NAIJA GIST

Publisher, journalists condemn attack on ThisDay offices

2012-04-26T10:24:00.000-07:00

Port Harcourt – Some journalists in Rivers have condemned Thursday’s bombings of ThisDay Newspapers buildings in Abuja and Kaduna.
Also Governor Abiola Ajimobi of Oyo State has condemned the bomb attacks on the offices of some national newspapers on Thursday, stating that they were aimed at suppressing the rising anger against the bombers.
The journalists, who spoke in Port Harcourt, described the attacks on the media outfit as “senseless and barbaric.”
It is the first terror attack on a media outfit since the insurgency of terrorists in the country.
The Correspondent of the Tribune Newspaper, Mr Bolaji Ogundele, said it was worrisome that terrorists would attack the media which was the voice of the ordinary man.
“It makes me wonder, which way we are going if the media cannot function, it means total darkness for the nation. ’’
Mr Eddie Williams, the Publisher of a Port-Harcourt-based tabloid “The Envoy’’, said it was inexcusable for anybody to be attacked by terrorists, let alone a media outfit.
He called on the Federal Government to step up action to crush terrorism in the country.
Mr Reward Akwu, a former Rivers Council Secretary of the Nigerian Union of Journalists, said that objective information dissemination would be hampered if terrorists target media outfits.
He called on the Federal Government to embark on proactive measures curbing the spate of bombings.
The governor, in a release by his Special Adviser on Media, Dr Festus Adedayo, said that it was extreme cowardice for the bombers to resort to killing people and destroying properties.
Valiant people, he said, confront issues rather than making issues out of matters that could be settled through dialogue.
Ajimobi said that the bombers, whose periodic attacks were against innocent people and churches, decided to carry the attacks to newspaper houses, showed that they were incensed at the reportage of their nefarious activities.
He commiserated with the management of Thisday and other newspapers whose premises were attacked, stating that it was a prize they had to pay for dissemination of the truth.
While urging security agencies to expedite action about curtailing the activities of the Boko Haram and “their allied partners on this journey of destruction.”
Ajimobi expressed optimism that the country would soon be rid of its “enemies within

One killed as Barca, Chelsea fans clash in Lagos …two die celebrating

2012-04-26T10:22:00.000-07:00

One person was killed at a pub in Lagos on Tuesday night after a fight broke out between fans of Barcelona and Chelsea football clubs, while two others suspected to be Chelsea fans drove dangerously after the match resulting in a fatal accident.

PUNCH Metro learnt that John Idoko, a 23-year-old boy, was stabbed to death at a makeshift pub at Shiro Bus Stop, Boundary Road, Shasha.

It was learnt that the outcome of the football match, which favoured Chelsea FC, did not go down well with some Barcelona’s supporters.

According to police authorities, an altercation, degenerated into fisticuffs and supporters of the two clubs some of whom were drunk, soon engaged in a free-for-all.

The spokesperson for the state police command, Mr. Joseph Jaiyeoba, confirmed the incident to our correspondent on the telephone. He, however, added that no arrests had been made as no witness had come forward.

He said, “On Tuesday, around 10pm, a report reached Shasha Police Division that one John Idoko was stabbed to death with a broken bottle during a match between Chelsea and Barcelona football clubs.

“The owner of the pub said almost all her property was damaged during the fight as the fans went crazy. We don’t even know if Idoko was a fan of Chelsea or Barcelona

“No arrest has been made as witnesses have refused to come forward but investigations are ongoing.”

Jaiyeoba warned fun seekers to be careful when celebrating and remember their loved ones at home.

The spokesperson also warned members of the public that the use of explosives such as banger, would not been tolerated anymore.

He said celebration should be carried out in a peaceful manner, warning that the police would not tolerate any form of unruly behaviour.

“The use of banger is illegal as well as any form of disturbing public peace,” he said.

Meanwhile, the two people who died in the accident were driving dangerously in a commercial bus, popularly known as danfo, after the match.

Witnesses said the occupants were fans of Chelsea FC celebrating their club’s victory.

segun confirmed the two deaths but said it was uncertain whether they were football fans or not.

“Around 11:30pm, a Volkswagen bus somersaulted and caught fire around Ojota end of Ikorodu Road inward Maryland.

Subsidy: House Wants Ahmadu Ali Prosecuted

2012-04-25T08:44:00.000-07:00

Former chairman of the Peoples Democratic Party (PDP), Senator Ahmadu Ali, should face prosecution over his tenure as chairman of the board of Petroleum Products Pricing Regulatory Agency (PPPRA), the House of Representatives has recommended.

Adopting the report of the Ad Hoc Committee on Monitoring of the Subsidy Regime Tuesday, the lower chamber accepted a recommendation that Ali, who was board chairman from 2009 to 2011, and the entire members of the board during the period be prosecuted for their decisions which allegedly opened the floodgate for the abuse of the system.

Other recommendations adopted by the House include: “That the management and board of the NNPC should be completely overhauled and all those involved in infractions be further investigated and prosecuted by the relevant anti-corruption agencies.

"That all the payments which the PPPRA made to itself from the Petroleum Support Fund accounts in excess of the approved administrative charges which is due to it under the template should be recovered and paid back into the fund. The officials involved in this infraction should be further investigated/ prosecuted by the relevant anti-corruption agencies.

"That the Executive Secretaries of the PPPRA who were the accounting officers and under whose watch these abuses were perpetrated should be held liable.

"That the Executive Secretaries of the PPPRA between 2009-2011 should be investigated and prosecuted for the official recklessness exhibited in the implementation of the board decision to reverse the qualification for participation in the scheme."

The House was however divided on the issue of resolving the violations in the oil sector using the Petroleum Industry Bill (PIB).

Some members were opposed to the recommendation that the executive should send the PIB to the National Assembly.

They argued that there was already a PIB drafted by the House which should be passed expeditiously but this also generated uproar from those not comfortable with the idea of a PIB.

