A major change of baton will, effective January 1, 2009, take place in Nigeria’s premier financial institution, First Bank of Nigeria plc, as Sanusi Lamido Sanusi, executive director, Risk & Management Control, takes over from Jacobs Moyo Ajekigbe as managing director/chief executive officer of the bank. Ajekigbe will be retiring from the bank on December 31, 2008 after a meritorious career spanning over three decades in the bank. Join discussion...

Nigeria ’s export of crude oil and gas is under threat following the Federal Government’s appointment of Cobalt International Services Limited as pre-shipment inspectors for the nation’s 21 crude oil export terminals. As a fall-out of the appointment of Cobalt, the National Union of Petroleum and Natural Gas Workers Union [NUPENG] and Petroleum and Natural Gas Senior Staff Association of Nigeria [PENGASSAN] of the Department of Petroleum Resources [DPR], issued a 21-day ultimatum to the Federal Government to reverse the decision or risk industrial disharmony in the Nigerian oil and gas industry. Join discussion...

Hawaii's Molokai is equally alluring as the other islands of Hawaii. Molokai is such as ideal place that it can truly attract guests to come here and have a vacation. Join discussion...

The Nigerian coin appears to have defied all redemptive economic medications. Despite all efforts by the apex bank to shore up its acceptability through sensitization campaign that cost the bank tens of millions of naira, the coin is still being rejected. The naira has not fared better either. And it does not seem there is any end in sight to the misfortune of the coins. A cross-section of Nigerians who spoke with Daily Sun said they were not ready to accept the coin for many reasons. To some of them, the rate of inflation has simply made the coin useless, while some others said it is not wise to be weighed down by heavy coins when the paper version will do. Daily Sun went to town recently, seeking people’s opinion on what is amiss and why the coin in particular, has refused to gain acceptability as a mode of exchange, contrary to the law which says that it is a “legal tender ”. Excerpts: Mrs. Hariet Anekwe, an accountant with a first generation bank, at Area 3, Garki, Abuja, recalled “the glorious good days” of controlled inflation in Nigeria, when the naira and coin in various denominations were very popular as a mode of revenue and expenditure. According to her, low prices especially for those items sold at the defunct Kingsway, Leventis, Esquire and Chellarams department stores, among others, in Central Lagos, used to carry coin price tags in addition to their naira currencies. She explained that such pricing mechanism, once canvassed by erudite lawyer and former Information Minister, Prince Tony Momoh, had encouraged the exchangeacceptability of the coins. She argued that besides reducing inflation, the coins served as a veritable mode of exchange at a time when the law remained a way of life in Nigeria, explaining that the value of the coin was recognized at that time unlike now, when despite the public enlightenment programmes put in place to regain the lost value, it is no longer acceptable. According to Anekwe, the good days are no longer here when you could shop at Kingsway stores and others where goods on display carried naira and coin price tags. She said such a system not only controlled inflation but encouraged the use of the coin. She blamed the ugly development on the unpatriotism of Nigerians which resulted in people shunning the use of the coins. The Federal Government’s economic failure and its lip service approach to giving legal teeth to the law, she says have also contributed to the sliding value of the naira and rejection of the coin. The banker also criticized the National Assembly for turning a deaf ear to the need for studying critically, the deficiency of the law with a view to amending it for effectiveness if necessary. She stressed that government seems to have given up its function of controlling inflation in the country, “otherwise the production of goods carrying the prices of coins and the effectiveness of a lame duck called Price Control Commission, should have brought the problem under control. She declared: “The problem of non-use of the coins in Nigeria is similar to that of the abuse of the naira note trampled upon, squeezed, disfigured or torn through bad handling and for which the weight of the law has not been visited on the offender or an unpatriotic person despite the penalty despite the sensitization.” Anekwe, who said she had lived in some other countries of the world where coins still serve as a medium of exchange, believes that the Federal Government would succeed in reducing inflation appreciably if it successfully enforces the use of the coin as a legal tender. Furthermore, she said, the National Assembly should ensure that good laws are made to encourage patriotism and the Central Bank of Nigeria (CBN) should pursue fiscal policies and strategies that would sustain the patronage of coin. Anakwe is not alone in her criticism of government’s fiscal policies as regards the naira and coin. A senior executive officer, Mr.Nofiu Aribisala, with the Federal Ministry of Youths, Abuja, also raised his voice against the sliding value of the naira and coin. He described as “surprising, incredible but not unexpected” the politics behind the botched re-denomination of the naira and the N20.00 ceiling value of the national currency as introduced by the CBN early in the year. He wondered why some privileged Nigerians should be allowed the express right of determining a serious issue affecting the lives of the masses. To Aribisala, the naira re-denomination would have been the effective roadmap to economic stability where hyper-inflation is reduced. Aribisala contended that capitalists and politicians, who have always been used to big expenditure at the expense of the masses, might have influenced the government froto disallow Soludo’s planned solution. A canteen operator at the Federal Secretariat, Madam Adunni Moshood, expressed apprehension when asked the reason she does not take or give coins in exchange for food. She explained that no f Join discussion...

