tag:blogger.com,1999:blog-792084988860299042024-02-07T03:22:58.571+01:00Public Announcementinstinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.comBlogger80125tag:blogger.com,1999:blog-79208498886029904.post-1025696462103485222016-09-20T09:56:00.000+01:002016-09-20T09:56:00.235+01:00Patience Jonathan Gives EFCC 14 Days to Defreeze Her Accounts<div class="separator" style="clear: both; text-align: center;">
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SOLICITOR to former First Lady, Mrs. Patience Ibifaka Goodluck Jonathan, First Law Associates, has given the Economic and Financial Commission, EFCC, 14 days with effect from September 18 to defreeze her accounts and tender a public apology to her.<br />
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Senior Partner, First Law Associates, Timipa Okponipere Esq. in an open letter to EFCC chairman, Ibrahim Magu, urging the Commission to leave Mrs. Jonathan alone, warned that it refused to conform: “We shall file an action at the African Commission on Human Rights at the Gambia demanding N5 billion in exemplary and punitive damages.”<br />
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The solicitor observed: “There is no established legal or political precedent for what the EFCC is currently doing to our client. How many former First Ladies in Nigeria have received the Patience Goodluck Jonathan Treatment (PGJT) to have warranted the EFCC to engage in the effrontery to freeze our client’s accounts and subject her to public opprobrium, ridicule and disgrace? This nonsense must stop forthwith.”<br />
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He said: “Our client is a respected senior citizen of international repute, a retired Permanent Secretary and the immediate past First Lady of the Federal Republic of Nigeria. Our Client is a law-abiding citizen who has never or at all been the subject of any criminal and/or financial investigation, whether at home or abroad. Accordingly, she has not been found guilty of any criminal conduct throughout a sparkling public service career spanning over 35 years.”<br />
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“During the 5 years our client served as First Lady of the Federal Republic of Nigeria between May, 2010 and May, 2015; she was the Initiator/Founder of the A. ARUERA WOMEN FOUNDATION as well as the WOMEN FOR CHANGE INITIATIVE; both of which Non-Governmental Organizations (NGOs) substantially contributed to the 35 per cent affirmative action for women in the country. Our Client is the recipient of numerous local and international awards in recognition of her untiring commitment towards uplifting the living standard of women, children and the aged in Nigeria.<br />
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“Sir, it is against this sterling and meritorious background of our client that we most respectfully, write to draw your attention to the numerous breaches of the 1999 Constitution (as amended) and the African Charter on Human and Peoples Rights (Ratification and Enforcement) Act 2004 committed by the Economic and Financial Crimes Commission (EFCC) in cause of the Commission’s illegal and unlawful investigation of our client for alleged money laundering. These investigations have reportedly led to the freeze of our client’s accounts and led to untold consequences to our client’s health and wellbeing,” the solicitor asserted.<br />
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He added: “The EFCC must realize that the Economic and Financial Crimes Commission (Establishment) Act 2004 is inferior in content and quality to both the 1999 Constitution of the Federal Republic of Nigeria (As amended) and the African Charter on Human and Peoples Rights, 2004.”<br />
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Source: <a href="http://www.vanguardngr.com/" target="_blank">Vanguard</a>instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-83900732333946137472016-09-20T09:46:00.002+01:002016-09-20T09:46:36.679+01:00FG Sues Agip, Total for $635m Over Undeclared Cargoes<div class="separator" style="clear: both; text-align: center;">
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Cash-strapped Nigeria’s Federal Government is demanding $635million from two multinational oil companies, Agip and Total for undeclared crude oil shipped out of the country between 2011 and 2014.<br />
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Two cases have been filed at the Federal High court in Lagos by senior lawyer and Senior advocate of Nigeria, Professor Fabian Ajogwu, who had handled several cases for the Federal Government on aviation, defence, energy, and financial services.<br />
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Hearing will begin next week before Justice Olatoregun Isola.<br />
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And there are indications that Ajogwu will also be filing claims against other multinationals, such as Chevron and Exxon-Mobil<br />
The Nigerian Government in the two cases is claiming $490,517,280 from TOTAL E&P NIGERIA LIMITED and $145,848,102 from NIGERIA AGIP OIL COMPANY LIMITED.<br />
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The statements of claim filed before the court are accompanied by the sworn affidavits of three US based professionals.<br />
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The Nigerian Government contends that sometime in 2014,it realised a decline in its oil export revenue. This necessitated an intelligent gathering of data, which showed that part of the reasons for the decline was the under-declaration of crude oil shipments made by some major oil and gas companies operating in Nigeria.<br />
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Professor David Olowokere, a US citizen who is the lead Analyst at Loumos Group LLC, a technology and oil and gas auditing firm based in United States of America, Jerome Stanley, a counsel in the law firm of Henchy & Hackenberg, a law firm based in United States of America and head of the legal team engaged by Loumo Group LLC, made the court statements.<br />
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The third deponent is Micheal Kanko a citizen and resident of the State of Arizona United States of America, who is the founder and the current Chief Executive Officer of Trade Data Services Company.<br />
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A forensic analysis of export records from Nigeria and the import records from respective ports of entry at the United States of America used by Agip and Total showed discrepancies.<br />
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The volume of crude Oil declared to have been exported from Nigeria, was less than what was declared to have been imported into United States of America via the same shipment by the same vessel on the same bill of lading.<br />
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Some other shipments were not declared by the defendants to the requisite authorities, particularly the pre-shipments inspection agents. In some instances, the crude oil shipments were completely undeclared.<br />
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The plaintiff (Nigeria Government ) alleged further that all crude oil and gas shipments /exports from Nigeria are required to be declared and inspected by pre-shipment Agents appointed by the Central Bank of Nigeria of revenue due from the crude oil shipments.<br />
The inspection records are to be deposited with ministry of finance Nigeria .<br />
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The Nigeria Government averred that high-technology information technology system including satellite tracking systems were deployed by consultants in gathering the various validated information establishing the shortfalls in the export declarations and the import declaration in the country of destination.<br />
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Court documents showed that 57 million barrels of Nigeria crude oil was illegally exported by TOTAL E&P NIGERIA LIMITED, NIGERIA AGIP OIL COMPANY, CHEVRON and other companies and sold to buyers in the United States of America between January 2011 and December 2014. The revenue due to Nigeria as a result of this under-declaration and non-declaration is $12,722,600,327($12.7billionDollars) which translates to N2,493,629,664,092(2.5Trillion Naira) at an official rate of 197 Naira to one US Dollar<br />
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In one of the instances cited, TOTAL E&P NIGERIA LIMITED shipped crude oil using a vessel by name TRIATHLON to Tostsa Total oil Trading SA of San Felipe Plaza-Suite 2100,5847SAN FELIPE, 770557-HOUSTON United States at the port of Philadelphia, Pennsylvania, United States of America with a bill of lading number TCVMTRIATIA 1388. The shipment was not declared to the relevant authorities resulting in the shortfall of 968,784 barrels of crude oil in the value of $106,566240 as revenue to the Government,<br />
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Another under-declared crude oil was estimated at 491,850 barrels with a value of $54,103,500. It was shipped aboard a vessel named NORTH STAR and sold to BP Products North America of 501 Westlake Park Boulvard, Houston, TX 77079 United States, at port of Texas City, with bill of lading DROESVD23091101.<br />
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On two different occasions 768,990 barrels of crude oil, valued at $84,588,910 was loaded on a vessel named AUTHENTIC. It was Shipped to Socap international limited of Cannon’s court, 22 Victoria Street, Hamilton, HM12.Bermuda at the port of Chester Pennsylvanian, United States bill of lading ALMYSVDM17041101 and17041102<br />
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The Nigerian government seeks an order of the court compelling Total E&P Nigeria Limited to pay into the FEDERAL GOVERNMENT OF NIGERIA account with the Central Bank of Nigeria, $245,258,640 being the total value of the missing revenues from the shortfall /under-declared/undeclared crude oil shipments of the Federal Government of Nigeria.<br />
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Government also wants the oil firm pay General damages of $245,258,640 and Interest on the said sum at the rate of 21 percent per annum until the entire sum is liquidated.<br />
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The case has been adjourned till next week for hearing .<br />
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In a separate suit, the Federal Government of Nigeria alleges that NIGERIA AGIP OIL COMPANY LIMITED on 16 June 2014 lifted crude oil on board the vessel named VALUE. The firm shipped the cargo to Philadelphia Energy Solutions of 1735 Market street Philadelphia, PA USA at the port of Wilmington, Delaware, United States of America with Bill of lading number SEUK9HA21304143.<br />
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Government claims that the shipment was not declared to relevant authorities resulting in the shortfall of 175,334 barrels of crude oil in the value of $38,573,561as revenue to Federal Government of Nigeria.<br />
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On 27 June,2011,Nigerian Agip Oil Company limited lifted crude oil on board a vessel named COSMIC and shipped same to ENI TRADING &SHIPPING B.V. of Strawinskylaan 1641-Tower C/16 1077C XX. Again, government claims that the shipment was not declared to the relevant authorities resulting in a shortfall of 467,614 barrels of crude oil in the value of $107,274,990 as revenue to the Federal Government<br />
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Despite letters written by the legal representative of the Federal Government for payment of the shortfall, the company had failed to make any payments to the Federal Government.<br />
The Federal Government of Nigeria now claims against Nigeria Agip Oil company limited:<br />
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*An order compelling the company to pay into Federal Government of Nigeria ‘so account with central bank of Nigeria the total sum of $145,848,551 being the total value of the missing revenues from the shortfall/under declared/undeclared crude oil of the Federal Government<br />
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*Interest at the rate of 21percent per annum until the entire sum is liquidated.<br />
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*General damages in the sum of $145,848,551.and the cost of this legal action.<br />
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There are imminent claims against other Oil exploration companies including Chevron.<br />
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Source <a href="http://guardian.ng/" target="_blank">Guardian</a>instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-46744222760353475012016-09-16T08:59:00.003+01:002016-09-16T08:59:53.166+01:00Ex-Governor slams EFCC for Declaring Him Wanted<div class="separator" style="clear: both; text-align: center;">
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The former Governor of Katsina State, Alhaji Ibrahim Shema has slammed the Economic and Financial Crimes Commission (EFCC) for declaring him wanted.<br />
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Shema said he had to cancel his trip to Saudi Arabia to honour the anti-graft agency’s invitation in June 2016.<br />
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He said when he got to the EFCC office, he was told that the officer handling his case was not around, adding that the anti-graft agency did not re-schedule.<br />
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The EFCC declared the former Katsina Governor wanted on Wednesday, September 14, 2016, for allegedly diverting state funds.<br />
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Shema also accused the current Governor of Katsina state, Bello Masari, of using the anti-graft agency to hound him.<br />
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He said “As a senior citizen of this country, a legal practitioner of 32 years post-call experience, and a two-time Governor of Katsina State, I not only feel seriously embarrassed, disturbed, surprised and confounded by the report sponsored by EFCC, but also feel sorry for our dear country.<br />
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“I feel sorry for the pitiable situation we have found ourselves as Nigerians where and when a sacred institution like the EFCC is pressurised and used to sponsor fake, false, malicious, misleading and unfounded allegations against someone like me, who the EFCC has not at any time accused of fraud, embezzlement, inflation of contract, or any misdemeanour at all.<br />
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“The EFCC deliberately embarked on false propaganda against me and my person by positing that I have ignored several invitations which it extended to me.”<br />
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In a letter to the EFCC Chairman, Ibrahim Magu, Shema said “Without any formal invitation to me, the EFCC purported, by a letter dated June 17, 2016, sent to a wrong address of Wole Olanipekun & Co. asking the law firm to make Dr. Ibrahim Shehu Shema available for an interview with the undersigned on Tuesday, June 28, 2016.The letter was signed by Hyecinth A. Edozie.<br />
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Source: <a href="http://pulse.ng/" target="_blank">Pulse NG</a>instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-82526627076718327002016-09-16T08:46:00.002+01:002016-09-16T08:46:15.691+01:00Ex-Gov. Shema, Wanted By EFCC, In Talks For ‘Soft Landing’<div class="separator" style="clear: both; text-align: center;">
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Legal representatives of Ibrahim Shema, the immediate past governor of Katsina State, who was declared wanted on Wednesday for alleged fraud, are negotiating with the Economic and Financial Crimes Commission, his spokesman said Thursday.</div>
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A spokesperson said there were talks to “cool everything down”, and to allow Mr. Shema respond to the commission’s invitation on a later date.</div>
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Mr. Shema was declared wanted on Thursday night on allegations that he committed offenses such as “criminal conspiracy, inflation of contract, abuse of office, diversion of funds and embezzlement running into billions of naira”.<span id="more-54465" style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"></span></div>
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The EFCC said the former governor, a member of the opposition Peoples Democratic Party, was declared wanted after efforts to get him to respond to the allegations, or invitations by the EFCC, failed.</div>
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Mr. Shema’s spokesman, Oluwabusola Olawale, told PREMIUM TIMES that the former governor’s lawyers were holding talks that could allow the governor a soft landing.</div>
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“His lawyers are negotiating with EFCC officials to cool everything down and allow him come on a new date,” Mr. Olawale said. “We’re hoping there’ll be a breakthrough between today and tomorrow.”</div>
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Sources in the anti-graft office had told PREMIUM TIMES Wednesday that Mr. Shema was sought for allegedly mismanaging about N68 billion of state funds while he was governor between 2007 and 2015.</div>
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In 2012 alone, sources said Mr. Shema allegedly diverted about N18 billion from government coffers into his private accounts for undisclosed reasons.</div>
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The officials said Mr. Shema further raided local governments monthly allocation accounts which were being jointly run with the state government, leaving little for developmental projects and clearance of local government employees’ wages and salaries. A sum of N50 billion is believed to have been mismanaged this way.</div>
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Mr. Shema has denied the allegations.</div>
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He accuses his successor, Bello Masari, of setting the EFCC and other anti-corruption agencies against him.</div>
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Mr. Masari, however, denied the allegations, saying he won’t exchange words with Mr. Shema because some of the corruption charges were already in court.</div>
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Source: <a href="http://www.premiumtimesng.com/" target="_blank">Premium Times</a></div>
instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-66975006209470103102016-09-16T08:15:00.001+01:002016-09-16T08:15:17.486+01:00INTERVIEW: How Voice of Nigeria, VON, Was Badly Mismanaged, With 6 of 8 Transmitters Lost – DG, Okechukwu<div class="separator" style="clear: both; text-align: center;">
