The Federal Government has expressed concern over the huge capital flight in the oil and gas sector which has been blamed largely on several years of dependency on foreign products and services, costing the nation about $300 billion. This came on the heels of government’s public disclosure, Thursday, that it had concluded plans to sell the 17 PHCN successor companies for $100 billion.

This was the position of the Minister of Petroleum Resources, Mrs Diezani Alison-Madueke and her counterpart in the Power Ministry, Prof. Barth Nnaji, while delivering their addresses at the 2011 annual conference of the National Association of Energy Correspondents, NAEC, in Lagos. Madueke said the oil industry currently needed $20 billion annually even as upstream gas production for the domestic gas market alone has been receiving a dedicated spend of between $1.5 billion to $2 billion annually from the Federal Government.

She said major operators had not helped matters by relying on the importation of goods and services from abroad without making the provisions to develop sustainable capabilities within Nigeria that would support life cycle operations in the country, “instead more emphasis have been placed on speedy achievement of first oil, generation of revenue without paying attention to actions that add value to the economy.” The Minister, who was represented by Executive Secretary of the Nigerian Content Development and Monitoring Board, NCDMB, Dr. Earnest Nwapa, noted that the challenge was for government to create an enabling environment that allows capital to flow inwards and get retained for economic growth and development.

She said: “I want to assure Nigerians and our international partners that the government has taken firm steps to address these concerns in a structured and sustainable manner.”

PHCN bidders
Prof.Barth Nnaji, who was represented by his Special Adviser on Media, Mr. Cydon Adinuba, said the National Council on Privatisation, NCP, had approved and shortlisted potential bidders after receiving the 331 Expression of Interests.

He said 105 bidders had made payments of $20,000 each, adding that 40 firms had been shortlisted to bid for the concessioning of the hydro stations, 87 shortlisted for the thermal stations and 80 for the electricity distribution companies, bringing the total number to 207.
Nnaji said in spite of the global economic crisis and the reported decline in foreign direct investment, there had been a remarkable growth in international investor confidence in Nigeria’s power sector in the last one year.

He said: “A Brazilian company, for instance, has offered to buy the Federal Government’s stake in the 17 PHCN successor companies for $100 billion, and with the inauguration of the Electricity Bulk Trading Company Board last Tuesday, the investor’s confidence has been further bolstered.”

“The Bulk Trader which enjoys the World Bank Partial Risk Guarantee, PRG, exists to give comfort and confidence to generation companies by guaranteeing power generating companies payment for all their products and will cease to exist when the distribution companies mature enough by being creditworthy.”

Mayor Bloomberg tells New Yorkers to prepare for evacuation as state of emergency is declared ahead of brutal Hurricane Irene

New York Mayor Michael Bloomberg issued a stark warning to New Yorkers today as the city braced itself to face the wrath of Hurricane Irene, which could pose serious danger to millions of people. As the storm devastated the Bahamas, caused panic in North Carolina and threatened to continue its path of destruction right through to America's most populous city, Mayor Bloomberg urged hundreds of thousands of residents in low-lying areas to line up a place to stay on high ground ahead of a possible evacuation this weekend.


States of emergency have been declared in six states - New York, New Jersey, Virginia, Maryland, North Carolina and Delaware - as experts warned the huge hurricane is set to continue to hug the coast, causing an extent of damage to the East Coast not seen in more than half a century. The storms could rival the most notorious to have ravaged the area, such as 1954's Hurricane Carol, a Category Three storm which struck Long Island, and Hurricane Bob in 1991, a furious storm which caused billions of dollars worth of damage.

Bloomberg said today that he expected to make a decision by late Friday on whether residents in the city's so-called 'Zone-A' would need to evacuate ahead of the storm that's now expected to hit the city on Sunday. That zone includes neighbourhoods along the coast, including Battery Park City in Manhattan, Coney Island in Brooklyn and Far Rockaway in Queens.


