Tuesday, July 12, 2011

SEC lauds court’s ruling on Okereke-Onyuike



The Securities and Exchange Commission, SEC, yesterday, commended  the decision of a Lagos High Court sitting in Igbosere, that the court can neither be deterred nor prevented from exercising powers conferred on it by law in discharging its duties of capital market regulation and development.
Trial judge, Justice Ayotunde Philips, had in a  judgment in the fundamental rights enforcement suit by Prof. Ndi Okereke-Onyuike, weekend, restrained the  Economic and Financial Crimes Commission, EFCC, and the Inspector-General of Police from arresting her,  without first establishing that she has committed a crime.
Counsel to SEC,  Mr Babatunde Fagbohunolu, SAN, who spoke, yesterday, commended the judge for acknowledging that as a regulatory body, it was not precluded alongside other security agencies from investigating Okereke-Onyuike,  to obtain redress, if  they were suspicius that she had breached any law or committed infractions of capital market regulations.
The court had held that it was imperative that security agencies must first establish reasonable suspicion against a suspect before arresting him or her.



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FG creates investment ministry, targets creation of 3m jobs annually



THE Federal Government, yesterday, created the Ministry of Trade and Investment in line with its promise to transform the economy within the next four years.
It also announced the setting up of $500million capital for small and medium scale companies at single digit interest rate.
The fund which will be administered by the new ministry in collaboration with Lagos Business School is aimed at breaking the country’s vicious circle of poverty through aggressive and productive investment drive.
It will be headed by former Minister of Finance, Dr. Olusegun Aganga.
The Presidency said that with the creation of the new ministry, the Federal Government was targeting sustained double_digit growth, a private sector led investment flow of about N15 trillion in the next four years and the creation of adequate jobs to plug the country’s huge unemployment hole. The target is the creation of three million jobs annually.
According to the Vision 2020 document, the country needs to invest N34 trillion in growth oriented sectors in the next four years if it is to become one of the twenty largest economies of the world. Of the amount, the Federal Government is to provide investment outlay of N10trillion; state governments, N9trillion; and private sector (both local and international) N15trillion.
Presidency sources said the choice of Aganga to head the new ministry was based on his outstanding private sector background, result-oriented growth initiatives in his one year as Nigeria’s finance minister and experience as managing director of the world’s biggest investment bank, Goldman Sachs.
Under the new ministry, the small and medium enterprises which are the bedrock of growth in advanced economies, will enjoy the special attention that will enable them to perform their roles efficiently, thus providing the foundation for enhanced non-oil growth.
The new model was conceived based on the economic transformation achieved by the Department of Trade and Investment in the United Kingdom; the Ministry of Economy, Trade and Investment of Japan; and the Ministry of Economy, Trade and Competitiveness of Cape Verde, among others.
Historically, the UK’s trade and investment department, which is now known as the Department of Business Innovation and Skills, is headed by senior ministers with first_rate experience in investment matters.
BIS’ mission is to drive economic growth by enhancing business productivity, deepening private sector investment/involvement and developing the relevant skills for sustained growth.
For Nigeria, the functions of the former Ministry of Commerce and Industry will be accommodated under the Investment and Trade ministry, while the Nigeria Customs Service, Nigerian Investment Promotion Commission and the Bank of Industry will be strengthened to keep pace with the new drive.
Aganga, during his term as finance minister, started the campaign for the creation of the Sovereign Wealth Fund and got the bill passed under five months. The SWF is not only a tool for strengthening Nigeria’s fiscal framework, but also a vehicle for infrastructure development and wealth creation for the nation.
He successfully launched the first Nigerian Eurobond in the international capital market, which attracted credible investors from more than 14 countries across the continents. That the Eurobond was over_subscribed in an election year was also remarkable.
The new Minister of Investment and Trade was the driver behind the job creation initiative of the Federal Government, including the provision of N50bn for public works.
He pioneered the struggle for the reduction of Nigeria’s recurrent expenditure, developed the funding plan and strategy for the development of SMEs and set up a consumer credit scheme for made_in_Nigeria products to boost consumption and local production.
Under him, a $500m capital was provided at single_digit interest rates for SMEs, a feat that endeared him to the organised Private Sector.



