yes, that position is not meant for them

The Association of Fast Food Confectioners of 2Nigeria (AFFCON), the umbrella body of fast foods and confectionery companies in Nigeria, generates N25 billion to the economy with a growth potential next to the oil and gas industry.

The Chief Executive Officer, Chicken Lovers, Chief Dele Oduwale, made this known while speaking with The Nation in Lagos.

He disclosed that the industry pays over N1billion as taxes and levies

Dele, who spoke on behalf of the President of the Association, Mrs. Olayinka Adedayo, further said the industry in collaboration with the Lagos State Security Trust Funds contribute N5 million annually, adding that its members are over 5,000 made up of different professionals and casual workers.

He said his group is made up of distributors, who came together for the common interest of improving standards and service delivery in the catering and hospitality industry.

The growth rate in the fast food industry, Oduwale said, was necessitated by increased average income of families, close in gap between the cost of dining out and eating at home, among others.

SCHEDULE for the performance of the Nigeria's version of the FELA!, the musical live show on the legendary Afro beat King, late Fela Anikulapo-Kuti which shook Broadway and cinema houses across Europe and America has been released.

With the cast and crew of the show fully ready to go, organisers say the award winning show will be hosted at the Afrika Shrine on Thursday, April 14.


Already, a series of shows have been lined up for the event with April 14 as kick-off date, happening in Lagos being the birth place of the legendary Fela, the creator of Afro beat musical genre and Africa's greatest musical export, plus, the venue, Afrika Shrine, there couldn't have been a more significant arena


The musical show which was earlier billed for this month, but later moved to April for logistics reasons and the demand by Femi, the internationally acclaimed musician and son of Fela, for a date shift is expected to be a combination of a live concert and drama depicting the life and times of Fela who died on Saturday August 2, 1997.


Reports say the crew for the show will move into the Ikeja Business District based New Afrika Shrine on Saturday April 9 for stage construction ahead of the event which is expected to attract lovers of the Afro beat genre and Fela's fans.


As a mark of the relevance of the show beyond Africa's soil, the British Council Nigeria and the National Theatre, London (NT Live) in association with British Deputy High Commission, Lagos had on Sunday February 6, organised the screening of Fela! Musical at the New Afrika Shrine. The production which was filmed live at the Oliver Theatre in London was seen by a large crowd and members of the diplomatic community.


The screening was part of the British Council's work in the arts and to showcase the best of UK's creativity overseas while working with the best of creative talents to develop innovative events and collaborations that link thousands of artistes and cultural institutions around the world and developing skills and leadership in the creative sector.


A brain child of two Americans, Jay Z and Will Smith to celebrate the life of Fela, his music and pioneering political and human rights activism in Nigeria during the military era, the show had won three Tony Awards including best choreography.

1.0000 USD = 153.89 NGN
US Dollar (USD) Nigerian Naira (NGN)
1 USD = 153.89 NGN   1 NGN = 0.006498 USD

50.0000 USD = 7,694.60 NGN
US Dollar (USD) Nigerian Naira (NGN)
1 USD = 153.89 NGN   1 NGN = 0.006498 USD

100.00 USD = 15,389.21 NGN
US Dollar (USD) Nigerian Naira (NGN)
1 USD = 153.89 NGN   1 NGN = 0.006498 USD

Why are Arsenal always trophyless?

The Nigerian came off the bench with seven minutes of normal time remaining, and in the 89th minute capitalised on a calamitous mix-up in the Arsenal penalty area to tap in the goal which lands the Blues only their second ever major trophy.

Nikola Zigic had headed the Blues in front near the half-hour mark to send fans of the underdogs into raptures, only for Robin van Persie to equalise with a stunning volley 10 minutes later.

Alex McLeish's side spent much of the second half repelling attack after attack from the Gunners - with goalkeeper Ben Foster making a string of vital saves - before Martins was in the right place at the right time to pounce as Laurent Koscielny and Wojciech Szczesny conspired to let the ball loose inside the box.

The Blues held on to win their second League Cup to add to their victory in the competition in 1963, and go some way to overcoming the heartache of their penalty shootout defeat at the hands of Liverpool in the final in Cardiff a decade ago.

For Arsenal, their six-year wait for a major trophy continues, and their attention must now turn to Wednesday's FA Cup fifth round replay against Leyton Orient on Wednesday and then a Champions League trip to Barcelona the following week.

Port Harcourt—Youth corps members conducting the voter registration exercise in five units in Port Harcourt refused to register people for some hours, Tuesday, protesting the non-payment of their feeding, transport and other allowances.

Vanguard, however, gathered that they grudgingly returned to their tables after the intervention of a top shot of the Independent National Electoral Commission who promised that the allowances were being sorted out and will be paid within the week.

