₦airaland Forum

Shell divested majority of their upstream investment in Nigeria, Conocophillips is following suits with another divestment in the upstream. This is coming after most of these companies are strenghtening their core businesses which is "upstream" at the expense of their downstream assets. Also, the speculation surrounding their divestment from the much talked about Brass LNG project? Interesting

HNosegbe: Just a regular restructuring. They probably want to scale down on their operations or divest in order to take advantage of a better opportunity elsewhere. Nothing to be unnecessarily alarmed about.

Could be or could it be that they know something we don't know?

What exactly does this mean for the country?

Reuters) - U.S. oil group ConocoPhillips (COP.N) has hired BNP Paribas (BNPP.PA) to help sell its Nigerian assets, including on-shore, off-shore oil and gas fields and a stake in its LNG Brass facility, sources familiar with the situation told Reuters.

The assets were expected to attract interest from Nigerian companies such as Conoil (CONOIL.LG) and Oando (OANDO.LG) and Asian players including China's Sinopec 000554.SZ, Indian company ONGC (ONGC.NS), and South Korean firm KNOC, the sources said on Tuesday.

They could help ConocoPhillips raise about $2.5 billion and possibly more if they were sold separately, which is the most likely route, according to the sources.

ConocoPhillips could not be reached for immediate comment.

The on-shore assets are already fully functional and are seen as the most valuable part of the operations, while the early-stage Brass project could prove more difficult to value, one of the sources said.

A Nigerian local content act passed in 2010 is likely to complicate any transaction as foreign suitors need to team up with a local indigenous player.

The government passed the law, intended to give local firms priority when assets are being sold and in tenders for new projects, and it is likely to push for local ownership of Conoco's assets.

The state-oil firm, the Nigerian National Petroleum Corporation, is the majority shareholder in Conoco's on-shore and LNG assets and is seen as less likely to be among the interested parties, the sources said.

NNPC told Reuters on Tuesday it was not aware that Conoco was exiting the country.

Nigeria is Africa's largest oil producer, pumping more than 2 million barrels per day. The OPEC member also holds the world's seventh largest gas reserves, which are largely untapped.

Shell's recent disposals of on-shore oil fields in Nigeria have attracted interest from local firms, often through partnerships with established foreign companies.

ConocoPhillips recently completed the spin-off of its refining activities into Phillips 66, a newly created independent U.S. company.

http://www.reuters.com/article/2012/05/08/us-conocophillips-nigeria-idUSBRE8470TB20120508

Oga Soludo...Kudos to you for this brilliant piece.
Hopefully, this can make it to the front page.

This is just pure greed. How is the country to grow its real sector with 27% rate? What is the government doing about this?

Banks have raised lending rate to between 25 and 27 percent, thereby making credit to the real sector difficult, BusinessDay investigations have revealed.

However, industry operators attribute it to high operating costs occasioned by decaying infrastructure.

Also, the high monetary policy rate (MPR) the benchmark rate at which the Central Bank of Nigeria (CBN) lends to banks, currently at 12 percent, and the desire of banks to compete more keenly by responding more effectively to customer needs on cutting edge technology has brought about a rise in borrowing rate.

Consequently, the cost/income ratio of most banks, according to the 2011 financials being released, shows that their operational efficiency needs to be improved so they can play their intermediating role of providing the much needed credit to the real sector of the economy.

Cost/income ratio is an efficiency measure calculated by operating expenses, divided by operating income and is usually used for benchmarking by the banks when reviewing their operational efficiency. It is useful in measuring how costs are changing, compared to income.

For instance, the current full year financials of GTBank show that its cost to income ratio stands at 50.82 percent; First Bank, 56.8 percent; Zenith Bank, 62.76 percent; FCMB, 61 percent; Access Bank, 73 percent and UBA, 75 percent.

The implication is that for every N100 made as income, the banks spent the above listed percentages, a situation that makes them charge high lending rates, while paying customers between 4 percent and 6 percent on deposits.

