₦airaland Forum

AWKA —Director-General of The Securities and Exchange Commission, SEC, Ms Arunma Oteh, said, weekend in Awka, Anambra State that she was prepared to die for doing the right thing to save the Nigerian Capital Market.

Speaking after she was honoured by the Anambra State Council of the Nigeria Union of Journalists, NUJ, Oteh said many people in the country were afraid that with the return of sanity at the capital market, they would lose their strangle hold on the economy, adding that she would continue to do her best to ensure that the ugly past did not return.

She said: “People have said that I am very courageous and I believe that I am courageous because I am an Igbo. When I got the letter that the Anambra State Council of Nigeria Union of Journalists wanted to honour me as the most courageous woman of the year, I almost shed tears. This is because despite what people are doing to bring us down, there are people somewhere who are appreciative of the good work we do.

“I am not afraid to say that I will always do the right thing as the Director General of The Securities and Exchange Commission. I am not moved by what people are doing trying to pull me down, so long as I know that I am doing the right thing. In the past, we had a Capital Market where people wore suits and sat down to steal money belonging to peasants.

“But when I came in, I told myself that all these have got to stop. We must sanitize our Capital Market and build a trust that will let the poor man put his savings in it and be assured that it will not be stolen by people. What I am doing at the SEC, I am ready to die for. I am not afraid to die so long as I am doing the right thing.”

And I am very emboldened by the fact that people are watching. No matter the level of conspiracy against one, people are seeing your efforts and at the right time, one will be rewarded for ever

source;proshare

6k

i was in a church family program yesterday,this question was raised by one of the audience during interactive session,to my surprise,this question generated a lot controversies to an extent where the convener was forced to bring the program to an end untimely.

please dont attach gender sentiment to your stand,which of the sex do you think is easier to raise?

glucogenic: The last time i checkd; Chaz B has been replaced by Wana as the host of 'Sharing Life Issues'. I luv i her passion.

chaz B is back on air again,if you are still doubting me tune to inspiration 92.3 fm today to listen to sharing life issue by 7.oopm

Booty4me: yea man i so much charz b. Expecialy d sharin life issue he anchored. But it seemz he has resigned
@post i so much luv i.k rythm fm. Expecialy wen he is wit sum galz in d studio

Charles B has not resigned he is still very much with Inspiration F.M,anchoring sharing life issue

also CHAZ B (Inspiration f.m)

without DAN FOSTER(INSPIRATION F.M),THE LIST IS INVALID

the funniest of all d pix is the holiness evangelistic church in a very dirty area,am sure God does not dwell in dirty area like this.

The poster purposely uploaded dis to score cheap points behalf of Okorocha's political antagonists,am a lagosian yet i can feel the good work the governor is doing.

for NYSC to accept these pregnant women to participate in the NYSC it implies the usefulness of NYSC has been outlived,i suggest the NYSC act should be thoroughly reviewed or NYSC should be scrapped outrightly

Chinese author Mo Yan has been awarded the 2012 Nobel Prize for literature, the Swedish Academy said today in Stockholm.

The Swedish Academy praised his work which “with hallucinatory realism merges folk tales, history and the contemporary”.

The 57-year-old is the 109th recipient of the prestigious prize, which was given last year to Swedish poet Tomas Transtroemer.

Presented by the Nobel Foundation, the award – only given to living writers – is worth 8 million krona (£741,000).

guys,if you av ever witnessed this stuff,u will never like sex again,especially at the time when this thing expand

@ op,please stop disturbing nairalanders with subsidy news again,abeg if u get beta torry to yan we wan read jooooor

if you are ready to leave peacefully with him,just comply without hesitation.

nawa oooo,i guess d person asking the question will either be B.sc or HND holder,also the person knows dt either of the holder is eligible to participate in the NYSC program,yet he/she is putting the question to every tom, dick and harry.

Anyway,the delay in the payment of this month 'Alawi' is due to the outright pay off of the passing out corps members,before this week runs out or early next week your Alawi will be paid

President Goodluck Jonathan presented a N4.93 trillion budget to the national assembly for 2013 on Wednesday.

In the budget, the president increased spending but reduced the deficit to 2.17 percent from the 2.85 percent deficit recorded in the 2012. It also reduced the share taken by recurrent expenditure.

The Ministry of Education will receive the largest chunk of the 2013 Budget. At N426.5 billion, Education beats Defence (N348.9 billion) and Police Affairs (N319 billion) into second and third place.

