Telecommunications Corp (Etisalat) is interested in buying a 51 percent stake in Kuwait's Zain Group at the right price, the chief executive of its international unit said on Tuesday.

"We are interested in Zain as a whole, given the right values," Jamal al-Jarwan told Reuters in a telephone interview. "We're looking at a 51 percent stake in Zain," he added.

Etisalat, which operates in 18 countries, including Egypt and India, is one of a number of Gulf Arab telecom operators that have expanded overseas after losing their monopolies at home.

Both Zain and Etisalat operate in Nigeria and Saudi Arabia, making integration of the two there more complicated than entering a virgin market. "We need to sort out the overlap in Saudi Arabia and Nigeria," said Jarwan.

Zain, which is partly owned by the country's sovereign wealth fund, said on Monday it still hoped to sell its African unit despite French media and telecoms giant Vivendi calling off talks to buy a majority stake in the business.

Jarwan said on Tuesday that Etisalat, the region's second-largest operator by market value, was interested in "the whole package" and not just Zain's African unit.

"We overlap with Zain in many countries, but overall we're looking at it," he said. "Zain makes a compelling story for us."

Jarwan declined to comment on whether it was already talking to Zain about the possibility of taking a stake.

"Zain has no comment on that," Zain's spokesman Ibrahim Adel told Reuters on Tuesday.

Jarwan, asked by Arabiya television how Etisalat would finance the purchase, said: "There are several ways that we are studying now but we haven't reached a final conclusion about it. But in the end , it will be possible to bring about this sale of 51 percent."

Zain has a market capitalisation of about $17.3bn and a potential deal would be one of the region's largest mergers and one of the first cross-border deals.

Etisalat has long been on the acquisition prowl and said last November that it had more than $3bn in cash on hand to fund purchases in 2009.

It said on Tuesday it had bid for a fixed and mobile licence in OPEC member Libya.

The Abu Dhabi-based telecom firm is 60-percent owned by the UAE government, the world's third biggest oil exporter, and the emirate of Abu Dhabi controls 90 percent of the country's oil reserves.

Etisalat is facing stiffer competition in its home market of the UAE, where some analysts predict that a wave of job cuts could lead to a population decline, which would weigh on the profits of Etisalat and rival du.

Last year, Etisalat bought a 45 percent stake in new Indian operator Swan Telecom for about $900m.

"I don't think a takeover is possible because there are strong national interests in play here," said an analyst who asked not to be identified.

"Etisalat has a history of expanding through smaller operators, obtaining licences, not through multi-billion (dollar) deals."

A takeover of Zain by a foreign firm may not be disputed by Kuwait, whose sovereign wealth fund – the Kuwait Investment Authority (KIA) – owns 24.61 percent of Zain.

In 2007, Qatar Telecommunications bought a 51 percent stake in Kuwaiti mobile operator Wataniya for $3.72bn in the largest telecom acquisition in the region at the time.

KIA still owns 23.54 percent of Wataniya, according to bourse data.

Kuwaiti family-owned conglomerate Kharafi Group is Zain's second largest shareholder behind KIA, with 13.7 percent through one of its units, bourse data showed.

Shares of Etisalat closed 0.96 percent up in Abu Dhabi, while Zain's shares ended 3.45 percent up in Kuwait. (Reuters)

Zain Denies $12 Billion Deal with France's Vivendi

Reuters
Wed Jul 8, 2009 11:02am EDT

­Zain has denied media reports that it has inked a deal to sell its African assets to France's Vivendi for US$12 billion - although it confirmed that talks are ongoing with various parties. The company is known to have recruited Swiss bank UBS to carry out a "strategic review" that could lead to a sale of its former Celtel division.

"We are discussing, It is a number of companies who are interested in this partnership in Africa, There is nothing specific," the firm's chief executive, Saad al-Barrak told Reuters in an interview. "Partnership means bringing in another partner from 25 percent to whatever in Africa," he said, declining to be more specific.

On the reports that a deal has been done with Vivendi, he said "There is no deal reached and we are not even at this stage," There have been previous rumours that Zain was at least in talks with Vivendi, which co-owns the French mobile network SFR - along with Vodafone.

Celtel was founded by Sudanese-born Mo Ibrahim in 1998 and sold to Kuwiat's MTC (now Zain) in April 2005 for US$3.4 billion.