WHAT TO DO IF YOU ARE FORCED TO EVACUATE YOUR HOME
If an evacuation order is made by the Mayor for specific zones, residents must leave their homes immediately.
(1) Plan to use mass transit as much as possible, as it offers the fastest way to reach your destination and reduces the risk of traffic delays.
(2) Listen carefully to your local news media, which will broadcast reports about weather and transportation conditions.
(3) Leave early. Evacuations will need to be completed before winds and flooding become a threat.
(4) If you have to take a car, be prepared for a long, slow trip. Stay tuned to local media for information about road and bridge closures and only stop at marked Evacuation Centers.
(5) In any significant rainstorm, avoid driving through standing water if you cannot tell how deep it is.

source: check signature link below

It's an achievement that most artists can only dream of. But Amy Winehouse has hit another milestone following her tragic death as second album, Back to Black, has become the best-selling album of the 21st century in Britain. The singer, who died last month in mysterious circumstances, shot straight to number one in the album charts shortly after her death, but this is a record that will be hard to beat.

source>>> link below

Chinese woman keeps mentally-ill son chained in a barn for 23 years, now she wants someone to care for him when she dies
- Tang is naked because he tears up any clothes given to him, says his mother
- He sleeps on the ground because she can't afford straw for his bed

These pictures of a mentally ill man naked and chained to a wall in the most appalling conditions are enough to shock even the hardest amongst us. But amazingly his mother, who has kept him locked in a ruined barn in Chongqing, southern China for 23 years, claims it is for 'his own good' and that she loves him dearly. Xiao Anrong, 76, is now appealing for help to care for Tang Zuhua, 40, because she says she is worried about what will happen to him when she dies.

Since her two other children left home, Xiao has cared for him on her own and has to bathe him, trim his hair, clean out his barn and feed him while living on a pension of £16 a month. She claims her son has to be kept chained and naked because he tears up any clothes he is given and is a danger to himself. After being chained to the wall for 23 years, Tang can no longer walk properly because his leg muscles have wasted away. He sleeps on the bare ground as Xiao cannot afford straw for his bedding.

She said: 'I hope somebody can help me - I fear for the future for my poor boy when I am no longer here. 'I have three children but although his brother and sister are normal he was never normal, and when he was 17 he became violent and smashed things.'We locked him in the barn and had to chain him to keep him there - and because he always ripped up his clothes we have to leave him naked.' She said: 'Some kind neighbours donate food. Otherwise we wouldn't manage.'

pictures on source link below>>>

Kim Kardashian wastes no time getting down to business with her new husband after a romantic dinner for two. The newlywed reality star and Kris Humphries are pictured getting frisky on a sun lounger during their Italian honeymoon, with Kim showering her man with kisses while lying on top of him. In another shot, 26-year-old Kris is seen shirtless as the couple's amorous encounter heated up.

Kim, 30, married Kris on Saturday in a lavish ceremony in Montecito, California.
They then took a flight to Italy on Monday where they are enjoying a short break together in a luxury resort on the Amalfi Coast. The pair are clearly making the most of their time alone - as they are soon heading back to the States.

View Pictures as you read-on
link below (signature)

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President Goodluck Ebele Jonathan has said his administration is committed to changing the country’s investment environment, to encourage an inflow of investors and accelerate job creation. President Jonathan was speaking to Mr. Harry David, head of Leventis Group Worldwde, at the State House, Thursday. He said the Economic Management Team would take a critical look at such things like the duration of visas issued to investors, subject to whatever needs an applicant presents, and change things that need to be changed in order to provide the required environment for visitors.

President Jonathan said there needs to be a change of attitude, asking, “if countries like the United Kingdom can give ten-year visas so that the recipient can come and go as he needs to, why do we restrict ours to two years?” He said government alone cannot turn the economy around, and expressed appreciation to the Leventis Group for investing in agriculture and manufacturing, among other sectors, in the country.

Earlier, Mr. Harry David, head of Leventis World Wide, had told the President that they came to Nigeria in the 1930s, and are involved in manufacturing, packaging, food, power generation, real estate and fleet management. He said the Leventis Group in Nigeria employs over 13,400 workers directly, with an annual turnover of over N136bn.

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^^^ she'll surely deliver if given the freedom to.

The Coordinating Minister for the Economy and Minister of Finance, Dr. Ngozi Okonjo-Iweala, yesterday, as expected unveiled the priority sectors with which to drive the economy. In her maiden press briefing, in Abuja, she identified job creation, building critical infrastructure especially electric power and roads/ rails, anti-corruption, agriculture, manufacturing, fiscal discipline, investment climate reforms, housing, entertainment, as well as, oil and gas as sectors to focus on to drive the economic transformation agenda of the government.

