The Nation Newspaper

Tag: Europe

  • Europe’s investment banks resilient in retreat

    Europe’s investment banks are giving Wall Street a run for its money despite shrinking their trading arms more aggressively than United States rivals.

    Buoyant equity markets and a surge in corporate debt issues have caused a bigger-than-expected jump in investment bank fees in Europe helping Deutsche Bank, UBS, Credit Suisse, Barclays, BNP Paribas and Societe Generale outperform their U.S. peers in the second quarter.

    The six European lenders saw revenues from trading and selling debt grow five per cent on average compared to a nine per cent combined drop at Goldman Sachs, JP Morgan, Morgan Stanley, Bank of America and Citigroup.

    Part of the outperformance was because in the previous year European banks were hit harder by the U.S. Federal Reserve’s warning that it would gradually reduce its purchase of bonds.

    But a surge in debt issuance by European companies this June, when European Central Bank President Mario Draghi cut interest rates to record lows, has also helped.

    Grim warnings from the banks themselves had investors expecting falls in fixed-incomes revenue of up to a quarter in the April-June period but the reality proved less bleak after an upturn in activity at the tail end of the quarter.

    “Expectations were it (Q2 performance) was going to be really, really bad, and in the end it just turned out to be quite bad,” said David Moss, head of European equities at F&C Investments.

    Faced with new regulations in the wake of the financial crisis that made debt trading more expensive, European investment banks have for the most part renounced their ambitions to be global players and cut their fixed-income divisions more aggressively than U.S. counterparts.

    The retrenchment has in part been fuelled by public anger over their role in the financial crisis, prompting European politicians to impose tougher pay restrictions on traders and encouraging banks in the region to focus more on wealth management or retail and commercial banking.

    The scale-back in investment banking means U.S. banks are expected to continue to dominate rankings, particularly if a rise in interest rates prompts a rebound in fixed income, with increased volatility and rising yield providing trading opportunities.

  • Gazprom to meet gas demand in Europe

    Gazprom to meet gas demand in Europe

    Russia’s top natural gas producer Gazprom said it would be able to meet Europe’s rising demand for gas thanks to new projects, even while the European Union is aiming to reduce its energy dependence on Moscow.

    “According to most of the scenarios, which have been reviewed, long-term gas demand will increase in the European market, a key one for Gazprom, against the background of its (Europe’s) own production decline,” Gazprom said in a statement on Tuesday after its board meeting.

    Supplies to Europe can be increased via the Nord Stream undersea pipeline as well as through the proposed South Stream link, which is expected to start operating next year, the company specified.

    Gazprom also plans to build a gas liquefaction plant on the shores of the Baltic Sea, which could then export liquefied natural gas (LNG) to European markets.

    Partly as a result of the Ukraine crisis, meanwhile, Europe is stitching together a patchwork of measures such as raising power output from coal and renewables to reduce its gas imports from Russia by the end of the decade, easing Moscow’s grip over the region’s energy market.

    Reuters calculations suggest that these steps could slash imports from Russia by around 45 billion cubic metres (bcm) by 2020, worth $18 billion a year, or the equivalent of a quarter of what Russia currently supplies.

    So far, however, Gazprom’s gas supplies and its share of the European market have been increasing as flows have declined from other sources such as North Africa and LNG suppliers have sent more cargoes to Asia, where gas prices are higher, instead of Europe.

    Gazprom’s share in Europe’s gas market rose to 30 percent in last year from around 25 percent in 2010. Its supplies to the European Union and Turkey jumped to 162 billion cubic metres.

  • Turkey: Sick man of Europe? Think again

    Turkey: Sick man of Europe? Think again

    Turkey is trying to rebrand itself as a modern, liberal Arab country with aspirations for European Union membership. Much of the country’s reform programmes are concentrated in Istanbul, a city of 17 million people situated both in Asia and Europe. Seun Akioye joined a group of journalists to explore the city and reports

    It doesn’t take much to assemble thousands of protesters at Istanbul’s’ Taksim Square and when they gather, trouble brews. That was the situation at 2pm on Tuesday, March 11 when 15-year-old Berkin Elvan died. In 2013 during the Taksim Geri park sit-in protests which started on May 27 and engulfed the whole of Turkey, the boy who has become a symbol for Turkish police brutality was hit by a teargas canister fired by an overzealous policeman. For nine months, he was in a coma at ACIL hospital while the nation prayed for his recovery. It never came. On that fateful Tuesday, he took his last breath.

