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Current Revenue Sharing Formula illegal - Oshiomhole





This is from the sunnewsonline.com


Edo State Governor, Mr. Adams Oshiomhole, has described as illegal the current revenue sharing formula among the federating units in the country. Consequently, Oshiomhole has asked for immediate review of the formula to reflect the realities of the time and in consonance with the constitution if the states are expected to grow at their own pace. Speaking in Uyo at the golden jubilee lecture in honour of his Akwa Ibom State counterpart, Chief Godswill Akpabio, Oshiomhole said, “it is illegal since 1999, 13 years after, the revenue allocation formula has not been revisited.
We don’t need all the resources in Nigeria to revisit the revenue mobilisation formula and we must obey the constitution, which says that constitution must be revisited every five years. “It is actually illegal that since 1999 and it is now almost 13 years, in clear breach of the spirit and the letter of the constitution, the revenue allocation formula has not been revisited; it has to be done.”
The Edo governor also said there was need to remove such jargons like rotations, federal characters and other sentiments which the elite had beaten themselves with in an attempt to divert attention from most of the problems affecting the country.
“I have argued even last week that Nigeria cannot continue the way it has been. To service our diversity, we must revisit very quickly the revenue allocation formula. I think what Akpabio has done for the committee of governors is to make a bold statement and give the line to those who think governors are in the states to share and steal; let them come to Akwa Ibom State and they will change their minds.
“The truth is that even for the politics of national stability, we need to remove jargons like rotation, federal character and all those sentiments that the elite have beaten themselves with in our futile attempt to divert attention from our poverty of the brain, poverty of leadership, set brothers against brothers, Muslims against Christians because they have nothing else to fill their brains and to fire their imaginations.
“If we remove resources from Abuja and leave Abuja to maintain diplomats like the guest speaker today, maintain the Nigerian army to defend the territorial integrity of our great nation, evolve sensible, timely policies that ensure efficient customs that give effect to those policies, maintain diplomacy and provide all those things that untie us and challenge the state as the agent of development, the story of Nigeria would not be the same again. “The more resources we put in Abuja, the more the need to revisit how we manage our national resources, so that different parts of the country can develop at their own pace. Those who want to sleep can continue to sleep.
Whenever they wake up will be their morning.” The chairman of the occasion, Justice Alfa Belgore (rtd), on his part said if Nigeria should break it would be the end of the black man in the world. “Nigeria is such a great country but we don’t realise it. If the turbulence that has affected us in the recent past had affected other countries it would have torn them apart. If Nigeria should break, it will be the end of the black man in the world. Nigeria should not be allowed to collapse,” Belgore said.
The Ooni of Ife, Oba Okunade Sijuade, who was the royal father of the day, commended Akpabio for his development stride in the state. The Ife monarch urged governors to emulate Akpabio’s approach to development and transform their states.
“We are celebrating success of Godswill Akpabio. We are saying government is not moving but Akwa Ibom State is moving. People will say he has been given so much money; he can pocket it without doing anything,” he said. The guest lecturer on the occasion, the Nigerian Ambassador to Canada, Ojo Maduekwe, said the uncommon transformation in Akwa Ibom under Akpabio was not occurring in vacuum. The ambassador reasoned that every great act of leadership involved clarity of mission and the necessary energy and passion to drive the mission. “That of Akwa Ibom has not been an exception.
In pursuit of the agenda for transformation of the state, Akpabio has placed great premium on human capacity development. Based on that, he has invested heavily in education. “The matrix of free education, massive infrastructure development and targeted spending on security, have all converged to make Akwa Ibom one of Nigeria’s best destinations for investment,” he said.
Other dignitaries in attendance were Governors of Ondo State, Olusegun Mimiko; Gombe State, Alh. Ibrahim Dankwambo; former minister of information and communications, Prof. Dora Akunyili; former Senate president, Ken Nnamani; all former military administrators of Akwa Ibom State; captains of industries; actors and actresses, among others.


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THE PHILOSOPHY OF INVESTMENT - A reply from CEO of J.P. Morgan to a pretty girl seeking a rich husband






If You are Single, Please read this.

A young and pretty lady posted this on a popular forum:

Title: What should I do to marry a rich guy?

I'm going to be honest of what I'm going to say here.

I'm 25 this year. I'm very pretty, have style and good taste. I wish to
marry a guy with $500k annual salary or above.

You might say that I'm greedy, but an annual salary of $1M is considered
only as middle class in New York.

