The Nation Newspaper

Tag: 2014

  • Traditional Sports Federation plans big for 2014

    Traditional Sports Federation plans big for 2014

    The board of the Traditional Sports Federation (TSF) of Nigeria held a two-day workshop for technical officials, coaches and stakeholders at the media hall of the Abuja National Stadium between Monday and Tuesday and took decisions that will affect the Federation positively from 2014.

    The president of TSF Mohammed Abdullahi informed SportingLife of some of the decisions made.

    He said: “The two-day workshop is actually meant to familiarise ourselves with new regulations and innovations that are brought into the various sports under the purview of the federation (Traditional Sports).

    “It is also meant to keep our referees and coaches updated on goings on in the federation and the new rules that we want to introduce to be harmonised and synchronised in such a way that we will be able to apply it in subsequent National Sports Festivals and Championships of the federation.

    “We are also using the opportunity of our congress to meet as a family nationwide. The entire 36 states and the Federal Capital Territory (FCT) are all gathered here in Abuja and we had the opportunity to make major and far reaching decisions today (Tuesday) as we concluded the Technical session of the event.”

    Abdullahi continued: “The thrust of this meeting as we enter year 2014 is that the federation has settled for a new dawn and our programmes for 2014 and 2015 have been adopted and ratified at the meeting. The referees will now be better placed to give their best in subsequent competitions.

    “Some of our sponsors who attended this meeting with us are now on the same page with us as a board.”

    He also harped on good preparations for next year’s National Sports Festival.

    “We also looked at next year’s National Sports Festival in the area of the rules that have been ratified, harmonised and have also been approved by the Congress today (Tuesday). This invariably formed part of what will make us to have a healthy Festival next year.

    “The old referees have been upgraded while the new ones came to the workshop to be registered, accredited and trained to become referees.

    The Traditional Sports Federation boss also confessed that funding has been one of the major challenges the federation is faced with.

    “The major challenges the federation is faced with include:

    1. Funding of our activities.

    2. Ageing referees that need to be replaced.

    “That is why you can see new and talented young men who are former athletes of the various sports coming up to train as referees. No matter how good you organise an event, if you don’t have good officiating it can mar the event. So that is what we want to take care of immediately”, he disclosed.

  • HotSports rolls out Brazil 2014 hospitality packages

    HotSports rolls out Brazil 2014 hospitality packages

    In a bid to make the FIFA Brazil 2014 World Cup a worthwhile and hassle-free experience for Nigerians interested in visiting venues during the quadrennial Tournament, HotSports Nigeria Limited, Nigeria’s foremost sports production and marketing company, in conjunction with its international partner, The Production Room Inc. (formerly RP Productions), has announced a wide range of hospitality packages

    According to Taye Ige, CEO of HotSports, the services to be offered include provision of tickets for matches, international flights either in economy, business class or first class; accommodation ranging from serviced apartments to luxury hotels especially in Curtiba, Suiaba and Porto Alegre where the Super Eagles of Nigeria will play their three group games; personalised and group transportation, meet and greet at the airport and guided tours of various destinations.

    He explained that the company’s local multi-lingual Brazilian team, centralised in Sao Paulo, would introduce multi-lingual guides, fluent in both Portuguese and English to facilitate communication for those who would take advantage of HotSports’ services at the tournament.

    He maintained that the packages are aimed at offering world-class services to corporate organisations that would create consumer promotions around the World Cup as loyalty reward for their consumers and for organisations whose executives would be in Brazil for the tournament.

    “In conjunction with our international partners, The Production Room, we have a very robust experience in this regard having successfully provided similar services during the South Africa 2010 World Cup. It is in realisation of the fact that during tournaments of this nature, there is always a gap in logistics which gives room for a lot of people to be short-changed and offered services that are below standard,” Ige said, explaining further that the packages would be tailor-made according to the specific needs of clients.

  • 2014 World Cup: Chukwu tips Eagles for 2nd round

    2014 World Cup: Chukwu tips Eagles for 2nd round

    •Says Nigeria will be difficult to beat

    Former Super Eagles Chief Coach and Captain, Christian Chukwu has tipped the Eagles to scale through the group stage hurdle and at least get to the second round of the 2014 World Cup slated for Brazil.

