The World Bank's investment arm will increase lending to sub-Saharan Africa by up to a quarter this year as private sector companies flock to the fast-growing region, its vice-president said.

Jean-Philippe Prosper said the International Finance Corporation (IFC) would make new investments of between $4.5 and $5 billion for the fiscal year ending in June, up from $4 billion the previous year.

The least developed continent is experiencing an economic growth surge, outpacing global averages. The World Bank sees Sub-Saharan Africa's GDP accelerating to more than 5 percent over three years, driven by investment and commodity prices.

Prosper said projects to upgrade infrastructure for the region's 1 billion people were attracting yield-hungry investors, while governments were keen to share the costs to free budget resources for poverty relief.

"In the past, nobody wanted to talk about Africa ... Now more people are coming," Prosper told Reuters. "We would not be able do this level of financing without private sector projects. We did not invent these projects ourselves."

Roughly half the IFC's annual lending in the region goes to financial markets and institutions to help improve the flow of credit to small businesses, which employ most of Africa's workers.

Another third goes to infrastructure projects - mostly transport and electricity - and natural resources investments.

The IFC holds a 5 percent stake in the giant Simandou south iron ore project in Guinea, managed by Rio Tinto, which was due to start production in 2015 but has been hit by lower iron prices and political and regulatory concerns.

Prosper, who met Guinean officials last week, voiced confidence the $15-$20 billion project would go ahead. There have been doubts the government can finance its 51 percent stake in a 700 km (430 mile) railway and offshore loading berth.

"Our discussions were extremely positive. There was interest from government officials to go ahead with the project," he said. "Simandou is a good test. If it works, you will be amazed by the level of investment which will follow in Guinea."

POWER PROJECTS

Post-conflict recovery in Ivory Coast, the economic powerhouse of francophone West Africa, was helping to revive investor appetite for the region, Prosper said. The economy of the world's largest cocoa producer grew 9.8 percent last year as it recovered from a civil war after disputed 2010 elections.

The IFC provided $135 million for the 139 megawatt expansion of the Azito power station, near commercial capital Abidjan, and organised the remaining $277 million of funding for the project.

In Senegal, it is now assessing an investment in the 70 megawatt Tobene power plant, with a cost of $150 million. "Power is the main constraint to investment in Africa," said Prosper.

To help deepen financial markets, the IFC has made shelf listings for local currency bonds in a number of countries including Tanzania, Kenya, Zambia and Rwanda. It recently issued a five-year naira bond in Nigeria, worth some $50 million.

"Zambia and Rwanda are probably quite close to the point where we might do something. But we don't want to issue bonds just to issue bonds. We want to make sure we are going to do something with them," Prosper said.

Reuters

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Director-General of the DMO, Mr. Abraham Nwankwo

The Debt Management Office has set the nation’s borrowing limit at 40 per cent of the Gross Domestic Product.
The Director-General, DMO, Dr. Abraham Nwankwo, said this at the ‘Debt Sustainability Workshop’, which opened in Abuja on Monday.

Nwakwo said despite the World Bank’s credit rating, which gave the country clearance to borrow up to 56 per cent of the GDP, the nation would limit its borrowing to 40 per cent.

He said given the nation’s debt history, it would not exhaust the limit, which had been set by the World Bank.

The DMO boss said, “We rather under-borrow than over-borrow. That is our rule, to be on the conservative side. Even though when countries were rated, our net present value to Gross Domestic Product ratio has been reviewed to 56 per cent, Nigeria advisedly will remain at 40 per cent for practical purposes.

“We will still continue noting that we belong to the group, which has been allowed to borrow up to 56 per cent of the Net Present Value of the GDP.

“These ratios are fixed for all countries in that group. But each country has to look at its own peculiarities. That is why the case of Nigeria, in terms of our experience of debts in the past, we must not have that experience again. And if you look at our economy, you will see that we are still over dependent on oil – over 80 per cent dependent on oil.”

The 40 per cent borrowing limit, however, contradicts the 30 per cent announced by President Goodluck Jonathan in 2012.

At the presentation of the 2012 budget, Jonathan lamented the rate at which the nation’s debt had been rising, especially the domestic component.

To limit the growth, he had said the government would not expand the debt growth rate beyond 30 per cent.

At the moment, the debt to GDP is less than 20 per cent. With the latitude of 40 per cent debt to GDP ratio, the government can add up to 100 per cent to the current debt level.

Nigeria’s GDP as of December 31, 2012 stood at N41.18tn, according to the National Bureau of Statistics. A debt limit of 40 per cent based on this GDP means that the country can grow its debt profile to N16.47tn.

The DMO put the nation’s external debt at $6.67bn as of March 31, while it put the domestic debt component at N6.537tn as of December 31, 2013.

 The nation’s growing debt profile, which has been a concern to many stakeholders, is reflected in the increasing cost of servicing debts.

The Federal Government will spend a total of N591.76bn to service debts this year, according to details provided in the 2013 budget.

Out of this, N543.38bn will go into servicing of domestic debts, while foreign debts will gulp N48.39bn.

In 2010, the total allocation for servicing both domestic and foreign debts stood at N517.07bn, but the figure has been increasing over time with the President expressing dismay over the growing domestic debt during the presentation of the 2012 budget.
voiceofnigeria.org

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Despite an increase in the number of Point of Sale terminals and Nigerians showing willingness to use the channel for business transactions, poor network service remains a challenge, SIMON EJEMBI writes

Months after the introduction of Point of Sale terminal as one of the key electronic payment channels to drive the cash-less scheme of the Central Bank of Nigeria, poor network has remained a challenge to the initiative, investigations have shown.

A PoS terminal is an electronic retail payment device that enables customers to purchase goods and services at supermarkets and other merchant locations by swiping their credit/debit cards through it.

Since the introduction of the cash-less policy in Lagos in 2011, the number of PoS terminals in the state has risen from about 5,000 to over 100,000.

As of March this year, the Head, Shared Services, CBN, Mr. Chidi Umeano, said there were currently over 150,000 PoS machines in Lagos State alone.

In spite of the continuous rise in the figure, users who spoke with our correspondent, said while there had been some improvement following reports of high PoS downtime, the problem had persisted, especially on PoS machines that used the Global System of Mobile communication operators’ Subscriber Identification Module cards.

At the GVS Supermarket in Anthony, an employee, Ms. Julia Ochai, said, “The little challenge we have is just the network problem.”

She explained that there had been times when customers attempted to use their cards with no success and, therefore, ended up paying cash only for them to get an alert indicating that their accounts had been debited.

“A lot of time, people come here and there is no network and they have to go to the bank and withdraw. Some even get frustrated and drop the items they wanted to purchase,” she added.

At another supermarket in Sulurele, the manager, who gave her name as Mrs. Onwusiribe, said her experience using the PoS channel had been bad.

Onwusiribe, who has two PoS machines that used MTN and Etisalat SIM cards, said, “It doesn’t pay. It is always declining. I don’t know if it is because of the networks we are using or because of the machines.”

She explained that repeated complaints had not yielded much improvement, adding that due to the challenges and the fact that she must pay about two per cent of the value of each transaction she made using the terminals, she preferred cash payments.

At Areamart, a shopping centre in Ikorodu, a supervisor, Ololade Oyeleye, explained that while many customers were willing to use the PoS terminal, some of them had been forced to go to the bank to get cash to purchase items due to network failure.

The story was similar at hospitals, boutiques and other retail outfits visited.

A man who did not wish to be named explained that he had rushed his son to the hospital late in the night, but had challenges because he needed to pay money around midnight but the PoS machine was faulty.

He explained that his predicament became worse as the hospital refused to accept a cheque, forcing him to go out in search of an Automatic Teller Machine from which he could withdraw the large amount of money required to attend to his son late at night.

However, at the Ikeja City Mall, it was gathered that the PoS machines being used relied on the Internet to function. Shop owners, who spoke to our correspondent, said as a result, they had less network challenges.

The Group Head, Electronic Payment Solutions, Guarantee Trust Bank Plc, Mr. Deji Oguntonade, explained that network challenges were being tackled with new innovations.

