₦airaland Forum

BABE!:
---and how does your play-let come into play?

Single Term: I ‘ll not run in 2015 – Jonathan

Presidential Spokesman, Dr Reuben Abati who briefed State House Correspondents disclosed that President Jonathan welcome the national debate, the proposal has generated as healthy for democracy but denied that the issue is capable of crippling the business of governance at the federal level.

Dr Abati reiterated his boss earlier declaration in February this year that he will not run for a second term, and his recent statement on single term for the president and the 36 governors, which he (Jonathan) does not intend to benefit from.

“I believe what it means in very clear term is that the President will not be a beneficiary. In other words, the President will not come in 2015 to benefit if the amendment says so. Because, if he tries to do that, those who are saying it is an attempt at tenure elongation will have been vindicated. And he is fully aware of the concern of Nigerians and he is insisting, he is resolute in upholding that statement that he will not be a beneficiary”, he said.

Asked to be specific if  the President will contest the 2015 presidential election, he said “that has been made clear by Mr President that this proposal is not to pursue any personal interest and he has also made it clear that if the proposed amendment scale through, he will not be a beneficiary.

I don’t see anything that can be more categorical than that. That is quite clear. I think the statement he made in Addis Ababa shortly before elections was that he will not seek a second term in office”.

The media aide however hinged his comment on the controversy on an earlier pronouncement of his boss during a trip to Addis Ababa, Ethiopia; saying that “now that the matter has come up I will have to meet him to get an answer for you later”.

dinggle:
The gamble on U.S dollar by US law makers is a signal that united states law makers can't be trusted, the continuous decline of the US dollars by 17% till date is evidence. Those of us in Africa who continuously live within our means can not afford to be burnt by the irresponsibility a super power who can't make the right decision at the right time. GEJ govt should switch our reserves to Swiss franc immediately, even if the U.S law makers are able to raise the debt ceiling they still can't be trusted and the damage has already been done!! OPEC should equally consider using the Swiss franc as a standard currency for trading oil. It is my hope that other African leaders would follow suit, it is time to abandon the US dollars let them lead themselves to the pit.

ekt_bear:
Strangely enough, I agree with the evil dictator.

http://www.nigeriancompass.com/index.php?option=com_content&view=article&id=2305:igp-detains-traffic-wardens-over-uncomplimentary-comments-against-police&catid=54:nigeria-today

Thursday, 28 July 2011

Three traffic wardens have been detained on the orders of the Inspector-General of Police, Mr. Hafiz Ringim, for allegedly making comments deemed uncomplimentary against the Police Force.

Trouble started for the traffic wardens when in their tribute at the funeral of their colleague, the late Nangor Damatim, at Yashi, Lantang Local Government Area of Plateau State, they accused the police force of discriminating against the deceased warden.

Damatin was killed in the bombing of the Force Headquarters, Abuja, by the Boko Haram Islamic sect.

The trio of Adamu Dogara, Emmanuel Alanga and Samuel Uwakwe, in their funeral oration, reportedly called for an end to the age-long discriminatory practices by the Nigeria Police Force against the traffic wardens.

Unfortunately for the trio, the representative of the IGP at the event, Superintendent of Police Shinkut (from the Force Provost Office) demanded for a copy of their funeral oration as well as their names, which he handed over to the appropriate authorities.

Later, Dogara and Alanga were ordered to report at the Police Headquarters through the Commissioner of Police in-charge of the Provost Office, Mrs. Sherifat Disu, where they were told of their offence: “Discredible Conduct and Betrayal of Trust.”

They were immediately put in the cell, where they have since been held without trial for over two weeks now.

The third person, Uwakwe (who incidentally is the Traffic Warden Public Relations Officer), is said to have been declared wanted for refusing to appear to be detained like his colleagues.

Reacting to the detention, a rights group, the International Society for Civil Liberties and the Rule of Law (Intersociety), has called for the immediate and unconditional release of the two wardens and the deletion of Uwakwe from the ‘Wanted’ list.

http://www.vanguardngr.com/2011/07/9-nigerian-banks-make-top-1000-world-banks-ranking/
On July 27, 2011 · In News ,
By Babajide Komolafe with Agency reports
Lagos — Nine Nigerian banks have made the list of the Top 1000 World Banks Ranking by Tier One Capital in the 2011 edition by The Banker magazine as published in its current edition.

According to a statement signed by the Country Representative of The Banker, Mr. Kunle Ogedengbe, Zenith Bank and First Bank are the two top ranked banks in Nigeria. While Zenith is ranked 296, First Bank of Nigeria Plc is ranked 310.

Other Nigerian banks that made the Top 1000 World Banks list are Guaranty Trust Bank ranked 444, Access Bank (495), United Bank for Africa (513), Fidelity Bank (567), First City Monument Bank (586), Diamond Bank (650) and Skye Bank (657).

Apart from featuring in the top 1000 World Banks, the banks also made the Top 25 banks in Africa with Nigeria being the only country in the continent that has nine banks in the African Top 25 ranking schedule.

CBN raises policy rate
Meanwhile, the Central Bank of Nigeria, CBN, yesterday raised the Monetary Policy Rate (MPR) to 8.75 per cent, to further tighten money supply in anticipation of future rise in inflation. The MPR is the benchmark for interest rate in the economy.

The CBN also reported that the nation’s real gross domestic product (GDP) growth slowed down in the first quarter to 6.64 per cent from 7.36 per cent in the preceding quarter, warning that security challenges, infrastructural bottleneck and government spending could undermine investors’ confidence and output growth in the near term.

In a communiqué issued at the end of its Monetary Policy Committee (MPC) meeting, the CBN explained the rational for raising the MPR for the third time this year.

It said, “The Committee observed that the inflation outlook appears uncertain owing to the expected implementation of the new national minimum wage policy and the imminent deregulation of petroleum prices. Significant injection of liquidity from FAAC in the third quarter coupled with the impact of AMCON recapitalizing intervened banks to the tune of N1.6 trillion will both add to inflationary pressures.

South Africa and Egypt have five banks each, Morocco has three while Togo, Angola and Mauritius have one each.
With the first listing published in 1970, The Banker Top 1000 ranking has for over 41 years served as a credible source for the measurement of the stability of global banks along with in depth analysis of the global financial industry.