Speaker of the House, Hon. Aminu Tambuwal, had at the opening of the session, commended his colleagues for their "commitment and patriotism" during the fuel subsidy crisis in January and urged them to consider the report of the ad hoc committee on the monitoring of fuel subsidy regime with diligence.

But the House bowed to external pressures in its consideration of the fuel subsidy probe report as the lawmakers suspended the sanctions earlier recommended for some 17 oil marketing firms indicted by the report.

Instead, the House gave the marketers two weeks to submit themselves to the Ad Hoc Committee on Monitoring of the Subsidy Regime in order for them to receive fair hearing.

The lawmakers also cleared Zenon Petroleum & Gas Limited as well as Synopsis Enterprises Limited of complicity among companies that obtained foreign exchange but did not import petroleum products.

The ad hoc committee explained that the latest information available to it indicated that these two firms should not have been grouped alongside the others because they were not beneficiaries of the Petroleum Support Fund.

Among the marketers that got reprieve were Mobil Oil Nigeria, Techno Oil Ltd, AX Energy Limited, Nepal Oil and Gas Service, Oilbath Nigeria, Somerset Energy Services, Stonebridge Oil and Crust Energy Limited.

Others included Mut-Has Petroleum, CAH Resources Association, Fresh Synergy Limited, Ibafon Oil, Lottoj Oil and Gas, Oakfield Synergy Network Limited, Petro Trade Energy Limited, Prudent Energy & Services and Rocky Energy Limited.

The report had asked these marketers to refund a total of N41.936 billion because they allegedly refused to appear before the committee and never submitted the required documents during the investigation.

But the group of 17 marketers have been at daggers drawn with the House since the report was released last week and had threatened to institute a N100 billion legal action to challenge the report.

They had in several paid advertorials alleged that they were not invited by the House Ad Hoc Committee on Monitoring Subsidy Regime and argued that it was unfair for the committee to have recommended sanctions against them after they were excluded from the process.

On the first day of consideration of the subsidy report, the House adopted a total of 35 of the 62 recommendations contained in the report.

The Green Chamber was filled to capacity and the atmosphere charged as lawmakers endorsed the principal recommendations asking the Nigerian National Petroleum Corporation (NNPC), the PPPRA and some oil marketers to refund about N1.070 trillion within three months for alleged violations of the subsidy scheme.

They also adopted the recommendation directing the Auditor General of the Federation (AGF) to set the process in motion for the auditing of the accounts of the NNPC to determine its solvency.

According to the report, an audit of the NNPC had become imperative given the plethora of claims of indebtedness and demands to pay its creditors which if not well handled could affect not only the supply and distribution of petroleum products but the entire economy.

Meanwhile, PPPRA has described as untrue an allegation that it paid itself N312 billion purportedly contained in the committee’s report on subsidy regime.

In a detailed official statement released yesterday, the agency also debunked claims that N999 million was paid to unknown entities, saying that the money was paid to 15 known marketers.

The agency stated that the N312 billion in question covered subsidy and other payments, including foreign exchange differential and interest on late payment of subsidy, approved by government based on the report of the auditor appointed by the Federal Ministry of Finance.

PPPRA also explained that the N312 billion was paid legally through the e-payment system, adding that it was not administrative charge as alleged.

It acknowledged that it usually advised the Central Bank of Nigeria (CBN) to debit the Petroleum Support Fund (PSF) account while crediting the marketers, in line with government’s policy of e-payment, stressing that the records of this payment still reside with the agency and CBN and were available for scrutiny.

The PPPRA also reiterated that the allegations of fraudulent duplication of payments to unknown beneficiaries could not be substantiated as the N999 million was paid to 15 known marketers.

It listed the 15 beneficiaries to include MRS Oil and Gas Ltd, Oando Plc, AP Plc, Brittania-U Nig. Ltd., and AITEO Energy Resources Ltd.

Others were Imad Oil and Gas Ltd., Rahamaniyya Oil & Gas Ltd., Northwest Petroleum and Gas and Conoil Plc.

Also included were Accorn Nigeria Plc, A-Z Petroleum Ltd., Total Plc, Folawiyo Energy Ltd and Integrated Oil & Gas Ltd.

PPPRA noted that there were 128 marketers under the scheme at that time, but added that the 128 cheques paid represented multiple payments legally made to the 15 participants

ASUU Calls for Prosecution of Oil Subsidy Fraudsters

2012-04-25T08:43:00.000-07:00

Members of the Academic Staff Union of Universities (ASUU) yesterday called for immediate prosecution of those involved in the N1.6 trillion sleaze of the oil subsidy money to save the nation from endemic corruption.

Similarly, armed policemen Monday took over the Gani Fawehinmi Freedom Park, Lagos ostensibly to forestall the protest allegedly planned by the Save Nigeria Group (SNG) and other civil society groups against the recently discovered N1.070 trillion fuel subsidy fraud.

But ASUU in calling for the prosecution of those indicted in the report, also advocated the immediate revocations of all the operation licenses of the firms indicted by a competent court of law in the oil subsidy massive fraud.

Speaking at a press conference held at the Ekiti State University, Ado-Ekiti (EKSU), the ASUU, National President, Prof Ukachukwu Awuzie, expressed delight over the ways and manner the Hon Lawan Farouq–led House of Representatives Ad hoc Committee on corruption in the fuel subsidy had unraveled how the cabals in the Oil sector , had received a sum of N999 million in about 128 times within 24 hours.

Awuzie frowned at how the Nigeria National Petroleum Corporation (NNPC) and the office of the Accountant General of the Federation had paid a whopping N1.9 billion to a Waste Management firm in the name of oil subsidy, which has no relevance in oil sector.

According to him, “It was disturbing to note in the report of the House that NNPC illegally collected N310 billion as subsidy for Kerosene Imports. All these and other documented instances of fraud had shown that massive corruption is still the norm among the rich and highly placed in both public and private sectors.