He said users of the PoS terminals at places like the Ikeja City Mall had less network challenges because “they are on an Internet solution and not SIM card solution. Anywhere there are clusters, we deploy Internet connectivity or better data bandwidth, but it would only be economical where there is a cluster of people.”

He said, “We have new innovations like roaming SIMs. That is a SIM card that can access all the four or five networks. If one network is bad, it automatically changes to another network. We also have the CDMA network, which is much more stable than the GSM or GPRS network.

“So, what we do is that we virtually combine all these methods to ensure that whatever location we have our PoS, it is working.”

Oguntonade said the CDMA terminals had been around since the beginning of the year and more of them were being introduced into the market.

“The roaming SIMs were introduced recently, let’s say late March. And most of us are still testing them; we have not fully deployed them yet,” he added.

He expressed optimism that with the new solutions, overtime, there would be significant improvement and more solutions, which would address the concerns of users of the PoS terminals.

The Executive Director, Business Development, Nigerian Inter-Bank Settlement System, Mrs. Christabel Onyejekwe, admitted that network challenges were the major complaints that had been made concerning the usage of the PoS terminals.

She, however, stressed that the challenges were limited to the PoS terminals that use SIM card solution.

She gave an assurance that NIBSS was working with the telecommunication companies to ensure that they improved their networks, adding that already, the telcos were signing different network upgrade deals to enable them rectify the problem.

“We are going back to them, we are talking with the telcos. In fact, as we speak, we are doing door-to-door visits to all the malls and PoS merchants; we are talking to them one-on-one to be able to discuss with them again the nature of their problems and provide solutions to them,” Onyejekwe said.

Apart from the telecoms service providers, Onyejekwe, said NIBSS was also holding talks with the developers of the devices about how they could improve on them.

She explained that the idea was to provide the developers such as Verifone feedback on the experiences people had while using the devices “so that they can give us the best devices.”

Despite the challenges, Onyejekwe observed that people were increasingly embracing the use of PoS terminals.

She said, “A lot of Nigerians are more willing to bring their cards to use. You will be surprised to know that in Lekki, people still prefer to bring cash, but in Ikeja, they prefer cards. You will find that in most locations, people freely bring cards, knowing that it is not like before when many outlets didn’t have PoS machines or they (customers) won’t have a good experience.

“The failures in transactions are reducing. Challenges are there, but we are improving every day because we are out there in the market with them (users) and we are working closely with everybody.”
The Punch

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Minister of Finance, Okonjo-Iweala

Despite warnings by economists against the country’s increasing debt profile, the Debt Management Office has said the continued rise in both domestic and external debts is a good thing for Nigeria.

The DMO argued that the government’s future income streams would comfortably address the rising debts.

Speaking in an exclusive interview with our correspondent in Abuja, the Director-General, DMO, Mr. Abraham Nwankwo, said the country’s growing debt profile was good, considering the fact that the Federal Government must borrow to meet its obligations.

He said, “It is a good thing for the country because if we need to build roads and we borrow money to build the roads, is it not a good thing? It is a good thing. If you need to build roads and you don’t have the resources now and you expect that your future streams of income should be enough to pay the debt, why don’t you borrow the money today to build the road?

“Nigeria’s debt is sustainable. Moreover, government has over the past four years taken additional initiatives to make it even more sustainable than it used to be. And this is in terms of being prudent, fiscal consolidation, reducing the fiscal deficit, and reducing the amount borrowed domestically yearly as is seen in the annual budgets.”

The external debt alone rose by $143m in the first quarter of 2013 to $6.67bn from $6.527bn at the end of last year, during which it rose consistently throughout.

The development caused analysts, including the Governor of the Central Bank of Nigeria, Mr. Lamido Sanusi, to warn that it was not in the nation’s best interest.

In December 2012 at the Honorary International Investment Council Conference in London, Sanusi argued that if the existing level of borrowings from big nations continued, the huge debt profile would place “undue burden on posterity.”

“We are borrowing more money today at a higher interest rate, while leaving the heavy debt burden for our children and grandchildren,” he had said.

But reacting to the warnings, Nwankwo said experts should cross-check their facts before commenting on the debt profile.

He said, “We will encourage all Nigerians, when they are making statements, to always try to convey some meanings, realities, facts and figures, which other parties can use in business and intelligent discussions.

“So, in practical terms, yes Nigeria’s debt, compared to what it was last year, is growing. But also Nigeria’s economy is growing. I challenge you to go and look up what was Nigeria’s Gross Domestic Product.”
The Punch

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Nigeria's Minister of Agriculture, Dr. Akinwumi Adesina

Nigeria is targeting $10 billion of investment in farming to boost domestic food production by 2015, as Africa’s most-populous nation seeks to reduce a reliance on imports, Agriculture Minister Akinwunmi Adesina said.

The government is working with the central bank to “unlock” $3.5 billion in funding from commercial banks for farmers, Adesina said in an interview today in Cape Town. So far, $8 billion in private investment commitments in agriculture has been arranged by President Goodluck Jonathan’s administration, he said.

Nigeria, Africa’s top oil producer, is trying to reverse a decline in its farming industry. The nation of more than 160 million people plans to boost food supply by 20 million metric tons by 2015. While Nigeria grew enough food to feed itself in the 1960s, it is now the world’s largest importer of rice and sub-Saharan Africa’s biggest importer of wheat and sugar.

Food production rose by about 8 million tons in 2012, about 40 percent of the four-year objective, “which was 70 percent above the target that we set for ourselves last year,” Adesina said.
Nigeria expects to produce more than the 3.2 million tons of rice it needs to become self-sufficient by next year, Adesina said. The country exported 3 million tons of dry cassava chips last year, exceeding a target to export 900,000 metric tons to China by 2015, he said.
Bloomberg

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Against the backdrop of rising cases of multiple regulation in the oil and gas industry, the Department of Petroleum Resources (DPR) and the Niger Delta Exploration and Production (NDEP) Plc. have warned that the trend signals looming danger for the sector.

DPR Director, Mr. Osten Olorunisola, and the Managing Director, Niger Delta Exploration and Production Plc., Dr. Layi Fatona, regretted that many government agencies have imposed regulatory oversight on the oil and gas industry under the guise of been environmental or maritime regulators, among others. This development, the two experts warned, would not augur well for the industry, even after the Petroleum Industry Bill has been passed.

Fatona, who was one of the panelists at a session organized by the Petroleum Technology Association of Nigeria, feared that the PIB, when passed into law, would create an unprecedented number of regulatory authorities in the oil and gas industry. He said: “But I want to sound a note of warning, we are seeing the creeping-in of micro regulators into the oil and gas industry and this will only lead to high cost of operations. This is not particularly good for the small indigenous operators in the country.”

According to him, activities of some Federal and state ministries of environment, commerce, and the Nigerian Nuclear Regulatory Authority, among others, amount to multiple regulation in the oil and gas industry. Olorunisola, the DPR director who lent credence to Fatona’s position, noted that it was true that people had, over time, entered the oil and gas industry ‘from the back door either disguising themselves as environmental or marine regulator.’
The Sun

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The Airline Operators of Nigeria (AON) has called on the  Nigerian Civil Aviation Authority (NCAA), under the leadership of Mr. Joyce Nkemakolam, to separate politics from important issues of safety in the aviation industry.

The Assistant Secretary General of AON, Alhaji Mohammed Tukur , gave this advice, stressing that the recent statement from NCAA about plane belonging to Rivers State and allegedly operating illegally showed gross lack of professionalism.

He told Sunday Vanguard, “Such a statement coming from a recognised regulatory agency like the NCAA means Nigeria does not even deserve the Category-One certification the country has. The statement sounds so political because a plane that has been operating since it was brought into the country till this moment could not have been flying illegally. Such practice is not possible. You can see confusion in the whole thing and the angle the statement is coming from.

“The Federal Government must realise that aviation is a very important sector and priority must be given to safety in all ramifications. I am calling on the National Assembly, as a matter of urgency, to approve the appointment of the current director general of NCAA.

The reason being that, such a parastatal must not be left like that, and the director general of such an important agency must not be in acting capacity. It does not make sense in any way and operators in other countries will not take Nigeria seriously.”