    Chukwu who is also a member of Nigeria Football Federation Technical Committee told SportingLife that the Super Eagles team is strong enough to make the second round of the competition no matter the group the Nigerian team found itself in today’s draws.

    “One thing about the present Super Eagles team under the leadership of Coach Stephen Keshi is that they are bunch of devoted, patriotic and glory-seeking players that can wreck any highly rated team on their good day. So no matter where the Eagles are drawn I am confident that they will at least get to the second round of the 2014 World Cup holding in Brazil,” Chukwu disclosed.

    The former Rangers strongman stressed that in as much as he would prefer the Eagles avoid the big football nations like Brazil, Spain, Germany and the rest, he still believes that the Nigerian team could stand to be counted when pitched against these teams in the group stage. He, however, warned that there are no minnows in world football again. He said that the so-called small football nations are the ones that normally pose as threats to other big football nations.

    “I always laugh if I hear people saying they prefer the Eagles meet a small team. What do they mean by a small team? There are no more minnows in world football. All the countries that qualified for the finals of the 2014 World Cup passed through strenuous, rigorous and energy-sapping qualifying series and worth their qualification for the 2014 World Cup. So to me all the 32 teams going to Brazil for the Mundial worth being there and are threats to other opponents,” Chukwu called ‘The Chairman’ during his playing days for being a tough and dependable defender told SportingLife.

    He, however, urged the Nigeria Football Federation not to relent in their efforts of preparing the team well for the task ahead in June 2014.

    “I am urging the NFF to as a matter of importance and urgency use the opportunity of attending the World Cup draws that is holding tomorrow (today) to discuss with the representatives of other countries coming for the draws to arrange friendly matches in other to toughen the Eagles for the World Cup.

    “The Eagles need at least three to five friendly matches between now and June date of the World Cup to knock the team to shape and be ready for the competition,” he added.

  • ‘Hospitality will improve in 2014’

    ‘Hospitality will improve in 2014’

    The Chairman of Capital Hotels, owners of Sheraton Abuja Hotel, Mr Goodie Ibru has expressed optimism that 2014 will be a better year if the issues of power and security are tackled.

    Speaking at its annual general meeting (AGM) in Abuja, Ibru said: “We will have a better 2014 and years in the future once the issue of insecurity is addressed and the issue of power is assured.”

    Giving report of its annual event and accounts, Mr. Ibru admitted that security and power were the major challenges the hospitality business encountered.

    According to him, security is the major issue because it scared some people away and that impacted negatively on our result. I am, however, pleased to announce to you that government is addressing that issue and things are going back to normal.

    While assuring guests of the safety measures put in place by the hotel, he said: “As far as security is concerned, we assure our guests that it is safe to be in the hotel.”

    Speaking on energy, he said: “We spend a lot of money on diesel and, of course, that has cost implication. We hope that things will improve; that will make us rely less on power generation from our generators and rely on national grid.”

    He praised the actions of government in the sale of Power Holding Company of Nigeria (PHCN) to private investors.

    “It is a good development that the government is privatising the Power Holding Company of Nigeria Plc and we do hope that, in the very near future, the supply of power from the national grid will be steadier and it will reduce cost of doing business in the hospitality industry,” he said.

  • Imoke proposes N176b for 2014

    Governor Liyel Imoke of Cross River State yesterday proposed a budget of N176,310,968,801.07 for the 2014 fiscal year.

    This represents a 17 per cent increase over the 2013 Appropriation Bill.

    Presenting the budget at the House of Assembly in Calabar, he said guided by the fundamental principle that capital appropriation takes pre-eminence over recurrent expenditure, they would maintain their 70:30 ratio.

    Imoke, who tagged it: “BUDGET OF PROGRESSION”, said it was an important tenet of the state’s fiscal prudence, which would ensure that it continually prioritised developmental projects and programmes over short-term recurrent expenditure.