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In this interview with PREMIUM TIMES’ Festus Owete, the Director General of the Voice of Nigeria, Osita Okechukwu, speaks on his new assignment, the Buhari administration, Igbo presidency and others. Excerpts:</div>
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<strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">PT: What are the challenges you encountered since your assumption of duty as director general?</strong></div>
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Okechukwu: On my assumption of duty at Voice of Nigeria I actually saw what we have all been talking about for a long time, the rot in the system. I didn’t know it was that deep. It was only when I got there that I saw how deep the rot is. This is the external broadcasting corporation of Nigeria which is supposed to enhance our foreign policy and promote Nigeria’s image to the outside world. It was established by an Act in 1961. Along the line a lot have been invested. We have eight transmitters and studios but today out of the eight, six are not working. We are supposed to broadcast 24 hours in a day but today we only broadcast for six hours to the world. That is the extent we can go. So on our own we have shut out some regions of the world that used to source the formal and official opinion in Nigeria through VON. While we were canvassing for votes for the election, yes in the merger committee of the APC we agreed that the war against corruption should be number one, and national re-orientation but we didn’t know the depth. And that is what Mr. President has encountered in all the nooks and crannies of all the Federal Ministries, Departments and Agencies in the country. But I still maintain that Nigeria at the fullness of time will not regret voting for President Muhammadu Buhari.<span id="more-54443" style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"></span></div>
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<strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">PT: You met these challenges quite alright. Are there things you are putting in place to overcome them with a view to actualizing the mandate of VON?</strong></div>
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Okechukwu: What I have done is that I have called some experts and some volunteers and friends who were part of the struggle and we sat down. We have decided to create an online platform to actually meet the demands of the moment because in the whole of North America our research showed that very few people use shortwave. In the African sub-region some few people use shortwave. In North America, Europe, Japan, China, Brazil very few people use shortwave. Our plan in order to revamp VON is to create a modern online platform to stream all the information on social media. People listen to radio on their smartphones, FM Stations and shortwave. So we want to meet up with that challenge and then also to digitalise our transmitters. Digital communication is the in thing. We want to graduate out of the analogue where the previous VON administrators have left us. This is where we are depending on Mr. President and the National Assembly. This is because we cannot do that empty-handed. We need the new equipment to be captured by the 2017 budget because it is not in the 2016 budget. Those are the things we intend to do. Methinks if we are lucky that by the grace of Mr. President, we will revamp VON. I said thank you sir for the assignment but these are my challenges. And as you asked, Mr. President also asked me what the solutions are because he is tired of blame game, but solutions. He asked for the solutions and I told him we want to go into modern online platform where we could reach the world on their smart phones but without pushing out the shortwave and we have to digitalise. We can also be on FM in many countries of the world because going by Section 5 subsection 3 of the VON Act 1961, our basic objective is to enhance Nigeria’s image and promote our foreign policy. You cannot promote our foreign policy or enhance Nigeria’s image if you cannot make VON the point of reference in news gathering. If anybody reads anything online about Nigeria, to verify, VON should be there for him. That is what our objective is and that is our plan.</div>
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<strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">PT: What you are saying is that there are regions of the world that cannot listen to VON as of today.</strong></div>
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Okechukwu: Yes, because we are transmitting only for six hours out of 24 hours. We are not specific where we will go at each hour, it depends on the zone and news that we think is germane. But if we are on a wider platform we do not need to rotate antennas to reach certain regions. All we need is to beam to the whole world. Even if you wake up in North America when it is midnight in Nigeria you have the same news. If you wake up in Brazil when it is midnight in Nigeria, it is the same news. You wake up in China, Japan and Europe, it is the same news because that is exactly what the rest are doing. If you don’t do that it then means you are competing with BBC, VOA etc. so people listen to the news midnight. We want to reach you in the midnight, we want to reach you in the day time and we want to reach you in the prime hours but let it be a reference point of external broadcasting of Nigeria. That was the intendment of the Act.</div>
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<strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">PT: Before now, was VON able to broadcast to all parts of the globe?</strong></div>
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Okechukwu: Yes, that is given as well when it had all the transmitters working. And also the world then was on shortwave. But the whole world somehow has transmitted out of the shortwave. People have smart phones and FM in their cars. The world now does not have as much radios as it used to have. But there are radios in the cars especially that it is now difficult for people in Europe and in North America. We are the only sole agency that has the right to tell the world what is going on Nigeria, radio wise.</div>
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PT: Given this shortcomings, is the foreign ministry also complaining? Has it affected their mandate in any way since VON was basically established to enhance Nigeria’s image?</div>
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Okechukwu: What we did was that we held a meeting with the Minister of Foreign Affairs and his officials. We set up an inter-agency ministerial committee so that we have updates on their policies and their news. We have good collaboration.</div>
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<strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">PT: Will these challenges amount to a reduction in the staff strength of VON?</strong></div>
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Okechukwu: What we said is that competence of the staff is a priority. Luckily we have some old staffers who are passionate to train others and we have consultants who are ready to train in-house. For instance, we cover only eight states in terms of offices and in my discussion with Mr. President he has agreed that we expand to other states. So what do we do? We train the staff and send them as state correspondents. Our business is to collate news about Nigeria and broadcast it to the world. What they were using in the past was stringers and I said if you have over 1000 staffers, why are you using stringers? Train your staff and upgrade them. The programme department is also undergoing training on their own. When you have 24 hours to be in the people’s hands you need to be upcoming in order to avoid stale news by covering the events in the country. If the man comes back to get the next news about Nigeria, we are not only reporting Mr. President, Vice President, Senate President, Speaker of the House of Representatives but also the important news which took place in Ugep, Obudu, Gusau, Akure or Owerri. There are news that are taking place outside what Mr. President, Vice President, Senate President have said. But a lot of people don’t want to border about that. That is where the news is. We want to let the world know that there is a change in Nigeria, that there is a new political will with integrity quotient. These are the takeaways. We should tell our own stories. So we are not looking at the news from the old perspectives. We are looking at the new and innovative ideas from talented Nigerians who abound from north to south and east to west.</div>
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A lot of people just think it is only what President Muhammadu Buhari said that should be reported. No. President Muhammadu Buhari has brought changes in the system. We went to Asaga Ohafia to bury late Chief Ojo Maduekwe, former minister of foreign affairs, and I was happy when I saw that the pump price of fuel of N150 is what is happening there in such remote village. It is unlike before. The last time I went with Ojo Maduekwe it was about N250 per litre. But today there is a price parity. That is what we are saying. A man with integrity quotient of Mr. President has brought some dividends unannounced. Nobody believed we can remove subsidy on fuel, which saved government some money without anybody on the street. Nigeria was almost sliding into a failed state. Today, what is happening is more Foreign Direct Investment (FDI) attracting foreign entrepreneurs and investors who believe that in the transparent regime, you can invest your money and close your eyes. The World Bank, the Chinese and Japanese are trying to lend money to Nigeria again because of the political will, transparency and integrity quotient of Mr. President. It is surprising that because of the false propaganda of the Peoples Democratic Party (PDP) leadership, a lot of Nigerians forgot that the hunger in the land, abject poverty and decayed infrastructure were as a result of the mismanagement of our resources by the PDP.</div>
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No one wants to reflect on what could have happened if Buhari had lost. Today, the world respects us because Buhari won the Presidency. The world is aware of the fall in oil price and aware that we can manage better the little in our coffers. We allowed the PDP to milk us dry; indeed it can be termed conspiracy, for we did not fight enough. So, immediately you feel that public money cannot be utilized for public gain you have conspired without knowing, by omission or commission. Now these are the core values Mr. President is trying to bring on the table. Yes, we have small money now but if it is prudently used will produce better result. Now oil is selling below $50. When it was selling between $90 and $100, we were not prudent. Now it is smaller but we are going to be prudent. We must look into what everybody is doing, that you don’t see your councilor failing to fix the culvert on your street or in your village and he is building a mansion and you are clapping for him. You know that the councilor just left school the other day and now is a millionaire and you are happy with him. So those are some of our mistakes and the gains of Mr. President’s integrity quote.</div>
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PT: Now you have mentioned some gains of the Buhari administration. You have been close to the president since 2003 from your ANPP days and later in CPC and now APC. Can you say emphatically he was prepared for this assignment? Was he prepared to be president? I ask this because one year into his presidency Nigerians are crying. Did he prepare to meet this kind of situation?</div>
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Okechukwu: I will say yes hundred times that he was prepared to be president. I remember vividly that it was late Rt. Hon. Chuba Okadigbo who said then said “we were going to leave the PDP”. We asked him, is this not sour grape? You did not say you will leave until you lost the position of the senate president. He said “no”, and that why we are leaving was that the then president, Olusegun Obasanjo, was constructing a one party state and that the man that entered defunct ANPP (then APP) called General Muhammadu Buhari (rtd) had the political will to build the opposition and that he is a man with steel heart who can endure because it is not going to be a 100 meters dash but it is going to be a marathon race and that for such a man, even his (Buhari) traducers believe that he had never made a choice because of personal interest and that he had always put public interest above personal interest and that for that sake we will join. Incidentally the late Okadigbo became his first vice presidential candidate. President Buhari had since 2003 Presidential Campaign maintained that first and foremost you have to secure the country in all facets because if you don’t secure the country it will not prosper. He has always talked about fighting corruption.</div>
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What happened to President Buhari which a lot of people lose sight of is that as military head of state he fought what is called the “Washington Consensus” or in some places “Chicago School” and in Nigeria “IMF conditionalities.” They told him then to devalue the naira, remove subsidy, move government out of business and the man said no and that what you are calling business is critical infrastructure and that nobody had ever done it in anywhere in the world. He insists that without public funding those public highways in the UK, US. China could have been were built with utopia. He was overthrown and the following year the naira was devalued. Conditionalities of the Washington Consensus was brought into place. You ask yourself – did we advance in the first decade after the introduction of the conditionalities? No. Did we advance in the second and third decade? No. Why did we fail? We failed because we adopted a nebulous economic policy which relied on only private sector, source of whom have no factory. The answer is that government expenditure must be prudent. The private sector is blending public ownership. So, he was prepared. What happened is that yesterday was the architecture. If like a farmer you do not invest during planting season, when the drought comes you will suffer. If we had good savings and good investments, the years of drought nobody would have suffered. There is nothing President Buhari would have done in this circumstance than what he is doing now.</div>
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So the hardship was envisaged. If President Buhari did not win the presidential election, do you think we would have been here? Assuming President Buhari didn’t win the election the international community would not have come. If Jonathan came back to say he will remove subsidy, nobody would have listened. So it would have been katakata. His victory returned hope that there is a country called Nigeria. Nigeria was sliding to a failed state before his coming. I tell you a small example in VON. There is a lady VON awarded a job of N130 million. She quickly ran to the bank, borrowed money and finished under four months. They paid her only N40 million, owing her N90 million up till today. The bank now wants to cashier her properties. She ran to us and luckily she came with Senator Binta Masi. I normally call my directors when such issues arise. And they asked her why are you harassing the new DG. Some say why are you harassing the new DG and that he is just here less than two months. I said gentlemen, this lady that took the pain to come with her is a senator of the Federal Republic and she was the foundation chairman of our great party, APC, in Adamawa and that she can sack me unless you give a good explanation why the woman was not paid. So, in the course of the matter I asked that they should give me the records of revenues allocated and released to VON. In that 2013, the Jonathan regime released 55% of the capital project totaling about N732 million. I then said between God and man, a lady that finished her project and there is certificate of completion that she has finished, how come you are owing her this kind of amount. Do you know that from records some of those big companies like Julius Berger Plc have not been paid since 2014? That even the JVC which was supposed to augment the exploration and exploitation of oil from the oil majors were owed since 2012. These are debts hanging on our necks. I remember when Balarabe Musa, leading us in CNPP, told Ngozi Okonjo-Iweala to utilize $12.4 billion to invest in critical infrastructure to generate employment and pay gradually the loans but she refused. The second mis-adventure with Okonjo-Iweala. Luckily or unluckily, the then President Jonathan brought her because of her so-called pedigree and said you are not only minister of finance but also coordinating minister of the economy.</div>
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See what an honest and innocent young man can do to a big sister that he feels knows well. The debt they have piled is astonishing. But because President Buhari is not the talking type you will never get to know this. When you match what we are owing the major contractors, you can imagine the squander mania that took place in the power sector which even the late President Yar’Adua touched before he fell sick, it was over $16 billion, which could have transformed the horizon. The people are not happy with the management of the privatization. The privatization was warped. And it is falling on our head. These are the challenges President Buhari is facing. Do you tell Shell that you are not owing Shell and that it is President Jonathan that is owing Shell? It is the government. Do you tell Mobil so? Do you tell Julius Berger that over N200 billion owed is not debt? Do you tell the small contractor that drills borehole or the one that supplies textbooks to libraries in ABU, UNN of UNILAG that you are not owing him? Those are the gangatum of unsolicited debts hanging on Mr. President’s neck.</div>
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So, it is not about being prepared. It is about what you thought you were going to meet was about a one kilometer hole but met about a hundred kilometer hole which required more concrete or sand to fill up. That is where we find ourselves. What do you say about the paradox of a group called the Niger Delta Avengers? This group was there when by providence their brother Jonathan became president on May 6, 2010. I was one of those who were on the street as a member of Save Nigeria Group (SNG) to make sure he was confirmed as an Executive President. Were we partisan then? Were we regional? Were we ethnic? Were we a divided religious group? No. We said the constitution says since unfortunately Yar’Adua had passed on, this man should be president and he became president. Even the East-West Road, one year after, I expected the Avengers to tell President Jonathan, ‘this is 2011, we won’t vote for you because you have failed us and we are now coming to avenge?’ They joined the rest of Nigerian people, gave the young man another chance. He was elected. And the same May 13, 2010, the same Ngozi Okonjo-Iweala made a public pronouncement that they had awarded the contract for the building of three Greenfield refineries for $23 billion. One was to be located in Bayelsa, one in Lagos, one in Kogi.</div>
