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Finally, banks in Lagos stop N100 charge on use of inter-bank ATMs

The story is from vanguardngr.



Banks in Lagos have cancelled the N100 charge on customers’ use of Automated Teller Machines (ATMs) withdrawal from other banks, the News Agency of Nigeria (NAN) reports.

NAN visit to some banks on Tuesday showed that the banks had since Monday complied with the new trend.

This followed the Bankers Committee’s directive that the banks should stop charging N100 with effect from Dec. 17.

Some customers in separate interviews with NAN said that they were happy with the development and expressed the hope that more positive developments would be made in the sector in 2013.

Mr Kunle Adewale, an Information Technology expert and a customer with GTB, said that the development showed that customers would no longer suffer unwarranted banks’ charges.

He said that the development had showed that banks customers would get the best service delivery without the regulators forcing the banks to charge customers unnecessarily.

Mr Afolaju Waheed, a customer with Access Bank, said that stoppage of the charges would not reduce the level of profits made by banks.

“But it will rather reduce the long queues in the banking halls,” Waheed said.

According to him, the cancellation of N100 charge will help the banks to enjoy more patronage of their ATMs facilities.

“This in return will boost the clamour for financial inclusion among the people in the informal sector,’’ he said.

Another customer with First Bank Plc, Marina, Miss Esther Oluwayinka, said that she was surprised when the ATM machine did not alert her that she would be charged N100 after she used that of another bank.

Oluwayinka said that initially she felt that it was a teller machine error when the ATM did not deduct the N100 charge from her account for using another bank.

“When the ATM did not ask me if I was aware that my account will be deducted by N100, I was not bothered, but l thought it was a machine error.

“Later, after my transaction, I discovered that I was not also charged for the withdrawal made.

“It was at this juncture that I told a friend my experience at ATM dispenser and she also confirmed that she had similar experience. The cancellation is a welcome development,” she said.

Another customer of UBA at Iganmu branch, who pleaded anonymity, said that he believe the banks would still come up with another way of taking their charges from the customers.

“In the banking sector in Nigeria nothing goes free. At the end of the month the banks will surprise the customers with another funny charge,” the customer said.

NAN recalls that the banks had on Dec. 9 agreed to start effective implementation of zero ATM charges throughout the country.

The agreement was sealed at the fourth annual Bankers’ Committee’s retreat held in Calabar.

NAN reports that Mallam Sanusi Lamido Sanusi, CBN governor and Chairman, Bankers’ Committee, had said that CBN would monitor the effective implementation of the cancellation. (NAN)




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NATIONAL ASSEMBLY VOWS TO UNCOVER NNPC'S SECRET ACCOUNTS




The story is from premiumtimes

The committee says the NNPC had persistently failed to present relevant details of its financial operations to the satisfaction of the lawmakers
The Senate and House of Representatives Joint Committee on Petroleum (Downstream) has resolved to use necessary legislative measures to uncover alleged secret accounts of the Nigeria National Petroleum Corporation (NNPC)
The committee said that the NNPC management was allegedly maintaining a secret reserve from which it was drawing funds without compliance with the laws.
The Chairman of the committee, Sen. Magnus Abe, made this known during the defence of the NNPC 2013 budget proposals.
Mr. Abe said that the NNPC had persistently failed to present relevant details of its financial operations to the satisfaction of the lawmakers.
He said that the 1999 Constitution, as amended, empowered the National Assembly to inquire into NNPC accounts, adding that the provision was superior to the Petroleum Act.
He described the presentation made by the management of the corporation as “unserious, full of contradictions and one that failed to reconcile its revenue generation.
“We want to know where the reserve is located, how much money is there, the account number, the signatories to the account among other details relating to the reserve,’’ he said.
The chairman criticised the management for presenting a budget which highlighted only the details of its expenditure without a corresponding outline of its revenue profile for the year 2012.
He said that capital and operation expenditure presented by the NNPC showed that the corporation was spending more money than its income but could not account for sources of the additional funds.
Mr. Abe directed the NNPC to furnish the committee with proper documentation within two days or risk appropriate sanctions.
Earlier, the Group Coordinator (Planning and Strategy) of the NNPC, Timothy Okon, had informed the Joint Committee that 162 million barrels of crude was lifted by the corporation between January and September 2012.
He said out of the 162 million barrels, only 44 million barrels of crude was processed in the country while the balance was refined abroad and brought back to the country.
The NNPC Group Strategist also said that out of the revenue projection of N4.02 trillion for 2012, the corporation had collected N2.3 trillion as at September.

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EFCC investigates Uduaghan’s Multi-Billion Naira Asaba International Airport, Quizzes Govt. Officials




The news is from saharareporters

The Economic and Financial Crimes Commission (EFCC) is reported to have turned its attentions to the multi-billion Asaba International Airport built by Governor Emmanuel Uduaghan, last week quizzing some Delta State government officials.

EFCC sources who confided in our reporter revealed that, “The state Tender Board chairman for the award of the contract and the Deputy Governor, Prof. Amos Utuama, Mr. Austin Ayemidejor, members of the Board and Airport Director, and other members of the Board excluding Prof Utuama because of immunity had been requested to report at the commission’s headquarters, Abuja. But, they sent a lawyer to plead with the commission to extend the time. On the new date which was on Tuesday, December, 11, 2012, Ayemidejor and other government officials reported and were all quizzed here in the commission where they were later granted bail and told to report on December, 21st with all the necessary documents concerning the award of the airport.”