The implication is that prices of goods and services are on the rise, with lower disposable income, brought about by the hike in the pump price of petrol and the new electricity tariff regime taking effect from June.

Consequently, producers are facing resistance from consumers who have cut down significantly on consumption. As a way out, manufacturers are embarking on sales promotions to beat expiry dates of products.

Segun Agbaje, managing director and chief executive of GTBank, attributed the ugly trend to the high cost of doing business, high inflation and the CBN’s benchmark rates, adding that it does not necessarily depend on the efficiency of the banks.

“When you consider the 12 percent MPR or the almost 12 percent inflation rate, add cost of doing business and overheads, you discover that the final rate has gone up,” Agbaje said.

Analysts say the development poses a serious danger to the banks, as they need to grow their loan portfolios to be able to compete with their emerging markets peers.

Analysts at Renaissance Capital (Rencap) in their February publication, ‘Nigerian banks, a new day again,’ said, “We examine the growth potential for the sector over the rest of this decade. At last year’s underlying run rate, we argue that private sector credit could easily grow at 25 percent-30 percent this year. Beyond that, banking penetration in Nigeria remains well below other emerging markets (EM), and even some frontier market peers.

“Looking at the big picture, we like the Nigerian loan growth story. Like Kenya and most SSA (Sub-Saharan Africa) markets, the Nigerian banking sector is far from mature, with financial institutions contributing only 3 percent to GDP. Banking penetration is well below other EMs, (Emerging Markets) with total loans/GDP at 32 percent – almost in line with Kenya at 34 percent, but lagging behind Egypt at 38 percent and South Africa at 90 percent. Banking assets/GDP also lags behind peers at 57 percent, vs Kenya at 66 percent, Egypt at 106 percent and SA at 111 percent.

“We see no reason why credit penetration in the country should not improve. Nigeria ’s demographics favour credit growth: We expect real GDP growth of 6-8 percent over the medium term, supported by a growing corporate sector. Consumer lending remains virtually untouched, with retail banking strategies focused largely on gathering cheap deposits. We believe this will change over time, driven by added competition from existing and new entrants and an improving understanding of the consumer market.”

Tunde Popoola, Managing Director/CEO, CRC Credit Bureau, said, “Commercial banks have had to incur a lot of costs trying to maneuver to ensure all the payment solutions work; and they do this individually. Some banks have resorted to the use of biometric equipment to capture customer information to reduce the incidence of fraud and losses in the absence of a reliable national means of identification.

“It is my submission that until the government comes to the rescue of the private sector and entrepreneurs by providing the basic infrastructure on which the companies can latch , we will continue to encounter less than efficient service delivery from our banks, telecommunication companies, financial services payment solutions and credit infrastructure.”

http://www.businessdayonline.com/NG/index.php/news/76-hot-topic/36512-banks-raise-lending-rate-to-27

Competition

Why?

[quote author=ekt_bear]I agree, Apple shouldn't be compared with Dell or HP. Such a comparison is somewhat nonsensical...they've never been about selling commodity computers. They've focused on the higher end market, essentially "luxury" computers.

But anyway, computers aren't the biggest reason for their high growth.

So for a variety of reasons, they shouldn't be compared[/quote]I agree with your differentiation analogy... not the slow growth analogy you used earlier. 2-3 years ago, Apple, HP, Dell, Sony, were all competing head to head in the same market. Just because HP and Dell lost major market shares to Apple, Lenovo, Samsung and others does not mean they are out of that market completely. They're still competing, and can bounce back at any time. Keep in mind, these companies are playing in the technology market. All it takes is only one product to change the game. And When that turn around happens, does that mean they can't be a comparable company anymore? My point is that; slow growth in technology market does not mean anything since no company is immune to it, therefore should not be used as a yardstick for comparing companies.

Why not? Are they not competing in the same market?

PC
Tablet
Server
Phones

Slow growth has never been a yardstick for determining comparable companies.
Its always about the competing products

[quote author=ekt_bear]The fundamentals are great. Rapidly rising sales, high profit margins, rapidly rising profitability. Low P/E.

