The Nation Newspaper

Tag: confidence

  • Oando’s $234m hedge windfall boosts investors’ confidence

    Oando’s $234m hedge windfall boosts investors’ confidence

    Investors have increased buy orders for shares of Oando Plc as market analysts respond favourably to the $234 million windfall from the proactive hedge deal by its subsidiary, Oando Energy Resources (OER).

    OER has announced a $238 million prepayment of certain loan facilities, which it utilised for the $1.5 billion acquisition of the ConocoPhillips Nigerian oil and gas business in July, 2014. The company had realised $234 million by resetting its crude oil hedge floor price from an average of $95.35 per barrel to $65.00 per barrel on 10,615 bbls/day for the next 18 months and another 1,553 bbls/day for a further 18 months until January 2019. The company will pay an additional $4 million from its cash reserves.

    The funds will be applied towards a $238 million loan pre-payment, thereby substantially reducing the company’s total debt for the acquisition of ConocoPhillips Nigeria (COPN) from $900 million to $615 million. Through astute management of its balance sheet the company has managed to reduce its debt by 30 percent in the space of seven months post the acquisition of COPN and also save $65 million in interest payments over the remaining term of the loan.

    “We think Oando is a valued stock for the future based on our analysis. We also think the company’s growth plans are laudable. The only major concern is the issue of its debt exposure and its impact on profitability going forward. However as stated earlier, the hedging strategy seems to have paid off as it has eased the debt burden somewhat,” Sewa Wusu, head of research and investment advisory at Sterling Capital Markets, said.

    According to him, Oando has very bright prospects, once the huge debt burden is over, the company would begin to enjoy significant benefits from all the acquired assets with increased capacity to support growth momentum in terms of earnings.

    He said Oando as an indigenous player in the oil and gas sector is a future stock worth holding noting that the stock is currently trading at about 64 per cent below its fair valuation of about N24.65, on a 12 month investment horizon. Oando opened yesterday at N15 per share at the Nigerian Stock Exchange (NSE).

    Chief Executive Officer, Oando Energy Resources, Pade Durotoye, said hedge positions are investment decisions often taken by companies with the intention of offsetting potential losses and gains that may be incurred, especially during a global downturn.

    According to him, the decline in global crude oil prices led to a substantial gain for the company and it has 10,832 bbls/day average production hedged for the balance of 2015 and 8,000 bbls/day for 2016.

    “Cashing out some value from this hedge will enable us reduce our outstanding loans and leverage by $238 million, saving the company $65 million in interest payments over the remaining term of the loan facilities, whilst preserving a floor of $65 per barrel. With 50 per cent of our oil production hedged and 65% of our production being gas committed to stable long term priced contracts, we are well positioned with strong cashflow to meet our obligations and aspirations through this current oil price down cycle,” Durotoye said.

    He noted that the more leveraged a company is the greater its financial risk, by taking the proactive step of having hedging tools in place and significantly reducing its leverage profile, OER is optimising its balance sheet for increased earnings which could translate to rewards for shareholders in the mid to long term.

    According to him, in this downturn there is an increased likelihood of consolidation within the energy industry, a strong balance sheet means that OER is in a good place for further mergers and acquisitions following the successful $1.5 billion landmark acquisition of COPN.  The acquisition has seen the company move from producing circa 5,000 boepd to circa 53,100 boped today.

    Through a combination of organic growth and mergers and acquisitions the company has indicated that it is looking at producing 100,000 boped by 2019.

  • ‘Lack of investor confidence affecting economy’

    ‘Lack of investor confidence affecting economy’

    Dele Sotubo is the CEO of Stanbic IBTC Stockbrokers, Nigeria’s largest stockbroking firm in value and volume of transactions handled at the Nigerian Stock Exchange. In this interview with Bukola Aroloye, Sotubo speaks on the capital market, the company’s efforts in attracting interest in the market through stakeholder engagements, provision of quality investment advisory services as well as value added services, among other issues. Excerpts:

    The exchange traded fund is a relatively new product in Nigeria, barely three years old, with only three listings including the Stanbic IBTC ETF 30.Do you think the market is sufficiently mature to appreciate this product?

