INVESTORS COMMUNITY

LION SLEEPS TONIGHT

2011-01-05T00:38:00.000+01:00

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2010-12-20T00:28:00.000+01:00

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2010-11-20T01:41:00.000+01:00

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Nigerian banking system still highly risky – Rating agency

2010-06-29T04:07:00.003+01:00

Nigerian banks are extremely risky, despite a N620bn bailout of the sector in 2009, a global rating agency, Standard & Poor, has said.

“The Nigerian banking system is still highly risky. The ratings we have for the banks are in the single ‘B’ category, it‘s a very very low level compared to most banks in the world,” Mr. John Gibling, Managing Director (financial institutions) at S&P, said in London on Monday.

Gibling told the audience at an ongoing conference on Nigeria that there was still a long way to go in the ongoing reform of the banking sector by the Central Bank of Nigeria.

“We continue to see the Nigerian banking system as very high risk. In regulatory reform, there is still a long way to go,” he added.

Gibling spoke just as the CBN Governor, Mr. Lamido Sanusi, reaffirmed that the apex bank would from mid-July begin to receive offers from investors interested in acquiring majority stake in the five banks it rescued in August 2009.

The banks are Union Bank of Nigeria Plc, Oceanic Bank International Plc, Intercontinental Bank Plc, BankPHB Plc and Afribank Plc.

The CBN, according to Bloomberg, is hoping that investors will recapitalise nine banks that were weakly capitalised due to lax risk management.

Gibling, however, praised Sanusi and his predecessor, Prof. Chukwuma Soludo, for the banking sector reforms, saying the bailout had been a ”very, very brave move” which had prevented a catastrophe.

But he said that the banks needed to improve their risk management to boost the confidence of foreign investors.

The S&P boss said, ”What Nigerian banks really need is to continue improving their risk management culture, particularly in developing strong asset quality measures.

”They are very dependent on short-term funding ... They need to develop more long-term funding, which will help them in funding more long-term financing projects for the economy.”

in Basel, Switzerland, Lamido said on Monday, that the CBN expected three international lenders, a number of private equity houses and local lenders to submit offers for the rescued banks.

Sanusi said the interested parties were already undertaking ”detailed” due diligence,

The CBN governor, on the sidelines of the Bank for International Settlements annual meeting in Basel, said, “We‘ve got three international banks that have remained in the serious running to acquire banks.

“There is also a number of local banks and private equity firms. By the middle of August we should actually have clear visibility on at least five of the banks.”

The financial crisis left the banks with toxic assets of over N1tn, New York-based Eurasia Group had estimated a year ago.

Sanusi added that securing a future for Union Bank, Oceanic Bank, Intercontinental Bank, Bank PHB and Afribank was the priority of the CBN since they (the five banks) were the most ”systematically important” banks to Nigeria.

The CBN is waiting for presidential approval for a law that will create the Asset Management Corporation of Nigeria, a government entity that will buy bad debts from the banking sector, using funds raised through government-guaranteed local bond issuance. The approval is expected early in July.

The bonds will be issued on a deal-by deal-basis.

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2010-05-25T23:56:00.001+01:00

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Jonathan orders probe of projects in 2010 budget

2010-05-25T03:28:00.000+01:00

President Goodluck Jonathan has directed the Presidential Projects Assessment Committee to probe some projects listed for execution in the 2010 budget.

The directive followed a discovery that the controversial contract for the Nnamdi Azikiwe International Airport, Abuja second runway project was overvalued by N13.5bn.

The PPAC, at a news conference in Abuja on Monday, said it reduced the contract sum from N63.8bn to N49.6bn, after “a meticulous assessment of the scope and design of the project.”

Receiving the report of the committee, Jonathan said he believed that a probe of some of the budgeted projects would yield similar results.

The President also directed that the PPAC’s assignment should be extended from March 1, 2010 to May 29, 2011, the date his administration’s tenure would end.

Reports on about 7,000 projects assessed by the committee are to be submitted to Jonathan and made public on a regular basis.

The reports will form part of the handover notes of the Jonathan administration.

Presenting the report on the airport, the Chairman of the PPAC, Mr. Ibrahim Bunu, said the committee paid special attention to the project because of the interest the contract sum generated shortly after hearings on the matter by the National Assembly.

He explained that the size of the second runway had been reduced from 4.5 kilometres to 4.25 kilometres.

Bunu later told journalists that the reduction of the contract sum did not imply a reduction in the quality of the project.

He said, “Our presence in the Villa today (Monday) was to present to the President our interim report called ‘Interim Report One,’ which covers the second runway of the NAIAA.

“The contract for the runway, which includes design and construction, has generated a lot of public interest and criticism of recent, especially from the National Assembly, and we had to hasten the conclusion of this report for government.

“What we have done in the review of the project was to review the entire design and scope of the contract by re-orientating the location of the runway; that has given us a lot of opportunity to reduce the scope of earth work and construction work.

“It has also given us the reduction in scope of the electrical and even the runway; and therefore we have been able to save a substantial sum on the contract sum.

“The contract sum, which was N63.8bn, has been reduced to N49.6bn, with a saving of N13.5bn on the contract sum. This what we have presented to the President.