Investigations by our reporter revealed that the beaming of the commission’s eyes on the most controversial Asaba International Airport might be connected to a petition said to have been written to the commission by a legal practitioner of Delta State origin who is based in Abuja.

Declining to reveal the name of the petitioner, the impeccable EFCC source the letter was entitled ““Suspicious Award of Contracts By Officials of The Delta State Government on The Asaba International Airport and Organization of South-South Summit by The Delta State Government.”

The petition, he said, raised alarm about the rather suspicious manner that certain officials of the Delta State Government awarded the contract as well as subsequent developments concerning the airport among other numerous questionable projects and numerous futile personal attempts by the petitioner to obtain information from the state Government pertaining to the said Airport.

“That the Officials of the Delta State Government have refused to give the information requested by the petitioner and had read on the newspapers sometime in May, 2012, the award of the contract of an additional sum of N7.4 Billion Naira for the evacuation of surrounding hills near the Airport and for the extension of the original runway which has been completed on the excuse that the Government of Delta State needed to extend the said runaway in order to accommodate the Presidential Airport as they were expecting the President of the Federal Republic of Nigeria as a guest at a SOUTH-SOUTH SUMMIT hosted by the Delta State Government besides the original contract sum that the Delta State Government have refused to make public.”

Confiding further, our source disclosed that “The petitioner who is a regular user of the Asaba International Airport and a regular visitor to Asaba knows for a fact that no such hills existed anywhere near the Asaba International Airport. That it was more worrisome and suspicious that the contract for this evacuation of the said hills and extension lasted for only ten days, a time too short for a job of that magnitude if such was really done. That the actual cost of the contract has continually remained a secret except to a few officials of the Delta State Government and the contractor, one ULO CONSTRUCTION COMPANY LIMITED handling the construction of the said Airport and suspects that certain officials of the Delta State Government used and are still using the construction of the said Airport to defraud the Government and good people of Delta State of huge sums of money running into several hundreds of billions of Naira using the construction of the said Airport as a guise.”

It was further learnt that the petitioner who is unhappy over the fraudulent and corrupt manner the airport is being handled by the state government, noted that the officials of the state government in the know of the contracts include but not limited to MRS ESIEVO OREZI, the Commissioner for Special Duties on Infrastructures in charge of the Ministry of the state government that oversees selected projects termed ‘Special Projects’, including the Asaba International Airport, as well as the Commissioner for Finance, the Director, Finance and Administration and the Permanent Secretary of the Ministry of Finance as well as the Management of ULO CONSTRUCTION COMPANY LIMITED and other companies that are involved in the project.

Following independent investigations, our reporter was able to establish a link with the counsel to the petitioner who simply gave his name as Mr. Bello O.W. (Esq).  He confirmed that upon the instructions of a client, a petition was written to the chairman of the EFCC over what he called fraudulent and corrupt award of contracts of the airport.

According to the counsel, “Yes, there are numerous salient issues raised in that petition and we can authoritatively tell you that the commission has already swung into action. Government officials have been quizzed and award of contract documents have also been requested for, so we are progressing. Our Client suspects too that organization of the SOUTH-SOUTH SUMMIT by the Delta State Government was also used as another guise by the Officials of the Delta State 
Government including but not limited to those named in [the petition] to defraud the Government and good people of Delta State as several Billions of Naira is claimed to have been spent by the Government of Delta State while the Government of Delta State has refused to release any information on the subject matter. So we have appealed to the commission to use its good office to investigate these curious activities of the Delta State Government to save the good people of Delta State. We also assure the commission that our Client shall be physically present whenever required by your Office.”

When contacted, it took the Airport project Director and former commissioner for Education, Mr. Austin Ayemidejor over one week to respond, but he did confirm the story, adding, "The state was actually invited based on some issues raised in the petition. The state has responded for now to all of those things and they are working on that."

When asked about the state reporting back to the commission next Friday, the 21st of December, with relevant documents concerning the project, the Director, who appeared to be in panic, stated that he was not aware of such a thing, but that he would confirm attempt to obtain that information.

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BECAUSE I AM INVOLVED: INSIDE OJUKWU’s MIND – BOOK REVIEW

Columnist: Daniel, Uzoigwe Chimezie

Late Dim Emeka Odumegwu Ojukwu(1933-2011)

