VANGUARD MONDAY JANUARY 6, 2014 PAGE 47 PUBLICATION ON SANUSI
BEING A COMMUNIQUE ISSUED BY THE NORTHERN YOUTH MOVEMENT FOR POSITIVE CHANGE AT ITS EMERGENCY MEETING HELD IN KADUNA ON FRIDAY, 20TH DECEMBER, 2013.
RESIGN, SANUSI RESIGN
INTRODUCTION:
At an emergency meeting of the Northern Youth Movement for Positive Change held in Kaduna on Friday, December 20, 2013, we deliberated on matters bordering on the peace, progress and stability of our dear country Nigeria. After a careful analysis of recent developments in the polity, we feel constrained as Patriotic Nigerians to specifically address the recent false allegation by CBN governor, Mallam Lamido Sanusi that about USD 50 Billion was missing from the federation account.
Our dear Brother, Assalamu Alaikum,
You know that throughout the Glorious Quran, Allah Almighty spoke in 100s of verses about liars and deceivers, and promised them Hell Fire for their evil: “AND DO NOT (AND CONFUSE) THE TRUTH WITH FALSEHOOD, DO NOT SUPPRESS THE TRUTH KNOWINGLY”. (THE NOBLE QUARAN 2:42).
“If any one dispute in this matter with thee now after (full) knowledge hath come to thee, say: “Come! Let us gather together, -our sons and your sons, our women and your women, ourselves; then let us earnestly pray AND INVOKE THE CURSE OF GOD ON THOSE WHO LIE” (THE NOBLE QURAN 3:61).
It is in recognition of this injunction that we wish to observe and comment as follows:
1. BACKGROUND:
Our Brother, we know how you secured your current lofty job as Governor of Central Bank of Nigeria. When the position of the Governor became vacant during the Yar’Adua’s Admonistration, it was Senator Bukola Saraki who introduced you to the late President Umaru Musa Yar’Adua. He assured Yar’Adua that you will embrace the economy and that being a good Muslim, you will help propagate Islam. Muslims in Nigeria generally regarded you as a good Islamic Scholar having studied in Sudan with emphasis on Islamic Banking.
It was based on this that you were given the appointment. But your actions and inactions do not conform to the expectations of your office, and the reasons are not too farfetched. Governor Rotimi Amaechi, is a very good friend of Senator Bukola Saraki. It’s a well-known fact that these two Politicians employed you to do their bidding.
2. RECENT ACTIONS:
Based on the information made available to the senate, the Senate Committee Chairman of Petroleum Resources (Downstream) went to the National Assembly to accuse NNPC of stealing USD 7 Billion from the Federation Account. When he could not convince his colleagues to institute a probe, Rotimi Amaechi took over the campaign.
Again, both the National Assembly and the public ignored them. This time around they encouraged you to write this now infamous letter to the President of the Federal Republic of
Nigeria, alleging that USD 49.8 Billion was missing. The content of the letter was now leaked to the press hoping that Nigerians will riot, protest and cause general mayhem, and eventually lead to the fall of President Jonathan’s administration.
Alas! The Public is wiser.
The Speaker of the House of Representatives joined the bandwagon to prepare the public to receive another infamous letter, this time by Chief Olusegun Obasanjo. Again, relying on the lies by Mallam Lamido Sanusi.
3. OUR POSITION:
After a careful appraisal of the incendiary contents of the letter by the CBN Governor Mallam Sanusi Lamido to the President, Dr. Goodluck Ebele Jonathan, in which he alleged that the NNPC had only remitted about 24% of their accrued earnings to the federation account from January 2012 to July 2013, while the huge balance of about 76%, amounting to USD 49.8 Billion was missing, we feel obliged to intervene.
In doing this, we took cognizance of the eminent position Mallam Sanusi occupies in Nigeria. This presupposes that before he makes any public comment, he must have evaluated it thoroughly in order not to put the economy in jeopardy, or cause the confidence of foreign investors in our economy to be eroded.
In order climes, persons occupying similar positions are circumspect in making public comments, because they understand the implications of their utterances on the economy, but not Sanusi. He has commended on practically everything under the sun, even on issues outside his purview. He certainly does not appreciate the enormity of responsibility bestowed and expected of his high office.
In his letter to the President, he muddled up figures, and made false claims, thereby indirectly alluding that corruption thrives in the Jonathan administration. Having succeeded in misleading the gullible public, just last week he made a volte face by withdrawing his earlier claim that about USD 49.8 Billion was missing.
By his double speech Sanusi has cast a credibility question on himself and the institution he represents. His managerial acumen is also questionable. As head of Nigeria’s apex Bank, he ought to have cross checked his facts before going public, or even writing Mr. President.
In his position as CBN Governor, he has unlimited access to the top management of NNPC, so it is surprising that rather than double check his information with the relevant government agencies, he chose to play to the gallery, obviously with an intent to garner accolades as a superstar, and an incorruptible Nigerian. But Nigerians know better.
Mallam Lamido Sanusi as a prince of the prestigious Kano emirate has demeaned his princely position, and the entire Kano emirate, more so as he has been carrying on of late that he wishes to one day become the emir of Kano.
By his actions, he has portrayed himself as an unserious person, who dabbles into issues without doing his homework. Any person occupying such high office must as Caesar’s wife be above board but Mallam Sanusi chooses to use any opportunity to regale Nigerians with his sanctimonious posturing as an untouchable.
From the information made available by the NNPC in response to Sanusi’s false alarm, Nigerians have come to know the truth. First, there is no missing money from the federation account, and neither has NNPC failed to remit oil revenues as at when due as the CBN Governor alleged.
Going by the information put out by the NNPC, Sanusi does not know the workings of the oil and gas industry, yet he chose to toe the path of self-glorification by raising alarm without any justification whatsoever.
The CBN Governor himself had during his appearance along with the Ministers of Finance and Petroleum respectively, at the Senate Finance Committee probe of the allegation recanted his claims. He also said he regretted inundating the populace with such spurious allegation.
For failing to seek clarification on the true state of the alleged missing funds and not following established channels before going public with his claims, Mallam Sanusi has no moral authority to continue as the CBN Governor. His credibility has come into serious question, and Nigerians can no longer believe him.
Therefore, in order not to further taint the image of the nation’s apex bank, we call on Mallam Sanusi to immediately tender his resignation. We make this demand with all sense of responsibility and patriotism in order to reassure our foreign partners and investors that our economy is healthy and stable.
It’s unfortunate that Mallam Sanusi, since assumption of office has been carrying on more as a politician than a corporate helmsman. He has also thrown away all sense of decorum required of the head of the nation’s apex Bank, thereby putting data emanating from the CBN in doubt.
This attitude of making unwarranted statements on sensitive national issues by Sanusi should not be cordoned anymore. The latest act of Sanusi is another example of his many unguarded public outbursts that usually do more harm than good to the polity.
A public commentator once remarked that, “our friend Mallam Sanusi seems to forget that though he is a governor, he is not an elected governor of a state”. For Mallam Sanusi, talking is cheap and every opportunity must be exploited to speak even when it demeans his exalted office.
This cannot be allowed to continue and Mallam Sanusi should immediately tender his resignation or else he would go down in history as the first CBN governor to intentionally or ignorantly mislead the nation from his vantage position, by throwing up unfounded allegations just to malign other people and embarrass the government of President Jonathan.
Mallam, as a true Muslim you know that you have lied against God and Man. You have deliberately chosen to overheat the polity thereby abusing your position as the Governor of the Central Bank of Nigeria. Therefore, the only honorable path for you is to resign as the Governor of the Central Bank of Nigeria, to avoid desecrating the respected institution further.
Long Live Northern Youth Movement for Positive Change
Long Live the Federal Republic of Nigeria.
SIGNED:
For: NORTHERN YOUTH MOVEMENT FOR POSITIVE CHANGE
Hon. Dogara J. Bassa Alhaji Ishiaka Babanagode
Secretary Chairman

Former Kwara State governor and senator representing Kwara Central in the National Assembly, Dr Bukola Saraki, is to appear before a crack team of investigators of the Economic and Financial Crimes Commission (EFCC) over his alleged involvement in fraud-related matters during his eight-year period as governor and his time as executive director of the defunct Societe Generale Bank Nigeria Limited (SGBN).

