How Don Jazzy Follows 47k People?

Celebrities hardly follow people on twitter, but Mavin boss,Don Jazzy follows over 47,000 people. A celebrity with 1m followers may follow as low as 50 people. After all, did people not join twitter to stalk them?

Apart from following other celebrities, it takes a celebrity of great character to follow fans. Although, not following fans doesn’t mean you don’t have a great character also. Celebrities don’t follow fans because of the number. Except you are not really a celebrity, your TL will be a mess if you follow every of your fans. Have you ever been insulted because you asked a celebrity for a follow back? Yeah, that’s when it’s bad.
But following over 47,000 people as a celebrity, do you think it’s crazy like ‘daylor’ thinks?”@daylor34: @DONJAZZY how on earth do you follow 47k people? That’s crazy”

Cases of Nigeria police officers public fights on the rise

Two Nigeria Police officers, shameless, publicly exchanged fisticuffs in Lagos. They are not the first but add to a growing statistics
Two Officers of the Nigeria Police Force on Monday were engaged in a public fight at Bode Thomas Street, Lagos. Both officers wew later arrested by the District Police Officer (DPO) of Bode Thomas Police station.
The fight ensued after a police officer impounded the motorbike of another in mufti. The police officer in mufti parked his motorcycle in front of MTN office on the street and entered the telecommunication office for some business transactions, on coming out he realized his motorcycle have been impounded for not having a registration plate number and wrong parking.
The officer in mufti feeling disrespected, challenged the uniformed officer and sparked the fight.
Residents in the area called in the DPO in charge of Bode Thomas Police station who requested for an explanation from both officers. While the uniformed officer explained the brawl to his boss, the officer on mufti lost his temper and slapped the uniformed officer. The DPO subsequently ordered his arrest.
Police officers’ fights
Officers of the Nigeria Police Force, the supposed symbol of law and order in do not hesitate to fight themselves in public.
Public fights between officers of the Nigeria Police Force especially while in uniforms is a frequent phenomenon. Many of these fights result from sharing proceeds of bribe and extorted sums. Others, drunkenness use of hard drugs have been blamed for these public brawls.
Many public police officers’ fights have been recorded since 2010.
In March 2010 some Police officers were caught on camera engaged in a fight also in Lagos over N20 (Twenty Naira) bribe.

In November 2010, three Police officers were engaged in a fight in Ajegunle, along the Lagos-Abeokuta Expressway, endangering the lives of motorists and passersby with their AK 47 rifles held carelessly as they exchanged blows.
In June 2011, there was a recorded pandemonium at Obanikoro area of Lagos State when soldiers clashed with Police officers who were trying to stop the soldiers from using the BRT lane. That happened after a bloody clash in the previous month when in Badagry a soldier was killed and his colleagues retaliated by killing the Badagry DPO, DCO and other Police officers.
In December 2011, three police officers in uniform, publicly molested their uniformed mobile-police colleague and gave him the beating of his life in front of the Lagos State University (LASU). They pinned him to the ground in a gutter for allegedly escorting a vehicle without the necessary papers which is illegal in the Police Force.
Although the manhandled police officer repeatedly explained that he was only given a lift by a van driver from Mile 2 as he was on his way to Ajangbadi area of Lagos where he lives.
Many of these cases end up with the officers involved never reprimanded officially. Rather, they ‘settle man-to-man’ and move on.
Culled from Nigeria Police watch

May D And Square Records Officially Part Ways…Cite Irreconcilable Differences

This may be the season of break ups as the music industry yet again suffers another split. P-Square ‘s record label, Square Records and Mr. May D have officially parted ways.
informationnigeria.org has learnt through a statement recently released that the end of their business relationship is due to irreconcilable differences. See the statement below:
To Whom It May Concern
I, Jude ‘Engees’ Okoye of Square Records Limited and Northside Entertainment Limited hereby announces to the general public that Mr. Akinmayokun Awodumila, otherwise known as MAY D is no longer an artiste under the aforementioned outfits due to irreconcilable differences.
We at Northside and Square records wish him all the best in his career and life.
Yours Faithfully
Signed: Jude ‘Engees’ Okoye, CEO, Northside Ent. Ltd/Square Records It would be recalled that the talented May D was the only artiste signed onto the label and barely two years down the road, they are calling it quits. May D while signed under Square Records released hit songs such as “sound track”, “u want to know me” and “ile ijo” among others.

Rauf Olaiya's Blog: Forbes Africa has released its August 2012 issue w...

Rauf Olaiya's Blog: Forbes Africa has released its August 2012 issue w...: Forbes Africa has released its August 2012 issue which is dedicated to celebrating African women. With the knowledge that women are the b...

Rauf Olaiya's Blog: The Future Awards 2012 Full Nominees List

Rauf Olaiya's Blog: The Future Awards 2012 Full Nominees List: The Future Awards, described by the World Bank as “The Nobel Prize for Young Africans”, after unveiling its spectacular Young Person of t...

What Do u thin ROB readers?May D to Sue P-Square

It is quite unfortunate that the love everyone felt was unbreakable between the Psquare and May D, as shown in the CHOP MY MONEY video, was finally broken into pieces. Sources have it that May D is getting ready to sue Psquare, as he is not happy getting to know about the breakup on blogs and websites as he feels they were just out of line. Nigerians are still in shock to hear about the news of this breakup, and most people still hope it was just the work of rumor mongers.

It Is Omamuwi Vs. M.I As They Host The 2012 Headies

Now in its seventh year running, “The Headies” formerly known as Hip hop World Awards is here again, bigger and better. And to make it even more colorful is the duo of best-selling singer-songwriter Omawumi Magbele and hip-hop 5-star General, Jude ‘M.I’ Abaga as hosts of the annual event which has come to be recognized as Nigeria’s biggest music honours and show-piece event.
Unveiling them earlier today, executive producer Ayo Animashaun says the pair  have been selected in line with the awards’ tradition of picking talented and inspiring entertainers, to front an awards ceremony that parades some of the continent’s biggest entertainers.
Animashaun, the CEO of Hip Hop World Magazine and founder of the awards in 2006 says, “It’s a very important year for us at The Headies, and for the Nigerian music industry in general.” Going further on the choice of Omawumi and M.I as hosts, he says, “…we found in M.I and Omawumi, two great entertainers who are very passionate about the awards, passionate about their work, passionate about the music business and a great source of inspiration to young, up and coming artistes, because of their peculiar stories climbing up”.
In anticipation of a great show this year and in living to standards of previous shows, both acts have already gotten together, to share ideas and fine-tune concepts, along with producers of The Headies.
‘It’s been fun fun fun for me’ Omawumi comments. ‘From the photo shoot to all the meetings, rehearsals, fittings and interviews, I can see that I’m going to have the fun of my life. And I promise this year’s guests will have even more fun.  Me and M.I   go craze!’.
This year’s edition will hold at the Eko Hotel and Suites on Saturday October 20.

The Headies is Nigeria’s premiere honours event for urbane music and hip hop culture. Produced and presented to give some of the biggest music shows awards around the world a run for their money, The Headies is an annual event that celebrates deserving Nigerian music stars by giving honour to whom it is due, and serving as motivation to up and coming and even established acts who have never won the award before, to step up their game so as to be inducted into the prestigious Headies faculty of fame.
Posted by daniel informationnigeria.org

The Future Awards 2012 Full Nominees List

The Future Awards, described by the World Bank as “The Nobel Prize for Young Africans”, after unveiling its spectacular Young Person of the Year nominees earlier this week, has now released the full Nominees List for all 21 categories.

