September 2010 Blog Posts (187)

N280m consent judgement: Judge dragged before NJC

By Abdulwahab Abdulah

Justice Sunday OIadokun Ishola of a Lagos High Court, Igbosere has been dragged before the National Judicial Council (NJC) over allegation that he issued a writ of attachment to levy execution on a purported consent judgment in spite of pending issues before the court.

In the petition filed by Oceanic Bank Plc through its counsel, Chief Bolaji Ayorinde, SAN to the NJC, the bank is asking the body to… Continue

Added by EMEKA AGINAM on September 6, 2010 at 6:30am — No Comments

Nigeria's debt profile hits $29bn

ABUJA—DIRECTOR General of the Debt Management Office, DMO, Dr. Abraham Nwankwo, yesterday, put the nation’s local and foreign debts at $29 billion while the nation’s Gross Domestic Product, GDP, was fixed at between $178 billion and $179 billion.

Nwankwo who spoke at the News Agency of Nigeria, NAN, Forum in Abuja said: “As at now externally, we are owing $4.27 billion at the end of June 2010. Domestically, at the end of June 2010, Nigeria is owing N3.76 trillion. If you combine the… Continue

Added by John Abayomi on September 6, 2010 at 5:30am — No Comments

Is MTN real empowering its Customers?

The just ended MTN World Cup Naira Splash Competition is one of its customer reward initiatives aimed at touching the lives of its subscribers and making them live their dreams. And it must be said that the competition will linger for a long time in the memories of many Nigerians because of its various elements and the unique results achieved.

It was introduced as part of activities marking the staging of the FIFA 2010 World Cup hosted by South Africa, the first ever to be hosted on… Continue

Added by EMEKA AGINAM on September 6, 2010 at 4:30am — No Comments

Jonathan, IBB, Atiku woo Ndigbo in USA

*‘Igbo'll be President in 2015'

*I'm one of you — Goodluck

By Clifford Ndujihe, With agency report

LAGOS—THE race for the presidential seat is getting keener as the clock ticks. The front-runners are embroiled in a frenzy rat-race to outwit one another and gain mileage in every quarter. The leading aspirants under the banner of the ruling Peoples Democratic Party, PDP, and their supporters, weekend, took their campaigns to the United States of America, wooing the… Continue

Added by John Abayomi on September 6, 2010 at 1:00am — No Comments

Workers move to disrupt Nigeria @ 50 celebration

*Plan strike a week to Oct 1 over harmonised salary

By Victor Ahiuma-Young & Temitope Titilope

LAGOS — INDICATIONS have emerged that federal civil servants are planing to sabotage Nigeria’s golden independent anniversary celebration over alleged refusal of the Accountant-General of the Federation to release funds for the payment of workers harmonised salary that was captured and approved in the 2010 supplementary budget.

Vanguard gathered that the civil servants… Continue

Added by John Abayomi on September 6, 2010 at 1:00am — 1 Comment

EFCC, corruption, 2011 elections


MRS. Farida Waziri, Chairman of the Economic and Financial Crimes Commission, EFCC, must desist from exceeding her powers, particularly in relation to the 2011 elections.

She said “politically exposed persons” (another term for political office holders) whose cases of alleged corrupt practices the EFCC is prosecuting in the courts would not be allowed to contest the elections. Waziri, a retired senior police officer and lawyer,… Continue

Added by John Abayomi on September 6, 2010 at 1:00am — 3 Comments

Oil spill threatens $16trn global investments

By Hugo Odiogor, Deputy Political Editor

LAGOS — NIGERIA is at the risk of losing out of the proposed $16 trillion post global recession investment in the energy sector, owing to the growing cases of vandalisation of oil pipeline and spillages across the country.

Sources told Vanguard that Nigeria is in grave danger of being over-looked by the global energy community from the huge economic recovery investment being put forward by the G-8 industrialised nations, to develop… Continue

Added by John Abayomi on September 6, 2010 at 12:30am — 1 Comment

Market integrity and protecting investors

Eze Nwagbaraji

The common interest of Nigerians in a growing economy that produces jobs, improve our standard of living, protects individual savings, and encourage capital formation that is necessary to sustain economic growth is never in doubt.

Between 2003 and 2008, millions of us across urban and rural Nigeria embraced the call of the capital market. The rural market woman, the village farmer, and the professional urban dweller, all… Continue

Added by EMEKA AGINAM on September 5, 2010 at 8:58pm — No Comments

Protest over unclaimed dividend, abandoned property Act heightened

By Peter Egwuatu

A fresh protest by shareholders and operators in the capital market over the reintroduction of the Unclaimed Dividend Trust Fund and Abandoned Property Act (UDTFAPA) by the National Assembly has emerged.

The stakeholders in the capital market have queried the rationale for combining Unclaimed Dividend and Abandoned Property in the recently proposed Act, stressing that both issues should not be confused to mean the same… Continue

Added by EMEKA AGINAM on September 5, 2010 at 8:52pm — No Comments

Micro credit users advocate liberal requirements to facilitate access

By Babajide Komolafe

Members of the micro business community have called for more liberal credit requirement that will facilitate accessibility to micro credit in the country They also called for cheaper administration of micro credit in order include millions of under_served but economically active Nigerians in the financial system. The stakeholders, who comprised market women, traders, drivers, labour union representatives, community leaders, traditional rulers, state government… Continue

Added by EMEKA AGINAM on September 5, 2010 at 8:45pm — No Comments

Jonathan sets up c'ttee on NAMA, airlines' face-off

By Kenneth Ehigiator

LAGOS — President Goodluck Jonathan has set up a committee to look into the disagreement between the Nigerian Airspace Management Agency, NAMA, and airlines over the agency’s new pay-as-you-go payment mode for en route and terminal navigational charges.