All of these are good intentions. But they have to be financed. The nation needs huge resources it does have at the moment to implement and bring this policy framework to fruition, but where will the financial resources come from. Debt financing or massive borrowing? Dr Okonjo Iweala is already averse to domestic borrowing. She said that Nigeria “would critically review the borrowing processes with a view to reducing the rate, especially of domestic debt. One of the things we would do is to pay attention to the debt situation. I know that many Nigerians are looking at it with concern, and you know my stand on debts.


Domestic debts
“We have about N5.2 trillion in domestic debts and about $5.3 billion in external debts. Bringing total debt figures to $39.7 billion which is about 20 per cent of GDP, Gross Domestic Product.” Nigeria borrows to finance recurrent expenditure. Will the finance minister cut the recurrent allocation to ministries, departments and agencies of government as well as the National Assembly? Where is she going to start the cut from, the Presidency to stem the rising llevel of borrowing?

The minister noted that the total debt figure as a percentage of GDP was not worrisome, as according to her, debt/GDP ratio could become of concern if it hits the 60 per cent threshold, in line with international norm. She said the external debt was “extremely low” and all concessionary but that the domestic debts mainly in Federal Government Bonds and Treasury Bills would be brought down through a systematic approach. The minister has chosen a path that if followed carefully will lead to economic recovery. The nation has for long neglected infrastructure and Nigeria’s trade and commercial policy have lagged behind. A review that will ensure sanctity of contract has become imperative.

Sovereign debts
Sovereign debts in recent months have become a global problem raising serious concern on the health of the international economy. The United States of America had almost a political crisis as a result of the debt ceiling the Congress refused to allow. In Europe Greece, Italy, Spain and others are facing economic crisis at home because of huge debt which they can not service leading to the need for bail out.

>>>this report is lengthy and highly insightful >>>read more @ source link below

Salt is everywhere: dumped into cans of soup, packed into hotdogs, and swimming in salad dressing and salsa. Exactly how bad for you are all those tiny crystals? That question's surprisingly controversial.

In May, several researchers reignited a debate by suggesting that cutting salt intake doesn't benefit heart health, contrary to conventional wisdom. In their Journal of the American Medical Association study of 3,681 people without heart problems, those who had the most salt in their diets actually had the lowest risk of dying from heart disease. But that conclusion runs against the long-standing consensus among experts—and against the latest evidence. If Americans made small daily reductions in salt intake, say the authors of a new analysis that appeared Thursday in the British Medical Journal, the country could have up to 120,000 fewer cases of heart disease, 66,000 fewer strokes, and 99,000 fewer heart attacks annually. (Though essential in small amounts, sodium increases blood volume, making the heart work harder and increasing pressure in the arteries.)

The federal government's Dietary Guidelines for Americans, updated in January, recommend people limit sodium intake to 2,300 milligrams a day, or 1,500 milligrams if they are older than 50, African-American, or have hypertension, diabetes, or chronic kidney disease. Here are some suggestions for cutting back on salt, provided by the National Heart, Lung, and Blood Institute and Stephen Havas, vice president for science, quality, and public health at the American Medical Association.

1. Cook from scratch so you know exactly what's in your food. You might be surprised at the sodium content included in your favorite prepackaged meals: The non-profit Center for Science in the Public Interest analyzed a range of processed foods and found, for example, that ready-made roasted carved turkey containing up to an astonishing 5,410 milligrams of sodium per serving. Half of a ready-made pepperoni pizza might contain as much as 1,350 milligrams.

2. When you do opt for packaged foods, choose products that are sodium free or low in sodium. A typical cup of miso soup, for instance, contains 700 to 900 milligrams of sodium, so look for canned soups with "low sodium" or "reduced sodium" on the label. If you can't find many of these products, Havas advises asking your local grocery store to start stocking them. Even bread and cereal may surprise you: The CSPI found whole-wheat bread contains anywhere from 150 to 190 milligrams of sodium per slice, depending on the brand. White bread had 115 to 230 milligrams per slice.