Basically, iPhones, iPads, and to a much lesser extent iPods and Macbooks.[/quote]While i agree with you that they have an ok (not great) fundamentals; based on their reserve cash, ok products and great competitive advantage (marketing) and not because of their low PE.Their PE is not that great when you compare them company with HP, Dell and other comparable companies. They have a lot going for them right now considering they just announced share buyback program couple with the cash distribution worth about $50 billion, still going to be holding $50 billion in cash reserve after distribution, New Ipad, New Iphone, Mac series and other marketing intangibles. The question still remain, is the company worth its current price tag, approximately $600 billion?

What is driving the stock price? Fundamental or speculation?

Well....Thank you
After so many trial and error...finally got one
Thank God for the law of averages

Alhaji Lateef Kayode Jakande

Alhaji Lateef Kayode Jakande, (born 23 July 1929) was a journalist who became governor of Lagos State in Nigeria from 1979 to 1983, and later was Minister of Works under the Sani Abacha military regime (1993–1998).

Background
Lateef Kayode Jakande was born in the Epetedo area of Lagos Island on 23 July 1929. He studied at the Lagos public school at Enu-Owa, Lagos Island, then at Bunham Memorial Methodist School, Port Harcourt (1934–1943). He studied briefly at King's College in 1943, and then enrolled at Ilesha Grammar School in 1945, where he edited a literary paper called The Quarterly Mirror. In 1949 Jakande began a career in journalism first with the Daily Service and then in 1953 joining the Nigerian Tribune. In 1956 he was appointed editor-in-chief of the Tribune by the owner Chief Obafemi Awolowo. His editorials were factual and forthright, and were treated by the colonial powers with respect.[1] After leaving the Tribune in 1975, Jakande established John West Publications and began to publish The Lagos News. He served as the first President of the Newspaper Proprietors Association of Nigeria (NPAN).

Governor of Lagos State
Encouraged by Awolowo, he ran for election as executive governor of Lagos State in 1979, on the Unity Party of Nigeria platform, and was elected. His administration was effective and open. He introduced housing and educational programs targeting the poor, building new neighbourhood primary and secondary schools and providing free primary and secondary education. He established the Lagos State University. Jakande's government constructed over 20,000 housing units. The schools and housing units were built cheaply, but were of great value.[1] He also started a metroline project to facilitate mass transit. The project was halted and his tenure as Governor ended when the military seized power on 31 December 1983.

Later career
After the military take-over in 1983, Jakande was charged, prosecuted and convicted of treason, although later he was pardoned. After being freed, he accepted the position of Minister of Works under the Sani Abacha military regime, which earned him some criticism. He claimed that he had accepted the post under pressure from MKO Abiola and other progressive leaders.[3] In a later interview, he said he had no regrets about the decision to serve.[4] However, his association with Abacha handicapped his career in politics after the restoration of democracy in 1999.

Alhaji Lateef Kayode Jakande became a senior member of All Nigeria Peoples Party (ANPP) when the UNPP and APP merged. In June 2002, he was "suspended" by a faction of the ANPP loyal to Chief Lanre Razaq.[6] Jakande was the first chairman of the Action Party of Nigeria (APN) when it was formed in November 2006. In May 2009, he was reported to be engaged a struggle for control of the party with his former ally, Dr. Adegbola Dominic.[7]

Many prominent people attended his 75th birthday celebration. At this event, Governor of Lagos State Bola Ahmed Tinubu said Jakande was worth celebrating for his life of consistent commitment to public service. Imo State Governor Achike Udenwa said Jakande's life and times epitomised "resilience, positive audacity, bravery and bravado, and a knack for excellence."