In the 2011 ranking, the United States of America maintains number one position through Bank of America, followed by JP Morgan Chase & Co., while HSBC of the United Kingdom moved to third from fifth ranked position last year
New comers to the top 10 compared to last year are Mitsubishi UFJ Financial Group Japan, China Construction Bank Corporation and Bank of China while those who did not make the top 10 this year compared to last year are BNP Paribas, France; Barclays Bank, UK and Banco Santander, Spain.

The rankings are based on the definition of Tier One Capital as set out by Basel’s Bank for International Settlements (BIS) and the object of the survey is to show the banks’ soundness in relation to the Basel requirement of a minimum ratio of Tier One Capital to risk-weighted assets of 4 per cent (increasing to 7 per cent by 2019) and a minimum ratio of total capital to risk-weighted assets of 8 per cent.

http://www.thenationonlineng.net/2011/index.php/news/13747-senate-favours-bill-seeking-deportation-of-convicted-nigerians.html
By Gbade Ogunwale 4 hours 35 minutes ago
Font size:   

Mark

The Senate yesterday passed the second reading of an amendment bill seeking to strip Nigerians convicted in Commonwealth countries the right of consent before they could be transferred home to serve their jail terms.

The extant Act gives the convicts the right to accept or reject a transfer from the countries where they were convicted to their home country, Nigeria in this case.

Senate Leader, Victor Ndoma-Egba who led the debate yesterday said the amendment would among others enable Nigerians convicted in Commonwealth counties to serve out their sentence at home.

This, according to him, would ensure penal justice for criminals irrespective of where their crimes are committed and harmonise penal systems and reciprocity within the Commonwealth.

Although majority of the senators supported the bill, which was sent to the National Assembly by President Goodluck Jonathan only last week, a few of the lawmakers kicked against it.

Arguing against the bill, Senator Bukar Abba Ibrahim doubted if there is any sane Nigerian who would be willing to be brought back home to serve a jail term and wondered how far the bill could go.

Senators Uche Chukwumerije and Heineken Lokpobiri were of the opinion that the amendment seeks to infringe on the fundamental human rights of the convicts.

Lokpobiri said that apart from infringement on the rights of the convicts, it would also overburden the nation’s already overstretched finances and its inadequate prison facilities.

Senators Ali Ndume, Aisha Alhassan and Minority Leader, George Akume also opposed the bill, citing the nation’s already congested prisons. Senator Nkechi Awogu wondered why the bill is being rushed through the process.

Akume urged his colleagues to first seek means of reforming the nation’s prison system before they could talk about transferring Nigerian convicts back home.

Senators Abdul Ningi, Ayogu Eze, Wilson Ake, Benedict Ayade joined Ndoma Egba to push for the amendment.

They insisted that if passed, the implementation of the bill will expose convicted Nigerians who come back home to contest elections after being released from prison abroad.

According to them, it will also serve as a deterrent to prospective Nigerian offenders who hitherto have been hiding their crimes in foreign land from their kinsmen back home. They stressed that the practice has already gained global recognition.

Senate President David Mark was however shocked when Senator Ayade told the session that there are about 16, 000 Nigerians currently in prison in the United Kingdom alone, warning that the Senate should consider the financial implication of having Nigerian convict transferred back hom.

Mark said: "‘I am shocked that there are 16,000 Nigerians in U.K prisons. I believe that there will be proper coordination between the two countries before the transfer is effected"

"A lesson for us here is to reform our prison system. I don’t think it is right to push our responsibility to other countries"

Briefing reporters shortly after the plenary session, Ndoma-Egba ruled out the possibility of pardon for such transferred convicts under the Prerogative of Mercy, saying that such moves could defeat the objective of the exercise.

Ndoma-Egba stated: "The issue of our image is a major concern and this bill intends to address it. It will defeat the essence of the transfer if the convicts come home to benefit from pardon by the state"

"It does not mean that all the convicts will be transferred on the passage of the amendment. It will be based on request"




The amendment carried a majority voice vote while the minority dissenting voices mumbled away.

mekaboy:



HABA MR. PRESIDENT, IS THIS WHAT YOU ARE WORRIED ABOUT NOW? WITH ALL THE PROBLEMS TO BE SOLVED YOUR MAJOR CONCERN IS HOW LONG YOU WILL STAY IN POWER? DOES IT MATTER WHETHER YOU STAY 2DAYS OR 20YEARS, ALL WE NEED IS FOR YOU TO DELIVER WHAT YOU PROMISED.

IF YOU DO WELL IN FOUR YEARS, DONT WORRY WE WILL RE-ELECT YOU, WHY WASTE THE TIME YOU SHOULD USE TO WORK TOWARDS THE DEVELOPMENT OF THE NATION ON AMENDMENT BILL ?

PROCRASTINATION IS THE BROTHER OF FAILURE, AT FIRST YOU SAID YOU WERE NOT ELECTED, LETS RE-ELECT YOU AND GIVE YOU MORE 4YEARS. NOW YOU ARE RE-ELECTED, YOU HAVE NOT EVEN FINISHED ONE YEAR YOUR ASKING FOR MORE YEARS.

IS THIS " OLIVER TWIST " DEMOCRAZY ? ITS JUST LIKE A STUDENT IN AN EXAMINATION HALL, IMMEDIATELY HE GETS HIS QUESTION PAPER HE ASKS THE INVIGILATOR TO GIVE HIM MORE TIME

GEJ START WORK FIRST, WHEN YOUR TENURE IS ABOUT TO FINISH AND WE FEEL YOU NEED MORE TIME, THEN PASS THE BILL WE WILL APPROVE.

Gbawe:
@ OP.

Where you @ ? You were quick to question whether Amosun is "okay" . Now the Ogun State Government has offered its own explanation . What say you considering the history of OGD and Bi-Courtney ? . The Ogun State Government say that there is not even an asphalt plant on the ground yet you were keen to believe an article from Compass (OGD's paper) and Bi-Courtney (a known purveyor of sub-standard work and fraudulent conduit Company ) without the minimal grace to give Amosun the benefit of the doubt? Gbenga Daniel we all know but could you not do a little investigation into the history of Bi-Courtney before you swallowed their submission that Amosun came to demolish an Asphalt plant that does not exist?