“We are happy that the President is happy with our report and we hope the next stage of the project will be good for Nigeria.

“We shifted the original position of the runway to a location which gives stronger earth stability and also require less filling of sand.

“Also, the shifting brought the runway nearer to the existing runway, which has resulted in reducing the taxiway.”

Explaining further, the Special Adviser to the President on Media and Publicity, Mr. Ima Niboro, said Jonathan extended the PPAC’s tenure, and directed the committee to probe some projects in the 2010 budget.

According to Niboro, the President has a strong belief that tremendous savings would be made from a probe of some of the projects in the 2010 budget, particularly “below the radar procurements” that do not pass through the Bureau for Public Procurement.

Niboro said, “You have noticed that the committee has made savings of about N13.5bn on the Abuja airport second runway project. This is one of the roles this committee is meant to play.

“At the meeting today (Monday), the President directed that the tenure of this committee be extended till May 29, 2011; it will go with this administration.

“Its report will be part of the handover note to the new administration that will come on board.

“The reason for this is obvious; the projects are much and already they have looked at 7,000 projects and there are more. The President doesn’t want a situation where they will be loading him with huge reports. He would rather want them to be coming from time to time, especially regarding major projects, as they have done with the Abuja airport second runway project.”

Niboro also said that Jonathan was concerned with the unusually high rate of public procurement in Nigeria, which “is unnecessarily higher than what is obtainable in neighbouring countries.”

He said, “Another thing that the committee is to look into is the cost of doing business in the country.

“The President wants this committee to get involved in procurement, especially those that are below the radar procurements that does not necessarily go through the BPP.

“A lot of procurement is happening in the ministries, departments and agencies of the Federal Government that does not come to the BPP. I think there is a need to look at them because the 2010 budget is already in deficit and the President feels there will be a lot of savings made if we look into those projects.

“The committee is going to get involved in this process and these are the reasons why its tenure has been extended, so that its members can have time to do a thorough job for this administration.”

Jonathan had on March 1, 2010 set up the committee, to assess the status of all on-going federal projects in the country.

Conoil discovers huge gas reserve in Niger Delta

2010-05-20T01:02:00.000+01:00

Conoil Producing Limited, Nigeria’s leading indigenous petroleum, exploration and production company, has discovered huge deposits of gas in the central part of its Oil Mining Lease 136 (OML-136) in offshore western Delta of Nigeria.

The company made the discovery in Agge-3B. T1 well while appraising an undrilled compartment of the Agge field complex. The well was located in a water depth of 140 metres and reached a total depth of 2,710 metres, below mean sea level. The newly discovered gas reserve has a gross thickness in excess of 160 metres.

Reports said that the production test over the lower intervals of the new pay zones yielded an impressive volume of 24.2x MMScft/d on a 36/64" choke. Further ongoing studies will assess the impact of the Agge-3B, T1 results on the field reservoir and in addition to other discoveries, provide available options for the development of the block. Conoil Producing Limited is the operator of the Joint Venture in which Total Exploration and Production Nigeria Limited (TEPNL), a subsidiary of TOTAL S.A owns a 40 percent working interest in the license.

Conoil was awarded the oil block OML 136 (formerly OPL 458) in 1992, after the company had successfully proven itself as a major indigenous player in a sector that was hitherto dominated by foreign companies.
Conoil has over the years, built up a broad based experience and extensive competence relating to the exploration, development and production of crude oil and gas fields as well as the operation of production units and pipelines.

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2010-05-20T00:50:00.002+01:00

South Africa foils white extremist plot

2010-05-08T03:23:00.001+01:00

Police in South Africa say they have foiled a plot by white extremists to bomb black townships ahead of the 2010 FIFA World Cup finals.

Seven white extremists have been arrested in connection with the plot, a spokesman for the police special investigations unit, Musa Zondi said Friday.

They were arrested late last month in the northeastern town of Phalaborwa, near the Kruger National Park. Five of those arrested have been charged with terrorism, Zondi added.

The police raid on the terrorists came following the killing of white supremacist Eugene Terre'Blanche which inflamed race tensions amid calls for revenge from his far-right movement.

"They were conspiring to engage in terrorist activities, which includes the fact that they wanted to blow up areas in which black people live," Zondi said adding that the charges against two of the detainees were dropped on Friday.

Police chief Bheki Cele told reporters on Friday that the 2010 FIFA World Cup will begin on June 11 as scheduled.

South African Police Minister Nathi Mthethwa had broken the news about the plot on Thursday, saying right-wing extremists who were planning to bomb black townships and create chaos were arrested.

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2010-05-08T01:36:00.003+01:00

No evidence of oil on US shores

2010-05-04T03:09:00.000+01:00

No evidence of oil impact has been seen on US shores after a giant oil spill in the Gulf of Mexico raised concerns over an ecological disaster, a coast guard says.

After days of suspension due to bad weather, a new overflight on Monday confirmed that there has been no oil on US land yet.

On Tuesday night, US oil platform Deepwater Horizon was burnt after a massive explosion and sunk into the Gulf of Mexico, killing 11 workers.

More than one hundred workers escaped from the incident.