Timothy Adeola Odutola

Early life

Adeola Odutola was born in Ijebu-Ode, a community, which earlier had a fructifying gateway to the port of Lagos. However, the coming of colonialists had clipped the sovereignty of the Ijebu's and their right over the Lagos transit. It was during the latter period that he was born to the family of an Ijebu produce trader. He attended St Saviour's School, Italupe but he left at the age of fifteen after the death of his father. He was transferred to Ile-Ife by his family to ease his mother's burden but he later returned to Ijebu Ode to re-unite with his family and try to complete his secondary education. He then registered and attended the Ijebu Ode Grammar school for four years. After cutting short his secondary education, he left for Lagos to fend for himself. He became a clerk in various departments of the Lagos Colony and later, in the Ijebu Native Administration. He occupied his spare time by engaging in private trading from 1921-1932.

Business career

In 1932, he resigned his position as a court clerk and entered private enterprise. He soon opened damask stores and fish stalls at various cities in western Nigeria, such as Ife, Ibadan, Ilesha and Lagos. After, his subtle beginnings as a fishing net and damask trader, he entered the Cocoa and Palm trading business and started buying lorries to transport the produce to Lagos for export. He built two large commodity storage stores during this period, one was located at Ijebu Ode, he was also involved in the business and political community as a member of the Produce Buyers Union and the Nigerian Youth Movement. However, the establishment of marketing boards, and the subsequent power of the boards to regulate Cocoa and Palm oil trading proved to be an inhibiting factor to private entrepreneurship in the commodity produce business. Odutola, gradually, transferred his resources and energy to saw milling and gold mining at Ilesha. He also became a major agent for John Holt Nigeria. At the beginning of the drive towards industrialisation in Nigeria,Odutola extended his industrial prowess to the production of rubber goods and started the manufacturing of cycle tyres and tubes in 1967.

Throughout his career, he established various factories in the country, spanning, the transport and food industry, he also built a secondary school at Ijebu-Ode. He was a member and later president of the Nigerian Stock Exchange and the Manufacturers Association of Nigeria in the early 70s.

[quote author=Capt.Barbosa]But, you should know that Jonathan is more of a "slight" shift from the old generational "owners" of nigeria and should be supported by all and sundry.[/quote]So this is the new anthem now "Slight shift from old generation, Owners of Nigeria". And just because of this, and not because he has no shoes (now he can afford shoes)...we should allow him to continue. What happened to being judge by results, pragmatism, facts and other important parameters. Why do most of us always have to reason and be blinded by these ethnic sentiments and religious speculation. Seriously ...this is 2012 and all these people thinking along these lines need complete mental reorientation. Real progress will not/never happen in Nigeria unless/until we vote in the right people based on merit; necessary knowledge, experience, attitude, character and other ammunition needed to progress our economy.

If you've never dream or have any intention of being at the top based on shared hard-work, perserverance; then, success of Africans who rose from bottom of the pit will not matter to you. But if your aim in life is to get to the top, from the bottom of the pit ...then people like these are your role models. Africans such as Agbede does not have to create employments in Africa before their impacts can be felt. They don't have to erect one ounce of Bore-hole or educational facilities in Nigeria before we know who they are. Although, all those employments and social amenities will go a long way. Their shared courage, Hard-work, perserverance and success stories will resonate with every African descents out there, striving to make it to the top. Mr Agbede has contributed his quota in raising the bar of excellence as a Nigerian, African and as an African American. Knowing something is possible based on fact can only improve our motivation, hence the urge to suceed, it can never deter it. His success story deserve commendation and celebration, in respective of his country of operation. Only God knows how many people will achieve their success stories, just by reading and learning from this man's history. Most/all of us are living witness to the success story of Obama and how it is reorienting the minds of all African descents.

Let us all view and appreciate success for what they really are, in respective of where they're coming from. Reading negative meaning into every success stories will cloud our judgement and stop us from learning from their verse experience. We all need Other Peoples Experieince (OPE) to be great in this life.

Mr Agbede, Kudos to you and thank you for making Africans proud and for raising the bar of excellence a little higher.