Zain looks to sell Africa ops to Vivendi -paper
Fri Jun 12, 2009 8:21am EDT

ABUJA, June 12 (Reuters) - Kuwait's Mobile Telecommunications Co. (ZAIN.KW: Quote, Profile, Research, Stock Buzz) (ZAIN) is looking to sell its African operations to Europe's largest entertainment group Vivendi (VIV.PA: Quote, Profile, Research, Stock Buzz), according to a Nigerian newspaper on Friday.

Without citing any sources, The Business Day newspaper reported that Kuwait's biggest mobile operator was waiting for a reply from Vivendi on the sale of Zain Nigeria this week.

If the deal isn't settled, Zain will study bids made by other companies, the newspaper said.

Officials from both companies declined to comment to Reuters on the story.

More news,

NIGERIA TODAY ONLINE
Thursday June 10, 2009

Global bids roll in for Zain's Africa unit

The Pan-African cellular operator, Zain, has reportedly been put up for sale by its Kuwaiti parent MTC, four years after a bidding war saw MTN miss out on the chance to buy the network for itself. Kuwaiti newspaper Al Qabas said Zain’s African arm — which traded as Celtel before a grand rebranding exercise last year — may be sold for $12bn to a French company. MTC was waiting to hear from the potential buyer but would study bids from other companies if the deal fell through, the paper said, citing sources close to the deal. The unnamed French company would also buy the African operation’s debts, which would be discounted from the fee. Those debts were not quantified. Mixed signals make it difficult to assess how plausible the speculation is, and Zain would not comment yesterday. MTC paid $3,4bn for Celtel in 2005, outbidding MTN. But if it now wants to jettison its African operations, its timing is odd, as MTN would be excluded from making a fresh bid. MTN is negotiating a tie-up with Bharti in India, and the two have agreed to talk exclusively to each other until July 31. Yet if Zain Africa is on the market, MTN would be an obvious suitor, as would its rival Vodacom.

Zain operates in 23 countries in the Middle East and Africa, serving 64,7-million customers. The African operations it is reportedly trying to shed covers 16 countries and 65% of the group’s customers. However, they are not doing as well financially as its owners would like. Africa contributed only 10% of the profit in financial 2008 and in the first quarter to March its African arm suffered a net loss of $4,9m on a revenue of $917m. Yet MTC’s CEO Saad Al Barrak has not hinted at any plans to sell. Despite challenges posed by the global economic crisis and competitive markets, the first-quarter results were testimony to sound management practices, he said, and “a reflection of our unwavering commitment to reach our 2011 target of being a top-10 global mobile operator”. Shedding a major chunk of its business would make that goal impossible, and since Al Barrak made that statement only a month ago, rumours of the sale may simply be untrue. In November, Zain Africa CEO Chris Gabriel said the company planned to be the acquisitor rather than the acquisition in an inevitable consolidation of telecoms players. He predicted that Africa’s 100-plus operators would eventually consolidate until a maximum of five survived. Zain’s commitment to Africa saw it launch a network in Ghana in December, and it plans to introduce financial services via cellphones in several countries this year. If a sell-off is under discussion, the French suitor could be Orange, the cellular offshoot of France Telecom. Orange is already active in 16 African countries, including Botswana, Madagascar, Kenya, Senegal and Uganda, and seems keen to expand its footprint. Last month Orange launched a pan-African advertising campaign to strengthen its brand, and in November it committed to supporting the roll-out of a submarine fibre-optic cable. The project would eventually link more than 20 West African countries to Europe. The 12000km ACE cable (Africa Coast to Europe), will begin in France and could end in SA.

It is very likely that the 'unnamed French prospective buyer' is Orange, the mobile arm of France Telecom. They have been gradually buying into operators in Anglophone Africa.

So Orange Nigeria, here we come!

Hi everyone,

Does anyone know how much Harris Stratex Nigeria pays Engineers?

Cheers

You can check out these articles on BusinessWeek related the purchase.

Oracle's Sun Deal: A Closer Look http://www.businessweek.com/technology/content/apr2009/tc20090422_467791.htm?chan=rss_topStories_ssi_5

Is the Sun/Oracle Deal Good for MySQL Customers? http://www.businessweek.com/technology/technology_at_work/archives/2009/04/is_the_sunoracl.html

Excerpts here:
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Will MySQL stay as compelling?
Sun claimed more than 11 million users of its MySQL database, which it bought for $1 billion in 2008. Users include Internet powerhouses Google (GOOG) and Facebook, which favor the software's facility with Web applications. Taking ownership of the open-source software could give Oracle an entrée to Web 2.0 companies.