For those who do not know before now, the book “ BECAUSE  I AM  INVOLVED ” written by Dim Odumegwu Emeka Ojukwu is a political treatise that centers  on the Author’s perception of the Nigerian political situation with indepth analysis of the peculiarities of the country’s problems and offering unbeatable solutions to these problems.
Dim Odumegwu Ojukwu,the Author of the book is somebody everyone knows.Perhaps,the peak of his emergence into national limelight was the pivotal role he played in the Nigerian civil war in 1967-1970 as the chief War Lord of the defunct BIAFRA. He has generated more controversy than any other Nigerian and has become somewhat of an enigma, so to say. He has been mis-interpreted and most often mis-interpreted. Yet the book is not dedicated to the War Lord himself, it was written for the advancement of the Nigerian polity.
The book was first published in 1989 by the SPECTRUM BOOKS LIMITED in association with SAFARI (Export) Limited with European and USA Distributors. It was first reprinted in July, 1989 and its last print was in 2005. The book has four parts, and each part contains chapters with topics headings.
Though published as far back as 1989, the content of the book is as valid today as it was in 1989, perhaps, even more so today. The book is not to be taken as “ Ojukwu’s new song’, the cliché, usually given to the Author’s public utterances by social commentators, as it addresses issues that define the nationhood of this nation.
There is the strong belief in the vision of a peaceful and united Nigeria that runs through the book. The Author asserts that unity must be redefined in Nigeria for the country to make progress. To him, unity, in a political unit, is a state of affairs where the entire polity is completely reconciled with itself. Unity provides the only foundation on which Nigeria is development can stand.
He asserts that “until we are prepared to modify, and sometimes to abandon, our primordial attachments in favour of a new Nigerian relationship, we cannot unite”. In the Author’s candid opinion, for Nigeria to unite, we must abandon “our fear of unity”. He presents unity as very indispensable in our quest for national rebirth, as without unity of purpose, Nigeria can neither achieve her manifest, destiny nor, can she function with the requisite efficiency
He bemoans the fact that Nigeria is infested with a long list of dichotomy, majority/minority dichotomy, Muslim / Christian dichotomy and so on. As a nation, we have not made serious attempts to seek a cure for these dichotomies (which has more or less become a concern in our body politic) and this is why it continues to spread with very frightful virulence.
To achieve unity, the Author advocated that we must do away with factors that promote disunity. We must be prepared to approach the issue of unity and national solidarity realistically, selfishly, fearlessly, and with a singularity of purpose. We must overcome old prejudices and entrenched interests and banish from every Nigerian, the atmosphere of insecurity. When this is done, Nigeria would be on the way to her national Eldorado.
The book also presents the Author’s views on several issues including Religion, Injustice, Military Coup, Education, Politics, the Civil War and so on. On the Civil war, Ojukwu sees the war as ‘a stage, an inevitable stage in our march to nationhood, a mile-post in our agglomerate development’. He also speaks on personalities that have played critical roles in our path to nationhood. Surprisingly, one of those he greatly saluted in the book, Lady Miss Bianca Onoh, ‘ the beautiful young girl that won the 1989 Miss Inter-continental Pageant‘ was later to become his hearthrob . The Author writes so bluntly and forth rightly that only he could have written it.  
The book makes for an interesting reading as it is imbued with copious quotes cutting across the political and philosophical axes. The language is fair enough to understand by the average reader and is filled with words that can build one’s vocabulary and enhance one’s grammatical capability.
Our politicians will find the solutions offered in this book very handy in resolving the current political imbroglio we are entangled in. The Political Analyst that reads the book will gain tremendous insights that will enable him make better analysis. The scholar that reads the book would have been many steps ahead of his colleagues. In fact, it is recommended to all Nigerians who really feel they have a stake in this nation. Though late, Ojukwu’s mind can still be read in the book.  The book ‘BECAUSE I AM INVOLVED ‘is indeed, an everlasting treatise.
Note: This book may not be found in the open-air market. But those who are interested in acquiring the book may visit any spectrum bookshop or any other standard bookshop in the neighbourhood or e-mail: (admin/@ spectrumbooksonline.com).
                                                                                

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FG ready to ban packet sugar importation - Aganga




See it also at the sun

The Federal Government says it has concluded plans to ban importation of packaged sugar into the country with effect from next year. The minister of Trade and Investment, Mr. Olusegun Aganga, disclosed this in Abuja yesterday at the second Annual Seminar for Trade and Investment Correspondents and Business Editors.

The ban which takes effect from January 2013, is an outcome of the government’s policy framework as contained in the National Sugar Master plan aimed at assisting the country in attaining self sufficiency in sugar production. At the moment, he said Nigeria imports a large proportion of its sugar needs, which is mainly brown sugar, lamenting that the few number of sugar refineries in the country remained a major challenge to meeting the sugar needs of the country.

On efforts to reposition the industrial sector, the minister said the recently launched Industrial Revolution Master Plan, will strategically position and empower the nation’s manufacturing sector as the key driver of economic growth through job creation and increased contribution to Gross Domestic Product (GDP). Aganga said that as part of the industrial revolution agenda, the Ministry of Trade and Investment had started brainstorming with members of the Organized Private Sector (OPS) and the Ministry of Power to reduce the cost of doing business in Nigeria and ultimately increase the productivity of the manufacturing sector.

He said that the nation’s Industrial Revolution Plan would be based on areas  where the country had comparative and competitive advantage, adding that the government had embarked on far-reaching reforms aimed improving the business climate and making Nigeria the preferred investment hub in Africa and globally. He said: “Africa’s share of the global trade is only three per cent.

This is because Africa has been exporting raw materials rather that exporting finished products. For us as a country, manufacturing is very important because it solves three critical problems: it solves the problem of GDP growth, unemployment and balance of payment.

Also, manufacturing is critical for wealth creation. “If we are going to move from a poor nation to a rich country, industrialization holds the key because it has the potential for unlocking the wealth of our country. This is why we are kicking off an Industrial Revolution Plan for our country.”
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Inflation Rate rises to 12.3% - Yemi Kale, Statistician General of the Federation.



The news is from the sun.

The Statistician-General of the Federation, Yemi Kale, yesterday disclosed that Nigeria’s inflation rate rose to 12.3 per cent in November, as against 11.7 per cent recorded in October. Kale, who disclosed this in a statement in Abuja, said the 0.6 percent monthly change in the composite Consumer Price Index (CPI) was the result of higher prices in both the food and core indices.

According to him: “The rise in the Food Index was as a result of higher food prices in various classes within the index lead by bread and cereals due to higher rice prices.

Also within this class, garri processing slowed, resulting in its higher prices.” Kale hinted that there were also increased prices in vegetables due to the dry season, higher potato, yams and other tubers, and higher fish prices.