    Within two hours of his death, more than 50,000 angry, weeping and frustrated protesters had gathered at the Taksim Square. The shops hurriedly closed and tourists abandoned their sightseeing and disappeared, back to their hotels. Bonfires appeared and then the coffin of Elvan arrived followed by the angry, stone-throwing crowd.

    The police followed hard on the heels of the protesters and when tear gas could not disperse them, hot water cannon and brute force were employed. The protesters responded in kind, throwing stones, sticks and other dangerous instruments. In Taksim Square, chaos reigned, far into the night.

    Where the old meets the new

    But this is not the Taksim Square Turkey wants the world to see, rather the government wanted visitors to Istanbul to see a tranquil and peaceful square which connects the old civilisation to the new modern city Turkish leaders are trying to build. The square itself is in the northern fringes of Taksim Street which houses thousands of shops and cinemas, food courts and a major tourist attraction in Istanbul.

    Istanbul is not the capital of Turkey but it is its most important city with 17 million people compared to the capital Ankara’s four million inhabitants. It is the commercial hub and the capital of three empires namely; Roman, Byzantine and the Ottoman Empires. It was during the Ottoman Empire that Turkey got its not-so-flattering nickname, the sick man of Europe.

    But the city regaled itself in its old history which according to findings during the Marmaray excavations suggests it dates back to 8,500 years. Today, the city has successfully preserved its historical legacies in the old city such as the Blue Mosque, historic commercial cities like the Grand Bazaar, the Hagia Sophia, the spice market and the Dikilitas Obelisk of Theodosius created in 390 AD.

    The foundation for New Turkey was laid in 1923 following the revolution and the city thereafter was divided into two: The old city and the new city with the amazing golden horn- a natural lake which was formed in a horn shape- running through the new city.

    Walking in Istanbul is like walking on thousands of years of history and to fully comprehend the historical legacies, our multi linguist guard, Senem Uygur, carefully took us back into 6000 years of history. There is a marked difference between the old and the new cities. While the new city boasts some modern architecture, it, however, was built on different hills and the houses were built forming a terraced row down the hills. Looking at the new city, it gives an idea of the Brazilian favellas. South of the golden horn is the old city and its many historical sites. On entering the city which is remarked by the ruins of its ancient walls, history beckons for the curious mind.

    The walls have been preserved the way the Ottomans left them and in some places the way the Romans left them, thousands of years ago. There has been careful preservation of the historical sites but it also existed side by side with modern infrastructure like the university. But as one walks in the old city, every street smells of history. From the old to the new, Istanbul is a city of endless circle of hills and valley, narrow allies paved with interlocking stones.

     

    Exploring Istanbul’s past

    One of the first places to visit is the place of the horses where three historical treasures are situated; the three serpent’s column which was erected in 390 AD, the Hippodrome and the Dikilitas Obelisk. But the most eye-catching monument is the Sultanahmet or the Blue Mosque, erected in the 17th century and reputed to sit 3,000 worshippers.

    The Blue Mosque which was named by European tourists because of its blue roof plays host to about 2,000 tourists daily. Usually, there is a long line of people waiting to enter through its narrow and ancient doorways. At the first gallery, visitors are asked to remove their shoes and put them inside a plastic bag. Eagle-eyed security guards ensure the women are totally covered and anyone found exposing a pound of flesh will be given a blue scarf to cover up. Inside the mosque itself, several lights hang down from its multi-coloured roof. There is the gallery where the women worship as they are not allowed to mingle with the men.

    Directly opposite the Sultanahmet is the Hagia Sophia which means divine wisdom. Built in the 6th century as a church, it became a mosque when the Turks came to power in the 15th century and in 1930 converted it into a museum. Inside the massive building, there are elements that remind one of those who had previously occupied the edifice. The Virgin Mary occupied the upper corner of the entrance of the entrance with Jesus and Angel Gabriel by her side. Four archangels flew around them whose faces were covered by the Turks.