A dependable source confided in LEADERSHIP last night that the ex-governor has been invited by the EFCC and is due to appear before the anti-graft crack team on Wednesday at the Idiagbon House, base of the operations arm of the EFCC at its headquarters in Abuja.

Though the identities of members of the investigating team remain cloudy at press time, LEADERSHIP gathered that the team may be led by an assistant commissioner of police who is dreaded for his reputation as a consummate fraud buster.

It was also learnt that the EFCC had compiled a dossier on the ex- governor that contains several allegations of fraud that borders on abuse of office and money laundering which the ant-graft body had covertly investigated over the past few years.

Based on these findings, the commission, LEADERSHIP gathered, is now ready to confront the ex-governor with the evidence of his alleged financial indiscretion both as governor and as the executive director of SGBN.

The EFCC is said to have concluded the investigation into the mega fraud that triggered the collapse of the SGBN years ago but could not move against Saraki in spite of the overwhelming evidence against him on the grounds of the immunity he enjoyed as a sitting governor. Saraki ruled Kwara State between 2003 and 2011.

In the twilight of his tenure, Saraki became a powerful political figure as the chairman of the Nigeria Governors’ Forum (NGF). His name featured prominently in the high-wire game of intrigues that allegedly forced the pioneer former chairman of the EFCC, Mr Nuhu Ribadu, out of the commission and ultimately into exile, after he moved against the former governor of Delta State, James Ibori, who is now serving a jail term in a United Kingdom prison for money laundering offences.



- See more at: http://leadership.ng/news/290713/efcc-moves-against-bukola-saraki#sthash.HzjUggRw.dpuf

Fuel Subsidy Beneficiaries Unmasks

About 100 companies have been fingered as those who shared about N3.655 trillion meant for petroleum subsidy in the country in the last five years, the Joint Senate Committee on Petroleum Downstream, Finance and Appropriation was told yesterday.
The revelation emerged at the resumed public hearing on the operations of the fuel subsidy regime in the country.
Those alleged to have benefitted from the fuel subsidy include the Chief Executive Officer of ConOill, Mike Adenuga, Chief Executive Officer of Oando, Wale Tinubu; Chairman, Honey Well Group of Companies, Oba Otudeko, Chairman, Folawiyo Group, Chief Wahab Iyanda Folawiyo, among others.
Chairman of the Panel, Senator Magnus Ngei Abe, PDP, Rivers South East revealed that over 100 companies, including construction companies participated in the sharing of the money between January and August 2011.
This figure however is in conflict with the N1.348 trillion said to have been spent on subsidy by the Petroleum Product Pricing Regulatory Agency, PPPRA.

Abe who is also the chairman of the Senate Committee on Petroleum (Downstream) named the oil companies which benefitted from the subsidy as at August 2001 to include: Oando, Obat; Capital Oil; Enak Oil and Gas; Integrated Oil and Gas; African Petroleum, AP; Folawiyo Oil; Honey Well; Eternal Oil; Fort Oil; Bovas and Company Nigeria Limited; AZ Oil; Atio Oil; IPMAN Investment Ltd; D. Jones Oil, among others.
The Committee frowned at the discovery that some of the firms listed were construction companies that have nothing to do with oil, adding that such companies were too many and put the credibility of their participatory process into question.
The Executive Director,PPPRA, Reginald Stanley, told the Committee that the gross amount spent on fuel subsidy from 2006 to September this year stood at N3.655trillion. The figure contradicted the N1.426 trillion submitted by the NNPC as subsidy on the products as at August 2011.
Stanley argued that the correct figure was N1.348 trillion, just as he debunked the alleged N450 billion kerosene subsidies owed the NNPC by the Federal Government, adding that the claims were not recorded in their books.
However, Senator Abe said a breakdown of the amount shared by those involved in the fuel subsidy management showed that Oando Nigeria Plc allegedly got – N228.506billion, Integrated Oil and Gas Plc, N30billion, MRS-N224.818 billion, ConOil- N37.96billion, Enak Oil & Gas- N19.684billion, Bovas & Co. Nig Ltd, N5.685billion, Obat- N85billion and AP- N104.5billion.
Others are Folawiyo Oil- N113.3b, IPMAN Investment Limited- N10.9billion, ACON- N24.1billion, Atio Oil- N64.4billion, AMP- N11.4billion, HoneyWell- N12.2billion, Emac Oil- N19.2billion, D.Jones Oil- N14.8billion while Capital Oil and A-Z Oil got N22.4billion and N18.613billion respectively.
Also as beneficiaries according to the Senate were Eternal Oil- N5.57 billion; Dozil Oil- N3.375 billion; Fort Oil- N8.582 billion while some construction companies were also on the list but, the committee said they shut down their web sites since the commencement of the probe.
Senator Abe who invited the marketers to explain how much they benefited from the subsidy, however questioned the rational in involving over 100 marketers, even as some of them were construction companies that “have no business importing petroleum products.”
Earlier, the Senate had demanded from the Group Managing Director, NNPC, Austin Oniwon the cost of locally refined petroleum products as against imported fuel and whether there was subsidy on locally refined products.
Responding,Oniwon said that it cost between $4 and $5, depending on the exchange rate, to refine a barrel of oil, which is equivalent to 159 litres, adding that the locally refined products equally attracted subsidy, but at a reduced rate when compared to imported products.
“We collect subsidy on locally refined products but it is less than what we collect on imported product. But since we do not include trade marking and other charges on imported products, it costs N11.87 less on locally refined products and N11.87 more on imported ones. An indication that NNPC makes more money on imported products than from the locally produced ones.”
On the allegation of round tripping – a situation, where importers return the locally produced product at the cost of imported, Oniwon denied any knowledge of such, saying, “I am already under oath and it will not be in my interest to say what I don’t know about. I have not cut anybody round tripping and I would not want to speculate.”
Some of the questions that never got satisfactory answers from Oniwon and Stanley were on evidence of payment of dividends accruing from the country’s joint venture with Nigeria National Liquidities (NNLG), Shell Petroleum and other companies as well as the reason why the nation was not in a hurry to resuscitate existing refineries.
The panel adjourned hearing till Monday December 12, even as it was discovered that several marketers that did not meet the criteria before benefiting from the subsidy and were hence in the habit of making false claims.
According to Senator Abe, marketers were mandated to own tank farms (petrol deports) of not less than 5000 metric tonnes, and should be registered with the Corporate Affairs Commission, CAC, as oil companies, adding that only 11 marketers own storage facilities,while the rest were “throughput” or sharing depots with filling stations just as some were registered construction companies.
Before the Joint committee adjourned, the Chairman ordered Oniwon to produce the total amount expended on the Turn Around Maintenance, TAM, from 1999 to date; total dividends accruing to NNPC from the Joint Venture Companies; names of accused marketers; investigations conducted, results and subsequent punishments to defaulters at the next sitting.