Said he: “The higher food prices continue to reflect the impact of recent floods on the production of farm produce. This is resulting to difficulty of moving food products to markets across the country, coupled with other processing and seasonal costs.” He hinted that the average annual rate of rise of the index for the twelve-month period ending in November 2012 was 11.4 per cent when compared to the same period in 2011. He added: “The core sub-index has deviated from its trend over the previous months, increasing to 13.1 per cent. Food prices continue to indicate lagged effects of the floods which occurred from July to mid-October, as well as other demand and supply conditions.”

Speaking on urban inflation, he said that the urban inflation rate was recorded at 15.8 per cent in November, an increase of 0.5 percentage points from the 15.3 per cent increase recorded in October. Adding that the rural index rose to 9.8 per cent in November, as against 9.1 per cent recorded in October. He noted: “On a month on month basis, the Urban All index increased by 0.6 per cent from October, while the Rural All Items index increased by 0.63 when compared with the previous month.

The percentage change in the average composite CPI for the 12-month period ending in November over the average of the CPI for the previous twelve-month period was recorded at 12.1 per cent.” He noted that the corresponding 12-month year on year average percentage change for the Urban and Rural indices was 14.2 per cent and 10.5 per cent respectively.
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The White Gold Mercedes Benz




What you see above is not stainless steel, it is white gold.

The 18K white gold used in this car Owned by Abu Dhabi, an oil billionaire , This stunning car features the newly developed V10 quad turbo with 1,600 horsepower and 2800nm of torque 0-100km/h in less than 2secs, 1/4 mile in 6.89 secs running on biofuel.


What do You make of this?
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Obasanjo, Jega Corrupted Ghana’s Electoral Process- CPC spokesperson, Fashakin-PREMIUM TIMES




The story is from an interview conducted by Premiumtimes

The CPC spokesman, Mr. Fashakin, said Messrs. Obasanjo and Jega contributed to the crisis in Ghanaian elections.
The spokesperson of one of Nigeria’s largest opposition parties, Rotimi Fashakin, has accused former President Olusegun Obasanjo, and Chairman of the Independent National Electoral Commission, INEC of corrupting the Ghanaian electoral process.
The National Publicity Secretary of the Congress for Progressive Change, CPC, Rotimi Fashakin, said the two men are the cause of the protests that followed the recently held presidential election in Ghana.
In the first part of an exclusive interview with PREMIUM TIMES, Mr. Fashakin said “The opposition (in Ghana) should complain because people that came from Nigeria went to corrupt their system.”
“Of course when Jega went there, they knew that election manipulation and rigging has come. When Obasanjo went there, they knew that the generalissimo of do or die politics has come, they knew that their election may be fraught with dangers.
“So they should now know better the kind of people they invite to monitor their elections,” the opposition spokesman said.
Mr. Fashakin also spoke about corruption in Nigeria and the on-going merger talks by opposition political parties and how the ruling Peoples Democratic Party “hired IT Consultants” and disguised them as Youth Corps members to rig elections.


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IBADAN: ONE OF AFRICAN FIVE CITIES TO WATCH - FINANCIAL TIMES

In an article published by the Financial Times, Ibadan is listed as one of the “next 5” cities in Africa. According to the article, the city possesses a “rapidly growing economy but serious business climate deficiencies – that offer some of the biggest potential rewards – provided multinationals can stomach the risks.”

Other African cities on the come up include Addis Ababa in Ethiopia, Dar es Salaam in Tanzania, Kinshasa in Congo and Mombasa in Kenya.

Some of the world’s largest companies have already made inroads into these economies. Diaego, one of the world’s largest brewing companies, paid $225m for Ethiopia’s state-owned brewer Meta Abo last year, to tap into Addis Ababa’s growing consumer market. What’s more, the African Union is headquartered in the city, making it the political capital of Africa, Frontier says. That’s a bit of a stretch, but the business buzz in Addis is undeniable.

Fellow beer group Heineken is spending $325m in Kinshasa, Congo’s capital. Frontier says: “while poverty and an underdeveloped infrastructure reduce market size in Kinshasa, staggering population growth and consistently high economic growth means the city of 10 million cannot remain ignored by many MNCs.”

Dar es Salaam, Tanzania’s largest city, arguably offers the best investment prospects of all. Taking into account its size, short-term stability and growth, Frontier ranks it as the third best risk-weighted business opportunity in all of Africa by 2015.

An emerging trade hub in east Africa, it is increasingly handling more cargo than Mombasa, the region’s other sea trade centre. And Japanese carmaker Honda Motor has recently shown an interest, teaming up with a Tanzanian company and preparing to build an assembly plant to expand sales in the city.

There are risks to expanding in all of these markets, of course – Frontier highlights the usual concerns about infrastructure, corruption, and regulation. But Africa is the fastest growing and most rapidly urbanising region in the world. The risks of staying out could be greater still.

The article also forecasts that the economy of Lagos, which is listed as one of the “Big 5”, will by 2015, outweigh that of it’s nearest competitor, Johannesburg, which has the biggest economy in Africa. Johannesburg has a nominal GDP output of $51billion, while Lagos has a GDP of $40billion but that of Lagos is predicted to jump when Nigeria rebases its economic statistics next year.

The Big 5′ - cities are said to be broadly politically and economically-stable, and already major FDI destinations. They are: Accra, Ghana; Johannesburg, South Africa; Lagos, Nigeria; Luanda, Angola; and Nairobi, Kenya.

It would seem fate has quite the sense of humour, with this article declaring Lagos as “economically-stable” just as the state has been declared insolvent by the Revenue Commision.