My requirement is not high. Is there anyone in this forum who has an
income of $500k annual salary? Are you all married?

I wanted to ask: what should I do to marry rich persons like you?

Among those I've dated, the richest is $250k annual income, and it seems
that this is my upper limit.

If someone is going to move into high cost residential area on the west
of New York City Garden(?), $250k annual income is not enough.

I'm here humbly to ask a few questions:
1) Where do most rich bachelors hang out? (Please list down the names
and addresses of bars, restaurant, gym)
2) Which age group should I target?
3) Why most wives of the riches are only average-looking? I've met a few
girls who don't have looks and are not interesting, but they are able to
marry rich guys.

4) How do you decide who can be your wife, and who can only be your
girlfriend? (my target now is to get married)

Ms. Pretty

A philosophical reply from CEO of J.P. Morgan:

Dear Ms. Pretty,
I have read your post with great interest. Guess there are lots of girls
out there who have similar questions like yours. Please allow me to
analyse your situation as a professional investor.

My annual income is more than $500k, which meets your requirement, so I
hope everyone believes that I'm not wasting time here.

From the standpoint of a business person, it is a bad decision to marry
you. The answer is very simple, so let me explain.

Put the details aside, what you're trying to do is an exchange of
"beauty" and "money" : Person A provides beauty, and Person B pays for
it, fair and square.

However, there's a deadly problem here, your beauty will fade, but my
money will not be gone without any good reason. The fact is, my income
might increase from year to year, but you can't be prettier year after
year.

Hence from the viewpoint of economics, I am an appreciation asset, and
you are a depreciation asset. It's not just normal depreciation, but
exponential depreciation. If that is your only asset, your value will be
much worse 10 years later.

By the terms we use in Wall Street, every trading has a position, dating
with you is also a "trading position."
If the trade value dropped we will sell it and it is not a good idea to
keep it for long term - same goes with the marriage that you wanted. It
might be cruel to say this, but in order to make a wiser decision any
assets with great depreciation value will be sold or "leased". ____

Anyone with over $500k annual income is not a fool; we would only date
you, but will not marry you. I would advise that you forget looking for
any clues to marry a rich guy. And by the way, you could make yourself
to become a rich person with $500k annual income. This has better chance
than finding a rich fool.

Hope this reply helps.

signed,
J.P. Morgan CEO







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THIS BLACKBERRY MADNESS - ANY IMPLICATION FOR THE ECONOMY?





