₦airaland Forum

Kindly find below the verbatim recommendations of the El-Sudi led Ad-hoc committee of the National Assembly on the investigation into the collapse of the Nigerian Capital Market.Please make useful comments based on facts not sentiments


These recommendations were tabled for discussion in the house today, Thursday, July 19, 2012.


CONSIDERATION OF REPORT


Ad-hoc Committee on the Investigation into the near Collapse of the Nigeria Capital Market;



Hon. Ibrahim Tukur El-Sudi:


"That this House do consider the Report of the Ad-hoc Committee on the Investigation into the near Collapse of the Nigeria Capital Market and approve the Recommendations therein" (Laid: 17/7/2012).


(i) That the Regulatory Authorities in the Capital Market should take proactive and preventive measures to forestall the near collapse of the Capital Market in future as the following reasons were identified by the Committee as the reasons for the near collapse of the market in the past and lack of public confidence in the market:


the sum of ₦8Billion missing from Union Bank Plc Public Offer of 2005; Nationalisation of some Banks without due process; Banking Sector consolidation of 2004/2005; unbecoming activities and market infractions of some capital market operators; poor regulation of foreign port folio investors thereby precipitating capital flight; high cost of doing business in the capital market; contradictory monetary policy of the Central Bank Nigeria; absence of product variety and low level of new listing thereby hampering dept and liquidity of the capital market; conflict of interest and misconduct of the current leadership of Security and Exchange Commission thereby fettering its regulatory capacity; loss of credibility of the entire Security and Exchange Commission management team, led by the Director General, Arunma Oteh; Regulatory failure of Security and Exchange Commission and Central Bank Nigeria; incompetence and lack of statutory qualification by the current Director-General, Security and Exchange Commission, Ms Arunma Oteh; unguarded utterances by key financial system's regulators; Asset Management Corporation of Nigeria's activities that constitute a time bomb and potential disaster in waiting in that there is doubtful process of Non Performing Loans (NPLS) valuation, inadequate liquidity and capital base, Asset Management Corporation of Nigeria's involvement of one of its regulators, Security and Exchange Commission, in its Board contrary to Section 10, Asset Management Corporation of Nigeria Act, non-accountability of Asset Management Corporation of Nigeria to any authority; layers of moral hazards in Security and Exchange Commission and diversion and issue of bonds for debt re-financing; irregular acquisition of Intercontinental Bank Plc by Access Bank Plc; irregular acquisition by Asset Management Corporation of Nigeria of the performing loans of SEAWOLF and GEOMETRICS Company etc;


(ii) that consequently, with respect to the missing N8 Billion arising from the Union Bank Plc Public Offer, a case of fraudulent diversion having been established, the past Board and Management of Union Bank Plc, the Chief Executive Officer of the Issuing House/Financial Adviser to the Offer, the present members of the Board and Management, including the Managing Director of Union Bank Plc, Mrs F. Osibodu, should be investigated by the Economic and Financial Crimes Commission with a view to establishing and recovering the missing amount. The Management of Asset Management Corporation of Nigeria and Security and Exchange Commission, including their respective Chief Executive Officers (Mustafa Chike-Obi and Ms Arunma Oteh), should be investigated by the Economic and Financial Crimes Commission considering their roles in attempting to conceal the fraudulent diversion and missing fund;


(iii) that the Nationalization of AfriBank Plc, Bank PHB, and Spring Bank, and their subsequent change of names to Mainstreet Bank, Keystone Bank, and Enterprise Bank respectively, is a violation of the Asset Management Corporation of Nigeria Act, Nigeria Deposit Insurance Corporation Act and Section 44 of the 1999 Constitution of the Federal Republic of Nigeria as the processes of transfer were fraught with potential forgery, unethical practices, abuse of office, and various unacceptable bad corporate governance precedents; the transaction should be reviewed and investigation be carried out on the following by the Economic and Financial Crimes Commission and other Security Agencies:


(a) Umaru Ibrahim, Managing Director/ Chief Executive Officer of Nigeria Deposit Insurance Corporation,


(b) Mustafa Chike-Obi, Managing Director, Asset Management Corporation of Nigeria,


(c) Sanusi Lamido Sanusi, Governor, Central Bank of Nigeria,


(d) all those who were used or offered themselves to be used in the various misrepresentations leading to the corporate registration of the nationalized banks,


(e) Bello Mahmud, Registrar General, Corporate Affairs Commission,


(f) all the faceless "lawyers"; Directors' of Mainstreet Bank Ltd, Keystone Bank Ltd, Enterprise Bank Ltd should be unearthed and made to face the wrath of the law;


(iv) that the Governor of Central Bank of Nigeria, Sanusi Lamido Sanusi, as the Chief Executive Officer and Chairman of the Central Bank of Nigeria Board is hereby cited for contempt of the House of Representatives having refused to produce after demand the special Examination Report upon which the intervention in the 8 Banks in August 2009 was based;


(v) that the Central Bank of Nigeria's action in disbursing ₦620 Billion bail-out funds and other intervention funds afterwards did not follow due process of law and the Constitution of the Federal Republic of Nigeria, 1999, as the source of funds and the appropriate authority did not approve;


(vi) further recommended that in future any bailout plan for the Capital Market or Financial Sector should receive appropriate authorization and should be done after a comprehensive and transparent determination and location of the beneficiaries, borrowers, lenders and relevant collateral provided;


(vii) that the Central Bank of Nigeria and Security and Exchange Commission should produce clear guidelines on margin facilities and related transactions without further delay;


(viii) that to restore investor confidence, Security and Exchange Commission should overhaul its regulatory framework, and build requisite technical capacity to enable it tighten regulation on malpractices by market operators;