THE FUTURE AWARDS 2012 NOMINEES LIST

CHANGE

Best Use of Advocacy

1. Ferdinand Adimefe (Interface Foundation)   28
2. Olumide Makanjuola (The Initiative for Equal Rights)  25
3. Orode Jade Uduaghan (Pink Pearl Cancer Foundation) 22
4. Adamma Umeofia (WeBuilt: Nigeria)   20
5. Chizoba Imoka (Unveiling Africa Foundation)  25
6. Esther Agbarakwe (Nigerian Youth Climate Coalition) 28
7. Priscilla Usiobaifo  (Brave Heart Initiative)   28
8. Babafemi Oyediran (Rural Enterprise Development

Project)        29

Best Use of New Media

1. Japheth Omojuwa       28
2. Gidi Traffic        22
3. Ediong Umoh       25
4. #OccupyNigeria
5. #SaveOke
6. Seun Fakuade (Beacons)                29
7. Nmachi Jidenma        24
8. Wale Adetula       27

CREATIVITY

Creative Artist Of The Year

1. Obi Somto (Photographer)     23
2. Bayo Omoboriowo (Photographer)    25
3. Chibundo Onuzo (Writer)     21
4. Bobo Omotayo (Writer)      29
5. Imole Balogun (Photographer)    23
6. Remi Adegbite (Photographer)    30
7. Onyeka Nwelue (Writer)     30
8. Mohammed Abbagana (Painter)     26

Designer of the Year

1. Adebisi Anita (Ms Makor)      23
2. Kola Kudus (Kola Kudus)      30
3. Olorunyomi Omoniyi Makun (Yomi Casuals)  27
4. Toluwaloju Olowofoyeku (Toju Foyeh)   23
5. Osakwe Amaka (Maki Oh)     26
6. Rukky Ladoja/Obi Obi/Tola Ayanwale (Grey)  27/29/27
7. Ugonna Omeruo (House of Nwocha)    28
8. Akpos Okudu (Akpos Okudu)     25

EXCELLENCE IN SERVICE

Public

1. Akin Rotimi  (Ekiti State Governor’s Office)  31
2. Banks Omisore (National Assembly)    29
3. Chime Asonye (The Presidency)    26
4. Ohimai Amaize (Ministry of Sports)    31
5. John Gomiluk Otokwala (Securities and Exchange Commission)        28

6. Adaeze Nnamani (Ministry of National Planning) 31
7. The Corper (National Youth Service Corps)  All ages
8. Hadiza Abdullahi (The Presidency)    31

Journalism

1. Chiemelie Ezeobi (Thisday)     24
2. Tolu Ogunlesi (NEXT/Forbes Africa)   29
3. Alkasim Abdulkadir (CNN)     31
4. Toyosi Ogunseye (The Punch)    29
5. Oluyinka Ezekiel Adeparusi (National Mirror)  30
6. Tomi Oladipo (BBC)      27
7. Barnabas Hunjo (Radio Nigeria)    28
8. Elo Nkereuwem (NEXT/Premium Times)   31

Corporate

1. Adim Isiakpona (Marketing Manager, HP)   27
2. Seyi Ogunro (Associate, Banwo & Ighodalo)  29
3. Aneto Okonkwo (Manager, Google)    27
4. Ngozi Nkwoji (Senior Brand Manager, NB Plc)  30
5. Tomiwa Adesida (Head of CSR, Sahara Group)  32
6. Tomijogun Ogunlesi (Campus Brand Manager, Reckitt

Benckiser)         28

7. Kayode Jegede (General Manager/Head of Facility

Management, Deux Project)     30

8. Tokini Peterside (Communication Manager, Moet

Hennessy)        24

INNOVATION

Science and Technology

1. Ahmed Mukoshy (Yrn.me)     23
2. Nnoduka Eruchalu (Ploggin.com)    22
3. Olumide Adewunmi (Gidilounge)    27
4. Zubair Abubakar (Nigerian Constitution BlackBerry App)         32

5. Chinwe Njokwu (Novel designs for microwave antennas using

Nanomaterials)        27

6. Seun Onigbinde (BudgIT)     26
7. Femi Alade (Pliris Mobile)     30
8. Raheem Temitope Bello (geoUtil, a solution for 70%

current household energy consumption)   19

Education

1. Gossy Ukanwoke (Beni Online University)   24
2. Iyinoluwa Aboyeji (Bookneto)     21
3. Tosin Jegede (One Child, One Book)    31
4. Adebayo Adegbembo (ASA)     29
5. Otto Orondaam (Slum to School Project)   26
6. Desiree Craig (Efiko)        23
7. Tolulope Sangosanya (Love on the Streets)  30
8. Obinna Okwodu (Robotic teaching in secondary

schools)        21

ENTERPRENEURSHIP

General

1. Oyigoye Doyle (Nylahs Catering)    30
2. Kola Oyeneyin (Venia Business Hub)   31
3. Titus and Tobias Igwe (Speadmeals Mobile Kitchen)  24
4. Aisha Maina (Aquarian Consult)     31
5. Ayodele Arigbagbu (Dada Books)    32
6. Osaru Alile & Lape Caxton-Onakoya (Caxton-Alile) 30
7. Ola Orekunri (Flying Doctors Nigeria)   26
8. Ladi Delano  (Bakrie Delano Africa)     30

Agriculture

1. Ajo Kunnuho John (Animal husbandry)   29
2. Omoteso Sogo Ayodele (Piggery/Fishery/Poultry) 27
3. Tochukwu Onyemelukwe (Jaeet Nigeria Limited) 30
4. Olukayode Adeoye (Whails and Chase)   32
5. Ayodeji Adeyinka Adeoye (Irewolede Farms)  30
6. Fawolu Taiwo (Abivict Farms)    28
7. Olusola Amusan (Olusola Amusan Company)  22
8. Zechariah Obasola (Crop farming)    30

Media/Communication

1. Julie Odia (WOW)       31
2. Adaora Mbelu (Innovation Factory)    26
3. Uyi Omokaro (DM2)      30
4. Bobby Taylor (Bobby Taylor Consulting)   30
5. Komolafe Adesola  (Media Insight)    30
6. Samuel Olatunji (Big Sam Media)    30
7. Uche Pedro (BainStone)      27
8. Funmilade Alalade (Elev8)     28

Entertainment

1. David Adeleke (HKN)      20
2. Keke Hammond (Flytime Productions)   30
3. Tana Adelana (Tana Adelana Productions)  28
4. Emmanuel Dole Onoja (Delphino Entertainment) 28
5. Don Jazzy (Mo-Hits/Mavin Records)    30
6. Cobhams Asuquo (CAMP)     31
7. Mamah Nwanchukwu (Ape Planet)    28
8. Clarence Peters (CAPital Dreams Pictures)  29

Technology

1. Ayodeji Adewunmi/Opeyemi Awoyemi/Olalekan  28/24/28

Olude (Jobberman)

2. Ajibola Modupe (OTG Playa LLC)     29
3. Jason Njoku (Iroko Partners)      31
4. Eno Essien (Rheycrak)      30
5. Bode Pedro (Veda Technology)    29
6. Kayode Disu (IISA)       29
7. Temi Kolawole (Antigravity)      27
8. Femi Alade (Pliris Mobile)      30

ENTERTAINMENT

On Air Personality of the Year (Radio)

1. Oladotun Kayode (Cool FM)     28
2. Twitwi (Wazobia FM)      32
3. Toke Makinwa (Rhythm FM)     26
4. Maltida Duncan (Rhythm FM, Abuja)   31
5. Tolu “Toolz” Oniru (Beat FM)     30
6. Nike Adewuyi (Splash FM, Ibadan)    27
7. Lorenzo Menakaya (Lion FM, Enugu)   26
8. Mazino (Smooth FM)      30

On Air Personality of the Year (TV)

1. Dolapo Oni (Studio 53/Mnet)     28
2. Denrele Edun (Channel O)     28
3. Uti Nwanchukwu (Jara/Mnet)     30
4. Ill Rymz (Nigerian Idol)      27
5. Andre Blaze (Nigezie)      29
6. Adams Ibrahim (Soundcity)     24
7. Yvonne “Vixen” Ekwere (Silverbird TV)   25
8. Maupe Ogun (Channels TV)     29

Musician of the Year

1. Davido        19
2. Wizkid        22
3. Tim Godfrey       31
4. Ice Prince        26
5. Flavour        29
6. Naeto C        30
7. MI         30
8. Bez         29

Actor of the Year

1. Ini Edo        30
2. Tonto Dike        26
3. OC Ukeje        31
4. Ivie Okujaye       26
5. Gideon Okeke        29
6. Ramman Hassan       30
7. Kabirah Mojisola Kafidipe     31
8. Lala Akindoju       25

Producer of the Year Music

1. D’tunes        22
2. SamKlef        27
3. DJ Klem        28
4. Jesse Jagz        28
5. Ikon         29
6. Fliptyce        30
7. Legendary Beats       23
8. J Sleek         24