    The market is growing gradually and the exchange traded fund (ETF) will help deepen our market as well as diversify investors’ portfolio and risk. ETF represents baskets of stocks and a simplified method of investment whereby investors have a stake in many companies tracked by the ETF. More awareness towards its benefit will give room for growth. The market will definitely support this product.

    There have been calls for multinational oil and gas companies and telecoms giants to list on the Nigerian Stock Exchange in order to further boost the capital market’s contribution to the GDP. What efforts are market operators like yourself making to encourage telecoms and multinational oil and gas companies to list on the Nigerian Stock Exchange? 

    The listing of these companies will help deepen the capital market. The regulators and operators are currently in discussions with the government on the best way to ensure that these companies list on The Exchange to help deepen the market.

    Beyond that, we will continue to play an active role in listing such companies on the NSE. The listing of SEPLAT, an oil and gas company, on the NSE, is a clear example of our contribution as financial services group to deepening the NSE.

    Since the 2008 market recession, investor confidence has been undermined. Reports suggest that over N793 billion was pulled out of the market by foreign investors in 2014. What needs to be in place to build the interest of local retail investors?

    Restoring confidence in the market after the global melt down will be a gradual process as activities in the equities market is cyclical. Foreign investment withdrawal from the market in 2014 was largely as a result of Macros fall in oil prices and currency devaluation and exchange rate instability.

    Improved macro-economic situation will galvanise investors’ interest and boost retail investors’ confidence in the market.

    The increase in the number of more sophisticated domestic investors such as pension and asset management and insurance companies should drive participation in the medium to longer-term. We believe that the increase in retail investment products such as ETFs will also encourage retail investors participation.

    Your bank won the NSE CEO award as the best dealing member firm, both in volume and value terms, in the capital market in 2014. What do you think inspired this award?

    The award reinforces Stanbic IBTC Stockbrokers Limited as the largest stockbroking firm in Nigeria in both volume and value of total transactions executed in 2014. Market data for the year under review showed that Stanbic IBTC Stockbrokers Limited achieved a turnover in excess of 24billion units of shares, which represented 11.42 per cent  valued at over N472 billion or 17.55 per cent to lead both the volume and value tables. Stanbic IBTC Stockbrokers was also the largest stockbroking house in Nigeria in 2013.

    We were able to provide flows and market intelligence to our clients, which helped us generate trades, coupled with our participation in major primary market transactions.

    We uphold integrity, standard operating processes and professionalism in our dealings. These continuously drive client patronage and great ethical standards.

    We also leveraged on the expertise of our research team in providing value added insights for our numerous clients.

    Lack of adherence to corporate governance remains hotly debated issue in the market. How compliant has your staff at Stanbic IBTC Stockbrokers been thus far?

    Stanbic IBTC Stockbrokers Limited is known for integrity and professionalism, which comes from strong corporate governance. We have a robust compliance and monitoring team that ensures all rules and regulations are adhered to.

    We will continue to uphold standard operating procedures, actively participate in the market without compromising our values and have every staff understand the company’s position at all times. We have zero tolerance for non-adherence to rules and regulations by staff members.

    Personal account trading rule and code of conduct are in place, which guide the activities of staff.

    The current reforms in the economy, particularly in power and agriculture, have helped to position Nigeria as an investment haven. Are investors showing strong appetite for opportunities in the aforementioned sectors?

    With the recent GDP rebasing and the reforms around the power sector, we see strong appetite from investors, perhaps not on the stock market now. However, investors have shown increased interest in partnering with Nigerians on power projects and to a large extent agricultural transformation.

    The challenging macro-economic environment is likely to slow down the pace of investment on that front as many players wait on the sidelines until the elections are well out of the way and the uncertainty around the fiscal operations of the government has been eased.

    Technology has continued to redefine the operations of the capital market. For instance, the Nigerian Stock Exchange has introduced the X-issuer and X-Gen, which enables remote and mobile trading, among other transformation initiatives. How far do you think technology can shape the stockbrokerage business in the coming years?

    The interesting thing about technology is that it fosters efficiency and productivity. It also drives transparency in the capital market. This can also be a mode through which retail investors can be attracted into the market.