Speaking with the corpers, who pleaded anonymity at State Primary School Orogbum, State Primary School, Elekahia and St. Paul “D” Line they said INEC only paid each of them N2, 100 at the commencement of the exercise about 11 days ago.

Following their protest, yesterday, they said the commission, however promised to pay them 30 percent of the total allowances owed them for the period and that they were supposed to collect N400 per day for feeding the duration of the exercise.

But contacted, the state Resident Electoral Commissioner Mr. Aniedi Ikoiwak said the corpers had been paid the first and second installments of their allowances, stating that the problem stems from the refusal of the women and men to collect their money through the NYSC.

“The insisted on collecting the money directly from us and not through the NYSC authority and we told them that we cannot be carrying huge sum of money from rural areas to rural areas, they even said the money should not be paid through the bank into their account.

If you have over 9,000 people working for you and you have to pay them even N1,000 each, you are talking about millions and if you carry millions of naira and the money is snatched by armed robbers, how do you explain that and who will believe you”.

He said arrangement had been completed for the corpers to be paid all their allowances, stating that only a few of the corpers who have been intransigent on the mode of payment have complained and not majority of them who have been paid.

United moved five points clear of the chasing pack in the Barclays Premier League title race, but this was a far from straightforward three points as the Reds had to come back from a two-goal deficit and a below-par performance for almost 70 minutes of this clash at Bloomfield Road.

Ian Holloway’s side were 2-0 up and the better side at half-time, thanks to headed goals from poorly defended corners from Craig Cathcart and DJ Campbell. But with the home side’s tempo and energy expended, and with substitutes Ryan Giggs and Javier Hernandez providing pace and penetration, the final 20 minutes was all one-way traffic. Dimitar Berbatov got the first of two goals after 72 minutes, then Hernandez equalised before his Bulgarian strike-partner completed the turnaround with two minutes of normal time remaining – although there were ten minutes of added time to survive due to a serious head injury suffered by Rafael.

Sir Alex Ferguson described Blackpool as a “revelation” in the Premier League this season; that didn’t stop him selecting an attacking trident of Nani, Dimitar Berbatov and Wayne Rooney, suggesting a need to be positive from the off. With Paul Scholes recalled for his first game since the Champions League victory over Rangers in November and his penchant for a deep-lying, quarter-back role, there was licence for the front five to press forward. That meant Darron Gibson, in for Ryan Giggs, and Darren Fletcher, replacing Anderson, getting forward where possible. Rafael returned from a one-game ban for a red card at Tottenham Hotspur in place of John O’Shea.

Until industry stakeholders pull resources together late last year, to hit at counterfeit phones, the Nigerian mobile phone market was awash with sub standard phones allegedly imported illegally from Asian countries.

These phones popularly known as ‘china phones’ or ‘chinco’, a derogatory cliche to describe some of the sub standard products coming from China, have unique selling points – cheap prize tag and dual SIM platform. When the original products which these counterfeits are adapted from are selling at about $400 to $500, the fakes are selling for far less than a $100 and can contain two sim cards.

However, what buyers of these products perhaps never put in perspective was the huge cost and pains that subsequently follows these cheap prized phones as against the original products that may cost a little higher.

Repeated experiences of loss of memory, data, virus attacks and other anomalies are common from users. As a matter of fact, a user revealed to this reporter that the most embarrassing experience she had using a substandard phone, was initiating a call to her husband from her phone book and while the phone was displaying the name of her husband, it was actually calling another person’s number.

Incidentally, four months after world mobile phone manufacturers, Nokia, gathered the stakeholders, including the Customs, Consumer protection Council, Ministry of Environment, Nigerian Communications Commission, NCC, Standard Organisation of Nigeria and the media, on how to curb the menace, events have turned around and not only have phone lovers learnt to put the right perspectives in place before buying a phone, the grip that substandard phones have on the market is also gradually giving way. This is apparently the result of a gradual extinction of the desire for chinco phones among potential buyers.

The Nokia crusade followed other repeated attacks by other mobile phone manufacturers who alongside Nokia, had lost huge revenue to the chinco threat.

A recent visit into the Ikeja computer village popularly known as Otigba market, where the chinco market used to reign, surprisingly proved that the industry attack directed at ridding the economy of counterfeit phones, is yielding tremendous positive results.

While this reporter observed that the market for Chinco phones were greatly shrinking, Hi-Tech also discovered that the market was however shifting to the northern Nigeria, particularly where level of education and awareness were low.

Another revelation of our survey, was that manufacturers of most phones hitherto regarded as substandard, had readjusted and are repackaging their products to wear standard faces. Some of them are now providing service support centres as well as warranty to their products.