"Based on our overflights, there has been no confirmed oil on land yet," said coast guard spokesman Curtis Thomas.

"Bad weather prevented overflights and dispersant activities on May 2. Planning is currently under way to open a second airbase in Florida for dispersant activities."

At the time of the explosion, there were 700,000 gallons of diesel fuel onboard the platform, which had been drilling 8,000 barrels a day.

Over 150,000 gallons of chemicals have been dropped from planes to stop the spread of the oil spill which is threatening US shores.

The White House has issued a statement in which President Barack Obama said the federal response to the disaster "was being treated as the number one priority."

IBB must account for $12.4bn oil windfall – Falana

2010-04-13T23:13:00.000+01:00

Human rights lawyer, Femi Falana, has called on former Nigerian military head of state, General Ibrahim Babangida (Rtd) to account for how his regime spent the Gulf war windfall of $12.4billion which allegedly got missing. A statement by the Lagos-based lawyer, said: “The point is that Nigerians deserve explanations as to what exactly happened to the accrued oil revenue of $12.4bn which apparently went missing during the Babangida government. “And anyone who loves this country would expect accountability for the missing funds.

No amount of misinformation or misrepresentation of the facts and conclusions of the Okigbo report by anyone can stop the demand by Nigerians for accountability in this matter. The action by the civil society groups is indeed patriotic.”

According to him, based on an Okigbo panel report which made several conclusions on how the money was spent, a petition dated April 7, 2010 by a coalition of civil society groups in the country sought accountability for the money to the new Attorney General of the Federation and Minister of Justice, Mohammed Bello Adoke, asking him to prosecute the former military president. The group, in its petition dated April 7, 2010, threatened to go to court to compel the justice minister to try the former president.

The group comprising Social Economic Rights and Accountability Project (SERAP), Committee for the Defence of Human Rights (CDHR), Access to Justice (AJ), Civil Society Legislative Advocacy Centre (CISLAC), Women Advocates and Documentation Centre (WARDC), Human and Environmental Development Agenda (HEDA) and Nigeria Voters Assembly (VOTAS).
According to Falana, IBB has reportedly said that he “was never indicted by the Okigbo Report,” and that much of the funds went to infrastructural development of the Federal Capital Territory, Abuja.

The lawyer pointed out that Babangida, in a press release titled “Who is Afraid of General Ibrahim Babangida?” signed by his spokesman, Prince Kassim Afegbua denied that he was ever indicted by the Okigbo panel. What the report revealed was that much of the funds were concentrated on infrastructural development of the Federal Capital Territory, Abuja, which it considered was not a priority. According to him, Babangida said the report also called for an overhaul of the Central Bank of Nigeria (CBN) to enable it perform its functions optimally.

SUNNEWS

Spring Bank springs back

2010-04-13T01:54:00.000+01:00

Spring Bank Plc one of the eight banks rescued by the Central Bank of Nigeria (CBN) late last year has returned to profitability. This disclosure, which was scooped from the bank and confirmed by the Governor of the Central Bank of Nigeria (CBN), Mallam Sanusi Lamido last week has restored the investors hope in the bank.

The bank, in line with the vision of the new management has also embarked on training and re-training of staff and also on massive promotion across the entire cadre.

The modest performance level has additionally impacted positively on the share price of the bank at the Nigerian Stoke Exchange (NSE), where the stocks witnessed a significant price rise from 96 kobo in September 2009 to a peak level of N1.32 in January, 2010.
The CBN Governor, who was visibly pleased about the development, said that contrary to criticisms, the intervention of the CBN in the banking industry last August has helped immensely to restore and increase customer confidence.

“I can assure you that the bank has returned to profitability, just like the CBN governor has said. There is a total turnaround in the bank, investors’ confidence has been restored and the investors’ can now be assured of better returns on their investment soonest” a senior official of the bank who pleaded anonymity said.
The top bank executive also said the return to the path of profitability has been made possible by the continued backing of the CBN and other strategies introduced by the Sola Ayodele-led Management from October last year.

Earlier the apex bank’s Governor, Sanusi, while fielding questions in an interview on Channels Television recently saidSpring Bank Plc was one of four rescued banks that posted a profit last February.
The new strategic direction put in place by the administration essentially focused on effective liquidity management, loan recovery, operational efficiency and corporate governance as well as recapitalization.
Accordingly, the bank has been able to achieve a significant improvement on income during the period, while increasing liquidity ratio to about 50 per cent, thereby, doubling the required regulatory minimum of 25 per cent. It has also recorded a steady growth of the deposit base since the takeover in October 2009.

Happy with the early results of these strategies and the hardwork of staff, the Group Managing Director/Chief Executive Officer of the bank, this month, promoted 25 junior staff who have always maintained exceptionally high performance level.

Ayodele said in a statement to staff that the promotion exercise was strictly based on merit and will serve as a motivation to others while helping to renew staff confidence in the bank. She commended the staff of the bank for working assiduously with her administration and encouraged them to work harder towards the timely recapitalization of the bank in order to ensure optimum delivery of stakeholder value.
The Ayodele-led administration took over the management of the bank following the intervention of the Central Bank of Nigeria (CBN) in the banking industry in October last year.