    Many Nigerians using mobile devices can now have access to put their trades through the market. With the introduction of Direct Market Access (DMA) and other similar initiatives, we expect that this will help to improve participation of investors in the capital market.

    There seems to be a general disposition by pension fund administrators to federal government securities, about 40 per cent of PFA’s investments are skewed in that direction, followed by money market instruments. Investment in the capital market is considerably less. Which factors, in your opinion, other than regulation, determine these investment decisions?

    Apart from the perceived low risk appetite of PFAs, which is understandable when we consider the adverse effects of the 2008 stock market crash on portfolio investors, we also believe that the limited number of high quality liquid stocks reduces their options.

    Lack of depth in the Nigerian market makes the available options limited. The preference for capital preservation and guaranteed money market yields also contribute to the low risk appetite for equities.

    Part of the regulation also requires pension funds to report returns on an annual basis, which discourages them from taking the long term view on investments.

    We expect the listing of more quality companies as reforms in sectors such as the power, oil and gas, telecommunication and agriculture increase demand for capital.

    What can investors expect from the capital market in 2015?

    We expect continuous volatility in the equities market as macro concerns linked to the falling oil price and currency drive investor sentiment. The passive position of domestic investor has not helped the situation.

    Despite the bearish outlook, we expect trading opportunities to continue to emerge for short-term investors while longer-term investors take advantage of the falling prices to increase exposure in quality stocks. We also expect the political risk as we approach the general elections to weigh on investor sentiments in the short-term.

    However, we expect to continue to see investors interest in quality names.

  • Disu passes vote of confidence on new NFF board

    Disu passes vote of confidence on new NFF board

    Former junior international and Ex Abiola babes player, Tajudeen Disu says the new Nigeria football federation executive committee will by extension benefit the domestic league in Nigeria based on the background of some of the members in the newly elected executive committee.

    In a chat with footballlive.ng, Disu reiterated that the present board is comprised of people who understands the league very well and will do better to help address the common issue of players been owed backlog of salaries because of their experience of the league.

    “They are people who understand the league and have wealth of experience. What is happening to all the teams right now isn’t good because at the end of day, they will still owe their players backlog of salaries and even bonuses”

    “I personally feel that we have people on this present board that are more experienced and as a result, will perform better”

  • ‘Rescue Mission restoring hope, confidence of Imo people’

    ‘Rescue Mission restoring hope, confidence of Imo people’

    Imo State Deputy Governor Prince Eze Madumere has said the Rescue Mission is restoring hope and confidence of the indigenes.

    He said: “The story of what happened at the bank of Oramiriukwa is better experienced than imagined. It is a pathetic tale of one-time river of life that almost turned to river of death. River Oramiriukwa serves as the natural boundary between Ngor Okpala Local Government in Imo State and its sister councils of Owerri West and Owerri North. The river has been of great economic importance to the people of Owerri North and Ngor Okpala, particularly the people of Obibi-Ezena and Imeriegwe, but remotely with other states, such as Rivers and Abia.

    “It is a source of drinking water and other pecuniary purposes for the people. Farmers depend on the river for washing and processing of their farm produce, while the communities around the area also bank on the river for fishing.

    “Oramiriukwa River did not begin and end in Ngor Okpala and its neighbouring Owerri North, but links River State and other areas, thereby making its economic importance even more manifest. Oramiriukwa had a bridge across it, which was said to have been built in the colonial era. The bridge, which later collapsed, created an evergreen and robust socio-economic and political interaction among the communities in Imo State and its neighbouring states like Rivers and Abia states. This worthy relationship occasioned by socio- economic activities was bonded by the regional market called Orie Obibi at Obibi-Ezena.”

    The deputy governor at the weekend visited the area to ensure the rebuilding of the bridge began with the adjoining road network to re-link the neighbouring villages and towns

    The traditional ruler of Imerienwe autonomous community, Eze Andrew Njoku, hailed Governor Rochas Okorocha and his deputy, Prince Madumere, for their vision and determination to develop the state.

  • Rising terrorism, declining deterrence and confidence

    TO say that the terrorism of Boko Haram has soiled the good name of Nigeria as a nation of peace loving and  peaceful people in the comity of nations, is sadly for now, not an exaggeration at all.