 I will start this madness with an apology to my readers - an apology for writing this article late, and at a time when any serious mind should be occupied with issues of more important dimensions. As they say when there is nothing to say, it is due to circumstances beyond my control. By the way, I can authoritatively tell anyone who cares to know that I am a late comer par excellence. For instance, I got admitted into the university through the short fall admission list, which, as you all know, is for those who fall short of the merit or supplementary list. Expectedly, I got myself into the habit of always going to lectures late. But I made up for this deficit by leaving the class early. There is a brand of madness in town, not quite new. It is the blackberry madness. Millions of Nigerian youths are caught in this web of voluntary madness, bereft of the usual paraphernalia that accompany such pastimes. I am informed that the female population constitutes a greater percentage of these millions. You may be wondering what my business is with all these. I am a lover of technology and am therefore fascinated by the fact that a technology-induced madness is afflicting the future of my dear country, which is not unexpected, considering the obvious fact that Nigeria is a heavy consumer of western technology products. But what I find interesting, maybe weird is that I am a spectator in a game that I should be the most valuable player. Now, how do I explain seeing a girl, heavily endowed with beauty, on the back of a commercial motor-bike (okada is what we call it), pinging her way to lectures. This friend of ours is engrossed in her blackberry, perhaps pinging, that she does not know when the okada man turns off his ignition. The okada man, a not-too-patient old man is angered that a girl too young to be his fifth child is wasting his time, and his chance of making more turns before he retires for the day. So, he turns his ignition on and speeds away with our friend. Our friend is jerked back to the consciousness of her location and begins to shout at the okada man to let her get off the bike.  Are you mad? She asks the okada man, in a raised voice that made a mess of her attempt to be phonetically relevant, making her pronounce the /ae/ in mad like /ei/ in maid. The okada man stops, visibly enraged by the embarrassment. He makes a feeble attempt at gripping our friend who by now has alighted from the bike. Our friend resists firmly. It is obvious that a scene is about to be created, and that people around are going to be entertained by the unfolding drama. But the situation is quickly brought under control by some good Samaritans who quickly resolved the matter. I thought you were not going to come down.The okada man is telling our friend, you good-for-nothing daughter of a good-for-nothing parents. He wastes no time in collecting his fare and then, as being alerted by an internal alarm, drives away furiously, almost knocking down another female friend of ours, who is communing with her blackberry. Before the ladies call for my head on a platter made of wood, let me quickly say that the above scenes also may apply to the guys, even though I am yet to see any guy pinging on a bike. But that does not mean they don’t do it. Don’t get me wrong Okay? Let’s get back to our friend before she gets out of sight. Our friend (please pardon the over-use) ignores the people around, and perhaps the incident, and makes her way towards a hall close to the site of incidence. It turns out that she has lecture to attend, and like me, gets to the class late to meet a parked hall, overflowing with students, straining hard to hear the lecturer who was dictating notes from a notebook that was lying on the table before him. Our friend manages to get a seat at the back row, thanks to a male friend of hers who had reserved the seat for her. She mutters a half-hearted appreciation as she assumes the wooden seat that was fast losing its ability to carry a heavy weight. She sighs, as if protesting the low audio output of the lecturer or the many questions that her male benefactor was asking her. She dips her hand inside her hand-bag, carries out a quick search. Her hand emerges from the hand-bag, clinging unto her blackberry and earpiece. She connects the earpiece, first to the blackberry and then to her ears, calls up her music player, rolls down her song list and the rest is history. This blackberry madness is indeed driving me mad. It is not as if I have anything against blackberry, before people begin to think of me as strange bedfellow who hates technology. I guess many people are already seeing me as such. For instance, I met a girl sometimes ago who all she needed me to do for her was to buy a blackberry for her, before we can become friends. I didn't need to think twice before I zoomed off. It is not as if I can't buy a blackberry for a girl, but I need to be able to buy one for myself before I can do that. Love your neighbour as yourself, that is what the holy book says. I am not envious of people who are in love with the blackberry. As a matter of fact, I have resolved not to do something crazy about getting blackberry...like defrauding my dad or maybe, lying to my mother. The only problem I have now is that those of us who do not want to be part of this blackberry game are the ones considered crazy.
ICHA CHUKWUEMEKA AGBO is a Nigerian Student of Electronic Engineering in Moscow, Russia. 

Now what are the implications of the blackberry madness to the economy? Have your say.
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Super Sandy: Obama asks for $60bn - BBC






This report is from the BBC.

US President Barack Obama has requested more than $60bn (£37bn) from Congress for response, recovery and repairs in the wake of "Superstorm" Sandy.
The scale of the request was welcomed by the governors of the two worst-hit states, New York and New Jersey.
But the request fell short of the $80bn estimate of the total damage done in those states and in Connecticut.
The White House said the storm was on track to be the second or third most costly storm in US history.
Only Hurricane Katrina in 2005 and Hurricane Andrew in 1992 caused more damage, Jeffrey Zients of the Office of Management and Budget (OMB) wrote in a letter to House Speaker John Boehner.
Sandy has been blamed for more than 120 deaths, and many thousands of people are still unable to live in their flood-damaged homes.
No spending cuts
The presidential request will have to pass the Republican-controlled House of Representatives and the Democratic-led Senate before funds are made available.
It is expected to face scrutiny in Congress, where many fiscal conservatives are strongly opposed to increases in US federal spending.
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Do Beauty Pageants have economic implications? Reigning Miss UNIBEN wins Miss Heritage Beauty Pageant Contest

The reigning Miss UNIBEN, Miss Obehi Lilian has emerged the winner of the 2012 edition of the Miss Heritage Beauty Pageant. Miss Obehi Lilian just graduated from the department of Economics and Statistics, University of Benin and is awaiting her youth service. She represented Edo State at the 2011 edition of the Most Beautiful Girl in Nigeria (MBGN) pageant organised by the Silverbird group. She is still the reigning Miss UNIBEN.

The pageant which was organised by the Caires Grooming Agency was aimed at showcasing the whole World the rich cultural heritage that abounds in Nigeria and to groom young women who would be great Ambassadors for the Country. Here are some of the pictures captured at the event.