Compass even lied in the Article you supplied with how they claimed Amosun had approved the site for Bi-Courtney when approval was actually secured in April !!! We all know Amosun was not the Governor then. look, the PDP divide and conquer tactics has begun. Otherwise what manner of madness is responsible for the PDP call for the resignation of Fashola over the flood in Lagos while nothing is said about the repeated security failings of GEJ that has led to many deaths , is threatening inward flow of investment , jeopardizing the unity of Nigeria and making the nation a no-go travel zone?

As far as I see it , South-Westerners can all get behind the ACN , the Party they placed their confidence in, and give them the chance to prove themselves or we can make ourselves 'tools' of a manipulative ruling Party that is angry at losing control over "easy pickings" . If the ACN do not perform then there is the option to vote them out but the animosity towards the[b] two month old[/b] regime of Amosun and Ajimobi is shocking considering the mess they must first clear up !!! Kilode ?  Political sophistication does not mean a damn thing in Nigeria when folks who are ostensibly intelligent are easily manipulated by those only interested in controlling Nigeria's wealth and resources. It is even laughable when the manipulation is of the crude and easily debunked variety.

Somehow, I am suspecting that most commentators here did not even vote or are not even connected to events on the ground in the SW. Those who actually live in the SW States , day in day out, and voted for the ACN , knowing what obtained for many years under the PDP, cannot be the ones casting aspersions on the ability of the ACN Governors after 7 weeks in power.

seanet02:
Sir koruji i quite agree with you on the importance of the road project, but the fact remains that the laws of the land must be respected. Now look at this people that have been giving control of the road for over 2 years now trying to get land dubiously through OGD. i will personally appeal to Amosun to let them have the land if i were one of his advisers, we all know the end result of the road project. It is failure. Bicourtney have a track record of poor service anyway

9jaganja:
i think multinational companies ought respect the land first,
The man seems passionate about his state but he shouldn't direct the passion to unproductive violence,
He has the right to stop the project if he wants. it's his state and the FG needs his people's land,

the state governor should call a meeting first not go all out with guns, But good to know some politicians will be at war front

seanet02:
Nigerian Compass and their shameful lies. I was priviledged to have some facts on this issue.
1. The Land on which the Project was illegally given to them by OGD without recourse to the laws on ground. The state was short changed in the land to the tune of 75%
2. Amosun personally led a team of state officials to the plant the very second week he was installed to handover a quit notice to them and told them he will also personally led a team to demolish it if they fail to move their things within the specified time.
Anybody believing Nigerian Compass deserves a free slap on the face, the paper is the leader of Junks media houses in Africa. Just look at how they lied that it was Amosun that approve the project when in actuall fact it was done by the owner of Nigerian Compass OGD. Useles newspaper

http://www.nigeriancompass.com/index.php?option=com_content&view=article&id=2181:amosun-leads-squad-to-demolish-babalakins-n1-billion-plant&catid=54:nigeria-today
Tuesday, 26 July 2011 00:56 Nigerian Compass Hits: 53 .   . .LESS than 24 hours after the Federal Government gave Bi-Courtney Highway Services Limited a 60-day ultimatum to complete palliative works on the Lagos-Ibadan Expressway, Ogun State Government at the weekend threatened to dismantle a $6.5 million (about N1 billion) asphalt plant the company bought for the project.

Governor Ibikunle Amosun, who personally led the team, comprising gun-totting, anti-riot policemen and some state government officials, ordered his men to dismantle the plant.

Besides, Amosun directed his government’s bulldozers to demolish the structure erected for the project by Bi-Courtney Highway Services, because he wanted to use the site for a trailer park and market.

The action came after the site had been approved by Amosun for Bi-Courtney “and we don’t know why he suddenly changed his mind,” said one of the workers.

But, for the resistance put by the Chief Security Officer of the concessionaire, Colonel Adeola Olabiyi (rtd), and his team, the governor would have pulled down the multi-million naira structure.

Despite this, the governor ordered the mobile policemen to lead one of the bulldozers to demolish the structure but when they saw the resistance of Olabiyi and his team, “they could not move and the governor felt disappointed that his order was not carried out”.

An eyewitness said: “We were really afraid. The governor told his policemen to draw their guns and the Bi-Courtney people also drew their guns. We thought they were going to start exchanging fire and for the fact that the governor was there, people started running. Can you imagine what could have happened if the two teams started shooting? I don’t know why the governor should personally lead the demolition squad. Is that the work of a governor? Why should he be going all over the place with policemen to terrorise people working legitimately?

“This is not the first time he would do this. The other time, he led policemen to a particular structure in Lagos and he was eventually embarrassed because the owner called the Inspector-General who ordered that all the policemen should leave the place. Why should the governor be embarrassing himself this way? Even military administrators didn’t behave this way. Thousands of motorists go through hell everyday on this road and now that they think that the road will be fixed, he has come again with his policy somersault. This action is shameful”.

In a statement issued yesterday, Bi-Courtney’s spokesman, Dipo Kehinde, described the action as a wrong move.

He said: “Since the grant of the concession, Ogun State Government was taken as a major partner, given that 80 per cent of the highway falls within the state.

“Ogun State was to give us land as its own contribution to the project. The former RCC yard was identified, visited and allocated to us by the Ogun State Government. The process entailed joint visit and assessment before allocation, following all due process.

“To buttress this fact, we duly settled the land owners, promptly, to demonstrate our commitment to the site. The payment to the landowners was done after due consultation with the state government and confirmation of the landowners at a joint stakeholders meeting with officials of the Bureau of Land. The state government actually brokered the meeting with the family land owners.

“A search was also conducted at the Ogun State Survey Directorate, and the search report revealed that the property is unencumbered.”

The Commissioner for Information, Mr. Yusuph Olaniyonu, had, on Sunday, issued a statement confirming that the state government had approved the site for Bi-Courtney, after the company submitted application for the use of the site on April 20, this year.

The Minister of Works, Mr. Mike Onolememen, had, on Saturday, visited the RCC yard as part of his assessment tour, to see what Bi-Courtney has been doing and how the government could assist the company in making an early delivery of the project.

During the inspection tour, which began from the Old Toll-Gate office of Bi-Courtney at 9a.m., the minister pledged to give all necessary support to hasten work on the reconstruction of the road.