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President Jonathan will lose 2015 election - Asari Dokubo




President Goodluck Jonathan will lose the 2015 election because he is surrounded by greedy people and he has turned against the key people who helped his ascendancy to the presidency, Leader of the Niger Delta People's Volunteer Force (NDVF), Alhaji Mujahid Asari-Dokubo has declared.

According to Asari-Dokubo, who was speaking in Abuja, it is no longer golden to keep quiet, considering that so many things are going wrong with Jonathan's presidency.
He explained that although the entire South-South has always supported Jonathan, the time has come to break the silence on the Ijaw man's tenure at Aso Rock."We must speak out on issues that are very critical to the survival of our people, the survival of the people of the South-South and the Southeast, which is the political base of Goodluck Jonathan," he said.

"Jonathan is surrendered by very greedy people who are only in the presidency to enrich themselves at the expense of Goodluck himself. If we don't talk and we continue to brush it aside, tomorrow we will be blamed; and people will say: 'Mujahid Asari-Dokubo was around when Goodluck Jonathan was president, and he didn't talk.' Then I will be an accomplice and accessory after the fact."
Speaking further, he declared Jonathan's 2015 presidential aspiration as an exercise in futility, saying he would lose because he has surrounded himself with people who drove away those who made big contributions to the political and electoral processes that enthroned his presidency, such as former president, Chief Olusegun Obasanjo.
"First, there was no need for Goodluck Jonathan to disagree with Olusegun Obasanjo. I don't like Obasanjo, I don't like his face, I hate him, but he was instrumental in bringing Goodluck Jonathan to power.

"And the greedy people around Jonathan have not managed him enough, to the extent that they will allow Jonathan to disagree with Obasanjo openly. And if you check, all the people who supported Goodluck Jonathan and fought to bring him to power have openly disagreed with him."
Asari-Dokubo lamented that that the South-South may not have the eight-year rule it has craved because there will be no magic about it if it is going to be one man one vote. He also said Jonathan's administration has achieved nothing to differentiate itself from past governments, even those that reigned before Independence.

"For us, nothing has changed. It is still business as usual. Some of us are tempted to ask this question: why are all these things happening? Why has the president allowed some ministers like Godsday Orubebe to continue in government?" he queried.
"Everyday people die on the East-West Road. If Orubebe is incompetent as he has shown himself to be, he should be removed. Nobody voted for Orubebe. And why is Orubebe so important to the president that he can't remove him even in the face of his obvious incompetence and several allegations to corruption."
He expressed regrets that Orubebe, who was used to share the sufferings of the masses before his nomination for appointment as a minister, is now turning deaf ears to complaints about his ministry — the Niger Delta Ministry.
"We have told him that if the president leaves in 2015 without the completion of the East-West Road, we are finished. The man kept telling us there is no money.
"When IBB was there, there was money. When Abacha was there, there was money. When other people where there, there was money.
How come the money disappeared when Jonathan got there? Orubebe will account for all the deaths on the East-West Road."




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Aide Confirms death of Kaduna State Governor, Yakowa ; former National security Adviser, Andrew Azazi feared dead too in Bayelsa Helicopter crash - Premiumtimes




The news is from premiumtimesng.com
An aide of the Governor of Kaduna, Patrick Yakowa, has confirmed the death of his boss in the Bayelsa Helicopter crash, Reuters has reported.
Mr. Yakowa and a former National Security Adviser, Andrew Azazi, are among those believed to have died in the Naval Helicopter crash.
The Bayelsa State Police spokesperson, Fidelis Odunna, also confirmed a helicopter had crashed in Ogbia Creek but gave no details of the causalities.
Other occupants are believed to be aides to the dignitaries.
The dignitaries travelled to attend the burial ceremony of the father of a presidential aide, Oronto Douglas.
The burial of Obereba Douglas was scheduled for Friday and Saturday in Okoroba, Bayelsa State.
Yushau Shuaib, the spokesperson for the National Emergency Management Agency could not be reached for comment on the crash, although the agency had reported it was searching for a crashed helicopter on Saturday. Other zonal coordinators of the agency, however, said they are yet to be briefed.
Airport authorities are also yet to get details of the crash even as rescue efforts are ongoing.
The Ministry of Aviation is yet to confirm the crash or casualties. The Minister’s spokesman, Joe Obi, did not pick his calls as officials struggle to get details of the crash.
The crash is coming less than two months after an airplane crash in Adamawa involving the Governor of Taraba, Danbaba Suntai. Mr. Suntai is still in a German hospital where he is receiving treatment.
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Adeboye Prays for Jonathan at RCCG Camp


Follow this link to watch as President Goodluck Jonathan Kneels down as Pastor Adeboye prays for him.
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CONNECTICUT SHOOTING: PRESIDENT OBAMA WEEPS



There have been many dramatic and emotional moments at the White House — but few have been as wrenching as this.

President Obama fought to keep his composure and repeatedly wiped away tears as he addressed the nation about the horror inside a Connecticut grade school.

“Our hearts are broken today,” he said.

He spoke not just as a President, but as a father.

“I know there’s not a parent in America who doesn’t feel the same overwhelming grief that I do,” Obama said. “The majority of those who died today were children — beautiful little kids between the ages of 5 and 10 years old.”

They had their entire lives ahead of them – birthdays, graduations, kids of their own,” President Obama said during an emotional press conference about the deadly shooting at a Connecticut elementary school.

The President then stopped and remained silent for a full 12 seconds to compose himself.