SUNNEWS

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2010-04-13T01:15:00.001+01:00

Serie A: Roma go top, Milan battle back to draw

2010-04-11T23:58:00.000+01:00

AS Roma beat Atalanta 2-1 to hit the Serie A summit for the first time since 2007.

The Giallorossi took advantage of Inter Milan's 2-2 draw at Fiorentina on Saturday to leapfrog them in the standings with a victory at the Stadio Olimpico.
Mirko Vucinic put Roma on their way in the 12th minute before Marco Cassetti doubled the advantage before the half-hour mark. Atalanta striker Simone Tiribocchi reduced arrears in the 53rd minute but Roma held on for a crucial win.
The result lifts Roma one point clear of Inter with five games remaining while Atalanta remain 18th, four points adrift of safety.
AC Milan's title hopes took a huge blow as they were held to a 2-2 draw at home by Catania.
Gaston Maxi Lopez (12 minutes) and Adrian Ricchiuti (43) put the visitors in front, but Marco Borriello netted after 47 and 80 minutes to claim a point.
Palermo remain on course for the coveted fourth-placed finish and a place in next season's Champions League after a 3-1 defeat of Chievo Verona. Marcos put the visitors in front after 18 minutes, but Javier Pastore equalised 10 minutes later and Fabrizio Miccoli scored twice, the first from the penalty spot, to seal victory for Palermo.
Juventus are fifth, three points behind Palermo, after a 1-0 win over Cagliari, courtesy of Giorgio Chiellini's first-half strike. The defender headed in Mauro Camoranesi's cross after 35 minutes to retain the Bianconeri's hopes of Champions League football next term.
Lazio moved six points clear of the relegation zone with a come-from-behind 3-2 win at Bologna. The hosts were 2-0 up after 16 minutes with goals from Roberto Guana and Daniele Portanova, but Stefano Mauri pulled one back before the break. Andre Dias levelled after 63 minutes and Tommaso Rocchi netted a 68th-minute winner.
Siena boosted their survival hopes with a 3-2 win over Bari, but remain in the relegation zone. Abdelkader Ghezzal scored twice, cancelling out goals for Emmanuel Rivas and Jose Ignacio Castillo, before Aleandro Rosi netted the winner after 66 minutes.
Livorno slipped closer towards the Serie A trapdoor as a 2-0 home defeat to Udinese left them with a mountain to climb to avoid relegation this season.
Udinese's in-form strikers Alexis Sanchez and Antonio Di Natale scored the goals in the first half to lift the Friulians seven points clear of the bottom three with five games remaining.
Antonio Cassano earned Sampdoria a 1-0 victory over Genoa in the 102nd Genovese derby to take them back into contention for a place in the Champions League next season.
Cassano struck in the 23rd minute to earn the home side all three points with a 1-0 win which took them level with Palermo on 54 points, three ahead of Juventus. Genoa's own hopes of qualifying for Europe took a knock in the process as they slipped six points behind the top six with five games of the season remaining.

World Bank Forecasts 4.8% GDP Growth for Nigeria

2010-04-11T02:36:00.000+01:00

The World Bank is estimating that Nigeria's economy will grow by 4.8 per cent this year, up from 4.3 per cent in 2009, its managing director Dr. Ngozi Okonjo-Iweala said yesterday.

The World Bank's outlook was significantly below the Central Bank of Nigeria's forecast of 7.53 per cent last month, and a 6.4 per cent estimate from nine analysts polled by Reuters in January.
Nigeria, once the darling of frontier market investors, hopes its fortunes will improve as the global economy gradually recovers, and after fixing problems in its banking sector rescued in 2009 by the regulator.

"This economy is just waiting for a bedrock of right and consistent policies ... to get some of our sectors going," said Dr. Okonjo-Iweala, the World Bank's managing director for Africa, at an economic conference in Lagos.
To improve the economy in the long run, she said Nigeria's leadership must find a way to solve the country's unemployment problem, especially among its young.

She estimated unemployment for 15-24 year olds at around 31 per cent.
Africa's most populous country of 140 million people will need to create 24 million jobs over the next decade to cut unemployment by half, Okonjo-Iweala said.

"The most worrying is that an estimated 50-60 per cent of our graduates from tertiary institutions cannot find adequate jobs on completion of studies," she said.
The vast majority of Nigerians live on less than $2 a day, despite having Africa's biggest oil and gas industry.
Widespread poverty has led to the growth of militant groups in the oil-producing Niger Delta in recent years, and has helped stoke sectarian tensions in the country's "Middle Belt."

THISDAY NEWS

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2010-04-11T01:41:00.001+01:00

Yar’Adua’s N70bn missing

2010-04-04T02:04:00.000+01:00

Fresh troubles may be in the horizon for members of the kitchen cabinet of ailing President Umaru Yar’Adua as they are said to be explaining how they disbursed a whopping N70 billion allegedly on behalf of the former Katsina governor as security vote between November 2009 and January 2010.

Sources claimed that two former close allies of the ailing leader who failed to make it back to the newly reconstituted cabinet by acting President Goodluck Jonathan, are said to be answering questions over the manner the money was spent and for what purpose.