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At that point in time we had $17 billion in Excess Crude Account, which if he had plunged into, the National Assembly couldn’t had complained. Had National Assembly complained, we could have moved people to support it. That could have created over a million employments and also saved us wastage in the importation of petroleum products. The Avengers did not wake up then to say ‘oga president, where are our refinery you promised us? Even if you don’t want to do Kogi and Lagos, do Bayelsa, otherwise we will avenge.’ Guess what! The Chinese came back and said let’s bring 80 per cent, give us 20per cent. That 20per cent was not paid and the Greenfield refineries died.</div>
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<strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">PT: Given this disturbing scenario you have just painted, what is the way out? Do Nigerians have any hope of living well again?</strong></div>
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Okechukwu: Yes. In the course of the next two years, like the vice president said, you will see a litany of foreign direct investments and even change in our legislative process.</div>
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<strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">PT: You are from the South East. The Buhari administration is going to two years. What is the political calculation of the South East for 2019? Is the zone waiting to take over from Buhari?</strong></div>
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Okechukwu: I think I have covered the five South East states since I was appointed. I have gone round the five Igbo states and there was even a meeting at Uturu (Abia State). The problem of the south east is the collapse of infrastructure. Anybody telling them he wants to be president, the first thing they ask you is – do we throw away these four years, these four years, nothing happened? They voted for PDP since 1999 passionately. They voted for Jonathan two times with all the risks. You cannot move from one point to the other without repairing your vehicle. There is no water, the social infrastructure like education, health have also failed and there is no electricity. If you say you want to be president they will first ask you about the coal. Can’t you revamp the coal before you start telling us you want to be president? There is gas in Ugwuoba, in Oguta and the Anambra North axis. Don’t forget the south east produce more graduates than other zones and majority of them are not employed. So, if you tell them about who becomes the president in the next four years, they will say that is not our priority now. We know that there is a zoning convention in place. We think that the Nigerian people will embrace zoning convention and by 2023 when Buhari must have done eight years, we can then persuade others that it is our turn. For now I have not heard anybody talking about who becomes the president next. Somebody might have a different opinion. If what they are telling me is about telling Mr. President which I did, it is about critical infrastructure.</div>
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Source: <a href="http://www.premiumtimesng.com/" target="_blank">PremiumTimes</a></div>
instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-21702534548043516112016-07-30T19:06:00.000+01:002016-07-30T19:06:11.241+01:00NBET, TCN get $473m facility from AfDB to Boost Power Supply<div class="separator" style="clear: both; text-align: center;">
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The Nigerian Bulk Electricity Trading, NBET, Plc and the Transmission Company of Nigeria, TCN, are to enjoy a $473 million loan facility from the African Development Bank (AfDB), which will be divided into $273 million and $200 million for NBET and TCN respectively.<br />
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The Minister of Power, Works, and Housing, Mr. Babatunde Fashola, who disclosed this in Abuja when he met with a delegation from the International Monetary Fund, IMF, also noted that all arrangements for securing the funds have already been concluded.<br />
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A statement released by the director of press in the ministry, Timothy Oyedeji, quoted Fashola as saying that the support in loan agreement in the sum of $273 million has been earmarked to provide partial risk guarantee for the off-taker (NBET), while the sum of $200 million will be channeled to TCN for its grid upgrade plans.<br />
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He said government intends to tackle this challenge in the power sector through holistic approach as contained in the recently unveiled “Road Map to Power,” which contains timelines and planned series of complimentary activities and deliverables.<br />
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“We are expecting that at the end of the year, our generation capacity will be over 6,000mw by the end of 2016; 10000mw in 2019 and 30,000mw in 2030,” Fashola noted.<br />
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As planned within the maxim of incremental, stable and uninterrupted power, the minister said government had taken bold steps to harness the solar powered projects by signing off on the power purchase agreements (PPAs), with 14 companies located in 9 states and the FCT, which is expected to bring 1,150mw of solar energy to the national grid.<br />
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The minister said the President Muhammadu Buhari administration has demonstrated its firm commitment to the diversification of the economy by moving it away from over-dependence on oil.<br />
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He added that for the first time the tone has been set, as the government has reduced the contribution of oil in favour of non-oil revenue especially agriculture and solid minerals.<br />
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Speaking on the government’s planned energy mix as contained in the road map document, the minister said that the plan was to have robust mix that will increase the use of coal, hydro, solar, and more gas to power, bearing in mind that energy in large quantum would be required for individual uses, household access and indeed spread of electricity access across the vast country.<br />
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Also speaking at the meeting, the Permanent Secretary for Power in the ministry, Mr. Louis Edozien, said that the sector’s challenge now occasioned by incessant vandalism of gas infrastructure has necessitated the development plan which identified stages of growth from 2017 to 2030 on the premise that vulnerability of gas supply will be radically addressed.<br />
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According to him, a lot of new renewable energy sources would soon come upstream, including the 40mw Gurara dam in Kaduna State, the 40mw Kashimbilla dam in Taraba, 10 MW wind farm in Katsina and the 30mw phase one of Kudendan dual fired plant in Kaduna State.<br />
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On the new rural electrification implementation strategy now before the President, Edozien said the document contains a change in focus from grid expansion to a more decentralized format that would emphasize micro grid to be fed from solar and small hydros, which would be off-grid.<br />
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Speaking earlier, the leader of the delegation and chief of mission for IMF, Mr. Gene Leone, said his mission was to take an overall outlook of state of infrastructural development in Nigeria, with a view to taking stock of initiatives, innovations, and reforms by identifying time lines for the start and completion schedules of projects.<br />
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Source: <a href="http://sweetcrudereports.com/" target="_blank">Oscarline Onwuemenyi</a>instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-41575807092747683862016-07-22T01:55:00.002+01:002016-07-22T01:55:19.293+01:00FAAC: FG revenue rises by N301bn, shares N559bn with states, LGs <div class="separator" style="clear: both; text-align: center;">
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"For the first time in the 2016 fiscal period, the federal, states and local governments got monthly allocation from the Federation Account of N559.03 billion.</div>
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This is as the gross revenue generated by the federation increased by N301.32 billion, the highest in almost two years. The Minister of Finance, Mrs Kemi Adeosun, announced this in Abuja on Thursday while addressing newsmen at the end of the FAAC meeting.</div>
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She attributed the increase in revenue to efficiency in collection by the revenue generating agencies. “The big cause of the increase is the improvement of non-oil revenue from FIRS. The FIRS improved its performance between last month and this month by N165 billion.</div>
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“And that accounted for the change in revenue and also, there was also an improvement of N12.6 billion by Nigeria Customs Service, as well as the exchange gain of N79.2 billion. “This is a significant improved performance especially customs that was able to do so in spite of the scarcity of foreign exchange and the restrictions on the 41 items.</div>
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“So we are quite encouraged by that because it means that some of the reforms that we had started around collection improvement are beginning to bear fruit,”. Giving a breakdown of the amount shared, Adeosun said N412.3 billion was distributed under statutory allocation; N67.4 billion under Value Added Tax revenue while the balance of N79.27 billion was allocated from gains made from exchange rate differential.</div>
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She said the Federal Government received N199.75 billion; states N101.3 billion, local governments N78.11 billion whileN17.12 billion was shared to oil producing states based on the derivation principle of 13 per cent. For VAT, she said the Federal Government received N9.7 billion, states N32.35 billion while local governments got N22.67 billion.</div>
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“The gross statutory revenue of N538.78 billion received was higher than the N237.46 billion received in the previous month by N301.32bn.</div>
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“The average price of crude oil increased from 32.26 dollars in February to 38.64 dollars in March2016, resulting in 92.99 million dollars increase in federation export revenue. “There was an outstanding increase in Companies Income Tax and Petroluem Profit Tax with complementary increases in import duty and royalties.”</div>
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Adeosun put the balance in the Excess Crude Account at 3.94 billion dollars as at July 20, indicating an increase of 1.68 billion dollars over the the 2.26 billion dollars in the previous month. When asked about plans to stimulate the economy away from the looming recession, the minister said that there was no need for panic as the fundamentals of the economy were still strong. Meanwhile the Chairman, Commissioners of Finance Forum, Mr John Inegbedion, said with the improved revenue for the month, all 36 states would be able to pay salaries for the month. Also, the Commissioner of Finance, Cross River, Mr Asuquo Ekpenyong, said the state would start processing May and June salaries for payment."</div>
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Source: <a href="http://www.vanguardngr.com/" target="_blank">Vanguard</a></div>
instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-87553215323725563502016-07-19T20:36:00.001+01:002016-07-19T20:36:28.772+01:00NFF: We never appointed Le Guen… he doesn’t want to live in Nigeria<div class="separator" style="clear: both; text-align: center;">
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The executive committee of the Nigeria Football Federation (NFF) has denied “appointing” Paul Le Guen as technical adviser of the Super Eagles of Nigeria.<br />
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Instead, it said it only “recommended” the Frenchman to the board of the federation.<br />
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The federation initially short-listed three applicants for the job; and on Monday, its executive committee named Le Guen as its choice.<br />
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Paul Bassey, spokesman of the technical and development committee of the NFF, had said Le Guen would be assisted by Salisu Yusuf, who takes the role of chief coach.<br />
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The appointments, he added, were subject to agreement of contract terms with the NFF executive committee.<br />
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He also said Imama Amapakabo of Enugu Rangers and Alloy Agu, who served as assistant coach and goalkeeper trainer for the games against Mali and Luxembourg in May, retained their places in the technical crew.<br />
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NFF’s announcement of Le Guen as technical adviser<br />
But after it emerged that Le Guen is negatively disposed to accepting the job, given some of the terms — such as living in Nigeria and having the target of qualifying to the World Cup — the federation issued an official reaction.<br />
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“The Executive Committee of Nigeria Football Federation clarifies the situation with regards to the recommendation of its Technical and Development Committee that Frenchman Paul Le Guen be named the new Technical Adviser of the Super Eagles; all sub-committees in the Federation can only make recommendations to the Board,” read the statement, signed by Suleiman Yahaya-Kwande, chairman of the NFF media and publicity committee.<br />
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“The press statement was clear, to the effect that all appointments made at the Technical and Development Committee meeting were mere recommendations, which had to be deliberated upon and agreed to by the Board. No sub-committee in the NFF, except the judicial bodies, takes decisions. They only make recommendations.<br />
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“In truth, the Technical and Development Committee perused the profiles of all the coaches who submitted applications and find Mr. Paul Le Guen suitable for the post. But during final negotiations, he objected to being given a target and also did not wish to live in Nigeria, which was a sore point with the Board.”<br />
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Yahaya-Kwande added: “The job of Head Coach of Nigeria is a very big one and there is no way anyone will get such a job without being handed a target. There is absolutely no issue with Le Guen saying he is not coming; several highly-qualified persons would be happy to be named Manager of the Senior National Team of Nigeria. We have a plan to take care of that eventuality.”<br />
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Source: <a href="https://www.thecable.ng/" target="_blank">TheCable</a>instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-14440740740582277192016-07-19T13:42:00.000+01:002016-07-19T13:42:07.754+01:00NFF Names Le Guen Super Eagles Technical Adviser<div class="separator" style="clear: both; text-align: center;">
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The Nigeria Football Federation on Monday named named Frenchman Paul Le Guen as Super Eagles’ Technical Adviser.</div>
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Le Guen will be assisted by Nigerian Salisu Yusuf, who takes the role of Chief Coach.<span id="more-51216" style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"></span></div>
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The 52-year-old steered the Indomitable Lions of Cameroon to the 2010 FIFA World Cup finals.</div>
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He led Cameroon to the 2010 World Cup and has coached top French clubs Lyon and Paris Saint-Germain, as well as Scottish side Rangers, with his last job being with Oman, who sacked him in November 2015 after a difficult start to their World Cup qualifying tournament.</div>
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The immediate task for Le Guen, who led Lyon to three Ligue 1 titles between 2002 and 2005, is to help the Super Eagles qualify for a sixth World Cup, beginning in October with a tricky visit to Zambia.</div>
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The coach takes over a team that failed in Africa Cup of Nations qualifying for the second successive time in March.</div>
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Yusuf, capped at U20 level by Nigeria, led the Super Eagles in interim capacity for two international friendly matches in Europe at the end of May, which the Eagles won.</div>
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Enugu Rangers gaffer Imama Amapakabo and former Super Eagles’ goalkeeper and skipper Alloy Agu, who served as assistant coach and goalkeeper trainer for the games against Mali and Luxembourg in May, retain their places in the technical crew.</div>
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The new crew’s immediate challenge is a 2017 Africa Cup of Nations qualifier against Tanzania in the first week of September – a dead rubber, but which would serve as ample preparation for the 2018 FIFA World Cup qualifying match away to Zambia on October 3.</div>
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The Committee has also recommended to the NFF Board, the appointment of one –time Super Eagles’ assistant coach Bitrus Bewarang as the new NFF Technical Director.</div>
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Bewarang, who is president of the Nigeria Football Coaches Association, will replace the late Coach Shaibu Amodu.</div>
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There is also a recommendation that former Super Eagles’ defender Nduka Ugbade be restored to the U17 National Team as assistant to Coach Manu Garba.</div>
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The appointments are subject to agreement of contract terms with the NFF Executive Committee.</div>
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Source: <a href="http://punchng.com/" target="_blank">Punch News</a></div>
instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-38667585966641004862016-07-11T09:47:00.001+01:002016-07-11T09:48:12.624+01:00EXCLUSIVE: Nigeria, Indian Firm Reach Agreement On Ajaokuta Steel Company<div class="separator" style="clear: both; text-align: center;">
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Barring any last minute change in plans, an amicable resolution of the ownership crisis surrounding the Ajaokuta Steel Complex might be reached early August when the Nigerian government and Messrs Global Steel Holdings Limited, and Indian firm, are scheduled to sign terms of settlement.</div>
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The signing of the terms of settlement will free Ajaokuta Steel Complex from all contractual encumbrances that had left it uncompleted and non-functional for decades, PREMIUM TIMES has learned.<span id="more-50599" style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"></span></div>
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Negotiations for amicable resolution of the ownership crisis of the foremost steel company has dragged on since 2008, leaving the country’s steel and industrial sectors largely paralysed.</div>
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Those familiar with the negotiations told PREMIUM TIMES President Muhammadu Buhari had already given approval for the execution of the “modified concession agreement with Global Steel Holdings Limited, following reports of the mediation meetings forwarded to him from the Justice ministry.”</div>
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The mediation meetings, reliable sources said, recently held in London, United Kingdom.</div>
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The London meetings followed months of negotiations between the Federal Government and Global Steel Holdings, coordinated by an international mediator, Phillip Howell-Richardson.</div>
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The Nigerian government’s team to the series of meetings was led by the Minister of Solid Minerals Development, Kayode Fayemi, whose ministry is responsible for the steel sector, our sources said.</div>
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The team also comprised top officials of the Ministry of Solid Minerals development and Ministry of Justice.</div>
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The Chairman of GSHL, Prammod Mittal, led the consortium’s team to the meetings.</div>
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Insiders said part of the agreements reached during the last meeting was that the Ajaokuta Steel Complex reverts to the Nigerian government fully, while its sister company, Nigerian Iron Ore Mining Company (NIOMCO) would be retained by GSHL under existing concession agreement but with Ajaokuta plant gaining priority access to the iron ore from NIOMCO.</div>
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President Buhari has repeatedly promised to diversify the Nigerian economy and create jobs through agriculture and extraction of solid minerals.</div>
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Mr. Fayemi, who resumed work as Minister of Solid Minerals Development on November 11, 2015, had in many fora restated the Federal Government’s commitment to ensuring that the AjaokutaSteel Complex is revitalised.</div>
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The multi-billion dollar Ajaokuta Steel Company is regarded as one steel complex with capacity to help trigger the much-needed industrialisation of the country as well as stimulate growth in the iron and steel sub sector.</div>
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Several investors had expressed interest in the completion and running of the plant, including the Russian and Ukranian original builders of the plant; a Chinese consortium and many indigenous steel companies.</div>
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Sources at the Ministry of Solid Minerals Development said once all encumbrances have been removed, government would conduct a transparent bid exercise that would be determined purely by technical competence and financial capacity.</div>
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Global Steel could not be reached for comments Friday, but the Ministry of Solid Minerals Development confirmed serious negotiation was apace.</div>
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Olayinka Oyebode, the chief press secretary to Minister Fayemi said he was aware of the ongoing negotiation, but that he had no mandate from to divulge its details.</div>
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The mediator, Mr. Howell-Richardson, was not available when PREMIUM TIMES called his office. His staff, Nicky Doble, said only the mediator could discuss the matter.</div>
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Mr. Howell-Richardson’s cellphone failed to connect the multiple times our reporter called.</div>
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Source: <a href="http://www.premiumtimesng.com/" target="_blank">PremiumTimes</a></div>
instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-88009484348329311492016-07-06T11:36:00.000+01:002016-07-06T11:36:27.602+01:00Man United captain Wayne Rooney not a midfielder - Jose Mourinho<div class="separator" style="clear: both; text-align: center;">
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New Manchester United manager Jose Mourinho is adamant he will use Wayne Rooney as a striker, but will that fit their system?<br />
Jose Mourinho has suggested that Manchester United captain Wayne Rooney will not play in midfield for him next season.<br />
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Rooney, 30, had been used in a deeper midfield role for United and also England at Euro 2016 but, speaking at his first news conference as manager at Old Trafford, Mourinho hinted that was not where he saw his future.<br />
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"There are many jobs on the field. The most difficult to find is one to put the ball in the net," he said. "It is normal that a player at his age will change a little bit.<br />
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"One thing that will never change is his natural appetite to put the ball in the net. Maybe he is not a striker, not a No. 9 anymore. But with me he will never be a No. 6, playing 50m from goal.<br />
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"Yes, his passing is amazing but mine is also amazing without pressure. Many players have a great pass, but to put the ball in the net is the most difficult. He will be a No. 9, a No. 10, a No. 9.5, but never a No. 6 or a No. 8."<br />
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Manchester United manager Jose Mourinho intends on changing Wayne Rooney's role, and insists he will not be a midfielder.<br />
Mourinho was also asked about his plans for future transfers after signing Zlatan Ibrahimovic and Eric Bailly. The Portuguese insisted he wanted four key players to strengthen the side, with two of them arriving and a third, Henrikh Mkhitaryan, on his way.<br />
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"I don't know, yet. The third player [Mkhitaryan] will be official soon -- I can try to make you understand the profile. We made a nucleus of four priorities, four positions, to give a certain balance to the squad," he added.<br />
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"To give a certain push in terms of the qualities I need and want. As you know, the ones with more vision. I am more a manager that likes specialists rather than multi-functional players because I am clear in my approach. Multi-functional players -- you need one or two if you have three central defenders injured. But, basically, I want specialists."<br />
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United fans can look forward to another signing with sources telling ESPN FC that the club are confident of bringing in Juventus midfielder Paul Pogba.<br />
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"We decided four targets. We have three at the moment. Until we don't have the fourth, we are still working hard," Mourinho added. "Myself, the structure, Mr Woodward, the owners. When we have the fourth we will breathe. The market will be open. We will get the fourth before 31 August, and we will be stable but the market will be open."<br />
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Source: <a href="http://www.espnfc.com/" target="_blank">ESPN</a>instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-86106364543968678332016-07-06T02:52:00.002+01:002016-07-06T02:52:36.434+01:00JAMB Releases Guidelines For Varsity Admission<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5vOjbIX6yZF_3yd0z8aNKP9DtgqoQ7p-dfJUFEST3MtHT4kNsq7WIlV9zY3nhXrmDRqAfKWMR4M-hodBWfO3EEm1s-IkMuPOKor9M3vbuxMqAyqdwxhLymXDX7X6BKV7iHnLJz3TNm_oP/s1600/jambpix.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" height="177" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi5vOjbIX6yZF_3yd0z8aNKP9DtgqoQ7p-dfJUFEST3MtHT4kNsq7WIlV9zY3nhXrmDRqAfKWMR4M-hodBWfO3EEm1s-IkMuPOKor9M3vbuxMqAyqdwxhLymXDX7X6BKV7iHnLJz3TNm_oP/s400/jambpix.jpg" width="400" /></a></div>
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The Joint Admissions and Matriculation Board (JAMB) yesterday announced its guidelines for admission process.</div>
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Its announcement through its website followed a weeklong meeting with universities and other tertiary institutions in the country.<span id="more-50395" style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"></span></div>
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According to the board, the modalities would be based on point system.</div>
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The board, which explained how the admission process would work for JAMB candidates and direct-entry applicants, also stated that varsities would coolect screening fees from candidates at the end of admission process.</div>
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According to the board, the new method uses a point system, which is divided into other processes, that is easy to understand.</div>
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“Before a candidate can be considered for screening, he/she must have been given provisional admission by JAMB. The JAMB admission checker portal is going to be opened soon for this process, so praying is all you can do now,” the statement on JAMB’s website said.</div>
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The second process, the board said, was the point system where admission would depend on the point tally of the candidate.</div>
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It said: “JAMB’s provisional admission no longer makes much sense this year, your points tally will decide your faith.</div>
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“The points are evenly spread out between your O’level and JAMB results to provide a level playing field for all.</div>
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“In the first case, any candidate who submits only one result which contains his/her relevant subjects already has 10 points, the exam could be NECO, WAEC, GCE etc, but any candidate who has two sittings only gets two points. So, this means that aspirants with only one result are at an advantage but only just.”</div>
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The board explained that the next point grades fell into the O’level grades where each grade has it’s equivalent point; A6 marks, B4 marks, C3 marks. So, the better the candidate’s grades, the better his/her chances of securing admission this year.</div>
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The next point is the UTME scores where each score range has its equivalent point which can be summarised thus: 180 – 200 (or 20 – 23 marks); 200 – 250 (or 24 – 33 points); 251 – 300 (or 34 – 43); 300 – 400 (or 44 – 60 points).</div>
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Giving a breakdown, JAMB explained that each categories contains five JAMB results per point added.</div>
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For instance, a candidate with 180 – 185 gets 20 points, a candidate with 186 – 190 gets 21 points, adding that the point system for direct entry will be released soon.</div>
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The board stated that fees would still be charged for screening which has replaced the Post UTME.</div>
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“It then comes down to the fact that fees will still be charged for screening, it depends on the school as well,” the statement said.</div>
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It also disclosed that catchment and ELDS will still be used!</div>
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“Merit contains 45 per cent of the total candidates for a particular course, catchment contains 35 per cent and ELDS and staff lists contains the rest.</div>
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“Cut off marks will be released by schools this year in the form of points and not marks. If a school declares it’s cut-off mark for Medicine as 90 points and JAMB grants a candidate with 250 a provisional admission but his/her total points falls short of the 90 points, then he/she will lose the admission. So, the provisional admission is just a means to an end, not the end in itself,” the statement added.</div>
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Source: <a href="http://www.vanguardngr.com/" target="_blank">Vanguard News</a></div>
instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-62329758243089364372016-07-05T20:23:00.001+01:002016-07-05T20:23:07.853+01:00How Obanikoro Transferred NSA Billions To Fayose<div class="separator" style="clear: both; text-align: center;">
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SaharaReporters has obtained a damning copy of the counter-affidavit filed by the Economic and Financial Crimes Commission (EFCC) before Justice Taiwo Taiwo of the Federal High Court in Ado-Ekiti in connection with the freezing of his account with Zenith Bank.<br />
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Last week, the judge refused to grant an order to unfreeze the account. Instead, he summoned the commission and Zenith Bank, which holds the account, to appear before him on July 4 to explain why the governor’s account of the Governor was frozen.<br />
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The EFCC counter-affidavit submitted to the court forced Gov. Fayose’s lawyers to ask for a quick adjournment in the case, and the judge adjourned the case until September 30.<br />
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EFCC lawyer Rotimi Oyedepo had informed the court that his clients had filed a counter affidavit, with nine exhibits. Our sources say that when Mike Ozekhome, who is the governor’s lawyer, saw the contents of the affidavit, he was left in shock.<br />
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The affidavit details how former Minister of State for Defence Musiliu Obanikoro, who is currently hiding in Atlanta, USA, conspired with the currently-detained former National Security Adviser (NSA), Col. Sambo Dasuki, to steal and divert the sum of N4.7billion of public funds to fund the rigging of Governor Fayose’s election in 2014. Obanikoro’s son, Jide, used his company, Sylvan McNamara Ltd to facilitate the stealing.<br />
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Among others, the counter-affidavit also details the movement of cash through Akure airport, including the registration number of the private jet used in the illegal transaction.<br />
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The document also exposes how, in addition to fraudulently retaining the sum of N1.2 billion stolen from the treasury of the Federal Government through the office of the NSA, Gov. Fayose has since assuming office in 2014 been stealing state funds and collecting kickbacks from contractors doing business with his government, which he invests in buying property in Lagos and Abuja.<br />
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The EFCC named some of the companies from which he has received such gratifications as Samchese Nigeria Limited, Tender Branch Concept Nig. Ltd, Hoff Concept Ltd, Calibre Consulting Ltd, Still Earth Ltd and Signachorr Nigeria Ltd.<br />
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Fayose, it further deposed, instructed Still Earth Ltd and Signachoor Nigeria Ltd to use the funds to acquire properties for him, which they did in the name of J.J. TECHNICAL SERVICES LTD, a company which belongs to the governor and his wife.<br />
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In addition, Fayose also used the name of one Mrs. Moji Ladeji, his sister, to acquire a property at No 44 Osun Crescent in Maitama, Abuja, from the proceeds of the alleged offences of receiving gratification and kickbacks. <br />
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Our correspondent said that outside the courtroom today, a number of protesters waved placards in support of the EFCC action against Governor Fayose.instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-18621610157997471782016-07-05T20:18:00.001+01:002016-07-05T20:18:43.232+01:00I know what Nigerians are going through – Buhari<div class="separator" style="clear: both; text-align: center;">
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President Muhammadu Buhari has felicitated with Nigerians on the occasion of the 2016 Eid El Fitr, which marks the completion of the Muslim Ramadan fast.<br />
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In a statement Tuesday, the president thanked Nigerians for their sacrifices, and promised “better days ahead”.<br />
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He said his government was exploring “the fastest means to end the economic sabotage in the Niger Delta and amicably resolve the conflicts within the region”.<br />
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Read his full statement:<br />
I felicitate with all Nigerians, especially the Muslim Ummah, on the occasion of this year’s Eid El Fitr, which marks the completion of the Ramadan fast.<br />
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I congratulate Muslims in Nigeria and around the world on the successful completion of this month-long spiritual journey of fasting, prayer and almsgiving in obedience to the Divine Command.<br />
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I sincerely pray that the Almighty Allah will reward our sacrifices with increased blessing and a more prosperous future.<br />
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On this happy occasion, it is my strong belief that all true followers of Islam have been rejuvenated on the true meaning and essence of life and through the teachings of Prophet Muhammad (SAW), we have learnt to imbibe the virtues of piety, sacrifice, love, self-denial and good conduct in our daily relationship with one another.<br />