(ix) that considering the high dependence of the Nigerian Capital Market on foreign investors, and in view of the fact that they were able to pull $15 Billion out of the Nigerian Capital Market, the Central Bank of Nigeria, Security and Exchange Commission, the Debt Management Office, Federal Ministry of Finance, the Federal Ministry of Trade and Investments are hereby requested to produce guidelines and a national policy that should govern the entry, operation and exit of foreign portfolio investments in Nigeria;


(x) that in view of the need to reduce the cost of doing business in the Nigerian Capital Market to increase its competitiveness, it is hereby recommended that the Security and Exchange Commission and the Nigerian Stock Exchange should be directed to ensure that Transaction Fees do not exceed 6% down from the current high level of 12% and that brokerage commissions should not be more than 35% of the Transaction Fees, currently at above 50%;


(xi) that Central Bank of Nigeria and the Federal Ministry of Finance should henceforth, ensure the harmonization of Nigeria's monetary and fiscal policy. An accountability framework to hold the Central Bank of Nigeria responsible for financial system's instability should be put in place by relevant authorities;


(xii) that Security and Exchange Commission is hereby requested to conclude disciplinary actions on all outstanding market infractions that has remained so for more than two months; and report back to the House within 30days of the adoption of this report;


(xiii) that the Security and Exchange Commission should take appropriate steps within its statutory relationship with the Nigerian Stock Exchange to increase product variety in other to boost liquidity, encourage listing incentives, and desist from delisting of companies without thorough scrutiny;


(xiv) that engagement of Access Bank staff by Security and Exchange Commission on Security and Exchange Secondment to Security and Exchange Commission which regulates the Bank is unethical and may erode investor confidence and they should immediately be disengaged;


(xv) that to further restore investor confidence, Security and Exchange Commission should immediately disengage from its intervention in the Council of Nigerian Stock Exchange, and remove its nominees on the Nigerian Stock Exchange Council;


(xvi) that Project 50 activities of Security and Exchange Commission which appears to lack transparency and accountability be further investigated by Economic and Financial Crimes Commission and Investment and Security Act to determine whether infractions and possible fraud had taken place;


(xvii) that in view of the breakdown of corporate governance in Security and Exchange Commission, leading to total collapse of cooperation and coordination within its Board and top management and since the tenure of the Board has expired, top management of Security and Exchange Commission should be relieved of their duties so as to give the capital market an opportunity of credible regulation through appointment of a neutral Board and top management that will regain the confidence of investors;


(xviii) that the following persons be further investigated by the House on account of their role in the banking Sector crisis that led the Central Bank Nigeria to intervene in 8 Banks in August, 2009:


(a) Charles Chukwuma Soludo; former Governor, Central Bank Nigeria,

(b) Ignatius Imala; former Director, Banking Supervision, Central Bank Nigeria,

(c) Tunde Lemo, Deputy Governor in charge of Banking Supervision;


(xix) that the appointment of Ms Arunma Oteh be terminated forthwith as Director-General of Security and Exchange Commission as her appointment is in violation of Section 3 (2) a and Section 38 (1) (b), 2 and 3; Section 315 of the Investment and Security Act, 2007 in that she did not have 15 years experience in the Nigerian Capital Market as required; she has shown incompetence in the management of human and material resources at her disposal in Security and Exchange Commission; lack of transparency in managing project 50, regulatory failure in some of the recent mergers, acquisitions and approvals of transactions by Security and Exchange Commission and general inability to carry along her staff, Board, and Management in decision making in Security and Exchange Commission, and questionable staff recruitment policies;


(xx) that the Governor of the Central Bank of Nigeria, the Deputy Governors of the Central Bank of Nigeria, Directors of the Central Bank of Nigeria, the Director-General, Security and Exchange Commission, Commissioners, Board members of both Central Bank of Nigeria and Security and Exchange Commission should be subject to a code of conduct which has appropriate penalties for regulatory failures, while officials should be rewarded for outstanding performance;


(xxi) that officials of Government should be circumspect in their public statements, especially those that have capital market implications, and in particular the Governors of Central Bank of Nigeria should refrain from making utterances with far-reaching negative effects on the Capital Market;


(xxii) that the activities of Asset Management Corporation of Nigeria be further investigated by relevant authorities as a result of the identified need for a detailed examination of the bond issuing activities of Asset Management Corporation of Nigeria with a view to ensuring that it is working in tandem with the objectives for which it was established. Furthermore the valuation of Non Performing Loans by Asset Management Corporation of Nigeria should be referred for further investigation by a Committee set up by the House as well as Security agencies as there is clear evidence of inconsistency and manipulation of the process and there are no uniform standards employed. Even performing loans are also being also acquired rather than toxic assets as required by law particularly in transactions pertaining to Seawolfs, Geometrics and methods of acquisition of performing and non-performing loans of Unity Bank Plc;


(xxiii) that all former Banks' Executives who are recipient of National Honours and who are currently being prosecuted for crimes and unethical practices which led to the collapse of their banks be stripped of their National Honours by the President, Commander-in-Chief in line with Section 7 of the National Honours Act LFN and international norms Economic and Financial Crimes Commission /Independent Corrupt Practices Commission and the courts should hasten their prosecution to serve as deterrence and to help restore investors confidence in the market;


(xxv) that the Central Bank of Nigeria Governor through his Deputy Governor, Security and Exchange Commission Director-General, and Nigeria Deposit Insurance Corporation Managing Director having lied under oath in their testimony with respect to the ownership structure of the Nationalised Banks should be prosecuted under Section 10 of Legislative Houses Powers and Privileges Act, Cap. 12 LFN by the Attorney General of the Federation for giving false evidence under oath to the Committee;