Worse still, the consequence of such massive corruption is shifted to the poor who are made to pay for higher prices for fuel under the guise of the withdrawal of the so called oil subsidy.”

Commenting on the recent trial and conviction of the former Delta State Governor, Mr. James Onanefe Ibori, by Southwark Crown Court in London for money laundering, Awuse described it as a big challenge to corrupt Nigerian leaders and the judiciary, which had earlier acquitted the former governor of the same charge.

ASUU said the Ibori’s conviction was a major breakthrough in the steps being taken to reduce corruption in the country.

Meanwhile, Convener of the SNG, Mr. Tunde Bakare, said they had served the Federal Government with the notice of a mass protest should it failed to prosecute all the culprits of the subsidy fraud and make refunds within a specified time.

According to him, the civil society group have started dissecting the report and that another operation ‘Occupy Nigeria' is imminent if government failed to prosecute the culprits.
He said the civil society group met last Saturday to discuss strategy for the mass protest and would make known their findings by Wednesday.

But ahead of the planned protest, the Gani Fawehinmi park has now been occupied by armed Policemen.

An armoured tank with policemen in full combat gear was stationed near the park along the service lane of the expressway.
Also, two patrol pick up vans, stationed on the other side of the park, along the road leading to the waste disposal site, were also filled with armed policemen.

Jonathan Challenges PDP Leadership

2012-04-25T08:41:00.002-07:00

President Goodluck Jonathan has charged the Peoples Democratic Party (PDP) and its newly elected National Working Committee (NWC) to ensure they instil discipline in the party as well as maintain independence so that it would be able to steer the country in the direction of development and peace.

He emphasised that there was need to rebuild the party to make it have the supreme power over everybody that attains any political position under its mandate and ensure that it can discipline the President and any other erring member against the current practice of members doing what they listed against the guidelines of the party without repercussions.

Jonathan who spoke at House 7 yesterday, at a dinner to welcome the new PDP executives led by Alhaji Bamanga Tukur, stressed the need to make the party financially strong through implementing the clause that members should make monthly contribution as well as explore other means of making the party financially strong so that it would not be swayed by anybody due to needs.

While explaining that the party was supreme and being the owner of the mandate which selected the President for presentation before election, there was need for the party to be supreme and its chairman in a meeting to come before that of any elected official in order of protocol, though the President should be respected.

He reminded political appointees that they were on the platform of the party which produced the ruling government and should therefore tailor their programmes to fit into the party manifesto and to see the party as the controlling force to which everyone should attune their programmes to as the clearing house on whose pivot every programme should rotate.

According to him, unless the party is able to maintain discipline among members, it will wear the toga of a party whose members were on the platform as independent candidates and appealed for the cooperation which the founding fathers of the party had in mind for the party to continue maintaining its strong showing in the political space.

“The party must make sure that members are disciplined and if the party cannot enforce discipline the PDP will just be operating like a platform for independent candidate. PDP is a political party and as a party you must have guidelines and no matter the office you are holding, the party must be in a position to discipline or admonish Mr President if he deviates. In South Africa, ANC can admonish the President because the party is superior.

“That is why in the gathering of the party, the party Chairman takes precedence in order of protocol. It shows that the President himself is under the chairman. The President cannot be a maximum ruler. The President is selected by the party and must serve the party not the party serving the President. So, if the President is deviating, the President must be called upon so that all we know that the party is supreme and we must all follow the dictates of the party.

Nobody in the party from the President to the least person at the ward will be superior to the party. So, you have a lot of challenges in this direction to make sure that you instil that kind of discipline. We will give you maximum cooperation”, he said.

Jonathan noted that none of the speakers prior to his address mentioned how the party will be financially independent, adding,
“The other area that you didn't mention is how the party will be financially independent. We cannot continue to depend on contributions. Yes, members of the party must pay monthly contributions based on our guidelines but then, we must all work to create an avenue where the party will source funding so that if you are the chairman of the party, members of the working committee you can manage the party without excessive influence of people.

Even though we expect all money bags to be in PDP but we don't want the moneybags to influence the activities of the party and to stop that of course, we must come up with programmes that will make the party self-sustaining in terms of financing".

He said he looked forward to a situation and relationship where the party will give direction as well as act as the cohesive factor through meeting regularly that will galvanise both the Legislature and the Executive since the reputation for the administration enthroned by the party will either give good or bad name to it depending on performance.

In an apparent reference to the criticisms that are being thrown on the party by the opposition, Jonathan said they would not be responding to all of them, reasoning that, “We will not follow them because when you are in the ruling party, you must show more maturity, you must show the leadership that at the end of the day no matter where you talk people will have no choice than to follow the PDP direction”.

In his goodwill message, Ojo Maduekwe said the time to ensure changes was now and that the party should dialogue more, take painful decisions and explain to the public why it is doing so, insisting that the time to take the party to the expected heights was now.
He said the party has to dream of where to take the country to as well as give it direction whether it was to curb corruption or to as what has happened to any of the programmes like the rehabilitation of the railways, the party has to take firm decisions to make things happen.

He reminded Tukur that decisions that bring about changes were not tea party and that the party has to work with the government to mobilise the nation in difficult moments to attain the needed goals and assured the gathering that the new executive of the party paraded intimidating credentials which makes attaining goals easier.

Also speaking, Pioneer Chairman of the party, Chief Solomon Lar said they muted the idea of forming a national party in Kiri Kiri where the military detained them after the coup that ousted the second republic where they decided to form a formidable party that would be difficult for the military to oust.

He said that the spirit of the founding fathers which was patriotism should not be abandoned, adding that democracy being practiced for 13 unbroken years was the longest so far and a justification in their resolve to go for national party instead of zonal and regional arrangements.

He said that the people love PDP while the party also loves Nigerians and assured that the best should always be done in the greater interest of all Nigerians so that the country can move forward and insisted that the country will remain forever as one indivisible unit inspite of predictions that it will break up.