Yar’Adua left the country for Saudi Arabia on November 23,2009 and was spirited back into the country after spending 93 days at King Faisal specialist Hospital where he received treatment for acute pericarditis.
Security sources also added that the passports of the two former Presidential aides have also been impounded.

Although the name of a third top aide of the ailing leader also, allegedly, came up during the investigation into how the money was spent when the President was on sick bed in a Saudi hospital, the source could not confirm whether his passport has equally been seized.
The seizure of the passports, it was learnt, was to frustrate the former key members of Yar’Adua’s cabal “from fleeing the country and compromise efforts by the Goodluck Jonathan’s administration to hold some former cabinet members accountable for their deeds while Yar’Adua was away”.

Sources claimed that the two aides were responsible for the disbursement of the money while Aondoakaa also gave endorsement to some of the spending. They, allegedly, disbursed huge sums of money running into billions while Yar’Adua was in Saudi Arabia.
The source said, “ before the budget was signed in December 2009, one of the aides who happens to be a point man to Yar’Adua allegedly spent over N16 billion without recourse to the then Vice President, while the other allegedly gave his consent to the disbursements.

Sources said that while part of the N70 billion went into the fight to sustain the Yar’Adua Presidency during his sojourn in the Saudi Hospital, a huge chunk of it went into private pockets and were salted away into some foreign accounts.

The source added that the missing fund is believed to have been used to fund the unrelenting propaganda embarked on during Yar’Adua’s stay in Saudi Arabia and since he was brought back to Abuja.
Part of the money, it was learnt was also used to sponsor various litigations to challenge the proclamation of Jonathan as acting President.

SUNNEWS

Mourinho hits out at press

2010-04-02T23:40:00.000+01:00

Jose Mourinho has stoked his feud with the Italian media by issuing a terse statement ahead of Inter Milan's Serie A clash with Bologna.

The former Chelsea boss has endured a difficult relationship with the press since his move to Italy and it has worsened in recent weeks.
Mourinho, who has often declined to attend press conferences, answered questions from fans on the Inter Channel this week and the media have seized on one of his comments.
Asked whether the title race was now a three-horse race following his side's recent poor run, Mourinho said: "I don't want to talk about the championship. It's not a three-horse race. It's a fight between one team and many other things."
The press interpreted this as a dig at the football authorities, of whom he has fallen foul on a number of occasions this season, but Mourinho said in a statement on the club's official website: "Who changed my words, 'many other things'? Not me.
"Don't I even have the right to talk to the Inter fans without someone poking their nose in at all costs???"
He then continued with a message to his club's supporters, saying: "Tomorrow it's just us: tired, injured, suspended. Us, who, together with you, have to win a very difficult match against Bologna.
"Sincere thanks to all the fans for the support and the great passion that they transmit to us, and that we all feel."
Meanwhile, Mourinho has named Mario Balotelli in his squad for the first time in nearly a month.
The 19-year-old, who has been linked with a move to AC Milan, reportedly infuriated Mourinho by donning a Rossoneri jersey during a television show last month but this week issued a statement apologising for his part in the spat.
Inter have four players suspended for the Bologna clash - Samuel Eto'o, Maicon, Lucio and Javier Zanetti - while Wesley Sneijder is battling an injured ankle.

Benfica beat ten-man Reds

2010-04-02T02:41:00.000+01:00

Ten-man Liverpool were undone by two harsh penalty decisions and an at-times shambolic refereeing display as they lost 2-1 to Benfica in a hostile Europa League quarter-final first leg in Lisbon.
Daniel Agger gave his side the perfect start in the ninth minute but things took a turn for the worse when Ryan Babel was dismissed on the half-hour for thrusting a hand in Luisao's face.
Oscar Cardozo wasted numerous chances before converting two spot-kicks but with an away goal Rafael Benitez's side still have hope for the return leg.
Fulham moved one step closer to a fairytale Europa League semi-final after they recorded a 2-1 win over German champions Wolfsburg at Craven Cottage.
A late goal from Alexander Madlung tainted the night for Roy Hodgson's side, who had taken the lead thanks to two second half goals from Bobby Zamora and Damien Duff.
Zamora's 18th of the season was followed by a controversial cupped-ear celebration aimed at the home fans before the striker played in Duff for Fulham's second.
The Cottagers looked set for a two goal victory margin before Madlung rose to beat Mark Schwarzer just before the death to leave the tie finely poised going into next week's second leg in Germany.
Hamburg kept alive their dreams of playing in the Europa League final at their home stadium by edging their quarter-final first leg against Standard Liege 2-1.
The Belgian side took the lead after 31 minutes through Dieumerci Mbokani but Mladen Petric equalised from the spot for HSV three minutes before the interval and Ruud van Nistelrooy completed the turnaround on the stroke of half-time.
Spanish rivals Valencia and Atletico Madrid produced an entertaining 2-2 draw at the Mestalla to leave all to play for in the second leg of their Europa League quarter-final tie.
All the goals were scored in the second half, with Atletico twice going ahead through Diego Forlan and Antonio Lopez, and Valencia equalising each time thanks to goals from Manuel Fernandes and David Villa.
ESPNSOCCERNET

Fabregas has suspected broken leg

2010-04-01T02:40:00.000+01:00

Arsenal captain Cesc Fabregas fears his season is over after suffering a suspected broken leg during Arsenal's dramatic 2-2 Champions League quarter-final draw against Barcelona at Emirates Stadium.