Now, what are the economic implications of a beauty pageant?
i. It is an economic activity and adds to national productivity
ii. It creates value which is captured in the GNP
iii. It is a source of leisure which forms part of the unmeasured aspect of national welfare.
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Ode to the Bottle -For Ken Harrow Who Laughed By Pius Adesanmi










Earlier this year, I published a short essay, “The ABC of a Nigerian Joke for Western Audiences”, that is surprisingly still travelling and acquiring mileage online, especially in spaces of Africanist cultural scholarship in North American academe. Every now and then, I receive an email from a doctoral student or a colleague who has only just stumbled on it and requires some clarification. The said essay was inspired by some White Western Facebook friends who inboxed me, wondering what the fuss was all about as Nigerians and other African nationals cracked up after I had posted a joke that only cultural insiders would understand.
Here’s a recap of the joke. A policeman arrests a guy for urinating in a place displaying the commonplace “Do Not Urinate Here” sign in Nigeria. The cop fines the offender five hundred naira. The guy brings out one thousand naira and asks for his change. Says the policeman to the offender: “urinate again. I no get change.”  I wrote “The ABC of a Nigerian Joke” to explore the postcolonial cultural locatedness of this and other jokes. I made the case that humour is the most difficult thing to translate; it’s very untranslatability making it one of the most reliable ways of gauging cultural integration in immigrant and diasporic communities.
Let me explain. I believe that Africans hardly find Oyinbo people’s jokes funny and vice versa. You therefore know that your African friend has truly integrated if he attends one of those gatherings where Oyinbo people serve cookies, muffin, slices of pizza, celery, and dip, all displayed beside three jugs of regular coffee, decaf coffee, and hot water for tea respectively, and laughs at the appropriate decibel level when he hears jokes that aren’t funny because they are not immediately translatable into his own modes of cultural apprehension.
Appropriate decibel level is very important. If he laughs at the exact decibel level and at exactly the same time as the rest of the room, he is thoroughly acculturated. He has become an African oyinbo man. The jokes of the host culture are genuinely funny to him. After one muffin, one piece of carrot, one piece of celery, and a Styrofoam cup of decaf coffee without sugar, this African may even rub his belly, yawn, and exclaim to his neighbor in the room: “wow, I’m bursting. There’s so much good food here.” And he means it. He is genuinely full for even his belly is now Canadian – or American as the case may be – and no longer requires the heavy work out of kenkey, fufu or pounded yam to be full.
However, if his own burst of laughter comes a couple of seconds later than the rest of the room every time something funny is said; if his laughter constantly bursts out a tad louder than the rest of the room, then he is one of those Africans who remind you of the proverb: a tree trunk may spend twenty years in the river, it will never become a crocodile. He is just laughing like an automaton in order not to be the odd one out. The jokes ain’t funny. And he is starving as hell. He is merely struggling to blend in that room, cramming muffins, celery and dip into his mouth and wishing he had taken the precaution of eating poundo and egusi soup at home before leaving for that oyinbo people’s party.
“The ABC of a Nigerian Joke” made it to Professor Toyin Falola’s famous pan-Africanist listserv, USAAfricaDialogue. One of the party chieftains of that listserv, Professor Ken Harrow of Michigan State University, one of the most significant Africanist thinkers of our era, a man whose work is my melody in the business of theorizing African literatures and cultures and whose praxis thoroughly inspires, wondered aloud why he laughed on encountering the Nigerian joke about the policeman. Are you for real, I thought, as I read Ken’s reaction.
Something would be seriously wrong, I thought further, if Ken Harrow, a vieux routier of Africa, encountered an African proverb and didn’t find it funny. After all, he got to Africa before me and has never really left. I thought he had forgotten his own African insiderhood, earned over decades of meticulous and thorough scholarly labour in the cultural vineyards of the continent. Ken, it should be obvious to you why you laughed, why you found that joke funny, I thought, as I made a mental note of waiting for an inspired moment to pen a follow-up essay – this essay - in his honour.
Midway into a handsome bottle of Beaujolais to celebrate a particularly good news today, December 6, 2012, my brain finally receives the creative bang she has been waiting for in order to undertake this essayistic excursion in popular culture in homage to Ken Harrow. Beyond the earned cultural insiderhood which would open up Nigerian, nay African humour to an Africanist vieux routier like Ken, making him laugh at the joke about a Nigerian policeman and the politics of “change collection” in the postcolonial atmospherics of the checkpoint, there are contact zones and meeting points of the collectively human which, in hindsight, my initial essay, focused on cultural particulars, does not adequately address. As culturally hermetic as humour is, such sites, zones, and spaces of the universally human offer many opportunities for her to cross borders without passport and visa requirements.
The bottle is one such location of the universally shared. I had mentioned the bottle and a London pub in the earlier essay as indices of integration if an African found the jokes there funny. I now hold a different opinion. An African may find jokes in that particular location funny for the reasons I am about to explore. There are universal modes of human sentience organized around the symbology of the bottle and its contents. I am not talking about the bottle in your living room or other private spaces. I am talking about that object in its public life-world; in spaces where its phallic posture on the table is generative of sensations, experiences, lore, and cultures that can combine seamlessly into narratives of the universally humorous.