    He said: “Mr. Speaker, this guiding principle is also important as it is one of the ways we can guarantee that all our ongoing development projects can be completed before the end of this administration in 2015.”

    The governor said in 2014 the state would strive to leverage on its revenue sources to boost agriculture and tourism and other sectors of the service economy; create a conducive platform for enhanced foreign direct investment; and, strive to complete all capital projects initiated by the government.

    He said with the ongoing reforms of the management of the Internal Revenue Service, it is expected that there will be a boost in IGR to achieve revenue target in 2014.

    “Government will explore the possibility of raising revenue through the identity management and e-payment back bone project. It will curb revenue leakages through pay direct system on all government transactions, commence back duty tax audit, recovery of withholding taxes from banks, aggressive tax drive on PAYE defaulting firms and reactivate tax offices across the state.”

  • New Mazda: Blend of fun, comfort

    New Mazda: Blend of fun, comfort

    The 2014 Mazda CX-5 is unique. It is a dynamic departure from the compact SUV segment’s otherwise typical low standards. The brakes, suspension and steering are uncommonly capable, and in general, the CX-5 is fun and confidence-inspiring on a curving road. On the open highway, the CX-5 is not the quietest choice available, but it still rides comfortably. TAJUDEEN ADEBANJO writes

    The 2014 Mazda CX-5 has been a big success for Mazda, a company that so often struggles to get the attention of buyers more inclined to shop other brands. The CX-5’s blend of good looks, generous feature content, ample space and carlike driving dynamics has apparently resonated with folks looking for a compact crossover Sport Utility Vehicle (SUV). If there was one area of possible improvement, it was under the hood.

    The Mazda CX-5 addresses that issue. Last year’s 2.0-litre “Skyactiv” four-cylinder that was strong in fuel economy but weak in power now lives on only in the base Sport model. The Touring and Grand Touring trims now come with a bigger version of that engine, which displaces 2.5 litres and puts out 184 horsepower and 185 pound-feet of torque. Not only is that 29 and 35, more than the two-litre, it is also one of the more potent non-turbo four-cylinder engines in the segment. Best of all, fuel economy takes only a tiny dip.

    Beyond that, the CX-5’s virtues go unchanged for 2014. It remains one of the most enjoyable little SUVs to drive, as Mazda once again proves that sensible does not need to equal boring. The CX-5’s cabin is not the most visually dynamic around, but it can be equipped with most of the bells and whistles to expect from compact crossovers. Some of them are controlled by a touchscreen that is hardly a class-leading interface, but we think most will find the CX-5’s controls to be simple and intuitive.

    Of course, there are an awful lot of worthy competitors to consider. The Ford Escape offers available turbo power and a more appealing interior, the Honda CR-V is a more utilitarian choice, and the 2014 Subaru Forester boasts stronger credentials for off-road use. However, the 2014 Mazda CX-5 should be strongly considered. It may be quite conventional in concept, but it is certainly unique in its execution.

     

    Body Styles

     

    The CX-5 is a five-passenger compact crossover SUV available in Sport, Touring and Grand Touring trim levels.

    The base Sport comes standard with 17-inch wheels, full power accessories, keyless entry, air-conditioning, cruise control, a height-adjustable driver seat, a tilt-and-telescoping steering wheel, a 60/40 split-folding rear seat and a four-speaker sound system with a CD player, auxiliary audio jack and a USB/iPod interface. The Bluetooth Audio package adds Bluetooth phone and audio connectivity, a touchscreen interface, HD radio, Pandora Internet radio, automatic crash notification, SMS text message reading and audio system voice controls. Foglights are a stand-alone option.

    The Touring gets the Sport’s optional equipment plus a more powerful engine, a rearview camera, a blind-spot warning system, a six-way power driver seat, a 40/20/40-split-folding rear seat, upgraded cloth upholstery, a leather-wrapped steering wheel and a six-speaker sound system. The Moonroof and Bose Audio package adds a sunroof and a nine-speaker Bose surround-sound audio system.

    The Grand Touring includes all of the above, plus 19-inch wheels, automatic headlights, automatic wipers, heated mirrors, dual-zone automatic climate control, an eight-way power driver seat, heated front seats and leather upholstery.