    Indeed it is a great understatement and two events bear that out confidently and vividly over this last week. The first were the cheeky but bloody assassination attempts in Kaduna on retired General Muhammadu Buhari a former head of state and opposition politician, and Sheik Dahiru Bauchi, a Moslem cleric who had just preached in that town that day.

    The two events left several innocent people dead. The second testimonial of our descent into the abyss of terror, denting our good name as a nation, was the testimony in far away Tel Aviv, Israel, of no less a person than Israel’s PM Booyamin Netanyahu at a news conference with the UN Secretary General Ban Ki Moon, on Israel’s on going slaughter of Palestinians in Gaza, where in trying to say how vicious Hamas‘ record on terror had been, ended up by proclaiming with great emphasis and finality that Hamas is like Al Qada in Pakistan, Taliban in Afghanistan and Boko Haram. Of course he did not need to mention Nigeria because Boko Haram has stolen the thunder of the bloodiest terrorist groups in the world with its peculiar and constant shedding of the blood of innocent Nigerians with impunity since it commenced its nefarious activities of saying NO to western education a few years back. That Boko Haram of our own shores of Nigeria is now the king pin of world terrorism is unbelievably great but pathetic news. Worse still is the fact that a leader of the state of Israel, a nation of the volatile Middle East whose establishment in 1948 has led to three Middle East Wars with the Arabs, now uses a Nigerian terrorist group to show how bad Hamas is as a terrorist organisation in the Middle East imbroglio. This odious comparison which gives an edge of terror – a primus inter pares of sorts — to Boko Haram, clearly shows that we Nigerians do not know yet what we are up against with Boko Haram given our complacency and business as usual side stepping, when ever the next news of Boko Haram murder and mayhem intrudes rudely and daily into our attention from the news media, as it continually does ad infinitum nowadays.

    Yet, no one in his right senses will say that Netanyahu did not know what he was saying on Boko Haram. Or that Nigerians, Nigeria or its leaders have more experience of terrorism than the Israelis that Arabs-since 1948, and Iran, have vowed to wipe off the face of the earth. Indeed compared with Israel, Nigeria’s experience with terrorism is like aclean slate, until the advent of Boko Haram which has proved ruinous indeed to our sovereign reputation and is now threatening even our collective existence mortally as individuals and collectively as a peaceful sovereign nation state. So, one is left wondering in perplexity how we all have been able to muster the courage and equanimity not to see what Netanyahu has seen in Boko Haram that we have not seen either because of our collective myopia or national astigmatism.

    Yet, again it is obvious that we are oblivious of our predicament given the danger inherent in Netanyahu’s comparison and let me show how this is so, from two utterances from our leaders, also this very week.

    The first was the statement credited to President Goodluck Jonathan at a daily post Ramadan dinner in Aso Rock where he reportedly told visiting members of the diplomatic corps that contrary to the situation in the country and all expectations, the 2015 elections will be free and fair. This was after the twin bombings in Kaduna on Wednesday this week. As the Chief Security Officer and Commander in Chief of Nigeria, the President is in a position to say what he said and guarantee that, but I am sure not many Nigerians share his confidence.

    Indeed some have said that what is needed first is a fast way to deter and crush Boko Haram before 2015 so that the 2015 elections can come in on its own terms and recognisance.

    Without any ominous strings or security premonitions attached, given the present incessant rampage and insolent impunity on the Nigerian state with the bloody bombings and attacks of Boko Haram in Northern Nigeria.

    The second statement was that credited to the Minister of State for the FCT Jumoke Akinjide who reportedly told an audience gathered to mark 100 days of the abduction of the Chibok girls that the Federal government was in a position to defeat Boko Haram as it was bringing in new strategies and buying new equipment and technologies to defeat Boko Haram. She mentioned the Safe Schools Project to secure schools in the North and said the Soft Approach of the FGN was to ensure a safe return of the girls as force alone would jeopardise their safety. Such hope and preparation are commendable. But the money for the equipment is yet to be approved by the National Assembly where some legislators hostile to the President’s request for $1 bn have charged that it could be used for 2015 elections by the president. In addition one can question the use of a soft approach given that the 200 Chibok girls are in the custody of terrorists who have scant regards for girls and have promised in the recent past to marry and sell the girls in a market they said exists.