In the American/Canadian corner Bar and Grill, the Irish/English pub, the French bistro or brasserie, the southern African shebeen (originally Irish), the Ivorian maquis, the Nigerian beer parlour, burukutu, paraga, ogogoro, or shepe spot, the bottle stands as humanity’s singular answer to the eternal question of Babel. No deity can create Babel within the cultural actuations or the bottle. In the domain of alcohol, the human experience tells Babel: we are one people, one voice, one language, one humour. Indeed, I am yet to encounter experiences and narratives of the bottle and drunkenness in one culture that cannot be translated to and carried by the idioms of another. In the domain of the bottle, humour is transculturally and transnationally funny.
Indeed, in its very defiance and transcendence of the curse of Babel, the bottle becomes demiurge, creating art - universal art, transnationally funny art - in the figure of the rambler. In country music, the character of the rambler is a player, an irresponsible figure who breaks girls’ hearts and never stays. Don Williams calls him a “rake and ramblin’ man” in his song of the same title. Don Williams’s rambler knocks up a girl and refuses to accept responsibility:
You know I’m a rake and ramblin man
Free as an eagle flies
Look at me now and tell me true
Do I look like a daddy to you?
In Zac Brown Band’s super hit song, “Colder Weather”, the rambler is as irresponsible as his elder brother in Don Williams’s song. The heartbroken girl who is left behind in Colorado says to the rambler in “Colder Weather”:
You’re a ramblin’ man
You ain’t ever gonna change
You got a gypsy soul to blame
And you were born for leavin”.
If country music condemns the rambler as a patriarchal breaker of female hearts, the bottle redeems him as an archetypal lone figure, a singular human habitus of the universally funny who harms no one. All he does is enact a personal drama of redemption from alcohol – or of redemption through alcohol consumption. Whether he is running away from or towards the bottle, the alcoholic rambler is generative of narratives and experiences which carry humour across cultural and transnational boundaries. In America, we encounter the rambler as the redemption-seeking persona in Tom Paxton’s classic folk song, “Bottle of Wine”:
Bottle of wine, fruit of the vine
When you gonna let me get sober
Let me alone, let me go home
Let me go back and start over
Ramblin' around this dirty old town
Singin' for nickels and dimes
Times getting tough; I ain't got enough
To buy a little bottle of wine
Notice the self-identification as a rambler at the beginning of the second stanza. Now, why does generation after generation of French citizens go about in France believing that this funny, all American rambler is French? It speaks to the translatability of the idioms and humour of the bottle. Graeme Allwright, a New Zealand singer who moved to France in 1948 and subsequently became a famous French singer, translated Tom Paxton’s song to French and released it in France as “jolie bouteille.” It became and still is one of the greatest hits of French folk tradition. What got lost in translation – wiped clean from French memory – is the fact that “jolie bouteille” is a mere adaptation/translation of an American original by Tom Paxton. In essence, the American rambler has been so seamlessly appropriated by the French, who converted him to a “flâneur” and sent him on errands of redemption from the bottle, with zero trace of his American origin. If only Tom Paxton had thought of making the rambler drink Budweiser instead of a bottle of wine!
Why is the transition from rambler to flâneur so easy? The answer is simple. One may be a consumer of cheap and inferior California wine in America while the other consumes superior merlot in France, their narratives and experiences of the bottle generate humour that can find a natural home in any culture. Hence, we encounter this alcoholic rambler in the Yoruba imagination. Also a loner like his American and French booze-cousins, he is however not seeking redemption from the bottle. He is defiant. His redemption lies in claiming the bottle like the portion of the Nigerian Pentecostal Christian. He is wealthier than his Western cousins in America and France and does not need to sing for nickels and dimes to be able to afford his booze. Thus, the Yoruba rambler gets to boast in Kollington Ayinla’s song:
A f’owo mu oti ki ku s’ode
Gere gere, ng o dele mi o
(He who pays for his own booze
Is not condemned to the outdoors
Somehow, I’ll stagger drunkenly all the way home)
Ebenezer Obey’s rambler ups the ante. Like Kollington’s, he is also wealthier than the American rambler and the French flâneur. He is not seeking redemption from but through the bottle. He is not sure that alcohol consumption is legal in heaven; hence, he evinces the imperative of the earthly precaution:
Haba ma muti l’aiye nbi
Ma muti l’aiye nbi
Boya won ki mu l’orun
Ma muti l’aiye nbi
Boya won ki mu l’orun
Ma muti l’aiye nbi
(I’ll drink my fill here on earth
Just in case they don’t drink alcohol in heaven
I’ll drink my fill here on earth)
Obey’s rambler does not doubt the ability of hedonism here on earth to take him to heaven. His only problem is the fear of the unknown: will there be alcohol in heaven when I die and go there? However, he is not going to travel to that celestial destination via the way, the truth, and the life proposed by the Christian Bible. In his humoristic transgressions, Obey’s rambler is clearly a man who could easily earn an OBE from the Queen of England in recognition of the earthly Eucharistic gloss he has placed on drunkenness, that very English of national traits. Speaking of English drunkenness, Elizabeth Renzetti writes in Canada’s Globe and Mail newspaper:
“The English have more words for drunk than the Inuit have for snow, perhaps because it is as much part of the landscape. On a given night, you might be bladdered, legless, paralytic or rotten with drink…I thought I’d heard them all until British Home Secretary Theresa May used the phrase “preloaded” on Friday to announce her government’s war on binge drinking. Preloading refers to the act of getting hammered before you go out to get hammered – that is stocking up on cheap booze from the grocery store in order to be good and wobbly by the time you hit the bars.”
Now, why am I in stitches reading Renzetti’s description of the English? The Canadian is making this Nigerian laugh by describing the English in registers that are brokered by the universal signifyin’ of the bottle. If she makes me laugh, I am sure she is immensely capable of making Ken Harrow, the American, laugh with precisely the same registers. American, Canadian, French, English, Nigerian: the bottle speaks only one language but we can all understand it in our respective languages. The bottle is not Babel. She is Pentecost. We all hear her speak in our respective languages.