Producer of the Year Screen

1. Clarence Peters       29
2. Victor Sanchez Aghahowa     29
3. Onye Ubanatu       31
4. Ishaya Bako       26
5. Ladi Odebunmi       21
6. Adeola Oloyede       32
7. Anietie James Ekins      27
8. Deji Adeniyi       31

YOUNG PERSON OF THE YEAR

1. Bankole Wellington [Banky W] (Musician/Entrepreneur/Activist)         31

2. Dapo Oyebanjo [D’banj] (Musician/Entertainment Entrepreneur)        32

3. Jason Njoku (Media Entrepreneur)     30
4. Peter and Paul Okoye [Psquare] (Musician/Entertainment Entrepreneur)        31

5. Linda Ikeji (Blogger/Media Entrepreneur)    31
6. Chinwe Njoku (Scientist)      26
7. Idris Akinbanjo (Journalist)       30
8. Raheem Temitope Bello  (Scientist) culled from informationnigeria.org

Forbes Africa has released its August 2012 issue which is dedicated to celebrating African women. With the knowledge that women are the bedrock of the African society, Forbes profiled Africa’s 20 Most Prominent Women in the latest issue of the magazine. Also in the August issue, an entire section was dedicated to the women in Africa who are breaking the mold to make a name for themselves in the business world. The issue featured profiles on two young Nigerian women, Linda Ikeji and Chibundu Onuzo. Linda Ikeji is a popular blogger and founder of Linda Ikeji’s blog while 21 year-old Nigerian writer, Chibundu Onuzo , is the acclaimed author of ‘The Spider King’s Daughter’. Linda Ikeji’s profile was titled ‘Beauty, Brains And The Business Of Blogging’. Kenyan activist, lawyer and blogger – Ory Okolloh was also featured in the magazine along with Wendy Appelbaum who has a claim to being Africa’s richest woman.Forbes Africa Features Linda Ikeji And Chibundu Onuzo

Forbes Africa has released its August 2012 issue which is dedicated to celebrating African women.
With the knowledge that women are the bedrock of the African society, Forbes profiled Africa’s 20 Most Prominent Women in the latest issue of the magazine.
Also in the August issue, an entire section was dedicated to the women in Africa who are breaking the mold to make a name for themselves in the business world.
The issue featured profiles on two young Nigerian women, Linda Ikeji and Chibundu Onuzo. Linda Ikeji is a popular blogger and founder of Linda Ikeji’s blog while 21 year-old Nigerian writer, Chibundu Onuzo , is the acclaimed author of ‘The Spider King’s Daughter’.
Linda Ikeji’s profile was titled ‘Beauty, Brains And The Business Of Blogging’.

Kenyan activist, lawyer and blogger – Ory Okolloh was also featured in the magazine along with Wendy Appelbaum who has a claim to being Africa’s richest woman.

Rauf Olaiya's Blog: 10 Nigerian Girls Forced To Work As Prostitutes In...

Rauf Olaiya's Blog: 10 Nigerian Girls Forced To Work As Prostitutes In...: Despite the dangers involved in trafficking of persons and the attendant risk to health especially, Nigerians girls are still being ‘traded’...

10 Nigerian Girls Forced To Work As Prostitutes In Cote d’Ivoire Rescued By NAPTIP

Despite the dangers involved in trafficking of persons and the attendant risk to health especially, Nigerians girls are still being ‘traded’ across the borders unwittingly by friends, relatives and even strangers with offers of a good life. It was in recognition of this unwholesome practice that the Federal Government set up the National Agency for the Prohibition of Traffic in Persons and Other Related Matters (NAPTIP) to help stem the ugly tide.
Therefore, it was a laudable achievement when on Saturday 15th September, 2012, the National Agency for the Prohibition of Traffic in Persons and Other Related Matters (NAPTIP) announced the rescue of ten Nigerian girls, who had been forced to work as commercial sex workers in Abidjan, Cote d’Ivoire.
The girls, who arrived Abuja in two batches, hail from Edo, Delta, Rivers and Benue states respectively, with Edo topping the list with six girls.
The Executive Secretary of NAPTIP, Beatrice Jedy-Agba told Daily Times that the rescue operation was carried out based on a tip-off that several Nigerian girls were in sex bondage in Cote d’Ivoire. The operation was done in collaboration with the regional bureau office of Interpol in Abidjan, and an Abidjan based Non-Governmental Organisation, Family Essan for Protection and Promotion of Human Rights (FEPDH).
The rescued girls are already undergoing medical screening and counselling with NAPTIP operatives, after which they would commence rehabilitation

“We are being sexually harassed”, Female Varsity Students Cry out

About 2000 female students of Cross River University of Technology (CRUTECH) have come out to protest over alleged sexual harassment, molestation and extortion of female students by some staff of the institution.
The placard-carrying students blocked traffic at Eleven-Eleven Bus Stop on their way to the Government House, in Calabar to register their grievance. Some of the placards carried by the students had inscriptions such as, ‘Sexual harassment of female students’, Female molestation’, ‘Extortion of money from students’, ‘No better CRUTECH, No better Cross River’, ‘CRUTECH, no better lecture hall’, etc.
Meanwhile, the Students Union president of the institution, Mr Ekong Eka, accused the state government of neglecting students of the university, adding that, two months ago, some groups of people came to the school to tell them that government wanted to pay them bursary.
However, the institution is yet to come out with any form of response to these allegations leveled against its lecturers by the students. Sexual harassment is, no doubt rampart in tertiary institutions in the country and a lot of the victims suffer in silence. These students have indeed taken a bold move.

First Lady, Dame Patience Jonathan Undergoes Surgery In Germany

Contrary to denials by presidential spokesman Reuben Abati, and the bare faced lie by Dame Patience Jonathan’s spokesman, Ayo Osinlu that the first lady is only “resting” in a foreign country, it has been revealed that the First Lady, Mrs Patience Jonathan, has undergone surgery in a German hospital for ruptured appendicitis. According to THISDAY sources, she was flown out for medical treatment over a week ago.
Mrs. Jonathan was said to have been accompanied on the trip by a medical personnel from the Presidential Villa, and a few of her aides.
THISDAY gathered that the decision to fly her abroad followed her deteriorating health condition in Abuja, after she was initially treated for “food poisoning.”
It was learnt that Mrs. Jonathan, shortly after returning from a trip to the United Arab Emirates (UAE), took ill, prompting the invitation of the First Family’s medical personnel to attend to her. She was said to have been treated for food poisoning for four days, “but her condition kept worsening by the day,” the source said.
By the fifth day, President Goodluck Jonathan was said to have yielded to the suggestion that she be flown abroad for “thorough treatment.” It was not certain if the inability of the president’s doctors to treat her was because of faulty diagnosis or insufficient facilities.
According to the source, “the trip was therefore hurriedly, but discretely arranged, after a German hospital, suspected to be Horst Schmidt Klinik in Wiesbaden, Germany, had been contacted”. By last weekend, she was said to have regained “full consciousness” on her sick bed and was willing to return home.
THISDAY checks, however, revealed that the hospital authorities are insisting on her full recovery before discharging her.
“They say she has to be completely stable before she can be discharged, because they are still observing her, although the worst seems to be over now,” the source said.
When contacted, Special Adviser to the president on Media and Publicity, Dr. Reuben Abati, said he was unaware of the first lady’s condition.
Similar efforts made to reach the first lady’s spokesman, Mr. Ayo Osinlu, were unsuccessful as he did not pick calls to his phone nor respond to text messages sent to him.