Tukur in his vote of thanks said that the party will steer the country towards justice, fairness, good governance and equity while inclusiveness will be its watchword and assured that they will do all within their power to ensure that they return the party to the dreams of its founding fathers.

Minister of the Federal Capital Territory, (FCT), Senator Bala Mohammed said it was imperative to respect the party as supreme so that every other person will come under the direction and vision of the party for the much needed development.

FG’ll complete Apapa-Oshodi Expressway next year – Minister

2012-04-25T08:40:00.000-07:00

The Federal Government on Tuesday said that the contract for the rehabilitation of the Apapa-Oshodi Expressway in Lagos State would be completed in December 2013.

The Minister of Works, Mr. Mike Onolememen, disclosed this in Abuja at the Ministerial Platform to commemorate Democracy Day and one year in office of President Goodluck Jonathan.

Present at the platform were the Minister of Information, Mr. Labaran Maku, his counterpart at the Ministry of Transport, Senator Idris Umar, as well as other key government officials.

In recent times, commuters plying the road, which leads to the Apapa Ports, have been experiencing hardship occasioned by perennial traffic gridlock caused by the bad state of the road.

The assurance on the completion of the rehabilitation of the road came just as the Transport minister stated that the Federal Government’s intervention in the rehabilitation of the rail sector had yielded positive results.

For instance, he said in 2009, a total of 1.285 million passengers were transported though the rail system.

The figure, Umar said, rose to 1.514 million in 2010 and 3.49 million in 2011.

For the first quarter of 2012, the minister said that a total of 965,147 passengers were transported through the rail system.

However, to enable the Federal Government adequately complete the Apapa-Oshodi Expressway within the stipulated time, Onolememen said a new funding arrangement was proposed by the ministry to the National Economic Management Team.

The NEMT, according to him, has given approval for the project to be funded under the new arrangement.

The minister said, “The Apapa-Oshodi Expressway, which was becoming an embarrassment and a source of agony to many Nigerians before the administration of President Goodluck Jonathan because of its deplorable condition, has been improved upon tremendously in the past one year.

“Only last week, I led an inspection team to assess the ongoing works on this road and the current expansion of the road, drainage works, construction of a trailer park and the construction of a dedicated bridge leading into the Tin-Can Island Port from Liverpool Road roundabout were very reassuring.”

He added, “The project had been experiencing poor funding for a while and because of this, we decided to make presentations to the NEMT on how we can creatively fund that project.

“And based on this presentation, the NEMT approved the funding model for the accelerated completion of this road, and if the funds are made available as expected, we are upbeat that by December 2013, the project will be brought to completion.”

The minister, who said he inherited about 168 ongoing projects valued at N960bn upon assumption of office a year ago, noted that within the last six months, 16 of such projects had been completed.

“From the 160 ongoing projects we inherited, we have pursued diligent execution of the prioritised projects, ensuring that adequate progress is being made towards completing them on schedule

Subsidy: ICAN to state position on indicted firms • Our scope was limited – Akintola Williams Deloitte

2012-04-25T08:32:00.000-07:00

The President, Institute of Chartered Accountants of Nigeria, Prof. Francis Ojaide, will in the next few days make a pronouncement on the indictment of two audit firms, Akintola Williams Deloitte and Company and Adekanola and Company, by the House of Representatives Ad-Hoc Committee on the Management of the Fuel Subsidy Fund.

The Assistant Director, Corporate Affairs, ICAN, Mr. Dayo Ajigbotosho, said in a telephone interview with our correspondent on Tuesday, “In every organisation, there is hierarchy, and it is the president that can make pronouncements on the issue at hand. He is currently on a foreign trip and we expect him back this week. As soon as he comes back, he will make a statement on the issue.”

Meanwhile, following the recommendation of the committee and the subsequent sacking of audit firms by the Ministry of Finance, the management of Akintola Williams Deloitte said on Tuesday that its scope in the management of the subsidy fund was limited.

The firm said the audit process was not designed by it, hence its inability to totally evaluate the process end-to-end.

The House committee’s report had indicted the firm for “professional incompetence” and recommended that it should be blacklisted from being engaged by any federal ministry, department or agency for a period of three years.

Speaking to newsmen in Lagos on Tuesday, the Chief Executive Officer, Akintola Williams Deloitte, Mr. Adeniyi Obe, refuted the allegation, while stressing that the firm carried out its work within the mandate of its agreement with the Budget Office of the Federation and with the required professional standards expected of any responsible professional services provider.

Obe noted that AWD responsibility was mainly to participate in the process of receiving petroleum products into the country based on specific vessels allocated to the firm and ascertain the actual quantities of imported products, among others.

Court orders DNA test in child’s dispute

2012-04-25T08:30:00.004-07:00

An Ogun State High Court, Abeokuta, has ordered that a Deoxyribonucleic Acid test be conducted on a four-year-old girl to determine who her father is.

The court gave the order following the insistence of a woman, Adetutu Balogun, that her husband, Ayodeji Balogun, was not the child’s father.

This prompted Ayodeji to bring a Motion on Notice through his lawyer, Mr. Tunde Tijani, asking Justice A.A Akinyemi, to order that a DNA test be carried out to resolve the dispute.

“The application is granted having not been opposed. It is ordered that a Deoxyribonucleic Acid test be conducted by the St. Nicholas Hospital, Lagos, on the child known as Esther Erioluwa/Eribukunle at the expense of the applicant, Mr. Ayodeji Balogun, within 30 days from today and the report forwarded by the hospital directly to the Chief Registrar of the High Court of Ogun State for the attention of this court,” the judged ruled.

Also, the court directed United Bank for Africa to furnish it with details of the monies allegedly sent by Greece-based Ayodeji through Western Union to his estranged wife.

At the commencement of the case, Adetutu, who gave birth to the girl after Ayodeji’s departure to Greece, denied ever receiving any money through the Western Union from her husband.