He mentioned the idea of involving army engineers in some aspects of the project, saying: “We shouldn’t saddle Bi-Courtney with the task of securing the Right of Way (ROW). We are going to bring in army engineers to assist.”

When asked if the ministry is considering the review of the concession with Bi-Courtney, Onolememen said: “No. There’s nothing like that. Bi-Courtney has been on track. There are processes in the execution of this project and the company has followed due process. The final design was approved on May 10.”

He said that the involvement of army engineers would help to secure the ROW, which is one of the major constraints in the execution of the project.

The Chairman of Bi-Courtney, Dr. Olawale Babalakin, had earlier raised the alarm, during a visit to the General Overseer of the Redeemed Christian Church of God (RCCG), Pastor Enoch Adeboye, that some powerful interest groups are trying to frustrate the company’s efforts to deliver the project on time.

Said Babalakin: “Most people in Nigeria don’t know what concession is all about. There’s no road that has been done through concession in Nigeria before, apart from the Lekki-Epe Expressway, a 45-kilometre road that took the concessionaire five years to start the construction.

“Many people don’t want us to build that road. There have been several stumbling blocks. We’ve been having problems with many powerful mediocres. Many people, whose structures will be affected have gone to court. There are 55 illegal petrol stations on the Lagos-Ibadan Expressway.”

Onolememen told reporters in an interview that the Federal Government did the right thing by giving the road project out as a concession.

He said: “This is a modern way of financing projects in the country now, because it is clear to us that the budgetary allocation of the Federal Government cannot match the demand for road rehabilitation and reconstruction in this country.

“There are basic things we would do very quickly; we want to ensure that within 60 days that the sufferings on the road be reduced.

“The final design was approved in May, this year, by the Federal Ministry of Works; our estate valuers have just completed work on the enumeration of properties on the Right of Way last week. By September, full work should start. But, before then, areas requiring urgent repairs must be attended to.

“If you look at the agreement concerning the road, there are steps to be taken. In the past one year, there have been phases they (Bi-Courtney) have had to comply with.”

http://www.businessdayonline.com/NG/index.php/news/76-hot-topic/25131-16-senators-spend-millions-of-naira-to-inspect-oshodi--apapa-expressway
Tuesday, 26 July 2011 00:00 Joshua Bassey    . .•Shocked by poor state of road

One week after a federal government delegation made a visit to assess the impact of the July 10, 2011 flood disaster in Lagos, a 16-man Senate delegation, also yesterday, landed in Lagos, at an estimated N4 million cost to tax payers.

The 16-man senate delegation’s air fare is put at over N1.3 million and hotel accommodation not less than N800, 000 per day, for a visit most analysts and critics dismiss as sheer waste of resources.

Nigerians reacting, describe the visit as one too many by Abuja, without definite action to relieve victims of the flood and put paid to the suffering of motorists and commuters on deadly federal roads in the former federal capital territory. They also question what has been done with the N9.2 billion which the former minister of Works, Mohammed Dagash, was quoted to have said has been released to carry out routine maintenance works on the Apapa-Oshodi road.

Dagash had in May this year told reporters that the contract for the road was awarded to construction giant, Julius Berger Plc in November 2010 at a cost of N6.2 billion.

The road which has been described as one of the biggest ‘shame’ of the nation, is barely passable when it trains and has cost port users at the nation’s biggest sea ports, Apapa and Tin Can Island ports several billions of naira.

The Federal Roads Maintenance Agency (FERMA) in the last two years says it has spent over N500 million to engage road repair contractors to fill up the gullies that frequently appear on the road. The failure of the road, shortly after repairs, raised frequent insinuations of fraud and deception on the award of the contract, the quality of the work and capacity of the contractors. Interestingly, both the Federal Ministry of Works and the Federal Government never responded proactively.

Analysts say the shoddy job done by the contractors underlies the shady process that led to the award of the contracts.

Speaking in an interview with BusinessDay, yesterday, Joe Igbokwe, publicity secretary, Lagos State chapter of Action Congress of Nigeria (ACN), said, “What Nigerians expect is concrete action that will bring an end to their agonising experience on most federal roads in Lagos and other parts of the country.

“Hundreds of visits without action amounts to nothing. Nigerians are suffering; Lagosians are going through harrowing experience on federal roads in Lagos. Any positive action taken in respect of Lagos is in the interest of the nation. Lagos is the melting pot of Nigeria’s economy. The Apapa-Oshodi Expressway for example leads to the biggest and most patronised ports in Nigeria with quantum contributions to the nation’s economy. Therefore, help extended to Lagos is help extended to the entire country,” Igbokwe said.

Itse Sagay, a law professor, who also spoke with BusinessDay, lamented what he described as the neglect of federal roads across the country. He stated as a matter of finality that the “Federal Government has failed in its responsibilities, especially in terms of road maintenance.”

Meanwhile, shocked by the level of deterioration of some of the areas visited, particularly the Apapa-Oshodi Expressway, the visiting senate delegation assured that the Senate will put pressure on the Federal Government to release funds to tackle ecological problems in the former capital city.

The delegation led by former governor of Benue State, George Akume, was in Lagos to have a first-hand assessment of the environmental challenges faced by the state, and which in recent times, have been made worse by torrential rains and devastating floods.

“I can assure you that this delegation is non partisan. We are going to make our impartial reports based on what we have seen. We will put pressure on the Federal Government to do something urgently because what we have seen here is a threat to lives and properties in Lagos,” Akume told reporters, adding that Lagos deserves special attention from the Federal Government.

The senators, after inspecting the failed Iyana Itire and Second Rainbow sections of the Apapa-Oshodi Expressway, could, however, not proceed further to Trinity Bus Stop which has completely collapsed, as petroleum tankers lined the entire stretch of the road, with resultant traffic jams, which forced the delegation to beat a retreat at Berger.

The senators wondered aloud if it was the same road that leads to both Apapa and Tin Can Island Ports from where the Federal Government rakes in billions of naira annually.

This query was greeted by a spontaneous chorus of ‘yes’ response by Oluremi Tinubu, Gbenga Ashafa and Ganiyu Solomon, the three senators representing Lagos in the Senate, who were part of the delegation.