On whether the industry needs another financial bailout, he said, “The sector does not need any bailout now. We had cases of some local operators who collected huge sums of money as bailout to resuscitate their operations but they still went under at the end of the day. What the local airlines need is full implementation of the waiver on spare parts and importation of airplanes without payment of duty. Also, the issue of aviation hanger must be given serious consideration.”
Vanguard

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*Alleged 60,000 porting requests missing
*NCC threatens to impose heavy sanctions against saboteurs
*Operators want regulator to investigate


There were indications at the weekend that the newly introduced, 20-day old Mobile Number Portability, MNP, may have run into a scandalous hitch owing to some alleged sharp practices on the part of one of the major operators in the Global System of Mobile Telecommunications, GSM, Sunday Vanguard can reveal.

This development, it was gathered, compelled the regulator, the Nigerian Communications Commission, NCC, and interconnect clearing house, Interconnect Nigeria, ICN, to summon an emergency meeting of the operators in Lagos last Thursday.

At the meeting which had all the operators in attendance, the regulator and the clearing house painted “a dismally low porting activity since the exercise commenced”.
A very dependable source at the review meeting said the following status update was reeled out by NCC and ICN:

Total no of porting requests so far: 4,659
Total completed successfully: 2,456
Total still in progress: 501
Total failed: 1702

The snag in the process, it was gathered, “is that the donor operators appear not to be disposed to quickly processing and releasing the lines to the receiving operator.”

“It is the underhand practice that appears to have accounted for the low success rate of porting. Although it is early days yet, the figure of less than 5,000 considering the millions of subscriber base in GSM operations in the country is incongruous”.

At the Thursday meeting, NCC and ICN admonished the operators “to ensure that they do not bring dishonour into the exercise”.

Although it turned out to be a meeting of muted suspicion, the operators suspected foul play “and urged both the NCC and ICN to investigate the dismal figure and intervene appropriately to restore order and public confidence in the process”.

To this end, according to our source, “NCC threatened to apply the maximum sanction against any operator that violates the porting regulations. NCC officials pledged to swiftly put in place fines and other regulatory measures that will help to restore sanity in the whole process.

Following the meeting and the suspicion of sabotage by some of the telecom operators, “the ICN and its partners interrogated their data to see if any of the operators had deliberately stalled the process. Investigations revealed that the staggering discovery that followed rattled the ICN and its partners”.

The source explained, “It was discovered that instead of the abysmally low figure of over 4,000 porting requests recorded, the total number of porting requests made were discovered to have been almost twenty-folds, out of which over half were found to be authentic after proper diagnosis. It was gathered that during the first wave of investigation, the sabotage was traced to a player in the industry, thereby denying two other players the benefit of porting”.

Investigations are on-going. It was gathered that NCC and the clearing agents will soon announce various strategies to compel operators to play by the rules. Porting operations started on April 22, 2013.
The Vanguard.

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By Amaechi Ogbonna

When recently President Goodluck Jonathan commissioned the multi-million naira WEMPCO Steel Mill Company’s 5-stand Tandem Cold Rolled Steel Plant in Magboro, Ogun State, he underscored the need for government and other stakeholders to create and sustain a vibrant steel sector to drive Nigeria’s industrialization programme.

Speaking at the commissioning ceremony held at the company’s premises, President Jonathan noted that steel was at the heart of any national economic development endeavour. As we all know, it is one of the most important materials used widely for both domestic and industrial purposes throughout the world.

A vibrant steel sector contributes to GDP growth, facilitates exploitation of natural resources and generates economic activities in downstream industries.

It also promotes job creation, the acquisition of technical skills, transfer of technology and the provision of machine parts and tools. In fact, no nation can industrialize without a vibrant iron and steel sector.

Continuing, the President noted: “The steel sector offers immense economic opportunities for our country, which we have not fully exploited.

This administration, however, aims to reposition this industry. The Ministry of Industry, Trade and Investment, in conjunction with other MDAs, has developed an Industrial Revolution Plan, which has identified the Iron and Steel Industry as a focal sector. This plan aims to develop the complete ecosystem of this sub-sector.

“I would like to assure existing and prospective investors of government support as we collectively strive for self-sufficiency in local steel production. I strongly believe that self-sufficiency will open major downstream sector activities with the attendant massive job opportunities and economic empowerment for our engineers, technicians, artisans, fabricators alike,” he opined.

While elaborating on the need to support the steel sector, Jonathan added that “You all may recall that a few years ago, we had less than five functioning steel rolling mills and no cold rolled steel mill, but today there are more than 15 functioning steel rolling mills producing reinforced bars and three functioning cold rolled steel mills producing cold rolled flat sheet of which Wempco is one of them.”

He urged the management of the company to continue to strive to expand its current production capacity to gradually meet the nation’s demand for flat steel sheets. He used the opportunity to encourage Wempco to embrace full backward integration in no distant time so as to produce hot rolled steel, a major raw material for producing Cold Rolled steel.”

Jonathan who spoke against the backdrop of the nation’s enormous natural endowment, including iron ore, tin, columbite and other raw materials that could boost the growth of a vibrant indigenous steel sector, believes that with appropriate incentives, Nigeria can emerge as Africa’s next industrial giant.

With Nigeria’s yearly demand for cold rolled steel flat sheets currently estimated at 1.2 million tonnes, and most of it still being imported, government’s improvement of the nation’s fiscal environment would be quite invaluable to achieving a level of self sufficiency in steel over the next few years thereby fast tracking her industrialization aspirations.

However, despite her several misadventures in steel sector development, most observers believe that the Wempco experiment presents another opportunity which Nigeria that currently imports substantial quantity of her steel requirement cannot afford to waste.

With production capacity, at 700,000 metric tonnes per annum and additional expansion capacity for 300,000 tonnes per annum, Wempco according to some commentators has enormous potentials to create jobs directly and indirectly thereby empowering many more Nigerians.

Stakeholders believe that with necessary encouragement, Wempco and other companies in the steel sector can reduce Nigeria’s imports and even make Nigeria a major exporter of various steel products in the long run.

Meanwhile speaking on how to achieve sustainable steel sector development, former President of Manufacturers Association of Nigeria (MAN), Alhaji Basiru Borodo, advocated consistent policy formulation framework coupled with implementation strategies that will give the sector the desired impetus.

According to him, the lack of policy consistency in the steel sector has been responsible for the current near demise and moribund status of key industries in the sector.

Borodo however added that with increased private sector partnership, government needs to protect genuine investors who are diring the storms of Nigeria’s harsh operating environment to revive the sector.  The erstwhile MAN boss contended: “The owners of WEMPCO Group have been in this country for almost 60 years.

Though they may not be naturalized Nigerians, in their hearts, they are truly Nigerians having demonstrated true commitment and faith in investing in the country. It is important to state her that without government support, there wouldn’t be a meaningful industrialization.  He further pointed out that the growth of the steel sector was a long term initiative, hence the need to create the right support and protection for the sector’s growth.

Borodo warned that it should not be a case whereby a sector drives itself to sustainability and a policy is then formulated to give undue advantage to some importers to exploit the industry to the detriment of key investors.

He noted for instance that as encouraging as the backward integration policy was, Nigeria still needs to be very careful and ensure that raw materials are sourced locally to avoid the dangers of subsidizing products from outside the country.

According to him, there is a compelling need to protect local manufacturers in the scheme in order to avoid a repeat of what happened in the cement industry, adding there was need for private investors to manage competition in the sector in order to drive the growth of the sector.

With the downturn in the sector over the last 20 years, following the marginal activities in the Ajaokuta Steel Company, private and foreign investors have since driven activities in the sector.

This necessitated the need for government to develop keen interest in the growth and sustainability of the sector through consistent policy formulation and implementation.

It must be admitted in the first place, it was government recognition of the relevance of the steel sector in the nation’s industrial development process, that prompted it to establish the Ajeokuta Steel Mill in addition to several other steel rolling mills across the country.

Unfortunately, most of these firms have become comatose or died naturally due to government’s policy inconsistency. Some observers have rightly credited former President Olusegun Obasanjo who as a military head of state set the stage to make the country self-sufficient in steel production.

Having drawn the roadmap for the construction of Ajaokuta Steel Company and Delta Steel Company (DSC). It was expected that his successors would build on such legacies after his exit as military head of state. Although, President Shehu Shagari commenced construction works on both sites in 1979, the tempo of steel development in th country later died down due to poor implementation strategies and foreign interference.

