₦airaland Forum

Funds, road construction may delay $3bn Lagos light rail – Investigation

By Rasheed Bisiriyu
Friday, 12 Nov 2010


The 2011 delivery date for the Lagos light rail project may no longer be achievable, following delay in the release of funds to the contractor handling the project, China Civil Engineering Construction Corporation, investigation by our correspondent has revealed.

Construction of two out of the seven rail lines proposed for the $3bn project was to have commenced early in the year, but CCECC could not immediately mobilise to site until a few months ago.

The light rail replaces the metroline network conceived by the Lateef Jakande administration in the Second Republic.

A source at the Lagos Metropolitan Area Transport Authority, the company supervising the project on behalf of the state government, which gave the hint on Thursday, said 2013 was being considered for the completion of the two lines.

The source said, ”The completion time when the light rail project was approved was 2011 but this was changed to 2012 at the beginning of the year. But as it is now, 2012 is no longer feasible. The project cannot be completed earlier than 2013.”

The state government will fund the infrastructure of the rail project and guide interested private firms to operate the lines as being done with the Bus Rapid Transit scheme.

Unlike road infrastructure, which is receiving financial support from the World Bank, the state government is exclusively funding the light rail, which is a more capital expensive project.

According to the source, ”The fixed assets, including construction of the alignment, bridges, and stations, will be wholly funded by the Lagos State Government.

”A concessionaire is currently being sought to procure and finance rolling stock and depot facilities, as well as provide operations and maintenance over a 25-year period. The concessionaire will be compensated through passenger revenues, as well as revenues earned from retail activities within stations.”

The Managing Director, LAMATA, Dr. Dayo Moberola, in a terse reply to an enquiry on the update of the project, said 15 per cent of the work had been completed, ”including ground work.”

Apart from funds, he also said that the speed of work would be determined by Julius Berger Nigeria Plc, the contractor handling the expansion of the Badagry Expressway.

While the red line rail is to run from Marina to Agbado, covering Agege, Mushin and Iddo; the blue line has a stretch of 27 Kilometres, running from Okokomaiko to Marina through Mile 2, one of the most densely travelled corridors in Lagos.

The blue line is being developed in conjunction with the Badagry Expressway Project, a proposed toll road from Lagos to Badagry.

The source said, ”Even if CCECC wants to speed up its work, it can only go at the pace of the road project because they are intertwined. So, CCECC can only go at the pace of Julius Berger, which is working on the road expansion.”

Another source at CCECC, which also requested not to be named, said that what the Chinese firm was doing currently was laying a solid foundation for the superstructure.

According to him, ”The rail line will fly on a bridge from the National Theatre to the Iganmu Station, which is currently Orile Bus Stop.”

A visit to the head office of the Nigerian Railway Corporation on Thursday revealed that a lot of earthwork was going on at the proposed work yard for the light rail.

The Chinese workers were also found to be busy working on the Orile-end of the project, causing major traffic congestion on both sides of the road.

http://www.punchng.com/Articl.aspx?theartic=Art20101112123814

AMCON: Loan purchase to enhance sale of rescued banks, say analysts .

Wednesday, 10 November 2010 00:00 Blessing Anaro & Iheanyi Nwanchukwu  . .•Chike Obi says AMCON will take over N620bn debt


Approval by the board of the Asset Management Corporation of Nigeria (AMCON) for the Corporation to buy non-performing and margin loans will ease the sale of the eight banks rescued by the Central Bank of Nigeria (CBN), analysts assured yesterday.

Notable analysts who spoke with BusinessDay expressed confidence that the move will stabilise the stock market and encourage banks’ lending to the real sector.

The move, they say, give an assurance that the non-performing and margin loans weighing down the banks will be taken off their books and thus encourage hesitant investors to take bolder steps at acquiring the banks.

A particular analyst puts it succinctly that the action taken by the AMCON board will serve as the “balm to the future of the banking industry, as it will become more secured than ever.”

Victor Ogiemwonyi, managing director and chief executive of Partnership Investment plc for instance said: “I think AMCON has shown that it will take its job seriously. Their actions to date and the speed and fair value given to assets they are acquiring in this first phase, have given them credibility. The implication for the market is very positive”.

He said once all the toxic assets are taken off the books of the rescued banks, they will now have the room to resume lending to the economy.

Ogiemwonyi also believes that the stock market will soon begin to see positive upward movement that will allow its asset inventory close higher this year.

The anticipated situation, he said, will be good for those who have invested in the stocks market, adding that they will all close their books with better valuation for their stock market portfolios and lifting asset valuations of all companies. “We have long advocated that AMCON was the right way to go,” he said.

In the same vein,  Tope Fasua, a Dubai, United Arab Emirates based investment management specialist, said taking over bank assets that were secured with equities at 60 percent of original value will, in reality, be more than what those shares are currently worth, considering that the value of most of the distress loans secured with shares declined by over 90 percent.

Quoting Renaissance Capital, Tope said: “Valuing such loans at 60 percent is, therefore, quite magnanimous. The capital market is likely to receive that most favourably, because such shares would naturally buy banks shares at much above their current values,” he said.

On loans secured against landed property, Fasua said the problem usually associated with it is that because of the nature of valuations in Nigeria, they are often fictitious, adding that the value people usually put on a property is at best mere conjuncture.

Bismarck Rewane, chief executive officer of Financial Derivatives Company (FDC) Limited told Business Day in a telephone chat that he is confident that the asset management firm under Mustafa Chike-Obi will be professionally run, and it will go about the business in a very prudent manner.

He said though banks share price may have risen a day after the announcement of loan purchase by the asset management firm, there is no definite reason or information to drive such movement apart from those based on speculation.

Bismarck said with what is on ground now, any future occurrence of the incident that brought banks to their knee could easily be nipped.

Meanwhile, Chike-Obi, managing director of AMCON has said the bail out fund given to the banks will be taken over by the asset company.

Chike Obi who spoke with CNBC said, its operation will be in stages. The first stage he said will be to buy the loans, followed by recapitalization to zero equity position, then find strong partners.