Akume, speaking further, said the delegation in its report to the Senate leadership, would emphasise the need to accord Lagos a special status.

http://www.sapphirecapital.proboards.com/index.cgi?board=islamfinance&action=display&thread=2796
Nigeria: Jaiz Islamic Bank to Start Operations

Yunus Abdulhamid and Abubakar Buba

The Managing Director of JAIZ International Bank Alhaji Mohammed Mustapha Bintube has said that the bank will now commence full operation in Nigeria before end of the year.

He said the delay to begin operation was occasioned by change of policy by the Central bank of Nigeria where the minimum capitalisation for a bank was raised to N25 billion from N2.5 billion, lack of commitment on the part of Nigerian investors and more recently, the global economic meltdown. He also identified the absence of a regulatory frame work by the CBN as part of the cause.

Bintube said this yesterday while delivery a paper titled, "World Economic Meltdown: Islamic Perspective/Solution" at a public forum organised by the Muslim Media Practitioners of Nigeria (MMPN) in Abuja.

The Jaiz Bank was incorporated in 2003 in Nigeria to operate the Islamic banking option which provides non-interest financial services but six years after, it is still struggling to find its feet.

According to the Jaiz boss, "It is our collective failure and distrust in the system that Jaiz has not taken off after many years of working. We have had several international intended investors who came to do market surveys and at the end, they noted that Nigerians are rich enough to do it. If they can't do it, why should we invest in it', they used to ask."

He however said that with the release of the regulatory frame work of Islamic banking by the CBN last week, all was set for the bank to commence full commercial operation as soon as possible.

Speaking further, Bintube blamed the present global economic meltdown on "unbridled mortgage loans to make money especially in America and Europe, imprudent lending by banks ,financial derivatives and speculation which equals gambling abhorred by Islam while regulators watched the other way.

He said Islamic banking thrive on buying and selling, a pure moral and ethical business transactions devoid of interest and speculation wrecking the world economy today.

"A society where there is no gambling, alcohol, and prostitution is the type Islam seeks to project and not imaginary profit. It also seeks to project greater justice in human society as without justice, the society declines and leads to self destruction," he said.

He called on the Nigeria government to double its effort if it must attain its dream of becoming one of the 20th most developed economy in the world by years 2020, saying achieving that means beating South Africa and Egypt which currently lead Africa economically and they both have Islamic banks which are non interest based.

Meanwhile, former deputy governor of the Central Bank of Nigeria (CBN) Dr. Obadiah Mailafia has called on the Nigeria's apex bank to create a department for the shariah banking option which provides for non-interest regimes in the financial sector.

He said doing so will help empower the people intellectually as well as provide adequate regulatory framework for operators coming up with such financial options.

He said, "CBN can do more to open a department of Islamic banking to train and educate people. It will promote investment in the country also."

Obadiah said this yesterday while making remarks at the public lecture organised by the Muslim Media Practitioners of Nigeria (MMPN) in Abuja on the "Global Economic Meltdown: Islamic Perspective and Solution."

He noted that the financial crisis experienced today stemmed from the failure of the United States of America to maintain its position as the world banker of the last resort, saying that the practice of spending $1 billion a day by former president Bush's administration added further strain to its system.

"Apart from the sub-prime lending in the mortgage industry and corruption in the America financial system, the America crisis of hegemony is also responsible. We are in a digital age where various options should be open to people. It is not only the Muslims that want it. Everyone wants his money kept safe and safety seems to have eluded today's transactions."

"We need more transparent banking, more transparent central banking and regulations," he said.

Read more: http://www.sapphirecapital.proboards.com/index.cgi?board=islamfinance&action=display&thread=2796#ixzz1T5A68nyU

jmaine:
Another interesting quote below . . . The Sharia council full blast is on the punch website . . . http://punchng.com/Articl.aspx?theartic=Art201107252441462

They have being the one doing the exact thing with their sharia laws and demands . . .

Negro_Ntns:
Koruji,
Let's be serious, the attention and blame is wrongly placed.
Who is Sanusi's boss?

http://tribune.com.ng/index.php/news/25576-fg-worried-over-living-condition-of-maiduguri-residents-nema

THE National Emergency Management Agency (NEMA) said the Federal Government was greatly worried over the conditions of living of Maiduguri residents, due to the ongoing face-off between security operatives and Boko Haram members, which had brought untold hardship on the people.

Consequently, the Federal Government, through NEMA and other humanitarian actors, is reaching out to the distressed people in the communities in order to reduce the adverse effects of the crisis, especially to make the forthcoming Ramadan fasting much easier for Islamic adherents.

The Director-General of NEMA, Alhaji Muhammad Sidi Sani, has mandated the agency’s North-East zone office to commence moves to reach out to the distressed people, irrespective of religion, ethnic or political affiliations, in their present places of residence.

It has commenced comprehensive compilation of all distressed people. The exercise would be completed by today.

The agency urged the beneficiaries to conduct themselves in orderly manner during the distribution of the Federal Government’s relief materials.

MEMA said attention would be focused on Abbaganaram, Kaleri, Simari, Dala, Budum, London Ciki and villages in and around Maiduguri in the first few days of the exercise.

NEMA’s North-East zone coordinator, Aliyu Baffale Sambo, said that emergency dynamism has resurfaced in the present intervention to the humanitarian needs of the distressed.

He said this was due to the displaced persons’ resolve to lodge at residential houses instead of camps, which would have made government’s intervention much easier as required by the camp coordination and management principles.

This he noted, had delayed early response to the needs of the people.

Meanwhile, NEMA has already carried out direct distribution of relief materials to the displaced persons in Ngamdu in Kaga Local Government Area as well as Auno in Konduga Local Government Area of Borno State. Distribution of relief materials is continuing in Potiskum.

http://tribune.com.ng/index.php/news/25572-muslim-leaders-vow-to-defend-islamic-banking
Written by Hassan Ibrahim, Kaduna
Monday, 25 July 2011

MUSLIM leaders in their hundreds, under the aegis of the Supreme Council for Shari’ah in Nigeria, in Kaduna, on Sunday, said they would defend Islamic banking in Nigeria with the last drop of their blood.

They said since interest free banking was successfully practised in the United Kingdom (UK) and other Christian dominated countries, they would resist any attempt by the Christian Association of Nigeria (CAN) to frustrate the implementation of the banking system in Nigeria.