CBN and banks’ nationalisation TUESDAY, 12 JULY 2011 00:00 EDITOR OPINION - EDITORIAL
IF reports in the media are anything to go by, the Central Bank of Nigeria (CBN) may nationalise the eight banks it injected billions of naira of taxpayers’ money into two years ago, if as at September 30 (about 10 weeks away), the banks are not verifiably and fully recapitalised by their prospective new owners.
According to the CBN Deputy Governor in charge of the Financial Sector Stability Division, at a forum in Pretoria, South Africa, this nationalisation option will resolve the CBN anxiety over issues of governance, illiquidity and outright criminal conduct that necessitated its intervention.
It is curious that a matter of great concern to Nigerians, banks, depositors and the national economy is disseminated from afar. Also noteworthy is that the CBN has not denied the report, suggesting that it is true. The plan, however, is flawed.
In the last few weeks, the CBN has issued several announcements regarding approvals of memoranda of understanding for preferred bidders for some of the embattled banks. Similarly, statements were made on disputes within the bank entities over the fitness of so-called suitors and their claims to either deep resources or excellent records of accomplishment in banking. It is also public knowledge that there is a plethora of civil suits filed by individual shareholders or groups pending in courts.
If the statement from Pretoria is a CBN directive, it may amount to a measure to override the process of the courts and the sanctity of the law. The country could, by fiat of the CBN, demolish the concept of private property and investment in Nigeria.
We believe that the CBN has not held adequate consultations in good faith regarding the state of affairs in the banking sector, nor does it convey, by the bellicose nature of statements issuing from her officials, an appreciation of her important role in averting an impending disaster. The CBN is searching for market-making relevance without enough substance. Why would it announce a liquidation deadline in the middle of mergers and acquisition negotiations that have subsequently suffered fissures? And now, it trumps with a nationalisation alternative.
We believe that whatever merit or lack of it in the arguments of the shareholders and the CBN regarding supervision, management, intervention and funding of the banks are best left to the laws of Nigeria, through the courts’ authority.
Aside from the unfortunate developments in respect of the eight banks, there is a horde of CBN directives on such diverse matters as cash withdrawal penalties, location of ATMs, nationwide accounts renumbering and a revised non-interest banking being ruefully described as Islamic banking. The singular syndrome joining all these is needless controversy in passing the message and its implementation. Inevitably, another impression of being brash, and grandstanding tags these initiatives.
Banking in Nigeria has had a glorious past as an instrument of economic development, particularly of the small and big traders, or on big projects. It has also been highly regulated. In 20 years or so, the banking sector has gone through a number of business models namely: indigenisation, privatisation, recapitalisation, consolidation, intervention, and will appear poised towards reverse indigenisation (suitably referred to as foreignisation), liquidation, nationalisation and conceivably, not excluding intimidation option!
Non-resolution of the lingering banking crisis portends more turmoil for the country than Nigeria can afford. Quantitative reports of losses from capital market erosion added to economic multiplier rate of liquidating or even dispossession of shareholders are undesirable scenarios for a polity struggling with economic transformation and in arrears of social development.
Adversarial media statements tend to erase further the core value of the banks. And given the loss of fundamental values based on CBN’s own valuation already, the price for these investments are watered down. Yet a sale is mandatory, and a deadline looming. Such a shotgun approach by either party is definitely unhelpful to the economy and to all Nigerians, not only concerned shareholders.
Fear is a legitimate concern in the industry. An approach to resolving the banking crisis that regretfully shows faint, but malignant signs of scare mongering, or manipulating the anxiety of people as shareholders, pensioners, depositors, etc is not good. What is good for the rest of the world ought to be available in Nigeria. We need sober judgement in tackling the banking crisis. We ought also to do away with the derogatory propensity to fish for options, and circulate them in other jurisdictions.
Sadly, the National Assembly that rightly has to provide funds, and oversight for the suggested nationalisation, is so hamstrung by its self-inflicted image as to hardly or sufficiently discharge its duties promptly.
Besides the negative import of making far-reaching policy announcements abroad, such major issue ought to emanate from a more authoritative source in the Central Bank.
Central Banking is about institutional rather than combative behaviour. It is the duty of the CBN to manage the country’s financial situation at all times, and to make this stable, not to stigmatise the country or increase its risk weekly. The CBN must put out herself as institutionally responsive to the challenges of both human and technology deficits in the banking sector.

Time to reform EFCC
EFCC in a bid to legalize continuous detention of the detainees, took them to Court 10 in a magistrate court at Botanical Garden, located at Apapa road, Ebute Metta, at 7.00pm on Friday to seek extended detention order against them. The Guardian, Sunday, May 8, 2011, page 9.
7.00pm? Pray, are our courts open at 7pm?
THIS is the depth to which our nation anti-graft agency, funded with tax-payers funds, has suddenly sunken to before our very eyes. No single day passes without a damning story on the brazen impunity and scant regard for the law by EFCC as the only way the leadership knows to show that they deserve to be left at their jobs, but unfortunately to the detriment of the nation.
Only last May, apparently working in concert with the leadership of Central Bank of Nigeria (CBN), they went after the CEOs of banks who were removed from office two years ago, claiming discovery of new evidence. However, according to ThisDay, Wednesday, May 4, 2011, p7, A source close to the anti-graft commission informed ThisDay last night that the renewed onslaught against them was aimed at coercing them into a plea bargain with the commission.
Even the usually restrained flagship, The Guardian, has been compelled to lampoon the inefficiency and recklessness of EFCC. In its extensive editorial of June 1, 2011, p14, the paper unequivocally declared that the EFCC is giving a public showing either of incompetence or mischief.
Now, the returnee Attorney General and Minister of Justice, Mohammed Adoke, SAN, who supervises EFCC, has joined the fray. At the Senate confirmation hearing, he bared his mind on EFCC thus: Most of our anti-corruption agencies lack the capacity to do thorough investigations. They lack capacity to collate evidences to sustain a charge and secure conviction in court and until we properly reform these agencies, we will continue to experience the problems we are experiencing today. (Emphasis mine)
There is therefore no shred of doubt that the leadership of EFCC has fallen short of expectations with the unnecessary controversies surrounding its activities lately, barely one month after the inauguration of President Jonathan. Never before in the history of Nigeria has a government agency hired the President of the Nigerian Bar Association (NBA) as its counsel to prosecute its case involving the enforcement of the fundamental human rights of a Nigerian. Worse still, EFCC has been variously criticized for being lopsided in staffing (95% of its staff are alleged to be northerners while 95% of Nigerians it harasses are alleged to be southerners). We have also not forgotten how Barrister Daudu, EFCC counsel walked out on Justice Archibong!
Even President Goodluck Jonathan would by now not be too pleased with the daily revelations in the media on the subversion of the rule of law by EFCC, especially the harsh remarks by the nation Chief Law Officer at the Senate Ministerial screening. They have not only serially defied court orders to grant bail to bank chief executives in its detention, but have deteriorated to the level of chasing court bailiffs out of its offices when they come to serve them with court orders based on orders from above.
Some revelations of what is going on in EFCC are so shocking that you begin to wonder if there is rule of law in this country. Again hear the Minister of Justice: More often than not, people are arrested before they are investigated. They are arrested even before there is evidence. They traumatize them and the people are dramatically tried on the pages of newspapers and at the end of the day, when they are unable to prove their case, they end up blaming the courts. (ThisDay, Tuesday, July 5, 2011, ThisDay Lawyer, p. vii) How sad!
The allegations against EFCC are legion. They are accused of sending judges on off-shore training ostensibly to improve their skills.
Then this laughable story in The Guardian of Thursday, May 12, 2011 on page 5 that only recently, defence lawyers and relatives of detained bank chiefs chased operatives of the EFCC round Lagos as the Commission sought an ex parte order to remand them in custody for another two weeks.
In a mild drama that ensued, lawyers and relatives of the banks chiefs followed EFCC officials from the Awolowo road office of the Commission to a Magistrate court in Oyingbo, near Ebute Metta. EFCC had tried to avoid having any lawyers present by driving to Sabo, Yaba Magistrate court and then quickly making their way to Oyingbo in order to shake them off. Is this truly the path to justice?
It is now difficult to reconcile the charges in court with statements made by EFCC to the Press confirming what the Attorney General stated above.
The strategy is as follows: Plant damaging allegations against the accused in the media; it doesn’t matter whether or not these accusations have been thoroughly investigated. It doesn’t matter either, if they are true or false. Just say them in public or leak them to the media. Because the allegations are salacious, they will get prominent headlines in the media and in so doing, further damage the credibility of the accused and demonize him or her; and in damaging the character and reputation of the accused, the stories will enable us justify our actions.
Law-abiding Nigerians are therefore worried that the current leadership of EFCC is hardly respected outside Nigeria and is not warmly received by the government of the United States of America. Not a few Nigerians were also shocked last week when the EFCC Chairman, Farida Waziri, publicly disagreed with her boss Adoke Mohammed, SAN, Attorney General, who had strongly recommended the merger of ICPC and EFCC. Since when did public officers begin to fight for supremacy with their bosses on the pages of papers?
To urgently restore rule of law to our land, in addition to reconstituting the economic team, there is urgent need to reform EFCC if President Goodluck Jonathan hopes to succeed in his economic renewal agenda because the rule of law is a sine qua non for foreign investments.
Ms. Wariboko is a Port Harcourt based Human Rights Attorney