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NNPC dollar sales strengthen naira



The naira firmed against the U.S. dollar on Monday, buoyed by the sales of around $400 million by Nigerian National Petroleum Corporation (NNPC) to selected banks on Friday.
The naira closed at N151.80 to the dollar compared to N152.55 at Friday's close.
The Central Bank of Nigeria (CBN) sold $300 million at N150 to the dollar, slightly below the $319 million demanded and compared to $310.38 million sold at N150.50 a dollar at last Wednesday's auction.
The NNPC sold a first tranche of its monthly dollar floats to the CBN last week after the energy firm failed to reach agreement on pricing with the selected banks it had initially offered the dollars.
Traders said the energy firm sold the second tranche of its dollars to some banks on Friday, helping to provide support for the naira at the interbank market.
The state energy company sells dollars to some banks on a monthly basis and transfers the naira proceeds to its account with the apex bank.
"We see the naira trading around the same level for the rest of the week since the market is still very liquid and the central bank is willing to meet all demand at its auction," dealer said.
Meanwhile Federal Government has concluded plans to sell N70 billion ($458.7 million) in 3-, 5- and 10-year sovereign bonds on July 20, its seventh debt auction of the year.
According to the Debt Management Office (DMO), it would sell N30 billion of the three-year, 15 billion naira of five-year and N25 billion of 10-year papers, due to mature in 2014, 2015 and 2018 respectively.
All the papers are re-openings of previous issues and the results of the auction would be published the following day.
The Federal Government issues sovereign bonds monthly to support the bond market, create a benchmark for corporate issuance and fund its budget deficit.



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Herdsmen kill 2, rape women in Imo



Two people are feared dead, while an unspecified number of women have been reportedly raped by Fulani herdsmen who invaded Umuapu community in Ohaji/Egbema local council area of Imo State with their cattle.
  Vanguard investigation revealed that angered by the alleged gory activities of the Fulani herdsmen,  scores of women and youths barricaded the ever busy Owerri-Port Harcourt federal highway yesterday to protest their plight.
    Traffic along the highway was, for the greater part of yesterday, disrupted at Umuapu, while commuters were forced to seek alternative routes to get to their destinations.
    One of the protesters, who simply identified himself as Chukwudi, lamented that “apart from the two dead villagers, the Fulani herdsmen have ceaselessly raped our women and girls as well as destroyed the crops in our farms.”
     He described the grazing of their cattle on farmlands as “a deliberate ploy by these Fulani herdsmen to ensure that we are not food sufficient in Imo.”
   Every effort made to reach the Police Public Relations Officer, PPRO, Mr. Linus Nwaiwu, a deputy superintendent of police, failed as he was said to be away from the office when Vanguard called.
    However, a senior police officer in the State Police Headquarters, Owerri, who pleaded anonymity, confirmed the incident and quickly added that normalcy had returned to the rural community.
“The police is aware of previous reports about the activities of the Fulani herdsmen in the area. We are investigating the incident but the villagers did not wait for us to complete our investigations before they jumped into the highway,” the police officer said.



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Ondo deploys 600 V-Ps to classrooms



OVER 600 Vice Principals in Secondary Schools in Ondo State are to return to the classrooms as teachers.
This is part of the state re-articulation policy. This came as the state government awarded contracts for the construction of additional four mega primary schools in the state at a cost of N867 million.
Addressing newsmen after the state’s weekly Executive Council meeting, Information Commissioner, Ranti Akerele, said council deliberated and considered the “work plan developed by a committee it set up on the re-articulation of secondary schools in the state in view of the correlation between staff vacancies at the Teaching Service Commission and disarticulation ofschools.
The data on the Principals and Vice Principalswere analyzed to determine the number that will revert back to the classroom as a result of the exercise and over 600 Vice Principals will revert back to the classrooms to reduce the teaching staff vacancies in Teaching Service Commission, TESCOM, from 962 to 337.
“It should however be noted that the posting of Principals and Vice Principals would be based strictly on merit while it is expected that the exercise would be completed by August 2011 so that all schools in the state would have reverted to their old status by the beginning of the 2011/2012 session.”
On contract for the construction of Mega Schools, the Commissioner said they would be built in Ondo, Ile-Oluji, Araromi-Obu and Oke-Ijebu in Akure.
According to the commissioner, the projects would be financed by the private developer, Step Development Limited and that the fund would be refunded in three tranches after completion.
He said: “A policy thrust of this administration is the provision of free and qualitative education for the citizenry, especially children of primary school age through massive investment in the building of 21st century compliant schools in addition to restoration and expansion of existing structures in schools. Each of the schools, which will have 21 classrooms, state-of-the-art equipment and accommodate 525 pupils, shall be completed within eight months.”
On a new guideline for the operation of private schools in the state, Akerele “It is worrisome that the present trend of all comers to the sector has encouraged proliferation of schools which if not checked, will lead to a total decline in the standard of education in the state. Government has also interfaced with stakeholders on this matter and consequently, Council has approved the new guidelines for establishment and operations of private schools and the new regime of fees payable by the proprietors. The new fees regime took into consideration certain criteria to grade the schools.”