Speaking at a press conference shortly after their meeting at the Arewa House, Kaduna, the national president of the Supreme Council for Shari’ah in Nigeria (SCSN), Dr Ibrahim Datti Ahmed, warned that Muslims in the country would no longer keep quiet and allow others to blackmail the interest-free banking about to commence in September.

According to him, in England, it was called Islamic Bank of Britain, but in Nigeria, it was called Jaiz Bank, saying it was unfortunate that a section of the Christian community took offence with the name and had been making all sorts of negative comments against the Muslims.

Datti said in spite of the blackmail and mischief against the bank, Jaiz Bank had come to stay and would commence operation with three branches in Abuja, Kaduna and Kano before other branches would subsequently follow suit.

Commenting o the post-election crisis, they said the crisis was believed to have been pre-planned and pre-meditated in southern Ka-duna, well ahead of election.

“This reality is supported by the fact that Southern Kaduna Muslims were massacred on Sunday, even before the election results were announced. Whatever happened was a reaction thereto,” he said.

The Muslims faulted the way the crisis was managed by the federal and state governments, alleging that curfew was ruthlessly clamped down on the northern part of the state, while the southern part went scot free.

“The refugees were left to cater for themselves. In fact, most of them were compelled to leave the camp. The government must restore people’s freedom, compensate them fully and return them to their homes,” he said.

The group called on the Joint Task Force (JTF) to operate within the ambit of law and urged the Federal Government to respect the wishes of the elders and leaders of Borno State and withdraw the JTF soldiers, in order to pave way for genuine resolution of the Boko Haram problem.

http://www.vanguardngr.com/2011/07/boko-haram-rival-group-drops-threat-leaflets-in-10-northern-states/
* Action heightens security concerns

BY EMEKA MAMAH

The emergence of a new group, believed to be out to checkmate Boko Haram, is giving security agencies in the north goose pimples.

Security sources said that the new group, Akhwat Akwop, claimed that its target for violence would be women whose husbands were reportedly behind the violent activities of Boko Haram in the last three months.

However, security personnel, now trying to unravel those behind the new ‘’terror group’’, believe that the peace in the north was being threatened the more, because of the suspicion occasioned by the several clashes in various parts of the north in the last 10 years in which the perpetrators were not punished due to alleged lack of political will by the authorities to implement any of the reports of the investigative panels instituted to look into the crises.

‘’We are worried that the security situation in the north is degenerating and it may get to serious ethno-religious wars that will spread across the states in the area”, one of the sources said.

‘’The emergence of this new group gives us serious cause for concern because the situation in Somalia and other troubled parts of the world began with small issues which later degenerated’.’

It was learnt that the group dropped leaflets in at least 10 states of the north, viz: Benue, Taraba, Yobe, Borno, Bauchi, Adamawa, Plateau, Kogi, Nasarawa and Kaduna states, warning that it would liberate northern minorities from the strangle-hold of the Hausa/ Fulani who had been lording it over them, and causing havoc in the north, nay Nigeria in the name of Islam.

In Kaduna State, large quantities of the leaflets were left at the state chapter of the Nigerian Union of Journalists, NUJ, Press Centre weekend by unknown persons.

The leaflets entitled, ‘’Warning to Boko Haram’’, claimed that Akhwat Akwop stood for the Christian equivalent of Boko Haram, adding that it would be at the fore front of the struggle for the emancipation of northern minorities who are Christians or Muslims.

The leaflets read in part, ‘’Greetings in the name of our Lord and most gracious saviour and shield, Jesus Christ.
‘’Recent happenings in the body polity of our dear nation, Nigeria, compel us once again to reiterate our view and commitment.

‘’Akhwat Akwop will ever be at the forefront of the struggle for the emancipation of northern minorities (Christians and Muslims) from continued oppression and inhuman savageries”.

Apparently blaming the current activities of Boko Haram on those not happy with the victory of President Goodluck Jonathan and Governor Patrick Ibrahim Yakowa of Kaduna State, both minority Christians, Akhwat Akwop posed seven questions.

The questions include, whether it was a crime for either Jonathan or Yakowa to become president and governor respectively or whether it was a crime for the Sawaya people of Tafawa Balewa in Bauchi State to be landlords in their ancestral lands?

The group asked why the ‘’innocent people of Plateau State have been made to pay so much in tears and blood’’ and ‘’why the innocent farmers in Benue, Taraba, Kogi states have been continually attacked and killed by alleged terrorists as well as why Christians in Bauchi, Yobe, Borno states were being killed or whether or not it was a crime for northern minorities to say that enough was enough of Hausa/Fulani oppression?’’

According to the Akhwat Akwop, ‘’majority of Nigerians know that it is the Hausa Fulani and their misguided allies who always plan and execute mayhem.

‘The group declared:’’We prefer peace but ever ready for war. Boko Haram is hereby warned that if it carries out any further attacks on Christians anywhere in the north, our commandos will unleash deliberate attacks on selected targets in cities with majority Muslim population in the far north.

‘’Your people (Boko Haram) will see and experience what you have been doing to others first hand. Akwhat Akwop has never targeted women and children and we do not intend to ever do so. However, if the fatwa placed on our daughters Nyeri Debby Yakowa by Boko Haram is not immediately lifted and indeed if anything happens to her or any Christian lady anywhere in the north, we shall unleash a storm of wastage on female Hausa/ Fulani anywhere we get them”.

‘’Boko Haram must not involve itself in the internal politics of Kaduna State. Kaduna State and the Middle Belt are a no-go area for Boko Haram. Go back to the desert where you come from.

‘’Hausa/ Fulani Muslim men who wear jeans and T-shirts, sneak into our areas to drink alcohol, cavort with and deceive some of our gullible and irresponsible women should know that their days are numbered.

‘’Our commandos have instructions to take you out. You are strongly advised to stay in your Sharia”.

Negro_Ntns:
I think, katz, the appropriate question should be "who is the Sharia police" that monitors compliance?
In an Islamic state, its the Ummah - the council of scholars that interprete Sharia law.
In a non Islamic state they would be properly identified as non-interest banking, as opposed to Islamic banking.
For this reason, even when Koruji said "Islamic bank regulates, " , I responded and said "Sharia regulates".