(xxvi) that the Governor of Central Bank, Sanusi Lamido Sanusi; the Managing Director Asset Management Corporation of Nigeria, Mustafa Chike-Obi; and Director-General Security and Exchange Commission, Ms Arunma Oteh is hereby cited for contempt of the House of Representatives and they should be prosecuted by the A.G. of the Federation under Sections 4 & 11 (b) Legislative Houses Powers and Privileges Act and Section 89 of the 1999 Constitution for refusing to produce documents as requested and or demanded by the Ad-hoc Committee;


(xxvii) that the Security and Exchange Commission in the exercise of its regulating authority should request the Nigerian Stock Exchange to activate, fund and strengthen the Investor Protection Fund (IPF) and to set up modalities for compensation of investors through the Investor Protection Fund. In addition, Security and Exchange Commission should immediately set up National Investors Compensation Fund and in line with Section 13 (k) of Investment and Security Act 2007 set up a Nationwide Trust Scheme to compensate investors for fraud in the Capital Market and unlisted Securities of quoted companies not covered by the Investor Protection Fund;


(xxviii) that in order to deepen the equity market, that Pension Commission should reverse the policy that restricts PFAs from investing a maximum of 25% of their portfolios in equities; that Pension Commission should formulate a policy that Pension Funds Administrators should invest a minimum of 25% of their portfolio holdings in viable equities;


(xxix) that the amount of Treasury Bills issued by the Central Bank of Nigeria should not exceed 40% of currency in circulation at any point in time in order not to crowd out investments in the Capital Market. This is the maximum ratio in economies with similar characteristics as Nigeria's;


(Bleep) that the massive loss incurred by the financial system, especially the near collapse of the Capital Market due to regulatory lapses which the Security and Exchange Commission and Central Bank of Nigeria admitted, this Committee recommends that both Security and Exchange Commission and Central Bank Nigeria staff involved in detecting infractions and malpractices in their supervisory capacity but failed to take remedial action be thoroughly investigated by their employers and a Committee of this House and appropriate punishment be meted out to them:


(a) that the Federal Ministry of Finance should as a matter of urgency reorganize Security and Exchange Commission with a view to making more efficient its regulatory functions,


(b) that Security and Exchange Commission should carry-out its regulation of the Nigerian Stock Exchange in strict compliance with the rule of law;


(xxxi) that Security henceforth, be required to ensure that bonds are approved for projects with realistic cash-flow, rather than for refinancing old indebtedness;


(xxxii) that a Committee appointed by the House should thoroughly review the issue of sacked staff of Security and Exchange Commission;


(xxxiii) that the Security and Exchange Commission and Nigerian Stock Exchange should put in place appropriate incentives to attract the Telecoms and the Oil Companies to list in the Nigerian Stock Exchange;


(xxxiv) that the allegation of financial impropriety against the former Director-General of Nigerian Stock Exchange (Mrs Ndidi Okereke) is subjudice;


(xxxv) that the activities of Falcon Securities be investigated by Economic and Financial Crimes Commission;


(xxxvi) that the transactions involving Asset Management Corporation of Nigeria, Seawolf and Geometric respectively should be reversed by the Asset Management Corporation of Nigeria Board and investigated by the Economic and Financial Crimes Commission for possible fraud and violation of extant regulations and laws;


(xxxvii) that the acquisition of Intercontinental Bank by Access Bank should be reviewed by the requisite regulatory authorities with the aim of ensuring that violations of extant laws were not made;


(xxxviii) that it is further recommended that a Committee of the House be mandated to investigate the propriety of this acquisition.

Whenever you notice illegal or excess charges in your accounts,you should ask for a print out of your bank statement stamped by the bank,thereafter the account should be properly reviewed by you or a bank charge review specialist(I do this for a living).Thereafter any identified illegal or excessive charges should be documented and a letter sent thereafter to the Chief inspector of the Bank's head office in question and copy the MD and branch manager.after 2 weeks if there is no response,kindly forward a letter requesting for additional 100% of whatever excess or illegal charges to the Director,Consumer and financial protection department of the Central Bank of Nigeria(U.F shehu),endeavour to also copy the bank in question.

Leave the rest for the CBN to handle.

Apoi National High School,Igbotun,Ese Odo LGA,Ondo State

The ownership structure of Dana Airlines Limited and its registration with the Corporate Affairs Commission (CAC) are fraught with gross irregularities, going by the authoritative revelations.

Our stunning discoveries at once question the credibility and ethical probity of the management team of Dana Airlines, mainly comprising Indian businessmen.

According to papers filed at the CAC, ‘Dana Airlines Limited,’ with registration number 674040, was incorporated on 23rd November 2006, as a Private Company, Limited by Shares, with its business address at 54, Marina Street, Lagos.

The company was incorporated with a share capital of N1, 000,000,000 (N1B) divided into 1,000,000,000 ordinary shares of N 1.00 each. This is the beginning of a litany of curious discoveries. “Dana Airlines Limited” (Same company registered in November 2006) is a Director and shareholder in “Dana Airlines Limited,” with 124, 999, 998 shares — a stark infringement under the Companies and Allied Matters Act, as Dana Airlines Limited cannot hold its own shares or act as its own Director, a handful of company law experts revealed.

Another discrepancy spotted was in the allotment of its shares. Allotment made to shareholders totalled 1, 225, 000, 001, representing a surplus of 225, 000, 001 or N225, 000, 001, whereas the company’s shareholding structure at the CAC states 1 billion shares.

It is on record that the CAC had flagged these discrepancies. Olney Overseas Incorporated listed with a London address (another discrepancy: UK companies carry the ‘Limited’ tag and not ‘Incorporation’), a company several sources say exists only on paper, owns 50 per cent of Dana Airlines Limited with 499, 999, 999 shares.