    Eight big medallions bearing the most important names in Islam also hung a little distance from the angels. Then there was the royal lodge for the Byzantine kings and the place of coronation taking a prominent place in the middle of the Sophia. Here, civilisation meets religion as one moved through the steps to the upper levels. Built in the distinct Eastern fashion, there are no staircases just solid stones laid on the floor forming a labyrinth with its twists and turns until you get to the upper level. It feels like walking inside a cave filled with the treasures of the East. Currently, there are massive renovation works going on in the Sophia, this according to the guards is to preserve the edifice.

    But one thing that is sure to elicit curiosity is the number of mosques in Turkey. About 95 percent of the country is Muslim and there are 60,000 mosques in Turkey with Istanbul accounting for about 20,000.

     

    “Tell Okocha we miss him”

    In Istanbul, it is not often you find people who speak English and the sight of black people still elicits curious excitements from passersby. The people cater to you, ask to take pictures with you and when words fail them they just pump your hands, laugh and elicit a warm feeling.

    But things are a little different inside the Egyptian Bazaar, christened spice bazaar by European tourists. This is where all the spices in the world can be found and bought, it is also the home of Turkish Delight, a homemade sweet cake which the merchants claim had special nutritional and healing powers. Built in the same Eastern fashion, it has been attracting food tourists for 500 years. Its covered roof made it look like a street market in Israel or Pakistan and it has a permanent aroma of a mix of spices, herbs and tea.

    “Where are you from?” Gunter Sadi, a big fellow who was born in Germany, asked in perfect English as he extended his hand. When told Nigeria, he jumped up and screamed in delight. “Oh Okocha, Emenike, Amokachi, good players, I used to go and see Okocha play, he dribbles everybody. Is that how all of you play in Nigeria?” Sadi asked still jumping around and holding his visitor by the hand at the same time.

    Indeed, there have been about 15 Nigerian players in Turkey since Uche Okechukwu joined Fenerbache in 1993, Jay Jay Okocha was to follow suit in 1996 while Daniel Amokachi played for Beskistas the same year.

    Other people in the market heard the name of Okocha and enquired if we were his brothers and if we see him often. Everybody here seemed to know the names of all the Nigerian players who had played in Turkey. They had kind and favourable words about them too. “We don’t see them often, but we love and miss them. We want them to come back, they are always smiling, tell Okocha we miss him,” Sadi said.

    Another person remarked Emenike scored the day before in a match and went into great details describing the goal, of course in Turkish. So excited were the merchants that they brought out their expensive Turkish delights and handed it to the Nigerians.

     

    One country, two continents

    How do you feel living in one country and two continents at the same time? This is the delightful dilemma the Turkish have found themselves in. The country has the singular opportunity of being located both in Europe and Asia at the same time and Istanbul has that honour of hosting this natural wonder. The river that divides the two continents is called the Bosphorus and the bridge that links the two continents is called the First Bridge.

    Standing on the Golden Horn one could see the Bosphorus dimly in the chilly weather, when one follows the bridge for 30 kilometres it will lead to the black sea and an entirely new continent, a welcome to Europe. The people in Asia feel as Turkish as their counterparts in Europe, but as this phenomenon would excite a tourist; it elicited little sentiment from the average Turkish.

    “Yes we live on two continents, Europe and Asia, it’s nice, isn’t it? You are from Nigeria, do you play football?” one man asked and moved on to the subject of football and Okocha.

    But Turkey is rebranding itself and Istanbul is playing a big part in it. The city is coming into prominence across the world as a commercial hub where the top world companies are opening for business. It is also a key location for international arts and culture events as it is stands at the juncture of three continents. To bolster its application for membership of the European Union, Turkey is making reforms in its key sectors. It is also developing its infrastructure in a modern way in the new city with its high rise buildings and expanded transportation networks which now include the trams which runs across the roads.

    Perhaps playing key role in this new thinking is Turkish Airlines which has its hub at the Ataturk Airport in Istanbul. The airline says it flies more than 20 million passengers yearly and has the highest network destination in the world. For many tourists, Turkey will be defined by the philosophy of its flagship carrier, Turkish Airlines. According to Temel Kotil, the Chief Operating Officer (CEO) of the airline, it’s also expanding its activities in Nigeria.