Dear Uncle Barrack, I was to come to see you personally at Wite aus but I was not allowed at the airport because of say no fisa. I told them I am Obama kosin bet they refuse me. Your new elesion is a very good news for the Obama clan in Kenya and the famili in Nigeria . When I fest went to the family aus in Kenya to tell dem we are one famili they did not agree but my pastor from my church make 3 days dry fast and give me a special sponge to baf in barbitch after this they accept me. Becos they don't remember the sister of your granfada mother dat went to Nigeria and mari a shief live near Lagos in 1956 which is also my own personal great grandfada. Now the famili has choose me to diskus some important matas with you. You know you have been long in Amrica and have forget our traditions but tank God we, your famili are hia to guide you to be rill African man. As a president, you must have a male son in office who will take over after you die and since ya wife Mitchell has not able to do that, we have find a wife for you from your fada village. The famili have already chose a good girl from de village not like Amrica or lagos gals who are too stubborn to obey the famili. She is a humble well behave and edicated gal who study sewing and fasion disine so she can help with sewing your suit wen e tia and also unifom for ami and soja. I hope ya waif will assept famili shoice becos we have fogif her for her winchcraft wich dont allow her to have a male son but if not, she can go back to her fada. Even my pastor has say your younger thoter may need a deliverance becos her granmoda want to give her winsh and ogbanje spirit to chop. Please don't wori about what dis will cost becos I will do it with my own pusonal moni becos we are one famili. I also want to tell you that I want to set up NGO for hades unfans in Kenya and I can be the leader of the NGO. I have a good standard six degree and also studied computa at Iyana Ipaja so am well qualify for dis. Please I need your help for this. I hope you will consider my request. I will also like your personal mobile so I can call you. Please greet Auntie Minchel and the shindren for us. God bless you and may all your enemies fall down and die, in Jesus' name! Til I hear you, I am Yours amiable cousin Ifedayo Obama Join discussion...

FG Secures $780m Loan from World Bank From Kunle Aderinokun in Abuja, 11.25.2008 The World Bank’s total loan portfolio to aid projects in Nigeria from 1999 to date has hit $3.5 billion. The revelation came to light yesterday as the Federal Government sealed a deal to borrow $780 million for the Third National Fadama Development Project (NFDP- III), Federal Road Development Project (FRDP) as well as Community and Social Development Project (CSDP). The agreement on the $780 million International Develop-ment Association (IDA) credit was signed yesterday in Abuja by the Finance Minister, Dr. Shamsuddeen Usman, for the Federal Government and the Country Director of the World Bank, Mr. Onno Ruhl, on behalf of the Bretton Woods institution. Out of the total credit, $250 million was secured for NFDP-III (otherwise called Fadama III), while $330 million and $200 million were meant for FRDP and CSDP. IDA credit is a highly concessional interest-free loan, which is payable in 40 years with a 10-year moratorium. It only attracts a commitment charge of not more than 0.5 per cent per annum on the un-disbursed amount with a service charge of 0.75 per cent per annum and payable on the amounts withdrawn. Usman said there was nothing wrong in obtaining the loan, adding that it was the utilisation of the loan that mattered. “We should be less emotional about these projects. There is nothing wrong with borrowing. If you use it well, you benefit. It is the kind of loan and the way you utilise it that matters. Let’s base our assessment on actual observation. By next year, we will organise a tour for you to see the effects of the projects,” said the minister. Expressing displeasure over recent reports on Nigeria’s debt portfolio, which he said was misleading, Usman wondered how the country could have obtained a $3.3billion loan as reported when in actual fact, the World Bank had allocated her a total loan portfolio of $750 million. He said in 2009 fiscal year, the World Bank’s allocation for the country would increase to $1.1 billion. Usman said the $780 million IDA credit would contribute to the Federal Government’s efforts in tackling food scarcity, poverty reduction in the rural areas and transport, which, according to him, were key areas of the current administration’s Seven-Point Agenda. The minister said the objective of the CSDP was to reduce poverty as well as improve social and physical infrastructure and services. The $200 million is expected to be utilised by 22 states and the Federal Capital Territory, Abuja. The states included Adamawa, Edo, Ekiti, Enugu , Gombe, Imo, Katsina, Kogi, Kwara, Nasarawa, Niger, Ogun, Oyo, Plateau, Taraba, Yobe and Zamfara. The objective of the NFDP-III, he said, was to increase the income of users of rural water resources on a sustainable basis, adding that the project would be implemented in the 36 states of the federation and the FCT. According to him, the Federal Ministry of Agriculture and Water Resources would coordinate the project, which spans over a period of five years, with effect from next year to 2013. From the $450 million for the Fadama III project, $250 million is a contribution from International Development Association (IDA) credit and the balance would be made up by federal, states, local government and communities. Under the arrangement, Usman said, the Federal Government would contribute $23 million; state governments, $77 million; local governments $40 million and the relevant communities contribution would be in kind, while the Global Environmental Facility (GEF) would provide a grant of $7 million. Join discussion...

The Federal Government yesterday ordered the management of British Airways in Nigeria to, within one week, revert to its approved scheduled flights into Lagos or have its operations grounded. The new Minister of Aviation, Mr. Babatunde Omotoba gave the order in a press statement released in Abuja yesterday. Omotoba who assumed office two days ago, said British Airways had been operating against industry regulations “and in a manner, which is inimical to Nigeria's airspace safety and security.” Join discussion...

By Yemi Kolapo Nigerians are beginning to feel the pinch of the on-going global financial crisis as the usual deluge of Christmas gifts in cash and kind from friends and relatives abroad slowed to a trickle. advertisement Majority of Nigerians, who have relatives abroad have complained that aside the fact that the usual year end boxes of clothes have not arrived 48 hours to Christmas, accompanying cash sent through international money transfer operators have been slashed by more than half. Join discussion...

Submit your site to do follow social bookmarking to increase website traffic, tag keywords, vote and link popularity. Join discussion...

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