The Directors of Dana Airlines according to a filing at the CAC are:     

First Directors:

i.  Olney Overseas Incorporated    – 11A Canfield Place, London, UK (British)
ii.  Sabita Rames Hathiramani        – 54, Marina, Lagos (British)
iii. Ramesh Naraindas Hathiramani            – 54, Marina, Lagos (Indian)
iv.  Hathiramani Jacky Ramesh        – 54, Marina, Lagos (Indian) (CEO)
v.  Hathiramani Gautam Ramesh    – 54, Marina, Lagos (Indian)
vi. Talabi Sulaiman Owolabi          – 54, Marina, Lagos (Nigerian)
vii. Atekoja Adedolapo Ayodeji      – 177C MoshoodOlugbani Street, Lagos      (Nigerian)
viii. Elias Gbolahan Olubukola     – #6 Broad Street, Lagos (Nigerian)
ix.  Gbolahan Elias              – #6 Broad Street, Lagos (Nigerian)
x.   Gattelli Limited – #9A, Okupe Road, Mende Maryland, Lagos (British)
xi. Vandana Vzco – Dubai Airport Freezone, 4th East Wing A, GrdFlr, G20, Dubai (Arab)
xii. Dana Airlines Limited           – #54, Marina, Lagos
xiii. Shiva Ventures Limited             – #142, Awolowo Road, Lagos
xiv. Brindavan Industries Limited    – #142, Awolowo Road, Lagos

The full list of shareholders of Dana Airlines:   

               

Subscribers to the Memorandum and Articles of Association:

i.           Olney Overseas Incorporated    – 499,999,999
ii.           Sabita Rames Hathiramani        – 1
iii.           Ramesh Naraindas Hathiramani – 1
iv.           Atekoja Adedolapo Ayodeji      – 112,500,001
v.           Gbolahan Elias                           – 112,500,000
vi.           Gattelli Limited                         – 25,000,000
vii.           Vandana Vzco                           – 125,000,000
viii.          Dana Airlines Limited           – 124,999,998
 ix.           Shiva Ventures Limited             – 112,500,001
 x.           Brindavan Industries Limited    – 112,500,000.

According to records at CAC, the company, till date, has neither a legal secretary, increase in share capital, nor powers to borrow.

The records also reveal that Dana Airlines indeed borrowed funds from Diamond Bank Plc. as follows:

0n October 22, 2008, a Mortgage facility dated October 2, 2008, securing the sum of N1, 149,369,678 equivalent to the sum of $9,740,421USD in favour of Diamond Bank Plc, Plot 1261 Adeola Hopewell Street, V/Island, Lagos was registered.

On August 10, 2009, a Mortgage facility dated July 9, 2009 securing the sum of N222, 000,000 in favour of Diamond Bank Plc., Plot 1261 Adeola Hopewell Street, V/Island, Lagos was registered.

On October 6, 2010, a Mortgage facility dated September 9, 2010 securing the sum of $2,891,081USD in favour of Diamond Bank Plc., Plot 1261 Adeola Hopewell Street, V/Island, Lagos was registered.

On Sunday afternoon, Dana Airline’s McDonnell Douglas MD-83 plane, reported to have been battling a lengthy history of mechanical faults, crashed in Iju-Ishaga, in Lagos, killing all 153 persons — 147 passengers and six crew members — aboard and several other residents of a densely populated neighbourhood.

Dana flight 992 was travelling from Abuja to Lagos when the pilot made a ‘May day’ call at 3.43pm, just about 11 nautical miles to the Murtala Muhammed Airport Ikeja.

A staff of the airline spoke anonymously to local TV station, Channels, on Monday, saying the ill-fated aircraft had a mechanical fault shortly before it departed Lagos on Sunday for Calabar and then Abuja. The female staff, who spoke on the phone, alleged that the plane has had issues with its hydraulics and should have been grounded for repairs.

Expectedly, however, the management of Dana maintains that the plane was in perfect condition before it crashed.

Though the airline today promised to pay compensations to families of victims, it was quiet on its insurer.

Notwithstanding Dana Air’s face-saving declaration of the perfect state of MD-83 before the tragic flight, there are huge questions over the regulatory effectiveness of the Nigerian Civil Aviation Authority (NCAA) and the Federal Airports Authority of Nigeria (FAAN), considering that the same aircraft, only three days earlier, could not run the airline’s 8:00am and 4pm flights.

Both NCAA and FAAN equally owe Nigerians a lot of explanations on why the country’s air space is permeated by the very second-grade aircrafts that the West is purging itself of. The Dana jet that crashed on Sunday, THEWILL can confirm, was part of a fleet purchased in 2008 from Alaskan Airlines — an obviously more serious airline that was seeking to rid itself of inefficient aircrafts and upgrade its existing convoy.

Worse still, nearly all of Alaska’s fleet of MD-83 airlines, which have all been sold off, had issues, one resulting in a crash into the Pacific Ocean on 31st January 2000, killing all 88 persons aboard. Obviously, these regulatory agencies do not run background checks on planes running in the aviation industry.

Now, this is beyond Dana. It is about the industry. It doesn’t look like other airlines are without blemish either. Only recently, a former executive director at Jimoh Ibrahim’s Air Nigeria, Mr. John I. Nnorom, who resigned his appointment on 1st April, stunned the reading public by declaring that only one (The Embraer) of all 11 Air Nigeria air planes is safe to fly. He also listed a list of diversionary projects that have gulped money meant for maintenance of airlines.