HEAD, ADVERT AND TRAFFIC
FOR IMMEDIATE EMPLOYMENT
We are a group of companies involved in Media Services and in a process of transformation of its structure and corporate profile to become a major player in the broadcasting sector. To this end, recruitment of professionals into some of its key functional areas especially those critical to the effective transformation of the group is underway. One of such areas is the ADVERT AND TRAFFIC DEPARTMENT.

JOB PROFILE
The successful candidate shall be responsible for the following functions:
• The Head of Advert/Traffic is responsible for getting daily logs typed or put into a computer. He or she usually has an assistant perform this task.
• All commercials, public service announcements, and programming must be listed on the log. The individual will go over all commercial orders and make sure that the information needed for the log is complete.
• If your assistant is doing this, then the manager will be responsible for reviewing the completed daily log. Every advertisement must be listed with the exact time and date it is to be aired.
• He/She is required to check daily logs after the broadcast day. He or she must make sure that all commercials that were to be aired were done and will see to it that on-air personalities and announcers either check off or initial each entry.
• He/She may authorize changes in the log sheet. This might occur if an announcer inadvertently forgets to air an advertisement and it must be placed on at a different time or if an advertiser calls up to change the date or time of the airing of a commercial.
• He or she must make sure when this is done that the daily log is changed and corrected. There is a no room for error in this position. The log sheets will eventually go for review.
• He/She is frequently expected to review commercials for content. The individual must check each commercial and all ad copy for material that either the station would find objectionable, sexist, or racist.
• If there is a problem, he/she is responsible for giving the commercial to the advertising head of sales to handle.
• The Head of Advert/Traffic may be called upon to change the daily log in order to fit in an advertiser who wants to buy a lot of time. He/She will try to do this in an easy way as possible without changing the entire day’s scheduling.
• The individual must understand the station, its programming, and its advertisers to be successful in this job. He or she may work overtime finishing logs and juggling schedules. He/She would be responsible to the general manager, or the station owner, based on the structure of the station.




• REQUIRMENTS:


1. Proof of excellent writing skill
2. Creative communication skill
3. Excellent inter-personal relationship skill
4. Demonstrable public relations skill
5. Good knowledge of Nigerian and International media environment

6. First degree, second class upper division in MASS COMMUNICATION with preference for BROADCASTING. In addition, a minimum of 5 (Five) years experience in business journalism in a reputable media organisation is necessary;
7. A first degree, second class upper division in MEDIA AND COMMUNICATION with added advantage of a post graduate degree preferably an MBA. In addition, a minimum of 5 (Five) years experience in business journalism in a reputable media organisation is necessary;

Interested applicants should send RESUME to rasheed4real@yahoo.com on or before JANUARY 28, 2011.

We are a group of companies with interest in Financial Services sector, Real Estate, Media, etc. As a result of our expansion and reorganisation programs we require the services of young and intelligent drivers.

Applicants must possess at least Secondary School Certificate, Valid Drivers' licence and very good knowledge of Lagos roads. Send your CV to rasheed4real@yahoo.com

I read with utter bewilderment, an article titled ‘Stemming Northern Marginalization: In defence of Sanusi’, written by one Shehu Abubakar, published in the Thursday, March 4, 2010, edition of Guardian newspaper.
The article not only lacks logic, it also smacks of total ignorance. I am highly surprised somebody educated enough to write that piece could hold such a lugubrious opinion. Even more surprising is how Guardian, a newspaper reputed for selectively publishing only quality articles, found the article worthy of gracing its page.
It can easily be argued, as most Nigerians do to justify obviously absurd views, that the writer is entitled to his opinion, but some opinions are just too perilous for public consumption. They are better kept in the holder’s chest or at best, voiced out in beer parlours. Or how else can one describe a reasoning in support of a CBN governor of a whole country, deliberately churning out policies that favour only a section of the country? To do so is height of absurdity, even more preposterous is to defend such openly. If the CBN governor truly has such agenda, that is.
At this juncture, it is necessary to state that I strongly believe in Mr. Lamido Sanusi’s efforts in sanitizing the banking system and I have more than enough reasons to believe that the Kano prince has no sectional agenda. This I have argued in my past write ups(see my articles: ‘An Engagement Two Sanusi Critics”, The Sun, October 14, 2009; ‘The Lamido Sanusi I didn’t Know’, ThisDay website, July 26, 2009 and ‘Questions for Renaissance Professionals’, Daily Trust, December 28, 2009).
The writer tried to point out two things from the article. One, that pre-Sanusi, the north had been marginalized in the economy, specifically in the banking sector. Two, that Sanusi is out to correct this ‘anomaly’. This is most embarrassing.
By that article, the writer admits that all the actions of the CBN governor are deliberately pro-North and anti-South. The article is most uncharitable to the CBN governor, even as it is embarrassing to those of us that have argued, with reasonable facts, that the governor may not have a sectional agenda.
I do not have the luxury of space to rehash here the litany of arguments that prove that the CBN governor’s actions are purely altruistic as I did in my previous write-ups, but it is necessary to look at some of the ‘points’ raised by the writer, before consigning it to its rightful place in the trash can.
First, the writer needs to be educated that neither Soludo nor Sanusi had/has a sectional agenda. Soludo’s consolidation policy was never anti-north, just as Sanusi’s sanitization has no regional coloration. A cursory revisiting of the major policies of the two men’s reforms will suffice.
Soludo’s diagnosis of the situation at hand when he came on board was that Nigerian banks were just mushrooming, without any concrete strength and can hardly compete at the global stage. It was along this line of thought that the professor of Economics came up with a 13-point reform agenda, chief and most popular among which was shoring up of banks’ capital base.
Prior to this policy, the north fully owned just one bank - Bank of the North- plus a couple of other banks with partial northern interest like Habib Bank jointly owned by the Abiola and Yar’adua families. Then we had 89 banks in the country. Except I have forgotten the ratio I was taught in primary school, I don’t know how a region that had less than 5 banks out of 89 will now have more than 1 out of 25, when it was obvious that, save the so-called big four then, all other banks were almost at par in strength.
If Soludo’s 25 billion minimum capital policy was deliberately against the north, then that will be the most unsophisticated way to hatch such an agenda, because all anything/anyone that represented the north needed do was to come with 25 billion and beat Soludo’s trap, and it is a known fact that there are almost as many billionaires in the north as are in South. The Dangotes, Dantatas, Chachangis, Indimis, and Isyaku Rabius of the north are as deep-pocketed as the Adenugas, Otedolas, Jimoh Ibrahims, Jim Ovias and Folawiyos of the South.
Even in terms of experience in running banks, the Umaru Mutallabs, Aliyu Abba Kyaris, and Mohammed Yahayas of the north are as veteran as the Oladele Olasores, Subomi Baloguns, and Pascal Dozies of the south. I don’t know of a better explanation as to why an Aliko Dangote cannot establish a bank even post consolidation or how a Mohammed Yahaya that once managed a bank as big as Union Bank will not be able to nurture a ‘northern’ bank, other than lack of interest. Abubakar’s argument that Soludo’s policy halted the hitherto booming banking system in the north, therefore, holds no water. If the people of Kano and workers at the now desolate Ahmadu Bello building were good enough to work there at that time, then they should be competitive enough to claim their spot in the post-consolidation ‘bank of the north’. After all, Sanusi Lamido Sanusi is also from Kano and he competed with the so-called bright brains from the South and rose to the top position in First Bank, a bank with continental, rather than regional outlook.
Now coming to Sanusi’s policies. Unlike his predecessor, his own diagnosis revealed to him the widespread unethical practice in the system, something he had always known and uncomfortable with, even while in the system. The few times he spoke against it as a co-player in the financial system, he was accused by his ‘business as usual’ colleagues of demarketing. But when he was put in position to act, having become a regulator, he acted swiftly. Enter northern and Islamic agenda theory.
In tackling the conspiracy theorists, my ratio, and maybe probability, lessons in primary school come handy again. Post-, and even pre-consolidation, the South dominated the banking system, not a deliberate contrivance of anybody or group but purely a reflection of northerners’ lack of interest in the sector, just as the north dominate national public sector and military. Let’s loosely conclude that all but Unity bank are southern(in actual fact, they are not, as the banks are more national and some even continental in outlook than regional). Now, if 8 out of 25 banks are hit by a policy, my ratio and probability knowledge tells me that there is no way the South, with 24 out of 25, will not be affected. I don’t know of any Danladi or Adamu or Haruna that sits atop a bank when Sanusi came in, what I know are Cecilia, Erastus, Sebastian, Francis and one Falalu.
When the Femi Adekanyes, Ralph Osayemehs, Femi Ajayi Williams, Bode Emmanuels and Mufutau Baloguns were made to go through hell in the failed bank saga of the mid-90s, nobody shouted sectional agenda, but now that the man that is leading the cleansing of the system is from the north, everybody, including, pitiably, Abubakar that claimed to defend Sanusi, now sees it as an attack on the South.
Sanusi, probably due to his radical, leftist, straight-shooting background, may have been a little off-track in approach, it is most unfair to tag his efforts sectional and pre-meditated. I am particularly surprised at Abubakar bringing such a ludicrous argument at this time when ‘northern agenda’ seem theorists to have gone for cover, and saner arguments like impact of reforms on unemployment, investors confidence, entrepreneurship, etc, now dominate public discourse and these are the reasonable platforms on which the reforms can be assessed, rather than one conspiracy theory that only exists in the imaginations of some ethnic jingoists.
Abubakar, by that article, has done worse disservice to Sanusi he claims to defend, than the ‘northern agenda’ theorists themselves, and except he is right that the CBN boss is truly out to redress the ‘marginalization’ of the north, I expect the office of the CBN governor or CBN corporate communications unit to publish a rejoinder to that article.
You may read Abubakar's article here: http://www.ngrguardiannews.com/editorial_opinion/article04//indexn3_html?pdate=040310&ptitle=Stemming%20Northern%20marginalisation:%20In%20defence%20of%20Sanusi&cpdate=040310