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Ajimobi slashes tertiary students’ fees by 50 per cent



In line with his campaign promise to remove the yoke of high tuition fee from the neck of tertiary institution students in the state, Governor Abiola Ajimobi has ordered  a 50-per-cent reduction in the last increment in tuition fees of tertiary institutions in the state.
The governor, who gave the directive on Monday after a meeting with heads of the state tertiary institutions held in his office, said the downward review of the fees would take effect from next session.
The increase in the tuition fee by the immediate past administration of Chief Adebayo Alao-Akala by 100 per cent sparked off a protest by the students of the Polytechnic, Ibadan, consequent upon which the institution was shut for weeks.
Governor Ajimobi, in a release by his Senior Special Assistant on Public Communication, Dr Festus Adedayo, said the directive was motivated by his interest in the welfare of students in the institutions.
While recalling how he had promised to reduce the fee, he said he had always been committed to improving the welfare of students in the state.
He charged the students to utilise the government’s gesture well by ensuring peace and tranquility in the institutions in the state.
The release, however, added that the reduction in the fees of students of the Ladoke Akintola University of Technology (LAUTECH), Ogbomosho, would be effected after consultation with the other proprietor government of  Osun State.
The governor pledged that the gesture would not be a one-off concerning the welbeing of students in the state,  stating that as leaders of tomorrow, the government had a responsibility to ensure that the students enjoy conducive environment for learning.
Higher National Diploma (HND) students who are indigenes of the state were paying N78,000 while non-indigenes paid N82,700. Part-time students paid N56,000.
By implication, the HND students will now pay N39,000, while the National Diploma (ND) students will now pay N28,000.