    What type of life would the girls live after being rescued? Procrastination on their rescue has tarnished their womanhood and their chances of living a future married life tremendously and one is not surprised of media reports that some of their parents have died a premature death from high blood pressure arising merely from contemplating the plight of their dear daughters in the custody of blood thirsty and unashamedly randy terrorists.

    It is my view that the Netanyahu alarm should be treated seriously and all Nigerians should endeavour to condemn and fight Boko Haram to a definite halt. We do not need to carry arms but since this is a nation of deeply religious people and prosperous pastors there is a lot to be done that being just mere by standers. Tony Blair the former British PM provided a clue on fighting terrorism at a Labour Party Conference he addressed after the 2005 bomb attack on London by terrorists. He said that the British people must not succumb to people who want to force them to change their way of life because the US is supporting Israel or think that democracy and Islam are not compatible as this is a false belief. He said the way to fight religious militancy is to use the force of superior arguments to argue and debate against the aims and  objectives of such terrorists. This he said can be done by highlighting true religious beliefs to counter religious terrorism and promoting true legitimate politics under the rule of law. The same measures can be adopted by all Nigerians regardless of their religious leanings to tell off Boko Haram that it has no religious anchor or tenet to be killing innocent people as Islam is indeed a religion of peace and the Boko Haram menace in Nigeria is an anathema to indeed any religion as a guide for moralty and belief in the unseen God in any religion of our time.

    Similarly, Palestinians in Gaza and Jews in Israel or the diaspora should pointedly condemn the Netanyahu government in Israel and the leadership of Hamas for the obvious lack of respect for human lives inherent in

    the ongoing Israeli land incursion of Israel into Gaza.

    Both Israel and Hamas have thrown caution to the winds and are no better than blood thirsty suicide bombers in the manner and bloody costs of their present confrontation in Gaza. Put simply Israel has no moral or legitimate right to be bombing places peopled by children, women and families who are not combatants. Just as it is cruel of Hamas to be using innocent human beings as human shield in shooting rockets into Israel. Both actions are as bad as that of Boko Haram in Nigeria or the Taliban in Afghnistan or ISIS in Iraq or Syria. Killing human beings to achieve an objective when dialogue or diplomacy has not been exhausted is Barbaric and definitely Boko Haram – and both Hamas and Israel are behaving like Boko Haram in the latest bloody but avoidable confrontation in Gaza. And that too is a great shame and pity indeed.

  • CU valedictorian eyes future with confidence

    CU valedictorian eyes future with confidence

    From childhood, Alma Jamechi Oputa had earned the sobriquet “Alma the great” from her parents because of her friendliness and ability to learn fast. The name stuck and she has continued to top her class.

    Her parents wanted her to study Medicine, like her father, Reginald Oputa, who retired as a colonel in the Army, Alma preferred Computer Science.

    Though he would have loved to have a doctor daughter, Oputa has no regrets. Alma was the best graduating student at the Covenant University convocation tagged: ‘Release of eagles 2014’ held at the university premises in Ota Ogun State, Friday last week. She finished with a Cumulative Grade Point Average of 4.98.

    “She had always shown signs of brilliance from the time she was a child,” said Alma’s father. “We also realised that from childhood, she had a knack for mathematics. She also liked drawing was fond of playing with colours.

    “Although we had wanted her to become a medical doctor like me but she chose to study Computer Science instead. We didn’t have a choice than let her study whatever was her desire. Her victory today is a pointer to the fact that parents must not force a career on their wards,” he said.

    Alma’s achievement earned her the Covenant University’s Alumni Association’s Prize for Best Graduating Student in the School of Natural and Applied Sciences, with a N50.000 cash reward; and the Yomi Adedeji prize for Best Graduating Student in Computer Science, a Samsung Galaxy tab, among others.

    As her name was announced by the Registrar, Dr Olumuyiwa Oludayo, the Oputas were the first to leap to their feet, hugging each other. Then Alma stepped out from among the graduands and made the long journey to the podium. Flashes from a thousand cameras bathed her in a glow until she reached her destination. For a moment, she seemed terrified by the thunderous but regained her composure fast enough to read her valedictory speech clearly.