When he summoned the strength to speak again, he lamented the bright futures that had been abruptly lost.

“They had their entire lives ahead of them — birthdays, graduations, weddings, kids of their own,” he said.

And then he stopped again. And wiped an eye.

The emotional, four-minute address showcased a side of Obama the public has rarely seen. Even some cable TV commentators who are never at a loss for words seemed stunned.

In the days before his November 2008 election, Obama cried while remembering his late grandmother, but his public persona is that of a cool, even detached, leader.

The sudden outpouring recalled another dark hour in the nation’s history — President George W. Bush’s heartbreak in the frantic first days after the Sept. 11 attacks.

Before his address, Obama signed an order directing that flags at federal buildings across the nation and the world be flown at half-staff as tribute to those lost.

Obama spoke about the rampage from a room named after the victim of another high-profile shooting — the James S. Brady Press Briefing Room. Brady was the press secretary who was shot and paralyzed in the 1981 assassination attempt on former President Ronald Reagan.

As Obama fought back tears, two of his aides stood nearby, clutching hands, openly weeping.

The President promised unspecified “meaningful action” in the weeks ahead to prevent yet more shooting tragedies.

But, most immediately, he said he would do what “every parent in America will do, which is hug our children a little tighter and we’ll tell them that we love them.”

The President, the father of two daughters, wiped away another tear, and then added, “But there are families in Connecticut who cannot do that tonight. And they need all of us right now.”
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THE QUALITY OF GOVERNANCE AND ECONOMIC DEVELOPMENT: CONCEPTUAL AND THEORETICAL ISSUES.




INTRODUCTION
Following the failure of the World Bank and IMF-initiated stabilization and Structural Adjustment Programmes to restore the market-friendly nature of those developing and transitional economies and foster sustained economic growth and development in such countries, there has been a renewed agitation since the early 1990s for better and efficient government participation in order to support and supplement market efficiency. In fact, nowadays, institutional organizations and the academic community are advocating for better institutional arrangements, including both markets and the government, as a key to sustained growth and development. ( Basu, 2005).
2.0          CONCEPTUAL AND THEORETICAL ISSUES
2.1         Good Governance
The term governance embraces the way and manner a nation is being governed. In other words, governance describes the way a nation employs its power in handling the institutional environment, thus affecting the accumulation of economic growth factors
Good governance is made up of several features. It is participatory, consensus-oriented, accountable, transparent, responsive, effective, efficient, equitable, and inclusive and follows the rule of law. Also, good governance demands fair legal frameworks that are enforced impartially by an independent judiciary and its decisions and enforcement are transparent or carried out in a manner that follows established rules and regulation. Since accountability cannot be enforced without transparency and the rule of law, accountability is equally a basic ingredient of good governance. Not only governmental institutions, but also private sector and civil society organizations must be to the public and to their institutional stakeholders (Putnam 1993)
2.2       Institutions and Good Governance
The nexus between good institutions and governance has long been argued in economic literature. According to North (2005), good institutions beget good governance according to North (2005), good institutions beget good governance. He argued that institutions matter for both the long and short term because they constitute the incentive structure of a society and helps provide the underlying determinants of economic performance. Many recent cross-country studies have corroborated this assertion with arguable evidence that economic growth is positively related to the institutional quality in a given country. By better institutional quality, they mean effective judiciary or legislative mechanisms, rule of law political transparency/stability, civil liberties and right freedom of media, etc. (See Kaufmann, et al, 2002; Knack 1997).
Thus, quality institutions set the framework of rules and incentive that affect how people, organisations, and firms utilise resources in political and economic decision-making, or how they play the game (Sharma, 2007).
North further argued that when incentives encourage individuals to be productive, economic activity and growth takes place. But when they encourage unproductive or predatory behaviour economies stagnate.
2.3.         Governance and Theoretical Growth Models
                Until lately, the issue of governance as a critical factor in economic growth was neglected in standard growth models, even though it merely existed in descriptive studies of economic growth, particularly in the domain of economic history.
For instance, although the Solow model of growth assumes the existence of security of property right/s, it is however deficient from the stand point of governance in that it does not take into account any short comings in the quality of governance, assuming that they do not exist. In a similar vein, although the so-called neoclassical models of growth are still current in economies and although they have explained a great deal in the mechanism of growth, they still do not give a functional explanation of the quality of governance. (Acemoglu .et al; 2004).
2.4      Growth-Enhancing Versus Market-Enhancing Governance.
Essentially, Economists agree that governance is one of the critical factors explaining the divergence in performance across developing nations. However, differences abound between them owing to the different economic approaches to governance.
Starting from the 1950s to 1980, the dominant view within development institutions was broadly sympathetic to growth enhancing approach to development. The consensus was that market failures were serious and state intervention was urgently required to accelerate technology acquisition. This led to a broad degree of support for strategies of import-substituting industrialization, indicative planning and licensing the use and allocation of scarce resources like land and foreign exchange.                                                                                                                                                                                           
However, little attention was given to the governance capabilities that states needed to have to implement these strategies and implement these strategies and overcome the moral hazard problems of assisting some sector and firms. Because of this, in most developing countries, the results, while the majority of them were enmeshed in unsustainable fiscal deficits and debt, accompanied by abysmal low growth rate. This development led many to moot for reform of these strategies.
At this same time, growing support for market enhancing policies and the market enhancing approach to governance emerged. The emerging consensus explained the poor performance of these countries in terms of their state trying to do what was unachievable and ignoring what was essential.
In all, the diversity of experience across countries tends to reinforce the fact that the strategy that is most likely to be effectively implemented in a country depends partly on the internal power structure that can determine if a particular strategy is likely to be effectively enforced
2.5 GOVERNANCE AND ECONOMIC DEVELOPMENT: A REVIEW OF SOME EMPERICAL EVIDENCE
  Until very lately, it was conceived as practically impossible it econometrically conform the hypothesis that quality of governance affects economic growth because institutions were unquantifiable. However, since the quality of governance has at the theoretical and political levels become an increasingly acknowledged determinant of the magnitude and rate of growth of GDP, empirical researches have focused on the various dimensions of governance.
In a study, Kaufmann et al (2002) aggregated different dimensions of government on the basis of six aggregate indicators corresponding to six basic governance concept, and then examined the association between each of the six aggregate governance indicators and 3 development outcomes. Their findings showed that improvements in governance have very large pay off in terms of development outcome.              
Chong and Caldron (2000) showed that improving institutional quality positively affects the economic growth, reduce incidence of poverty, and income inequality. In other studies, knack and Keefer (1997) showed that countries, in which institutions protect property rights, ensure trust and civic co-operation, have grown faster and achieved high rates of investment-GDP ratio. Ross (1997) showed that countries, which have more development institutions, in terms of legal and regulatory framework, are also endowed with better-development, financial intermediaries, and hence grow faster.
The above studies point out that with cross-country analysis, the quality of governance matters for effectively prompting economic growth and development.
Alongside, a handful of objections to econometric research into the quality of governance and economic growth has emerged, though many of such objects relate to the data utilized, while many others stress on the following drawbacks.