We wish her speedy recovery and safe return back to the country, on her feet. Sadly, an unknown number of Nigerians have died probably from the same symptoms as a result of either inadequate medical facilities or improper diagnosis. If medical doctors of the first family couldn’t detect the major cause of her illness after four days or the facilities to carry out proper checks on the first lady and possibly treat her in the villa are unavailable, it tells you just how precarious our situation is- as a country, and as a people

How Illuminati destroy Don Jazzy and Dbanj

It is no longer news that the erstwhile best of friends and business partners, Dapo Oyebanjo also known as Dbanj and Michael Collins popularly known as Don Jazzy under the Mohits music label, have finally parted ways. It was even reported that the two separated because of an interview Dbanj granted a magazine in America where he stated that Don Jazzy and other artistes are under his label while he is the owner of the label and many of such stories that have been flying around.
We, however, gathered that all the stories may just form a minute part of the reason the two decided to go their different ways as it was revealed that Dbanj’s decision to join the international occult group, Illuminati, may be the main reason Don Jazzy decided to call it quits with the one-time Glo ambassador.
Investigation reveals that Don Baba Jay, as one of the artistes under the Mohits usually calls Don Jazzy, whom Good Music company signed a management contract with, is skeptical about something which forced him to beat retreat while his partner chooses to ignore his reasons rather going for the fame he thought would come through the association. Sources informed that Don Jazzy who is from a good Christian home just like D’banj whose father is said to be a pastor under the Bishop Oyedepo-led Living Faith Ministry, decided not to mix business with religious practices, a thing D’banj will not raise an eye-lid over.
Other sources quoted Don Jazzy claiming he chose not to have anything to do with any group or person that would muddle his religious belief, others also informed that his decision not to have anything to do with the dirty money he must have made while working with D’banj is the reason he choose to donate all proceedings of his productions to five charity organizations. In a message on his Twitter account the award-winning producer while confirming the break-up informed: “It is with a heavy heart that I announce the end of a long era and the beginning of a new one. Some of the rumours you have all heard recently are sad but true. The way forward now is to make sure I keep bringing you guys more of the beautiful music you all love to listen and dance to. And to end the old era, I will be donating the proceeds of my production catalogue from day one till date to five charity organizations.”

Categorised as : Entertainment, News by Global News

Pls is this a good prophesy?Nigeria will split into three within 2-3 years – Cleric

A Christian cleric, Rev Anthony Innocent Chidi, the Founder and General Overseer of Kings in Christ International Ministries, has predicted that the country will not remain as one in three years time.

The cleric made this clear while granting an interview to a prominent Nigerian newspaper. While the reverend extols the power of unity, saying when a people unite nothing can stop them in accomplishing whatever they imagine to do, he also speaks on contemporary issues in the country.
Concerning the current security situation of the country, the cleric says that cries by some that the president should step down cannot solve the problem. In fact he claims that he believes that God has place President Goodluck Jonathan there for a purpose. He however pointed out that the president needs clear directions from prophets of God
However, on the alleged “Agenda of the North”, the reverend has this to say:

“There is no how they can take their jihad to the South. It cannot work. Such thing will never come to pass. However, jihad or no jihad, I see Nigeria splitting into three countries, the way things are going, unless this trend is arrested or God intervenes, within the space of two, three years Nigeria will split. If you are saying that this is the North’s agenda, I am not even surprised… I am not saying this based on what America said, but what God has showed me, and if we don’t come together to seek His face, this country will split.”

Rauf Olaiya's Blog: Death Of Ghana’s President: This Is My Position – ...

Rauf Olaiya's Blog: Death Of Ghana’s President: This Is My Position – ...: Prophet T.B. Joshua has reacted to news going around about whether he foresaw the death of late President Atta Mills or not The Emmanuel...

Death Of Ghana’s President: This Is My Position – TB Joshua

Prophet T.B. Joshua has reacted to news going around about whether he foresaw the death of late President Atta Mills or not
The Emmanuel group claimed they were shocked to discover an article currently circulating around the internet in which a media house claimed to interview Prophet T.B. Joshua concerning the death of the late President of Ghana.
In response to this false interview, this is an official communication from The SCOAN & Prophet T.B. Joshua:
“The interview in LEADERSHIP NEWSPAPER of Thursday 26/7/2012 titled “I Did Not Foresee Atta Mills’ Death – T.B. Joshua” does not represent me, T.B. Joshua, because I was not naround and I never spoke with anyone.
“People say all sorts of things against me but God says ‘Touch not my anointed and do him no harm’. Why should anybody write this – as if you will not die one day?
“Remove this interview! The interview was not from me. Your staff never spoke with me. I was not around. Once again, Leadership Newspaper Editorial Staff should please remove this interview for God’s sake!
“Don’t fight a prophet; don’t fight God! Once again, readers, this is the first time I am talking to the public after the demise of our late president. I will talk as God instructs me on Sunday Live service on Emmanuel TV.
“Don’t let anyone or organisation in any medium deceive you. I have not granted any interview and I will not because God has not permitted me until Sunday Service. I will not grant any interview until Sunday Live Broadcast.

“Those that may have copied the false story from LEADERSHIP NEWSPAPER should remove it from their sites because this does not represent me. It is not from me.”

Rauf Olaiya's Blog: The National Stadium We Spent N54 Billion to Build Now an Eyesore

Rauf Olaiya's Blog: The National Stadium We Spent N54 Billion to Build Now an Eyesore

The National Stadium We Spent N54 Billion to Build Now an Eyesore

What manner of explanation could anyone possibly give to justify this shameful state of what is supposed to be a world class National Stadium? The National Monument located close to the Abuja City Gate in the capital of the country has now become a source of monumental shame for Nigeria.
Of course the current state of the stadium goes a long way in explaining the fact that our National teams have been playing in all other venues in the country anytime they have a fixture.
A lot has been said about how Nigeria lacks maintenance culture; this picture goes a long way in proving that assertion. May God help us.
If we spent close to N60 billion to build the stadium, how come we cannot afford to maintain it? Or perhaps we can afford to, but those that are supposed to ensure that the place is maintained would rather channel the funds for that purpose to “other” projects?

  culled from infromationnigeria.org

“If I were the CBN governor, I will prefer to print N10,000 notes” – Atedo Peterside

As a lot of Nigerians already know, prominent Nigerians who are part of the National Economic Management Team such as Aliko Dangote and Femi Otedola gave their assent to the introduction of N5000 Naira notes. Also among these businessmen, who are representing the private sector on the team is Mr Atedo Peterside, Chairman of Stanbic IBTC Bank. As far as he is concerned he would even rather introduce the N10, 000 note.
According to the Stanbic IBTC Bank boss: “if I were the CBN governor, I will prefer to print N10,000 notes. Last year, Nigeria spent N47 billion to print these small notes. If we were printing bigger denominations, we will print a fewer number and make a phenomenal savings. Second, money is a store of value. All these thieves and vagabonds running around in various states and all over the country, when they steal money, they will want to keep it outside the banking system.”
“So, they need a higher denomination notes. Right now, they are using the $100 notes all over Nigeria because they are the best store of values for them. If you give them a better store of value, they will move away from those dollars and reduce the demand for the American notes and move into our own currency as opposed to the use of dollars to hide their loot, and so on.
“Right now, the country is losing in two ways. One, we are importing massive U.S. dollars to finance the activities of all these rouges because the dollars offered the higher store of values to them. And two, we squander our resources printing large volumes of worthless notes. There is no inflationary impact. That is voodoo economics. Let me tell you one thing. If you know that printing N5,000 notes will create more inflation, why don’t you reduce the value of your notes and see whether you will not experience inflation in the process. This is simple logic.”
In the thinking of Aliko Dangote: “The introduction of the N5,000 note has nothing to do with inflation. I think it is even to protect the economy. The cost of printing is not anything different from the amount they are using in printing any other note. It is the same cost. The only difference is the design and the figure printed on them. Sometimes, minting the coins can even help. If I have a product, which I am selling for N5 and I want to raise the price to N6, I won’t be able to do that. It is either I swallow the bullet and take it to N10 or I don’t increase at all. A lot of companies have not been able to increase their prices even though they are losing money. People are saying that CBN is going to spend N40 billion on the new note. Of course, last year when you look at the budget, they spent N47 billion to print currencies. It is not different at all.”

So, there we have it. That is basically what the businessmen think about the introduction of the N5000 note

How Much Do You Know About The Planned Introduction Of New N5000 Note?