The location of DSC was considered primarily because of its coastal position as the high quality iron ore that was to form its raw materials was to be shipped from Brazil.

Industry critics have alleged that, some of the steel mills were wrongly sited for political reasons, with most of the rolling mills were producing rods instead of flats, while the mills, due to the fact that they were government companies, choice of management toed the line of political patronage and soon the companies were run aground Before then, Minister of Steel Development, Musa Sada, had urged private investors to partner with the Federal Government in steel manufacturing for the development of the country.

The minister said the Federal Government had provided an enabling environment for private investors to participate in the production of steel and other metallic alloys in the country.

He said government would only need to regulate the activities of the sector and give support to companies where necessary. “To the best of our understanding, the Federal Government has taken the right position.

No country in Africa has the highest steel manufacturing companies than Nigeria. The steel industry is the backbone of industrialization in any country and Nigeria is not an exception.

“The steel industry also has the highest employment in countries of the world and Nigeria is ready to develop its steel industry to boost the economy,” he added. The Group Managing Director of the WEMPCO, Lewis Tung noted that the company was ready to backward integrate and develop key products for both industrial and domestic use, while urging government to be consistent in its policies in order to drive industrial growth. Tung said his company was “ready to receive materials from the upstream industry.

This is a way to encourage investors to go into the upstream and back stream. The steel industry is the source of employment. Upstream is a source of huge employment opportunities. So also is back stream which accounts for spinoff industries that are not directly related to the steel industry.”

In the same vein, the Chief Executive Officer of the Company of Sun and Sand Industries, Bhushan Chandna, urged government to enact a friendly policy that would cover exports of the product to sustain a competitive environment. “We are proud to say that M.S. Wire Rod is now being manufactured in Nigeria and our company is the only one that accomplished this feat. “The manufacturing of the product in Nigeria will generate employment for the youth.

The product is friendly to the environment as it does not generate any pollutant,” he said.  Similarly, Chief Executive Officer of African Foundries Limited, Sanjay Kumar, disclosed that Nigeria is on track to join the world’s largest producers of steel in the world from the year 2018, as the country’s potential for iron and steel production is progressively transformed into actual capacity.

Kumar said the company, which began steel production in Nigeria, 2010, churning out varied dimensions of iron rods for construction and other purposes, has now developed the business to a point where it has began to seek more market for its products outside the country.

“In the next 5 years Nigeria may be one of the largest producers of steel in the world. Nigeria is one of the richest countries in the world in terms of unexplored iron ore, so if steel is developed then it will lead to more mining and essentially more development for the nation’s steel sector and the entire economy,” he said.?

Explaining that the growth in the steel sector has been on the upward swing from year to year, the AFL boss noted that the industry was now heading towards the inflection point where demand for steel products will actually be outpaced by supply, stressing that this reality was the primary reason why the company began to explore the export market for other off takers for its products.

“Currently, we have an order of 5,000 tonnes of steel products and this has been produced and prepared for shipping out we are trying to get around the ancillary challenges of logistics occasioned by the large volume of the present order.
The Sun

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Nigeria's Finance Minister, Ngozi Okonjo Iweala

The Coordinating Minister of the Economy and Minister of Finance, Dr Ngozi Okonjo-Iweala, made the announcement at the close of the 23rd edition of the WEF in Cape Town, South Africa on Friday.

Okonjo-Iweala thanked the WEF for choosing Nigeria as the next host, expressing the readiness of the country to make the next edition as exciting as possible.

She said that the choice of Nigeria was appropriate given its position and huge economic potential.

“I think we epitomise a lot of things about Africa. We have the excitement, the passion, the entrepreneurship, the private sector drive and the glow for the future.

“But we also epitomise all of the difficult challenges of the continent such as infrastructure deficit, governance issues, corruption and transparency,” she said.

According to her, a combination of these opportunities and challenges in one country makes Nigeria the most exciting place to be on the continent.

Okonjo-Iweala said that the future of Africa was bright, judging by the commitment and passion demonstrated by participants in the forum, especially the Young Global Leaders, who represented the youths of the continent.

The Director General, Nigeria Economic Summit Group, Mr Frank Nweke Jnr, said that Nigeria was excited to be the host of the next WCF.

He said that President Goodluck Jonathan had already mandated the team to organise a successful forum. (NAN)

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Shell Petroleum Development Company, the Nigerian subsidiary of Royal Dutch Shell, is producing from some of the five shallow water offshore oil blocks more than four years after the leases had expired.

A source at the company, who pleaded anonymity, due to the sensitivity of the issue, said though the oil major held interest in six shallow water offshore leases, five of them had expired since November 30, 2008 and the Federal Government had yet to renew them.

However, he said this had not stopped Shell from producing from some of the affected fields owing to a 2008 court order that the status quo should be maintained.

The oil major, in its 2009 annual report, said the parties involved were pursuing a negotiated resolution, stating that “production from one of the leases – the Sea Eagle FPSO (EA licence) restarted on July 2, 2009, following the shutdown as a result of security incidents in 2006.”

Also, in its 2012 annual report released in April, Royal Dutch Shell confirmed that it had been negotiating with the Federal Government since then over the expired leases but no resolution had yet been reached.

Despite that, it confirmed that production had continued in parts of the affected fields.

Shell said production continued throughout 2012 in the EA field, located in one of the disputed leases. The EA produces 115,000 barrels of oil per day.

The report stated, “SPDC also holds an interest in six shallow water offshore leases, of which five expired on November 30, 2008. However, SPDC satisfied all the requirements of the Nigerian Petroleum Act to be entitled to an extension.

“Currently, the status quo is maintained following a court order issued on November 26, 2008. SPDC is pursuing a negotiated solution with the Federal Government of Nigeria. Production from the EA field, in one of the disputed leases, continued throughout 2012.”

Industry analysts opined that the delay in passing the Petroleum Industry Bill might have contributed to the inability of the parties in dispute to reach a resolution.

They stated that though Shell had, in its 2009 Annual Report, emphasised that it was entitled to an extension under the Nigerian Petroleum Act, the PIB, when passed into law, would have subsumed the former.

The 2012 report said Shell-share production in Nigeria was approximately 365,000 barrels of oil equivalent per day that year compared with approximately 385,000 boe/d in 2011.

Insecurity, crude oil theft and flooding in the Niger Delta were significant challenges in 2012, it said.

The company said, “An erosion of the business and operating environment in Nigeria would adversely impact Shell. We face various risks in our Nigerian operations. These risks include security issues surrounding the safety of our people, host communities, and operations; our ability to enforce existing contractual rights; limited infrastructure; and potential legislation that could increase our taxes or costs of operation.”

Despite all of that, Shell’s Chief Executive Officer, Mr. Peter Voser, said the company’s future opportunities would continue to include Nigeria.

“Our future opportunities include the Arctic, Iraq, Kazakhstan, Nigeria, and heavy oil, where we believe large reserves positions could potentially become available, with the pace of development driven by market and local operating conditions,” he said.

Voser, however, lamented that if the PIB became law, Shell’s existing and future activities would be adversely affected in the country.

“The Nigerian government is contemplating new legislation to govern the petroleum industry, which, if passed into law, will likely have a significant adverse impact on Shell’s existing and future activities in that country,” he said.

Ironically, Shell recently shut down the Nembe Creek Trunkline in order to remove crude oil theft connections and investigate suspected oil theft leaks.

The production of about 150,000 barrels of oil per day was halted due the shutdown. And SPDC consequently declared force majeure on Bonny Light export.

“We’re concerned that the NCTL has been targeted by crude oil thieves repeatedly since we installed the new line in 2010 at a cost of $1.1bn,” said Managing Director of SPDC & Country Chair, Shell Nigeria, Mr.  Mutiu Sunmonu.

The 97km NCTL has been closed several times as a result of crude oil theft leaks and fires between December 2011 and May 2012.

An official of Shell, who did not want to be named due to the sensitivity of the issue, said he could  not ascertain the level the oil major’s negotiation with the Federal Government had gone.