    The Technology package available on both Touring and Grand Touring models tacks on the Smart City Brake Support System (see Safety section), automatic and adaptive bi-xenon headlights, an auto-dimming mirror, satellite radio and a TomTom-powered navigation system. The latter two items are available as stand-alone options. The Touring version of this package includes automatic wipers, while the Grand Touring version gets keyless ignition/entry.

     

    Powertrains and

    Performance

     

    The CX-5 Sport comes with the same engine as last year: a 2.0-litre four-cylinder that produces 155 hp and 150 lb-ft of torque. Buyers are offered the choice of front- or all-wheel drive. However, the 2.0-litre alone comes standard with a six-speed manual transmission. A six-speed automatic is optional.

    In Edmunds performance testing, an all-wheel-drive CX-5 with this engine went from zero to 60 mph in 9.7 seconds, which is average for a small crossover. EPA-estimated fuel economy is 26 mpg city/32 mpg highway and 29 mpg combined with front-wheel drive and the automatic. It drops to 25/31/28 with all-wheel drive, but raises to a class-leading 26/35/29 with the manual.

    The CX-5 Touring and Grand Touring get a 2.5-litre four-cylinder good for 184 hp and 185 lb-ft of torque. The six-speed automatic is standard. Despite its added power, EPA-estimated fuel economy is nearly identical at 25/32/27 with FWD and 24/30/26 with AWD.

     

    Safety

     

    Every CX-5 comes standard with antilock brakes, stability and traction control, front side airbags and side curtain airbags. An automatic crash notification feature is optional on the Sport and standard on the Touring and Grand Touring, which also get a blind-spot warning system.

    The optional Smart City Brake Support system uses a laser sensor to detect stationary objects such as stopped cars or pedestrians in front of the vehicle at speeds up to 19 mph. If the driver fails to respond to a warning, the car can automatically apply the brakes.

    A CX-5 Grand Touring came to a stop from 60 mph in 121 feet, which is a bit better than average for the class.

    The government gave the CX-5 four out of five stars for overall crash protection, with four stars for total frontal crash protection and five stars for side-impact protection. In crash testing by the Insurance Institute for Highway Safety, the CX-5 received the highest possible rating of “Good” in the frontal-offset, side and roof strength tests.

     

    Interior Design

     

    The cockpit of the CX-5, regardless of trim level, is attractive, modern and functional. It is a mature (some might say demure) design, but at least it is not swathed in poorly rendered fake wood or highly reflective chrome trim. Soft-touch surfaces are set off with the limited use of satin-finish metallic details, and the black gauges with white lettering are highly legible. The optional TomTom-sourced navigation system is satisfactory, but many competitor units are quicker, more intuitive and have better graphics. The audio system’s touchscreen interface is similarly just OK.

    The driving position and front seat comfort are both quite good. The rear seats are spacious (especially in terms of legroom) for the category and, while a bit flat to sit on, feature an innovative folding mechanism on the Touring and Grand Touring that lowers the seat bottom before folding the seatback on top to provide a near-flat load floor. With all seats occupied, there are 34 cubic feet of luggage space that grows to a competitive 65 cubic feet with the rear seats folded.

  • 2014: Many troubles of Ekiti PDP

    2014: Many troubles of Ekiti PDP

    Assistant Editor, Dare Odufowokan, unveils the aspirants for Ekiti State governorship race in 2014 and the issues that will come into play during the election

    Ahead of the 2014 governorship election in Ekiti State, the state chapter of the Peoples Democratic Party (PDP) will have to scale quite a number of hurdles if it is to make good its promise of returning to the Government House next year.

    The party is balkanized into splinter groups loyal to various chieftains. There are, at least, three factions within its fold. Several efforts from various quarters, including the zonal and national headquarters of the PDP, to mend fences and calm frayed nerves, have failed.

    The men who enjoy the loyalties of the various PDP factions in the state, including the Minister of Police Affairs, Navy Cptain Caleb Olubolade (retd); former Governors Ayo Fayose and Segun Oni, and former deputy governors Abiodun Aluko and Paul Alabi, have variously been accused of putting their gubernatorial interests ahead of party unity.