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As we celebrate another Eid El Fitr, I admonish all patriotic Nigerians to uphold these lessons and also appreciate the numerous material and human blessings God has endowed us with.<br />
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Let us learn to show gratitude, respect and tolerance to one other, irrespective of our religion, tribe, language and political leanings, as we forge ahead to build on our strengths and opportunities to make Nigeria great again.<br />
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On Monday this week, the Vice President, the Speaker of the House of Representatives and other government officials joined me to host Iftar reception at the State House with Nigerians of different backgrounds including Internally Displaced Persons (IDPs), artisans and Physically-challenged persons.<br />
Like I said during the reception, I want to once again appeal to those of us who have the means, to remember the millions of Nigerians who are suffering deprivation because of violence perpetrated by terrorists.<br />
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I am not unaware of what Nigerians are going through and I want to use this medium to commend the amazing sacrifices of Nigerians in the face of the temporary economic and social challenges and also reassure Nigerians that my administration is working assiduously towards providing basic needs and other amenities.<br />
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Let me also use this opportunity to reaffirm that we will not relent in the fight against corruption and we will ensure that all appropriate and legal measures are deplored to root out this malaise.<br />
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I commend the Armed Forces and security agencies for the gains recorded in the fight against terrorists and the rescue of hostages in the North East part of the country.<br />
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I also appeal for the support, understanding and patience of all Nigerians and our international partners as we explore the fastest means to end the economic sabotage in the Niger Delta and amicably resolve the conflicts within the region.<br />
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I promise you all better days ahead even as we remain grateful for your unflinching support to our administration.<br />
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Happy Eid El Fitr celebration and May the Almighty Allah continue to bless our nation.<br />
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Eid Mubarak!<br />
Muhammadu Buhari<br />
July 5, 2016<br />
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Source: <a href="http://www.premiumtimesng.com/" target="_blank">Premium Times</a>instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-47279111502220838382016-07-05T06:55:00.002+01:002016-07-05T06:55:52.172+01:00Inside Story Of Skye Bank Management Takedown By The Central Bank Of Nigeria<div class="separator" style="clear: both; text-align: center;">
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<span style="line-height: 19.32px;">The management of Skye Bank PLC today announced what it called the voluntary resignation of its top officers. The action followed plans by the Central Bank of Nigeria (CBN) to take over the bank due to distress arising from bad loans and insider malpractices by board members. In a statement, the management said the CBN has approved the appointment of Alhaji M.K Ahmad as the new Chairman of the Board, and Tokunbo Abiru the new Group Managing Director and CEO. Bayo Sanni, Idris Yakubu, Markie Idowu and Abimbola Izu retain their positions as Executive Directors.</span></div>
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<br />The management of Skye Bank PLC today announced what it called the voluntary resignation of its top officers. The action followed plans by the Central Bank of Nigeria (CBN) to take over the bank due to distress arising from bad loans and insider malpractices by board members.</div>
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In a statement, the management said the CBN has approved the appointment of Alhaji M.K Ahmad as the new Chairman of the Board, and Tokunbo Abiru the new Group Managing Director and CEO. Bayo Sanni, Idris Yakubu, Markie Idowu and Abimbola Izu retain their positions as Executive Directors.</div>
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SaharaReporters learnt that the Chairman of the bank, Tunde Ayeni owed the bank at least N102 billion that had remained unpaid for several years. He was one of those who resigned today.</div>
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Mr. Ayeni, who is a close associate of former President Goodluck Jonathan, had taken over what used to be Eko Bank, Bond Bank, and Prudent Bank. He then used interbank loans to buy Mainstreet Bank for N135 billion and added it to his collection to create Skye Bank.</div>
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Since coming on stream, however, the bank has been consistently abused by its owners, who collect loans without collateral, and use them to fund lavish lifestyles and the acquisition of an assortment of private companies. Ayeni, for example, bought parts of an unbundled electricity company from what used to be the Power Holding Company of Nigeria, using Skye Bank funds. At the last count, he also owned Ibadan and Yola Discos, and also acquired Nigeria Telecommunication Limited (NITEL) and also owned a private jet.</div>
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Mr. Ayeni was also a close associate of the late former governor of Bayelsa, Diepreye Solomon Alamieyeseigha, and was linked with money laundering allegations concerning the late governor. It was through Alamieyeseigha that he became close to Mr. Jonathan during his time as deputy governor. Ayeni spent months in Economic and Financial Crimes Commission detention as the agency carried out investigations into the massive theft of Bayelsa State funds, but he was never charged to court.</div>
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Other non-executive directors of the bank who owed the bank include Jason Fadeyi, the chairman of Pan Ocean Oil company, who owes N90billion.</div>
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Furthermore, several businesses with links to the bank owed large sums to it but refused to service their loans. They include Atlantic Energy, owned by Jide Omokore and fugitive Kola Aluko, which is owing N70b; Oando Oil Company, N20b; and Captain Osa Okunbo. Kola Aluko's brother, Kunle, is among the non-executive directors who purportedly resigned from the bank's board today.</div>
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SaharaReporters sources said Heritage Bank, which is co-owned by Mr. Ayeni and Senate President Bukola Saraki, is next in line for a takeover by the Central Bank, which is also looking to force out Oba Otudeko from the board of First Bank of Nigeria due to his indebtedness of about N82billion.</div>
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In his letter of resignation today, outgoing MD of Skye Bank, Timothy Ogunoye lamented that his efforts to turn the fortune of the bank was thwarted by forces within and without the bank.</div>
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Tunde Ayeni kicked out of the Skye Bank board today</div>
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<br />Below is the press release announcing a change of guard at the bank earlier today.</div>
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Changes on the Board of Skye Bank Plc.</div>
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We wish to inform our stakeholders of recent changes on the Board of the Bank.</div>
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Earlier today, the Non-Executive Directors and the two Independent Non-Executive Directors resigned their appointment on the Board as follows:</div>
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S/N DIRECTORS CAPACITY</div>
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1 Dr. Olatunde Ayeni Non-Executive Director/Chairman</div>
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2 Mr. Victor Adenigbagbe Non-Executive Director</div>
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3 Dr. Jason Fadeyi Non-Executive Director</div>
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4 Mr. Babajide Agbabiaka Non-Executive Director</div>
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5 Mr. Victor Odozi Independent Non-Executive Director</div>
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6 Mr. Kunle Aluko Non-Executive Director</div>
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7 Mr. Abdul Bello Non-Executive Director</div>
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8 Mrs. Ammuna Lawan Ali Independent Non-Executive Director</div>
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The following Executive Directors also resigned their appointments on the Board with immediate effect:</div>
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S/N DIRECTORS CAPACITY</div>
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1 Mr. Timothy Oguntayo Group Managing Director/CEO</div>
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2 Mrs. Amaka Onwughalu Deputy Managing Director</div>
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3 Mr. Dotun Adeniyi Executive Director</div>
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4 Mrs. Ibiye Ekong Executive Director</div>
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The CBN has approved the appointment of Alhaji M.K Ahmad as the new Chairman of the Board, while Mr. Tokunbo Abiru has been appointed as the new Group Managing Director and CEO. Messrs. Bayo Sanni, Idris Yakubu, Markie Idowu and Abimbola Izu will continue in office as Executive Directors of the Bank.</div>
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The former leadership of the Bank voluntarily resigned their positions in order to pave the way for a new team to further the new strategic direction of the Bank in the retail and commercial business space, having laid the foundations and set the necessary processes and structures. In this wise, the challenge of accelerating growth in the new strategic direction becomes more urgent and compelling, given the poor performance that we recorded in the 2015 financial year end, and the attendant challenges.</div>
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The Executive Management of the Bank also take the opportunity to most sincerely thank the former Board led by Dr. Olatunde Ayeni, and the former Management team led by Mr. Timothy Oguntayo for their service, sacrifice and dedication to this institution.</div>
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As they take their leave, we wish them all the best in their future endeavours.</div>
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Please find below the profile of the new Chairman and the new CEO of the Bank.</div>
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Alhaji Muhammad K. Ahmad, OON: The new Chairman of the Board</div>
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Muhammad K. Ahmad, OON, has about 35 years distinguished experience leading and working in various public sector organizations and financial services institutions in Nigeria. He was the pioneer Director General and Chief Executive Officer of the National Pension Commission and oversaw the establishment and growth of the Pension industry in Nigeria with over .5 trillion in assets to become a major contributor to Nigeria’s GDP. He is currently the Chairman of the Interim Management Board, International Energy Assurance and is the founder of Jewel Development Foundation, a graduate assistant platform; and Certium Consulting, a strategy advisory and business applications company.</div>
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A pioneer staff of the Nigeria Deposit Insurance Corporation (NDIC), he rose to become Director/Head of Department and a member of the Interim Management Board. Mr. Ahmad has served on the boards of various corporate and not-for-profit organisations as well as Presidential Committees. Ahmad Chairs the Technical Committee that produced the North East Transformation Strategy (NESTS), a medium term Regional Development Strategy, for the sustainable socio-economic transformation and reconstruction of the Region and currently supervises its implementation.</div>
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Alhaji Ahmad is also a member of the Presidential Committee for the North East Intervention (PCNI). Prior to his appointment, he was a Director on the Board of FBN Holdings PLC, where he brought his rich experience in the financial services industry to bear on the institution. He strongly promotes building institutions based on the highest corporate governance and ethical standards and would bring his extensive experience to bear on his role on the board of Skye Bank PLC as Chairman. He has a Masters Diploma in Innovation and Strategy from the University of Oxford and has also attended courses and programmes in various first-rate business and management schools, including Harvard Business School, IMD, and INSEAD. A co-author of the book, “The Extent and Effectiveness of Bank Supervision in Nigeria”, Ahmad is married with children.</div>
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Adetokunbo Mukhail ABIRU, FCA: The new Group Managing Director/CEO</div>
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Mr. Adetokunbo Mukhail Abiru (Tokunbo), is an alumnus of Harvard Business School (Advanced Management Program) and Lagos Business School (Senior Management Program). He holds a B.Sc (Economics) from Lagos State University and is a Fellow of The Institute of Chartered Accountants of Nigeria (ICAN) and an Honorary Senior Member of The Chartered Institute of Bankers of Nigeria (CIBN).</div>
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Tokunbo has had a distinguished career in banking spanning about 26 years, of which his early ten (10) years were spent in the formative years of Guaranty Trust Bank Plc. Thereafter, he spent about Fourteen (14) years with the premier and most valuable banking brand in Nigeria, First Bank of Nigeria Limited, where he functioned as Executive Director, Corporate Banking between 2013 and 2016.</div>
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Equally during his banking career, he was at various times between 2013-16 a Non – Executive Director in the following companies: Airtel Mobile Networks Limited; FBN Capital Limited (now FBN Merchant Bank Limited); and FBN Bank Sierra Leone Limited.</div>
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Tokunbo was the Honorable Commissioner of Finance for Lagos State Government (2011.2013), the economic capital of Nigeria, during the dynamic and transformational leadership of Governor Babatunde R. Fashola (SAN). He is happily married to Mrs. Feyisola Abiru, the Managing Director of Home & You Limited, a truly indigenous furniture manufacturing company, and they are blessed with children.</div>
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Thank you all.</div>
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Signed:</div>
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Executive Management<br />Resignation text of Skye Bank M</div>
instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-1474516818141691402016-07-05T06:23:00.000+01:002016-07-05T06:25:26.289+01:00Jose Mourinho has begun his first official day as Manchester United<div class="separator" style="clear: both; text-align: center;">
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Jose Mourinho has begun his first official day as Manchester United manager as he sets about trying to return the club to the top of English football.<br />
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Mourinho arrived at Manchester Piccadilly station shortly after midnight on Monday morning ahead of his first day at Old Trafford, where he will plot to improve the club's fifth-place Premier League finish last season.<br />
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'United in talks with Lozano'<br />
United are in transfer talks to sign Hirving Lozano, according to the Mexico winger's club Pachuca.<br />
He announced his arrival on Instagram, accompanying the short of video of him alighting the train with the message "I am here/UNITED we can."<br />
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The former Real Madrid and Inter Milan boss, who was sacked by Chelsea in December, will take his first news conference on Tuesday - which you can watch on Sky Sports News HQ - after being appointed successor to Louis van Gaal in May.<br />
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He has begun work in the transfer market, already adding Eric Bailly and Zlatan Ibrahimovic to his squad while Henrikh Mkhitaryan is set to join from Borussia Dortmund.<br />
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Eric Bailly joined United from Villarreal on a four-year deal<br />
United are also in transfer talks to sign Mexican winger Hirving Lozano, according to the Mexico winger's club Pachuca, although Mourinho will be without Ryan Giggs, who left last week after 29 years at the club to pursue his managerial career.<br />
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There are likely to be more departures too, with Juan Mata's future undecided having been sold by Mourinho to United while at Chelsea in January 2014.<br />
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Juan Mata was sold just six months after Mourinho's return to Stamford Bridge<br />
Mkhitaryan appears likely to join prior to Mourinho's first match in charge, in Shanghai against the Armenian's current employers Dortmund on July 22, while the first contest between Pep Guardiola's Manchester City and Mourinho's United takes place in Beijing on July 25.<br />
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Source: <a href="http://www.skysports.com/" target="_blank">Sky Sports</a><br />
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<br />instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-1269113206628060832016-07-05T05:34:00.001+01:002016-07-05T05:34:57.180+01:00Fani-Kayode, Usman granted bail<div class="separator" style="clear: both; text-align: center;">
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The Federal High Court in Lagos on Monday granted former Minister of Aviation, Chief Femi Fani-Kayode and his Finance counterpart, Senator Nenadi Usman, bail for N250 million each.</div>
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The Economic and Financial Crimes Commission (EFCC) arraigned them on a 17-count charge of laundering about N4.6billion.<span id="more-50347" style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"></span></div>
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They pleaded not guilty to the charges.</div>