    “We are bringing Turkish business to Nigeria and we want to bring more Nigerians to Turkey. We fly two times daily in Lagos and Kano and hopefully we will expand to Abuja. Our network in Africa is growing and Nigeria is in the heart of our African operations,” he said.

    Back to Taksim Square on Wednesday when Elvan was buried, more than 100,000 mourners, among them key opposition figures, followed the coffin to its final resting place. Chants of “Elvan is immortal” rent the air. His father, Sami Elvan, said at the melancholy ceremony: “We bid farewell to him. My son is gone but I have millions of sons now.”

    After the burial, the crowd made for Taksim Square but met hundreds of riot police who drove them back with teargas. They responded by throwing fireworks and stones but were unable to gain entrance. But Istanbul is a city like no other, despite the chaos going on at Taksim, ten minutes away, there was calm and peace and if one wasn’t listening to the news one may just miss the biggest news of the day.

  • $20 billion gas project from Warri to Europe

    It is, no doubt, an ambitious project. The Federal Government is thinking about exporting natural gas from Warri, Delta State to Europe. This will undercut Brussels’ dependence on gas exports from the Russian Federation.

    This $20 billion Trans-Saharan project , when completed, will transport about 30 billion cubic metres of natural gas from Warri through Niger Republic to the north of Algeria and finally to Spain, from where it will find its way to other parts of Europe.

    But there is a stumbling block on the way of this grandiose scheme. The problem is its huge cost.

    President Goodluck Jonathan, on January 29, announced the project in Addis Ababa, the Ethiopian capital.

    So far, according to Jonathan, Nigeria has mobilised $700 million to support the completion of the Nigeria-Algeria natural gas pipeline project.

    Jonathan said: “We have raised $450 million in Eurobonds and an additional direct equity contribution of about $250 million in support of this project. The Nigerian National Petroleum Corporation (NNPC), which is the executor of this project has completed the concept design for the pipeline, which is an important milestone since I last provided an update on this project to the committee.”

    A staggering $19 billion is still required for this project that will become the world’s most expensive energy export project. It will dwarf the $3.6 billion, one million bpd, 1,092-mile Baku-Tbilisi-Ceyhan pipeline, which ships 850,000 barrels per day of Azeri Caspian oil to Turkey’s deep-water Mediterranean Ceyhan port .

    In a keynote address by African Union Commission chairman Nkosazana Dlamini Zuma at the African Mining Indaba Ministerial Symposium on February 3 in Cape Town, Zuma said: “We should move away from building infrastructure only for one purpose, whether it is power generation and distribution capacity for a mine, whilst the communities and villages surrounding the mine are still in the dark. A good example is the new pipeline that transports gas between Nigeria and Algeria, where there are also plans for a Trans-Saharan highway on the same route.”

    As good as this project is, there are concerns. One of them is the fact that will it be corruption-free, given the country’s status as “Africa’s most corrupt hydrocarbon state”? Again, the fact that it is passing through the militant-torn Magreb to southern Europe is also a concern.

    It is a concern that not a single major European financial lending source has signed to the project yet. Could the corruption issue be at the heart of this?

    An article recently noted that if Nigeria wishes the project to go forward, it must begin to grapple with corruption in its energy sector and find a way to get its neighbours to provide a transit route, which will make the investment less risky.

    There is also the germane issue of the people of Warri and Delta State generally where the gas is coming from. Has everything been done to ensure their interest is protected? It is worthy to note that the major problem behind the low supply of electricity in the country is lack of gas to power the turbines. Of course, it is not that the country is short of gas; not with all in its reserves. But some people blew the gas pipelines with dynamites. Is anyone thinking of doing something to ensure that this sort of problem will not affect the investment into this massive project?

    Certainly, all these concerns are guiding investors’ interest in the project and unless they are taken care of, the project may only remain on the paper.

  • Corporate bonds suffer biggest loss since June in Europe

    Corporate bonds suffer biggest loss since June in Europe

    Company bonds handed investors the biggest loss in six months in Europe this week on concern borrowing costs will rise as the Federal Reserve starts paring stimulus.