The currency review announced by the Central Bank of Nigeria (CBN)’s Governor, Sanusi Lamido Sanusi has generated a whole lot of furore and heated debates for or against the intended policy. On blogosphere, in public fora, business places, at work, everywhere, the talk in town is the new “N5000″ note. “It will lead to inflation” some argue yet others say, “it will make corruption easier” among other well rehashed cliches. In the same vein, the planned introduction has pitched economists and financial analysts against themselves as they argue back and forth, mostly in economic and financial jargons that the layman barely understands. Therefore, we ask, what do you understand about the planned currency review?
Here, our job is to keep you informed thus, we bring you a well researched and detailed analysis of the CBN’s latest policy drive by public affairs commentator, author, financial and economic analyst, Tope Fasua as gleaned from his facebook wall. Enjoy…
WILL CBN EVER DO ANYTHING RIGHT?
My ‘childhood’ friend, Richard Ogunmodede, now a ‘big man’ at First Bank, always invited me to the banks’ Annual General Meeting parties at the Hilton, Abuja. It provided a good opportunity for us to meet and hug as brothers, and relive the days we both drove our rickety Toyota Camrys, as young bankers living at the pothole-ridden, traffic-snarled Oke-Afa, Isolo, Lagos. At those parties about 5 or 6 years ago, one man always stood out – Sanusi Lamido Sanusi. He was then ED, Risk Management or something of that sort. Always noticeable, not only because of his slim-fitted tuxedos and bow ties, but the manner he waltzed through the crowd, greeting people, throwing banters and generally feeling very much at home, even though First Bank’s AGMs always have a heavy Yoruba theme – often Yoruba music and a lot of Agbada and ‘abeti-aja’ caps. This SLS man governor was someone that fascinated me – from a distance. I just loved the fact that he was something of a ‘Funky Mallam’.
A year or two later, he would be appointed as Nigeria CBN governor, after a short stint as FBN’s MD. His becoming an MD of First Bank itself went against the grain, for the reason state above. As an ex-banker myself, I know that there used to be – and still exists – ‘Ibo Banks’, ‘Yoruba Banks’, and ‘Hausa Banks’. First Bank was solidly a Yoruba bank, even though things are changing in this age of globalization. I naturally rooted for Sanusi, and had to call off a training I was facilitating on the 3rd of June 2009, to watch, alongside my trainees, the incoming Central Bank Governor’s interview at the Senate. Before then the rhetoric – especially from southern Nigeria – was that another ‘cattle rearer’, who studied Sharia Law and does not know anything, was about to be installed as CBN governor by Umaru Yaradua, as another way of consolidating the Hausa/Fulani hegemony. Hmmm. By God, I hope we get tired of that rhetoric, but not when Reuben Abati, presidential spokesman, still inserts such balderdash into his every write up!
To my delight, the Sanusi man, ‘tweeted’ while he spoke in impeccable English during the Senate interview. I didn’t even know he could speak like that! It was then he revealed that he was an ex-Kings College boy, and obviously he had a lot of exposure abroad. Wow! I beamed at my co-watchers of the interview. This is my man! At least he was as cerebral as the departing Charles Soludo, whose policies I found somewhat gregarious. I did not quite believe in banking consolidation (the banks are now back to niche-playing), and I exited the banking industry just on the onset of that policy. Banking consolidation was a policy that was in tandem with an era where the managers of the economy felt that they had arrived, and that banks could now regulate themselves. Needless to say, it led to banks becoming ‘Too Big To Fail’, and course a phenomenon called ‘Regulatory Capture’; a scenario where the bank regulator begins to report to the banks it is meant to regulate. I also opposed Soludo’s proposal to ‘redenominate the Naira, like Ghana did, even though I held some trainings for the CBN. That policy has turned out disastrous for Ghana as we speak. But I digress.
My praise for Sanusi turned into consternation when he was asked about the crazy targets that banks set for their workers (which leads to prostitution, stress and toxic working environments), and he answered that banks have a right to set targets and nothing can be done about that. He also responded to the problem of high interest rates and bank charges by talking about the high cost of running power generating sets in the nation’s banks. I was consternated! So in my article in Sunday Trust after he was confirmed, titled ‘Rain Check for Sanusi Lamido’, I wrote as much and asked him to wake up to his responsibilities and ensure those grey areas are dealt with. Sanusi sent me a text acknowledging the article and promising to look into the areas I mentioned. He went to work naturally – not because of my article but because he knew what he intended – and a few bank MDs who thought they were untouchable, but who had apparently lost touch with reality – lost their shirts… and their many many properties. SLS asked me to do a writeup for him on what he needed to do to clean up the banking sector, which I did, but which was never acknowledged. He apparently knows much more than I could ever know, about what needed to be done. And he did them.
Later on, I would unofficially avail his email address to a group of bankers who had been suspended indefinitely, in anger, over a fraud for which they were not culpable. These kind of suspension or even termination, happens often in the banking industry, and oftentimes, it involves the exertion of inordinate penalties on lower cadre staff. They mailed Sanusi about their plight and before you could say ‘Jack Robinson’, they were recalled. I never even spoke with him. My respect for the man soared even further, because he has tried not to lose touch. He reads his mails and responds as appropriate. I see his interventions these days on some of the Nigerian listservs. The recent one was on the N5,000 note issue, where he offered some insights. At least he is not trying to shut himself in his ivory tower. But certainly the man is not perfect. No one is. The most trying period for Sanusi was perhaps his defense of this administration’s ill-advised removal of fuel subsidies in January, but even at that, unlike his colleagues who called Nigerians names – including our own Abati – Sanusi was the only one who tried to offer logical reasons. For that he almost came under mob attack in Kano; an event that may have informed the CBN’s ‘donation’ to the poor people of that great city.
It would come to pass that all of CBN’s policies will become more politicized than necessary. Or rather, because of the mercurial nature of SLS, they would attract more attention than needed. All sorts of people will join issues even on issues they are incapable of understanding. Many still see him as the representative of the much-dreaded ‘northern hegemony’, and would usually approach the policies coming out of the Central Bank, first as a ‘Sanusi’ policy, and then as a ‘religious or northern policy’. That was the fate of the Islamic Banking brouhaha, when, despite the fact that Islamic banking is now a global phenomenon, some of our financial pundits claimed it was ‘unconstitutional’, and some approached the courts. The Islamic Banking policy had been put in place by a southern CBN governor, Soludo, and the Islamic Bank – Jaiz – had only met the requirements within Sanusi’s tenure. Still, Nigerians brought the world down over the matter. I defended that policy because I am personally aware of what banks like Standard Chartered, HSBC and Barclays are doing with Islamic Banking, even in the countries from where we obtained Christianity. I am also aware that there is an Islamic Bank of Britain, with at least one branch on Edgware Road in London, among others.
Today, Jaiz Bank, Nigeria’s only Islamic bank, is tottering on the brink of collapse, according to news report, because of lack of patronage. Does that not tell anyone that the resistance to the idea was unnecessary? Has Nigeria become ‘Islamised’ since the bank opened? And was I not right, when I said then that ‘banking is not by force’, and if one did not have any business with an Islamic Bank, he didn’t have to worry about their existence? Most people who made the most noise then were actually broke, and did not have any business bellyaching about whether a bank exists or not. We should learn to concern and assist our people more with how they can attain financial stability and buoyancy, rather than get them into a flap about every arcane economic policy churned out by the CBN or any government agency for that matter. Indeed some of the policies have direct impact on the people (like this N5,000 note issue, but we have got to a point where we work up a frenzy before getting all the details). On the Islamic bank issue, the opponents of the policy greeted the news of the near-demise of Jaiz Bank, with even more sniggering, and a reminder to Sanusi that the bank is ‘unconstitutional’. No lessons learnt in fine-tuning their advocacy, or in tolerance of other people’s religion and rights. Perhaps even Muslims had churned the bank because of the negative publicity they generated for it. Who knows?
THE N5,000 NOTE PALAVER
The issue on the front-burner today, is the N5,000 note palaver. Many have commented, and many have missed the point. As a ‘Freakonomist” – those believers in Steven Levitt and Stephen Dubner, who think outside the box and applies economic theories, having in mind the peculiarities of their environment, I can tell that the real issues in this policy are:
1. Are we now properly burying the Kobo? And don’t the people need ‘debriefing’ on that matter, given that we haven’t seen Kobo around for a long time? Does the Kobo need a proper post-mortem at least to learn some lessons?
2. There may not be any inflation as a result of the introduction of the N5,000 note. At least most textbooks will say that. But by turning N5, N10 and N20 into coins, if the coins are rejected by the people still, for cultural reasons, we would see goods sold for anything between N5 and N45 presently, jumping to N50. Now that is real inflation and a serious issue for low income earners.