Hopefully, when all the grieving and mourning is done, the relevant agencies will get down to the real business of sanitising the industry in order to genuinely forestall future recurrences — real work that transcend the political sloganeering and elegant rhetorics we all are used to. source OnoBello.com

There are too many clowns in Nigeria.Stand up Nigeria.Bunch of Idiots

Nigeria to send astronauts to space by 2015’

May 18, 2012 by Agency Reporter 25 Comments

Minister of Science and Technology, Prof. Ita Ewa, said on Thursday that Nigeria would launch three satellites and send astronauts to space by 2015.

Ewa stated this in Abuja at the ongoing ministerial briefing to commemorate 2012 Democracy Day and anniversary of the Goodluck Jonathan administration.

He said the move was part of government efforts to boost the economy through space technology.

The minister enumerated the country’s space programme from now to 2028 when it expects to launch a made-in-Nigeria satellite into space.

Ewa said, “In 2015 we are preparing to launch NigeriaSAR-1 satellite. The NigeriaSAR is a security satellite with an acronym that stands for Synthetic Aperture Radar.

“This satellite will have a very high resolution that can cover kilometres, and for a backup of the communication satellite there will be NigeriaSat-2 and NigeriaSat-3.

“Also because of the experience we gained in Surrey, UK, we are going to build an Assembly Integration and Testing Centre for satellite technology, it is ongoing but this year we will put in more efforts to that technology.

“And before I leave office in 2015 we will send Nigerian Astronaut into space ’’

HAVE WE LOST OUR MINDS? October 5, 2011
Posted by seunfakze in Uncategorized.
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The methods used by rulers and tyrants, or the most savage of people in keeping their subjects in eternal servitude are worthy of study. The most appropriate for this discussion actually is by Lynch. What he did was simple. Catch a rebellious tireless nigger. Strip off his clothes in front of his male and female nigger counterparts, Tie each leg to a horse facing an opposite direction, set him on fire and beat those horses until they tear him apart. Bull-whip and beat the remaining (rebellious/observing) niggers within an inch of their lives. He never killed them, but he put the fear of God in them so their minds can remain under lock and key for as long as he wanted; and so they can be useful for future breeding. He was a vicious slave owner in the West Indies. The slave owners in Virginia had actually been having troubles controlling their slaves so they sent for him to teach them his methods. He is Capt. William Lynch (1724-1820). The word “lynching” came from his last name. He had a simple but diabolical method: keep the slave physically strong, but psychologically weaken him; keep the body but take the mind. That, my brothers and sisters, is the sad but true story of the Nigerian people.

SLAVES. Most of us. Better put, you and I. Pastor Tunde Bakare called it “Idiots ruled by fools”. Nigeria has suffered two forms of slavery: Colonial and Post-colonial. The post-colonial, if you like, you may term as the MILITARY/DEMOCRATIC SLAVERY. Some of you, in your very religious minds, may argue with me. Certainly a large percentage of you may use your religious (mostly Christian) mind; rejecting the notion, casting down negative thoughts and all forms of principalities and powers (pele o Pastor!). Nothing will change the fact: we are under BONDAGE, not of spiritual beings, but of our own kind; held in chains and Captive.

The Gallup World Poll of University of Michigan’s World Values Surveys (WVS) 1999 – 2002 puts Nigeria as number 1 in the World’s happiest countries. The Pew Forum on Religion and Public Life’s rank for populated religious countries, ranked Nigeria as no. 6 in both religions (Christianity and Islam), while Transparency International ranked us 134 (out of 178 countries) in their Corruption Perception Index 2010. My headache is: how can a country with the sixth largest population of both Christians and Muslims in the world be ranked 134 of 178 countries in corruption? Aren’t the tenets of both religions based on truth, integrity, honesty, and love for oneself, neighbor and country; amongst other virtues? We are the happiest people in the world. Why? And what’s our premise for the cheerfulness: is it our economic woes or clueless leadership at almost all levels? Why are we referred to as the happiest people on earth, in the midst of untold human suffering? Why are we so complacent amidst never-before-experienced slave methodologies? I guess you do not understand my point still?

In foreign countries, leaders act decisively knowing any act not in the interest of its people will generate untold backlash, not Nigeria. Our leaders act like primitive dictators, most often to the whims and dictates of their cronies and not in the interest of the people. After all, the people will never act; they are happy, forever suffering-and-smiling! Libyans did not fight Qaddafi because they were suffering economically. They just got tired of being Qaddafi’s slave. They had been governed for 42 years and they required change. Libyans lived better lives than we do yet they took to the street because of a tyrant who had been in power longer than most of them had lived. This was the same in relation to Egypt, Tunisia, and Yemen.

Nigeria casts a pitiable look. We have more statistics and facts, astounding ones, explaining the sad levels of living of the average Nigerian, not to talk of the worsening state of condition in the country. We pay our leaders (at all levels) so much money and they deliver little or nothing. Worse, they plunder us dry. This is happening on our very watch. Congrats we have democracy, and yes we cannot ask most of our elected leaders to leave. But can we ask them to do better? The people suffer, there is massive unemployment, we are impoverished, our education is sub-standard; many children now destitute, some of our ladies turned prostitute.

Are these reasons to smile?

We celebrated 51st of our Independence recently, but the real question is: Independence from what? From colonial slavery when we are yet enslaved by our own people? Ironic! Ridiculous!

Since we will ask no questions, or better, translate our questions into actions; the wife of the president can hold a conference of “First Ladies” at Obudu using government funds. Or is it her fund? Should I ask what exactly we are paying these senators (109) and lawmakers (360) for? What have they done? What are they doing in our interest (if they hold sessions at all)? Why are we paying these looters so much for doing almost nothing? We are suffering amidst plenty yet we do nothing! Can we act? Will we act? NO. We are enslaved! Our bodies active, our minds LOST! “Make them active physically, but keep their minds in chains”.