He added that the issue would require him to dig deeper into available facts before responding.
The Punch

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President Goodluck Jonathan

Indications emerged on Friday that the Federal Government might declare a state of emergency in five states in Northern Nigeria, as a last-ditch measure to check the rising killings and insecurity.

The states are Borno, Yobe, Nasarawa, Benue and Plateau.

A pointer to this emerged as President Goodluck Jonathan held an emergency meeting with security chiefs and some other top government officials in his bid to address the spate of insecurity in many parts of the country, with the latest being the killing of 47 policemen and 10 State Security Service operatives by the Ombatse militia in Alakyo forest in Nasarawa State on Tuesday.

They also destroyed nine patrol vans.

Jonathan, who rushed back to the country from South Africa late on Thursday, was said to have reviewed reports from the security chiefs on recent violence in Baga and Bama in Borno State; Alakyo Village in Nasarawa State; and Agatu Local Government Area of Benue State.

Among those at the meeting that lasted several hours were the Chief of Defence Staff, Admiral Ola Said; Chief of Naval Staff, Vice Admiral Dele Ezeoba; Chief of Air Staff, Air Vice Marshal Alex Badeh; Director-General of State Security Service, Ita Ekpenyong; representative of the Chief of Army Staff, Maj-Gen. Emmanuel Bassey; and Inspector-General of Police,  Mohammed Abubakar.

The IG wore a black arm band to the meeting as a sign of mourning for the slain policemen.

Others at the meeting were the National Security Adviser, Col. Sambo Dasuki (retd.); Minister of Police Affairs, Navy Capt. Caleb Olubolade (retd.); Secretary to the Government of the Federation, Pius Anyim; and the Chief of Staff to the President, Chief Mike Oghiadomhe.

At a point, Olubolade, Anyim and Oghiadomhe stepped out of the venue wearing gloomy looks while Jonathan and the security chiefs continued with the discussions.

By the time the meeting finally ended, none of the government or security officials was willing to speak with journalists.

They also shielded Abubakar from journalists who sought an interview with him on the killing of the policemen.

He simply described the killing as “a sad development.”

 A source at the meeting however described it as “a stormy session.”

The source said “far-reaching decisions,” some of which would be made public soon, and others which would be kept under wraps for security reasons were taken at the meeting.

Olubolade, who was moved to tears, managed to answer reporters’ questions on the murder of policemen.

•State of emergency

Asked to confirm speculations that government was considering the imposition of a state of emergency in some states, he said, “That is not within my purview. They (security chiefs) have the right to call for whatever they want. At the end of the day, the President will take a decision.

“It was an emergency security meeting at the instance of Mr. President. He had to cut his journey short because of insecurity and loss of lives; he was supposed to have been in Namibia. So, he summoned the security agencies to have a quick meeting with us and as you can see, they are still there. The Chief of Defence Staff and other service chiefs are still with him.

“He is looking at how we can put an end to all these troubles we are having and I think that at the end of that deliberation, you will get to know the outcome.”

He advised policemen against revenge, saying such would not help the nation.

“The security agencies particularly the police will not want to go and revenge. It is not going to help us because they are supposed to protect lives and property. Going to revenge will not douse tension. It will bring about a lack of confidence in the system. So, we will strictly discourage that,” he said.

On the allegation that policemen killed nine of the Ombatse cult members in Nasarawa State first before they retaliated, the minister said, “I wouldn’t know what is true about that. All I know is that the police have a duty to perform and as such, they must not be afraid, they must be equipped, they must be trained, they must do their job because they are under instructions. The police will not just wake up and pick their leaders if nothing has gone wrong.

“The populace must know that anybody can be brought in by the police for interrogation depending on the intelligence the police get; and that is what happens elsewhere.”

Meanwhile, security sources said on Friday that government was considering the military option to dislodge members of the Ombatse cult from their hideout in Alakyo forest in Nasarawa State.

This follows the inability of the police and SSS to accomplish the task.

•Death toll now 47

Saturday PUNCH learnt that 28 riot policemen who survived the attack were released by the militia and returned to their base in Akwanga.

Some of them returned to base without their rifles which they lost to their attackers.

The Public Relations Officer, Nasarawa State Police Command, Michael Ada, confirmed the return of the policemen to one of our correspondents on Friday.

He said that 17 others were still missing, adding that they had been presumed dead since they were yet to be seen two days after.

“The 17 missing policemen are presumed dead because they have been missing for over 48 hours. So this brings the number of the dead to 47. But the search and rescue teams are still searching for the missing officers and they have yet to report back to the headquarters,” Ada explained.

The Commissioner of Police, Mr. Abayomi Akeremale, also confirmed the return of the 28 policemen.

Akeremale told the News Agency of Nigeria in Lafia that some of the policemen held hostage by the group during the attack were released on Friday morning.

He said 17 corpses of the slain officers were yet to be recovered. He explained that a total of 93 policemen were deployed for the operation, out of which 43 were suspected to have been killed.

Akeremale said that a suspected member of the militia had been arrested and was in police custody, adding that investigations on the incident were going on.

Akeremale also said he would visit the Squadron 38 Mopol Base in Akwanga to appeal to spouses and children of the slain policemen, who blocked the Akwanga-Lafia highway on Friday in protest over the killings.

•Protesters block expressway

Meanwhile, no fewer than 200 people travelling through Nasarawa State were on Friday trapped in a village near Akwanga, in an attempt to avoid a roadblock by protesting women and children.

NAN reports that the women and children were protesting over the killing of policemen and other security agents at Alakyo village by the Ombatse militia on Tuesday.

Following the blockade, vehicles tried to go through bush paths but the protesters blocked the paths, saying they were enforcing a restriction of movement through the state.

Some of the travellers told NAN that they were trapped in a remote village off Akwanga, near a local government area primary school and had no protection.

They said the women, who blocked the road, carried big sticks and were already burning car tyres on the bush paths to demonstrate their anger and dismay over the killings.

Commercial transporters and private vehicle drivers were trapped in the blockade.

One of the passengers, Mrs. Victoria Dzeremo, trapped with her daughter, Erdoo, said their vehicle, a commercial bus, had been stopped from further movement few kilometres off Akwanga.

“We have been here in this bush for more than an hour; these women have blocked the road and are demanding for government’s explanation over their husbands’ killings.

“They are here with their children, we have been begging them since to allow us passage but to no avail, the situation is quite serious.

“Now, they have started burning the nearby bush and we are afraid the fire might escalate and affect the vehicles,” Dzeremo said.

The Police Public Relations Officer in-charge of Nassarawa State, DSP Michael Ada, said Akeremale had directed the Area Commander to go and persuade the protesters to open the road.

NAN learnt the protesters insisted that they would only leave the road when their delegation to Governor Tanko Al-Makura returns and gives them a feedback on government’s position.
NAN

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United States stocks fluctuated between gains and losses, after the Standard & Poor’s 500 Index set five successive records, as investors weighed results from companies including Monster Beverage Corporation and News Corporation

News Corporation advanced by 5.4 per cent after saying net income tripled and topped analysts’ estimates. Precision Castparts Corporation jumped by 8.4 per cent for the biggest S&P 500 gain after posting earnings that topped projections.

Bloomberg News reports that Monster Beverage dropped by 6.9 per cent after the chief executive officer said sales growth in April slowed.

The S&P 500 rose by less than 0.1 per cent to 1,632.91 at 2:16 p.m. in New York after declining as much as 0.4 per cent earlier in the day.

The Dow Jones Industrial Average rose by 18.59 points, or 0.1 per cent, to 15,123.71. Trading of S&P 500 stocks was 7.4 per cent below the 30-day average at this time of day.

“Aside from a few pullbacks where people take profits, there is still plenty of upside,” Randy Frederick, the Austin-based managing director of active trading and derivatives at Charles Schwab Corp., said by telephone. His firm oversees about $2tn.

 “Despite the fact that we’re hitting records every day, there’s no reason to believe this won’t continue for a while. The only thing that can derail this type of a move is some sort of really unexpected news event.”

US stocks rallied on Thursday for a fifth straight day of gains, as companies forecast earnings that beat analysts’ estimates.

The S&P 500 has surged by 14 per cent so far this year amid optimism central banks will continue to use stimulus to support economic growth.

The equity benchmark has entered the fifth year of a bull market, fueled by three rounds of bond purchases from the Federal Reserve.