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10 dead in Lagos floods



LAGOSIANS got a break from the rains yesterday to begin the grim task of counting their losses.
No fewer than 10 people, including a woman with a baby strapped onto her back, died in the floods that ravaged the city and its suburbs after Sunday’s downpour.
The floods destroyed public and private property worth billions of naira. The Lagos-Abeokuta express road caved in, causing great discomfort to motorists.
Governor Babatunde Fashola moved round to see the devastation of homes and streets.
 A resident of Ojodu on the outskirts of Lagos, who identified himself as Opeyemi, described the flood as “unprecedented”. His words: “A house very close to my flat was flooded to the extent that no occupant of the bungalow could step outside as the level of the water rose to the door.” 
 In Yaba, Lagos Mainland, a few metres from the University of Lagos (UNILAG), some residents woke up early with basins to drive out water from their living rooms.
The Hebert Macaulay expressway in Yaba, towards the West African Examination Council (WEAC) offices end, was completely flooded. Motorists drove at snail’s speed, resulting in a massive traffic jam on the four-lane expressway. 
The woman and her baby were on Monday found drowned at Aboru Canal in Alimoso Local Government Area. 
A resident of the community, Mr Adewale Hassan, told the News Agency of Nigeria (NAN) that the victims were swept into the canal by the floods. 
“I heard some people shouting on Sunday evening but could not come out to ascertain the cause because of the heavy rains. 
“When I came out this morning, I saw people gathered, looking at dead bodies floating in the canal. I counted seven bodies, including that of a woman with a baby strapped to her back. It was indeed a terrible sight,” he said.
Hassan said some of the bodies had been swept to the Aboru end of the canal by the floods.
Another resident, who pleaded for anonymity, corroborated Hassan’s account, saying three of the seven bodies had been removed by residents and had been handed over to the appropriate authorities.
“Yes, we removed three bodies this morning and they were so bad that we could not recognise them or tell where they lived. I guess they must have been swept into the canal from somewhere,” he said, adding:
“We saw the other bodies being moved away to the other end of the canal, but it would be suicidal for anyone to attempt to remove them. It was a bad experience for residents of this area.”
In Badagry, the floods also caused havoc in Itoga, Mosafejo, Aradagun, Oko-Afo, Ilado and Iworo-Ajido communities.
 NAN reports that the divisional police headquarters, public schools and institutions, such as the Nigeria French Language Village, Administrative Staff College of Nigeria (ASCON), Topo, as well as bank premises were not spared.
 Two residents of the town – Mr Segun Huntoyan and Mr Wale Kuponu — described the flood as the worst in recent times.
Mr Dele Odebiyi, former Chairman, Nigeria Union of Journalists (NUJ), who also lives in Badagry, said hundreds of people were rendered homeless while human and vehicular movements were hindered.
A high tension wire that snapped on Sunday night electrocuted a 45-year-old man. Another was killed by a falling communications mast.
Identified simply as Alhaji Lanre, the 45-year old businessman was electrocuted at Okeafa, Isolo on Sunday night when a PHCN cable fell on his Adebiyi St. home.
A resident of the area, Mr Edwin Eboh, told the News Agency of Nigeria (NAN) that the incident affected four other residents of No. 4, Adebiyi Street and a commercial cyclist, who was riding past.
Eboh said that the other victims only sustained minor burn injuries and were receiving treatment in hospitals.
At Akinola Oki community Aboru, Agbado Oke-Odo Local Council Development Area (LCDA), one of the places that Fashola visited on the Lagos- Abeokuta Expressway, residents told reporters that three bodies were recovered from the canal. Others were afloat, they said.
The Vice Chairman of the LCDA, Austin Arogun said the victims got drowned because they could not distinguish between the roads and the drainage channels already covered by floods.
Although no death was recorded in Odejobi Street in the devastating impact of the flood has rendered scores homeless.
A resident and a student at the Air Force Institute, Kaduna who gave her name as Temitope, said her family had been rendered homeless.
“We were in church when the rain started and when we returned home we discovered that the entire place had been flooded.  Initially, we thought we could save the situation but the more we tried the more the flood kept coming,” she said.
“It was so terrible that after a while my parents suggested that we go back to the church and spend the night and when we returned home this morning we discovered that all our property had been damaged”.
Another resident, Mr Chijioke Ugochukwu, was so emotional about the situation. “I don’t know where to go from here; I have lost almost everything I have, I could only retrieve the clothes that I hanged before I left for church. If I had known that the rain would fall the whole day, I wouldn’t have gone out,” he said.
Fashola sympathised with those who lost their loved ones and property to the floods.
He warned that the government would immediately begin the enforcement of environment laws.
Said the Governor: “Those who are in building that we have marked as structurally unstable or those who built on canals should leave the building immediately because we are coming to take possession. We are not going to risk human lives anymore.”
“My sympathy goes to the people affected in the flood. I condole with people who lost children or property; they should know I’m with them; I will be making an appeal to the President to help with fund to relocate and resettle flood victims. 
“I will also write to the Federal Government on the failed portion of Abeokuta Expressway. We hope the Federal Government would respond because we have virtually lost that road and traffic will be terrible.”
Armed robbers had a field day on the Oshodi/Apapa Expressway attacking drivers and commuters trapped in the flood.
Lagos police spokesman Sam Jinadu said policemen had been deployed in the area to check the hoodlums.
At Achakapo Street, Ajegunle building collapsed, but nobody died. It was many Ajegunle residents affected by the flood have relocated to a local authority primary school in the area. Many were moving out of the area to an unknown destination. 
The city was unusually quiet yesterday, with public schools closing down.
The rains continued early yesterday.
The National Emergency Management Agency (NEMA) yesterday described the flood the most devastating this year. 

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SSS grills ex-Governor Sheriff in Abuja over Boko Haram