I read with utter bewilderment, an article titled ‘Stemming Northern Marginalization: In defence of Sanusi’, written by one Shehu Abubakar, published in the Thursday, March 4, 2010, edition of Guardian newspaper.
The article not only lacks logic, it also smacks of total ignorance. I am highly surprised somebody educated enough to write that piece could hold such a lugubrious opinion. Even more surprising is how Guardian, a newspaper reputed for selectively publishing only quality articles, found the article worthy of gracing its page.
It can easily be argued, as most Nigerians do to justify obviously absurd views, that the writer is entitled to his opinion, but some opinions are just too perilous for public consumption. They are better kept in the holder’s chest or at best, voiced out in beer parlours. Or how else can one describe a reasoning in support of a CBN governor of a whole country, deliberately churning out policies that favour only a section of the country? To do so is height of absurdity, even more preposterous is to defend such openly. If the CBN governor truly has such agenda, that is.
At this juncture, it is necessary to state that I strongly believe in Mr. Lamido Sanusi’s efforts in sanitizing the banking system and I have more than enough reasons to believe that the Kano prince has no sectional agenda. This I have argued in my past write ups(see my articles: ‘An Engagement Two Sanusi Critics”, The Sun, October 14, 2009; ‘The Lamido Sanusi I didn’t Know’, ThisDay website, July 26, 2009 and ‘Questions for Renaissance Professionals’, Daily Trust, December 28, 2009).
The writer tried to point out two things from the article. One, that pre-Sanusi, the north had been marginalized in the economy, specifically in the banking sector. Two, that Sanusi is out to correct this ‘anomaly’. This is most embarrassing.
By that article, the writer admits that all the actions of the CBN governor are deliberately pro-North and anti-South. The article is most uncharitable to the CBN governor, even as it is embarrassing to those of us that have argued, with reasonable facts, that the governor may not have a sectional agenda.
I do not have the luxury of space to rehash here the litany of arguments that prove that the CBN governor’s actions are purely altruistic as I did in my previous write-ups, but it is necessary to look at some of the ‘points’ raised by the writer, before consigning it to its rightful place in the trash can.
First, the writer needs to be educated that neither Soludo nor Sanusi had/has a sectional agenda. Soludo’s consolidation policy was never anti-north, just as Sanusi’s sanitization has no regional coloration. A cursory revisiting of the major policies of the two men’s reforms will suffice.
Soludo’s diagnosis of the situation at hand when he came on board was that Nigerian banks were just mushrooming, without any concrete strength and can hardly compete at the global stage. It was along this line of thought that the professor of Economics came up with a 13-point reform agenda, chief and most popular among which was shoring up of banks’ capital base.
Prior to this policy, the north fully owned just one bank - Bank of the North- plus a couple of other banks with partial northern interest like Habib Bank jointly owned by the Abiola and Yar’adua families. Then we had 89 banks in the country. Except I have forgotten the ratio I was taught in primary school, I don’t know how a region that had less than 5 banks out of 89 will now have more than 1 out of 25, when it was obvious that, save the so-called big four then, all other banks were almost at par in strength.
If Soludo’s 25 billion minimum capital policy was deliberately against the north, then that will be the most unsophisticated way to hatch such an agenda, because all anything/anyone that represented the north needed do was to come with 25 billion and beat Soludo’s trap, and it is a known fact that there are almost as many billionaires in the north as are in South. The Dangotes, Dantatas, Chachangis, Indimis, and Isyaku Rabius of the north are as deep-pocketed as the Adenugas, Otedolas, Jimoh Ibrahims, Jim Ovias and Folawiyos of the South.
Even in terms of experience in running banks, the Umaru Mutallabs, Aliyu Abba Kyaris, and Mohammed Yahayas of the north are as veteran as the Oladele Olasores, Subomi Baloguns, and Pascal Dozies of the south. I don’t know of a better explanation as to why an Aliko Dangote cannot establish a bank even post consolidation or how a Mohammed Yahaya that once managed a bank as big as Union Bank will not be able to nurture a ‘northern’ bank, other than lack of interest. Abubakar’s argument that Soludo’s policy halted the hitherto booming banking system in the north, therefore, holds no water. If the people of Kano and workers at the now desolate Ahmadu Bello building were good enough to work there at that time, then they should be competitive enough to claim their spot in the post-consolidation ‘bank of the north’. After all, Sanusi Lamido Sanusi is also from Kano and he competed with the so-called bright brains from the South and rose to the top position in First Bank, a bank with continental, rather than regional outlook.
Now coming to Sanusi’s policies. Unlike his predecessor, his own diagnosis revealed to him the widespread unethical practice in the system, something he had always known and uncomfortable with, even while in the system. The few times he spoke against it as a co-player in the financial system, he was accused by his ‘business as usual’ colleagues of demarketing. But when he was put in position to act, having become a regulator, he acted swiftly. Enter northern and Islamic agenda theory.
In tackling the conspiracy theorists, my ratio, and maybe probability, lessons in primary school come handy again. Post-, and even pre-consolidation, the South dominated the banking system, not a deliberate contrivance of anybody or group but purely a reflection of northerners’ lack of interest in the sector, just as the north dominate national public sector and military. Let’s loosely conclude that all but Unity bank are southern(in actual fact, they are not, as the banks are more national and some even continental in outlook than regional). Now, if 8 out of 25 banks are hit by a policy, my ratio and probability knowledge tells me that there is no way the South, with 24 out of 25, will not be affected. I don’t know of any Danladi or Adamu or Haruna that sits atop a bank when Sanusi came in, what I know are Cecilia, Erastus, Sebastian, Francis and one Falalu.
When the Femi Adekanyes, Ralph Osayemehs, Femi Ajayi Williams, Bode Emmanuels and Mufutau Baloguns were made to go through hell in the failed bank saga of the mid-90s, nobody shouted sectional agenda, but now that the man that is leading the cleansing of the system is from the north, everybody, including, pitiably, Abubakar that claimed to defend Sanusi, now sees it as an attack on the South.
Sanusi, probably due to his radical, leftist, straight-shooting background, may have been a little off-track in approach, it is most unfair to tag his efforts sectional and pre-meditated. I am particularly surprised at Abubakar bringing such a ludicrous argument at this time when ‘northern agenda’ seem theorists to have gone for cover, and saner arguments like impact of reforms on unemployment, investors confidence, entrepreneurship, etc, now dominate public discourse and these are the reasonable platforms on which the reforms can be assessed, rather than one conspiracy theory that only exists in the imaginations of some ethnic jingoists.
Abubakar, by that article, has done worse disservice to Sanusi he claims to defend, than the ‘northern agenda’ theorists themselves, and except he is right that the CBN boss is truly out to redress the ‘marginalization’ of the north, I expect the office of the CBN governor or CBN corporate communications unit to publish a rejoinder to that article.
You may read Abubakar's article here: http://www.ngrguardiannews.com/editorial_opinion/article04//indexn3_html?pdate=040310&ptitle=Stemming%20Northern%20marginalisation:%20In%20defence%20of%20Sanusi&cpdate=040310