Other highlights are Power (N74.2 billion), Health (N279 billion) and Agriculture (N81 billion).

The budget proposal assumes oil production of 2.53 million barrels per day (bpd), up slightly from 2.48 million bpd this year, and a global oil price of $75 a barrel, up from $72 a barrel in this year's budget.

The fiscal deficit and domestic borrowing would come down to 2.17 percent of GDP, from 2.85 percent previously, assuming the economy grows at 6.5 percent, he said - lower projection than this year's expected 6.85 percent growth.

He added that the government would issue a $1 billion Eurobond to finance a gas pipeline for domestic use.

Meanwhile, Senate speaker Aminu Tambuwal said on Wednesday the house had proposed to inflate cabinet's oil price assumption in the 2013 budget to $80 barrel, from $75 a barrel proposed, signalling a likely showdown over the bill.

Money earned from oil over the benchmark price is deposited into a savings account, so any increase in that price could reduce savings and make Nigeria less resistant to oil price shocks. Nigeria's Finance Minister Ngozi Okonjo-Iweala is on an austerity drive and wants the country to save more.

source:businessdayonline.com

pls post d pix

President Goodluck Jonathan has approved the establishment of a National Committee on Flood Relief and Rehabilitation to raise funds in support of Government’s efforts to provide urgent relief for victims of recent floods across the country.


The composition of the Committee is as follows:

1. Alhaji Aliko Dangote - Co-Chairman

2. Mr. Olisa Agbakoba - Co-Chairman

3. Dr. Mike Adenuga Jnr. - Chief Fund Mobilizer





Other Members are:


4. Alhaji Karami Isiaku Rabiu

5. Alhaji Mohammed Indimi

6. Ngo Hannatu Cholum

7. Mrs. Folorunsho Alakija

8. Prof. Dora Akunyili

9. Mr. Tony Elumelu

10. Secretary-General, Nigerian Red Cross

11. Representative of C.A.N.

12. Representative of N.S.C.I.A.

13. Representative of the UNDP

14. Representative of the European Union

15. Representative of DFID

16. Representative of USAID

17. Perm. Sec., Fed. Ministry of Environment

18. Perm. Sec., Fed. Min. of Water Resources

19. Perm. Sec., Federal Ministry of Works

20. Perm. Sec., Federal Ministry of Agriculture

21. Perm. Sec. Federal Ministry of Health

22. Perm. Sec., Federal Ministry of Finance

23. Perm. Sec., Fed. Ministry of National Planning

24. Director-General, NEMA

25. Ag. Commissioner, National Commission for Refugees

26. Perm. Sec., Ecological Funds Office

27. Chairman, Senate Committee on Special Duties

28. Chairman, House Committee on Environment

29. Rep., Nigerian Union of Journalists

30. Rep., National Council of Women’s Societies

31. Mr. Tunde Lemo, (Representing the CBN)

32. Ms. Fatima Wali

33. Mr. Frank Nweke Jnr.

34. Senator Florence Ita-Giwa


The Committee has been given the mandate to raise funds to complement government’s resources for the provision of relief to flood victims across the country and the post-impact rehabilitation of affected persons and communities.

The Committee which is also expected to advise government on the judicious utilization of funds raised, has been authorized by President Jonathan to co-opt any other persons or organizations that it may find useful in carrying out its assignment.

The Office of the Secretary to the Government of the Federation will provide a secretariat for the Committee.

It has been given one year to conclude its task.



Reuben Abati
Special Adviser to the President
(Media & Publicity)

The Lagos State Election Petition Tribunal has declared the candidate of the People’s Democratic Party (PDP) in the last local council polls, Ibrahim Babajide Obanikoro, as the winner of the Ikoyi/Obalende LCDA elections of October 22, 2012.
The tribunal held that Obanikoro won with 3,780 votes as against the candidate of the Action Congress of Nigeria, Adewale Adeniji who scored 3,248 votes

The Joint Admissions and Matriculation Board (JAMB) has introduced three options for the 2013 Unified Tertiary Matriculation Examination (UTME) for candidates. Prof. Dibu Ojerinde, Registrar of JAMB, made the announcement, on Wednesday, when the House of Representatives Committee on Education visited him on an oversight function.