For now, the managing director of the asset company said margin loan accounts for 50 percent of the N2.2 trillion loans, while non-performing loans accounts for the remainder portion. He however said 10 to 20 percent of margin loans are unsecured.

Based on the fact that AMCON is acquiring very large amount of loans, he said the loans will be acquired on a premium basis, saying this is to ensure transparency.

“AMCON is a resolution vehicle to ensure that banks do not fail”, he said.

http://www.businessdayonline.com/NG/index.php?option=com_content&view=article&id=16065:amcon-loan-purchase-to-enhance-sale-of-rescued-banks-say-analysts&catid=76:hot-topic&Itemid=564

Good to see that AMCON has to work immediately. That should give the markets some fillip.

I agree with the analyst that those valuations are very generous.

AMCON takes off with three major operational policies
By Bassey Udo

November 9, 2010 02:40AM


The Board of the Asset Management Corporation of Nigeria (AMCON) yesterday swung into business, swiftly rolling out three major policy decisions.

In its first formal meeting concluded late last night in Abuja, the board announced that AMCON will value non-performing loans (NPLs) backed by shares of listed companies at an implied premium of approximately 60 percent on the 60-day average of recent prices ending November 15th 2010, while those backed by other perfected collateral would be accepted at the most current estimate of the loan value supplied by the institution, but for this category, AMCON put a caveat, "there must be a post-transaction adjustment agreement that allows AMCON to independently value the loan as of the transaction date of November 15th 2010."

According to the corporation, all unsecured loans or loans with ineligible collateral will be valued at 5 percent of the principal value.

Explaining the underlying assumptions for the valuation, which it said is solely for the purpose of buying the NPLs and not for recapitalisation of the banks, the Board said that it could be that "a fair value ascribed for the purposes of buying the NPLs would be two times book value and this premium approximates that value."

Besides, it said the estimate for the valuation must be based on current market analysis of the collateral and a written guarantee of good faith by the institution. The valuation methodology, the Board said, has been consented to by the Minister of Finance, Segun Aganga, the Central Bank of Nigeria (CBN) governor, Sanusi Lamido Sanusi, and the affected banks.

[b]Reiterating its mission to acquire non-performing loans across the banking industry, recapitalise the rescued banks, and manage the acquired assets, the board also announced its approval of the purchase of all the margin loans in the banking sector and all the non-performing loans of the rescued banks, totaling in excess of N2.2trillion.

In addition, the board approved a funding model for AMCON, based on conservative estimates of recovery rates and return on managed assets, pointing out that with the agreement already reached with the banks to contribute to a sinking fund, AMCON board is satisfied that the Federal Government guarantee will not need to be invoked at the end of its expected ten year life span.

While expressing optimism that AMCON would reach agreements with the selling institutions regarding pricing of the NPLs by November 15th, 2010, the Board said AMCON aims to settle these transactions on or before December 30th, 2010, to allow the institutions to obtain the necessary Board and Shareholders approval, whilst also giving AMCON the time to establish the necessary operational structures to settle these purchases.[/b]
Industry reacts

For Tope Fasua, a Dubai, UAE-based investment management specialist, taking over bank assets that were secured with equities at 60 percent of original value will, in reality, be more than what those shares are currently worth, considering that the value of most of the distressed loans secured with shares declined by over 90 percent.

"Valuing such loans at 60 percent is, therefore, quite magnanimous. The capital market is likely to receive that news most favourably, because such shares would generally be growing to the value placed on them by AMCON. People would naturally buy bank shares, insurance shares, since the AMCON has put its money on those shares at much above their current values," he said.

On loans secured against landed property, Mr. Fasua said the problem usually associated with it is that because of the nature of valuations in Nigeria, they are often ‘fictitious', adding that the value people usually put on a property is at best mere conjecture.

According to him, a property is only worth N1billion when one is able to sell such a property and realise the money, notwithstanding what the estate valuers, rating agencies, bank managers, or even AMCON, says, predicting that the new policy will create a new market for those who are ‘experts' at valuing properties.

"Some will dispute the values already placed on such properties, while some will reach a ‘compromise' at the end of the day. AMCON can only find out if their ‘evaluation' of a property is wrong and ‘adjust afterwards', if and only if, it sells such properties and compares the value received with the value on paper," he said, noting that in Nigeria, those scenarios are rackets.




http://234next.com/csp/cms/sites/Next/Home/5640034-146/story.csp#

Doctors’ strike: Fashola approves 75% salary increase
News Nov 10, 2010 By Sola Ogundipe & Olasunkanmi Akoni

TWELVE weeks after doctors employed by the Lagos State government embarked on strike to press home demand for payment of the Consolidated Medical Salary Structure, CONMESS, the state government finally consented to the doctors’ demands as Governor Babatunde Fashola approved 75 per cent salary increase for the aggrieved medical personnel.

But the end may not have been heard about the face-off between the two parties as the body of doctors have complained that the government circular was made public before it received their blessing, in conflict with an earlier agreement.

In a statement signed by the state Commissioner for Establishment, Training and Pensions, Mr. Jide Sanwo-Olu, a copy of which was made available to Vanguard, yesterday, Fashola directed the implementation of an increase in the salaries and allowances of medical/dental officers in the state public service.

The statement read: “Further thereto, having painstakingly examined the issue, His Excellency has directed in line with the newly approved pay policy of the state, an implementation of an increase in the salaries and allowances of medical/dental officers in the state public service to an amount equivalent to about 75 per cent of the Consolidated Medical Salary Structure in order to prevent further loss of lives and protect the welfare of the citizens of the state.”

To review Dr.Olaifa’s dismissal

In addition to the above and response to the doctors’ demands, the government also agreed to review the dismissal of Dr. Ibrahim Olaifa; the commencement of the deduction of the Guild’s check-off dues through the state Treasury Office;and review of the issue of tax deduction in order to comply with relevant tax laws of the state.

The government thereby urged the striking doctors to call off their strike. It will be recalled that the doctors had embarked on indefinite strike for nine weeks due to the failure of the government to address their plight.