By Babajide Komolafe & Michael EbohLAGOS—BANKS in the country are beginning to experience difficulties in addressing the new and rising wave of non-performing loans in their operations, brought about by the current credit freeze and slowdown in economic activities.
According to a senior banker who spoke to Vanguard, last week, on the condition of anonymity, accounts that were performing before had become non-performing as a result of the problem in the industry.
Also speaking, a bank treasurer hinted of a possible increase in provisioning for bad debts and negative bottom lines by banks in the coming financial year.
He said: “The meaning is that we have to do more provisioning for non-performing loans, resulting to more losses than was declared last year.
“What we are seeing is the multiplier effect of the banking reforms. Now because the banks and bankers are not spending, other businesses are suffering lack of patronage and sacking staff. But it is also aggravating the problem in the industry as those of them that took bank loans can’t repay and thereby worsening the problem of banks.”
17 Responses for “Banks face new credit squeeze”
1.Jimmy Salvage says:
March 22, 2010 at 9:52 pm
The Cost of Sanusi
I hope Sanusi should realise by now that in banking and finance let alone economics that 2+2 is not = 4. You either get 2+2 = 3 or = 5. There is no linearity but curve linear. Banking is not religion, the Gospel truth but business.
You people are yet to understand Soludo in his application of economics. He is not stupid. There are certain issues you over look and then draw a line. Soludo was aware that there were non performing loans; some banks will have and had liquidity problems. He then created Expanded Discount Window for those banks that may be in these situations to take refuge until they recovered through normal business, with enough money to trade. You have to use money to make money.
With this banking, lending and finances went on, the economy of the country remained on course. These were, if you do not have your money, you have to get credit to be able to swim to safety and recover. Here intensive control and supervision, according to Soludo, was not paramount as the line which no bank must step over was drawn.
As these cushions were in place Soludo continued to reassure the nation, confidence, banking and financial activities maximise. Today those who do not understand the intricacies of the application of economics and methods continue to vilify Soludo, in ignorance of how finance is made to work, even in peculiar situations.
Sanusi, the Mr Religion and the North must catch up, came. They are sinners. Crucify them. A normal person who had no premeditated hatred, bias and sectional agenda would have in his dealings and measures been sensitive to the country as a whole. What is the state of our banking today?
Are the few wrongs of the deposed banks chiefs that would have been dealt with in the normal ways and the normal business of banking goes on within the solid banking foundation that was on ground worth what Sanusi has single handedly made our banking industry, finances and economy to be?
Assets Management Company is only necessary in a country where bad debts were incurred for the growth of the real sector that on the other hand grew the economy of the country. It is not established to absorb the debts from non performing loans that were taken for speculative trading; loans that were taken and remitted out of the country or held back to be donated to the PDP. Today what is the cost of Sanusi as the Governor of the CBN? The darkness he represents is yet to crystallise.