To reiterate Yamakuza, both are important. You need both to survive in this era we live in, but you need one more than the other. Money at the end of the day will achieve the result you want, better than information. We live in the information age, and the people who makes the big bucks are people with access to quick information. All your hedge funds, equity traders, forex traders, bankers, marketers, and other business people thrive on information. Information on where to buy low, strategy, and others. But your information will be useless if you cannot execute your plan due to lack of capital. Idea alone cannot turn into running business, it requires funding. Money on the other hand can buy idea and turn it into running business. Lets take the stock market for example; assuming you get a first hand information that First Bank wants to acquire Access bank at 50% premium over their current price. The information will be useful only if you have the fund available to accumulate access shares. If you don't, the information will be useless. On the other hand, you can easily sell the information to someone who can/will monetize it.

Information alone - fund = Information in its original form
Money + (bought information) = Desired result

FOR Woodlands resident David Olowokere, one of Nigeria’s sons, having a master’s degree in engineering just wasn’t enough for his people back home. So he got a doctorate.

His wife, Shalewa, a civil engineer, didn’t stop at a bachelor’s, either. She went for her master’s.

The same obsession with education runs in the Udeh household in Sugar Land. Foluke Udeh and her husband, Nduka, both have master’s degrees. Anything less, she reckons, would have amounted to failure.

“If you see an average Nigerian family, everybody has a college degree these days,” said Udeh, 32, a physical therapist at Memorial Hermann-Texas

Medical Centre. “But a postgraduate degree, that’s like pride for the family.”

Nigerian immigrants have the highest levels of education in this city and the nation, surpassing whites and Asians, according to Census data bolstered by an analysis of 13 yearly Houston-area surveys conducted by Rice University.

Although they make up a tiny portion of the U.S. population, a whopping 17 per cent of all Nigerians in this country held master’s degrees while four per cent had a doctorate, according to the 2006 American Community Survey conducted by the U.S. Census Bureau. In addition, 37 per cent had bachelor’s degrees.

In comparison

To put those numbers in perspective, eight per cent of the white population in the U.S. had master’s degrees, according to the Census survey. And one per cent held doctorates. About 19 per cent of white residents had bachelor’s degrees. Asians come closer to the Nigerians with 12 per cent holding master’s degrees and three per cent having doctorates.

The Nigerian numbers are “strikingly high,” said Roderick Harrison, demographer at the Joint Centre for Political and Economic Studies, a Washington, D.C., think tank that specializes in researching black issues.

“There is no doubt that these are highly educated professionals who are probably working in the petrochemical, medical and business sectors in Houston.”

Harrison analyzed the census data for the Houston Chronicle

Stephen Klineberg, a sociologist at Rice University who conducts the yearly Houston Area Survey, suspects the percentage of Nigerian immigrants with postgraduate degrees is higher than Census data shows.

Of all the Nigerian immigrants he reached in his random phone surveys 1994 through 2007 — 45 households total — Klineberg said 40 per cent of the Nigerians said they had postgraduate degrees.

“These are higher levels of educational attainment than were found in any other...community,” Klineberg said.

There are more than 12,000 Nigerians in Houston, according to the latest Census data, a figure sociologists and Nigerian community leaders say is a gross undercount. They believe the number to be closer to 100,000.

Staying in school

The reasons Nigerians have more postgraduate degrees than any other racial or ethnic group are largely due to Nigerian society’s emphasis on mandatory and free education. Once immigrating to the U.S., practical matters of immigration laws get in the way.

The Immigration and Nationality Act of 1965 made it easier for Africans to enter the U.S., but mostly as students or highly skilled professionals — not through family sponsorships, Klineberg said.

So many Africans pursue higher levels of education as an unintended consequence of navigating the tricky minefield of immigration, said Amadu Jacky Kaba, an associate professor at Seton Hall University in South Orange, New Jersey, who has done research on African immigrants in the U.S.

“In a way, it’s a Catch-22 — because of immigration laws you are forced to remain in school, but then the funny thing is you end up getting your doctorate at the age of 29,” Kaba said. “If you stay in school, immigration will leave you alone.”