3. Make smart swaps. You don't necessarily have to sacrifice taste. A McDonald's Egg McMuffin, for example, packs 820 milligrams of sodium; a wiser choice is two scrambled eggs, which have just 180 milligrams. Canned tuna typically contains 300 milligrams of sodium per 3-ounce serving, which doesn't include mayonnaise. Substitute fresh grilled tuna steak and you'll only be getting 40 milligrams of sodium. And be wary of salad dressing: Some brands jam more than 700 milligrams into each 1.5-ounce serving. Stick with your own oil and vinegar instead.

>>>read on @ source link below

Salt is everywhere: dumped into cans of soup, packed into hotdogs, and swimming in salad dressing and salsa. Exactly how bad for you are all those tiny crystals? That question's surprisingly controversial.

In May, several researchers reignited a debate by suggesting that cutting salt intake doesn't benefit heart health, contrary to conventional wisdom. In their Journal of the American Medical Association study of 3,681 people without heart problems, those who had the most salt in their diets actually had the lowest risk of dying from heart disease. But that conclusion runs against the long-standing consensus among experts—and against the latest evidence. If Americans made small daily reductions in salt intake, say the authors of a new analysis that appeared Thursday in the British Medical Journal, the country could have up to 120,000 fewer cases of heart disease, 66,000 fewer strokes, and 99,000 fewer heart attacks annually. (Though essential in small amounts, sodium increases blood volume, making the heart work harder and increasing pressure in the arteries.)

The federal government's Dietary Guidelines for Americans, updated in January, recommend people limit sodium intake to 2,300 milligrams a day, or 1,500 milligrams if they are older than 50, African-American, or have hypertension, diabetes, or chronic kidney disease. Here are some suggestions for cutting back on salt, provided by the National Heart, Lung, and Blood Institute and Stephen Havas, vice president for science, quality, and public health at the American Medical Association.

1. Cook from scratch so you know exactly what's in your food. You might be surprised at the sodium content included in your favorite prepackaged meals: The non-profit Center for Science in the Public Interest analyzed a range of processed foods and found, for example, that ready-made roasted carved turkey containing up to an astonishing 5,410 milligrams of sodium per serving. Half of a ready-made pepperoni pizza might contain as much as 1,350 milligrams.

2. When you do opt for packaged foods, choose products that are sodium free or low in sodium. A typical cup of miso soup, for instance, contains 700 to 900 milligrams of sodium, so look for canned soups with "low sodium" or "reduced sodium" on the label. If you can't find many of these products, Havas advises asking your local grocery store to start stocking them. Even bread and cereal may surprise you: The CSPI found whole-wheat bread contains anywhere from 150 to 190 milligrams of sodium per slice, depending on the brand. White bread had 115 to 230 milligrams per slice.

3. Make smart swaps. You don't necessarily have to sacrifice taste. A McDonald's Egg McMuffin, for example, packs 820 milligrams of sodium; a wiser choice is two scrambled eggs, which have just 180 milligrams. Canned tuna typically contains 300 milligrams of sodium per 3-ounce serving, which doesn't include mayonnaise. Substitute fresh grilled tuna steak and you'll only be getting 40 milligrams of sodium. And be wary of salad dressing: Some brands jam more than 700 milligrams into each 1.5-ounce serving. Stick with your own oil and vinegar instead.

>>>read on @ source link below

New documents reveal , Michael Jackson was in such debt at the time he died, his Beatles catalog was almost valueless, but the Estate has worked nothing less than a financial miracle to right the ship. The docs show that at the time Michael died, his net worth was around $50 million. Shockingly, the ATV Publishing Trust -- the Beatles catalog -- was valued at only $474,544. We're told the reason it was so low was because Jackson had borrowed around $300 million against it.

Now, fast forward to October, 2010 -- 15 months after MJ's death. The net value of MJ's estate -- under the leadership of the Executors -- swelled to $218,964,000. And get this , that figure doesn't include $185 million the Estate paid out for loans, family allowances, interest, paying off the Hayvenhurst mortgage, etc. There are no figures for the current value of the Estate, but sources say it's worth much more than the valuation in October, 2010.