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Presidential trips gulp N3.354 billion - The Punch



The Story is from the Punch Newspaper.
Billions of naira of taxpayers’ money have been expended on the foreign trips of President Goodluck Jonathan despite his January promise to cut down on such trips.
This newspaper’s findings show that the President and his entourage have spent not less than N3.354 bn on foreign trips since 2010.
Our correspondent learnt that in the first 11 months of 2012, the President had travelled out of the country at least 20 times, including his trip to Sierra Leone in October and the D8 Summit he attended in Pakistan in November.

In September alone, Jonathan travelled out of the country four times. He travelled to Addis Ababa, Ethiopia for a two-day visit on September 1 for the burial of late Prime Minister Meles Zenawi.
Nine days later, he went to Malawi and Botswana in a cumulative three-day visit for enhancement of bilateral relationships.  The President ended the month of September with another trip to New York, United States for the United Nations General Assembly

From February, 2010 when he became the Acting President to December 2010, Jonathan              spent N970.891m on foreign travels.

Although the 2011 budget was silent on the expenses for the President foreign travels, investigations showed that about N1.7bn was spent on foreign trips.
According to the 2011 budget, N1.145bn was budgeted for Vice-President Namadi Sambo’s foreign trips.

In 2012, N N684.74m was budgeted for Jonathan’s foreign travels and he had travelled out of the country 19 times.

Although the 2013 budget recently submitted to the National Assembly by Jonathan suggested that N2.6bn would be spent on his foreign trips next year, investigations have shown that much more than the quoted figure will be spent and is being spent judging by the expenses the country incurs during such trips.

The expenses incur include and are not limited to airfares for members of the President’s delegation who will travel on commercial flights, cost of procuring travel visas for them, estacodes for members of the delegation, fuelling of the presidential jets as well as other logistics.

Only the President and his very top aides fly on the presidential jets.

Industry source told one of our correspondents that airfare to and fro any European countries in the Economy category could vary from N110,000 to N150,000 per person depending on the timing and the destinations.
She added that for the Business class, the fare ranged from N600, 000 to N700,000 per person depending on the category of the Business Class (there are three categories), the timing and destination.
Prevailing exchange rate at the time of purchase is also said to be a factor.

The source added that corporate purchase like Aso Rock would do, could also attract discounts.
The President was said to have jetted out to different destinations in Africa, Europe, Asia, North America and South America during his Presidency.

Jonathan, in 2011 alone, visited several countries including United States, France, Uganda, Australia, Ghana, Chad, Equatorial Guinea and Ethiopia among others.