Although Kaba, who teaches Africana Studies, is not from Nigeria (he is Liberian), he said he, too, found himself pursuing a master’s and then a doctorate to remain in this country legally.

But not all Africans have to go this route. Some say their motivation is driven by their desire to overcome being a double minority: Black and African.

Take Oluyinka Olutoye, 41, associate professor of pediatric surgery at Baylor College of Medicine. He came to this country already as a medical doctor but decided to pursue his doctorate in anatomy to help set himself apart.

“Being black, you are already at a disadvantage,” said Olutoye, whose wife, Toyin, is an anesthesiologist at Baylor. “You really need to excel far above if you want to be considered for anything in this country.”

Family expectations

All this talk of education creates high expectations for children of Nigerian immigrants. The eldest child of David Olowokere, chairman of the engineering technologies department at Texas Southern University, for example, is already working on her master‘s degree in public health in Atlanta; the middle child is pursuing a bachelor’s in pre-medicine. His youngest, a son, attends The Woodlands High School. He already has aspirations to go into engineering, just like his parents, Olowokere beams.

“The goal is for them to do as good as us — if not better,” he said.

Olutoye put it another way.

“The typical saying in a Nigerian household is that the best inheritance that a parent can give you is not jewelry or cash or material things, it is a good education,” he said. “It is expected.”

PHDs: Is higher learning helping Africa?

Ejike Okpa II, a Nigerian in Dallas, Texas analyzed the craze for higher degrees and says it gets one good employment only.

Economic empowerment is about ownership and control, as opposed to a plethora of degrees and certificates that often end up costing more to obtain than the spill-over benefits to the greater community in the form of job creation and sustainable employment base. This is a debatable proposition though.

There are examples of some highly educated people impacting the greater community by doing what they have passion for, doing the heavy lifting - hard work and dedication and applying entrepreneurial efforts, rather than regurgitated knowledge/lessons acquired because one was patient to have gone through the attendance requirements, paid the fees and scored minimum grades to earn a paper.

PHD - Permanent Head Damage.

PHD - Passion Hard-work Dedication.

MBA - Minor Bank Account.

MBA - Major Bank Account.

The above is satirical to denote that education has mostly not delivered for the black race. Of the 5,000 major influential world global corporations for example, hardly any has roots in Africa. In a recent survey and ranking of world universities and colleges, only a few universities in two African countries made the list. Another notable challenge: Many black institutions in U.S. and Africa hardly have any endowment, and basically run on thin resources.

“In 2007, there were over 1.9 million black owned businesses in the U.S. That number is growing rapidly. According to the U.S. Census, the average black owned business grosses about $72,000 per year. This is below the national average for other minority businesses, which gross an average of $179,000. In addition, non-minority firms gross an average of $490,000 per year.”

No Nigerian university has any endowment to speak of, and of all the clamour and glamour of wealthy Nigerians, none of them has stepped up to endow any faculty or school in a Nigerian university. Rather, they will give millions to build or support churches and mosques, just like black folks do in U.S.: Build mega churches but create no jobs.

Unemployment is highest in African-American communities, and despite many that claim to be rich even enjoying the rare rank of billionaires, the trickle-down effect is marginal. Rich African-Americans have no significant workforce economic impact as can be seen with entertainers and athletes, the highest earners in the African-American clan, but a group whose collateral impact is often imagined than quantified. Of all business enterprises/ companies formed in Texas by African-Americans, more than 70 per cent are for non-profits. This begs the question: Whose profit are they looking for before they make theirs? Small businesses, the largest employer in U.S.: Convenience stores, restaurants, handy-man services, construction services, African-Americans are least represented. In Dallas for example, there is no African-American 3-5 star owned restaurants. Of all gas stations and conveniences in black neighbourhoods, less than five are owned by African-Americans. Majority are owned by immigrants.

Without a bank in U.S. owned by African-Americans worth a billion dollars, even with a yearly consumption value approaching a $1 trillion, and many communities lack community banks or viable credit unions, playing in U.S. competitive economic arena becomes like one pulling a tooth with a toothpick.