Short story -- Michael could be entering Elvis territory.

source- link below

With a debt profile of $39.7 billion the, Co-ordinating Minister of the Economy and Minister of Finance Dr .Ngozi Okonjo-Iweala on Tuesday says Nigeria debt is in very good shape. The minister in her maiden address to journalists in Abuja said Nigeria’s debt now stand at N5.2 trillion for domestic debt and $5.3 billion external debt. She said, “Nigeria has $39.7 billion total debt stock which is 20 per cent of Gross Domestic Product, the country is still in very good shape in terms of GDP, but we should start worrying when national debt hits 60 per cent of GDP.

Okonjo-Iweala, however, lamented that of the 20 per cent of GDP debt stock, 17.5 per cent of it is domestic debt and insisted that Nigeria would have to watch her domestic borrowing. In her words, “Nigeria has to reduce borrowing but cannot stop borrowing immediately because it will be a shock to the system. The government has said it will put the trend on a down ward part on domestic debts because whether government likes it or not it is bound to respect the terms of the bonds it is holding and other financial commitments.” She described herself as a “debt hawk” and assured Nigerians that the country’s “external debt is extremely low and all are concessional with reasonable interest rate.”

Okonjo-Iweala also disclosed that the Minister of State for Finance Alhaji Lawan Yerima Ngama was working on 2011 budget viament with legislators to ensure that the country has a sound 2012 budget.

source: link below

The Naira once more, appreciated significantly at parallel market Wednesday following a $50 million special intervention to Bureaux De Change (BDCs) operators across the country by the Central Bank of Nigeria (CBN).

The local currency advanced significantly by N4 to N157.50 to a dollar, from the N161.50 to a dollar it went for on Monday. This was in line with the regulator’s mission of closing the gap between the official and parallel segments of the foreign exchange (forex) market. The injection was aimed at ensuring that the perennial shortage of forex in the system since last month is addressed.

However, attempt to confirm the development from to the apex bank was not fruitful as the CBN’s Head, Corporate Communication, Mr. Mohammed Abdullahi, who did not pick his call, also failed to respond to a text message on the development. The increased supply, it was learnt, was offered through five banks at stipulated exchange rate.

President, Association of Bureaux De Change Operators of Nigeria (ABCON), Mr. Emmanuel Balogun, who also confirmed the development, commended the action of the regulators. He explained that the move would help address the demand gap in the retail-end of the forex market and also enhance the value of the Naira in the economy. He appealed to BDC operators to take advantage of the intervention by ensuring the availability of the greenback to end-users, even as he urged the operators to visit the banks involved in the special offer.

Balogun emphasised the importance of ensuring proper documentation of the purchase and sale of the currency as well as other forex transactions. He advised members to make sure that they render regular and prompt returns of all transactions as required by the CBN. He pointed out that as the umbrella body of BDCs in the country, "ABCON believes this development would stimulate a further decline in the parallel market exchange rate." However, at the second session of the CBN bi-weekly auction Wednesday, while the regulator offered a total of $400 million at N152.10 to the dollar, total demand stood at $558.38 million.

At the interbank leg of the market, the local currency closed at N154.30 to a dollar. The CBN had through a circular last week, approved the lifting of the ceiling of $1 million as maximum amount that can be sold to BDC operators from autonomous funds weekly. It had earlier increased supply at the bi-weekly auction, from $50,000 per BDC to $100,000 per BDC.

source: d link below

The Naira once more, appreciated significantly at parallel market Wednesday following a $50 million special intervention to Bureaux De Change (BDCs) operators across the country by the Central Bank of Nigeria (CBN).

The local currency advanced significantly by N4 to N157.50 to a dollar, from the N161.50 to a dollar it went for on Monday. This was in line with the regulator’s mission of closing the gap between the official and parallel segments of the foreign exchange (forex) market. The injection was aimed at ensuring that the perennial shortage of forex in the system since last month is addressed.

However, attempt to confirm the development from to the apex bank was not fruitful as the CBN’s Head, Corporate Communication, Mr. Mohammed Abdullahi, who did not pick his call, also failed to respond to a text message on the development. The increased supply, it was learnt, was offered through five banks at stipulated exchange rate.

President, Association of Bureaux De Change Operators of Nigeria (ABCON), Mr. Emmanuel Balogun, who also confirmed the development, commended the action of the regulators. He explained that the move would help address the demand gap in the retail-end of the forex market and also enhance the value of the Naira in the economy. He appealed to BDC operators to take advantage of the intervention by ensuring the availability of the greenback to end-users, even as he urged the operators to visit the banks involved in the special offer.