Ojerinde listed the options as Paper and Pencil Testing (PPT), Dibu Based Test (DBT), where questions would be presented on computers and answers would be on paper and Computer Based Testing (CBT) where both questions and answers would be done on computer.

Ojerinde stated that candidates were at liberty to choose one of the three options in the 2013 UTME.

The registrar said that the most advantageous part of the CBT was that candidates would get their scores few minutes after writing the examination on their GSM cell phones.

``The internet age has come to stay with us hence as actors in the new age, you cannot afford to stay on the fence, you must be prepared to join the train or else you are left behind,'' Dibu said.

He urged candidates to study hard for the 2013 UTME, adding that consistent hard work was the panacea to success in any examination.

Earlier, Rose Oko, the Chairman of the House Committee on Education, said that the members were on a visit to the board because of the importance of education to the society.

``The examination process is very key and strategic in education as well as the sanctity of the examination,'' she stressed.

Oko commended the board for its quick release of the 2012 UTME results and urged it to sustain the tempo. NAN


source;www.businessdayonline.com

More than 2000 transformers hoarded by electricity officials were discovered by the Minister of State for Power, Darius Ishaku during a visit to Power Holding Company of Nigeria (PHCN) Central Stores at Shogunle, Lagos. The minister said that he was shocked that items needed for effective transmission and distribution of power were lying idle while consumers were complaining of damaged transformers, and ordered that all 33/11kv transformers, transformers panels, oils and other power equipment should be allocated to every part of the country that needed them within the next two weeks.

He also assured consumers that the transformers would be distributed.
uncovers 2000 hoarded PHCN transformers

http://www.businessdayonline.com/NG/index.php/power/45356--fg-uncover-over-2000-transformers-hidden-by-phcn-officials

the proliferation of the herbal bitters in the Nigerian pharmaceutical market call for serious attention.Most of these bitters are claimed to have many health benefits which have been gravitating the buyers for continuous patronage.unarguably this bitters will surely have negative effects on the body be it in the medium or long term.

Doctors in the house please enlighten us more on these bitters,so that we can moderate or increase the consumption for optimal health benefits.Also,advise those people consuming the bitters that contain high alcoholic content.

Mr. Erastus Akingbola, the former Managing Director of the Intercontinental Bank Plc (acquired by Access bank), yesterday denied before an Ikeja High Court that the bank under his leadership was involved in any share buy-back.

In his answers to questions from the counsel to the Economic Crimes and Financial Crimes Commission, EFCC, Mr. Emmanuel Ukala, SAN, Akingbola said that there was also no fund moved from the bank based on oral instruction given by him.

Akingbola was answering charges bordering on a N49.1bn theft allegedly belonging to the bank alongside one of his business associates, Mr. Bayo Dada.

Asked about ‘standard banking practice’, he said for over 40 years he has been in banking business, he claimed that there is no book on the so much talked about standard banking practice.

Akingbola who was being questioned about how funds are usually transferred according to ‘standard banking practice’ said that he has never seen any such book in his banking career.

Type Price Owner

1. Falcons 7X. $51m(N8.2billion) Mike Adenuga
2. Bombardier Global 6000 $45.5m(N7.3billion) Unknown
3. Bombardier Global Express 5000 $45m(N7.2billion) Aliko Dangote
4. Gulfstream G550 $40m(N6.4billion) Bishop Oyedepo
5. Gulfstream V $30m(N4.8billion) Bishop Oyedepo & Pastor Adeboye
6. Bombardier Challenger 604 $30m(N4.8b) Mike Adenuga
7. Embracer Legacy 650 $30m (N4.8b) Ifeanyi Uba
8. Hawker 900XP $20m(N3.2b) Dr Kashim and Sir Aremu Johnson
9. Gulfstream G450 $15m(N2.4b) Bishop oyedepo
10. LearJet $13.3m (N2.1b) Bishop Oyedepo and Dr Kashim


The growing penchant for private jets acquisition has cost wealthy Nigerians a sum of $6.5bn (N1.02tn) in the last five years.

Aviation sources reveal that the luxury trend, which rose by 650 per cent between 2007 and 2012, is encouraged among the rich by the need for privacy, fear of insecurity and the urgency required by modern business

Encomium magazine

A businessman from Hong Kong has offered a $65 million dowry to any man who can win the heart of his lesbian daughter.

Cecil Chao announced the financial reward of HK$500 million after his daughter, Gigi, married her same-sex partner of seven years in France earlier this year.