Access to capital is a limiting factor, and one is further limited if they own no financial institution to provide credit. According to U.S. Department of Commerce, ethnic minorities have on the average less credit access than Caucasians.

Credit/capital is the juice for labour to make goods. And when Africans-Americans are lent capital/credit, they are most likely to end up with higher interest rate payment than most; a stifling and choking proposition. Therefore, to be considered a significant player in the world global economic order with domestic presence, prayers will not cut it. One must own their own financial institutions and extend credit to their community and constituents. Africans/Blacks must quit being seen as players and migrate to referees, in which role, they call the game fair or foul.

It does appear folks will work for others’ establishments Monday-Friday to devote their man-hours, Saturday they rest and on Sunday, they pray for strength to continue again M-F. Blacks would rather go work for the government or non-black owned company than theirs, just like Africans will prefer working for multinational corporations than nurture theirs into a multinational company. In today’s Nigeria/Africa, many multinational corporations do not allow Nigerians/Africans access to the same set of amenities! You got the gist!!

Here are some statistics - Blacks in U.S. are the most to graduate with Ph.D., but often create the least economic impact and benefits for their community. Most blacks with MBA, rather go work for someone or corporation than actually own a business. Most blacks end up teaching others how to graduate with business education but never muster the courage to go out and own one for themselves.

So the question is, if education is seen as an enabler not necessarily an equalizer, how come for blacks or Africans, the outcome of their education appears less than? Does this stretch the notion that equal opportunity as in education, does not mean equal outcome?

Since labour (skilled and unskilled) is seen and considered the most viable/critical of all factors of production, and blacks and Africans rather give others their labour, can this be the reason for the less than outcome?

Until certain fundamental approaches/attitudes /culture in the manner Africans/blacks conduct their affairs are structurally altered for positive outcome with unapologetic stride and drive to elevate and depart from the squalour and door mat situations, the dance and song in the square about educational titles, are just that - clamour/glamour with little substance.

Now go take on the day: Shelve the degrees and cultivate PHD - Passion Hard-work and Dedication.

Enemies of Nigerians at work

March 22, 2012 by Ade Adesomoju 29 Comments
Lagos-based lawyer, Mr. Gabriel Amalu, has asked a Federal High Court, Lagos to stop the operations of three task forces of the petroleum ministry set up by the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke.

One of the task forces, Ministerial Committee on Petroleum Revenue Special Task Force, is headed by former Chairman of the Economic and Financial Crimes Commission, Mallam Nuhu Ribadu.

The others are Ministerial Committee on Governance and Control Task Force, headed by Dotun Suleman, and the Ministerial Committee on National Refineries Special Task Force, whose Chairman is Dr. Idika Kalu.

Amalu, in a supporting affidavit, stated that the suit was informed by the need to stem the conduct and acts of the Petroleum Minister.

The plaintiff noted that the setting up of the committees was an unconstitutional transfer of the powers of the Petroleum Minister and that of other agencies and parastatals of the ministry.

According to Amalu, section 5(1) of the Constitution and Section 12 of the Petroleum Act, Cap P10, Laws of Nigeria 2004, stipulates the responsibilities of the Minister of Petroleum and other agencies and parastatals in the petroleum ministry.

He maintained that such duties were not meant to be delegated.

Amalu, in a notice for interlocutory reliefs pending the determination of the substantive suit sought the court’s interim order restraining the said committees from exercising the functions of the minister and those of parastatals of the Ministry as provided for in relevant laws.

http://www.punchng.com/news/lawyer-moves-to-stop-ribadu-committee-others/

babs4president: NOOO, Obasanjo is all bt roba & ad it bin he is 4rm advcd country he b wil coolin his leg in jail, n shame 2 us d youth who made noise bt alwys afraid 2 fite by comin out of d street. Do U hear anytin afta d fuel subsidy probe yet d revlation dat cam out of it is enof 2 start revltion. Nigerian youth ar 2 timid bside avin ethnic sentiment. It is shame.