3. Whereas inflation – being a monetary phenomenon – does not occur as a result of currency creation (on the surface). There is a peculiarity in Nigeria, which is why Nigeria is the only country I have been (there could be others), where coins are just not in use. The word ‘coins’ is now used as an expletive in Nigeria. People abuse you by saying “I will change your money into coins!”, meaning they have more money than you do. What strategies are being put in place to ensure that the coins still do not disappear this time around like they have done several times in the past despite huge amounts spent minting them? Nigerians need assurances that yes, coins will truly come back to stay for the benefit of all of us.
4. I have always said that ‘EVERY POLICY IS BAD, WHEN THE PEOPLE ARE DISUNITED, IGNORANT OR FUNCTIONALLY ILLITERATE AND VICE VERSA’, because the policies of government will be effected and used by the people. In the current state that Nigeria is, with the country being more divided than ever, and with many Nigerians just poised to exploit government policies to their own advantage – and the disadvantage of all others – there is a likelihood that this policy will be misused and turned against the poorest of us. Perhaps there should be a longer period of public engagement
5. There is a need to deal with our culture – which has been altogether neglected. Traveling out of town every weekend, there are boys who hold N10, N20, N50 and N100 mint notes which they sell at a discount for normal notes for those going out of town to spend. An average Nigerian wedding costs between N2million and N8million. The not-so-average ones cost over N50million. People have held on to the old culture of spraying, and many empty their meager savings each weekend, on these ‘functions’. There is an ‘inflation’ related to this cultural phenomenon. Those who ‘spray’ N10, and N20 will now graduate to spraying N50 and N100. And people will naturally ‘graduate’ along that line. The CBN has been unable to stop our people from ‘spraying’ money at parties and thus dancing on top of money and soiling them fast. So this ‘spraying’ phenomenon, and the change in spending pattern as a result of the introduction of a new denomination, will change spending patterns. In fact, the real ‘big boys’ will not spray and spend only N5,000 notes, creating a new stampede for ‘get rich quick’ in society, and attendant ‘inflation’. Nigeria needs to document these kinds of economic phenomenon itself, because they are hard to explain to oyibos down at IMF and World Bank.
6. It is the type of phenomenon in 5 above, that is responsible for a certain type of inflation caused by ‘cashless’ policy. First of all, the availability of ATMs in all nooks and cranny of Nigeria means that people dash to make withdrawals at all times of the day. At times, it is better for one’s money to be out of reach. Because if it is within reach, one will spend. In our clime, with so much interdependency between people, there is a tendency to spend more since ATMs are all around. One will have to be determined, and sometimes heartless, to refuse to go to the ATM over the weekend, in order to entertain that your 4th cousin, who just appeared at your door – with his wife and 4 children in tow, just to ‘greet you. To make matters worse, the same people who can now access ATMs, can also do transfers for all sorts of purchases online. As someone who has lived abroad before, I know for a fact that availability of all sorts of bank cards – Debit or Credit Cards – is an impetus for spending. And this is why most people in ‘developed’ countries live mainly on credit. Savings is not even in their dictionary. Do we need to take our people down this route for now?
Many more reasons can be adduced to get the CBN to back down on the policy, but anyone proffering them must do their homework well enough, because the CBN has good reason to do what it is doing. We all have our day jobs and may not be able to take the kind of rigour that the CBN would have taken, with all the eggheads in its employment, in order to arrive at such policies. A regular Joe will never be able to comprehend some of the policies. There was even an explanation by one of the CBN officials on TV, that on some our currencies, Nigeria does not have all the rights to issue ie, there are agreements that Nigeria may have signed in the past, giving money to who-knows, for every of those currencies printed! Now, how will I know such a fact except I am an executive in the relevant department at the CBN?
THE JUSTIFICATION
The justifications are many – some have been adduced by the CBN while some can be surmised by a fair knowledge of how economies operate. What one may not be able to comment on are whether the timing is right, and whether the policy will fail like others. Also of contention is whether the amount to be spent on this policy is appropriate. To answer these questions, one needs some things. One, a very good HP Calculator, an Excel Spreadsheet at least, and data regarding how these things are done elsewhere, especially different quotations from different companies in different countries. This was one may arrive at whether there is corruption embedded in the figure submitted or not. It may not be fair to assume. One will also need a crystal-ball that can allow us look into the future to see whether the policy will fail, because it is a chicken-and –egg scenario. Once you say ‘go’, and it is done, we can only live with the consequences. We cannot turn back the hands of time. The people are however fairly justified in their apprehension that the policy may fail like others before it – after all we had at least two false starts under Professor Soludo, and government policies in Nigeria are usually fraught with inefficiency, poor planning and the big C, corruption.
Another quite cogent argument that have been advanced against the introduction of this N5,000 note, is the likelihood that it will aid corruption and money laundering, because in the era where corrupt people stash cash in the cats, hats, shoes, socks, bra, babariga, danshiki, Etiboh (Naija Delta), agbada, and god-knows-where-else, a handful of N5,000 notes will amount to a lot of money. The CBN has adduced an even stronger counter point to this, because in the case of Otedollar and Far-Crook for want of just one example, the base currency for that transaction was… yes, the almighty Dollar. Perhaps it is not the currency that will curb or increase corruption, but our ability to see the futility, folly, and stupidity of wanton earthly acquisitions, through fraudulent means.
Nigerians have also asked CBN to instead go down the route taken by Ghana. But like I mentioned earlier, the Ghanaian economy has been much worse-off for that decision called “redenomination”. When the redenominated sometimes in 2007, the Ghanaian Cedi was 0.92 to the USDollar. Today it is around 1.95, a freefall against the dollar. The Ghana Cedi has lost precisely 53% of its value since that redenomination! That means that a Ghana Cedi today is worth less than half what it was when the redenominated. The Naira has fared better, at least nominally, having lost about 24% of its value against the US dollar since then (it was N127 to the Dollar in 2007, and about N160 now, officially). This comparison with the Ghanaian situation is important, to let us know that it is not in every situation that we should rubbish our own, for oftentimes when it looks like the grass is greener on the other side of the fence, it actually isn’t. Nigeria’s commentariat should also choose their wars in order to win them.
The best of CBN’s policies and intentions, may therefore be victims of our collective past, and the precedents set by our successive governments in the area of ineffectiveness. That government includes the CBN itself. But below are the justifications which cannot be ignored, are valid and if I was a staff of CBN, I would say ‘carry go’, in Nigerian parlance:
1. THE NEED TO REDUCE CURRENCY MANAGEMENT COSTS
On one hand is the unassailable argument that since less people will handle the N5,000 note, and since it therefore stores more value for the holder, the CBN will be withdrawing that currency for destruction and reissuance, less often than the rest, therefore reducing its currency management costs in general. On the other hand is the fact that introducing the N5,000 note will lead to the printing of less of the other notes, since “M1 will not be increased” ie Money in circulation will not be increased in order not to directly fuel supply-side inflation. The currency management costs is a drain on tax payers’ money, and something needs to be done to urgently curb it. I think this argument is a strong one.
2. FORCED REINTRODUCTION OF COINS
In order to assist the country by reducing currency management costs, there is a need to bring back coins BY ALL MEANS. A coin stays much longer in circulation compared to notes. Therefore, the more value such a coin carries, the better for the economy. Perhaps that informed the decision by the CBN to convert up to N20 to coins in the hope that people will now use it. However coin-minting is expensive, and like I heard Nancy Illoh argue on her Money Show, the price of Copper and related commodities are high now in the futures market, so going for it now may be expensive. The problem however is that no one can really tell where commodity futures are going. You may wait, thinking prices will go down, and then they go up! So it may be better to do what you want to do and move on… Reintroducing coins will be a great achievement for the CBN if it is able to pull it through, but much education is required. A psychological effect of that success will be that finally, Nigeria may start to gravitate away from the “Freak” economy that it is, towards more normalcy, like other countries of the world where coins are used.
3. THE NEED TO REDUCE “VOLUME” OF MONEY IN CIRCULATION
As stated in 1 above, bringing in the N5,000 and reducing some of the others, will reduce the sheer volume of currency in circulation and the costs incurred by banks in sorting and processing them. Perhaps the banks can reduce their charges on customers’ accounts. Wink wink!
4. SEIGNORAGE
In economics there is gain to the government accruable from currency printing. Whereas the coins are minted at a higher cost than the value they command (because they are metal-based), the notes are printed often at cheaper costs than the value they command. Therefore, the higher the value on a note currency, the higher the profit made by government, from printing them and putting them in circulation. For example, it could cost the same N5 per note more or less, to print a N50 and a N5,000 note. So the government gains N45 for every N50 printed for circulation, and N4,995 for every N5,000 printed and put in circulation. That is called seignorage, and a major source of income for say the USA, because it prints a lot of its currency for use globally and the US Government makes profit from printing all those currencies, especially the $100 note. The risk here of course is that there are people waiting to counterfeit the N5,000 note, so awareness and security features must be very strong. I must say we are not faring too badly with the N1,000 note when it comes to counterfeiting.