    The closest the party got to uniting the various factions was the last year stakeholders’ meeting, convened in Ipoti-Ekiti by Olubolade. At the end of the meeting, all the warring party chieftains addressed the press on their readiness to close ranks and work together to ensure victory for Ekiti PDP in 2014.

    “All the leaders of the party were present at the meeting where we all resolved to close ranks and work for the party. We agreed that in all issues, there will be no imposition; that transparency will be the order of the day and that where we have grey areas, they should be resolved in the various localities,” Olubolade told pressmen way back then.

    But the gains of the meeting survived for barely two weeks as the gladiators returned to their warring paths almost immediately after the state congress of the party that produced Makanjuola Ogundipe as the state chairman. Oni, Aluko, Alabi and other party leaders, including Senators Clement Awoyelu and Bode Olowoporoku, rejected the new leadership of the party in the state and resurrected their various factions.

    Clashes between the various factions became regular occurrences. The warring party chieftains accused one another of ‘crimes’ ranging from imposition of state executive committee members to plots to rig the party’s gubernatorial primary election ahead of the 2014 poll.

    Last Tuesday’s commotion at the state secretariat of the party in Ado Ekiti, Ekiti, was the climax of the pent-up tension within the embattled party. At the end of the free-for-all, some aggrieved members of the party announced the suspension of the chairman, Chief Makanjuola Ogundipe, for alleged misappropriation of funds, corruption and inability to carry along other members of the Central Working Committee (CWC) of the party.

    He was also accused of unilaterally constituting the 11-member screening committee to pick the gubernatorial candidate for the 2014 governorship election.

    In a statement by the party’s Public Relations Officer, Pastor Kola Oluwawole, the embattled chairman was suspended for one month, while his deputy, Mr. Femi Bamisile, was asked to take over from him.

    Newsmen and party faithful had to run for safety, as the hoodlums, armed with guns, cutlasses and cudgels, took over the secretariat.

    The hoodlums fired into the air, apparently to scare away Ogundipe’s supporters who had wanted to address a press conference.

    In the ensuing melee, the PDP state Legal Adviser and former Speaker of the Ekiti State House of Assembly, Mr. Kola Adefemi, and state Auditor, Mr. Olatunji Olanrewaju, who were said to be loyal to the chairman, sustained head injuries.

    But Ogundipe, who was not at the party’s secretariat at the time of the tussle, claimed ignorance of his removal and the planned press briefing.

    Members of the CWC, who signed the statement for the suspension of the chairman are, the Secretary of the party, Dr. Tope Aluko, Publicity Secretary, Pastor Kola Oluwawole, state Women’s Leader, Mrs. Busola Oyebode, PDP Vice Chairman, Central, Mr. Femi Ogunleye, State Organising Secretary, Alhaji Lateef Agbaje, the State Treasurer, Mr. Aluko.A.O. and the State Youth Leader, Mr. Tayelolu Olatunji.

    Meanwhile, the numerous crises occasioned by incessant politicking by party chieftains is not the only hurdle confronting the PDP in Ekiti State as a court case, aimed at sacking the Ogundipe-led State Working Committee (SWC), is still raging.

    The suit, number HAD/02/2013, filed by Mr. Akinbowale Omole, who contested the party’s chairmanship position with Chief Ogundipe, was first heard on Monday, 24 June by Justice John Adeyeye of the Ekiti State High Court, Ado-Ekiti.

    It was adjourned till 17 July for further hearing. During the congress that is now being disputed, Omole had scored 310 votes, while Ogundipe scored 318.

    Joined as defendants in the case are the party; chairman and secretary of the Transition and Congress Committee (TRCC), Tunde Odusina and Princess Iyabo Fakunle, respectively. Others are former zonal chairman of the PDP, Chief Segun Oni; state chairman, Ogundipe; secretary, Dr. T.K.O Aluko; deputy chairman, Femi Bamisile; Mrs Busola Oyebode, Taye Olatunji, Alhaji Ganiyu Bankole and Kola Adefemi.