This post is not about a guilty president, corrupt leaders, hatred for past president because they jailed our family for corruption, sectionalism or other names you want to give it. While all these are relevant and important points of discussion, not just on this thread. Thats why people are free to start another thread that reveals all evils committed by our past leaders. I am sure we can all learn from the discussion.

This post is simply about moving Africa forward, who's playing major role and why. Obasanjo is leading the pack and thats why I posted it. I am sure we have other leaders running this kind of show. Please, lets post their contribution here so that we can objectively celebrate them.

[color=#006600][/color]
@ Yamakuza

Spot on man

So, your definition of "high standard" is prosecution, and no-prosecution equals low standard. Common, be real.

Its high time citizens of Nigeria realize that the likes of Obasanjo, IBB, Atiku et..all cannot be prosecuted or go to jail and we can also be rest assured that they will never taste the presidency again as well. Then, The least you can do and expect from them is to encourage and allow them to be useful to our economy. They wield so much influence, connection which Nigerians / Africans must harness for the benefit of Africans. These leaders can still press buttons that ordinary citizens only dream of, in order to drive positive change in Africa. Let's push them by supporting their positive agenda, and drive change before they all pack up and go.

At least he's out there doing something constructive for the benefit of Africans. We should all see this as positive gesture coming from Obasanjo, and we should all in respective of our past hatred for the man commend his effort.

Some of Nigerian / African past leaders believe that because of their non-relevance in active politics, they have no role to play anymore in the moving their country or Africa forward. They are wrong. More of them need to come out of their hideout and get involve; to raise money for the progress of the continent, speak against injustice, push for peace, canvass for eradicating poverty in Africa, and other missing links in Africa.

We need more people like Obasanjo to fill all these voids.

And how do you know this?

While I don't agree with your speculation. Even if the man doesn't contribute his funds, the effort alone is worth more and it speak volumes.

Another celebrity of sorts has thrown his hat into the African private equity ring with an ambitious, probably overly ambitious, new fund. Former Nigerian President Olusegun Obasanjo is busy promoting his new advisory firm, New World Capital Ltd., in London, the Wall Street Journal reports. The venture, to which Obasanjo is acting as an advisor, hopes to convince institutional investors and high net worth individuals to invest in Africa. The firm offers advisory services and has launched a private equity fund targeting over USD1bn that will invest in agribusiness, healthcare, energy and hospitality.

No word on who will actually be managing the fund, and whether the team will have anything close to the experience necessary to attract and successfully deploy that level of capital on the continent.

Bob Geldof’s celebrity vehicle 8Miles also struggled to raise the USD1bn it aimed for, and now revised the target down to USD450m. Part of the problem may well be that in the increasingly competitive PE industry in sub Saharan Africa, it is not enough to enter the market with a big name – LPs will look at the team and the concept rather than be swayed to hand over millions by a famous name.

http://www.africa-assets.com/news/obasanjo-promotes-africa-pe-fund

A beautiful woman belongs to everyone but an ugly woman is all yours

Fortune is like a woman:If you neglect her today, do not expect to regain her tomorrow.

There are two theories about arguing with women.neither works.

Age is the only topic women will keep quiet about

Behind every successful man there’s a great . . .nag, nag, nag

A deaf husband and a blind wife are the perfect happy couple

A jealous lover will become an indifferent spouse.

A poor beauty finds more lovers than husbands.

A good husband is healthy and absent

A wife is frightened of her first husband. A husband is frightened of his second wife.

A wife’s advice is not worth much,but woe to the husband who refuses to take it.

He who marries for money will earn it.

If you want to be criticized, get married

Afam,

I agree with you, Yoruba leaders are to blame for the rot in southwest. However, the past is the past which we cannot do anything about but only to learn from. I think this is a good work on their part and this single act should be commended. The burden now lies on our southwestern governors to borrow from this blueprint to reposition and move southwest forward.