5. STORE OF WEALTH, CURRENCY CONVERTIBILITY AND DE-“DOLLARISATION” OF ECONOMY
Even the argument about promotion of corruption and money-laundering as strong as it is, is countered by the CBN as explained above. An introduction of N5,000 creates an avenue to store wealth more compactly, and even if it is corrupt money, perhaps the thinking by CBN is that rather than such monies chasing the USDollar and thus putting the Naira under more pressure, we are better off having such money in Naira, thereby building a more stable currency. As I have mentioned earlier, . As a ‘Freakonomist’ again, I have had cause in times past to analyse Nigeria’s corruption, and often concluded that the real problem is that people steal money from their own people and use such monies to better other economies. Oftentimes, such monies stolen are lost to other countries eg the case of Ibori. Is the CBN being more pragmatic than our best intellectuals?
It is on record, the amount of corruption that gentlemen like JD Rockefeller perpetrated, or even JP Morgan II in his time. Many more. But they kept their money in the US Dollar, and used it to create jobs for their own people. Rockefeller’s Standard Oil is now the global Mobil. His steel companies are still there. But Nigeria’s corrupt people have no initiatives and nothing on ground to show for their corruption. That is why I say that they are not corrupt but simply insane! The current problems faced in the global economy, especially in the USA and Europe, stemming from the tricks played in the financial sector, is largely because this time around, the financial mavericks refused to keep their gains within their country. Most of the monies lost in the financial markets are sitting pretty in tax havens – a rare occasion where the thieves in advanced countries copies their dumb cousins in Africa (Nigeria especially)
As it pertains to the strength of currencies, it is a fact that currencies that chase after others will ultimately lose strength and be weaker. Nigerians like to talk about the time when the Naira was strong. But it was for a short while, and the Naira could not withstand its own baselessness ie (no strong manufacturing to support its value but only raw commodities), and the pressure by the ‘international community’ (that rampaging gang of deceivers who have now escalated to the level of destroying countries through internal wars), to keep it in its rightful place. Nigeria, like every other country in sub-Saharan Africa, was made to devalue its currency, while still being heavily import-dependent, a scenario that ensures that money only flows out of the country, and not into it.
This new currency seems to serve a strategic value to 1. Deemphasise the reliance on the US Dollar, 2. Ensure that more Naira is kept within the country and 3. Prepare the currency for ultimate convertibility. Currency convertibility is a scenario where the currency is recognized globally and thus accepted. This is what creates a demand for the currency and makes the currency strong like we would want it to be. For example, if the currency was fully convertible, we would not have to look for US Dollar to purchase with Naira (Naira pursuing/chasing Dollar), before we travel to the USA or UAE. We would just travel with our Naira. “That would be the day”, I can hear you say. But remaining where we are, we can never get to that point, and if we don’t get to that point, we can never reposition the economy. In my years as a banker, I never saw any Import Form (Form M), denominated in Naira. Not even the Export Form (NXP Form), meaning that even Nigerian exporters do not desire the Naira in payment for their goods. All the while, the Naira chases the Dollar, and gets weaker. With this new currency, perhaps we may, just may, develop some respect for the Naira!
6. MONOPOLIES OF NAIRA PRINTING
A top official of the CBN hinted that on some of our currencies, Nigeria does not still have the full rights or monopoly. That was cause for concern for me. He hinted also that the introduction of the N5,000 note was a way of wresting back some of the controls on our currencies from where the control now resides. There are many secrets in government today, some of which are affecting the ordinary people. Only those at the driver’s seat will know what they are. I believe the Nigerian elite should try and find out the real issue here and make sure they err on the side of patriotism, rather than stand far and criticize every policy, at the risk of Nigeria continuing to be a slave country to the powerful ones. Granted that this cannot be achieved by force, but by compromise for powerful countries are actually… powerful!
7. THE NEED FOR CBN TO DO ITS JOB
Ultimately, there is a need to allow CBN do its job. If indeed it is a policy for Central Banks to review their currency policies every 5 years, our Central Bank should not be an exception, just because we have a track record of inefficiency in government – and even in the private sector. But of course it should not be a one-track-minded approach. Still, the Currency Operations and Monetary Policy groups in the CBN must be allowed to run professionally and to proffer policies for the country, in line with their analysis of the economy. With the number of PHDs in those departments of the CBN, there must have been some rigour that went into this and other policies, which those of us outside cannot muster from the comfort of our sitting rooms. We outside do not also have access to the data at their disposal. We must ensure that we don’t hasten to shoot down policies, but first do proper homework before constructive suggestions. Agreed, the people are often the last hope in society. We laymen may be the ones who will save the government from its own policies. But this time, the response was rather hurried, and the barking, apparently up the wrong tree…
SOME MORE CRITICISMS
Since drafting this response, I put it out on my facebook page and received further critique from far and wide. Some of the issues are dealt with below;
IS IT AN ELITIST POLICY?
The question has been asked if this is the best use we can put the over N40billion that CBN intends to spend for this project. On the surface, it seems not to be worth it. But another way of looking at it is that if we truly get the benefits enumerated above, then this would have been a great move. If Nigeria spends N40billion to get a lifetime advantage, saving the country untold Trillions of Naira as a result of respect returning to the Naira and the conservation of our money in our own country, then that is good investment
CBN AND INDUSTRIAL DEVT
The argument has been made why CBN cannot spend the same amount revamping industries. Globally, it is on record that in times of economic stress, when nations are going through dire straits, Central Banks have always been pitched against lawmakers for ‘going outside their remits’. This is because Central Banks often ‘intervene’ in different industries to ‘provide stimulus’, or to outrightly rescue those industries for the greater good. But it must not be forgotten that Central Banks are not Ministries of Agric, Industry or Commerce. What we should encourage the Central Bank to do, are what they are set up to do – monetary policies and currency management.
In this instance, the CBN’s policy will help in rejuvenating our moribund industries through the process I mentioned above. It will be indirect in nature. If the CBN’s management of monetary policy encourages people to keep more money in Nigeria, and in the national currency, then ultimately such monies will make their ways into the industrial sector. Whereas the CBN has set up different funds for different industries today – Agric Fund, Aviation Fund etc – such funds should be but temporary as the Central Bank should refocus on its core mandate after any crisis period.
DEVALUATION
One great concern I must add, regarding this subject, and an argument I haven’t heard from any quarters, is that an unexpected and massive devaluation of the Naira, will make mincemeat of this policy, because if the N5,000 note debuts at somewhere close to $35 in value, all the gains of store of value and de-dollarisation will erode if the value of that note drops to say $15. The only strategy to curtail this risk may be to ensure that the core reasons for having that note is quickly ingrained into the subconscious of Nigerians before devaluation comes. It seems most likely that the Naira may devalue against the Dollar in the future, especially if for any reason, the price of our main commodities drop.
CAVEATS
1. I have never met Sanusi one on one, but seen him from a distance. Apparently one does not have to meet ‘a whole governor’ of the Central Bank to run training in finance, statistics and related subjects.
2. My training firm has done business with the Central Bank since the Soludo era. Why not? I am an ex-banker, an Economist, a Chartered Accountant, and I hold a Masters Degree in Financial Markets and Derivatives. I also have executive training at London Business School and Harvard, plus we are about 50 faculty members at the firm I manage – 3 full Professors on board.
3. I cannot comment on whether there is fraudulent intention beneath the plans for the new currency. I cannot see people’s minds.
4. I cannot comment on the adequacy or otherwise of the budget for the currency as I do not have the details and that will require extensive research. I believe though that most costs can be reviewed downwards and/or phased over a period of time to reduce the impact
5. My comments are strictly based on the economic relevance of the policy, and the socio-cultural issues that I think matter, have been embedded in my analysis
6. I cannot tell for certain that this initiative will be successful at the end of the day. Many factors intervene in determining the success or otherwise of any policy.
7. I must emphasise that I am not a spokesman for the CBN and I have only spoken as a private citizen, expressing my views like anyone else. I have only brought my little knowledge of economics to bear on this writeup. I have also not spoken with anyone at the CBN officially about this policy, but I have read a brief response by the CBN Governor, to questions raised about the matter, as well as listened to TV programmes where CBN agents defended the policy.