Justice Akinyemi explained that the resort to UBA became necessary in view of Adetutu’s denial of the receipt of the alleged monies, and the insistence of the Ayodeji that indeed Adetutu collected the monies through UBA.

The judge said, “The Managing Director of UBA Plc, Marina, Lagos, is hereby ordered to furnish to this court within 14 days from today a report confirming the recipient/person to whom all the money listed in Exhibits D, E-82 were paid, with dates, branch, and time of collection and also proof of identification shown by that or those persons.

“For this purpose, the registrar of the court is ordered to make the photocopies of the said exhibits and attach them to a copy of this order to be served on this said bank. Case is adjourned to May 7 and 8, 2012, for further hearing.”

Earlier, in his evidence, Ayodeji, who flew in from Greece to give evidence, insisted that he was the father of the disputed child and that he sent money severally to his wife for her upkeep and the child’s.

But Adetutu, who was represented by her lawyer, Mr. S.A. Obafemi, in her suit number AB/221/2009, denied that the child belonged to Ayodeji, even as she denied collecting any money from her husband through the Western Union.

Adetutu had approached the court for the dissolution of the marriage on several grounds, among which is her claim that she and Ayodeji cohabited for only the first eight days of their marriage since 2004.

“In a very short period of the marriage between the parties, disagreements as to non-consummation of the marriage by the respondent between the parties, which hitherto was settled in a very short time, without much ado began to fester and drag on for days, most time deteriorating to the point of bitterness,” she claimed.

She said the couple stopped living together on November 2, 2004, “when the respondent (Ayodeji) travelled abroad without due notice to the petitioner on the pretext of going for a business trip.”

Adetutu said there were no children in the marriage as “the respondent throughout the marriage had been depriving the petitioner of sexual intercourse and eight days into the marriage, the respondent left the matrimonial home for overseas without due notice to the petitioner.

“The respondent (Ayodeji) only had sexual intercourse with the petitioner two times throughout the duration or period of the marriage. The situation began to take a serious toll on the petitioner when it became apparent that due to the acts of the respondent, it had started to have impact on her job.”

But Ayodeji in his defence said his wife had told the court blatant lies.

While admitting some paragraphs of the petition, the Greece-based businessman said that he lived with his wife since the commencement of the marriage up till July 2009 “when she moved out of their matrimonial home to hibernate with one Bernard Akinleye (alias Malayo).

Lagos to replace 70,000 danfo buses

2012-04-25T08:30:00.001-07:00

Lagos State Government has indicated its resolve to replace about 70,000 mini-buses (Danfo) currently being used for commercial purpose in the state with high capacity buses.

The State Governor, Mr. Babatunde Fashola, gave the hint at the 7th Lagos motor fair, which came to a close on Tuesday.

He spoke through the state Commissioner for Transportation, Mr. Kayode Opeifa, stressing that the state government was determined to change the face of public transportation to improve the living standard of the people.

The governor, however, added that the high capacity buses to be introduced would be run by private operators as already being done with the Bus Rapid Transit scheme.

He said massive opportunities existed for local and foreign manufacturers of mass transit buses as well as the dealers.

He expressed the readiness of the state government to collaborate with willing investors on the programme and urged them to take up the challenge.

Fashola said, “Our administration is also partnering the organised private sector in providing modern and better means of transportation for Lagosians.

“The Bus Rapid Transit is owned 100 per cent by the private sector. These are modern and cheaper means of ferrying commuters from one place to another. It is safer, cheaper and faster. I implore our people to continue to make good use of them.”

He stressed that the state would always offer good return on investment, especially in the road transport business.

He noted that Lagos, as the most urbanised and commercial nerve of Nigeria, had about 20 per cent of the nation’s automobile.

The governor also explained the activities of the administration in improving the transportation system with the expansion of the Lagos-Badagry Expressway.

He said, “The Lagos – Badagry road is being expanded to allow more vehicles make use of it without the stress now being experienced by commuters on this road. It is first of its kind in Africa with a provision for BRT lane and the Lagos light rail.

“The second phase of this project has been awarded and the contractor has moved to site. With the completion of this road, the traffic gridlock being experienced by commuters on this road shall become a thing of the past. Our heavy investments in providing necessary infrastructural facilities on the roads, traffic management and provision of safety road signs is to further ensure the growth in our economy to improve on the standard of living of the people and ensure longer life span of not only our vehicles but of also our people. We are a caring government.”

The governor commended the efforts of BKG Exhibition, the organisers of the annual motor fair and attested to its success with the coming of foreign exhibitors.

“The Lagos motor fair has become a yearly event; the past six editions had been a tremendous success,” he said.

The Managing Director of BKG Exhibitions Limited, Mr. Ifeanyichukwu Agwu, said the firm had the desire to give the automobile industry in Nigeria an international recognition in order to position it for greater global competitiveness.

He said, “We always have it at the back of our minds that hosting world class auto shows in Nigeria is one of the ingredients that would fast track the development of Nigeria’s automotive industry; this informed our recent move to partner reputable global fairs and exhibitions companies, the outcome of one of which is visible in this edition.”

Meanwhile, the exhibition by foreign spare part dealers added glamour to the event as visitors trooped to the special pavilion made for the section.

Agwu explained the rationale for making auto spare parts a major focus this year.

According to him, BKG’s partnership with the SENEXPO International Fairs Inc of Turkey to bring reputable Original Equipment Manufacturers of auto spare parts across the world to participate in the fair is to promote the development of a virile spare parts sub-sector to service the evolving auto manufacturing sector in Nigeria.

“Another key aim of bringing these OEM’s to Lagos, which is the hub of automotive business in West Africa, is to enable Nigerians and neighbouring West Africans to engage in auto spare business work out rewarding and lasting business relationships with the main companies engaged in the manufacture of auto spare parts,” he said.

Agwu urged the government to address the sorry state of infrastructure in the country and empower the middle-class “since they are the biggest boost to the consumption of automotive products in any economy.”