We are enslaved, most of us don’t realize yet. How can we allow high cost of running the government everyday when nothing works, how? How long will we allow this servitude? How long will we allow the people to suffer and be impoverished? How long shall we keep smiling and be happy and wait till “e go better”? If the salaries of these lawmakers for the 2015 elections are announced to be 1 million monthly, how many of the present do you think would re-contest? Have you gone around your local government of late? Do you know the revenue entrusted to a Chairman monthly? Do you know how much a councilor earns? I heard the wives of the local government chairmen earn fees? For what? Who elected them? Who elected the “First Lady” of the nation? Why must she spend our resources and squander it on useless schemes? Certainly, the new Nigeria needs a new charter. There is no reason yet to smile. We are paying so much for GOVERNMENT UNDER-PERFROMANCE! Have we truly lost our minds?

We have several offices with duplicate functions, what the hell! We have various unelected offices in the government which are sources of money laundering and untold corruption. Yes, I mean the offices of the first ladies (and their cohorts). If I were a Governor, it is the first I’ll scrap. If my (hopefully not jobless) wife will have any humanitarian platform as the wife of a serving public leader, she had better seek the help of foreign aids or philanthropists who support such cause to finance her activities. It also shows the depth of thought and shallowness in these so-called “first ladies”; the “first lady” of corruption! For crying out loud, if you had something worthwhile before your husband’s public service, then you have an opportunity to use the frontier to advocate such cases, not to extort the people and exploit state resources. Clueless lot!

How would we elect people who have the least idea about governance in the first place? People who had not been successful in their personal/business lives who suddenly want to prove they can be in politics? People who had no business being in government? People who are basically opportunists? And yet we siddon-smile? Slaves!

Like I said, Lynch had a rule “Keep them fit in their body, but incapacitate their mind to act”. Promise them heaven on earth on the platform of “I had no shoes” and keep them inactive for four years. Shioor! How can lawmakers earn $3m a year for nothing? Only In Nigeria! Do you realize that with just one million people: a non-violent movement; we can push reforms at the gate of the national assembly for as long as it takes? Will we rise and act peacefully yet firmly, or like the slaves under Lynch, remain under serfdom?

Have we lost our minds?

In the absence of value, you’ll always argue on cost.” – Pat Mesiti

Nothing is more surprising than the easiness with which the many are governed by the few. ~ David Hume

This is a simple narrative where I want you to deduce “who the Logan cap fits” and “Let him/her wear it”. I won’t be superfluous in trying to paint this picture.

My presentation oscillates between present and past (in describing him), it’s part of the logic.

The USA has bequeathed countless legacies to ‘us’ Nigerians, so many are they that we find it hard to itemize properly (they’ve been glued to our subconscious as our way of life). We have the bicameral legislative chambers, the presidential system of government (with a 4 year-2 term limit), the first ‘Ladyship’, our military compositions (to an extent), advanced internet scammers (Yes, they are not called yahoo-yahoo though) plus several other inventions / public establishments.

Yet, I’m not here to talk about any of those today.

President Charles Logan is my ‘point and kill’ issue. America developed such a wonderful presidential character with Nigeria in mind (personal view). I’ll let you know why. If you’ve not seen 24 seasons 1 through 8, its too much to miss out on (President Logan is a character in that massive action packed series, he entered the fray in season 4).

The only problem is: You’ll have to make your deductions from this article.

President Charles Logan was the Vice President of the United States who had to be sworn into office as President when his former boss John Keeler got critically injured in a terrorist attack that took down his “Air Force One”. (No, a terrorist didn’t kill our President)

He is a reluctant President who had to be coerced into being sworn in by the chief of staff -noticed how scared and uncomfortable he was- who also had to draft in the last President before his injured boss’ regime (in short, he needed the last president that completed his term to help ). The former President did help, but had to be taken out of the picture after Logan grew into mischievousness. I know what you’re thinking.

Yes, you’re right.

Some of President Logan’s achievements can be seen below:

*He is a coward! (Yes, fidgets if the issue of addressing the nation comes up);

*He is a saboteur. (Yes, he sabotages the work of security agents with unfounded proclamations. He even had to demand the arrest of Jack Bauer on an evidence he claimed was accessible to only him);

*Intricately Useless (never has it been so difficult to explain how someone that important can be simultaneous rubbish and extremely useless)

*The loss of a major terror kingpin -Habib Marwan- under his watch due to his rash decision to pull out the agent in charge of the operation (Logan acts before thinking);

*The eccentric Mrs Martha Logan (Yes, his wife can be a comedic relief sometimes, hardly travel in convoys that attracts traffic though);

*One terrorism attack to the next (might be replaced with continuous bombings);

*Being heavily linked to acts of terrorism.

Not only does Logan certify dialogue with terrorists but also collude with them for political gain (Yes, he knew there were terrorists in his government);

*External help for terrorist in his country (did I hear N40million or Algeria? No, Russia );

*Difficulty in prosecuting corrupt people, probably because of his stench and obvious connection to corruption plus abuse of executive power.

uhm uhm! *clears throat* sorry, had to do that.

To keep itemizing might not be to the benefit of this piece. There are warning signs though…..parallels that can’t be ignored.

President Logan became a reluctant president who never had the ambition to rule, but he had a problem leaving the big stage after tasting the allure of power. He devised several ways to make himself a permanent fixture on the scene without being explicit (talk about perpetuation, some people are masters at it). Logan is a reluctant yet “power clinging” president who had to stay on the big stage despite the discomfort this ambition was generating in his nation (Causative agent here is “Ambition”), with several spin doctors employed to beautify his legacy (Aba-what? No).