“I don’t mind whether he is rich or poor. The important thing is that he is generous and kind hearted,” 76-year-old Chao was quoted as saying.

“Gigi is a very good woman with both talents and looks. She is devoted to her parents, is generous and does volunteer work,” he added.

He also rejected “false reports” that Gigi, 33, had married abroad, saying she was still single.

Chao, who owns publicly-listed property developer Cheuk Nang, could not be reached for comment. Same-sex marriages are not recognised in Hong Kong, a socially conservative Chinese city where homosexuality was decriminalised in 1991.

Chao is well known in Hong Kong’s social circles and regularly appears at public events with his latest young girlfriend.

He reportedly once claimed to have had intimate relations with 10,000 women.



source:channelstv.com

Central Bank of Nigeria (CBN) and Asset Management Corporation of Nigeria (AMCON) on the N275 billion debts of Zenon oil, Seawolf and Geometric, whose directors were included on the list of those barred from accessing loan facilities from banks.
AMCON had last year regarded the loans by the three companies as ‘performing’, but took them over from the banks due to what it described as their possible ‘systemic risk’.

Some analysts told BusinessDay yesterday that the inclusion last week , of the three companies and their directors, on the list of those barred from accessing loan facilities, as well as the tone of the circular from the Central Bank of Nigeria (CBN) which admitted that the loans were not being serviced, seems contradictory, and raises more concerns for the investing public.

To them, it was an indication that the previously issued loans were not performing, contrary to AMCON’s insistence that they were indeed performing.

However, Mustafa Chike-Obi, AMCON managing director, told Business Day at the weekend, that while Geometric’s loan was performing and therefore should not have been included on the list, a settlement agreement plan had been reached by both Zenon and AMCON, which would be presented to the board of the corporation for approval on Thursday. Chike-Obi further said discussions were going on between Seawolf and AMCON.

The CBN stated that the restriction would apply to individuals, organisations, companies, as well as principal shareholders and directors of companies where the outstanding value of loans purchased by AMCON amounted to N5 billion or above, as at the day of purchase, without regard to the actual amount paid by AMCON.

For Zenon Petroleum, owned by Femi Otedola, whose initial debt of N192.423 billion was priced by AMCON at N140.999 billion, the memo showed that “negotiations are ongoing and with fairly clear roadmap”.
Geometrics Engineering, owned by Barth Nnaji - N19.76 billion and Seawolf’s debt of N98.328 billion, which AMCON priced at N88.496 billion, were explained as “negotiations ongoing”.

CBN’s circular released on its website at the weekend, said:
“It has become necessary to stop debtors who failed to repay their loans to banks, and had these loans subsequently transferred to the Asset Management Corporation of Nigeria (AMCON) from further enjoying credit facilities from Deposit Money Banks (DMBs), until they fully repay agreed outstandings to AMCON.”

Mustafa Chike-Obi, AMCON managing director, had said last year, that the need to forestall any likelihood of further crisis in the banking industry, and the fact that large sums were involved, with the possibility of posing potential systemic risk, made AMCON to compel the banks to purchase the loans of Zenon Petroleum of N150 billion, with about five banks involved; Seawolf Industries (First Bank), N100 billion and Geometric Power Industries (Diamond Bank) worth N25 billion, from the balance sheet of the banks.

According to analysts at Renaissance Capital (Rencap), which gave the analysis of the Zenon loans, “Zenith, UBA, GTBank, FCMB and Access banks have on average, about 16% of their capital and 6% of their gross loan books exposed to Zenon Petroleum & Gas Limited. The cumulative exposure of these banks is $1.1bn and it is not a syndicated facility.”

The analysts are saying that the list has confirmed their fears that the reasons advanced for the takeover were not convincing enough, even after the banks flouted the single obligor limit, arguing that what the banks needed to do after venturing into such large exposures, was to syndicate the loans to other banks, thereby spreading the risks.

Besides, they argued that rather than forestalling the potential risks, the action was aimed at shielding some personalities who own the firms, and also protecting the banks.

They queried why AMCON was still insisting that the loans were performing, when some of the projects for which the facilities were gotten had not commenced operations, as to commence servicing the loans, and also the fact that issues surrounding some of the facilities were in the public domain and in some cases, subject to judicial interpretation.