Fabregas was a surprise starter in the first leg tie at the Emirates Stadium after he shook off a knee injury to line-up against his boyhood idols but hobbled off after firing in an equalising penalty in the 85th minute.
The Spanish midfielder revealed to reporters after the game that he "felt his leg go" and fears his season and maybe even his World Cup dreams have been damaged by his heroics.
"I fear the worst, which is that I have broken something," Fabregas said. "We have to wait for tomorrow, but I hope I can wear the Arsenal shirt again this season.
Fabregas, who left stadium on crutches, added: "I do not think it is going to be good news, but still I hope there will be.
"When I took the penalty, I was quite strong, but after when I went to get the ball, I could not walk any more.
"It is the fibula. I think I put my leg between Puyol's when I was fouled, and kicked it."
Fabregas added: "Until the penalty, I was feeling quite good. It has been an amazing experience and I will remember it for the rest of my life."
The Arsenal skipper had an x-ray straight after the match but the scans proved inconclusive and he will undergo further tests on Thursday morning to assess the full extent of the damage.
Arsenal manager Arsene Wenger said: "It looks like he will be out for a while."
Fabregas' injury was not the only blow to Wenger on a night when he also lost Andrei Arshavin and William Gallas.

Wenger told French TV: "He [Gallas] pulled his calf muscle and I think it's the end of the season for him."

Ghaddafi Changes Gear, Wants Nigeria Divided along Ethnic Lines

2010-03-31T02:50:00.000+01:00

After being pummelled for suggesting the division of Nigeria into two, Libyan leader Muammer Ghaddafi has made yet another puzzling proposal: that the country be balkanized along ethnic lines to ensure its survival.
His latest suggestion is coming amidst strained relations between the two countries after he publicly declared that the creation of a Muslim North and Christian South would be the best solution to the crises experienced in the country.

His comments were described by many including public officials as incendiary. But revising his statement, he noted that breaking Nigeria into only two nations might not be enough.

“In fact, Nigeria’s problems cannot be resolved by dividing the country into two states, Christian and Muslim,” Ghaddafi was quoted as saying by the official Jana news agency.
“The model that best fits Nigeria, which comprises many ethnic groups, is Yugoslavia, which was divided into six countries, including Kosovo whose independence has not been unanimously recognized,” he stated.
Like the former Yugoslavia, Nigeria comprises “other populations who want independence” without religious considerations, he said.

In what may reveal a lack of depth about the country, he went ahead to describe the Igbos and Yorubas while placing them in the wrong geographical locations.
Ghaddafi cited “the Yoruba people in the East and South who demand independence, the Ibo people in the West and South” as well as the Ijaws.
Angry reactions trailed his earlier call this month for the partition of Nigeria into two. Senate President David Mark referred to him as a “mad man”, while the foreign ministry rushed to recall Nigeria’s ambassador to Libya.
The ministry described his statements as “irresponsible utterances” which had made a mockery of his calls for African integration and unity.

The Libyan leader’s comments had “diminished his status and credibility”, said Foreign Ministry Spokesman Ozo Nwobu, who also expressed “very serious concern”. The statement also accused him of “theatrics and grandstanding at every auspicious occasion”.
In his earlier proposal, he said Nigeria should follow the partition model of Pakistan and India – two countries dominated by Muslims and Hindus.

According to him, the partition should comprise a Christian homeland in the South with Lagos as its capital and a Muslim homeland in the North with Abuja as its principal city.
Ghaddafi’s earlier comments came after several hundreds of people were killed early March in sectarian violence in Plateau State.
THISDAYONLINE

PDP loses out on new cabinet

2010-03-22T23:49:00.000+01:00

DESPITE frantic moves by the ruling Peoples’ Democratic Party, PDP, to beat Acting President Goodluck Jonathan into political line over the composition of the new Executive Council of the Federation, EXCOF, the party appears to be losing out as its input to the expected cabinet was still very scanty, at press time.

Investigations revealed that the last visit by PDP National Chairman, Prince Vincent Ogbulafor, to Aso Rock, Thursday, was to discuss with Jonathan on the need for the new EXCOF to have PDP outlook, a position which the governors are also canvassing. Jonathan’s men were, however, said to have rejected the idea, saying that it was not workable in view of the short time left for the administration.

As a pointer to this, Governor Ikedi Ohakim of Imo State, yesterday, rose from a consultative parley with Jonathan with a submission that the Acting President was looking for core professionals and technocrats in the composition of a new EXCOF.

This came as the list of nominees, observed to be seriously lacking in PDP representation, was sent to the relevant security outfits by Jonathan with a directive to commence immediate screening before forwarding same to the National Assembly for confirmation possibly by Thursday.

Vanguard learnt that the list made up of some of the former ministers from the dissolved cabinet, may have pitched Acting President Goodluck Jonathan against the PDP.