The protracted doctors’ strike called by the Medical Guild, took a dramatic turn last week when their counterparts in the federal health institutions embarked on a three-day solidarity strike.

The development, on the orders of the Nigeria Medical Association, NMA, removed the only respite left for Lagosians seeking healthcare services in the state.

http://www.vanguardngr.com/2010/11/doctors-strike-fashola-approves-75-salary-increase/

LASG has agreed to the demands of the striking doctors.

NLC mtg with GEJ just ended. NLC to meet at 3 tomm to decide whether to call off strike.

*

positivechange369 at yahoo dot com

Fashola must extend Ibeju - Lekki Expressway to Epe —Monarch .
Friday, 05 November 2010 00:00 Nigerian Compass

GOVERNOR Babatunde Fashola of Lagos State has been enjoined to extend the Ibeju-Lekki Expressway to Epe as part of the state development plans.

The Olu Epe of Epe, Oba Sefiu Olatunji Adewale, made the appeal when playing host to a Nollywood stars delegation led by Mr. Adebayo Salami (a.k.a Oga Bello) in his palace.

The monarch said since Epe town was the recognised headquarters of Epe Division in the state, the town should not be left out of such a developmental project.


He complained that “the project that started from Lekki just stopped at Ibeju, a stone thrown from Epe.”

Oba Adewale, who said that “toll collection is not strange anywhere in the world,” called for proper enlightenment programme to sensitise the populace to the significance of such projects.

He added that, “such projects are seen all over the world.”

Earlier in his speech, Salami told the monarch that “because of our roles as opinion moulders in the society, we want to sample your feelings about the government’s activities around your domain with a view to conveying it to the public through our professional medium.”

Salami said that the type of Lekki - Epe axis concession was not new the world over, pointing out that “such are abound in great countries like the United States of America and United Kingdom among others.”

While saying that the government would need the support of the people in its quest to bring dividends of democracy to the people, Oga Bello said, “part of our roles as Nollywood actors is to convey the message of the government on its development efforts to the people to solicit their support for the beneficial projects.”

Others in the delegation were Mr Ayo Badmus, Mrs Lanre Hassan (Iya Awero) and Mrs.Remi Oshodi (Surutu).

The delegation visited communities such as Abegede, Abijo, Eleran-Igbe, Ajah, Sangotedo and Lamgbasa.


http://www.compassnewspaper.com/NG/index.php?option=com_content&view=article&id=69434:fashola-must-extend-ibeju-lekki-expressway-to-epe-monarch&catid=42:commune&Itemid=796

Lekki expressway: Monarch urges extension of work to Epe
By Mudiaga Affe
Thursday, 4 Nov 2010

The Olu Epe of Epe, Oba Sefiu Adewale, has called on Lagos State Governor Babatunde Fashola to extend the ongoing expansion of Ibeju-Lekki expressway to his domain as part of the state’s development plans.

Adewale made the appeal when playing host to a Nollywood actors’ delegation, led by Mr. Adebayo Salami, who paid him a courtesy call in his palace.

According to him, since Epe is the recognised headquarters of Epe division in the state, it should not be left out of developmental initiative, stating that “the road project that started from Lekki just stopped at Ibeju, a stone throw from Epe.”

Adewale, who admitted that “toll collection is not strange anywhere in the world,” however, called for proper enlightenment programme to sensitise the populace about the significance of such projects.

He said, “Such projects are seen all over the world.”

In his speech earlier, Salami had said “because of our roles as opinion moulders in the society, we want to gauge your feelings about the government’s activities around your domain with a view to conveying it to the public through our professional medium.”

Salami agreed that the concession of Lekki-Epe expressway was a global phenomenon, pointing out that “similar projects abound in great countries like the United States of America and United Kingdom, among others.”

He added that the government needed the support of the people in its quest to bring dividends of democracy to the communities.





Source: http://www.punchng.com/Articl.aspx?theartic=Art20101104336160

Work is still going on on the bypass you mentioned.

Contrary to the impression I got earlier, it seems the road is being constructed by the owners of the estates in the area while the channelisation is being carried out by the government.

I strongly believe however that LCC might have to link up with those constructing the road to ensure a link between the road and the Alpha Beach/New Road otherwise there would be no alternative route around the second (Chevron) toll plaza.

Sorry, I don't have recent pictures.

[quote author=baba_eko link=topic=367311.msg7090664#msg7090664 date=1289055827]Johnie et all especially Johnie, you have really opened my eyes and helped me a lot. I am thinking of investing in the Lekki Axis and your account has greatly helped. I have sent you an email asking you some questions, I would appreciate if you can get back to me.

Cheers[/quote]I have not received your mail!

Sorry, I meant Blue Fin Tuna.

BBC is currently showing a documentary of the global corruption and racketeering gradually leading to the extinction of the Blue Fin. There's corruption in the western world but that is not an excuse for us to eat what we are not sure of the cause of death.

Where's the LASG ministry of waterfront development in all this?

They warned Lagosians of a rise in water levels about three months ago - good job!

Alpha Beach was flooded - not a word from them. Bad!

A whale gets beached. Scavengers descend on it. Not a word from the ministry or the ministry of health currently battling striking doctors - Bad!

Silverbird TV reporter, Vivian Irikefe last night highlighted medical implications of coming in direct contact with the carcass- good job!

Lesson: govt will warn you of impeding danger. After that, you are on your own!

Nicholas - Wed Nov 3, 2010 10:43am PDT
I miss you President Bush!!! Obama is out to destroy our nation!!! And as for those of you who are stupid enough to still think that President Bush was a horrible president, you are living proof that most people don't think for themselves, they just accept ideas that are put into their heads. More and more, history will vindicate President Bush!


menifee mafia - Wed Nov 3, 2010 10:43am PDT
you people are crazy. Kanye west is the racist. Now we have a socialist in the white house doing a much worse job than bush. I didnt agree with everything Bush but was proud to have him as our president

Nicole - Wed Nov 3, 2010 10:43am PDT
Caitlin, you are an idiot. Bush was the President of the United States, he should have shown some respect. Wait, I forgot, Kanye only shows respect to black people. Who is the racist now?