Katsumoto:
You are about to go into an angle that won't support your argument or the proponents of Islamic Banking. So which Islamic Banks are completely Sharia compliant?

shakomende:
At his recent visit to Lagos, Nigeria, British Prime Minister David Cameron had some interesting commentary on Nigeria’s growth prospects in the coming years. According to him, some predict that in the next forty years, Nigeria will have the highest average GDP growth rate in the world.

“Tell me this: which part of the world has seen its number of democracies increase nearly eight-fold in just two decades? Eastern Europe? No, it’s Africa. Which continent has six of the ten fastest growing economies in the world? Asia? No, it’s Africa. Which country is predicted by some to have the highest average GDP growth in the world over the next 40 years? You might think Brazil, Russia, India or China. No. Think Africa. Think Nigeria.” – David Cameron

What do you think about this prediction?

http://www.cp-africa.com/2011/07/22/nigeria-predicted-to-have-the-highest-average-gdp-growth-in-the-world-over-the-next-40-years-david-cameron/

http://ijaraloans.com/?p=20&gclid=CLGZz9a3lqoCFRNb7AodOXO5zg
Islamic Finance Method Topics : Ijara, Musharaka, Murabaha, What is Riba?

IJARA / IJARAH - Lease To Own[/b]The term Ijara literally means rent, the Sharia process is known as Ijara-wa-Iqtina, rent with an acquisition or rent to own. The process of Ijara can be used for equipment as well as property.  The process is very simple, a single asset Trust is created, the Trust purchases the property, and then leases the property to the customer.  With each monthly payment, a portion of that payment goes towards ownership, until the customer owns 100%.

The basic difference between a Sharia Ijarah-wa-iqtinah process and a conventional lease is that, the Ijara process obligates the Trust (seller) to sell the property to you under a Promise to Purchase, and while the same contract entitles the customer to purchase the property, the customer is not enforceably obligated to do so.

[b]HOW THE PURCHASE PRICE OF THE IJARA TRANSACTION DETERMINED
The purchase price that is agreed to in the Promise to Purchase is equal to the original purchase price less the down payment made by the customer plus $1.00.  For example, if the value of the property is $200,000 and the customer makes a $40,000 down payment, then the initial amount the customer has to pay the investor for 100% ownership is $160,001.  As the customers ownership increases, this amount reduces, until the final ownership payment of $1.00

HOW THE MONTHLY IJARA RENT PAYMENTS CALCULATED
The initial Ijara amount that is financed by the customer, earns profit for the investor through monthly rental payments.  Traditional amortization calculations are utilized to determine the exact monthly payment.  The mathematical formulas are acceptable as there are no Sharia issues with mathematical calculations.  The major difference between a traditional mortgage amortization and an Ijara transaction is that the Ijarah transaction is based upon a reverse amortization calculation.

THE BASIS OF USING A PERCENTAGE
While it may appear contrary to the Sharia, it is in fact acceptable to describe the profit on an Islamic transaction as a percentage.  The following example should clear up any confusion regarding the acceptability of quoting the profit as a percentage in an Ijara transaction:
i. Suppose you have a $100,000 in cash.
ii. You purchase a home and pay cash for the home.
iii. You rent the home to a tenant for $500 per month
iv. At the end of the year you have collected $500 x 12 or $6,000 in rent
v. That $6,000 in rent is a 6% return on your $100,000 investment

Is that 6% Rent or Riba?  well it is clearly it is Rent, as it is based upon a business transaction. Now let's look at a traditional mortgage interest transaction:
i. Starting with the same $100,000 cash.
ii. You give someone the money.
iii. They proceed to purchase the same home with those funds.
iv. They pay you the same $500 per month, or 6% a year for use of the money.
v. This is basically rent on money

In this case is the 6% Riba? yes, it is rent on money.  The first example was rent on property.  So it should be clear that from a Sharia perspective it is acceptable to describe the profit on an Islamic Ijara transaction as a percentage.  Furthermore, it is also a requirement under the Truth in Lending Act/Consumer Protection Act, that any profit earned on a residential real estate finance transaction should be described as a percentage so that a customer can clearly understand what the overall cost of the finance transaction is.

TENANT OR HOMEOWNER?
In an Ijara transaction, you are technically a tenant. You sign a lease that obligates you to a rent payment over a period of time.  However, unlike a typical rental property lease, you are responsible for all the maintenance of the property, and you have all the rights and duties of a Homeowner.  You can sell the property anytime you wish, you can remodel, decorate, landscape, sublet, or basically utilize the property for any legal purpose that it is zoned for.  The only exception may be if you engage in an activity that may adversely affect the value of the property, like demolishing a garage without rebuilding it.  For all practical purposes your role is the same as a homeowner, because once your have fulfilled your obligations under the lease or promise to purchase, you become the owner of the property.

SHARING OF A GAIN OR LOSS
One of the basic Sharia compliance principles is that there should be a sharing of either a gain or loss in a finance transaction.  The Ijara transaction is structured in such a way that 100% of the gain is rightfully the customers.  Under the Shariah, the gain or loss is shared by the parties in a transaction according to their percentages of ownership.  The Ijara transaction abides by this principle, in that at the time of realization of the gain or loss, there is only one owner of the property, and that is the customer.  From a procedural perspective, at the time of sale:
1. the Trust will transfer the title of the property to the customer,
2. the customer will then transfer the title to the new buyer,
3. the new buyer will then settle the transaction according to the agreement with the customer,
4. and then the customer will settle with the trust according to the agreement between the customer and the trust (the Ijara documents)
the procedural steps above creates a situation where the customer holds 100% title, albeit for a short period of time, but by doing so entitles the customer to be the beneficiary of the difference between the two agreements; that is the sale to the new buyer, and the original promise to purchase agreement with the trust.

http://pmnewsnigeria.com/2011/07/19/nigeria-danger-looms-in-lekki/

In the next three months, thousands of houses and residents abutting the Alpha Beach in Lekki area of Lagos State, Southwest Nigeria will be sacked by coastal erosion by the ocean, warns the Lagos State Government.

Already, in the last two weeks, the 20 metres of coastline has been lost to the ocean as the water from the sea is less than 70 metres away from residential area and several shanties abutting the ocean.