“It’s been the same, interesting pattern for the last two weeks: We see softness at the opening, but the market firms up by midday,” Arthur Hogan, a strategist at Lazard Capital Markets LLC, said in a telephone interview from Boston.

“There’s been a lack of negative news. The only economic data of substance we’ve gotten was today, and it was the jobless claims data that was positive.”

Applications for unemployment insurance payments unexpectedly dropped last week, and the average over the past month fell to the lowest level since before the last recession, Labor Department figures showed.

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Secretary to the Federal Government, Anyim Pius Anyim

It will also provide 5,000 permanent jobs, the government scribe said.
The Secretary to the Government of the Federation, Pius Anyim, said on Friday that Nigeria’s Centenary City project would provide more than 50,000 construction jobs and 5,000 permanent jobs for Nigerians.
Mr. Anyim said this at Agbani in Enugu State during the 15th Convocation Lecture of the Enugu State University of Science and Technology (ESUT).
The government scribe, in a lecture titled, “Celebrating Nigeria at 100, Successes and Prospects of a United Country’’, said the city would host 100,000 people at the end of its five- year development .
He said that the Federal Government would not spend any money on the celebration, adding that the celebration was to reaffirm that the country was not an accident.
Mr. Anyim was represented on the occasion by his Senior Special Assistant on Research and Documentation, Ferdinand Agwu.
He said that the country had played a definite role in international relations in the last 100 years and recorded more than 67 per cent literacy rate.
“Nigeria’s 100th birthday provides a wonderful opportunity for all Nigerians to celebrate and share in the nation’s success story.
“It is only with unity that we can achieve our desires. The Nigerian story is one of admirable and remarkable progress and our democracy is maturing,’’ Mr. Anyim said.
He said it had become necessary for the various ethnic groups to remain together in order to enjoy the benefits of unity.
“The centenary celebrations will present an opportunity for us to count our blessings as a nation, celebrate our dexterity and resilience as a people. The centenary city will have several unique features.
“By the end of its five-year development cycle, this innovative and vibrant city would have created more than 50,000 construction jobs and 5,000 permanent well paying jobs.
“The city is planned for a residential population of about 100,000 people, but it will host about 500,000 visitors daily,’’ he said.
Earlier, in an address of welcome, a former Senate President, Ken Nnamani, said the education sector should be given priority for national development.
Mr. Nnamani, who was represented by Professor Ben Osisioma of Nnamdi Azikiwe University, called on scholars and the elite to proffer solutions to the challenges bedeviling the growth of Nigeria.
The Vice-Chancellor of ESUT, Prof. Cyprian Onyeji, said the topic of the lecture was apt as it would enliven and promote discussion on the centenary celebration as well as challenges of nation building.
Mr. Onyeji commended the staff of the institution for their support in ensuring the development of the university.
“A convocation lecture is one of the cherished traditions in the university system world-wide and I am delighted that the 15th convocation is holding as at when due.
“This is a clear indication of stabilisation of administrative machinery of the university.
“I highly commend the generality of our staff, teaching and non- teaching for commitment to their duties and for ensuring serenity, progress and development of the new university,’’ he said.
(NAN)

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Europe's development bank slashed its 2013 growth forecasts for emerging Europe and North Africa on Friday by almost a full percentage point, saying a sharp slowdown in Russia would drag down the regional economy.

The European Bank for Reconstruction and Development (EBRD) said Russia's problems should galvanize the region to pull down barriers to new businesses and investment.

But the bank, originally set up to help Europe's ex-communist states, said manufacturing heavyweights Poland and Turkey were also undershooting its expectations.

"We have a slowdown compared with what we thought just a quarter ago," EBRD Chief Economist Erik Berglof told a news conference on the sidelines of the Bank's annual meeting.

"It's really a story of three big countries - Russia, Poland and Turkey. Turkey was overheating ... Its credit-fuelled boom has ended and we see a soft landing."

The EBRD cut its 2013 average growth forecast for all the countries in which it now operates, including some in North Africa, to 2.2 percent, down from last year's 2.6 percent and an earlier forecast of 3.1 percent.

"Operating conditions are likely to remain demanding," Suma Chakrabarti, president of the EBRD, told the annual meeting.

The troubles of the euro zone have long weighed on the EBRD's region. Host country Turkey has successfully tapped into export markets beyond Europe and the struggling Balkan economy of Serbia said on Friday it was now looking to the United Arab Emirates as well as Russia for investment.

The EBRD said what had seemed like a temporary weakening in Russia was in fact a trend slowdown, fuelled by a fall in global prices for its commodity exports and by lower post-election social spending.

This was a "wake-up call across the region to re-energize structural reforms that have been on hold since the start of the crisis," said EBRD Chief Economist Erik Berglof.

It now expects Russia's economy to grow just 1.8 percent in 2013 - barely half the 3.5 percent it had forecast in January and last year's 3.4 percent. Growth could pick up next year, but there was "no quick turnaround in sight."

Poland, the only European Union country to escape recession after the 2008 global crisis, will grow 1.2 percent this year, slowing from last year's 1.9 percent. The broader central European region is expected to grow just 0.8 percent, the EBRD said, trimming its January forecast of 1.2 percent.

Slovenia, Hungary and Croatia are seen stuck in recession, with Slovenia's economy contracting 2.5 percent as it tries to resolve its banks' bad debts without seeking international aid.

Berglof said Slovenia was moving "in the right direction" to clean up its finances, but added: "It's important there's some kind of framework around, whether it's the International Monetary Fund or something more informal," adding that foreign investors "need to have a sense of stability, a sense of predictability."

In the EBRD's new states, Jordan, Morocco, Tunisia and Egypt, termed SEMED (southern and eastern Mediterranean), Berglof said reducing subsidies would be key to cutting large fiscal deficits.

The growth slowdown is also gripping the countries which joined the EBRD after the 2011 Arab Spring overthrow of dictators in Egypt, Libya and Tunisia.

The bank predicts these economies will grow 3 percent in 2013 - on par with 2012 but a full percentage point below January forecasts. It sees Egypt, mired in political turmoil, growing 2 percent - way below the level needed to get more people into work - versus the 3.8 percent previously forecast.

Egypt "has exhausted almost all available policy space," it said. Standard & Poor's cut Egypt's credit rating to C, deep in junk territory, on Thursday.

Libya is seeking advice from the EBRD, a source close to the discussions said on Friday, as the country tries to rebuild its institutions after decades of dictatorship.

But some commodity producers in the EBRD's sphere are booming. Mining in Mongolia is forecast to generate 16 percent growth this year, accelerating to 17 percent in 2014, and Turkmenistan's gas will bring 10 percent growth.
Businessday

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The Central Bank of Nigeria (CBN) has developed a Draft Reporting Template on Nigeria Sustainable Banking Principle (NSBP) for banks, discount houses and other financial institutions.

The apex bank disclosed this on its Website and added that the draft template was in furtherance of the implementation of the NSBP.

 The CBN said this in a circular titled ``Exposure Draft of the Reporting Template for the Nigeria Sustainable Banking Principles (NSBP)`` .

The apex bank said that the template was to ensure uniformity in reporting implementation efforts towards compliance with NSBP.

The CBN, in September of 2012, issued a circular directing banks, discount houses and development finance institutions to implement the NSBP.

The template captures banks’ best-practices in the agric, power, and oil and gas sectors.
Businessday

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The Nigerian Communications Commission (NCC) would bar all unregistered SIM cards from telecommunications services from June 30, Tony Ojobo Ojobo, the Director of Public Affairs of NCC, disclosed on Friday.

He said that unregistered SIM cards would not be able to make or receive calls and send or receive Short Messaging Services (SMS) form June 30.

The NCC official also said that the action was to have taken effect in April, but the service providers requested that the date be extended.
According to him, the telecoms operators are using the extended period to verify SIM cards on their networks to ascertain the registered and unregistered ones.

``The verification has actually started and that is why people get text messages asking them to register, if you have not, you register and if you have registered, you ignore it.

``The verification is going to continue until that date when we will cut off unregistered SIM cards,'' he said.
Ojobo said that since the verification exercise started, subscribers had been responding by registering their SIM cards.