    Omole, a legal practitioner, said in the 51-paragraph affidavit he deposed to in support of the originating summons that on the basis of zoning, “Mrs Busola Oyebode, who emerged as Women Leader, was disqualified under the party’s constitution because she was the Labour Party (LP) House of Assembly candidate for Efon Local Government in the 2011 general elections. Mrs Oyebode was, therefore, ineligible to contest because as of June 22, 2011, she was of LP, and no waiver from the PDP to hold any office in the party.

    Should Omole succeed in his legal quest to wrestle control of the party from Ogundipe, the State Working Committee will become an illegal body and may need to be reconstituted.

    Pundits are of the opinion that should that happen, the rancor that will be generated by a fresh party congress to elect new state leaders, so close to the gubernatorial contest, will leave the already battered PDP too bruised to make any meaningful impact in the race for Governor Kayode Fayemi’s job.

    There is also the worrisome issue of more than 20 governorship aspirants running on the crisis-ridden platform of the party for the 2014 governorship. As if oblivious of the division within the party, the aspirants are seemingly pursuing their ambitions without thoughts for the disunity in their homestead.

    This has heightened the fear that the Ekiti PDP will go into the 2014 elections in ruins, and will consequently be roundly defeated.

    Apart from Fayose and Olubolade, who have declared their interest in Fayemi’s job, other aspirants include Prince Dayo Adeyeye, (Ekiti South); Senator Gbenga Aluko (Ekiti South); Abiodun Aluko (Ekiti South); and Chief Adeyanju Bodunde, former aide of Chief Olusegun Obasanjo (Ekiti Central).

    Others are former federal legislator Wale Aribisala (Ekiti North); Senator Ayo Arise (North); former Minister of Science and Technology, Dr. Bode Olowoporoku, former Deputy Governors Abiodun Olujimi, (South) and Chief Bisi Omoyeni (South); and former chairman of Emure council, Chief Ropo Ogunbolude.

    To further compound the crises within the party, some chieftains and aspirants recently introduced the very controversial issue of zoning into the politics of the troubled party.

    The aspirants, under the auspices of Ekiti South Senatorial Gubernatorial Aspirants’ Forum, in a communique last Sunday, urged the leadership of the party to select its candidate for the 2014 election from Ekiti South Senatorial District.

    The communique was signed by Abiodun Aluko, Senator Gbenga Aluko, Bisi Omoyeni and Dayo Adeyeye. Others are Ropo Ogunbolude, Bimbo Owolabi, Senator Bode Olowoporoku, Adekunle Folayan and Mr. Femi Bamisile.

    The forum noted that the zone had yet to produce a governor in the state since the return of democracy in the country in 1999. They argued that since Ekiti Central and Ekiti North had produced two governors each, the South should be considered for the slot in 2014.

    But the move is already being viewed as a grand plot aimed at edging out both Olubolade and Fayose who are from the north and central senatorial districts respectively. Then new development, pundits say, can only worsen the crises within the troubled party.

  • Centenary beauty pageant coming

    As part of the nation’s 100 years celebrations, there will be a Miss Centenary Nigeria Beauty Pageant and Fashion show staged in Abuja before the end of the year.

    The show is being organised for young women between 18 and 25 years of age as a unifying tool in the country.

    National Coordinator, Mr. Kolade Oludare, Miss Centenary Beauty Pageant and Fashion Show, disclosed this to reporters at a press conference in Abuja.

    He said the beauty pageant is not a bikini show but one that will showcase Nigeria’s culture as it marks its 100 years of existence.

    Miss Centenary Pageant project was unveiled as part of activities to mark the country’s 100 years of existence.

    Oludare said that the project would further strengthen the cultural, ethnic and religious background of the people.

    His words: “The show will be a strong foundation that is deeply rooted in the national unity and peaceful coexistence of the country, thereby acting as a unifying tool.’’

    He said that Miss Centenary Nigeria was to promote the beautiful culture of the country and the different ways of dressing, while also promoting the peaceful coexistence of the nation.