    Investment-grade notes in euros forfeited an average 0.6 percent this week, the most since the period ended June 21, according to Bloomberg bond index data. The average yield on the debt jumped six basis points to a seven-week high of 1.9 percent, the data show.

    Investors are withdrawing from global bond markets on speculation a strengthening U.S. recovery will spur the Fed to scale back asset purchases before the end of the year. American employers added 185,000 workers last month, putting payroll gains on track for the best year since 2005, according to economists surveyed by Bloomberg before data due today.

    “Everyone is getting excited about the job numbers looking stronger,” said Simon Ballard, head of credit strategy at National Australia Bank Ltd. in London. “Investors are worried the Fed will start to taper its bond buying even this month and that’s pushing up yields around the globe.”

    The cost of insuring corporate bonds rose for the first time in six weeks, with the Markit iTraxx Europe index of credit-default swaps on 125 investment-grade companies climbing 3.8 basis points this week to 83 basis points, the highest since Nov. 13.

    Microsoft Corp. led 23 billion euros ($31 billion) of corporate issuance in Europe, up from 15.6 billion last week, according to data compiled by Bloomberg. The Redmond, Washington-based company issued 3.5 billion euros of notes as part of an $8 billion sale in dollars and euros, a record offering from the world’s largest software maker, the data show.

     

    Culled from Bloomberg

  • Utaka hings China success on Europe experience

    Utaka hings China success on Europe experience

     

    Beijing Guoan of China striker, Peter Utaka has said that his wealthy Europe experience is the secret of his current form in China.

     

    In 2011 Utaka moved to Darlian Aerbian of China where he scored a sensational 20 goals in a season, he was also named as one of the best players in the league.

     

    Utaka continued his blistering form in the second season when he caught the attention of top clubs like Beijing Guoan when he scored four goals in a match. And made one of the biggest transfer in the last transfer window.

     

    “The magic of scoring in China is just my experience, when you have European experience and have played the game well, I think that is when you can really get the best out of you in the league,” he said.

     

    “Chinese Super League is a tough league contrary to what people think and you can’t succeed if you don’t have what it takes. The likes of Aiyegbeni, Fred Kanoute, Seydou Keita, Love Vagner and others have played to the highest level in Europe and that is why you are seeing the recent leverage the league is enjoying.

     

    “I believe more big players are coming to China next season. Big names across England, Spain, Germany will make moves to China because the standard is already there for them to play.”

     

    Utaka scored 14 goals this seaon, his two goals secured Champions League ticket for Beijing but promise to paint the league with goals next season.

     

    “I want to be better than this season, I will do all my best to rule the league goals next season.”

     

  • Europe he we come!

    These days it seems like the bulk of the African continent wants to flee to Europe and the Americas. The more daring may even put distant Australia in their sights. For years small groups of migrants have perished in the Sahara as they sought to cross the massive desert in search of a better life across the Mediterranean.

    The desperation of the present exodus to Europe was dramatically underlined by the disastrous drowning of more than 300 Eritrean and Somali asylum-seekers when on October 3 their fishing boat caught fire and sank barely half a mile from the island of Lampedusa, off the Italian coast.

    I recall what one of the migrants in a quarantine center on the island told a journalist: “I will keep trying until I make it.” Not even the regular drownings in the treacherous seas are enough to deter these desperate souls. For them life in their countries is already hell, dying on the sea would be something on an improvement.

    Although these dramatic headlines of migrant misery suggest that only the rabble are fleeing, the truth is that our elite actually set the example. They run to Europe and America for proper healthcare, to hide stolen loot, give their children decent education and take their leisure.

    But when they run they do so in style – travelling business or first class or by private jets. Their subjects who are fleeing the mess which these elite created back home cannot afford economy class tickets, and so will scrounge to get a seat on the sort of creaky craft that went down near Lampedusa.

    These shameful African leaders who didn’t fix their countries, and are still not doing so, are primarily responsible for putting their devastated people to flight. They should be held to account for creating conditions driving droves away from their homes.