He said that the regulatory body would be announcing the registration deadline in the media across the country.

According to him, the commission will do the announcement in different languages so that even the telecom consumers at the remotest areas will be aware.

It would be recalled that the NCC had on Wednesday, May 8, fined MTN, Airtel, Globacom and Etisalat the sum of N53.8 million, for selling pre-registered SIM cards on their networks.

The fines imposed were based on the number of fully activated new SIM cards that were either reported to the commission or purchased.

The fines were to ensure compliance with the monitoring and enforcement exercises conducted by the commission and validated by the offending network.
Each of such pre-registered SIMs found attracts a penalty of N200, 000.

Airtel was fined N8.6 million for 43 pre-registered SIM cards during the exercise.

Etisalat was fined the sum of N5 million for 25 pre-registered SIM cards, while Globacom Ltd was fined N11 million for 55 pre-registered SIM cards.

MTN was fined N29.2 million for 146 pre-registered SIM cards.
The service providers were given up to seven days to pay the fine, failure of which attracts N500, 000 for any additional day that the contravention persisted.
 Businessdayonline.

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Former Manchester United and England captain Bryan Robson believes Sir Alex Ferguson is "probably the best club manager there has ever been".
Ferguson, 71, will step down as United manager at the end of the season after 26 years in charge in which he won the Premier League title 13 times.
"It is unbelievable to change around probably four different squads and have the success he has," Robson said.
Prime Minister David Cameron described  Ferguson's record as "exceptional".
Mr Cameron, an Aston Villa supporter, added: "Hopefully his retirement will make life a little easier for my team."
“
It's come as an absolute bombshell. I'm sad and disappointed
”
Former Manchester United player Peter Schmeichel on Sir Alex Ferguson's decision to retire
Former Newcastle and England striker Alan Shearer, who almost signed for Manchester United from Blackburn in 1996, said: "If it wasn't for my love of Newcastle then I would've had to sign for Sir Alex. I was that close I'd actually found a house in Manchester.
"His knowhow, his desire, his hunger, his will to win and longevity are absolutely staggering.
"When you saw him last season squaring up to Mancini, at his age you have to admire that. He's an absolute genius. If you could bottle that it'd be worth a fortune."
Labour leader Ed Miliband tweeted:  "Proud man. Great manager. Staunch Labour Party supporter. Sir Alex Ferguson will never be forgotten."
Ferguson has won 38 trophies in total since taking over from Ron Atkinson on 6 November 1986, including this season's Premier League crown.
A host of former United players joined Robson, who was at United from 1981 until 1994, in paying tribute to Ferguson.
Sir Bobby Charlton spoke fondly of a "fantastic" and "sensational" manager.
"I am a director at United but I hardly do anything because we are winning all the time and it is all down to Sir Alex Ferguson," said Charlton, who made more than 600 appearances for United between 1956 and 1973.
"He would get up in the middle of the night and travel 300 miles if he thought there was a schoolboy he could sign. He loves the game."
Ferguson's Man Utd trophies

Premier League: 1993, 1994, 1996, 1997, 1999, 2000, 2001, 2003, 2007, 2008, 2009, 2011, 2013.

FA Cup: 1990, 1994, 1996, 1999, 2004

League Cup: 1992, 2006, 2009, 2010

Champions League: 1999, 2008

Cup Winners Cup: 1991

Fifa Club World Cup: 2008

Uefa Super Cup: 1992

Inter-Continental Cup: 1999

FA Charity/Community Shield: 1990 (shared), 1993, 1994, 1996, 1997, 2003, 2007, 2008, 2010, 2011

Former England captain Paul Ince, who played under Ferguson for six years between 1989-1995, does not believe there will be another manager who will replicate Ferguson's achievements.
"You will never see anyone of his kind again," Ince said.
"His standards were so high. He was so demanding. Yes, we had our ups and down. The way he treated me was like a son."
Champions League winning goalkeeper Peter Schmeichel said he could not make sense of the timing of the announcement.
"It's come as an absolute bombshell. I'm sad and disappointed," he said.
"I was really, really hoping he was going to stay for another couple of years."
But Dwight Yorke, Schmeichel's treble-winning team-mate of 1999, said he could understand why Ferguson has decided now is the time to retire.
"Regaining the Premier League this season, he's managed to do that," Yorke added.
"So in many respects that's the reason, with the hip operation and David Gill going, I just feel it's the right time for him to go."
Former England striker Michael Owen , who played under Ferguson at United from 2009 until 2012, said he was proud to have worked with the Scot.
"He is arguably the greatest manager to have ever lived and to say I played under him for three years is a proud thing to say," he said.
Real Madrid winger Cristiano Ronaldo , who played for United for six years from 2003, simply tweeted:  "thanks for everything, Boss" accompanied by a picture of the two together, while former United striker Ruud van Nistelrooy tweeted:  "2001-2006, 219 games, 150 goals under the most successful manager in football history. It was a unique privilege."
Ole Gunnar Solskjaer , current manager of Norwegian side Molde, spent over a decade at United, playing over 200 games from 1996 until 2007.
He told MUTV: 'I will never forget the loyalty he showed me. Everything I have learnt I have learnt from the boss'
England manager Roy Hodgson described Ferguson's announcement as "a sad day for English football".
Tributes from outside of football
England rugby union coach Stuart Lancaster: "His longevity and what he has achieved as a coach I think is unparalleled in world sport. I admire him hugely for what he has done."

Golfer Rory McIlroy: "An end of an era today! Sir Alex Ferguson, the greatest of all time! United will have a tough time trying to replace him!"

"It marks the end of an era in football management," Hodgson added. "No one will be able to match his achievements, his dedication, his support for colleagues in need and his team building know-how."
Senior figures at football governing bodies spoke highly of Ferguson's contribution to the sport as a whole.
Fifa president Sepp Blatter tweeted:  "His achievements in the game place him without doubt as one of the 'greats'.
"It was an honour to present Sir Alex with award at 2011 Ballon D'Or. Will his longevity at the top ever be repeated?"
Uefa president Michel Platini described Ferguson as a "visionary" who "has made a massive contribution to football across Europe", while Premier League chief executive Richard Scudamore said he defined the Premier League era.
"The Premier League has had the privilege to witness many great players, managers and teams," he said. "No one has made as great a contribution to the Premier League than Sir Alex Ferguson."
League Managers Association chairman Howard Wilkinson said: "He is the epitome of the mantra 'Survive, Win, Succeed'. But, in private, with those he trusted, he was the very best sort of friend you could ever wish for."
BBC

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Speaker, House of Representatives, Aminu Tambuwal

  Members of the House of Representatives have described as “unconstitutional” the alleged $40m contract the Federal Government awarded to an Israeli firm to monitor Nigerians Internet communications.

Minority Leader of the House, Mr. Femi Gbajabiamila, told The PUNCH on Tuesday that the news of the contract came as a shock to lawmakers.

An online medium, Premium Times on April 25, 2013 had reported that the Goodluck Jonathan administration awarded the contract  to an Isreali firm, Elbit Systems.

According to the report, the project is to help spy on citizens’ computers and Internet communications under the guise of intelligence gathering and national security.”

Faulting the project, Gbajabiamila said, “Such a contract, policy or whatever it is called is an illegality.”

Though the aim of the contract might be to monitor terrorism and other security threats, Gbajabiamila noted that law must set the limit to the invasion of the privacy of individuals.

He argued that under the 1999 Constitution, Nigerians had their right to privacy.

Gbajabiamila added, “If you have to interfere with that privacy for the purposes of security, there should be a limit set by law.

“What categories of people are to be monitored? Why are you monitoring their communication? Is it for terrorism? These limits have to be set by law.”

On whether lawmakers had identified the contract in the budget, the Minority Leader said such a contract would not likely come under easily identifiable sub-heads.

He said, “You are not likely to find a specific sub-head where Internet Monitoring or Internet Surveillance is mentioned.

“The government would have probably tucked it under a sub-head like security gadgets or communication equipment or just security.”

The lawmaker also said a bill against invasion of privacy was in the works and that it would be due for first reading soon.

He said, “We are already working on a bill to address such fears of interference with the privacy of the people.”
The Punch

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The Federal Government has said that Nigerians will acquire about 420 private jets within the space of seven years from 2013 to 2020, which will add to the 80 currently in operation.