Two Former Heads Of State And A Former Governor Lead Tussle For PHCN Assets

Two former heads of state, retired Generals Ibrahim Babangida and Abdulsalami Abubakar, as well as former Governor of Lagos State and leader of the Action Congress of Nigeria (ACN), Senator Ahmed Bola Tinubu, are the promoters of some of the bidding consortiums contesting for the 18 companies unbundled from the Power Holding Company of Nigeria (PHCN), THISDAY investigations have revealed.
This is coming as the workers of the ailing power utility giant have called for the re-evaluation of bids for companies slated for privatisation.
Also topping the list of promoters is an oil magnate, Sir Emeka Offor; business mogul, retired Colonel Sani Bello; as well as allies of Vice-President Namadi Sambo.
North South Power Company Limited, which is believed to be promoted by Babangida, passed the technical evaluation for the Shiroro Power Station and would participate in the financial bid stage.
Source: THISDAY
North South Power Company was the only consortium that submitted bids for Shiroro, while Dangote Power and Super Tech belonging to business mogul, Aliko Dangote and Professor Jerry Gana, respectively, submitted late bids and were automatically disqualified.
Integrated Electric Nigeria Limited, promoted by retired General Abubakar as chairman, Mr. Tunde Ayeni and Dr. Shola Ayandele, is contesting with other bidders for Eko, Ibadan and Yola Distribution Companies.
However, the chances of the company’s bids for Eko and Ibadan Discos are slim due to the presence of Oando Gas and Power, Lagos State Government, Tinubu and Honeywell in the contest.
THISDAY learnt that Integrated Electric has however passed the technical evaluation for Yola Disco, which is awaiting the approval of the National Council on Privatisation (NCP).
For Ibadan Disco, Integrated Electric will compete against Western Consortium, promoted by Oando Power and Tinubu. Integrated Electric and Western Consortium are believed to have passed the technical bid stage for Ibadan Distribution Company, which is awaiting NCP’s approval.
Mainstream Energy Solutions Limited, supported by Bello, passed the technical evaluation for Kainji Power Station and is set to participate in the financial bid.
It also submitted a bid for Jebba Power Station but it is not yet clear if any of the bidders for Jebba was successful, as there was no announcement made by the NCP on the status of the technical bids submitted for the hydro power station.
The Oando Consortium, believed to be promoted by Oando Gas and Power, Lagos State Government and Tinubu, is battling with other bidders for Eko and Ikeja Distribution Companies.
Also in the race for Eko and Ikeja Discos are: Ampiron Power Distribution Limitedand Honeywell Consortium, promoted by Mr. Oba Otudeko.
The Lagos State Government, it was gathered, decided to hedge its bets by also submitting a bid alongside the Honeywell Consortium, as it is bent on acquiring a stake in the two Lagos-based distribution assets.
The state government has made it abundantly clear that whoever wins Eko and Ikeja Discos would have to deal with it owing to its massive investment in distribution infrastructure and rural electrification projects over the years.
Meanwhile, Offor’s Interstate Electric Nigeria Limited is slugging it out with several other bidders, which include Eastern Electric Nigeria Limited for Enugu Distribution Company.
THISDAY gathered that there are 30 per cent unalloted shares in the Interstate Electric bid which was submitted to the Bureau of Public Enterprises, fuelling speculation that the shares may have been reserved for investors with the financial muscle to enhance Interstate’s bid for Enugu Disco.
Eastern Electric, on the other hand, is backed by Time Power Global Dynamics, believed to be sponsored by Ernest Azudialu’s Nestoil; Nifex Limited; Aba Power and Geometric Power Limited, which belongs to the former Minister of Power, Prof. Bart Nnaji; and the governments of Abia, Anambra, Enugu and Ebonyi States.
It is believed that the refusal by the Imo State Government to bid under any consortium stemmed from Governor Rochas Okorocha’s close relationship with Offor.
In the case of Port Harcourt Distribution Company, Four Power Consortium, promoted by the governments of Rivers, Cross River, Akwa Ibom, Bayelsa States and other private sector bidders, is contesting against Rockson Engineering, promoted by the owner of Arik Air, Sir Joseph Arumemi-Johnson.
Southern Electric Distribution Company, which submitted bids for Benin Distribution Company, indicated that it has the commitment of the government of Delta State, while Rockson Engineering indicated that it has a similar commitment from the Edo State Government.
A top member of the NCP is believed to be behind Skipper Nigeria Limited, which is bidding for Kaduna Distribution Company against NAHCO Energy and Power Limited.
However, none of these bidders was successful, compelling the BPE to come up with three fresh options, which it intends to submit to NCP, on how to handle the failed bids for Kaduna Disco.
The first option is to re-advertise the company to harvest a new batch of expressions of interest from prospective investors; the second option is to allow those that submitted late technical and financial bids and were rejected by the BPE to submit their bids; while the third is to invite other bidders that lost out at the financial bid stage to submit fresh bids for Kaduna Disco.
Skipper Nigeria Limited is however believed to have passed the technical re-evaluation conducted by a new committee set up by the NCP for Afam Power Station, but is subject to NCP’s approval. Skipper had slugged it out with NPG Consortium and Primeniza Energy Limited.
The reconstituted evaluation team comprised officials from the Ministries of Works and Power, Infrastructure Regulatory Concession Commission and Bureau of Public Procurement.
Sahelian Energy, which was pre-qualified for Kano Distribution Company, is promoted by Alhaji Yusuf, a ministerial nominee of Vice-President Sambo, who did not pass the security screening.
However, Kepco Consortium, promoted by Sahara Energy, is still in negotiations with the BPE for the takeover of Egbin Power Station, subject to NCP and the Federal Government’s approval.
State governments such as Lagos, the four South-east and four South-south states are believed to have joined various consortiums after they were encouraged by the BPE to submit bids for the distribution assets.
Under the privatisation programme, the state governments are automatically entitled to two per cent but can get a maximum of eight per cent through the bidding consortiums due to their ownership of the right of way in their states and their massive investment in the distribution and rural electrification network.
THISDAY gathered that another reason the states were encouraged to participate in the process stemmed from the difficulty in carving out the distribution network and delineating boundaries in the immediate term, but this could happen in the future as the market structure evolves.
Also, there were concerns that it will be difficult to place a value on the investment by the states in distribution and rural electrification infrastructure, thus necessitating that they bid for the distribution assets through the privatisation process.
Meanwhile, electricity workers under the aegis of the National Union of Electricity Employees (NUEE) have called for the re-evaluation on the grounds that Nnaji’s resignation implied that there might have been some undue influence in the overall management of the privatisation process.
In a letter to Sambo who doubles as the Chairman of NCP, the union also requested the report of the valuation of PHCN which puts the assets and liabilities of the corporation at N200 billion.
It stated that the valuation of a company like PHCN should be transparently done with active participation of all stakeholders.
The letter signed by the General Secretary of the union, Comrade Joe Ajaero, advised that persons who are politically vulnerable should not be allowed to participate in the privatisation exercise.
“To us it is altruism that the undue influence issue might not have been restricted to Afam Power Plant and Enugu Electricity Distribution Zone of PHCN alone, we believe the whole process has been grossly infested by the menace.
“With all sense of patriotism, we demand also for the report of the valuation of PHCN assets and liabilities that actually came up with the current value of PHCN put at N200 billion only.
“The valuation of a company like PHCN should be transparently done with active participation of all stakeholders.
“We believe that this is the only way credibility and transparency would be seen to have returned to the whole privatisation process. This will enhance investors’ confidence and those of the international community,” the union stated.

Posted by daniel informationnigeria.com