Chike-Obi said about Zenon, “There is a settlement agreement at restructuring the loans that will be presented for the board’s approval on September 29, and if that is approved, then that will be settled.”

For Geometric, “There is a correction to be made. Geometric loan is performing and the name should not have been there.” Sea wolf, “We are discussing.”
Chike-Obi insisted that there was a possibility that loans that were performing before they were taken over by AMCON, could have gone bad by now. “Are you saying that there is no possibility that loans that were performing that time, could have gone bad by now?” he queried.

obicentlis: Am not surprise... Next!

that what?

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5 Months Old Dell 1510 Vostro with 2GB Ram, Intel Core2Duo 1.87GHz, Invidia 256MB Graphics Card, Bluetooth, Webcam, Multi-Card reader, DvD Drive with no eject-able tray (latest technology), 4 USB Ports. Price is 65,000 only. Call; 07032795854, 08057130127

let me give u #50,000

Sanusi behaved as if he was the de facto President of Nigeria. He had cashed in on the weakness of the Jonathan administration to run his own parallel government...It is strange how a man of such sartorial tastes ended up in banking and not showbiz...The profession he chose [is] not for vainglorious and adventurous rabble-rousers." ~ Bashorun Dele Momodu

After reading Dele Momodu's article which he aptly titled " The Bully Called Sanusi" published in his back page column in the Saturday, 22nd September, 2012, edition of Thisday newspaper, the urgency to sack Sanusi Lamido Sanusi as the CBN Governor dawned on me.

Sanusi has outlived his usefulness in that hallowed office! His arrogance, infantile flippancy, ineptitude and incompetence should no longer be countenanced. Why he has stayed in office this long despite his folly and foibles is a mystery.


Nigeria needs a new CBN Governor like YESTERDAY! My recommendation for the position is Mr. Ballama Manu. He was the Executive Director, Operations, NDIC; former, Executive Director, Union Bank; former Chairman of Federal Inland Revenue Service; and former Interim Chairman of the Nigeria Stock Exchange. He would make a great CBN Governor. By the way, he is from Yobe State and a Muslim. If the CBN Governor must be a northern Muslim, there are of course very many others who are imminently qualified: a person like Alh. Ado Wanka (MD of Unity Bank) and Mohammed K. Ahmad (Director General of the Pension Commission) readily come to mind.

But this is not even about section or religion. I am a NON-TRIBALISED (as distinct from "de-tribalised"!) Nigerian. My marriage, close friends, business associates and employees bear testimony to this fact.

Sanusi is an Old Boy of my alma mater (King's College, Lagos) and I used to be his fan. I supported his appointment as the CBN Governor and also spoke publicly in favour his controversial removal of the eight bank MDs. I was on Channels TV's live programme, Sunrise (with Chamberlain Usoh and Suleiman Aledeh as hosts), pushing his suitability for the post the day he appeared before the Senate for his confirmation hearing. I was also on Channels TV's live programme, Business Morning (with Boason Omofaye as the presenter at the time) defending his take-over of the eight banks and the sack of their MDs.

So what happened? Sanusi's imposition of his wrong-headed, illegal, unconstitutional, Malaysia-style Islamic Banking policy exposed him as an Islamist. I subsequently also became aware of his inglorious role in the infamous Kano religious riot which culminated in the beheading of Gideon Akaluka in 1996 and for which he was incarcerated for two years in Sokoto Prison by the government of Gen. Sani Abacha. This vital factual information is, understandable not disclosed in any of his profiles. The Senate was misled by late President Umaru Yar'adua (who ensured that this information was not highlighted in his Security Report) to confirm him as the CBN Governor. I have challenged Sanusi publicly to come clean on this issue or sue me if I have maligned him!

Moreover, his incompetence, profligacy (he now wants CBN to be sponsoring the Super Eagles!! LOL!!) and inane monetary policies have damaged the financial services sector and badly affected our nation's economy.

President Goodluck Jonathan should sack this guy before he does even more damage! It has now reached a crisis point. And the time to act is NOW!!



God bless Nigeria!

Source: www.Proshareng.com

i think you are the wisest person on earth,for you to send that huge amount of money to someone you don't know from Adam.

Nice transaction,be prayerful as i dont see this guy sending the phone to u.

you are so gullible!!!

HAPPY MAGGA,HAPPY FRAUDSTER

u av not sold this age long laptop?
na wa ooooooooooooooooooooooooooooooooo

bros let me pay 20k