The committee, according to Arik Air Chairman, Sir Joseph Arumemi-Ikhide, is expected to submit its recommendations as soon as possible.

Arumemi-Ikhide, who spoke at the commissioning of the… Continue

Added by John Abayomi on September 5, 2010 at 8:44pm — No Comments

Nigeria to adopt international financial reporting system in January 2012

By Henry Umoru & Salamatu Ismail

AS part of plans to meet international standards, the Federal government has disclosed that new accounting system , the International Financial Reporting Standard (IFRS) will take off in Nigeria on first of January, 2012. According to the government, the choice of the date is anchored on the need to effectively transit to IFRS over a three year period.

Unveiling the IFRS road map, , Minister of Commerce… Continue

Added by EMEKA AGINAM on September 5, 2010 at 8:44pm — 1 Comment

Fashola, Falana, Muhammed, Odumakin ask Nigerians to defend democracy

*As Lagos immortalises Gani with statue, garden

By Olasunkanmi Akoni, Kingsley Adegboye & Monsur Olowoopejo

LAGOS — GOVERNOR Babatunde Fashola, yesterday, urged Nigerians to rise up and defend the country’s democracy by actively engaging in governance and the forthcoming general elections in the interest of the masses.

Governor Fashola made the call while unveiling a garden at the triangular lay-by, opposite Owenna Motor Park, Ojota in Kosofe Local Government Area… Continue

Added by John Abayomi on September 5, 2010 at 8:44pm — No Comments

My bakery does not need electricity to operate , Mr. Folorunsho Mohammed

By Daniel Alfred

Bakery business is about one of the most lucrative business in the country due to the rate of consumption of its products. But despite the lucrativeness of the bakery business, its capital intensive nature and running cost have made it almost an exclusive venture for the rich and well connected people.

But considering the epileptic nature of public power supply, the high operating cost of running a diesel-powered generator… Continue

Added by EMEKA AGINAM on September 5, 2010 at 8:42pm — No Comments

Rehabilitation begins on Lagos-Ibadan rail line

By Ifeyinwa Obi

The rail line connecting Lagos to Ibadan is currently undergoing rehabilitation while the Ibadan Inland Container Depot, ICD, will be operational by May 2011.

President of Oyo State and South-West Shippers’ Association, Dr. Ayo Omotosho, who disclosed this in Ibadan, said some structures on the site, including the stacking bays, were ready but the major challenge facing the project is the need to construct the rail sideline to link Ibadan with the ICD depot… Continue

Added by John Abayomi on September 5, 2010 at 8:42pm — No Comments

We still give drivers' licence - FRSC

By Theodore Opara

LAGOS—The Federal Road Safety Corps, FRSC, has said it has not suspended the production of Customised National Drivers’ Licence in Lagos State as reported in the media last week.

FRSC made this known in a statement made available to Vanguard by Mr. Danjuma Aliyu Garba, Assistant Corps Marshal, and Zonal Commanding Officer, FRSC.

According the statement, “about 250 applicants are attended to daily, after the compulsory lecture for applicants in FRSC… Continue

Added by John Abayomi on September 5, 2010 at 8:41pm — 1 Comment

Lekki-Epe Expressway: Fashola ready for public debate

By Olasunkanmi Akoni, Abdulwahab Abdullah, James Ezema & Monsur Olowoopejo

LAGOS—Followwng the controversies trailing the planned tolling of Lekki-Epe Expressway, Governor Babatunde Fashola of Lagos State has expressed his readiness to engage in public debate to defend the project.

Fashola, who defended the Public Private Partnership, PPP, initiative of his administration, said it could not be avoided if government must be run with efficiency.

He spoke in Agidingbi… Continue

Added by John Abayomi on September 5, 2010 at 8:40pm — No Comments

Why problem of non-performing insider related credit persists in banks , RIMAN President, Abolo

By Babajide Komolafe

Non performing insider relatd credit and poor risk management practices are problems which have persisted in the banking industry and also responsible for the periodic cycle of banking crisis.

This is confirmed by the revelations of the special audit of banks last year. In this interview with Babajide Komolafe, newly elected President, Risk Managers Association of Nigeria (RIMAN), Dr. Emmanuel Abolo, who is also the… Continue

Added by EMEKA AGINAM on September 5, 2010 at 8:39pm — No Comments

FG sacks FMBN board

By Chris Ochayi

ABUJA—THE Federal Government has dissolved the board of the Federal Mortgage Bank of Nigeria, FMBN. The board’s dissolution which takes immediate effect, was approved by President Goodluck Jonathan.

Minister of Lands, Housing and Urban Development, Chief Nduese Essien, who announced this yesterday, said the dissolution was aimed at repositioning the agency for effective service delivery.

He explained further that the Federal Government took the action… Continue

Added by John Abayomi on September 5, 2010 at 8:38pm — No Comments

ACN blames Nigeria's woes on PDP

By Olasunkanmi Akoni

The Action Congress of Nigeria, ACN, has blamed Nigeria's myriad of problems on the Peoples Democratic Party, PDP-led Federal Government, saying the 12th anniversary of the Peoples Democratic Party, is a sad reminder of Nigeria’s arrested development since 1999.

National Publicity Secretary of ACN, Alhaji Lai Mohammed, said the ACN agreed with PDP’s National Chairman, Okwesilieze Nwodo, that the Nigerian economy had witnessed a ‘quantum leap’ under the PDP… Continue

Added by John Abayomi on September 5, 2010 at 8:38pm — No Comments

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