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They were charged alongside the former Chairman of the Association of Local Government of Nigeria (ALGON) and ex-Chairman of Kagarko Local Government Area of Kaduna State, Mr. Yusuf Danjuma and a company said to belong to him, Jointrust Dimentions Nigeria Limited.</div>
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Danjuma was also granted bail for N250 million.</div>
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Justice Muslim Hassan held that there was no basis for denying them bail since the alleged offence was a bailable one</div>
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He noted that denying them bail, especially as the court’s vacation would begin next Monday until September 9, would not serve the interest of justice.</div>
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He granted them for N250 million each with two sureties each in like sum.</div>
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“The sureties must show evidence of having landed properties in Lagos.</div>
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“The defendants and sureties must submit their international passport with the court’s registry, ” the judge added.</div>
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Justice Hassan directed the EFCC to verify the bail terms within seven days before letting the defendants go home.</div>
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Source: <a href="http://thenationonlineng.net/fani-kayode-usman-granted-bail/" target="_blank">The Nation Online</a></div>
instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-59302394613103182522016-07-05T05:26:00.000+01:002016-07-05T05:26:06.706+01:00Why Court Failed To Unfreeze Fayose’s Account By Rotimi Ojomoyela<div style="background-color: white; border: 0px; color: #484845; font-family: Arial, Helvetica, sans-serif; font-size: 13px; line-height: 20px; margin-bottom: 20px; padding: 0px; vertical-align: baseline;">
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Ado-Ekiti—The Federal High Court sitting in Ado-Ekiti yesterday failed to unfreeze Governor Ayo Fayose account, as it adjourned hearing in the case involving the governor and the Economic and Financial Crimes Commission, EFCC, over the freezing of two accounts belonging to and operated by the governor in Zenith Bank Plc.<span id="more-50376" style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"></span></div>
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Justice Taiwo Taiwo adjourned the case till September 30, 2016 on the request of Fayose’s counsel, Chief Mike Ozekhome (SAN), who sought for adjournment to be able to respond to issues raised by the EFCC in its reply to a motion on notice dated June 23, 2016, wherein the applicant sought an order lifting the restriction placed on Fayose’s accounts with Zenith bank.</div>
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The EFCC’s counter position was supported with 10-paragraph affidavits and a lone exhibit by the EFCC counsel, Mr Rotimi Oyedepo. Oyedepo argued that the EFCC had on the 29th of June received an order of the court directing the commission to appear and show cause why a mandatory order being craved by Fayose should not be granted to unfreeze the two accounts already restricted with the bank.</div>
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This was supported with 10-paragraph affidavit and nine exhibits marked EFCC 01 to 09, adding that the plaintiff and the 2nd respondent had been duly served. The Court had on June 28 ordered the EFCC to appear before it and show cause why Fayose’s restricted accounts in Zenith bank should not be lifted.</div>
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Fayose had in an ex parte motion deposed to by Bimpe Olatemiju prayed the court to grant a mandatory order lifting the ban placed on the said accounts, describing the EFCC’s action as an infraction and infringement on absolute immunity conferred on Fayose by Section 308 of the 1999 constitution. While opening his defence at yesterday’s proceeding, Oyedepo said:</div>
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“We received the order of the court on the 29th of June, 2016 at our office in Lagos directing us to appear before your lordship for freezing of the accounts of the applicant in the custody of the 2nd respondent.</div>
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“We have complied with your order as a law abiding agency by filing all necessary papers and the plaintiff and the second respondent have been duly served”, he said. Ozekhome, who confirmed the service of the papers, pointed out that he was served three minutes to the start of the hearing, which he said had foreclosed his readiness to argue the case on point of law.</div>
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PDP lawmaker sacked Meantime, the support base of Governor, Mr Ayodele Fayose at the Ekiti State House of Assembly suffered a set back yesterday, as the same court nullified the election of one of his trusted ally in the Assembly, a People’s Democratic Party (PDP), legislator, representing Ado Constituency 1, Mr. Musa Arugundade and declared Mr Toyin Obayemi of the same party as the validly elected candidate in the April 11, 2015 general elections.</div>
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The Court held that after the disqualification of Mr Talabi Odunayo,, who was the winner of the primaries conducted on November 29, 2014, over alleged certificate forgery, Obayemi would have been used as replacement, having come second in the primaries in compliance with the electoral act.</div>
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Source: <a href="http://www.vanguardngr.com/" target="_blank">Vanguard News</a></div>
instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-85487402368663520402016-06-09T02:29:00.000+01:002016-06-09T02:29:58.349+01:00INTRODUCING nPOWER !<div class="separator" style="clear: both; text-align: center;">
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<span style="background-color: white; color: #1d2129; font-family: "helvetica" , "arial" , sans-serif; font-size: 14px; line-height: 18px;">N-Power is a job creation and empowerment initiative of the Social Investment Programme of the Federal Government of Nigeria. N-Power is designed to help young Nigerians acquire and develop life-long skills to become solution providers in their communities and to become players in the domestic and global markets. Through N-Power, young Nigerians will be empowered with the n</span><span class="text_exposed_show" style="background-color: white; color: #1d2129; display: inline; font-family: "helvetica" , "arial" , sans-serif; font-size: 14px; line-height: 18px;">ecessary tools to go on and create, develop, build, fix and work on exceptional ideas, projects and enterprises that will change our communities, our economy and our nation. The N-Power programme is for all eligible Nigerians looking to work gainfully. However, the initial programmes have been designed for young Nigerians between the ages of 18 and 35.<br /><br />THE N-POWER STRATEGY<br /><br />For any country, skills and knowledge are the driving forces of economic growth and social development. Countries with higher and better levels of skills adjust more effectively to the challenges and opportunities of the world of work. Despite the great level of unemployment, Nigeria has the advantage of demographic edge given that a significant proportion of the population is young. Harnessing the demographic edge through appropriate skill development efforts would provide an opportunity to achieve inclusion and productivity within the country. Large-scale skill development is thus an imminent imperative.<br /><br />Planned development of skills must be underpinned by a policy, which is both comprehensive as well as national in character. A national policy response is, therefore, needed to guide the skill development strategies and coordinated action by all stakeholders to avoid a piecemeal approach. It is also important that the policies of skill development be linked to policies in the economic, employment and social development arenas. This is why the Federal Government of Nigeria has designed the N-Power Programme.<br /><br />N-Power addresses the challenge of youth unemployment by providing a structure for large scale and relevant work skills acquisition and development while linking its core and outcomes to fixing inadequate public services and stimulating the larger economy. The modular programmes under N-Power will ensure that each participant will learn and practice all that is necessary to find or create work. The N-Power Teacher Corp involves a massive deployment of 500,000 trained graduates who will assist to improve the inadequacies in our public services in education, health and civic education. Some of these graduates will also help in actualising Nigeria’s economic and strategic aspirations of achieving food security and self-sufficiency.<br /><br />N-Power will also be a platform for diversifying the economy. N-Power is preparing young Nigerians for a knowledge economy where, equipped with world-class skills and certification, they become innovators and movers in the domestic and global markets. N-Power also focuses on providing our non-graduates with relevant technical and business skills that enhance their work outlook and livelihood.<br /><br />To start, N-Power will convert the teeming unemployed to a pool of 500,000 empowered teachers, agriculture extension advisers, healthcare assistants, and civic and adult education instructors. There will also be a pool of 100,000 software developers, hardware service professionals, animators, graphic artists, building services professionals, artisans and others. N-Power will widen to attend to more citizens in the coming months.<br /><br />GOALS<br /><br />• To intervene and directly improve the livelihood of a critical mass of young unemployed Nigerians.<br />• To develop a qualitative system for the transfer of employability, entrepreneurial and technical skills.<br />• To create an ecosystem of solutions for ailing public services and government diversification policies.<br /><br />N-POWER HAS 3 MAIN SEGMENTS<br /><br />• N-Power Teacher Corps<br />• N-Power Knowledge<br />• N-Power Build<br /><br />1.N-Power Teacher Corps<br /><br />The N-Power Teacher Corps is a segment of the N-Power initiative which will engage and train 500,000 young unemployed graduates for the benefit of rural development in Nigeria. It is a paid volunteering programme of a 2-year duration. Through the N- Power Teacher Corps programme, the government's commitment to the improvement of quality of lives, reduction in income inequality and tackling of the deficiencies in public services will be actualised.<br /><br />The graduates will work in their immediate rural communities, where they will assist in improving the inadequacies in the education, health, and agriculture sectors. Among the key selection criteria for the N-Power Teacher Corps will be a predisposition to work in proximate communities.<br /><br />The 500,000 graduates under the N-Power Corps programme will get computing devices that will contain information necessary for their specific engagement, as well as information for their continuous training and development. Participants will provide teaching, instructional, and advisory solutions in 4 key areas.<br /><br />The N-Power Teacher Corps programme is an invaluable opportunity for young Nigerians to make immense economic and social contributions to the nation while developing their skills. They will be encouraged to think critically, and be entrepreneurial and creative in applying their skills in their areas of endeavour. The 4 main focus areas are in primary and secondary education, agriculture, public health and community education (civic and adult education).<br /><br />N-Power Teach<br /><br />N-Power Teach will engage qualified graduates for the benefit of basic education delivery in Nigeria. They will be deployed as teacher assistants in primary and secondary schools around Nigeria. They will not replace the current teachers, but will work as support teachers across Nigeria, assisting with teaching, school management and other functions within the schools. They will also assist in taking basic education to children in marginalised communities.<br /><br />Importantly, they will gain work experience, and acquire key competencies through academic and non-academic capacity building programmes, which will improve their competitiveness in the workplace.<br /><br />N-Power Health<br /><br />Through the N-Power Health programme, young graduates who form part of the 500,000 N-Power Teacher Corps members will be trained to work as healthcare assistants. They will teach preventive health to community members including pregnant women, children, families and individuals. They will also be trained to provide basic diagnostic services.<br /><br /><br />Programme participants would be trained to provide the following essential services:<br /><br />1. Monitor health status to identify and solve community health problems.<br />2. Diagnose and investigate basic health problems and health hazards in individuals and the community.<br />3. Inform, educate, and empower people about health issues.<br />4. Mobilize community partnerships and action to identify and solve health problems.<br />5. Develop policies and plans that support individual and community health efforts.<br />6. Educate on laws, regulations and policies that protect health and ensure safety.<br />7. Link people to needed personal health services.<br /><br />N-Power Agro<br /><br />One of the ways that the Federal Government plans to diversify our economy is attaining self-sufficiency in producing the food we consume. An effective and well-coordinated agriculture extension system is vital to the attainment of sustainable national food self-sufficiency. To establish this, the Federal Government will engage 100,000 qualified young Nigerians through the N Power Agro programme.<br /><br />After a first phase of training, N-Power Agro members will start to function as intermediaries between research and farmers. They will operate as facilitators and communicators, helping farmers in their decision-making and ensuring that appropriate knowledge is implemented to obtain the best results on farms. N-Power Agro will also rely on the use of technology as the country aspires to identify soil types, farm sizes, irrigation data, and ensure that our farmers are part of an existing and developing knowledge management system.<br /><br />N-Power Community Education<br /><br />There are certain values that are vital to building a nation. The Federal Government will focus on promoting patriotism, integrity, productivity, ethics, and efficiency. Civic education is essential to sustain our objectives to build a strong and competitive nation. To achieve this, the Federal Government will deploy a segment of the N-Power Teacher Corps as teachers of the civic skills and dispositions required to build the minds and hearts of our nation.<br /><br />Some N-Power Teachers Corps members will also instruct and teach young and mature adults to improve or supplement their knowledge and skills in literacy, numeracy and other areas where they may be deficient.<br /><br />2.N-Power Knowledge<br /><br />The N-Power Knowledge programme is the Federal Government’s first step towards diversifying to a knowledge economy. This programme will work alongside the planned eight innovation hubs across the country to provide incubation and acceleration of the technology and creative industries. The programme is a training to jobs initiative, essentially ensuring that participants can get engaged in the marketplace in an outsourcing capacity, as freelancers, as employees and entrepreneurs. The knowledge programme is segmented into three sub programmes:<br />• N-Power Creative<br />• N-Power Tech (Software)<br />• N-Power Tech (Hardware)<br /><br /><br />N-Power Creative<br /><br />The N-Power Creative programme will train and develop 5,000 young creative talents. The strategy is to put our creative industry on the global radar as exporters of world-class services and content. The duration for the training is 3 months, made up of 1 month in-class, and a 2-month hands-on group project, conducted across selected Nigerian cities. The participants will be trained and certified in one of the following courses:<br />• Animation<br />• Graphic Design<br />• Post-production<br />• Script Writing<br /><br />At the end of the training, some participants will get local and international internship opportunities while others will be linked to job and market opportunities. In addition, all participants receive computers that assist them in skills acquisition and kick-starting their journey to work and entrepreneurship.<br /><br />N-Power Tech (Software)<br /><br />The N-Power Tech (Software) programme is set out to train, equip and support 10,000 young Nigerians to meet the local and international demand for software developers, web designers and other technology needs. The training will last for 3 months.<br /><br />In addition to their technical courses, they will also receive entrepreneurship and business outsourcing trainings.<br /><br />At the end of the training, some participants will get local and international internship opportunities while others will be linked to job and market opportunities. In addition, all participants receive computers that assist them in acquiring skills and kick-starting their journey to work and entrepreneurship.<br /><br />N-Power Tech (Hardware)<br /><br />The N-Power Tech (Hardware) programme is a demand driven skills training initiative that will train a minimum of 10, 000 young Nigerians to repair, maintain and assemble mobile phones, tablets, computers and other devices.<br /><br />This will be a hands-on training programme where students will learn with the same tools, components and systems that they will encounter after the programme. Through this programme we will not only develop a huge crop of hardware entrepreneurs that can provide repair and maintenance services, but also train and develop a reservoir of human capital in hardware assembling and manufacturing for the domestic and export markets.<br /><br />3.N-Power Build<br /><br />The presence of a well-trained and highly skilled youth population in any economy has direct impact on entrepreneurship/wealth creation, which in turn leads to a decline in unemployment. If Nigeria is to fully maximise the use of her human capital coupled with our abundance of natural resources, it must pay attention to skills competency development and entrepreneurial training.<br /><br />N-Power Build is an accelerated training and certification (Skills to Job/Enterprise) programme that will engage and train 75,000 young unemployed Nigerians in order to build a new crop of skilled and highly competent workforce of technicians, artisans and service professionals.<br /><br />The focus industries include:<br />• Building Services<br />• Construction<br />• Built Environment Services<br />• Utilities and Engineering<br />• Hospitality and Catering<br />• Automative<br />• Aluminium and Gas</span>instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-78808172569485632392016-06-09T02:18:00.002+01:002016-06-09T02:18:59.834+01:00Nigeria Sets Up National Task Force on Rice, Wheat Production<div class="separator" style="clear: both; text-align: center;">