MySQL also could bolster Oracle's ties to the software developer community, helping it steal programming thunder from Microsoft's SQL Server. "Microsoft has always understood how to deal with developers and has good relationships with them," says one industry executive close to Sun. "Oracle doesn't have the same reach into the most innovative developers in the world. With MySQL, they get there."

Unfortunately for Oracle, most of MySQL's users don't pay for the software, opting for a free, unsupported version of it. Sun booked just $208 million in MySQL sales in fiscal 2008, vs. Oracle's $4.8 billion in expected database bookings for the fiscal year that ends in May. And Oracle's flagship database will pull along an additional $7.6 billion in support revenue. So MySQL could be more important strategically than monetarily to Oracle. "It was a huge source of pain at the low end of the market that they now don't have to worry about," says Citigroup's Thill.

Oracle Corp. struck a surprise deal to buy Sun Microsystems Inc. for $7.38 billion, elbowing aside International Business Machines Corp. in the latest sign that a few well-heeled giants are exploiting the recession to snap up weaker players.

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Wall Street Journal , APRIL 21, 2009

Oracle Snatches Sun, Foiling IBM

Oracle Corp. struck a surprise deal to buy Sun Microsystems Inc. for $7.38 billion, elbowing aside International Business Machines Corp. in the latest sign that a few well-heeled giants are exploiting the recession to snap up weaker players.

Oracle, which has spent more than $30 billion buying software rivals in recent years, swung into action Thursday after talks between IBM and Sun had stalled, people familiar with the matter said.

IBM still held out hope over the weekend that Sun would accept a bid from the big computer maker, these people said, but Sun's board voted in favor of Oracle's offer, which was viewed as less likely to face an antitrust challenge since there was little business overlap.

IBM is highly unlikely to re-enter the bidding for Sun, said people familiar with the matter.

After factoring in Sun's cash and debt, the companies valued Oracle's offer at about $5.6 billion. Sun shareholders will get $9.50 a share in cash. Sun's stock surged 37% on the news Monday to $9.15.

Sun, whose server computers have long been sold along with Oracle's database software, was widely believed to need a bigger partner to compete with giants such as IBM, Hewlett-Packard Co. and Dell Inc. Sun has suffered from erratic profitability and revenue problems since a boom phase ended with the collapse of the dot-com bubble.

Oracle has emerged as one of the most powerful players on the tech landscape, buying rivals to assemble a long list of programs used by companies.

The deal gives Oracle control over important Sun software -- notably the popular programming technology called Java, which is used to build software for Web sites and cellphones. Oracle Chief Executive Larry Ellison described Java as "the single most important software asset we have ever acquired."

Some analysts said they were stunned by Mr. Ellison's move, predicting that Oracle may eventually choose to divest Sun's hardware business. But Safra Catz, one of two Oracle presidents, said Oracle intends to make Sun's hardware operations a profitable business unit.

---

Oracle Corp. struck a surprise deal to buy Sun Microsystems Inc. for $7.38 billion, elbowing aside International Business Machines Corp. in the latest sign that a few well-heeled giants are exploiting the recession to snap up weaker players.

---

Wall Street Journal , APRIL 21, 2009

Oracle Snatches Sun, Foiling IBM

Oracle Corp. struck a surprise deal to buy Sun Microsystems Inc. for $7.38 billion, elbowing aside International Business Machines Corp. in the latest sign that a few well-heeled giants are exploiting the recession to snap up weaker players.

Oracle, which has spent more than $30 billion buying software rivals in recent years, swung into action Thursday after talks between IBM and Sun had stalled, people familiar with the matter said.

IBM still held out hope over the weekend that Sun would accept a bid from the big computer maker, these people said, but Sun's board voted in favor of Oracle's offer, which was viewed as less likely to face an antitrust challenge since there was little business overlap.

IBM is highly unlikely to re-enter the bidding for Sun, said people familiar with the matter.

After factoring in Sun's cash and debt, the companies valued Oracle's offer at about $5.6 billion. Sun shareholders will get $9.50 a share in cash. Sun's stock surged 37% on the news Monday to $9.15.

Sun, whose server computers have long been sold along with Oracle's database software, was widely believed to need a bigger partner to compete with giants such as IBM, Hewlett-Packard Co. and Dell Inc. Sun has suffered from erratic profitability and revenue problems since a boom phase ended with the collapse of the dot-com bubble.

Oracle has emerged as one of the most powerful players on the tech landscape, buying rivals to assemble a long list of programs used by companies.