EVIL_LAUGH - Wed Nov 3, 2010 10:43am PDT
So much of the media was concentrated on that one city that many still think that New Orleans was the ONLY city affected by Katrina. The state of Mississippi was hit just as hard in many places and they also received delayed aid. Many of these places are STILL recovering. Agreeing with everyone, BUSH doesn't care about anyone.


JR - Wed Nov 3, 2010 10:45am PDT
B oisterous
U nintentional
S ardonic
H oax

The summary of 8 years!


I hope the spambot does not ban me!

Some more comments :

Magoo's - Wed Nov 3, 2010 10:42am PDT
All the people killed in the 2 wars he started, American soldiers and innocent civilians and he called this one of his most disgusting points in his presidency. Wow

H-town - Wed Nov 3, 2010 10:42am PDT
When President Bush is looked back on for his actual works some day rather than through people's emotions at a given time in History. The perception will be different. He was at an extremely difficult place in the road of our history and should be commended for his efforts. We wine way too much in this country instead of counting the blessings bestowed uopon us [Obasanjo: Nigeria's Best President So Far? :https://www.nairaland.com/nigeria/topic-202644.0.html#msg3170209].

Oh Oh Georgie - Wed Nov 3, 2010 10:42am PDT
Just another example of how big of an  Bush was, is, and always will be.

Darlene - Wed Nov 3, 2010 10:42am PDT
Unbelievable. War crimes and tax cuts for the rich he's okay with - that's cold. kanye is a tool, but Bush is a bigger one for saying what he said.

HawkJaw - Wed Nov 3, 2010 10:42am PDT
Wow. The LOW point for Bush was something Kanye said? LOL. This man never had an ounce of perspective.

J Wick - Wed Nov 3, 2010 10:42am PDT
What did that corrupt state government do about Katrina before Bush stepped in? Answer: NOTHING. So before you blame Bush for the problems caused by a hurricane, you should look at the whole story, not just what the liberal media said to make him look bad.

Matt - Wed Nov 3, 2010 10:42am PDT
Kanye West doesn't care about white singers who win awards!

Diane C - Wed Nov 3, 2010 10:42am PDT
Nothing bothers me more than people who make statements that they know nothing about, like Bush didn't go into New Orleans quickly enough after Katrina. Obviously, people who say this are totally ignorant of the fact that it is NOT the Federal Government who is responsible for first response in instances such as this. It IS the local government's responsibility. Bush had been in contact with local government and was told things were under control. Little did he know that the local government was totally incompetent and once he did, he took over. So I would suggest that people educate themselves before making criticisms that they know nothing about. Don't just automatically repeat what you hear on television and/or radio.[Obasanjo Vs Tinubu -Lagos Roads, NIMASA Vs LASG - Shipwrecks].

Shaun - Wed Nov 3, 2010 10:42am PDT
bush is right, thtas either saying he's rascist towards black people or he's a rascist period. he's a human like obama, if a country star called obama someone who didn't care about the intrests of white people that person would be shipped to canada because of all the minorities that would want to kill him. i just don't get why race can't be left out of politic, if you don't like bush or obama leave race out of it.[Thisday Reporter on MBGN-Boko Haram!]

Couple Win $11.2M Lottery, Then Give It All Away

(Nov. 4) -- Allen and Violet Large figured they were lucky enough already.

So when the Canadian couple hit it big in the lottery this year, they decided to give it away -- all of it. Since their July win, the elderly couple has donated nearly every cent of their $11.2 million winnings to charity. Call it the Larges' largess.

"What you've never had, you never miss," Violet Large, 78, told The Chronicle Herald in Canada. She and her 74-year-old husband, who live in Nova Scotia, said they first made sure their family was taken care of. But then, she said, they decided the money was "a big headache."

So in a matter of just four months, they gave away the rest of their millions to the Red Cross, the Salvation Army and local churches, according to The Chronicle Herald. They also donated money to the hospitals where Violet Large was fighting cancer this year.

The Larges play the lottery twice a week and say they'd never won more than $1,000 before this year. But July 14 was different. After choosing numbers in "Lotto 649" that day, Violet Large said she first thought they'd won only $10. Then, she took a closer look and was in shock. "'Oh my God,'" she said she told Allen that day at the couple's home, according to the Truro Daily News. "I said, 'Come and check these numbers.'"

But Allen Large, a retired steel worker, said he was more concerned with his wife's health than with the cash. "That money that we won was nothing," he said. "We have each other."

Violet, who has completed her treatment, told the paper that she and Allen were happy to be done with the money and have no interest in living extravagantly. "We're the lucky ones," she said. "I have no complaints." The humble couple, who did not immediately return a call for comment today from AOL News, will not say how much they gave to each charity.

Source:http://www.aolnews.com/world/article/couple-win-11-2m-lottery-then-give-it-all-away/19702898
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Video: http://www.gnn.com/article/canadian-couple-allen-and-violet-large/1376444?ncid=webmail
http://www.gnn.com/article/canadian-couple-allen-and-violet-large/1376444?ncid=webmail
http://www.msnbc.msn.com/id/40009180/ns/us_news-giving/
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That couple understand what life and living is all about.

At that age, you should't be hogging money!

"A man's life does not consist in the abundance of his possessions."

wesley80:
Abeg make una keep quiet. Make dem no chop before? is it not the same fish people buy expensive boats to go out in the ocean to seek? One washes up in your backyard and u r supposed to push it back into the Ocean? for wetin?
R we supposed to copy the hypocrisy of the West that would spend millions in rescuing animals but turn the other way when its human lives involved in the name of donor fatigue? Does anyone living in todays Nigeria really expect the Ministry of Health to rush out to conduct an "Autopsy' on a dead whale? Oh Come on people. how long does it take them to respond to a national epidemic?
When some Nigerians talk sometimes u cant help but believe the only thing about Nigerian they know is the bit they watch on AIT and NTA.
We've got more serious issues abeg. If a fish washes up on a hungry mans backyard, make e carry axe go cut him share, its God's blessing. For those of u yapping, make una go sleep. if i started a thread about a hungry family how many of you would even bother to open it? And u think u're showing your Humane side by yapping in favour of a dead whale! Nonsense. Hisseeeeeeeesssssss

Brazil is supposed to be a developing country!