Financial transparency and economic recovery

2012-04-24T06:54:00.000-07:00

THE fear of recurring financial crisis that may affect economies have made many European nations, as well as emerging markets like Nigeria to review policies and develop radical proposals to improve transparency in financial markets
With the fallout of many financial institutions despite the credit ratings given to them, operations of local and international credit rating agencies have been adjusted in an attempt to prevent any recurrence of the financial turmoil arising from the credit squeeze.
In most countries of the world, economies and financial markets were challenged in 2011 following the Eurozone debt crisis and its undercurrents, which swept through emerging and developed markets albeit in varied dimensions. Heightened sovereign risks for debt-ridden states like Greece and Spain sent shivers down the spines of European banks and the global corporate world with substantial exposures to the Euro.
While financial regulators and governments around the world are putting in place new regulations to forestall financial meltdown that has cost the globe billions of dollars never reoccur, Nigeria has not been left out of the reforms drive.
Precisely, efforts to achieve reforms in the financial sector also include the global adoption of the International Financial Reporting Standard (IFRS), which is believed will foster transparency and corporate governance.
Since 2008, the Central Bank of Nigeria (CBN) has rolled out several new rules to ensure that banks adopt best practices in their operations in a bid to prevent collapse that has cost the nation’s economy trillions of naira.
Hitherto the previous financial crisis, rules and regulations are meaningless as financial institutions were not eager to obey them but devise means to circumvent them. In the long run, voluntary disclosure and adherence to existing rules is known to be more effective than enforcement by regulators.
The 2010 financial transparency index report was jointly prepared by BusinessDay and Source Capital, supported by the Institute of Chartered Accountants of Nigeria (ICAN) and the Chartered Institute of Bankers of Nigeria (CIBN) recently jointly published the Financial Transparency Index (FTI) and released late 2011.
The banks were ranked based on the highest voluntary disclosure of their corporate governance culture and risk management practices in their published financial reports, among other things.
The effectiveness of a bank’s corporate governance and risk management practices is usually the bedrock of a bank’s long term stability, efficiency and profitability. These are the bedrock on which a bank’s future stability is built as banks with a strong corporate governance culture and risk management practices have been proven to stand the test of time.
Banks, which annual reports have shown high levels of voluntary disclosure include Access Stanbic IBTC, Diamond Bank, Ecobank and FCMB. Some other banks ranked quite low due to low levels of corporate governance and risk management disclosure in their published annual reports or the disclosure were vaguely done in a bid to fulfill regulatory requirements and not in the spirit of helping a third party understand the bank’s operations and how it manages the risks it faces in its daily operations.
The Financial Transparency Index seeks to entrench the transparency culture among banks and recognise financial Institutions that voluntarily go beyond the basic regulatory requirements to make its books open for its investors and the public.
The benefits of increased transparency to the individual bank and the public are enormous. To the banks, the most important reason for increased transparency is a reduction in the cost of capital. Increased transparency, reduces the cost of monitoring a bank’s performance by investors, improves confidence and also helps it attract the right type of investors and even customers.
Furthermore, it also helps the bank to attract funds at cheaper rates than less transparent competitors and subsequently lend at better rates to higher quality customers. It also enhances a bank’s brand equity and market share.
For the public, increased transparency means healthier banks and lower cost of credit since healthy banks are able to lend at lower rates than sick banks. More transparent banks also reduce the risk of bank failures and its attendant cost to the economy.
Bank transparency cannot be taken for granted as bank failures have societal consequences. Hence, all hands must be on deck to encourage banks to be open about their operations in a bid to build healthier and more supportive banks.
Though a high level of disclosure is not an assurance that management is following the dictates of practiced disclosures, it helps to hold management accountable and creates room for critical questions to be raised, which may lead to corrections or revelations of wrong management practices that may be in place. High level of disclosure becomes even more important now that companies should be preparing to adopt the International Financial Reporting Standards (IFRS) from January 2012.
Precisely, the 2011 Financial Transparency Ranking (FTI) ended with Access Bank topping the ranking among the Nigerian banks measured. The FTI measures financial transparency in the published annual reports of banks. It uses the published annual report of banks because this is the most accessible document for both the informed and non-informed investor seeking to invest or understand a bank’s operations.
The FTI examines the comprehensiveness of a bank’s corporate governance and risk management disclosure. It aims to examine how each bank explains its corporate governance culture and risk management processes in place to ensure it operates to the highest standards that protects both investors and depositors.
In terms of corporate governance, the indices were rated by examining the number of independent directors on a bank’s board. This is one of the measures examined by the FTI. Under this measure, it is expected that banks not only disclose and identify the independent directors on their board but also banks can get additional marks if they clearly show why they classify the independent directors as “independent.”
It is also important that a profile of each director is given. It is not enough to just give the names of directors but a brief background of where they are coming from and their qualification serves to give investors and depositors a better understanding of the men and women taking important decisions at the bank.
Also examined was the bank’s board composition, especially in the last three years. According to the report, this helps investors to see that board members are not giving money to companies that they are closely related to or have been related to recently without disclosing the information.
The report shows that Access Bank scores fairly well on these criteria. It identifies its independent directors on the bank’s board, goes ahead to give the profile of the directors and also explains the board’s processes. The bank’s explanation was not totally satisfactory like not giving fully the past directorships held by board members, but its disclosure on this index was quite detailed.
Since risk management is the bedrock of a bank’s health and as such the FTI board expect banks to provide detailed reports in the published annual reports of their risk management practices. This is expected to cover how the bank manages its risks in both its trading and non-trading banking books.
The trend in most annual report examined is for banks to give detailed reports of how risks are managed in their non-trading banking books ignoring the risks faced in their trading books. It is not clear if this arises from a lack of ability to accurately measure these risks or the fact that most banks consider this form of risks insignificant.
The FTI board’s position is that where the management of these risks processes are not given in the annual report, then the bank should go ahead and explain the reason why it considers the risk insignificant. Some of the risk information the board expects to find in the published annual reports and measured by the FTI board include.
Furthermore, the board also looks out for its whistle blowing policy in the published annual report of banks. It checks if the bank discloses enough information about its whistle blowing policy? As most banks will just state that they have a whistle blowing policy in place without giving further details.
The FTI board encourages that disclosure goes beyond stating the existence of a whistle blowing policy at the bank to disclosing further details of the processes and a contact number for accessing the whistle blowing channel within the bank. Access Bank clearly states in its published annual report that it has a whistle blowing policy in place stating that the bank’s chief compliance officer is in charge of the process.
For the basic risk information, it is expected to cover an explanation of the bank’s board risk management policy as set by the board, the degree of the involvement of the board in setting and monitoring the bank’s risk management processes as well as the description of the risk management processes for each section of the bank’s business.
On the processes for risk management in place within Access bank, the bank states in its annual report that, “the chief risk officer has primary responsibility for risk management and the review of the ERM Framework and to provide robust challenge to the management teams based on quantitative and qualitative metrics. All amendments to the Bank’s ERM Framework require Board approval.
The risk management division is responsible for the enforcement of the bank’s risk policy by constantly monitoring risk, with the aim of identifying and quantifying significant risk exposures and acting upon such exposures as necessary.”
This primarily set the stage for further disclosure of the bank’s risk management processes in the annual report. The risk management report is usually highly detailed and banks are expected to provide detailed information that helps investors and depositors make an informed decision on how the bank’s management is handling the business risks arising from the bank’s operations.
Also, it is expected to cover all the aspects of risks including credit risk, market risk, operational risks and the associated risks. The bank is expected to give detailed explanation on how it manages each of this risk separately and also manage the grey areas where these risks interact.
For example Access Bank in annual report gives examples of the scope of the bank’s risk management to include; credit risk, operational risk, market liquidity risk, legal and compliant risks, strategic risk, reputational risk and capital risk.
For board and individual director appraisal, it must be stated that most banks examined actually conduct this board appraisal on an annual basis. However, the result of that appraisal as published in the annual report is usually vague. The expectation is that the report gives some insight on the evaluation of board processes against best practice benchmarks, evaluation of director skills for both executives and non-executives against the bank’s goals, as well as, an assessment of the board’s effectiveness.
Access Bank disclosed in its published in report the fact that Accenture did an appraisal of the bank’s board. The Accenture report was also contained in the published report though the report was not as detailed as the FTI board would have required so the bank did not score the full marks on this index.
The FTI also examines banks’ Board Committee meetings and attendance. It is expected that banks disclose not only the various committees that the board has in place, but is also expected that the bank discloses who chairs those committees as well as the attendance of board members at the both meetings of the bank’s board as a whole and also at the committee level.
This is important because it is key that investors and depositors are able to see that board members are not just ceremonial board members but take an active interest in how the bank is run and are actively making the decisions for which they have been appointed to the board of the bank.