However, what we can not readily affirm is whether the duo of service support centres and warranty are enough to declare a product standardized.

Meanwhile, those who spoke to this reporter, believed that with a consistent campaign, the end was just a footstep away for chinco phones and the huge revenues the economy loses annually as a result, would only be recouped.

For instance, a Kano based phone dealer, Hamisu Abdullahi, who came to order goods in Lagos, said that “Chinco phones are being demanded more than the original phones in the North. This is because they are mostly dual Sim phones and are more affordable. Being a place majority of the people are poor, they will have no alternative than to go for these brands.

Although these phones do not have some necessary applications many of the northerners do not bother their heads over such problems because they mainly make and receive calls only.

Millions of chinco phones are flooding the northern markets on daily basis and are so being bought.

“But for me, I prefer the original phones. At least for that name and durability advantage they have been enjoying over the years.
Another potential mobile phone buyer, Mr Kelvin Ukpong, who was seen prizing phones in the market has this to say: “with what I know today, there is no alternative to original phones. Anything outside original phone, count me out because that is only where I can get value for my money.

I have no time for complains and returning of phones after purchase. I agree that prize has a major role to play in the decision to buy either standard or fake phones, but I also know that some people can afford to stay without a phone if the only option they have is the inferior brand”.

However, at the Slot Systems, a major dealer of branded mobile phones, Hi-Tech was meant to understand that not all less known phones and new brands are substandard.

According to the company, “the phones on high demand now are the Nokia C8, Nokia 5330 and Tecno phones. However, Tecno phones are cheaper and should not be mistaken to be inferior. In any case, they can today boast of almost all the features Nokia phones have.

The fact that they are cheap does not mean that they are inferior. They are new entrants and needed time to gain ground. People who mistake some branded phones to be fake should know that fake phones do not come with names and warranty”

Other dealers of the phone also admitted that though there is a deficiency in the camera quality of the phone, which can actually be rectified, the batteries are becoming long lasting. They also hinted that as the Tecno phones are battling for a fair market share, the known brands should sit up or get knocked out fast.

Nigerian Stock Ex-change, NSE, Wednesday, suspended 57 stockbroking firms from operating in the stock market for their failure to meet the minimum capital base.

The spokesperson and Senior Manager Corporate Affairs of the NSE, Mr. Wole Tokede, confirmed to Vanguard on phone that the list of the affected firms as contained in its website was authentic, adding that an official statement has not yet been made to the press.

According to the NSE statement, “we have today (Wednesday) suspended the following stockbroking firms for failing to meet the statutory equity capital requirement.”

Meanwhile, the Interim Administrator of the NSE, Mr. Emmanuel Ikazoboh, had last week warned stockbroking firms to recapitalise or face sanction.

He disclosed that most of the stockbroking firms had been operating their businesses with investors’ funds, which was not in the best interest of the market.

According to him, dealing members must increase their capital base or face sanctions. He attributed the development to the need to protect the interest of investors. “Investors are crucial to the growth of the market, and must be protected,” he said.

He said: “Firms owe it a duty to safeguard the interest of the investors,” adding that the rules put in place to defend investors would not be ignored. He said firms have been told to inject more funds to prevent abuse of investors’ funds and observed that firms were facing liquidity problems, and were using investors’ accounts to cover up.

“The issues are having strong implications on the market that is recovering from shocks,” he added.

Based on these, there is the need for holistic views on issues that permeated the market in recent times”.

Meanwhile, the names of the suspended firms include : Afrinvest West Africa Limited, BGL Securities Limited, Diamond Securities Limited, Cashville Investment & Securities Limited, UBA Stockbrokers Limited, Adamawa Securities Limited, Intercontinental Securities Limited, Alangrange Securities Limited, Associated Asset Managers Limited, Belfry Investments And Securities Limited, Calyx Investment & Securities Limited, Cardington Securities Limited, Century Securities Limited, Colvia Securities Limited, Consolidated Investment Limited, Cowry Asset Management Limited, Dakal Services Limited, DBSL Securities Limited, De-lords Securities Limited, Dependable Securities Limited, Empire Securities Limited, Enterprise Stockbrokers Plc., ESS Investments And Trust Limited, Eurocomm Securities Limited, Express Discount Asset Management Limited, FBC Trust And Securities Limited, First Inland Securities & Asset Mgt Limited, First Allstate Securities Limited, First Equity Securities Limited, FIS Securities Limited, Genesis Securities & Investment Limited, Heartbeat Investment Limited, Hedge Securities & Investment Co. Limited, Independent Securities Limited.