Commissioner for Waterfront Development and Infrastructure, Prince Segun Oniru disclosed this on Monday when a team from the Federal Government came to inspect the level of damage caused by the recent flood in Lagos and submit its finding to President Goodluck Jonathan.

The team was led by the Minister of Trade and Investment, Dr. Olusegun Aganga, while the Permanent Secretary, Ecological Funds in the Office of the Presidency, Mrs. Ibukun Odusote was also in the team. The team inspected the Mayegun Beach where several shipwrecks are causing coastal erosion in the area and the Alpha Beach faced with the same problem of coastal erosion.

According to Oniru, who spoke at the Alpha Beach, residents in the area were in grave danger as the water from the ocean is fast approaching residential area and called on the Federal Government to do something urgent to safeguard the lives of people and properties.

He said the only urgent solution to halt the coastal erosion was for the Federal Government to reclaim the lost area to the beach by creating an embankment like it was done to the Bar Beach to prevent it from eroding the Ahmadu Bello Way.

“I cannot say how much it will cost to solve the problem of the beach but the Federal Government still needs to come to inspect the area to find solution to it.

“You can’t fight nature but you can only appease it. We need to push back the water and protect the beach from eroding. If nothing is done, in the next three to six months, everything you see here (houses and people) won’t be here anymore. In the last two weeks, we have lost 20 metres of the coastline to the ocean. What we are witnessing at the beach is natural erosion and a consequence of the rise in water level which is a result of global warming,” he stated.

He said the Alpha Beach which had been severely eroded and had damaged the roads needed urgent attention to save the impending danger.

Also speaking, Aganga said the Federal Government would surely come to the aid of Lagos, saying that the state government had already compiled what it needed, which he said would be forwarded to the president for action.

“We have heard that 20 metres of coastline had already been lost to the ocean in the last two weeks and that if we don’t do something about it, the people you see behind you here won’t be here anymore. We are here to assess the situation,” he said.

Earlier, the team inspected flooded areas, including Oko-Oba canal in Agege; Aboru canal in Alimosho; Arigbanla drainage channel in Agege as well as Elere drainage channel at Pen Cinema.

During the tour, Commissioner for the Environment, Mr. Tunji Bello disclosed that tackling the flood and its devastating effects on the State Government would cost about N13 billion.

He stated that the state government had commenced the demolition of buildings erected on drainage channels across the state.

“Go to Iganmu today, we have started work to remove the structures obstructing the drains. Also, we are moving to Shomolu.

We are moving to Agege and once we finish relocating people that have to be relocated we will continue with the demolition.

“Apart from the areas where they have problems, the drainages are working, the channels are working; they have been de-silted and those areas that have not been properly de-silted, we will go back there to de-silt the channels,” he said.

Speaking, the Permanent Secretary, Ecological Funds in the Office of the Presidency, Mrs. Odusote said the purpose of the visit was to show “our concern for Lagos State. We had done quite a number of things before coming physically now and having gone round all these areas of problems and issues, I believe that by the time we are going back, we expect that we would package whatever it is in collaboration with the Lagos State Government to be able to know the areas of solution that the Federal Government will be able to address.

“Because there is a commitment, that is why we are here; otherwise, we wouldn’t have bothered to come here at all. The President actually directed that we should physically come to assess what is happening, even after the water has receded, so that we can know where the problems are and for this area, we have seen quite a lot.

“What it means is that we are going to be able to deal with them all at once or break them into phases and ensure that solutions come; but definitely, we are expecting that solution will come through the Federal Government,” she stated. On whether funds would be released to mitigate the flood disaster, she said “even last year , if you remember, when there was a heavy downpour, the Federal Government came in handy and provided quite a huge sum to the State Government to ensure that there is mitigation at whatever level it could be done.”

—Kazeem Ugbodaga

http://www.tribune.com.ng/index.php/front-page-news/25347-another-bomb-blast-in-maiduguri
Written by James Bwala Isaac Shobayo and Tunde Oyesina
Wednesday, 20 July 2011

EARLY morning blast on Tuesday in Maiduguri, the Borno State capital, left three members of the Joint Task Force (JTF), Operation Restore Order, in Borno, critically injured, while members of the JTF were said to have made several arrests in connection with the bomb blast.

Speaking by phone on Tuesday, JTF spokesman, Colonel Victor Ebhaleme, told the Nigerian Tribune that the blasts, which occurred at Bullumkuttu at the roundabout leading to Pompomari, hit the JTF vehicle and three members sustained injuries.

“The blast was targeted at members of the Joint Task Force and three of our men sustained injuries but we made some arrests and investigation is ongoing on the matter to bring those culprits to book,” Ebhaleme said.

In another development, the Borno State chairman of Christian Association of Nigeria (CAN), Reverend Yuguda Ndurvwa, has condemned Governor Kashim Shettima’s compensation of 33 Muslim Boko Haram victims with 11 vehicles, cash donations and rebuilding of their houses destroyed by the Islamic sect, stating that the Christian community in the state is not happy with the exclusion of its members from government’s compensations, as many pastors and Christians were killed in the two-year sectarian crises that claimed many lives and properties.

He said: “I am hearing it now from you for the first time and this is a very privileged piece of information with which we are not happy, but [I am] sad on how the governor could segregate or exclude Christians killed and injured in the Boko Haram attacks, killings and bombings of our members and their churches and houses.”

He said he was summoning a meeting of the executive council of CAN on Tuesday [yesterday], to deliberate on the actions of the governor to compensate Muslim victims, while excluding their fellow Christians in the distribution and disbursement of vehicles and funds to victims of the attacks at Zannari and Kaleri wards.

The cleric, however, noted that during the February 18, 2006 sectarian crisis, no compensations were paid or distributed by the state government to any of the affected victims. The same, he added, happened when many Christians were killed and their churches burnt by the Boko Haram sect in 2009 and 2010, none of the victims or family members was compensated by the state government.

He said CAN, in 2010, demanded for a compensation of N1.5 billion for the destroyed houses and churches from the state government, but up to the time he was speaking on the “plights and sufferings” of Christians caused by the Boko Haram killings and bombings, no kobo or building material was paid and presented to any of the victims.

Meanwhile, The orientation camp of the National Youth Service Corps (NYSC) Plateau State, was thrown into confusion on Tuesday following a rumour that the camp had been invaded by members of the Boko Haram sect.