    She thanked the Chancellor for finding time to counsel the students. She also thanked her parents – her Dad, whom she described as her mentor and second bishop; and her mum, who she called her Proverbs Chapter 31 woman – “for teaching her all she knows.”

    Speaking of her success with The Nation, Alma said she was not the bookworm type, kept lots of friends, yet managed to score nearly 100 percent in all her courses.

    “I am not the bookworm type. That does not mean I don’t read my books. I am an average reader but I must say I have lots of friends. I am the type who keeps lots of them. I believe being sociable has little or nothing to do your with ones performance in class.”

    Asked to describe her undergraduate experience in CU, Alma admitted it was full of ups and downs.

    “It is difficult for me to remember my happiest or saddest moments,” She recalled.

    “I remember there were times when I felt happy having scored so high in my exams. There were also times I would not describe as saddest but very challenging moments where I had to contend with lectures, class assignment and other academic activities.”

    With her grade, Alma is confident she can excel anywhere in the world she goes for further studies.

    “I believe I can be the best I can even if I’d attended a public university. I’m not afraid to study anywhere whether within or outside the country. I can hold my head up anywhere.

    “The grooming we received in Covenant is enough to arm us all. In this university, we have very dedicated lecturers. You don’t earn marks through the backdoor. You get what you worked for. There is no shortcut anywhere, she added.

    As a child, Alma mother Mrs Oputa described her daughter as a cry baby who grew up to do things intelligently.

    “She is also the type that loves inspiring others. When she was making 5.00 points and some of her friends were not dong same, she began to inspire them to do better,” Mrs Oputa said.

    Though an automatic employment awaits her from her alma mater; nevertheless, Alma seems to be eyeing other things.

    “Loving children and taking care of them has always been my passion,” she said. “I also wish to set up a clothing line, that’s also my hobby.”

  • Confidence, belief, faith won for Eagles —Maigari

    Confidence, belief, faith won for Eagles —Maigari

    • Pres Jonathan expects trophy
    • Green hails team spirit
    • Keshi promises more

    Nigeria Football Federation (NFF) President, Aminu Maigari, was at his oratorical best on Sunday afternoon when he addressed the Super Eagles at the African Nations Championship (CHAN) in South Africa after their hard-won victory over the Atlas Lions of Morocco Saturday.

    Maigari, who spoke to the players at their Garden Court De Waal abode after lunch, described the team as the proverbial heart of the Nigerian nation and told them that he had the words of President Goodluck Jonathan, on due reward for the players even as he said order had been restored in Nigerian football.

    “The top news in Nigeria after your miraculous victory over Morocco, was the message of President Goodluck Jonathan urging you to go ahead and win the trophy, with a promise that he will do same if not much more for the team like he did for the AFCON 2013 Champions. The ball is now in your court to make the dreams of Mr President come true”, he said.

    Maigari further declared: “Confidence, belief and faith helped you to overcome the Moroccan opposition and that is the makeup of the average Nigerian; we expect more of such displays in your subsequent encounters because you have raised not only my hope and that of the NFF board but that of the over 160million Nigerians.”

    NFF Technical Committee boss, Chris Green, said he was delighted at the performance of the Nigerian team, even describing Coach Keshi as the best coach in the world at the moment. He alluded the victories of the team of recent to the peaceful atmosphere that has existed between the leadership of the NFF and the Eagles coaching crew.

    Green said: “Some people are gifted, others acquire talent but the head coach here is both gifted and blessed with acquisition. But I must tell him that we must not fail Mr. President in bringing home the trophy at the end of the championship.”

    Keshi in his remarks at the impromptu event said he was overwhelmed by the outpouring of praises for him, but quickly added that his assistant coaches, Dan Amokachi, Houadonou Valere and Ike Shorunmu, as well as other staff of the team including medics, the psychologist, security, media, coordinator and Team Administrator have been the real forces of success for the team. “We are like children from the same mother,” Keshi said.

    He promised that the team will not let the nation down in the remaining two matches of the championship. “We will do our best to justify the confidence reposed in this team by Mr. President, the NFF and all Nigerians”, he declared.