So you thought tribalism (read that as racism) is not a big issue in America as tribalism is on Nairaland?

Americans can argue just like NLanders!

Read this report and the subsequent comments(BTW this report currently has generated the highest number of comments on Yahoo- http://new.music.yahoo.com/blogs/hiphopmediatraining/302226/george-bush-doesnt-care-about-kanye-west/;_ylt=AoJSimwqscB4Xs5pKJS1AarKwSUv?page=2#comments):

George Bush Doesn't Care About [Kanye West]
Posted Wed Nov 3, 2010 8:02am PDT by Billy Johnson, Jr. in Hip-Hop Media Training

Can you imagine being such a solider of pop culture that your activism would warrant you making the pages of a book written by a President?
Wouldn't such an inclusion make your family proud? Wouldn't it be a bragging right to share with your grandchildren? Shouldn't it get you an automatic NAACP Image Award?

Maybe the above would be the case if the President actually had something good to say about you.

But when President George W. Bush mentions Kanye West in his forthcoming book, "Decision Points," he's not singing the praises of the Chicago rapper who slammed him on a telethon for the victims of Hurricane Katrina, a week after numerous gulf coast cities were destroyed by the devastating storm and its aftermath.

Bush expressed his frustration with the "Runaway" singer in an interview with the "Today Show"'s Matt Lauer to air Monday on NBC's "Matt Lauer Reports."
[b] When Lauer asked Bush if he remembered the comments Kanye made about him, President Obama's predecessor offered a matter-of-fact response.
"Yes, I do. He called me a racist," Bush told Lauer.

Lauer clarified that Kanye did not literally call Bush a racist but instead said, "George Bush doesn't care about Black people." But Bush maintained his stance.
"That's - 'he's a racist,'" Bush said. "And I didn't appreciate it then. I don't appreciate it now. It's one thing to say, 'I don't appreciate the way he's handled his business.' It's another thing to say, 'This man's a racist.' I resent it, it's not true, and it was one of the most disgusting moments in my Presidency."

Lauer quoted an excerpt from the book on the matter:
"I faced a lot of criticism as President. I didn't like hearing people claim that I lied about Iraq's weapons of mass destruction or cut taxes to benefit the rich. But the suggestion that I was racist because of the response to Katrina represented an all time low." [/b]

Bush said he still feels the same way and added that Kanye's comments upset him because it was not reflective of his work.
"My record was strong I felt when it came to race relations and giving people a chance. And--it was a disgusting moment," Bush said.
Lauer asked Bush if he was concerned that some might be upset that he has placed so much emphasis on being angry about someone criticizing his responsiveness to the hurricane victims as opposed to being saddened by the impact of "watching the misery in Louisiana."

Bush said no. "I also make it clear that the misery in Louisiana affected me deeply as well," he said. "There's a lot of tough moments in the book. And it was a disgusting moment, pure and simple."

If the saying is true that no publicity is bad publicity, getting this shout out from President Bush can only help the record sales of Kanye's "My Beautiful Dark Twisted Fantasy" album out in a few weeks.

These are just some of my favorite comments on the story:

DarkKnightINvestor20 - Wed Nov 3, 2010 10:37am PDT
notice how Kanye calls black people, his people. Kanye is the racist.

cameron - Wed Nov 3, 2010 10:37am PDT
and the current president cares so much about Americans and what they want?

Yahoo! Music User - Wed Nov 3, 2010 10:38am PDT
Try getting your facts straight people. Bush did try to help with Katrina, it was the local leaders that declined that help over and over again until it was too late. Get your facts straight, and don't believe everything you hear on TV.

Kathryn - Wed Nov 3, 2010 10:38am PDT
Kanye is the racist, look how he acted toward Taylor Swift! cant stand him or his suck a** music!

Denise - Wed Nov 3, 2010 10:38am PDT
Bush is a Racist

tired-of-the-takeover - Wed Nov 3, 2010 10:39am PDT
Can't wait to read his book. Already pre-ordered for my Kindle, so I'll be reading at 12:01am the day it downloads. Thank you Mr. President for caring enough about yourself to benefit others. That's capitalism at its best, and I love it!!

Darius Mohseni - Wed Nov 3, 2010 10:39am PDT
I love all the educated responses on these type of 'reports'. HAHAHAHA
Lorin H - Wed Nov 3, 2010 10:39am PDT
A "soldier of pop culture?" I don't see how Kanye earned this moniker. His expulsion "George W Bush hates black people" was the tag end of an unscripted, unintelligent and rambling tirade against something Kanye *thought* he understood. Katrina was terrible, and the response by many was terrible, but calling Bush a racist for his stupidity? THAT is also terrible. Don't play the race card unless it's warranted. Otherwise, continue to mouth off and blurt things out as if you're (still) intoxicated so we can keep laughing at you, Kanye.
yahooman2004 - Wed Nov 3, 2010 10:40am PDT
i know kayne is a  and i dont like his attitude BUT on this is 100% right. as a white man living in jersey (a mostly black, hispanic area) i know how we get treated like were not even humans by the goverment. i feel sorry about the people in new orleans and how there harrased but when they need help, president ignores them. same here in jersey.

Paula - Wed Nov 3, 2010 10:40am PDT
I think anyone who steps up to be President does the best he can - it is the toughest job and is underpaid compared to some who are overpaid for not doing anything of note i.e. Kanye, Lohan, Spears and the like. Also, the President's job relies on the House and Senate as well - it's not really a one-man show.

Holly - Wed Nov 3, 2010 10:42am PDT
I love how people think they’ve got it all figured out. It’s all Bush’s fault we’re in this mess. Goodness. Give me a break people. Stop being hateful and pointing fingers at just once person. Stop being negative and cruel and start being POSTIIVE about things we can change.