According to a Presidency source, names of about 10 former cabinet members are in the list being screened by the State Security Service, SSS, which include Mr. Odein Ajumogobia, Prince Adetokunbo Kayode, Chief Ojo Maduekwe, Prof. Dora Akunyili, Mrs. Deziani Allison-Madueke, Elder Godswill Orubebe among others. A one-time minister, Alhaji Adamu Waziri from Yobe State was also mentioned as one of those being screened.

It was gathered that some former ministers whose names were not yet listed were mounting intensive pressure on Jonathan’s men to get them on board; but this time, through the use of some party bigwigs.

While one of the affected ministers (names withheld) confirmed to Vanguard that he has just been screened for a possible ministerial slot, another former minister on PDP ticket said “nobody has called me,” noting that in a similar exercise carried out by Yar’Adua, it was well coordinated, as “one of us was calling us one after another for the screening.”

Fielding questions from State House Correspondents, Governor Ohakim said though he was not in Aso Rock to submit list of possible ministerial nominees, “I am a governor of a state and I have the right to submit my ministerial list.”

He stated, however, that “the Acting President is pragmatic, forward looking, and knows what to do,” noting that “he (Jonathan) knows the country has been trekking and we need to run fast.”

No friction with Jonathan

Ohakim said: “My mind tells me he will look for key professionals; those who can run with the ball, and give them responsibilities of driving activities of this country because we can’t wait forever. I know who he is and he has what it takes. In the next few days you will be happy with what is coming out from the exercise.”

He maintained that governors of the 36 states were not at daggers-drawn with Jonathan, insisting that “there can be no friction between the governors and the president. The President is to govern the country while the governors govern the states.
The governor noted that he came to “confer with the acting president on the issue of security in the state and luckily the acting president has given some approval. The government has agreed to tackle the issue of security, gangsterism and kidnapping.
“The government is disturbed by the social menace of kidnapping, but nobody can overwhelm government. Now that they are unable to use crude oil to finance their gangs they now decided that millionaires in Igboland must be taken hostage to finance their activities. We are waiting to see how illegalities will outweigh legalities.”

Anenih, Ogbemudia, Akhigbe in fresh war over ministerial nominee

As the race for who picks the Ministerial slot in the Edo State rages, four names have been submitted to the Presidency for consideration by different political camps in the state.

Vanguard was reliably informed that the names of the immediate past Minister of Defence, General Godwin Abbe (rtd), former Special Adviser to the President, Professor Julius Ihonvbere, former Secretary to the State Government, Pastor Osagie Ize-Iyamu and the Mr. Isaiah Osifo, the immediate past Chief of Staff to the State Government have been forwarded to the Presidency.

Vanguard learnt that the battle to push the appointment of these nominees was between the former Chairman of the Peoples’ Democratic Party, PDP, Chief Tony Anenih, two time Governor of old Bendel State, Dr. Samuel Ogbemudia, former Governor of the state, Chief Lucky Igbinedion and the former Chief of General Staff, Admiral Mike Akhigbe.

It was gathered that Anenih was backing the return of General Abbe but Vanguard learnt that Ihonvbere may be his second joker if any thing goes wrong with the nomination of Abbe.
Ihonvbere, it was learnt, may also get the support of his former boss, Chief Olusegun Obasanjo. Vanguard further gathered that former Governor Igbinedion was backing the nomination of his former SSG, Pastor Ize-Iyamu. The duo of Ogbemudia and Akhigbe are backing Osifo.

VANGUARD NEWS

Akunyili, Umar, Jega for INEC chair

2010-03-22T03:16:00.001+01:00

THE Presidency is considering six names as likely replacement for Professor Maurice Iwu as Chairman of the Independent National Electoral Commission, INEC, Vanguard can authoritatively reveal.

According to sources in the Presidency, names being considered as likely replacement for Iwu include Prof. Attahiru Jega, a former president of the Academic Staff Union of Universities, ASUU, Dr. Jibrin Ibrahim, rtd.Major-General Ishola Williams, president of Transparency Nigeria, Prof Dora Akunyili, immediate past Information and Communications Minister, Col. Abubakar Umar, former Military Administrator of Kaduna State, Mr. Olisa Agbakoba, SAN, and former Nigeria Bar Association, NBA president.

Presidency sources said that Acting President Goodluck Jonathan was bent on leaving a legacy in Nigeria’s political history, and as such regards the civil society a veritable ally that would credibly contribute towards realizing his ambition.

Jega would be remembered for the pivotal role he played in forcing the government of General Ibrahim Babangida to improve the welfare of university teachers and properly recognize their role in nation building. Williams’name is synonymous with abhorence for corruption, hence he stands out as probably the only Army General who is not associated with questionable wealth.

Ibrahim is Director of the Centre for Democracy and Development, CDD, a non-governmental organization in Abuja, and is no less known than the others for his Civil Society activities.

Agbakoba is regarded generally as an icon in human rights activities, having founded and run the foremost civil society group, the Civil Liberties Organisation, CLO. When the military had the nation in its stranglehold, Agbakoba stood out, deploying his knowledge of law in the fight against arbitrariness of the military. During that era, the CLO was the unofficial mouthpiece of the citizenry.