Insurance firms strategise to underwrite special risks

2012-04-24T06:50:00.001-07:00

DETERMINED to tackle the issue of inadequate capacity in the insurance sector, insurance companies have turned to the use of consortium underwriting strategy for special risks insurances, especially in dollar denominated accounts.
The Guardian learnt that the new initiative being sponsored by old generation insurance companies is aimed at building capacity and reduce the volume of off-shore insurance of assets domiciled in the country.
The underwriting syndicates, actively encouraged by the National Insurance Commission (NAICOM), are currently handling some dollar denominated accounts of insurance and related services in the oil and gas, aviation, marine and telecommunication sectors.
Some of the underwriting consortiums include LASACO Assurance led Consortium, Royal Exchange led Syndicate and Africa Re led African Oil and Energy Insurance Pool, among others.
Industry chieftains said yesterday, that the local content law has allowed the underwriting firms to participate actively in the lucrative oil and gas insurance accounts, public sector underwriting businesses, heavy engineering and construction, adding that they may earn more than N80 billion yearly from the off-shore assets domiciled in Nigeria.
For instance, LASACO Assurance led Consortium is current lead underwriter of many dollar dominated accounts, including Chevron Oil and Gas assets management/Olero Greek restoration project; Total E&P USAN project; Star Deep Water Petroleum Limited – Agbami Operational project; ESSO Exploration – Erha Operation and Production Nigeria Limited, among others.
The Managing Director and Chief Executive of LASACO Assurance Plc, Olusola Ladipo-Ajayi, told The Guardian yesterday, that the company’s key transactions in selected dollar denominated sectors have become major source of income for the company.
“They are in oil and gas, heavy engineering, construction, public and private sectors underwriting projects that LASACO has successfully led in recent times or is currently handling as the primary underwriter, or as a participating member of the handling consortium confirm our position as a key player in the Nigerian insurance industry.
Continuing, he said: “We have made significant progress in our energy and public sector underwriting businesses, using our considerable competitive strength and expertise to lead many big ticket accounts in the industry, with prompt payment of genuine claims, and superior customer service delivery.

Five things Barcelona must do differently

2012-04-24T06:47:00.000-07:00

Coach Pep Guardiola was left frustrated following the defeat in London and then saw his side lose the Clasico to Real Madrid at Camp Nou on Saturday. And with their hopes of winning La Liga now seemingly in tatters, the Barca boss must ensure the same thing does not occur in Europe.

Here, Goal.com takes a look at what Guardiola could do on Tuesday to ensure his side progress to the final and a possible meeting with either Madrid or Bayern Munich.

USE THE WIDTH OF THE PITCH AND SHOOT FROM DISTANCE

With Chelsea defending bravely and the midfield packed with men last week, Barca needed to look to the flanks but failed to do damage on the wings as Dani Alves and Adriano were unable to get beyond the Chelsea full-backs and assist the forwards.