Similar occurence at Geriba Beach in Brazil last month:

RIO DE JANEIRO - A 25-TONNE humpback whale that has run aground on a beach in the posh resort town of Buzios, needs to be towed out to sea by a ship with the oil giant Petrobrasm, authorities said.

A towing ship arrived at Geriba beach in Buzios and experts tried to figure out the best way to move it without harming it, firefighters told Globo's G1 site.

Dozens of tourists looked on as the rescue operation got into gear.

'It is quite complicated, but we are going to try to save the whale,' said Buzios mayor Mirinho Braga. This is the 90th humpback to run aground in Brazil this year, a record high number that has scientists baffled, officials said. -- AFP

http://www.straitstimes.com/BreakingNews/World/Story/STIStory_595827.html

Pictures from :http://www.vancouversun.com/entertainment/Rescuers+Brazil+save+beached+humpback+whale/3730272/story.html

A 2007 occurence at Seme:

Massive Whale Swept Ashore At Seme Border

By Laide Adekunle

A massive whale was swept ashore yesterday morning at Seme border. [b]The whale, which was already dead, was swept into the Customs quarters at Seme by the waves of the Atlantic Ocean. Hundreds of people were seen this morning hacking at the fish, which was already smelling badly. But the stench did not deter the emergency butchers who all scrambled for a piece of the action.[/b]As the crowd was becoming uncontrollable, the Customs officers chased everybody out of their quarters and later set the fish ablaze.

Not long ago, a dead whale was also swept ashore at the Lagos Bar Beach. It also attract a huge crowd and some people hacked it to pieces and carried them off despite the odious stench it was emitting.

http://www.thenewsng.com/modules/zmagazine/article.php?articleid=19975

https://www.nairaland.com/nigeria/topic-88626.0.html#msg1617421

And here's Reuben Abati's write-up on the issue in 2001:


The Whale hunters of Victoria Island


By Reuben Abati  (EMAIL)
Friday, August 24, 2001 


Something really interesting is going on at the Lagos Bar Beach in Victoria Island. Close to two weeks ago, a baby whale was washed ashore by the tides. It rested by the beach, looking dead. Someone saw it. Word went round. And a big commotion followed. Lagos residents trooped to the beach. Motorists changed direction and went towards the beach. Passers-by stopped. Journalists began to make a story out of it. Many of these persons have probably never seen a whale in their lives. Which is understandable. The whale is the biggest fish in the ocean. The blue whale, in particular, is about the size of two elephants combined in one, its heart alone is equivalent to the weight of a Mercedes Benz 200. It is a rare animal. According to experts, it is endangered. I mean, it is not the kind of fish that would be washed ashore, and you'd look the other way. This novelty, in part, explains the drama that is being built around the sudden appearance of a baby whale on the coast of Lagos.

[b]In some other countries, let's say Britain, the event would have attracted the attention of government and other relevant authorities. Scientists, marine biologists, oceanographers and so on would have been drafted to the beach to take a look at the fish: to determine its nature and antecedents, why it is ashore, and whether its presence has any direct connection with certain movements within the ocean, and the surrounding environment and the implications of all this, for human life and society. At the end of the investigation, if the animal is still alive, it could be returned to the ocean, or it could be taken to a research institute. If it is dead, of course, it would be disposed off after the due process of scientific inquiry would have been concluded. That would have been the case in a society that is genuinely curious about the world around and about us; in a society that is, where science means something important, where animals have rights, and the level of desperation is not yet nasty and brutish. [/b]

But faced with a similar situation, what has happened in our own case? What are our scientists saying about the dead whale on the shores of Lagos? Has anybody done its post-mortem? Is government showing interest in the matter? The obvious answer is in the negative. And this, comical as it may seem, says a lot about our society and our circumstances as human beings, living in a country called Nigeria. [b]What has happened and is still happening, is now fairly common knowledge. Immediately the drama began, some area boys cordoned off the area leading to the spot where the baby whale is. They then erected toll gates at which they collected money from persons who wanted to see the fish, and possibly have a bit of it. You pay the toll; you are allowed access. In other words, those area boys had immediately seen the death of the whale and the novelty of it, as an opportunity to make quick money. Which is the way it is in this country. Nigerians do not joke with any kind of opportunity once it can bring in some cheap lucre. Did people pay the tolls? Of course, they did. For, between the area boys and the spectators, for whom the spectacle of a dead whale at the Bar Beach has become another football match, there isn't much difference.

Three days later, posters and calendars showing the dead whale and the crowd of scavengers feeding on it were already on sale at the Oshodi fly over and in parts of Victoria Island. I am not making this up. I actually saw the calendar and posters. In fact, that was how I managed to realise the seriousness of the big show at the Bar Beach. The Guardian on Sunday story on it (August 19), especially the accompanying photograph conveys the full import of it all. A student of Animal Husbandry was interested in seeing what a whale looks like. But she belonged in a minority group. Majority of the persons who went to see the animal, and managed to get close, were armed with cutlasses, axes, swords, matchetes, blades - just about anything that could cut a portion of the fish. These whale meat hunters were not bothered that the animal was dead. [/b]


It is possible that the whale had been poisoned by some other hunters elsewhere, and it found itself in Nigeria by accident. We have heard how some animals carry some deadly diseases. It is possible that this particular whale at the Lagos Bar Beach is carrying the virus of a yet unknown disease that is worse than HIV/AIDS. Obviously, the meat hunters did not consider that possibility. They just went after the fish. Hack! Whack! Hack!, they sliced it apart. Each person who managed to cut off a bit showed off his portion to the crowd - the prize of his curiosity and labour - and the crowd hailed. Television crews eventually went to the Bar Beach, and filmed the show. That didn't discourage the crowd. An old man and a younger man ended up quarrelling over a piece of the meat. In due course, flies rested on the dead whale. Still, the ceremony continued. One young man sliced off a fresh part of the whale and swallowed it. Another particularly histrionic young man was said to have showed up the following day, at the scene, munching something. To whoever cared to listen to him, the young man reportedly declared that he was eating the dead whale's meat. By Monday, this week, the whale hunters were still at work. Who knows, they may still be there, even as you read this piece.