    “The Nigerian woman is a key player in the sustainability of the unity and development that the country has enjoyed in the last 100 years, “ he added.

    Oludare said that the woman, who emerges as the centenary queen would have the opportunity to project “a great, vibrant and progressive nation that is ready to be a world leader’’.

    The “no-bikini’’ event is billed for December 14, in Abuja ahead of the January 2014 Centenary event.

    The winner of the pageant is expected to participate fully in the general celebrations to showcase how the Nigerian womanhood has evolved in culture and tradition in the last 100 years.

    According to him, the pageant will parade Nigerian designers and fabrics to showcase the decency that Nigeria is known for.

    He said that the programme would be aired live on television.

    He explained that the winner of the pageant would go home with a Nigerian assembled SUV car to promote made in Nigeria brand alongside cash and other prizes.

    According to Oludare, the ultimate goal of the event is to contribute toward peace building, irrespective of ethno-religious diversities.

    Activities for the pageant will include talent hunt, cooking competition of Nigerian dishes, workshops, debates on issues of national development and fashion competition.

     

  • IFRS: CBN sets 2014 deadline for SMEs’ compliance

    IFRS: CBN sets 2014 deadline for SMEs’ compliance

    The Central Bank of Nigeria (CBN) has set up a roadmap On International Financial Reporting Standard (IFRS) stipulating compliance by all Small and Medium Scale Enterprises (SMEs) by January 31, 2014.

    The roadmap, The Nation learnt, requires that the entire business community in the country would implement and converge in phases, while the phases are submerged within a general implementation framework. The general plan would therefore ensure that appropriate changes and restructuring are made to processes, systems and the personel in terms of training and capacity building.

    The IFRS is a globally-accepted set of accounting standards, framework and interpretations, adopted by the International Accounting Standard Board (IASB and its interpretative body, the International Financial Reporting Interpretations Committee (IFRIC).

    The IFRS was issued by the IASB. It was issued to serve as the global accounting language for the purpose of meeting the information needs of global business investors, shareholders and financial services providers.

    The Financial Reporting Council (FRC) had earlier announced its decision to converge to IFRS in the last quarter of 2010, but the commencement date was later shifted to January 1, 2012 to ensure legal and capacity building in the project.

    There has been mixed reactions to the IFRS, especially among the organisations in the first phase. The banking and discount houses sub-sectors had the greatest momentum, while most other corporations waited on their external auditors to drive implementation and compliance.

    Risk Expert and Chairman, IFRS Interpretations Committee, at the IASB, Bob Garnett, had explained that harmonising the IFRS and Basel Accords will give Nigerian companies’ financials better credibility.

    He explained also that the global knowledge and expertise reduces the risks of getting things wrong, adding that the adoption of the model will further enhance transparency and facilitate the restoration of investors’ confidence in the on-going efforts to sanitise and rebuild the financial services sector.

    He said businesses would, therefore, be required to identify and understand the similarities and differences between the Nigeria General Accepted Accounting Practice (Nigeria GAAP), including changes that would occur within the transition period up to its full adoption and implementation.

    He explained that for a truly global economy, where companies and accounts issuers interrelate around the globe, to be efficient, it is appropriate to have a common standard in business and financial reporting. IFRS therefore, became the set of high quality, transparent and globally renowned accounting standards and framework that provide for international comparison.

    At the global level, such standards, he said are regarded as a major component of a good financial system that reduces cost of capital, allowing for transparency and disclosure, as well as facilitating increase in capital formation.

    The world-wide adoption of IFRS is expected to facilitate presentation of financial information in a manner that allows and helps evaluators and users to determine the financial status and liquidity position of a company.

    According to CBN, the number of countries that have either moved, or are in the process of moving, to IFRS increased to 117 involving more than 12,000 companies at end of December 2011 from 100 at end-December 2009. At end-December 2012, nearly 20 African countries, including Nigeria, had either adopted, converged to or made a commitment to implement IFRS.