The size of his entourage varies depending on the country he is visiting and the purpose of such visit.
While top aides and officials of the Presidential Villa are regular faces on such trips, ministries relevant to the purpose of his overseas trips also send delegations.

Lately, the President had also resolved to always go on foreign trips with two members of the National Assembly (one from each chamber) who serve on the committee related to his purpose of visit.

State governors are also on the entourage.
For example, an online news site, Saharareporters, had in June reported that Jonathan travelled to Rio de Janeiro, Brazil for the United Nations’ Earth Summit with 116 government officials.
Although the Presidency faulted the number, it did not offer the exact number despite a request made by the news site.

The breakdown of the delegation was given as 25 personal aides, 18 aides of Mrs. Patience Jonathan, two members of the National Assembly, five ministers, two state governors, and 63 officials from the Ministries of Environment, Foreign Affairs, National Planning and Petroleum Resources.
When the President visited Brussels for the World Customs Conference in the same month, the same medium reported that he went with about 57 people, including 26 aides, three ministers, eight members of the National Assembly, and 20 other government officials.

The same month, Patience Jonathan was in Maryland, United States, to attend a UNESCO First Lady’s “Youth Infusion” Summit and was reportedly accompanied by 36 people: 18 aides, four wives of state governors, and 14 friends and associates.

Investigation showed that in September 2012, Jonathan jetted out of the country four times. He visited Ethiopia   Malawi, Botswana and New York, United States for the UN General Assembly.
He had reportedly visited Trinidad and Tobago earlier with a 70-member delegation.
Jonathan had said in a national broadcast in January, “I have directed that overseas travels by all political office-holders, including the President, should be reduced to the barest minimum. The size of delegations on foreign trips will also be drastically reduced; only trips that are absolutely necessary will be approved.”

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Scandal at the Apex Bank: N 2.1 Billion worth of N1000 Notes Missing - Leadership

The Leadership  Newspaper has reported that a sum amounting to about N2.1billion of newly printed N1,000 notes have gone missing and remains unexplained. This is what was reported on the Leadership newspaper page.
The board of directors of the Nigeria Security Printing and Minting Company (NSPMC) met yesterday over the scandal that rocked the establishment where it was revealed that a whopping N2.1 billion of newly printed N1,000 notes have mysteriously gone missing.
The board meeting, chaired by the Central Bank of Nigeria (CBN) governor, Sanusi Lamido Sanusi, decided to expand the investigation and audit the production of other currency denominations to ascertain the quantity of money that has actually gone missing over the years.
LEADERSHIP had exclusively reported that an acting managing director, Ahmed Bamali, had been appointed to head the Mint company while Ehi Okomoyon, who was the chief executive, was asked to proceed on indefinite leave.
A source with insider knowledge of what transpired at the meeting told LEADERSHIP that the suspension of Okoyomon as managing director on an indefinite basis until all investigations have been concluded was reaffirmed.
The head of security at the NSPMC, Emmanuel Bala, has also been asked to go on compulsory leave by the board of directors of the company. The general manager, management services, Obi Igoban is expected to write him the letter of suspension today.
LEADERSHIP also gathered that the board faulted the suspended MD for failing to disclose to it that such amounts of money had gone missing even though the company had set up an internal investigation after a mint staff was arrested in Lagos for being in possession of unnumbered bank notes.
The board meeting, which reportedly started at about 10am, did not end until 3pm. Other than the initial audit report, the board also discussed routine and budgetary issues.
The CBN had to set up its own audit team, whose findings were put to the board yesterday, and a unanimous vote affirmed that Okoyomon should continue on indefinite suspension.
Part of the CBN audit team’s investigation is to unravel why the management of the Mint company has consistently refused to place Closed-Circuit Television (CCTV) in its Abuja and Lagos factories, and why other security measures were deliberately set aside.
The audit team had, however, established that the theft of printed bank notes could be traced to security lapses and security personnel who take custody of newly printed bank notes, and when there were shortages, they were never reprimanded. The entire security department is said to be directly under the supervision of MD.
LEADERSHIP also learnt that this would be the second time that Okoyomon would be going on suspension as he suffered a similar experience in 2007 for three months when Charles Soludo, who had appointed him in the first place, was CBN governor.
After seven and a half years on the job, Okoyomon has been the longest serving MD of the NSPMC, with previous chief executives spending an average of five years in office.
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Top Seven Reasons to Study Economics