Others suspended include: 34 Lion Stockbrokers Limited, MBL Financial Services Limited

Midland Capital Markets Limited, Molten Trust Limited, Nigerian Stockbrokers Limited, Peninsula Asset Management And Investment Company Ltd, Perfecta Investment Trust Limited PIPC Securities Limited, Pivot Trust & Investment Company Ltd, Professional Stockbrokers Limited, 44 Quantum Securities Limited, Rostrum Investment & Securities Limited, Securities Solutions Limited, Securities Trading & Investment Limited, Sigma Securities Limited, Sikon Securities & Investment Limited, Supra Commercial Trust Limited, Support Services Limited, TFS Securities & Investment Co. Limited, Valmon Securities Limited, Vision Trust & Investment Limited 56 Wizetrade Cap & Asset Mgt Limited and Yobe Investment & Securities Limited .

It will be recalled that in 2008, the Securities and Exchange Commission (SEC), in conjunction with the NSE directed the firms to increase their capital base from N20million to N1billion. The two bodies thought that the firms would be able to meet the requirements for growth. But they were proved wrong.

Few weeks after, the issue generated controversy in the market. Stakeholders were pitched against one another, condemning the idea. Broking firms were the first to condemn the idea. They considered the amount as too outrageous. They saw it as a big task.

Incidentally, then the regulators failed to achieve their objectives of ensuring that broking firms provide the capital base of N1billion. This made the regulators to reduce the recapitalisation fees to N70million. The idea failed. Years after, many firms are yet to provide the N70million. Though some firms met the requirements, the percentage was not encouraging.[color=#990000][/color]

Nigeria $500 million debut international bond, to be sold this week, will probably yield more than Ghana’s dollar debt because of political risks and fiscal deterioration, JPMorgan Chase & Co. analysts said.

Nigeria will probably pay a yield ranging from 6.90 per cent and 7.70 per cent on its 10-year bonds, compared with 6.2 per cent on Ghana’s $750 million of debt due 2017, analysts including Johannesburg-based Giulia Pellegrini wrote in an e-mailed note dated January 18.

“Recent experience in sub-Saharan and North Africa has increased political risks in the minds of investors who will likely demand some additional compensation for political uncertainty in the run-up to elections,” they said.

Ivory Coast missed an interest payment December 31 on its $2.3 billion of Eurobonds amid a political standoff over disputed results of the November 28 election between incumbent Laurent Gbagbo, who refuses to step down, and internationally backed winner Alassane Ouattara.

Nigeria is rated B+ by Standard and Poor’s, four levels below investment grade, while Ghana is rated one level lower at B. The country should pay more than Ghana because its debt will carry a longer maturity and as its fiscal balance deteriorated before the presidential election scheduled for April 9, the analysts said.

Budget deficit
President Goodluck Jonathan in December proposed a 2011 budget of 4.23 trillion naira ($28 billion), 19 per cent less than what was approved for 2010. The budget will produce a deficit equal to 3.62 per cent of gross domestic product, in keeping with the administration’s promise to narrow it from 6 percent in 2010.

“We see a high probability that Jonathan will continue as president after the elections and so do not place as large a political risk premium as we might if there was more uncertainty around this,” the analysts said.

Nigerian officials have been meeting investors in London and the U.S. to market the bond. It plans to sell the debt on Jan. 21, Miji Amidu, deputy director of the country’s Debt Management Office, said in an interview in London today.

The country, which has sub_Saharan Africa’s second_largest economy after South Africa, plans to use the Eurobond as a benchmark for local companies to price debt and fund development projects, Finance Minister Olusegun Aganga said in September.

The country appointed Citigroup Inc. and Deutsche Bank AG to manage the bond sale, helped by Barclays Capital and FBN Capital Ltd.

The Joint Admissions and Matriculation Board has suspended admission into state-owned universities in the South-East for the 2011/2012 session, following the prolonged strike by their lecturers.

The Registrar of JAMB, Prof. Dibu Ojerinde, stated this to the News Agency of Nigeria on Wednesday in Lagos.

Ojerinde also said the affected institutions had been deleted from the website of JAMB.

He said the decision was as a result of the protracted face-off between the institutions’ lecturers and their employers – the governments of Abia, Anambra, Ebonyi, Enugu and Imo states.

NAN reports that the affected institutions have been closed for over three months due to disagreements between the lecturers and the state governments over the non-implementation of the enhanced lecturers’ pay approved by the Federal Government.

“There will be no admission in the schools for the 2011/2012 session. The factions in the strike should think of the implications of their actions on innocent students.

“They should resolve the strike and open the schools without further delay.

“This is a sad development and the issue must be addressed urgently by the stakeholders .The future of the students must be considered,” he noted.

However, attempts to get the response of the National President of the Academic Staff Union of Universities, Prof. Ukachukwu Awuzie, failed as calls to his mobile phone number did not go through.