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<span style="line-height: 19.32px;">On Tuesday, June 7, 2016, Nigerian Federal Government inaugurated a National Task Force on Rice and Wheat production.</span></div>
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The FG established a National Rice and Wheat Task Force to set up targets that will yield comprehensible and self-evident results in rice and wheat production in the country.</div>
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Agriculture is our main stay and the FG is trying to evolve a strategy for our economy, a strategy for employment and a strategy for feeding our people.</div>
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RICE and WHEAT is our main focus and we hope to show the world how serious we are.</div>
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The underlisted are terms of reference for the task force.</div>
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i. to set up production targets for rice and wheat in the participating states;</div>
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ii. to determine the scope and particulars for government support needed towards the attainment of the set targets;</div>
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iii. to consider and proffer the best off-take and marketing arrangements that will encourage maximum effort among the farmers/millers;</div>
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iv. to determine the rice and wheat value chain deficiencies and recommend solutions for addressing them;</div>
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v. to mobilize farmers and millers in identified target states to engage the CBN Anchor Borrowers’ Programme and other available support facilities;</div>
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vi. to establish timelines for the delivery of goals set by the Task force</div>
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The members of the task force include:</div>
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Governors of Kebbi State, Senator Abubakar A. Bagugu,<br />Dr. A. U. Ganduje of Kano State, and Engr. David Umahi of Ebonyi State.</div>
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Others are the Minister of State for Agriculture Lokpobiri Heineken, the President of Rice Farmers Association Mallam Aminu Goronyo and the President Wheat Farmers Association Saliu Mohammed.</div>
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instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-3714633770128198832016-06-09T02:02:00.005+01:002016-06-09T02:19:37.918+01:00FG Set To Launch Home-Grown School Feeding Programme<div class="separator" style="clear: both; text-align: center;">
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<span style="line-height: 19.32px;">VP Osinbajo, Governors to review Strategic Plan Tomorrow, June 9, 2016</span></div>
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Nigeria’s first national Home Grown School Feeding programme which would affect about 5.5m Nigerians in the first year of its operation would be rolling out soon in several states, preceded by a Stakeholders Forum holding in Aso Rock on Thursday to be addressed by Vice President Yemi Osinbajo, SAN.</div>
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Now in the final rounds of preparation for the commencement of the free school feeding programme for primary school pupils, the federal and state governments will review the Strategic Plan for the rollout of the scheme which is part of the N500B Social Investment plans of the Buhari presidency.</div>
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Date: June 9, 2016</div>
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Time: 10am</div>
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Venue: Old Banquet Hall, Aso Rock</div>
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The strategic plans runs until 2020 and forms the cornerstone of the nationwide Home Grown School Feeding (HGSF) programme which when fully realized will provide a nutritious hot meal a day to over 24 million primary school children.</div>
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HGSF programmes provide free school meals procured from local farmers. These programmes offer a ‘win-win-win’ for children, farmers and communities alike.</div>
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Children benefit from hot nutritionally balanced school meals which reduce hunger and improve education outcomes; farmers benefit from improved access to school feeding markets and communities benefit from new catering, processing and food handling jobs.</div>
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According to the Vice President, Prof. Yemi Osinbajo “not only will the Home Grown School Feeding programme help our pupils become better students, it will also boost the local economies, and create new jobs along the way.”</div>
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To achieve national coverage, the federal government is working in partnership with states and local communities for the successful implementation of the HGSF programme.</div>
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Equally to support the process, the federal government is working with key technical partners to capitalize upon global experience and adopt best practices. One such partner is the UK’s Imperial College, London’s Partnership for Child Development (PCD) which is providing technical assistance to the Presidency.</div>
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The forum will have in attendance Governors of Borno, Oyo, Osun, Enugu and Kaduna, and other government representatives and stakeholders from all 36 Nigerian States as well as developmental partners. The forum which is also an advocacy event will provide the opportunity for state teams and their partners to model their school feeding plans within the national HGSF framework.</div>
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Besides the strategic plan, the Vice President will also launch the ‘Global School Feeding Sourcebook: Lessons from 14 countries’, a joint Partnership for Child Development, the World Bank and World Food Programme analysis of national school feeding programmes from across the globe.</div>
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<br />'Laolu Akande</div>
instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-47860808355673630942015-03-19T15:33:00.000+01:002015-03-19T15:33:01.295+01:00Illegal Radio Operation: PDP Calls for Arrest of Buhari, Amaechi, Tinubu, Others... by Chuks Okocha<div class="entry clearfix" style="background-color: white; border: 0px; color: #484845; font-family: Arial, Helvetica, sans-serif; font-size: 13px; line-height: 20px; margin: 0px; padding: 0px; vertical-align: baseline;">
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The Peoples Democratic Party (PDP) Presidential Campaign Organisation (PDPPCO) Wednesrday called for the arrest of the All Progressives Congress (APC), presidential candidate, General Muhammadu Buhari (rtd), the national leader of APC, Bola Tinubu, the Governor of Rivers State, Chibuike Amaechi, Nigeria’s former ambassador to Spain, Yusuf Mamman and the former governor of Ekiti State, Kayode Fayemi, for their various roles in the operation of an illegal radio station.<span id="more-20189" style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"></span></div>
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Also, the PDP presidential campaign alerted for the second time of plots to air a scandalous report on President Goodluck Jonathan and other senior government officials.</div>
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The presidential campaign said that $2million was earmarked for the scandalous project.</div>
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Addressing a press conference on Wednesday in Abuja, the Director of Media and Publicity of PDP Presidential Campaigns, Femi Fani-Kayode, said: “It is important for the security agencies to arrest Mamman and question Fayemi, Tinubu, Amaechi and Buhari on the operation and illicit and dangerous agenda of this illegal radio station.”</div>
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Apart from the call for the questioning and arrest of the key APC officials for their roles in the operations of the illegal station, tagged, “Radio APC or Radio Chanji,” the spokesman of the PDP presidential campaign called on the Nigeria Broadcasting Commission (NBC) to sit up and do its statutory duties.</div>
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According to Fani-Kayode, “We seize this opportunity to call on the Nigerian Broadcasting Corporation (NBC) to set its house in order, while ensuring that its rules are followed. We call on them to use all means available to stop this illegal radio station from operating and if necessary to block its illegal transmissions.”</div>
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He said the person that is heading the operation of the illegal radio station is Mamman, an APC leader and stalwart who has much experience in the world of special ops and disinformation and who has been given millions of dollars to start this illegal radio station.</div>
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According to him, “The objective of the radio station is to serve as a propaganda tool to fight the government after they lose the election on March 28. The brain behind the operation is Fayemi who equally founded Radio Kudirat during the days of NADECO when the government of General Sani Abacha was being fought by a number of people in Nigeria.</div>
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“The opposition knows that they would lose the election and after this happens it is their intention to begin to use this illegal Radio Station to incite Nigerians against the government. They seek to create mayhem and cause panic and create a toxic and bellicose atmosphere in which their supporters will be encouraged to slaughter and kill innocent Nigerians whilst the country burns.</div>
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“They also intend to use the radio station to incite the armed forces to mutiny. They intend to create a major division and utter chaos within the Nigerian state, using religion and ethnicity, and they will take that opportunity to either call for full blown military intervention or the establishment of an Interim National Government.</div>
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“It is through the auspices of this illegal radio station that they intend to announce members of their planned shadow and parallel government, to nominate their ministers and to then create major crisis in our country.”<br />The spokesman of the PDP presidential campaigns alerted of a planned programme titled: ‘Nigerians: What is Going On.’</div>
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According to him, “In the documentary the opposition has listed some areas which they claim reflect the corrupt nature of the Nigerian people, the nature of the president and the nature of the government that he is heading.<br />“All manner of lies, deceit, fabrication, slander, falsehood and misrepresentation of the basic facts are in the documentary. The whole thing is simply an attempt to denigrate the Nigerian people and bring it into disrepute and opprobrium before the International community. $2 million was budgeted for this irresponsible and shameful project and the services of no less than three specialists and well known international spin doctors from two western countries were procured.” he stated.</div>
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Fani-Kayode, who gave highlights of the planned television documentary, said it includes the following headings: $15 million US Private Jet Arms Scandal, N5 trillion stolen under Jonathan, N21 billion Pension funds embezzled, N10 billion private jet scandal and N1.6 trillion oil subsidy scandal, and much more.”</div>
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He said the documentary targeted the oil and gas sector in a particularly brutal and shameless manner and they seek to tarnish the name and image of Mr. President and those that run that sector with sleaze, dirty lies, disinformation and unsubstantiated allegations.</div>
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On the perceived face off between Buhari and Tinubu, Fani-Kayode said, “Our sources within the Buhari and APC camp have also revealed to us that Buhari is in a quandary about what to do about the very serious allegations that have been made against Tinubu when it comes to his tenure as Governor of Lagos State and thereafter.</div>
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“Buhari is said to be overwhelmed by the staggering allegations and compelling evidence that have been documented and exposed in the last few weeks about Tinubu and his closest associates.</div>
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“Our sources have revealed that Gen. Buhari has resolved that in the event of his winning the Presidential election, he will issue an ultimatum to Bola Tinubu.</div>
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“The ultimatum will be that either Tinubu would forfeit and give up 50 per cent of the money, property and the illicit gains that he has fleeced and garnered from Lagos state over the last 16 years or he would face the full wrath of the law and be prosecuted for corruption.</div>
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“It is clear from this that all is not well in the APC’s camp and that their de facto leader, Tinubu and their presidential candidate, Buhari, are on a collision course. These two people and their party simply cannot be trusted with the future of Nigeria,” he said.</div>
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instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-28868795930574278272015-03-19T15:30:00.000+01:002015-03-19T15:30:09.306+01:00Scarcity of Dollars Hits Foreign Exchange Market... by Obinna Chima (THISDAY)<div class="entry clearfix" style="background-color: white; border: 0px; color: #484845; font-family: Arial, Helvetica, sans-serif; font-size: 13px; line-height: 20px; margin: 0px; padding: 0px; vertical-align: baseline;">
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<li style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"><strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;">Airlines unable to remit ticket sales </strong></li>
<li style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"><strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"> Firms, individuals hoard forex on election concerns </strong></li>
<li style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"><strong style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"> CBN: Hoarders are in for a surprise</strong></li>
</ul>
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Most firms in Nigeria seeking to utilise and remit US dollars overseas are finding it extremely difficult to purchase FOREIGN EXCHANGE due to the shortage of supply of the greenback in the economy, THISDAY has learnt.</div>
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According to findings, some firms now resort to the black market for dollar purchases. THISDAY also learnt that a lot of foreign airlines operating in the country are finding it a herculean task to convert revenue from their naira ticket sales to dollars, hence making it impossible for them to remit their earnings overseas.<span id="more-20245" style="border: 0px; margin: 0px; padding: 0px; vertical-align: baseline;"></span></div>
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<img alt="Dollar-notes-1110.gif-Dollar-notes-1110.gif" class=" alignleft" src="http://cdn.akamai.thisdaylive.com/0bef99d6-acf5-4e2c-9779-8fa02ba3fcd4/assets/Dollar-notes-1110.gif?maxwidth=400&maxheight=540" style="border: 0px; float: left; margin: 0px 10px 10px 0px; padding: 0px; vertical-align: baseline;" /></div>
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The development has been attributed to the significant drop in FOREIGN EXCHANGE inflow as apprehension over the elections continues to swell.</div>
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In addition, oil companies which supply dollars to the interbank market have seen their earnings fall on the back of crashing OIL PRICES, and the little they have, they are unwilling to offload as concerns mount over the elections.</div>
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Owing to the development, individuals and firms have been holding on tightly to their dollar holdings in anticipation that the naira will depreciate.</div>
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However, CBN officials, who spoke to THISDAY yesterday, said companies that have been shorting the naira, because they expect it to sink further against the greenback, “are in for a surprise”.</div>
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“We know what is happening and we intend to flood the market with dollars. So those thinking that they can take advantage of the spread will be in for a shock,” said one central banker who did not want to be named.</div>
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Although the Central Bank of Nigeria (CBN) has been able to hold the naira at N197 to a dollar in the interbank market, a lot of firms and individuals holding dollars are not willing to sell, in anticipation that the naira value would depreciate after the elections. The naira sells for about N219 to a dollar in the black market.</div>
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Financial market analysts who spoke to THISDAY yesterday also confirmed the development.</div>
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The central bank exactly a month ago stopped the bi-weekly sale of foreign exchange through the Retail Dutch Auction System (RDAS) and Wholesale Dutch Auction System (WDAS), effectively stopping the sale to manufacturers and oil marketing companies at the hugely subsidised official rate.</div>
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Following the scrapping of the auctions, the central bank had asked authorised dealers and members of the public to channel all demands for foreign exchange to the interbank market.</div>
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The naira has been trading between N197 and N198 at the interbank since the policy was announced.</div>
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A currency analyst at Ecobank Nigeria, Mr. Kunle Ezun, who confirmed the shortage of dollars in the FOREX MARKET, said: “As we speak, the dollar is king. You don’t see dollars anyhow!”</div>