1.                 Economists are armed and dangerous: Watch out for their invisible hands.
2.                 Economics can supply it (invisible hands) on demand.
3.                 You can talk about money freely without ever having to make any.
4.                 You get to say the word ‘melt down’ with a straight face and no down feeling.
5.           Tiger Woods and Arnold  Schwarzenegger both studied economics and look how they turned out. Sure you can go anywhere.
6.                 When you are in the unemployment group, at least you will know why you are there.
7.            When you get drunk, you can tell everyone that you are just researching the law of diminishing marginal utility.
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TEB EXCLUSIVE: UNIBEN STUDENT BUILDS HUMANOID ROBOT WITH LOCAL MATERIALS

A Honda Humanoid Robot
The Project: A Prototype of the Humanoid Biomimetics Project.
THE PROJECT
A 400l student of the University of Benin (UNIBEN) has built an amazing humanoid Robot using locally-sourced materials. The student, Ukah Okechukwu, an Electrical/Electronics Student is said to be naturally talented and started building electronic devices from his primary school. Here is the Robot which replicated an existing industrial robot by the right. The Economist (TE) thinks such efforts should be encouraged in our Ivory Towers for maximum productivity. Only productivity drives economic growth and development in real terms. Kudos to Mr. Okechukwu.

The Student wrote this on the project:
HUMANOID ROBOT: AN APPLICATION OF BIOMIMETICS
INTRODUCTION
The ingenuity of man has enabled him to harness the potentials of nature to an incredible degree. This resulted in him bringing the functional systems of his environment under his control. He accomplishes this in the different fields of Engineering where he scientifically analyses different natural phenomena and intuitively applies the principles in solving his day to day problems.
THE URGE
Following the same line of thought, I felt the urge to come up with this my masterpiece. However, as an undergraduate, my aim is not to present a professionally designed machine but to share with friends the joy of practical engineering. My childhood dream of innovating technology will hopefully prove realistic as the Almighty God (the source of absolute wisdom) gradually removes the scales from my eyes.
FEATURES OF THE PROJECT
Light detecting systems, alarm system, mobility system, touch sensors and automatic direction finding mechanisms.
WORKING PRINCIPLES
The light detecting system consists of an arrangement of lenses, optic sensors and sensing circuit to replicate the human vision system. The switching mechanism has an array of interconnected relays which I classified as the master and slaves (copying the human endocrine system). The master relay receives signal directly from the sensing circuit, it then activates the appropriate slave relay for an action to be taken. Subsequently, the slave relay holds the signal and sends a command signal to the mechanism that will carry out the action. When the action has been taken, the mechanism sends a feedback signal to the slave relay, and then the relay withdraws the signal and waits for another cycle of operation. For instance, when it moves about, it can detect an obstacle within 150cm away and steer clear from it. This happens as follows:
Within this range, the image of the object is formed (focused) on the optic sensors (retina). This brings about change in light intensity on the solar cells hence an electrical signal is generated. The sensing circuit detects this signal and activates the master relay. In turn, the relay sends a triggering signal to the slave relay responsible for steering operation. The slave relay in turn activates the motor that drives the steering mechanism. By virtue of the relay’s ability to retain the signal (memory), the motor continuously steers the wheel until it dodges the obstacle; then it sends a feedback signal to the relay. Consequently, the relay withdraws the signal and normal motion is restored. The other systems employ the same principle.
Meanwhile, ideas are being incubated and plans underway to upgrade the capabilities by incorporating more circuits (transceivers) and mechanisms for more smartness and usefulness.
INDUSTRY APPLICATION
When fully developed and upgraded and equipped with modern electronic devices, this machine can prove useful in manufacturing industries for routine inspection task and more especially in entertainment industries where it can be used to relay human speeches and thereby simulate human-machine direct interaction.

NEVER UNDERESTIMATE YOUR ABILITIES

Technology, what can we do without it; Help develop it….
                                                                                             Okechukwu U. Joseph
                                                                                             E-mail: ukah_joseph@yahoo.com                                                                                                                                                                  
                                                                                             07038786197 
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Nigeria is 35th most corrupt country in the World - TI



Transparency International (TI) has ranked Nigeria the 35th most corrupt country in the World.
In a report released recently, Nigeria scored 27 out of a maximum 100 marks to clinch the 139th position out of the 176 countries surveyed for the report.
The country fell behind sister African countries like Togo, Benin, Mali in the ranking. The Economist(TE) thinks this is a setback to the fight against corruption in Nigeria.

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