That Central Bank Advertorial: Matters Arising Tiko Emmanuel Okoye, ichietiko@yahoo.com 0805-410-3468 (sms) only
Evidence that the handshake by groups viscerally opposed to ongoing banking reforms had gone beyond the elbow glaringly manifested itself last week Thursday when the Central Bank of Nigeria (CBN) took the unprecedented step of placing rebuttal advertorials – four full pages in all – in several national newspapers. It was an open secret in the political, financial and media circles that CBN Governor Sanusi Lamido Sanusi has been under siege since his tsunami washed away eight bank managing directors and their executive directors. The stiff resistance and opposition to the reform programme were both predictable and predicted. In my piece titled “Hurricane Sanusi: Periscoping the Eye of the Storm” (September 9, 2009), I had observed that “Sanusi must have realised by now that he’s up against very powerful and highly organised ‘evil geniuses,’ who are willing to say and do anything to protect their private empires even if it means subverting the nation’s overall interest.” Still, no one could have imagined the intensity, relentlessness and ubiquity of those involved. For a long time, Sanusi spoke and acted as if all the criticisms amounted to nothing more than water off a duck’s back with him. But a more discerning observer would’ve easily noticed that despite his determined efforts to behave as if he was inured to their activities, Sanusi’s increasing use of innuendoes was a clear sign that the criticisms were beginning to take their toll. An excerpt from the foregoing referenced essay is pertinent: “Nigerians are indeed a funny lot. At the initial stage when the dismissal of five bank chief executive officers was announced, encomiums and plaudits poured in from practically all corners of the nation like confetti on a bridal train. But it didn’t take long for the tide to change…Still, most people generally agree that the nation’s banking industry is deeply troubled. There’s also a consensus that past CBN managements had been too lenient with transgressing bank operators. If the last premise is correct – and empirical evidence suggests it is – why the present hue and cry about Sanusi’s actions?” This seems to be the billion naira question.I’m sure that Sanusi in his more reflective moments would be wondering what went wrong. I say this because the paid advertorial is proof that the apex bank governor has perished the thought of living in self-denial. And I conjecture a fire of another incendiary kind on the mountain as chiefly attributable to this sudden change of methodology. I suspect that Sanusi decided to take notice because one or two persons that have his ears have convinced him that he needs to properly articulate his case in the court of public opinion because of the dire consequences of allowing ‘opposition’ groups like Renaissance Professionals to win the ‘propaganda war.’ I might even venture as far as speculating that his admirers in the corridors of power have hinted him that the new pharaoh (Acting President Goodluck Jonathan) might well be disposed to paying heed to the criticisms of anti-reform critics if by acts of omission on his part he allowed the latter to define his agenda for him. This is not to say that someone like Sanusi would ever lobby anyone to keep him in the CBN Governor’s suite but the fact remains that he’s very passionate about the reform programme and would deem it a great personal and professional failure if he wasn’t allowed to bring his ideas to fruition.In my own view, Sanusi was too liberal with his comments. In an earlier essay titled “Reflections on Sanusi’s ‘My Agenda’” (July 9, 2009), I advised Sanusi to apply the brakes on public speaking and follow of his colleagues in other climes who hardly speak because whenever they do the markets react. But Sanusi can hardly be faulted. He made it clear from the beginning that the puritanical professional garb of the conventional central bank governor wasn’t for him; instead he declared his willingness to talk and act like a politician since he was an integral part of government. He was unmindful of the Burmese proverb that says that “Too much talk will include errors” or the Holy Book that cautions that sin lurks in a multitude of words. Critics used key comments made by Sanusi to skillfully cast doubt on the sincerity and transparency of the banking reform agenda. Furthermore, frequent flip-flops over issues such as ownership of the rescued banks, post-rescue plans and status of existing shareholders, among others, generated strident commentaries and newspaper editorials on the lack of a blueprint clearly indicating an exit strategy and a well-calibrated way forward. The CBN advertorial can, therefore, be seen as the apex bank’s answer to such doubting Thomases. Captioned “Re-Blueprint/Agenda for Banking Reforms,” the advertorial was intended to rubbish “persistent allegations by a few Nigerians that (the CBN’s) ongoing banking reforms…are being pursued without an articulated blueprint or agenda.” Upon closer scrutiny, the advertorial turned out to be a reproduction of an interview Sanusi granted to the West African correspondent of Financial Times of London on June 21, 2009, about two weeks after he assumed duty. Based on the views expressed by Sanusi in the said interview the apex bank wants Nigerians to believe that a blueprint does indeed exist and that measures adopted so far signpost the ideals clearly expressed by its helmsman.I beg to strongly disagree. With all due respect, what Sanusi expressed in the interview are mere statements of intention. It couldn’t have been otherwise because with only two weeks on the job he was yet to fully come to grips with the enormity of his assignment. Some of his responses were understandably ambivalent and/or evasive because the issues involved required further scrutiny. A few examples would suffice. In responding to a teaser whether he would continue to turn a blind eye to an alleged agreement by banks to place caps on deposits and lending rates or if he would push for rate caps to be eliminated, Sanusi said: “We will have to discuss at (the) Bankers’ Committee. What I would like to do is to see if we can have on how using purely market-based solutions (can bring) interest rates down.” When asked his timetable for restoring a fully liberalised exchange rate regime, Sanusi responded: “I don’t want to say at the moment. The central bank (under Prof. Soludo) has said three months. I believe we should do it earlier, but I can’t say when.” When asked if there would be more consolidation in the sector as the extent of the losses at some banks became known, Sanusi quipped: “That’s my feeling, that there would be consolidation; that’s what I think. The italicised words clearly indicate that the full import of his intentions were yet to be fully analysed. If then the CBN is passing off the interview as evidence of the existence of a blueprint then we are in more serious trouble than can be imagined! Majority of Nigerians initially dismissed accusatory advertorials published by the likes of Renaissance Professionals as sour grapes. But it’s now obvious that such groups have been gaining new converts everyday as more and more people reason that it is better to focus on the message and not the messenger. It’s very possible that such groups are heavily funded and promoted by individuals that have an axe to grind with Sanusi over the banking reform programme. But, honestly, I’m all for it if it would help to keep the CBN on its toes. This kind of articulated alternative view is what is seriously lacking on the political front. Little wonder, therefore, that PDP – the self-styled largest political party in Africa – continues to loom larger than life and the nation continues to wobble and fumble with a highly inebriated leadership. Perhaps, we should ask the Renaissance Professionals to teach opposition party politicians one or two ‘trade secrets.’ What do you think?

Islamic Bank: Global asset worth 750bn US dollars
From Desmond Mgboh, Kano
Thursday, March 25, 2010

Photo: Sun Publishing
More Stories on This Section

The global asset of Islamic banking industry has been estimated at 750 billion United States dollars, an Islamic financial expert and Chief Executive, Metropolitan Skills Ltd, Abuja, Hajia Ummahani Amin, has said.

She spoke in Kano at a workshop entitled: Fundamentals in Islamic Finance Workshop for International Islamic Economics and Management of Sciences Project. She observed that the quoted estimate above is without some major Sukuk issues and structured deals, which analysts estimate will run into trillions of dollars in the years to come.

She explained that Islamic banking practices have taken root in the Middle East and Malaysia, while adding that Europe and North America have recorded giant strides in offering Shariah acceptable products in an attempt to satiate an ever-increasing demand for interest-free banking and profitable returns that fall within the parameters of the Islamic law.

She maintained that the quest for Islamic banking is currently moving towards the African continent, pointing out that, at present, only a handful of countries in the continent have an effective Islamic banking infrastructure even though the scope of the section is immense.

She noted that, “in Nigeria, the banking system is about experiencing a proliferation of Islamic banks as the Central Bank of Nigeria is about to introduce new measures that will encourage and facilitate the existence of Islamic banks.”
She argued that Nigeria has an approximately 50 per cent Muslim population, adding that providing a banking framework that would be acceptable to their belief system would not only increase the bankable population but would bring about the benefits of social responsibility and economic empowerment.

She noted that the integration of Islamic Economics has been successfully implemented in Islamic schools in South Africa in the last two years while adding that Kenya, Tanzania and Mauritius have expressed interests in its implementation. She urged the Federal Government, which she said had taken interest in this project, to introduce the Islamic Economics in the educational policy of the country.

Islamic Bank: Global asset worth 750bn US dollars
From Desmond Mgboh, Kano
Thursday, March 25, 2010

Photo: Sun Publishing
More Stories on This Section

The global asset of Islamic banking industry has been estimated at 750 billion United States dollars, an Islamic financial expert and Chief Executive, Metropolitan Skills Ltd, Abuja, Hajia Ummahani Amin, has said.

She spoke in Kano at a workshop entitled: Fundamentals in Islamic Finance Workshop for International Islamic Economics and Management of Sciences Project. She observed that the quoted estimate above is without some major Sukuk issues and structured deals, which analysts estimate will run into trillions of dollars in the years to come.

She explained that Islamic banking practices have taken root in the Middle East and Malaysia, while adding that Europe and North America have recorded giant strides in offering Shariah acceptable products in an attempt to satiate an ever-increasing demand for interest-free banking and profitable returns that fall within the parameters of the Islamic law.

She maintained that the quest for Islamic banking is currently moving towards the African continent, pointing out that, at present, only a handful of countries in the continent have an effective Islamic banking infrastructure even though the scope of the section is immense.

She noted that, “in Nigeria, the banking system is about experiencing a proliferation of Islamic banks as the Central Bank of Nigeria is about to introduce new measures that will encourage and facilitate the existence of Islamic banks.”
She argued that Nigeria has an approximately 50 per cent Muslim population, adding that providing a banking framework that would be acceptable to their belief system would not only increase the bankable population but would bring about the benefits of social responsibility and economic empowerment.

She noted that the integration of Islamic Economics has been successfully implemented in Islamic schools in South Africa in the last two years while adding that Kenya, Tanzania and Mauritius have expressed interests in its implementation. She urged the Federal Government, which she said had taken interest in this project, to introduce the Islamic Economics in the educational policy of the country.

can anyone in the house give information on the sale of direct entry form for unad, ibadan poly, fed poly ede.