·         The problem of multicollinearity
·         The connection between governance and growth may not always be linear and yet in the models this is always assumed.
·         As for comparism with “similar” countries, the criteria cannot be only per capital GDP, but certain other factors, such as dependence on trade, geographical position, cultural and historical inheritance, amongst others.
·         The assumption that the same regression models work for rich and poor countries is on the whole inaccurate
In spite of these numerous drawbacks, we are of the opinion that, it would be unwise to hurriedly reject econometrics in the investigation of economic growth, for it provides new solutions year after, the data are improved, and in addition, econometrics draws attention to potentially interesting relations of the variables, which then need to be interpreted.
4.0 CONCLUDING REMARKS
Over the past few decades, the wave of democracy and free market has swept across the world, requiring countries to increasingly cope with the demands of economic development and greater demand for a more equitable distribution of the fruits of development.
However, the ability of countries to respond effectively to these challenges depends largely on each countries institution endowments. Building and strengthening these institutional endowments is a precondition for good governance, because sustained econometric development is impossible without good governance.
     In this regard, many researchers’ investigations have been carried out with a view to corroborating this correlation between good governance and economic development across countries. Many of such empirical investigations have, however, produced mixed results, partly because the countries share different social-economic, political and cultural environment. As such, a cross-country regression is a rather weak attempt to show the institution and economic performance relationship.  Only a detailed country level study would shed better light on this key matter, especially with regard to choices of public places.
 Consequently, we are of the opinion that, it would be desirable to supplement econometric studies with the analysis of individual economies and additional researches by political and social scientists and institutional economists who may be interested in this area. Until that is achieved, it is not desirable to conclude that institutions cause growth and development, rather it is better to say that they facilitate it.


S. O Igbinedion is a lecturer at the department of Economics and Statistics. 

This is an abridged version of the article. Contact The Economist for the full version of the revered article. 
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2015: Chris Okotie plans to contest Presidency




The story is from DailyPost
Against the backdrop of the ban on his political party and 27 others by the Independent National Electoral Commission (INEC) last week, the National Chairman of Fresh Democratic Party (FDP) and its presidential candidate in the 2011 elections, Pastor Chris Okotie, has vowed to contest the 2015 presidential election, noting that the Peoples Democratic Party (PDP) deliberately expunged some political parties in order to silence the voice of the oppositions.
PDP, in a statement issued yesterday in Lagos by its Director of Media and Publicity, Mr Ladi Ayodeji, noted that the party is not perturbed by the action of INEC, adding that the proscription would not affect the presidential ambition of Okotie in 2015.
Okotie said: “The so- called deregistration will not be allowed to stand. The PDP has no right to kill other parties in order to perpetuate itself in power.” While criticising INEC for acting a PDP script, the cleric-turned-politician said the commission’s action would not deter him from his “commitment to promote good governance and a paradigm shift in the political configuration of the nation, whether the governing cabal likes it or not.”
He pointed out that his party has engaged the service of a constitutional lawyer, Dr Fred Agbaje, to lead a team of legal icons to challenge the INEC’s decision in the law court.
It would be recalled that the INEC in exercising the powers vested in it by the Electoral Act 2010, once again wielded the big stick when it de-registered 28 political parties last week.
It had earlier deregistered seven political parties in August last year. Meanwhile, Okoite’s church, the House of God Church, has donated N5 million to its KARIS award winner and four other charitable organisations at its GRACE 2012 programme in Lagos.
The General Overseer of the church, Okotie, handed over a cheque for N1 million naira to Mrs Victoria Audu, wife of the posthumous KARIS award winner for 2012, late Prof. Ishaya Audu and four other charity organisations: Pacelli School for the Blind and Partially Sighted, Strong Tower Mission, Spinal Cord Injuries Association of Nigeria and the Sunshine Foundation, which also got N1 million donation each.
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Soyinka Urges Intellectuals to Protect Nigeria’s Democracy - Thisday