For about seven hours, the State Security Service (SSS) yesterday grilled ex-Governor Modu Ali Sheriff over his alleged relationship with members of the Boko Haram sect. 
The ex-Borno State helmsman is alleged to have been part of the formation of the sect to consolidate his political grip on the state. 
The sect is believed to have helped the All Nigeria Peoples Party (ANPP) to maintain an “incredible dominance” of politics since 2003. 
For security agents, who have for one month been trying to interrogate Sheriff, the waiting game ended yesterday when he arrived at the SSS Abuja headquarters at 9.24a.m.
Clad in a white Babanriga with a brown cap to match, the ex-governor was taken to an office where he faced a barrage of questions from top intelligence chiefs on the Boko Haram menace. 
Sheriff was realeased at about 4p.m.
A source, who pleaded not to be named because he is not officially permitted to speak, said: “The ex-governor came to the SSS on the prompting of the security agency. Perhaps it is just an invitation for him to explain what he knows about the Boko Haram group, his relationship with them and why Boko Haram members are targeting him, his relatives and closed associates. 
“Remember, he was the Governor of Borno State, the theatre of this disturbance for eight years.” 
Another source said: “For many weeks, we looked for the former governor. At a stage, we got a report that Sheriff had travelled to China but, I think he got a message that we might move against him and he decided to honour our invitation. 
“One of the critical issues he would help the security agencies to unravel is the circumstance behind the killing of the leader of Boko Haram, Mohammed Yusuf, and some key leaders of the sect after they had been arrested on July 29, 2009.”
Yusuf, who was found hiding in a goat pen at his parents-in-law’s home, was killed at Giwa Barracks in Maiduguri. There were allegations that top leaders of the sect were killed by the police at the prompting of a top government official. 
“We suspect official complicity in the Boko Haram insurgency and no other person could explain the situation in Borno State to us than Sheriff,” the source said.

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National Youth Service Corps (NYSC) members to earn N19,800



FROM the Federal Government came yesterday cheery news for Corps members.
Their monthly allowance has been jacked up from N9,775.00 to N19,800.
President Goodluck Jonathan  approved the  increment in a letter to the Office of the Director-General of the National Youth Service Corps, (NYSC). The letter has been sent to all state coordinators.  Brig. Gen Maharatzu Tsiga, who spoke to reporters in Abuja said: “I am delighted to inform you that the President and Commander-in- Chief, Goodluck Jonathan  has graciously approved increment in the Corps members allowances from N9,775.00 to N19,800.00 with effect from March, 2011. 
“ The payment will take effect from March, 2011”, he said. 
“2010 Batch ‘B’ Corps members that just passed out from the scheme will therefore be paid in arrears,” he said. 
Tsiga, appreciating the gesture, said Corps members should be appreciated for their contribution to national development.
 He said the struggle for the increment has been on for a long time. 
“They are serving their fatherland, we are posting them to states outside their state of origin, nobody gives them anything except the allowances and it has been stipulated in the law establishing the NYSC that the Federal, States, Local Government and other stakeholders should periodically review the allowances of the Corps members,” he said.
He called on states and local governments to emulate the gesture of the Federal Government and improve on the allowances, accommodation and other welfare of the Corps members as the future of the country, he said, is in their hands.

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Home | News Update | Baraje takes over as PDP chair Baraje takes over as PDP chair



NATIONAL Secretary of the Peoples Democratic Party (PDP) Alhaji Abubakar Kawu Baraje yesterday formally took over as the acting National Chairman of the party pending the ratification of the position by the party’s National Executive Committee (NEC).
His assumption of the PDP leadership followed the swearing-in of  former acting National Chairman Dr. Bello Haliru Mohammed as the Minister of Defence.
Former National Auditor of the party Dr Samuel Ortom, who is now the Minister for State for Trade and Investment, also vacated his office as a national officer.
The Deputy National Secretary, Dr Musa Babayo will take Baraje’s place in an acting capacity pending the ratification by NEC.
Baraje, who spoke after  he received the handing over notes from Mohammed, vowed to continue with the on-going reforms aimed at repositioning the party.
He said: “I promise that on behalf of the remaining members of the NWC, we shall be putting on the uniform of transformation and at the end of the day, you will be proud that party is formidable. We promise that the decisions at some levels in this party will be taken at the various hierarchies and decision making organs for ratification. We promise you that the due process which you are leaving behind will equally be built upon.”
Mohammed in his remark noted that it was the first time a chairman of the party is handing over in “cordiality” to his successor since the formation of PDP .
He described it as confirmation that the party has grown and its leadership stabilised.
But a fresh crisis is brewing in the Enugu State chapter of the party, where two of its chieftains, Onyinyechi Amalu and Nnaemeka Umeh, have asked a Federal High Court in Abuja, to nullify all actions carried out by Mohammed while in office.
These include all his actions relating to the last general elections.
Besides, the plaintiffs urged the court to compel Mohammed to give account of all the monies received, donated or accrued to the PDP while he was in office.
Joined as a defendant in the suit before Justice Adamu Bello is the Independent National Electoral Commission (INEC).



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