Balogun emphasised the importance of ensuring proper documentation of the purchase and sale of the currency as well as other forex transactions. He advised members to make sure that they render regular and prompt returns of all transactions as required by the CBN. He pointed out that as the umbrella body of BDCs in the country, "ABCON believes this development would stimulate a further decline in the parallel market exchange rate." However, at the second session of the CBN bi-weekly auction Wednesday, while the regulator offered a total of $400 million at N152.10 to the dollar, total demand stood at $558.38 million.

At the interbank leg of the market, the local currency closed at N154.30 to a dollar. The CBN had through a circular last week, approved the lifting of the ceiling of $1 million as maximum amount that can be sold to BDC operators from autonomous funds weekly. It had earlier increased supply at the bi-weekly auction, from $50,000 per BDC to $100,000 per BDC.

source: d link below

Oga Seun, kindly check ur gmail, i sent u a mail pls!

mukina2:

opps sorry i am resending . . .

thanks got it, what of urs? IF U CAN?

mukina2:

^
sent you a msg.

got it but how? no mail/im details in d msg?

IMO Arsenal is better off without Fabrigas & Nasri.
(1) Since the barca saga started, fabregas has since stop playing with passion, which is clearly affecting the team. why will anybody expect Wenger to keep a player who is clearly not interested in playing for the team.
(2) and I think Nasri already made up his mind a long time b4 fabregas issue not to renew his contract, as reports/rumour suggests he has been tapped up by Man U & Man City a long time ago. It's not Wenger's wish to sell him, but the board so as not to loose him for nothing.

The only issue is for Wenger/Board to buy quality players to re-inforce the midfield and defence which IMO is not possible in terms of quality players, as no team will want to sell their 'quality' players at this time so as not to destabilize their team. So 2 sum it up, Arsenal fans should lower their expectation in terms of quality signings and hope for the best.

Consolation: in as much as 3 or 4 teams in PL strengthen their teams with big signings, only 1 team will lift d PL trophy, just 1 team will smile with the FA Cup in its trophy cabinet and also just 1 team will rejoice with d Carling cup. So what will fans and d press say about the other big spenders who fail to lift a trophy? Make dem leave Arsenal alone!!! Wenger is not d only manager in the world in signing dilemma, nobody is talking about harry whose player (still under lengthy contract unlike Nasri) strike and fail to play d ManU match!!!

ABEG!!! In Arsene we trust.

webprince:

@Muki
ok. waiting for response then.
most of the pictures and videos on my posted gist/news are mostly heavy hence the link. tender justice with mercy abeg.



_{N/B. a lot of users post same link source on all their post too!}

Even oligarchs have parking problems: Roman Abramovich unable to dock new $1bn yacht on the Med because it's too big

Antibes port authorities tell tycoon there's no space for his superyacht
At 536ft Abramovich's eclipse is world's largest private yacht

ECLIPSE SPECIFICATIONS
Cost: £300milion;
Length: 536ft;
Delivered: 2011;
Makers: Blohm & Voss shipyard, Germany
Interior designers: Terence Disdale Design;
Staff: 70, including former SAS and SBS bodyguards
Defences: Missile defence system, armour plating around bridge and master cabin, bullet proof windows, escape submarine
Accommodation: 30 guests in 15 double cabins, all equipped with en-suite bathrooms and 6ft flatscreens
Facilities: Two swimming pools, sauna, steam bath, whirlpool, pool that converts into dancefloor, gym, hair salon and two helipads
Cost to rent: £1.25million per week

and I was rooting 4 them 2 last. eyah!!!!!!!!

@Muki
ok. waiting for response then.
most of the pictures and videos on my posted gist/news are mostly heavy hence the link. tender justice with mercy abeg.



_{N/B. a lot of users post same link source on all their post too!}

Rihanna surprised fans at V Festival over the weekend when she revealed an as-before-unseen scar on her chin. The 23-year-old singer lifted up her head and displayed the two tiny scars as she performed on stage at the music event at Hylands Park in Chelmsford, Essex. It is not known how Rihanna got the scar, but the singer didn't have it when she performed on The X Factor last October.

The scar could possibly be from a plastic surgery procedure, such as chin augmentation or reduction or a chin lift.