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Mainstreet Bank Ltd. on Thursday gave an option of voluntary disengagement to some of its workers who have spent between two and three decades.

The “soft landing” for the ageing workers was part of the reform package of the bank.

The bank declined to disclose the details of the severance packages, but it was learnt that they include mouth watering financial packages and pension.

The ageing workers, estimated at about 65 per cent of the staff strength of the bank, were considered a barrier to the challenges of modern banking.

Read more [http://www.businessdayonline.com/NG/index.php/banking-a-finance/36618-mainstreet-bank-offers-voluntary-exit-option-to-workers]

;DThe House of Representatives yesterday resolved that the ministers who supervised federal ministries of finance and petroleum resources, as well as the office of the Director-General of Budget and the Office of the Accountant- General of the Federation, involved in the extra budgetary expenditure under the Petroleum Support Fund Scheme from 2009-2011 should be investigated and prosecuted by relevant anti-graft agencies.

Going by the House recommendations, high profile Nigerians to be probed and possibly prosecuted are Shamsudeen Usman (finance minister 2007-2009), Mansur Muktar (finance minister 2009-2010), Olusegun Aganga (finance minister 2010 –June 2011), Rilwani Lukman (petroleum minister 2007-2010) and Diezani Alison-Madueke (petroleum minister 2010 –till date).

Read more here [http://www.businessdayonline.com/NG/index.php/news/76-hot-topic/36590-reps-ask-anti-graft-agencies-to-prosecute-alison-madueke-lukman-usman-muktar-aganga]

The Federal Executive Council (FEC) on Wednesday approved the award of more than N90.7 billion contract for strategic gas supply to various power generation plants in the country.

Minister of Information, Labaran Maku disclosed this after the Council meeting presided over by President Goodluck Jonathan.

Maku said the contract was approved by Council to address power outages in the country which had been largely attributed to gas shortage. ``Inadequate gas supply has been one of the reasons for recent downturn in power generation.

Read more here [http://www.businessdayonline.com/NG/index.php/news/76-hot-topic/36580-fg-approves-n100bn-for-power-generation]

A bomb blast which occurred close to a football viewing centre in Tudun Wada, Jos on Tuesday night has claimed the life of one person with 9 other victims recuperating in two hospitals in the city.

Read more here[http:///Iauh9Q]

Dr Mas’udu Kazaure, Executive Secretary, National Board for Technical Education (NBTE), said that arrangements had been concluded for the conversion of two Federal Polytechnics to full degree awarding institutions.

Kazaure, who said this on Tuesday in a telephone interview, identified the polytechnics to include the Yaba College of Technology, (YABATECH) and Kaduna Polytechnic (KADPOLY).

He said that the reports and recommendations by the committee set up to handle the conversion exercise were ready. ``The Ministry of Education is taking a final look at the reports and has started working on it and we are waiting for the smooth and successful takeoff of these two Universities of Technology. ``You know that government had also been busy with the establishment of some new universities spread across the country, all in a bid to create more access to our teeming school leavers. ``The committee has done a good job, taking into consideration issues such as staff training and upgrading of facilities that would befit the status of the universities``, he said.

Kazaure noted that as soon as all the recommendations were put in place, the Universities of Technology would take off. He disclosed that henceforth, the board would no longer accredit any newly introduced course in Polytechnics and Monotechnics that would not contribute to industrial growth for the purpose of national development.

``We are taking issues of technological advancement seriously and because we are basically dealing with the development of industrial manpower, we would lay emphasis on courses the nation can directly benefit from``, he said.

The approval for the conversion of the two polytechnics was given by the Federal Executive Council (FEC) in 2007.

http://www.businessdayonline.com/NG/index.php/news/284-breaking-news/36529-two-federal-polytechnics-to-start-awarding-degrees

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

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

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

An America based Professor, Victor Dike has dragged the Governor of Central Bank of Nigeria, Sanusi Lamido Sanusi to a Federal High Court sitting in Abuja over plagiarism.

Dike who is Adjunct Professor at the School of Engineering and Technology, National University, Sacremento, in a statement of claims filed by his counsel, Mr. E.U. Chinedum, alleged that the CBN governor breached his copy rights at a public lecture he delivered at the 8th Convocation Ceremony of Igbinedion University in Okada, Edo State, on the 26th November 2010, titled 'Growth Prospects for the Nigerian Economy'.

Dike, who is also the Chief Executive Office and Founder, Centre for Social Justice and Human Development in California, US said that Sanusi copied verbatim from his articles without referring to him as the original author.

The professor claimed that Sanusi copied from pages 98,99 and 100 of his work titled, 'Review of the Challenges Facing the Nigerian Economy: Is National Development Possible Without Technological Capability?'

Read more [http:///IoMUVa]

About three years after the banking industry was shaken by the discovery and exposure of a culture of corporate governance abuses by rogue bankers in the business, a number of significant documents that detail specific cases of how the abuses were carried out have now been obtained by Business Day.

The documents show specific and graphic cases of impunity and a pattern of behaviour that mirror globally celebrated fraud cases such as those of Bernard Madoff, the financier who operated a scheme that later turned out to be the biggest fraud in the history of the United States, and Fred Goodwin, former Royal Bank of Scotland chief executive, who led the bank to collapse, forcing it to receive the largest government bailout in the United Kingdom. Both men suffered severely from their roles in the respective cases.

But the documents now in the possession of BusinessDay show that questions will yet be asked about whether all the perpetrators of these acts have fully answered for their actions, established in internal and external audits, as well as forensic reports that show what had gone wrong at now defunct Oceanic Bank, Intercontinental Bank, Finbank, Bank PHB, Spring Bank and Afribank, amongst others.

A pattern of cover-up across the old banks is shown in documents, and in particular, the case of Intercontinental Bank, where Germany’s Deutsche Bank, one of its correspondent banks, raised an anti money laundering request in a letter dated September 3, 2009 concerning huge transfers of funds on behalf of the erstwhile group chief executive, Erastus Akingbola, which triggered investigation over misappropriation of funds.

Transfers were made without backing funds in accounts. On July 13, 2009, 1.3 million pounds were transferred to United Kingdom’s Fuglers Solicitors. On March 11, 2009, a transfer request for 8.54 million pounds from Intercontinental Bank’s Nostro account, held with Deutsche Bank was again made. The documents notes that “these funds were transferred from the Nostro account (Deutsche Bank) of the Bank, for Dr Erastus Akingbola when he had no such fund in his Domiciliary accounts (GBP&USD)”.

Click to read more[http://www.businessdayonline.com/NG/index.php/news/76-hot-topic/36428-reports-expose-culture-abuse-in-defunct-ibplc-oceanic]