Logan (even with his “Siddon well well” attitude) hardly makes any important or difficult decision, all he does is let his advisers and secretaries weigh-in and when these people are not forthcoming with recommendations, he withdraws entirely from the decision-making process (it’ll be easy to play the blame game if things go wrong).

He hardly shows resolve to defend decisions made but he is always the first in line to take credit for any crisis averted (yeah, like saying “some terrorists were apprehended” or they are working on a plan).

Did I talk about his disdain for logical criticism or opposition? Oh! In different ways, he persecuted Jack Bauer almost to his death with the state apparatus and foreign allies.

He was clueless, paranoid and vindictive yet incredibly focused on staying put in office (even if it means a certain section of his country were being persecuted and stigmatized, the Muslims in his case).

I’m sorry if this is boring you, let’s get to the next part.

President Logan is an expert at suppressing reasonable voices when he is cornered and would go to any length to protect himself (people get their names tarnished or even pay the ultimate price). There are several sides to this unbelievable man, but those that I highlighted fulfills the purpose of this exercise.

On a final note: Due to his “obvious deficiency” as an indecisive president, people extremely underestimate him. That’s his strength.

This awkward strength of his, shields him from the “suspects” list whenever things go wrong -fingers are pointed at the opposition- and he ducks (I didn’t say corruption in the oil sector o, abeg)……..he is extremely dull and lacks any notable charisma that lifts the spirit in any sense.

Do you know of anyone fitting Logan’s description? Your deductions have to be personal, as I didn’t write or act in 24.

The ease at which he was able to govern unchallenged despite his obvious deficiencies and disabilities is what bothers me.

My question after your thoughts on who the cap fits is:

How did the Americans successfully develop a movie character so aimed at us without the benefit of our input?

Yet, they were spot-on.

Oh! How I wish to see a “presidential transfer window” just like in football, where you can trade your ineffective presidents for better ones using Bargains, Free transfers, Cash + the useless ones, Exchanges, Loan or outright cancellation of contracts.

Adebowale Adejugbe

You can follow Adebowale Adejugbe twitter @deboadejugbe

Financial Analyst Needed Urgently

Job Category: Executive

Location: Lagos, Nigeria Travel Required: Potentially

Level/Salary Range:TBD Position Type: NYSC - Corper/1-2 yrs experience

Will Train Applicant(s):Yes but some experience required

About Our Client

Our Client is a turnaround management and financial restructuring firm that provides consulting and financial services aimed to reposition companies in distress as well as companies looking to develop existing business models.

Main Duties

• Gather analysis, interpret and present of data

• Prepare or analyze cash flow forecasts, business plans and financial models

• Analyze client business plans, debt capacity, competitive
positioning and strategy, key-contracts and relationships, and
regulatory considerations

• Apply business, economics, finance, accounting and analytical skills
to various client situations and practice disciplines

• Assist with liquidation and valuation analysis

• Prepare complex cash flow projections to model business processes or
actual or hypothetical transactions

• Analysis involves identifying, interpreting, and making
recommendations on how to move forward with financial data, building
and maintaining deal models and presentation to others in the team and
other business areas within the firm.

• Preparation of and participation in management presentation and new
business presentations

• Prepare other periodic reports for presentation to management and
other internal groups.

• Work closely with team to prepare deal level analysis and
recommendations to senior management and other business areas.

• Engaging with stakeholders across multiple business areas and
regions to support the team's work

Qualifications:

• Bachelor's Degree in Business field (Banking/Finance, Accounting,
Economics, etc.) – 1st Class or 2nd Upper

• Experience in corporate restructuring, investment banking,
commercial banking, and/or consulting or corporate positions with a
financial or accounting focus.

• Experience in Excel financial modeling

• Basic understanding of corporate finance,

Other Requirements:

• Capable of performing tasks using MS office applications like MS
Word, MS Excel, MS PowerPoint

• Strong verbal and written communication skills

• Understanding of accounting and finance

• Understanding of how to analyze financial statements and prepare
financial models
• Understanding of how to analyze and forecast cash flows

• Understanding the key operational performance drivers of a business

• Ability to manage and organize large sets of unorganized or incomplete data

• Interaction with clients (ability to request and extract information)

• Ability to stay on task while working on multiple work streams

• Problem solving skills with the ability to think through alternative solutions

• Willingness to travel

For more Information,Kindly forward your resume to osahon@teaselconsults.com

This position requires you to lead, develop and implement all aspects of our digital communication.

The ideal candidate would have excellent editorial skills, with fluent English and language (both spoken and written).

The ideal candidate should have experience of managing a web presence and carrying out communications work. You should have experience of running communication campaigns using digital media.

Responsibilities

• Proofing and uploading content (words, images and videos) onto the website and liaising with client marketing managers and design team to ensure everything is implemented to the highest standard.

• Helping compile weekly newsletters and ad hoc e-shots and promotional material.

• Oversee freelancers, including writers, copy editors.

• Track and report on all site metrics

• Copyedit and proofread all web content

• Crafting site promotions, email newsletters, and online outreach campaigns.

• Work closely with the technical manager to maintain site standards with regards to new development

• Helping with the associated maintenance of the Facebook and Twitter profiles/feeds.

• Assess and resolve any technical challenges in displaying the content.

• Supervise Online Copywriters.

Skills & Qualifications:

• Exceptional communication and organizational skills;

• Decent knowledge of HTML and experience with popular content management systems

• Ability to manage multiple projects in a fast-paced, deadline-driven environment;

• Basic Adobe Photoshop skills;

• Excellent editorial skills with a sound understanding of writing for the web and engaging online audiences

• Solid experience managing dynamic websites (please give examples of web addresses where you were the sole or main web editor)

• Ability to design, deliver and evaluate online campaigns using a range of online media, including interactive spaces

• Knowledge of digital trends

• Excellent knowledge of a range of applications and software including social media platforms, content management systems, image-editing software, MS Windows.