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Nigeria: Group Plots Takeover of Five Top Banks
Omoh Gabriel and Emeka Mamah
23 March 2009
________________________________________
ANTI-CONSOLIDATION forces have regrouped with the hope of dismantling the structures and forcing a takeover of the top five banks in the country, Vanguard can now reveal.
The grand plan by the group is to cause panic and uncertainty in the industry and make the target banks look unsafe for depositors.
Meantime, indications emerged yesterday that the Federal Government may announce the names of a new Governor of the Central Bank (CBN) and the Auditor-General of the Federation (AGF) in April just a few weeks before the tenure of the incumbents run out.
However, the Arewa Consultative Forum (ACF) has expressed concern over what it described as the rapidly deteriorating liquidity situation in the banking industry and tasked the Central Bank (CBN) to make public information on causes of the development as well as the scale of the crisis.
Vanguard investigations revealed that the aim of the anti-consolidation forces is to cause loss of public confidence in the banking industry and compel the Federal Government to move in by injecting funds. Further, they ultimately plan to instigate government to take equity holdings in the targeted banks.
Vanguard gathered that the group at work is made up of former bank owners who lost out during the consolidation exercise, a powerful clique in the present government, and some aggrieved persons in three of the six geopolitical zones in the country who felt left out in the consolidation exercise.
Presidency sources disclosed that those who felt left out in the consolidation exercise are up in arms to recoup what they felt they lost during Obasanjo years.
Part of the plans hatched by the group is to ensure that the incumbent Governor of the Central Bank, Professor Chukwuma Soludo, does not get a second term. The plan is also to ensure that whatever gains consolidation recorded are discredited. This, it was learnt, was meant to force the President to act quickly in the matter of appointment of a successor to Soludo as they anticipate that the president's slow move may scuttle their dreams and cause the renewal of Soludo's re-appointment for a second term.
The group's second game plan is to make Nigerian banks look unsafe in the eye of the banking public. Part of the game is to spread rumours that some banks are unsound and are on the verge of collapse. They send out text messages to individuals and account holders passing wrong information on their target banks. At the moment, the group's target is one of the high-flying new generation banks where they have sent out several messages.
New CBN Gov, Auditor-General to emerge April
The tenure of the CBN Governor, Professor Chukwuma Soludo and Auditor-General of the Federation, Mr. O. R. Ejenavi from Delta State will lapse in May 2009.
Naming nominees for the top jobs, according to a presidency source, will afford the Senate ample opportunity to work on them before they assume office.
While Soludo will complete his first term in office as CBN governor by May 29, Ejenavi will be due for retirement on age grounds on May 18.
However, among those being considered for the position of CBN governor include the Minister of National Planning, Dr Shamsuddeen Usman from Kano, who was a former Finance minister and deputy governor at the apex bank; another former CBN deputy governor, Obadiah Mailafia from Nassarawa, Mallam Isa Hayatudeen from Borno, a former managing director of FSB International Bank, incumbent Managing Director of First Bank, Mallam Sanusi Lamido Sanusi, also from Kano, and Mallam Falalu Bello from Kaduna, Managing Director, Unity Bank.
But the most touted name so far is that of Mallam Isa Yuguda, the Bauchi State governor who won election on the platform of the All Nigeria peoples Party, ANPP, but defected to the ruling PDP last week. Yuguda is also an in-law of President Umaru Yar'Adua. Yuguda was also a former Managing Director of Inland Bank, a legacy bank in post-consolidation FinBank.
Past CBN governors include late Dr. Clement Isong (Akwa-Ibom), Alhaji Adamu Ciroma (Yobe); Mr. Ola Vincent (Lagos), late Alhaji Abdulkadir Ahmed (Bauchi); Mr. Paul Ogwuma (Abia), Dr. Joseph Sanusi (Ondo) and the current Professor Charles Soludo (Anambra).
It was also gathered that strict obedience to civil service rules will be observed in the appointment of a new Auditor General for the Federation going by the constitutional provision.
Section 86 Subsection 1 of the 1999 constitution states: "the Auditor-General for the Federation shall be appointed by the President on the recommendation of the Federal Civil Service Commission, subject to the confirmation of the Senate." That of the CBN may be determined by other factors, mostly political considerations which are at the pleasure of the President without recourse to the commission.
The most senior director in the office of the Auditor-General currently is Mr. Ogunsina G.F from Ekiti State who may be appointed unless there is political maneuvering. Having been a director since 2004, it may not be smooth sailing for Ogunsina because, there is another senior civil servant Mr. Osonuga T. A. from Ogun State who was promoted a director in 2007 and is being propelled by other forces to occupy the office.
It's unfortunate top 5 banks are targeted, says official
A CBN official who spoke on condition of anonymity said that it is unfortunate that top five banks are the target. The banks, he said, are sound. The CBN had mistaken in the past the ongoing move as de-marketing by competitors in the banking industry, saying it is unhealthy competition.
The group is using this means to make depositors panic and undertake massive withdrawal of funds from the targeted banks in an attempt to cause liquidity problem in the bank. In that state they hope to cause a take over by the government which may buy a stake in the bank and later sell to members of the privileged group who may be appointed in the interim into the board of the banks.
Arewa worries over liquidity problem
However, the Arewa Consultative Forum (ACF) expressed concern over what it described as the rapidly deteriorating liquidity situation in the banking industry and tasked the Central Bank (CBN) to inform the people the cause of the development as well as the scale of the crisis.
ACF said that the commercial banks must have obviously lent too much money to people who either invested them in buying stocks or in the importation of petroleum products in the country, but are unable to repay such loans.
A statement signed by the National Publicity Secretary of the Forum, Mr. Anthony Sani however blamed the CBN for enquiring "into the volume of the so-called toxic assets of the commercial banks while refusing to tell Nigerians how or why in the first place, the banks found themselves in trouble.
The statement reads "The Working Committee of the National Executive Council of the Arewa Consultative
Forum (ACF) held its meeting at its national headquarters in Kaduna on Tuesday, the 17th of March 2009. In attendance were all National officers of the ACF drawn from the 19 northern states and the Federal Capital Territory (FCT). General IBM Haruna, the Chairman presided.
"Among other things, the meeting reviewed and discussed a number of issues and other troubling developments in the country. At the end, it resolved to issue the following statement.
"The ACF deliberated on the rapidly deteriorating liquidity situation in the banking industry and observed that Nigerians are feeling increasingly frustrated by the failure of the Central Bank of Nigeria (CBN) to disclose the true the true nature and the scale of the crisis.
"Even members of the National Assembly, despite their best efforts, have been unable to get to the truth of the matter.
According to Arewa consultative forum "All that seem obvious is that our commercial banks had lent out too much money to too many people who had invested them in stocks or petroleum importation but who are now unable to pay back. Beyond that, the public has no clear idea as how or why the loans were given and on what terms."

How can I link up with a UNAD current student to help out with processing of Transcript & Certificate? Sent an email to registrar@unadportal.com but no response yet and I am running out of time. Please help oooooooo.

How can I link up with a UNAD current student to help out with processing of Transcript & Certificate? Sent an email to registrar@unadportal.com but no response yet and I am running out of time. Please help oooooooo.

How can I link up with a UNAD current student to help out with processing of Transcript & Certificate? Sent an email to registrar@unadportal.com but no response yet and I am running out of time. Please help oooooooo.

u did a gud work. nice approach. he should confirm the last mathematical expression.

(PuQ)n ?=? (an incomplete mathematical statement). confirm the right expression. it either (PuQ)nP or (PuQ)nQ or (PuQ)'

do find out.

Hello, can anybody help with UNILAG MIPA (Master in International & Public Affairs) qualifying examination past questions to review before the exams comes up ASAP.

Kind Regards