We cannot stop a dead whale from showing up at the Lagos Bar Beach. But it is curious that the madness over the baby whale has been going on without any statement from government, or the relevant authorities. [b]The Federal College of Fisheries and Marine Technology, and the Institute of Oceanography are only a few minutes away from the Bar Beach - both institutions are yet to say anything official about the dangers of eating an unknown dead whale by the beach. The entire incident reminds me, invariably of the stress that had been generated in Europe by the "foot and mouth disease" and "the mad cow disease". I recall writing at the time that the animals that were slaughtered in Europe to prevent the spread of those diseases should have been sent to Africa. For us here, at least in this country, meat is meat. The dead whale at the Lagos Bar Beach proves this point, quite strongly. The matter is so serious. If a dead crocodile, or elephant, or hippopotamus shows up tomorrow by the Atlantic, Lagosians will feast on it. They will turn the meat into suya or use it to prepare fresh peppersoup. They would even quarrel over it as they are now doing over the dead whale. The first man to see the animal will claim it as his personal property. One of the present whale hunters, when reminded that he was eating dead, flies-infested meat had declared that it didn't matter: "Na iced fish. What is the difference between this and iced fish. Even if na Mammy Water send am, we go chop am." Reminded that the fish may have foot and mouth disease, the man laughed. "Even if na head and tail disease sef, I go chop am". Well? [/b]

By the way, I had really wanted to go to the scene to take part in this Bar Beach show. It is not what you think. I wasn't going there to take my own pound of whale flesh. But to see the whale hunters, eating whale meat, cutting it, and actually enjoying it. I would have loved to interview the whale hunters to find out how the meat tastes. Is it a special kind of fish truly? But when I learnt that I'd have to pay toll fees to some area boys who were now exercising ownership rights over the whale, I abandoned the idea. What is the matter with those area boys, anyway? The whale, to push a point, is in Federal territory. Okay, Lagos is a littoral state, and the indigenes are claiming the Bar Beach. In any case, I didn't go again. But the matter of the dead whale soon became important to me. Now and then, I travel down to Victoria Island from this part of the city, to eat fish pepper soup at a particular joint. A friend of mine insists on inviting me for that purpose on a fairly regular basis. And so, the other day, he had phoned to say that we should meet at the same venue to eat fish pepper soup. I am so sorry, I had to decline. I had to cook up an excuse. I don't consider it a good idea to go around Victoria Island at this period, eating fish pepper soup. You could end up eating dead whale meat. Who knows where and how all the flesh of the dead whale at the Beach ended up? I mean, I don't want anybody to set me up[b]. In fact, I dare say that some of those whale hunters that we saw on television looked like peppersoup sellers looking for cheap fish. [/b]


But the short of it all is about the poverty in our land. Life has become so cheap that Nigerians would eat anything: dead dog, dead cat, dead ram, dead cow, You and I sit in our comfortable offices, drink tea, wear ties and assume that that is the way the whole world goes. But No. Our compatriots are at the beach eating the dead meat of a dead whale. They probably know that there are risks involved. But they have since passed the point of caring -simply because they do not really have much choice in this land where hunger is the only reality in many homes. The whale at the beach is a short-hand metaphor for the tragedy in the lives of our compatriots. When life loses value, the people are bound to race to the precipice with clear and open eyes. Pity.

http://nigeriaworld.com/feature/publication/abati/082401.html

johnie:
Although Nigeria has oil wealth, the vast majority of its people remain desperately poor. In Lagos, a rough-and-tumble city with some 13 million inhabitants, meat is expensive because it is often imported from Europe.

Incredulous reporting!!!

This is how AP/The Independent (of the Uk) reported the earlier event in 2001:

Scavenging crowds strip beached whale carcass

AP


Saturday, 18 August 2001

Slum dwellers have torn apart the carcass of a blue whale that became beached near an elite suburb of Nigeria's largest city.


Slum dwellers have torn apart the carcass of a blue whale that became beached near an elite suburb of Nigeria's largest city.

The whale washed up on Wednesday at Lagos' Bar Beach. By the time reporters arrived on Friday, throngs of people were scavenging the remaining few bones just visible on the edge of the surf.

Gangs of youths wielding clubs and sticks were forcing a steady stream of scavengers and curious bystanders – mainly workers from office blocks in the Victoria Island suburb – to pay an "admission charge" to look. Women and boys hawked pieces of the fatty flesh.

"The meat is good," said JJ Ibrahim, who offered pieces wrapped in magazine pages. "Most of it is gone, so you better buy fast."

It was unclear whether the whale was alive when it arrived.

Although Nigeria has oil wealth, the vast majority of its people remain desperately poor. In Lagos, a rough-and-tumble city with some 13 million inhabitants, meat is expensive because it is often imported from Europe.


http://www.independent.co.uk/news/world/africa/scavenging-crowds-strip-beached-whale-carcass-666082.html

Eziachi:
In those days, we use to put the match on TV in a mute mode so that we can listen to Ernest Okonkwo on the radio.

We used to do that in my house too

Ajengogo:
Adieu Ernest Okonkwo, though I wasn't there when you were there; but I have heard alot about you and listened to your recorded football commentaries over and over again.

honeric01:
Maybe i was too young then or was never born then, but i still watched one of the man's commentaries weeks ago on a match played by Julius Berger vs Bendel Insurance FA cup final in Lagos, he described Kadiri Ikhana as a Midfield mosquito, forgot the other name he called the guy that scored the Penalty kick for Insurance (only goal of the game).

Where did you guys get the tapes ( ) of those matches. I would loved to get my hands on them!

I remember Tolu Fatoyinbo and Emeka Odikpo also.

What happened to Nigerian football?

experts:
The Alpha Beach flooding could have been avoided completely, had the government of the day not banned sand-dredging outright, without consultation. The result of that ban has been an upsurge in the activities of illegal sand miners along the entire Lekki Peninsula Atlantic coastline, which is rendering the coastal comm, unities vulnerable to flooding by the ocean. LASEMA, LASEPA, WAKE UP! Eko o ni baje, ju bayi lo!