    It explained that in Nigeria, the bodies responsible for the regulation of accounting information are statutory agencies such as the FRC, the Securities and Exchange Commission (SEC), Nigerian Stock Exchange (NSE) and the CBN. The NASB, established in September 1982, under the sponsorship of the Institute of Chartered Accountants of Nigeria (ICAN), is a government agency statutorily responsible for issuing Statements of Accounting Standards (SAS) in Nigeria on various accounting matters, after taking into account all peculiarities of the business environment, customs, laws and level of development.

    The banking watchdog explained that convergence to IFRS would promote uniformity in operations and auditing of companies. This is expected to have a significant impact on firms’ financial performance and ultimately on their financial position.

     

    It said that implementation of the IFRS (Uniform Global Accounting Language) would, among other things, allow for easy access to efficient global capital; increase demand for, and enhance practice of public accountability and transparency; enhance understanding and ability to generate value from strategic activities and synergies; facilitate comparison between entities as well as enhance attraction and encouragement of foreign investors.

     

  • LASEIC begins preparations for 2014 council polls

    LASEIC begins preparations for 2014 council polls

    Lagos State Independent Electoral Commission (LASIEC) Chairman Justice Fatai Adeyinka (rtd) has lamented voters’ apathy to local government elections in the state, warning that it could erode legitimacy, good governance and democracy.

    He clarified that the low turnout in recent times had no connection with the agency’s preparation for the polls across the 20 local governments and 37 Local Council Development Areas (LCDAs).

    Adeyinka, who spoke at the Political Stakeholders’ Forum organised by the commission at Ikeja, recalled that the Forum of State Independent Electoral Commission of Nigeria (FOSIECON) and other independent observers within and outside the country had applauded polls conducted by the commission. He was accompanied by other electoral officials , including Mr. Lekan Mabinuori, Mr. Adeoye Ogundipe, Mrs. Felicia Oriola, Mr. Tokunbo Amele, Mr. Ade Jeje and Mrs. Ronke Famakinwa.

    At the meeting attended by representatives of political parties, Lagos State Resident Electoral Commissioner Dr. Adekunle Ogunmola and former Lagos State National Conscience Party (NCP) chairman Afolabi Gbajumo delivered lectures titled: “Party politics, internal democracy and electoral peace”. Highlights of legal provisions guiding council polls were read out to the party leaders.

    Adeyinka said LASIEC always made proper arrangements for logistics, transportation, security and distribution of electoral materials, adding that ballot boxes were customised and only political parties contesting elections had their logos printed on the customised ballot papers.

    Adeyinka alluded to the adoption of the open secret system adopted for the polls, saying that plastic polling booths for voters to thumb print without other voters identifying the political parties being voted for by the electorate.

    He however, lamented that post-election analysis showed that voters’ turn out was low in some areas, stressing that apathy marred the exercises in other places.

    Adeyinka added: “LASIEC has observed a downward trend in the turnout of voters, particularly in the last three to four years. 781,363 voted out of 6.2 million registered voters in the 2011 local government election, which amounted to 12.78 percent, whereas in 2008, 1,054,971 voted out of 4.2 million registered voters, which amounted to 25.1 percent.

    “This is a very dangerous trend which may have negative consequences on legitimacy, good governance and other components of democracy. Although democracy is not totally problem-free, it bequeathed to man his fundamental freedom of choice among political parties. What we see in some countries of the world today makes us to classify them as developed or advanced is mostly achieved through the strengthening of their democracy at the grassroots level, thus making development to evolve from the grassroots and rise up to the state and federal levels”.

    Ogunmola spoke on electoral peace, saying that only free and fair elections can guarantee harmony and prevent electoral violence. He lamented that political parties have often abused the Electoral Act 2010, which empowers them to choose candidates for elections, assuring that the provision would be amended.

    He added: “The task of delivering free, fair and credible elections is a collective responsibility and all of us must have a role to play in making it a reality. Credible elections are possible in Nigeria, but all of us must work together in ensuring that whatever needs to be done to bring about this objective is done”.

    Gbajumo expressed worry about the lack of internal democracy in the political parties, urging stakeholders to moderate the tension between party democracy and internal democracy.