Three of the names were members of the President Umaru Yar’Adua 22-member Electoral Reform Panel, which in keeping with Yar’Adua’s seven-point agenda was inaugurated to review the electoral system to ensure that subsequent elections are credible to meet international standards. The panel had submitted its report to Yar’ Adua before the President took ill.

Vanguard can authoritatively reveal that the short-listing of the names, followed last week’s rejection of one of the key recommendations of the Uwais Committee, that the National Judicial Council, NJC, should be responsible for the selection of the chairman of INEC, to insulate the occupier of the position from undue political and partisan influence.

The Senate Committee on Constitution Review, had presented a revised constitution on the Senate floor last Thursday, rejecting the appointment of INEC chairman by the NJC.

The Senate’s review committee, headed by the Deputy Senate President, Senator Ike Ekweremadu, however, recommended that INEC and the National Assembly should be fully autonomous hence placing them on the first-line charge of the consolidated revenue fund.

The Senate report, however, indicated that INEC’s chairman and members of the board of the commission “shall not be members of any political party.”

Other recommendations of the Senate committee include that all election-related cases must be disposed of within 60 days of the date of filing such cases.

According to the committee, in the case of annulled elections, the eventual winner must have fresh tenure to start from the date of swearing-in, as the tenure of four years for executives at the federal and state level, was left intact.

The committee had further recommended that elections to the office of President shall be held on a date not earlier than 210 days and 80 days before expiration of the term of the last holder of that office.

The committee also recommended that all political parties must have their head offices in Abuja and each must always submit detailed annual statement and analysis of its sources of funds and other assets, together with a similar statement of expenditure in such form as the commission may require.
VANGUARDNEWS

England's David Beckham 'to miss World Cup with injury'

2010-03-15T04:20:00.003+01:00

David Beckham's dream of playing in a fourth World Cup looks over after he tore an Achilles tendon in AC Milan's 1-0 win over Chievo on Sunday.

Beckham was unchallenged when he suffered the injury and hobbled off in pain before being stretchered away.

The 34-year-old was hoping to be part of England's World Cup squad in June, but instead will fly to Finland on Monday for specialist surgery.

"A rupture of the Achilles tendon is suspected," said an AC Milan statement.

Beckham, who is in his second loan stint with Milan from the Los Angeles Galaxy, will now almost certainly not be fit for the World Cup in South Africa which starts on 11 June.

Consultant sports physician Dr Tom Crisp told BBC Radio 5 live: "It's remotely possible he may be running in three months. The chances of him being fit to play for England are non-existent."

AC Milan vice-president Adriano Galliani said that the Englishman will be out for "probably five or six months".

"I saw him and he was suffering. In the dressing room, I took him in my arms and told him that if he wanted, he will be with us next year," said Galliani.

AC Milan coach Leonardo said: "Beckham's injury makes us feel terrible. He understood immediately that he had torn his Achilles tendon.

"He is an extraordinary guy and today's game proves it yet again. I cannot enjoy this evening considering this serious injury."

606: DEBATE
Saw Milan's game, Beckham was substituted and it did not look good. Out of World Cup for sure

PerPoet

AC Milan team-mate Ignazio Abate said the England star was inconsolable.

"He's not doing well. He was in tears in the dressing room, he wasn't saying a lot. This has affected us all," said Abate.

Former Manchester United star Beckham, England's most capped outfield player with 115 appearances, was bidding to become the first England player to feature in four successive World Cup finals. He shares the record of three with Bobby Moore and Peter Shilton.

England coach Fabio Capello spoke with Beckham on Sunday evening to offer his commiserations, according to the Press Association.
England captain David Beckham

Archive - Beckham sinks Ecuador in 2006 World Cup

And with Tottenham's Aaron Lennon still suffering from a groin problem, Capello may now turn to both Theo Walcott and Shaun Wright-Phillips to cover the right side of midfield, with James Milner, Joe Cole, Stewart Downing and Adam Johnson also in the reckoning.

Former England defender Martin Keown told BBC Radio 5 live: "Capello's not stupid, he knew there was a role for Beckham within the squad and this is a massive blow.

"He's going to be out for six months, he needs to now look at rescuing his career and what's left of it.

"He'll be extremely upset, without doubt. I think tonight is a very sad day for the Beckham family."

Beckham's loan spells at AC Milan were a deliberate attempt to convince Capello of his worth in an England squad, but he was an unused substitute in the recent friendly win over Egypt and was quoted in several Sunday papers as saying he feared for his place.

"Am I banking on going to the World Cup? No, not at all," he is reported to have said.

"I am not guaranteed to go to South Africa. I have to work hard and hopefully win my place.

"There are a good few months left and plenty of games to play, but hopefully I can carry on playing well and get in the squad."

Sunday's injury is the latest in a string of heartbreaking World Cup moments for Beckham.

His sending off against Argentina in the quarter-finals was widely blamed for costing England their chance in France in 1998.

Four years later he was not fully fit after suffering a broken metatarsal in his foot in the build-up as England went out to 10-man Brazil in the quarter-finals in Japan and South Korea.

In 2006, Beckham went off injured just after half-time in the quarter-final against Portugal which England went on to lose on penalties.

Beckham tearfully announced he was resigning the captaincy afterwards.
BBC News