  • We have confidence in Eagles — Anyene

    We have confidence in Eagles — Anyene

    The Chairman, Nigerian Union in South Africa, Ikechukwu Anyene, says the union has confidence in the Super Eagles’ ability to win the ongoing Africa Nations Championship (CHAN).

    Anyene made the assertion in Cape Town, South Africa, on Sunday while reacting to the Eagles’ spectacular 4-3 victory over Morocco in a quarter-final match on Saturday.

    “It is rare to see a team come from behind — three goals down – to win in a major game in a tournament like CHAN. It should serve as a signal to other nations.

    “It shows the resilience of that team. Honestly, the Eagles did the nation proud and we pray they win the tournament,’’ he told the News Agency of Nigeria (NAN)

    Anyene also commended Coach Stephen Keshi for guiding the team to victory in spite of being three goals down at half time.

    “I know that some coaches will consider it an uphill task to recover from such shock but Keshi never gave up, instead, he gave his team the confidence to go and conquer.

    “I must also praise the Moroccans for their fighting spirit. It requires a team like Nigeria to overcome them,’’ he said.

    The president said the union had commenced plans to mobilise more Nigerians to travel to Bloemfontein, venue of the Eagles’ semi-final match on Wednesday.

    The Eagles will take on the winners of the Ghana/Libya quarter-final match at the Free State Stadium, Bloemfontein.

    Anyene said: “The Eagles will not lack support at the stadium. We will mobilise the same way we did in their previous matches and make them feel at home.

    “The tournament has entered its crucial stage and it becomes imperative for us to give the team maximum support to win their matches.

    “ The Eagles will be made to feel at home in Bloemfontein,’’ he assured.

  • ‘Why we lost confidence in Education Minister’

    ‘Why we lost confidence in Education Minister’

    The National Association of Nigerian Students (NANS) yesterday explained why it returned a vote-of-no-confidence in the Minister of Education, Prof Ruqayyatu Rufa’I, following a similar vote-of-no-confidence in President Goodluck Jonathan.

    In a statement yesterday, NANS Public Relations Officer Comrade Victor Olaogun said he received several calls threatening him on the matter.

    He said: “…NANS is worried by the current unpleasant academic posture of universities, polytechnics and colleges of education in the country. Our decision was motivated by persistent complaints from our members via the social media and through their Students’ Union Presidents and other individuals who were calling for urgent federal intervention to save the institutions from imminent collapse…”

    “Though the Jonathan administration started on a good note, by promising to uplift the education sector to an enviable height in the shortest possible time, two years down the lane, no significant improvement has been recorded in the sector.”

     

  • ‘We have confidence in varsity’s chair’

    A group of civil societies, the Rights Monitoring Group (RMG), has passed a vote of confidence on the Chairman of Council, Federal University of Technology (FUT), Minna, Niger State, Prof Rufai Ahmed Alkali.

    It described the academic as a forthright person with a long history of credibility.

    The group’s action followed an advertorial allegedly sponsored by a group, Concerned Citizens Forum and signed by Mr. Mohammed John Kolo.

    In a statement by its National Coordinator, Comrade Olufemi Aduwo, the group alleged that the advertorial was paid for by those “who were denied access into the university’s treasury”.

    The statement reads: “We read with dismay an advertisement credited to a group called the Concerned Citizens Forum and signed by Mohammed John Kolo. We took it upon ourselves to investigate the allegations against him (Prof Alkali).

    “We call on all discerning Nigerians to disregard the blind lies being perpetrated against Prof Alkali by the cabal that believed he did not allow them access to the university’s fund in the last four years.

    “For the avoidance of doubt, there is a need to state with the keenest sense of responsibility that in the last 35 years, spanning the formative of his career, Prof Alkali is known as a consummate and an upright administrator who does not suffer fools gladly.

    “When any organization, which is devoid of greed and criminal capitalism wants to go after a man of Prof. Alkali’s standing, such organisation must be identifiable and its members must have at least a prima facie proof of their allegations.

    “The civil society has a duty to encourage patriots to participate at all levels of government by protecting such patriots against all forms of intimidation and reckless oppression in the hands of those who are resolutely against the national drive for transformation.”