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Ezun explained that “a lot of people are actually going long on the dollar. That is, a lot of people are buying to keep, so they are shorting their naira. That is why the dollar is so scarce.”</div>
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He however pointed out that there has been a significant reduction in the volume of dollar supply in the country, especially with the drop in crude oil prices.</div>
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“The major source of inflow of forex into Nigeria has always been through crude oil sales, which has dropped in the last couple of months.</div>
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“Also, the inflow of foreign investment into the fixed income market has dropped because of the volatility in the market. Add to that autonomous sources, which are the oil companies that are always on the sidelines to support the central bank also, but are hoarding dollars,” he added.</div>
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Ezun however felt the central bank was doing the right thing by intervening in the market.</div>
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“The best the central bank can do is what it is doing presently. The CBN is always in the market. Today, there is transparency in pricing. For you to buy forex, there must be the underlying documentation. Those you see going to the black market, are those who do not have the necessary documentation to support legitimate purchases of dollars at the interbank market,” he said.</div>
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Also, the Managing Director of Cowry Asset Management Limited, Mr. Johnson Chukwu, attributed the scarcity of dollars to the fact that there is only one major supplier, the CBN, in the market.</div>
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He argued that foreign investors are also not active in the market presently because of mounting anxiety over the elections.</div>
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“So because of the apprehension about the elections, a lot of inflows are on hold and the level of demand for the dollar outweighs supply,” he added.</div>
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The CBN is scheduled to hold its second Monetary Policy Committee (MPC) meeting in 2015 next week and the market would be watching keenly for the decisions to be taken by the committee.</div>
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The MPC meeting will come up a few days before the presidential election which holds on March 28.</div>
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instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-45639108715039143552015-03-18T14:03:00.002+01:002015-03-18T14:03:40.886+01:00Missing $20bn: Alison-Madueke sues PREMIUM TIMES, APC, 9 others<div style="background-color: white; border: 0px; color: #444444; font-family: georgia, 'times new roman', times, serif; font-size: 15px; line-height: 22px; margin-bottom: 0.3em; margin-left: 0.5rem; margin-right: 0.5rem; padding: 0px; text-align: justify; vertical-align: baseline;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgPDU8Gdi20sGRX8vcG_mZ7FUGyTUgljdlNB7VIZkS5GlRZkZhQNm07y-vmUXAsQq4beZpjEK2EW0Qb7zZveu4rYD3-oP3H3APV3zQJQNQLo6nhf-X149LQELg9d6N3-0cI59uP2Ht_VMUg/s1600/Diezani-Alison-Madueke-Minister-of-Petroleum-Resources.jpg" imageanchor="1" style="clear: left; float: left; margin-bottom: 1em; margin-right: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgPDU8Gdi20sGRX8vcG_mZ7FUGyTUgljdlNB7VIZkS5GlRZkZhQNm07y-vmUXAsQq4beZpjEK2EW0Qb7zZveu4rYD3-oP3H3APV3zQJQNQLo6nhf-X149LQELg9d6N3-0cI59uP2Ht_VMUg/s1600/Diezani-Alison-Madueke-Minister-of-Petroleum-Resources.jpg" height="211" width="320" /></a>The Minister of Petroleum Resources, Diezani Alison-Madueke, has sued PREMIUM TIMES </div>
and 10 other individuals and organizations to restrain them from further reporting on the controversial missing $20billion oil money involving the Nigerian National Petroleum Corporation, NNPC.<br />
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In an application before Justice AFA Ademola of the Federal High Court, Abuja, Mrs. Alison-Madueke’s lawyer, Godwin Obla, from Obla & Co., sought and obtained an interim injunction restraining PREMIUM TIMES and 10 others from “publishing or causing to be published any further defamatory statements” stating or suggesting that the minister “stole, misappropriate or colluded in the stealing of $20billion crude oil revenue”.</div>
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In the application dated March 13, 2015, Mr. Obla warned the persons and organisations to desist from “further publishing any disparaging defamatory or otherwise salacious materia (sic) as it relates to or affects our client.”</div>
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Those listed as defendants in the case are the All Progressives Congress, APC, Vanguard Media Limited and its editor, Mideno Bayagbon; Leadership Newspapers Group Limited and its editor Ekele Peter Agbo; Premium Times Services Limited and its editor in chief, Dapo Olorunyomi, and Vintage Press Limited and its editor, Lekan Otufodunrin.</div>
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Also joined in the application were the National Broadcasting Corporation and the Nigerian Press Council.</div>
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The Court directed the two government regulators to ensure Mrs. Alison-Madueke is not linked in any report regarding the alleged missing $20 billion either on broadcast media, internet, print or radio.</div>
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The court specifically ordered the media houses to “desist from publishing any materials or running any programmme alluding to the complicity or collusion” the minister in respect of “$20billion, $49billion or any other figure, howsoever computed or arrived at, which are purportedly/allegedly missing or ‘unaccounted’ for”.</div>
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“You are hereby advised to immediately ensure total compliance with the Order of the Hon. Justice Ademola and to further cease and desist forthwith from publishing any material, howsoever titled or presented and irrespective of its form and content, which alludes to any amorous, immoral, salacious and defamatory matters connected to or related with our client, including anything to do with any allegation(s) or insinuation that our client colluded, was involved with or is complicit in the matter of a purportedly/allegedly missing $20billion, $49billion or any other amount whatsoever, until the determination of the substantive suit,” it stated.</div>
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Warning that compliance to the court order was not discretionary, but mandatory, Mr. Obla said that any attempt to do otherwise would be tantamount to flouting a subsisting order of a competent court.</div>
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“Failure to heed or give effect to the subsisting orders of the court will lead to the full force of the law being brought to bear upon your organization,” he said.</div>
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The missing $20 billion oil money was first raised by former Central Bank governor, Lamido Sanusi, who accused the Nigerian National Petroleum Corporation, NNPC, of not accounting for the amount.</div>
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As petroleum minister, Mrs. Alison-Madueke is the chairperson of the board of the NNPC.</div>
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While the government denied that funds were missing, it ordered a forensic audit of the NNPC, carried out by PriceWaterHouseCoopers Limited.</div>
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Several months after the completion of the audit, President Goodluck Jonathan has ordered the report be withheld.</div>
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Last month, Mrs. Alison-Madueke told the Financial Times of London that the government was sitting on the report to ensure a “rabid” opposition does not exploit every of its detail to ridicule the government ahead of crucial polls March 28.</div>
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Under immense pressure from Nigerians, the government released a “highlight” of the report, which indeed proved the NNPC was indebted to the government, but at a much lower rate of $1.49billion.</div>
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The petroleum minister has since directed the NNPC to pay the money to the federation account.</div>
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Notwithstanding, many Nigerians have continued to demand the release of the full report.</div>
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The minister and her finance counterpart, Ngozi Okonjo-Iweala, have repeatedly flouted the directives of the House of Representatives that the report be made public.<br /><br />Source: <a href="http://www.premiumtimesng.com/news/headlines/178649-missing-20bn-alison-madueke-sues-premium-times-apc-9-others.html" target="_blank">Premium Times</a></div>
instinct-mindhttp://www.blogger.com/profile/15355338078580802855noreply@blogger.com0tag:blogger.com,1999:blog-79208498886029904.post-35160856116842014172015-03-13T13:51:00.000+01:002015-03-13T13:56:10.618+01:00Plot To Kill Tinubu: PDP South-West Govs Set N1b Aside For Plot?<div>
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSxiqUcF-Dc4YEw1Y8SVTIfwCAgkNwI-AQnrWs9HNzy9O_AqmXONrtw5GeWfKs1gIqaEx1ZeeouvlPoRHFhDeSd0ev4PKqnK7bMfpEKXVwjD7DhFRE-ZhM5pNdvanUDPxOVWhu4VGy8J9z/s1600/bola-ahmed-tinubu.jpg" imageanchor="1" style="clear: right; float: right; margin-bottom: 1em; margin-left: 1em;"><img border="0" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgSxiqUcF-Dc4YEw1Y8SVTIfwCAgkNwI-AQnrWs9HNzy9O_AqmXONrtw5GeWfKs1gIqaEx1ZeeouvlPoRHFhDeSd0ev4PKqnK7bMfpEKXVwjD7DhFRE-ZhM5pNdvanUDPxOVWhu4VGy8J9z/s1600/bola-ahmed-tinubu.jpg" height="194" width="320" /></a><span style="font-family: georgia, palatino linotype, palatino, times new roman, times, serif;"><span style="font-size: 14.3999996185303px; line-height: 20.1599998474121px;">FRESH facts have emerged on the plot to exterminate the former Governor of Lagos State and the national leader of Action Congress (AC), Asiwaju Bola Ahmed Tinubu by the five South-West governors purportedly elected on the platform of Peoples Democratic Party (PDP).</span></span></div>
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<span style="font-family: georgia, palatino linotype, palatino, times new roman, times, serif;"><span style="font-size: 14.3999996185303px; line-height: 20.1599998474121px;">Investigation has revealed that after series of long nocturnal meetings of the embattled governors, it was concluded that Tinubu must be given a ‘Bola Ige treatment’ if the party (PDP) must maintain its stronghold in the Area.<br /></span></span></div>
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<span style="font-family: georgia, palatino linotype, palatino, times new roman, times, serif;"><span style="font-size: 14.3999996185303px; line-height: 20.1599998474121px;">It would be recalled that the South-West chairman of the party, Mr. Tajudeen Oladipo has been saying it repeatedly all around that the party was trying hard to bring Tinubu and Fashola into the fold.</span></span></div>
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<span style="font-family: georgia, palatino linotype, palatino, times new roman, times, serif;"><span style="font-size: 14.3999996185303px; line-height: 20.1599998474121px;">Findings revealed that the first meeting of the embattled PDP governors on the matter was reportedly held at the Ota-Farm-house of the former President Olusegun Obasanjo, at the instance of the embattled chairman, Board of Trustees (BOT), where the issue of fierce opposition reportedly being championed by Tinubu’s camp, was tabled for discussion.<br /></span></span></div>
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<span style="font-family: georgia, palatino linotype, palatino, times new roman, times, serif;"><span style="font-size: 14.3999996185303px; line-height: 20.1599998474121px;">It was gathered from a source close to the meeting that each of the governor spoke extensively on the problems they were facing with the opposition in their respective states.</span></span></div>
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<span style="font-family: georgia, palatino linotype, palatino, times new roman, times, serif;"><span style="font-size: 14.3999996185303px; line-height: 20.1599998474121px;">OSUN DEFENDER was hinted that the story of Olagunsoye Oyinlola interested the participants reportedly that they maintained a pin-drop silence, when he was revealing how the AC torch-bearer in the state, Engineer Rauf Aregbesola was stifling him with media propaganda from Lagos.</span></span></div>
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<span style="font-family: georgia, palatino linotype, palatino, times new roman, times, serif;"><span style="font-size: 14.3999996185303px; line-height: 20.1599998474121px;">The rattled Osun State helmsman then attributed his problems to Tinubu, arguing that he (Tinubu) is using his deep pocket to suffocate him.<br /></span></span></div>
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<span style="font-family: georgia, palatino linotype, palatino, times new roman, times, serif;"><span style="font-size: 14.3999996185303px; line-height: 20.1599998474121px;">No sooner he concluded his speech, than his Ekiti Counterpart picked his gauntlet against Tinubu, claiming that the AC governorship candidate in the state, according to the source, could not have mustered the financial strength to choke his government, if not for the deep-pocket of the Tinubu’s camp.</span></span></div>
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<span style="font-family: georgia, palatino linotype, palatino, times new roman, times, serif;"><span style="font-size: 14.3999996185303px; line-height: 20.1599998474121px;">Information has it that one way or the other, all the governors reportedly fingered Tinubu in the grinding opposition against them.<br /></span></span></div>
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<span style="font-family: georgia, palatino linotype, palatino, times new roman, times, serif;"><span style="font-size: 14.3999996185303px; line-height: 20.1599998474121px;">The source said that Ondo State governor, Dr. Olusegun Agagu premised the alleged bad press he received over the election tribunal verdict that annulled his victory on Tinubu’s camp, arguing that he had it on good authority that Tinubu was the financial backer of the Labour Party (LP) governorship candidate, Dr. Olusegun Mimiko.<br /></span></span></div>
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<span style="font-family: georgia, palatino linotype, palatino, times new roman, times, serif;"><span style="font-size: 14.3999996185303px; line-height: 20.1599998474121px;">It was learnt that Otunba Gbenga Daniel of Ogun State stated that he had an intelligence report made that Tinubu bankrolled the crisis that led to the removal of Mrs. Titi Oseni as the state Assembly’s speaker.<br /></span></span></div>
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<span style="font-family: georgia, palatino linotype, palatino, times new roman, times, serif;"><span style="font-size: 14.3999996185303px; line-height: 20.1599998474121px;">Also, findings revealed that Alao Akala of Oyo State allegedly whipped sentiments in his own argument, expressing his disgust about the negative media heat against the former president Olsuegun Obasanjo, which he reportedly said was waged by Tinubu’s camp, saying that the antics of the AC strongman was to dislodge Obasanjo from the leadership position; so as to occupy it, citing the cold war between himself and the former governor, Senator Rasheed Ladoja, as a brainchild of Tinubu.<br /></span></span></div>
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<span style="font-family: georgia, palatino linotype, palatino, times new roman, times, serif;"><span style="font-size: 14.3999996185303px; line-height: 20.1599998474121px;">Investigation did not show that Obasanjo said anything incriminatory, as he was said to have counseled the rattled governors to deal with the situation, telling them, “that the boy is like any one of you, nothing special about him.”<br /></span></span></div>
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<span style="font-family: georgia, palatino linotype, palatino, times new roman, times, serif;"><span style="font-size: 14.3999996185303px; line-height: 20.1599998474121px;">A tentative source related to OSUN DEFENDER that the governors have concluded an arrangement to eliminate Tinubu with a pool resources of N1 billion.</span></span></div>
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<span style="font-family: georgia, palatino linotype, palatino, times new roman, times, serif;"><span style="font-size: 14.3999996185303px; line-height: 20.1599998474121px;">According to the intelligence report, the security aides of the former Lagos State helmsman has been for compromise, so that assailants could have an easy penetration into the Tinubu’s itinerary and closet.</span></span></div>
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<span style="font-family: georgia, palatino linotype, palatino, times new roman, times, serif;"><span style="font-size: 14.3999996185303px; line-height: 20.1599998474121px;"><br />Checks however revealed that the coup-scare propped up by the PDP leadership lately was part of the onslaught against the strong politician, according to the party’s inner caucus’s source, it was to break the robust relationship between President Umar Yar’Adua and Tinubu, so as to prune down the latter’s network in the presidency.<br /></span></span></div>
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<span style="font-family: georgia, palatino linotype, palatino, times new roman, times, serif;"><span style="font-size: 14.3999996185303px; line-height: 20.1599998474121px;">In another development, a political pundit said that the embattled governors might be thinking that Tinubu’s camp must be uprooted if PDP’s rigging machine must continue to operate, reiterating that the only available solution left for them (governors) now is to remove Tinubu, having failed to woo him into the PDP fold.</span></span></div>
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<span style="font-family: georgia, palatino linotype, palatino, times new roman, times, serif;"><span style="font-size: 14.3999996185303px; line-height: 20.1599998474121px;">All efforts to speak with Tinubu’s spokesman proved abortive, as nobody responded to his ringing mobile phone.<br /></span></span></div>
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<span style="font-family: georgia, palatino linotype, palatino, times new roman, times, serif;"><span style="font-size: 14.3999996185303px; line-height: 20.1599998474121px;">Source URL: http://www.osundefender.org/?p=98</span></span></div>
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