You seem to understand what is going on.

Please, can you elaborate?

Avoided completely?

Consultation with who?

experts:
The Alpha Beach flooding could have been avoided completely, had the government of the day not banned sand-dredging outright, without consultation. The result of that ban has been an upsurge in the activities of illegal sand miners along the entire Lekki Peninsula Atlantic coastline, which is rendering the coastal comm, unities vulnerable to flooding by the ocean. LASEMA, LASEPA, WAKE UP! Eko o ni baje, ju bayi lo!

Interesting!

Can you elaborate on this?

Avoided completely?

Consultation with who?

experts:
The Alpha Beach flooding could have been avoided completely, had the government of the day not banned sand-dredging outright, without consultation. The result of that ban has been an upsurge in the activities of illegal sand miners along the entire Lekki Peninsula Atlantic coastline, which is rendering the coastal comm, unities vulnerable to flooding by the ocean. LASEMA, LASEPA, WAKE UP! Eko o ni baje, ju bayi lo!

Interesting!

Can you elaborate on this?

Consultation with who?

johnie:
President Barack Obama on Wednesday challenged victorious Republicans to work with him on new initiatives to boost the economy and create jobs, in the wake of the largest Congressional defeat in more than half a century.

The president took “direct responsibility” for his administration’s lack of progress on the economy, striking a sombre tone after American voters delivered what he called a “shellacking”’ at the polls halfway through his first term.


Democrats lost control of the House of Representatives in midterm elections on Tuesday and saw their majority in the Senate sharply curtailed, leading the president to vow to work with Republicans to find ways to boost the US’s spluttering recovery.


“And they understand that I’m the president of the United States and that my core responsibility is making sure that we’ve got an economy that’s growing . . . So I think I have got to take direct responsibility for the fact that we have not made as much progress as we need to make,” he said.

Some "leaders" would have been seeking ways to ensure that federal allocations to the lost "states" are withheld?

johnie:
Even after his “humbling” experience on Tuesday, Mr Obama reminded that voters that other “a couple of great communicators”, former presidents Ronald Reagan and Bill Clinton, suffered the same midterm fate because of economic weakness. Both went on to win re-election.

Is it the fear of not getting a re-election that made him offer to "co-operate"?

Obama acknowledges voter frustration

By Anna Fifield in Washington

Published: November 3 2010 16:38 | Last updated: November 3 2010 18:48

President Barack Obama on Wednesday challenged victorious Republicans to work with him on new initiatives to boost the economy and create jobs, in the wake of the largest Congressional defeat in more than half a century.

The president took “direct responsibility” for his administration’s lack of progress on the economy, striking a sombre tone after American voters delivered what he called a “shellacking”’ at the polls halfway through his first term.


Democrats lost control of the House of Representatives in midterm elections on Tuesday and saw their majority in the Senate sharply curtailed, leading the president to vow to work with Republicans to find ways to boost the US’s spluttering recovery.

“I think that there is no doubt that people’s number one concern is the economy, and what they were expressing great frustration about is the fact that we haven’t made enough progress,” Mr Obama said at a press conference.

“We’ve stabilised the economy, we’ve got job growth in the private sector, but people all across America aren’t feeling that progress,” Mr Obama said.

“And they understand that I’m the president of the United States and that my core responsibility is making sure that we’ve got an economy that’s growing . . . So I think I have got to take direct responsibility for the fact that we have not made as much progress as we need to make,” he said.

With unemployment remaining at 9.6 per cent and the recovery still anaemic, more than 80 per cent of voters cited concern about the direction of the economy and Democratic management of it as their primary worry, according to exit polls.

Mr Obama said he was willing to negotiate on the Bush tax cuts, which are set to expire at the end of the year, making them potentially the first battle ground between the president and the new Republican-controlled House.

Republicans have insisted that all the cuts extended while the White House has said wants the tax relief for Americans earning more than $250,000 a year to lapse. Mr Obama on Wednesday reiterated that he would not allow the burden on the middle class to increase.

John Boehner, the incoming Republican speaker of the House, earlier said he hoped Mr Obama would co-operate with the new Republican majority, which he said wanted to work towards a “smaller, less costly, more accountable government”.

“We hope he is willing to work with us on these priorities,” he told reporters in Washington. “But as I have said, our new majority will be the voice of the American people as they expressed it so clearly [on Tuesday].”

Republicans have signalled they will push for spending cuts and will try to de-fund some of the administration’s stimulus projects, although they have not provided details.

Even after his “humbling” experience on Tuesday, Mr Obama reminded that voters that other “a couple of great communicators”, former presidents Ronald Reagan and Bill Clinton, suffered the same midterm fate because of economic weakness. Both went on to win re-election.

Republicans swept the House in midterm Congressional elections on Tuesday with a net gain of more than 60 seats, well beyond the 39 they needed to take control of the lower chamber and the biggest win since 1948. Results in some districts are still being tallied.

The “wave” victory was predicted but still contained some noteworthy losses for Democrats, including the toppling of 14-term congressman Rick Boucher in Virginia’s 9th district and 10-term veteran Chet Edwards in Texas’ 17th district.

Democrat John Spratt, chairman of the House budget committee, lost his seat after 28 years representing South Carolina, as did Jim Oberstar, the chairman of the House transportation committee, who was seeking a 19th term.

However, Democrats did manage to hold onto the Senate, although their majority was much reduced. Votes are still being counted in Alaska, Colorado and Washington State, but it was clear that Democrats had the 51 seats they needed to retain control.

Republicans were successful in ousting incumbents Russ Feingold in Wisconsin and Blanche Lincoln in Arkansas, and winning the Illinois seat previously occupied by Mr Obama.


Source: http://www.ft.com/cms/s/0/3cd90c20-e763-11df-b5b4-00144feab49a,dwp_uuid=f89ccb8a-c009-11df-9628-00144feab49a.html