Current NYSC members are prefarable.

Kindly forward your resume to osahon@teaselconsults.com if you are qualified for the position.

Federal Government of Nigeria 2012 Fiscal Policy Measures

The Central Bank of Nigeria recently released the 2012 fiscal policy measures on 20 February 2012 further reinforcing some of the fiscal policy pronouncement of Mr. President during his 2012 budget speech.

The new fiscal policy (visit www.cenbank.org) has made significant changes to the applicable duty rates for some of the basic food items consumed by Nigerians.

We have detailed some of the key changes below:

Agricultural Machinery and equipment shall attract 0% duty effective from 31st January 2012

Equipment and Machinery for the power sector shall attract 0% duty effective from 31st January 2012

Importation of Cassava shall be prohibited effective 31st March 2012

Corporate Tax incentive rebate of 12% for Bakers who attain 40% cassava blend within a period of 18 months effective from 31st March 2012

All equipment for processing cassava fluor for composite fluor blending shall be imported duty free effective from 31st March 2012

Wheat fluor shall attract a levy of 65% and 35% duty rate (a total of 100% levy on imported wheat fluor) effective from 1st July 2012

Wheat grain shall attract a levy of 15% and 5% duty effective from 1st July 2012

Husked brown rice shall attract a levy of 25% and duty rate of 5% effective from 1st July 2012

Imported polished rice shall attract a levy of 40% and duty of 10% (a total of 50% levy on imported rice)

These fiscal policies highligted above would certainly increase the cost of basic food products such as bread and rice in the coming months,However,opportunities are open for local manufacturers who intend to go into fluor and rice production locally.

I am very worried at the thought process of our president, order chevron to supply electricity to Delta Oil Communities.very funny.

On a monthly basics the Delta state internal revenue service gets nothing less than a billion from Chevron as PAYE and WHT on individuals/enterprise,the same goes for Lagos and Rivers Government.The Federal Government collects all manners of tax ranging from Petroleum profit tax,Nigeria export supervison scheme levy,VAT,capital gains tax amounting to billions of dollars in a year from Chevron.Is it Chevron responsibility to deliver on the statutory obligation of government.

The Federal government should enact enabling laws like the PIB to encourage these companies to assist in providing feeders for refineries and power stations not ordering them to provide what FG should provide.

Chevron has different MOU's with these communities to assist in development as part of their CSR.These does not include taking over the functions of Government.I am sorry for Nigeria.

@stagger.I have pay nothing less than 50k as PAYE/WHT on a monthly basics to Lagos State Internal Revenue Service.This I have done for the last 5years.If you need a copy of my Tax Clearance Certificate I would gladly forward one to you.I advocate taxing and regulating religious bodies because of the following:

1.Most of these organisation are cover ups for money laundering

2.As someone who have seen the accounts of most churches the bulk of their income comes from trading and investment e.g schools,investment in media houses,sales of books and audio materials etc

3.The constitution of Nigeria is sacrosact Nobody should misuse their authorities to kill children in the name of witchcraft or slap another adult

4.The Lagos-Ibadan Expressway is one key example why the church should contribute (call it tax) to develop and build the roads.

@stagger let us stop this pity insults and jaw jaw to move the country forward.I am not silly,I am trying to reason with others

I graduated in 2005 from UNIBEN and did a mandatory entrepreneurship course in year 3.So what is this funny president talking about.Please fix our roads,rails and power generation systems.When these are provided we would not need to do any useless entrepreneurship course to start and maintain a business.Have you seen the world bank report-Nigeria is one of the most difficult place to do business in the world.

I have seriously advocated that all religious body pay tax.

With the incessant proliferation of religious bodies in Nigeria,I think there should even be a regulatory body.

They can do away with Interest and hit you hard on their fees and requirement for a loan.No institution would dole out money cheaply .

As At yersterday on my way home.Police officer sstill mounted an illegal checkpoint collecting their usual N20 Just after Nigerian Breweries at Eric Moore Road AND close to NYSC Secretariat at Babs Animashaun @ Surulere.

I really hope I can hear this music today.Enough of GEJ

Not too long ago, a police officer killed someone in Osun State because he did not offer the "traditional bribe" expected automatically from taxi drivers and road transporters and users. Of recent concerns the suppressed riot in Onitsha (Anambra State), where a police officer followed, traced a public taxi bus to where the officer finally butchered down the driver of the bus, in public, for not given ordinary twenty naira!!!! In public! In the neck! Shot at close range! Without compassion! Without any feelings! Without recognizing that he, as a police officer is there in the first place, to preserve the law and protect the lives of citizens!.

I challenge an investigative Journalist in Nigeria to do a well documented video expose of future police killings and fraud in Nigeria.We should stop complaining and take action.

Anas Aremeyaw Anas has documented fraud and corruption in Ghana's ports,electricity authority and mining sector.

We need a journalist that would not only document this in camera,we also need individuals andlocal broadcast channels that would be willing to show this video expose on camera.Enough is Enough.Nigeria we need to act now.


http://www.ghanatoghana.com/Ghanahomepage/anas-aremeyaw-anas-exposes-tema-portcustoms-ceps

Please I need your comments.attached below is a link to Lagos state revenue and expenditures for 2011.

We need to do proper analysis of all revenue and expenditures of all the organs of government.


http://www.lagosstate.gov.ng/index.php?page=subpage&spid=695&mnu=module&mnusub=ministry&mpid=25