The deal gives Oracle control over important Sun software -- notably the popular programming technology called Java, which is used to build software for Web sites and cellphones. Oracle Chief Executive Larry Ellison described Java as "the single most important software asset we have ever acquired."

Some analysts said they were stunned by Mr. Ellison's move, predicting that Oracle may eventually choose to divest Sun's hardware business. But Safra Catz, one of two Oracle presidents, said Oracle intends to make Sun's hardware operations a profitable business unit.

---

Oracle Corp. struck a surprise deal to buy Sun Microsystems Inc. for $7.38 billion, elbowing aside International Business Machines Corp. in the latest sign that a few well-heeled giants are exploiting the recession to snap up weaker players.

---

Wall Street Journal , APRIL 21, 2009

Oracle Snatches Sun, Foiling IBM

Oracle Corp. struck a surprise deal to buy Sun Microsystems Inc. for $7.38 billion, elbowing aside International Business Machines Corp. in the latest sign that a few well-heeled giants are exploiting the recession to snap up weaker players.

Oracle, which has spent more than $30 billion buying software rivals in recent years, swung into action Thursday after talks between IBM and Sun had stalled, people familiar with the matter said.

IBM still held out hope over the weekend that Sun would accept a bid from the big computer maker, these people said, but Sun's board voted in favor of Oracle's offer, which was viewed as less likely to face an antitrust challenge since there was little business overlap.

IBM is highly unlikely to re-enter the bidding for Sun, said people familiar with the matter.

After factoring in Sun's cash and debt, the companies valued Oracle's offer at about $5.6 billion. Sun shareholders will get $9.50 a share in cash. Sun's stock surged 37% on the news Monday to $9.15.

Sun, whose server computers have long been sold along with Oracle's database software, was widely believed to need a bigger partner to compete with giants such as IBM, Hewlett-Packard Co. and Dell Inc. Sun has suffered from erratic profitability and revenue problems since a boom phase ended with the collapse of the dot-com bubble.

Oracle has emerged as one of the most powerful players on the tech landscape, buying rivals to assemble a long list of programs used by companies.

The deal gives Oracle control over important Sun software -- notably the popular programming technology called Java, which is used to build software for Web sites and cellphones. Oracle Chief Executive Larry Ellison described Java as "the single most important software asset we have ever acquired."

Some analysts said they were stunned by Mr. Ellison's move, predicting that Oracle may eventually choose to divest Sun's hardware business. But Safra Catz, one of two Oracle presidents, said Oracle intends to make Sun's hardware operations a profitable business unit.

---

I'm not waiting to get an MBA before joining the fray. Actually I'm getting back into the fray.
The MBA stuff is something for the future.

Well said.

I do have substantial work experience in telecoms/IT so obtaining an MBA should be a differentiating factor, hopefully.

@joshO

That's very true. I do plan to do an MBA abroad to add to my BEng and MSc in EE/Telecoms. I'm sure with both business and technical skills, one can be in a better position to enter senior management in a telecoms company.

Thanks.

Now I have a pretty good idea of how to remain relevant in the telecoms industry. My thinking is that one needs a combination of both technical and business skills.

Thanks once again. What do you say about a technical person making the transition to business process management in a mobile operator? Or an engineer taking up an MBA to remain relevant to his company in the long run?

AjanleKoko, thanks for the information.

Would you say that remaining in the technical side of telecoms isn't beneficial in the long term, especially after the operators have completed their network rollouts?

VOM, thanks very much for the reply and advice.

Hope to see around again.

Hi Everyone,

Does anyone know the salaries for engineers at Etisalat, Zain and MTN at the Specialist and Manager level?

Hi Nairalanders,

I'm a telecoms professional who intends to seek a position with any of these mobile operators: Etisalat, Zain, MTN and Glo.

I was wondering if anyone knows the salary structure or more specifically the salary range for the following positions/levels:
Specialist, Manager and Senior Manager i.e. for Technical/Engineering/IT department.

The information will come in handy during salary negotiation.

Thanks.

What would you consider to be a business background?

Also do you know the most frequently used SAP modules in the Telecommunications and Oil & Gas industries?

Hi markos,

I read your post and I think there's no harm in seeking a second opinion.

I have working experience in the Telecommunications industry and have also worked with relational databases (Oracle and Sybase). I'm interested in pursuing a career in SAP.

I would like to know if starting out with SAP Enterprise Portal and combining it with the SAP Supply Chain Management (SCM) solution would be a good start.

What do you advise?

Also would you be so kind as to provide me with any training materials you may have.

Regards,
sedeagu