The story is from thisday


Nobel Laureate, Professor Wole Soyinka, has said intellectuals and artistes, as the custodians of the people’s culture, have a duty to protect democracy in the country.
He noted that there is a relationship between politics and culture and said most politicians would rather advance their narrow interests at the expense of the people.
Soyinka made the remarks  Monday in Port Harcourt in a keynote address he delivered at a colloquium to mark this year’s Port Harcourt Carnival (CARNIRIV 2012).
Speaking on the theme: ‘Reminiscing Our Past, Consolidating our Future’, Soyinka said every culture, if not well guarded against abuse by politics, could breed dictatorship.
According to him, examples of dictatorship across the world had revealed that there is a relationship between culture and politics, but that dictatorship begins the moment the politician manages to subdue culture to achieve its narrow end.
“Politics easily acts as a retarding force, more prone to stagnation or even retrogression. Politics and culture can and do collaborate. Politics tries to swallow up culture in one insatiable moment. In varying degrees, what happens is that politics strives to co-opt culture into serving its narrow agenda,” he said.
He said examples of dictatorships in Africa, Asia and Europe over time had shown that dictators had love for culture only as it would satisfy their personal egos.
He said there was need for the people to be vigilant and not think that what happens in other countries could not happen in Nigeria.
His words: “Are there any lessons from all these?. Before the advent of Sani Abacha many Nigerians were fond of saying ‘no it can never happen in Nigeria, the glorification of a human being, Nigeria has gone far beyond that, too critical to allow it’. I am afraid we did witness an example of this.
“It just shows that one can never be too careful, one can never be too watchful because sooner or later what begins as a small power issue becomes a grand, immovable, supreme entity through the collaboration of artists and intellectuals because it is they who create the spectacles that glorify the individual rather than enhance the condition of the commune.”
He, however, said there were few genuine politicians who would rather work with the intellectuals to advance the interest of society.
“There are some exceptional politicians who refuse to be subsumed under narrow politics but pursue policies that either keep culture as a partner in the future enterprise or even see culture as the ultimate destination of the people’s aspirations,” Soyinka said.
In his welcome address, Rivers State Commissioner for Culture and Tourism, Dr. Nabbs Imegwu, said the state was using the carnival to celebrate the centenary anniversary of the city of Port Harcourt.
He also said the state was working hard at diversifying its economy as it was aware that its oil and gas wealth was fast depleting.
He said tourism offered a ready alternative and that the state would soon build Carniriv to an international brand.
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Audu evades arrest over alleged N4b fraud - Premium Times



The story is from premiumtimesng.com
The former governor may have fled to escape trial.
Efforts by operatives of the Economic and Financial Crimes Commission, EFCC, to arrest the former Kogi State Governor, Abubakar Audu, Tuesday, failed as the ex-governor allegedly fled his 32 Suleiman Barau Street, Aso Villa, Asokoro, Abuja, residence.
The attempted arrest of the former governor, who is accused of fraudulently enriching himself to the tune of over N4 billion while he was Kogi Governor between 1999 and 2003, followed a Supreme Court ruling of November 23 which dismissed the ex-governor’s appeal to continue to protract his corruption trial by the EFCC.
The Supreme Court ruling clears the way for Mr. Audu’s fresh arraignment by the anti-graft commission
Mr. Audu was arrested in Jos in 2006 after a six months manhunt by operatives of the Commission, before his earlier arraignment at the Kogi State High Court on December 1, 2006, on an 80-count charge of conspiracy, fraud, criminal breach of trust, and embezzlement of public funds.
The EFCC, while the case lasted at the High Court, caused issuance of nolle prosequi by the former Attorney- General of Kogi State, John Agbonika and the Attorney-General of the Federation, Bayo Ojo on February 8, 2007 for the case to be discontinued at the Kogi State High Court as the Commission claimed to have lost faith in the handling of the matter by the State High Court.
A nolle prosequi meant the commission was no longer interested in pursuing the case at the court.
“In my capacity as the AG of Kogi state in collaboration with the AG of the Federation and by virtue of the power vested in me by Section 211 of the Constitution of the Federal Republic of Nigeria 1999 and Section 253 of the CPC and all the powers enabling me in that behalf, I Dr. John Alewo Agbonika hereby inform this honourable court that I no longer intend to continue the prosecution of this case in collaboration with the AG of the Federation to whom I had given a fiat to prosecute this case,” Mr. Agbonika,, the former Kogi State Attorney General, said.
But rather than discontinue the matter in the spirit of the nolle prosequi, the trial judge went ahead as he further referred two questions to the Court of Appeal for determination.
In a judgement delivered by Bode Rhodes-Vivour, the Supreme Court held that the Court of Appeal was wrong to consider the questions referred to it for determination after being aware from the records of Appeal that a nolle prosequi had been filed.
“This is so because there is/was nothing before the trial court, so there would be nothing for the Court of Appeal to send back. It amounted to an academic exercise for the Court of Appeal to waste judicial time considering questions from a case that is no longer in existence. There was no longer  live issue to be considered by the Court of appeal in view of nolle prosequi filed in the trial court”, the Supreme Court ruled.
Part of the setback suffered by the EFCC in the prosecution of the case was the filing of several applications by the defendant for stay of proceedings at the high court pending the final determination of the appeal.
Mr. Audu had on December 12, 2011, through his lead counsel, Mike Ozekhome, filed the stay of proceedings motion supported by an 11-paragraph Affidavit. This was 26 clear days after the Supreme Court of Nigeria on November 16, 2011, struck out a similar application he filed on January 24, 2011.