Alexis Sanchez and Lionel Messi looked to attack through the middle and were faced with a wall of defenders, while Xavi and Cesc Fabregas were unable to take advantage of the pockets of space left by a rigid rearguard to open up the game with delicate through passes, either.

With little space to advance, Barca did try their luck from distance but saw the majority of their efforts blocked as Chelsea's defenders threw themselves heroically to stop the ball. Adriano and Seydou Keita both shoot well from distance, while Xavi, Messi and Andres Iniesta can also strike from long range.

Barca must use both of these resources on Tuesday.

A MORE CONVENTIONAL FRONT THREE

In the first leg, Alexis Sanchez made a number of diagonal runs into the middle when he received the ball. And although he took up two excellent positions from which he should have scored, he also came up against an almost impenetrable back line. In the Clasico, Pep was criticised for his use of Cristian Tello in attack, but the idea in theory was a good one and a more conventional front three could have done more damage in London, where Fabregas was utilised in a deeper role. Stretching the play with two fast forwards on the flanks and creating more space for Messi in the false-nine role could cause Chelsea problems in the return.

MAKE PROACTIVE CHANGES

With no space in midfield and few openings for Barca, changes were needed at Stamford Bridge. Guardiola was more reactive than proactive as he sent on Pedro for the injured Alexis Sanchez after 66 minutes, while Thiago replaced Cesc with 12 minutes remaining and Cuenca was introduced for Xavi close to the end.

Alexis had to come off anyway, while all three changes arrived after Barca had gone behind and the earlier introduction of Cuenca, in particular, would have livened up a Catalan attack struggling to break down the Blues.

BALLS OVER THE TOP

Probably the best chance of the whole match fell to Alexis after just nine minutes, when Iniesta sent a glorious ball over the Chelsea defence and left the Chilean clean through on goal, only for the South American to beat Petr Cech but not the crossbar when he really should have given Barca the lead.

The Catalans lack height throughout their team but could have made better use of this tactic as the match wore on, with Messi and Alexis ideally suited to these kind of balls, and Iniesta, Xavi and Cesc adept providers. Unable to find their way through at ground level, looking to beat the Blues back line with balls over the top was an obvious option - but one Barca failed to take advantage of after Alexis' early miss.

PICK PIQUE

Gerard Pique was an ideal choice for Barca's battle at Stamford Bridge as the Catalans conceded a notable height advantage to Roberto Di Matteo's men. But the Spain centre-back was left on the bench and Guardiola may have regretted that choice after Javier Mascherano failed to cut out the ball which led to Chelsea's goal.

Mascherano was preferred to Pique again in the Clasico on Saturday - and that didn't work out either. The Catalan defender will play on Tuesday, but he would have been extremely useful in the first match at Stamford Bridge as well, possibly even as a target man in attack as Barca chased the game against a Chelsea team who were coping comfortably at that stage of the game.

Eguavoen hopes for win against Kwara Utd

2012-04-24T06:41:00.002-07:00

The technical adviser of Enyimba, Austin Eguavoen has declared Wednesday's home game with Kwara United, a must win for his side.
Going into the game on the back of a loss to Rising Stars, Eguavoen pointed out that Enyimba needed the win to remain within the top four and give their title aspirations a massive boost.

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Enyimba have dropped to fifth spot with 31 points after Saturday's loss and the former Super Eagles manager is keenly aware of the dangers of slipping further down the log.
"We know what is expected of us. We know it is not going to be an easy game as Kwara United are also coming into the game with a loss but nothing short of a victory will be sufficient for us," Eguavoen told EnyimbaFC.net.
"To remain in contention for the league, we have to get back into the top four and try to get to the top. A win against Kwara United will afford us that opportunity," Eguavoen continued
Enyimba have struggled lately at home, requiring one goal victories over Jigawa Golden Stars, Dolphins and Rising Stars and drawing with Lobi Stars and Akwa United.
This not-so-impressive run of form has been a source of worry for Eguavoen and he was quick to point out that efforts were been made to change things, when asked about it.

"This is football, remember. Not every result goes as planned but we have to keep working hard. In the home games where it seems as if we have struggled, we have had the upper hand, dominated possession and created a lot of scoring chances, but the issue has been converting those chances.
"We keep trying to correct this in training and with the new players we have acquired, I'm sure we would soon start scoring easily," Eguavoen confidently added.
Kwara United have fortified their squad and they will be looking to cause an upset by defeating Enyimba at home.

Youths protest attack on Petroleum Minister

2012-04-24T06:25:00.000-07:00

PORT HARCOURT - HUNDREDS of youths disrupted traffic on some streets in Port Harcourt Tuesday protesting what they viewed as a deliberate ploy by some politicians from a section of the country to destroy the reputation of the Minister of Petroleum, Mrs Diezani Alison Madueke.
The youths who carried placards with various inscriptions such as: “leave Diezani alone”, “why should activities in the NNPC be traced to 2009 yet they failed to mention name of the Minister of Petroleum then”, “is it because Diezani is from a minority area that is why the attack”, and so on.
National Mobilisation officer, South South Youth Leaders Forum, Prince Presley Iyalagha who spoke to newsmen during the protest said youths of the region would no longer fold their arms and watch with pain political appointees from the region being humiliated over nothing by some others from other sections of the country.
Continuing, he said the protest was against what he described as unfounded allegations by the Farouk Lawal Probe committee against the Minister of Petroleum. Adding, he said since Mrs Diezani came onboard as Minister of Petroleum it had been one form of orchestrated attack on her or the other. He said all were part of the grand design by a section of the country to rubbish any political office holder at the federal level.
“The latest victim of this tribalistic attack is Mrs. Diezani Alison-Madueke, Minister for Petroleum, ever since she got in to office it has been one attack or the other, all coming from other parts of the country, the intent being to discredit her and give an impression that our people cannot manage public offices”, he said.
The group marched through streets in D line, Woji road and other parts of Port Harcourt.