This came just as international experts said that Nigeria and China topped the list of countries currently buying private jets, following recession in North America and Europe.

The Federal Government, in the National Civil Aviation Policy, 2013, unveiled in Abuja on Friday, a copy of which was obtained by our correspondent, said the general aviation or private jet sector currently had about 80 planes with a potential to grow to 500 by 2020.

The Federal Government said the NCAP 2013 was produced after a detailed diagnostic review of the aviation sector in collaboration with the World Bank.

Industry experts have estimated that the additional 420 private jets will cost not less than $15.3bn (N2.4tn). They said the price of the various types of private jets being currently flown by Nigerians in the country ranged from $8m to $65m.

Consequently, taking the average price of $36.5m and multiplying it by the government’s projection of 420 private jets, about $15.3bn is expected to be spent by wealthy Nigerians in acquiring the private jets by 2020.

Part VII of the 73-page NCAP 2013 read in part, “General aviation, which currently has approximately 80 aircraft with the potential of growing to 500 by 2020, could emerge as a key driver of regional connectivity and economic development.”

Some of the luxury private jets owned by pastors, politicians and business moguls in the country include Bombardier Global Express XRS, Bombardier Global 5000, Gulfstream 450 & 550, Embraer Legacy and Dassault Falcon 900, among others. Each costs about $60m.

Other brands of private jets in Nigeria are Hawker Siddley 125-500, Hawker 900XP, Cessna Citation Jet, Cessna Sovereign and Bombardier Challenger 604 &605.

In order to grow the general aviation sector to accommodate the projected number of private jets, the Federal Government, in the policy, said it would give serious consideration to the development of disused or low traffic secondary airports for general aviation.

In line with Part VII of the NCAP 2013, the government said the private jet sub-sector had “largely been ignored and has operated in the shadow of commercial airlines as there has been no dedicated policy, regulatory framework, infrastructure or services to support it.

“There has been limited consideration for general aviation (private jets) requirements in air traffic management planning and in the development of dedicated infrastructure at airports other than Lagos and Abuja.”

The policy stated that the development of low traffic secondary airports for general aviation would provide “seedbed opportunities” for aviation in areas where it had not yet been significant such as Akure, Makurdi, Minna, Yola and Jalingo, among others.

It said state governments would be encouraged to partner the Federal Government to become active in reviving smaller airports, particularly for air taxi operations for business, tourism and cargo (Free Trade Zones), which could benefit domestic and regional air transport, as well as economic development.

Part VII of the policy adds, “Access to the airspace will be equitable to facilitate the effective operation of GA instead of the current practice where GA traffic is controlled in the same airspace as commercial jets.

“The Nigerian Civil Aviation Authority will adopt a clean-sheet approach to introduce and structure a new regulatory framework that will allow Nigeria to develop a safe, modern and efficient GA sector.”

The policy states that government’s new airport master plan will seek ways to increase capacity and flexibility for general aviation, including ensuring adequate parking and hangar space, allowing Maintenance Repair and Overhaul and Fixed Based Operation activities at the airports.

The government, according to the policy, will also develop air traffic control procedures capable of accommodating increased small aircraft movement.

It adds, “Government’s objective is to extend the aviation network beyond scheduled operations between cities and intends to introduce appropriate incentives for domestic operators operating aircraft seating less than 80 passengers.

“Government will also encourage the establishment of flying schools as training ground for pilots, aviation technicians and air traffic controller to alleviate the shortage of skilled personnel in the aviation industry.

“GA could also be used as training ground for future airline pilots and employees in other skilled occupations, thereby making an important contribution to the skills requirements of the wider aviation industry. The sheer resource requirements to address these issues may necessitate the establishment of a dedicated division within the NCAA or even a restructuring of the authority.”

However, industry expert have said that some aspects of the NCAP 2013 are capable of thwarting the growth potential of the sector.

These include the aspect that stops private jets owners from carrying on board friends and business associates.

Also, the aspect that requires private jets operators to disclose the identities of all passengers on board a local flight was also severely criticised by industry experts.
The Punch.

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Better days lie ahead for indigenous oil companies in Nigeria, as the Federal Government has maintained that all divestments by international oil companies (IOCs) will be handed over to local companies.

Government promises that all the assets that have been slated for divestment would be awarded to indigenous companies, and that Nigerians should harbour no doubts over the exercise, as their interests would be given priority.

“There is no cause for alarm over the on-going divestment of petroleum assets by multi-national oil companies operating in the country, since those assets are readily taken up by indigenous operators, said Andrew Yakubu, group managing director of the Nigerian National Petroleum Corporation (NNPC).

Yakubu who made this assertion at the on-going Offshore Technology Conference (OTC) taking place in Houston, Texas (USA) said government would soon start the bidding process for some of the abandoned assets of the oil majors and that it is currently conducting a review of the assets.

He said the Department of Petroleum Resources, (DPR) has listed a number of the assets that had been neglected by the International Oil Companies and that they are receiving presidential attention. As soon as they are properly compiled, the bid rounds will commence and the assets will be made available to local investors, he added.

The NNPC boss observed that a lot of the oil assets that have been divested by the oil majors have mostly been abandoned and that it would bode well for local participants to take them over for exploitation and production of crude.

He observed that multi-national oil company, Shell ,divested about five assets which were taken up by indigenous operators, adding, “We also have other assets that are being listed for farming-in by indigenous participants because they have not received adequate attention by the IOCs”.

He observed that there had been more divestments by the IOCs, including Conoco Phillips, Total and Exxon Mobil, and that those assets were expected to end up in indigenous hands. “There is a conscious effort to build the capability and capacity of indigenous operators in the up-stream sector of the oil and gas industry. That is the good news,” he added.

He said Nigeria is very central and strategic in contributing to the energy mix of the world. “As at today, the country has over 36 billion barrels of crude reserves and 187tcf of gas reserves, and that makes us about the 12th largest reserves in the world,” he said, adding that the country has a very huge asset base and a very robust reserve-to-production ratio and that for a long time to come, it would remain central and strategic in the sub-Saharan sub-region.

“These reserves are spread across mainly the Niger Delta basin. There is of course additional potential which has not been exploited and it is estimated that we are going to strike almost 600tcf of gas,” he said.
BusinessDay

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The Joint Admissions and Matriculation Board (JAMB) has released the 2013 Unified Tertiary Matriculation Examination (UTME) results.

The board, however, withheld 12,110 results for possible disciplinary action.

The Registrar of JAMB, Prof. Dibu Ojerinde, announced this at a news conference on the release of the results in Bwari, FCT, on Friday.

The registrar said after thorough processing of answer scripts of the candidates who sat for the examination, the board discovered some forms of malpractice perpetuated during the conduct of the examination.

“However, the results of 68,309 candidates from various centres are undergoing further screening to ascertain the culpability of 12,110 candidates’ results.“

A total of 1,629,102 candidates applied to sit for the Paper Pencil Test (PPT), while 15,008 candidates applied for the Dual Based Test, bringing the number of candidates  to 1,644,110.

“The general performance of candidates in this year’s examination shows remarkable improvement compared with last year.

JAMB Registrar, Prof. Dibu Ojerinde

“Ten candidates scored 300 marks and above, while 127,017 candidates scored between 1-159 marks.

 “About 40,692 candidates’ results were invalid due to either multiple shading or no shading at all.  After processing all the results, the board also discovered that about 47,974 candidates were absent.“

The registrar assured the candidates that their results could be accessed on the JAMB Website: www.myjambresult.com using their registration numbers.

He said about 40 centres would be screened to ascertain their culpability and warned the public against Internet fraudsters.

“Information reaching JAMB shows Internet fraudsters are already telling candidates that their results could be upgraded in one form or the other. “

This is pure deceit, the public and candidates are hereby advised to disregard these fraudsters since they do not have access to our data.

“Let me once again state that candidates are allowed to change their choices of institutions and courses once only, this change has to be effected within two weeks from today. “

Ojerinde said the Computer Based Test (CBT) is scheduled to take place from May 18 to June 1 and appealed to candidates to reprint their e-registration slips afresh to further ascertain their CBT centres.
NAN

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