    A leader whose incompetence and callousness drove 300 hapless souls into a watery grave on the borders of Europe is no better than his colleagues facing trials for war crimes at The Hague. Many African leaders are daily committing economic crimes against humanity in their domains. Ultimately their victims pay the supreme price in places like Lampedusa.

  • BA offers special fares to UK, US, Europe

    British Airways has announced special price discounts across all of its cabins for its Nigerian customers, Known as the Independence Anniversary Special.

    According to the airline, the offer presents the customers with the opportunity to travel at special discount rates to London, the United Kingdom, and selected destinations in Europe and the United States from Lagos and Abuja.

    According to officials of the airline, the offer will extend to the end of this month.

    Under the new arrangement, customers travelling to different destinations from Lagos and Abuja in all its cabins, can now experience the unparallel service and luxurious surroundings of British Airways for less with the Independence special offer.

    British Airways’ Country Manager for West Africa, Kola Olayinka, said with the Independence Anniversary Special, customers in World Traveller class can now travel direct from Lagos, or Abuja to London, the UK and select European destinations from as low as $353.

    For those travelling to the same destination in the World Traveller Plus, the fare goes for $753, while fares for Club World and First Class cabins start from as low as $2,153 and $5,353.

     

     

     

    Giving further details of the offer, Olayinka said travelling to US cities is now also cheaper on British Airways, with new fares of $653 in World Traveller, $1,453 for World Traveller Plus, $2,753 for Club World and $6,453 for First on select North American destinations, including US and Canadian cities.

    “We are constantly looking for new ways to make our customers happy and satisfied, and also give value to our clientele. The fare is exclusive of all surcharges and taxes, and the selling is between February 1 and February 28, while outbound travel period run from February 1 to June 14, this year,” she pointed out.

    He said the offer has once again reiterated the fact that British Airways’ commitment to offering more value for money for its teeming Nigerian customers, and shows how much the airline values its Nigerian customers.

    “We are always looking for new ways to make our customers happy and satisfied, and also give them value, and the Independence anniversary provides us with such a unique opportunity,” he said. He promised that the airline will continue to offer its Nigerian customers great fares, and a choice of services and onboard products, adding that all fares quoted are exclusive of all surcharges and taxes.

     

  • APC Europe mobilises for 2015

    APC Europe mobilises for 2015

    Nigerians resident in Europe have expressed their ntension

    to support the push for change in 2015. The Coordinator, All Progressives Congress (APC) in Europe, Mr. Tunde Oyeleke, said that the All Progressive Congress (APC) is the answer.

    He explained that the APC would provide quality leadership for the country.

    Oyeleke said: “Basically, all Nigerians abroad are part of the political development in the country. No matter how long they live abroad, home is still the best place and, whether we like it or not, government’s policy plays prominent role in our activities.”

    Speaking to The Nation, Oyeleke noted that, whatever affect people at home have a cumulative effect on Nigerians outside the shores. “If there is peace at home and things are conducive, we would be able to return home and contribute our quota to the development of the country.

    “Most of our people are eager to be home, to contribute to its development. So, when there is no conducive atmosphere at home, people will not want to come back home. That is why politics cannot be left alone to people at home. We must be part of the process,” he said.

    He added that the ruling Peoples Democratic Party (PDP) has always orgnised Nigerians abroad, using the country’s embassies as the fora.

    Oleleke stressed that the progressives, who live in Europe, and are not satisfied with what the government is doing, have decided to organise a forum where their aspirations would be met.

    “Though we started with our support for the Action Congress of Nigeria (ACN) and have mobilised the people in Europe effectively. The merger of the four political parties prompted our support for the new platform which fold is populated by the progressives. We have decided to go further to ensure that we excel in our political campaigns.”

    “We chose the APC because it is a progressive party; this is the only alternative party to what is happening in the country. In ensuring success for the APC, we will continue to use our old methods. When we had the ACN; we used to liaise with the ACN governors, particularly, the state of Osun Governor, Rauf Aregbesola. We have been contributing by campaigning for our people from our base in Europe. We told them what to do; these are taken from the fact that we are exposed and know what happen from the foreign perspectives. We tell them to vote the right people and the right party.”

    He maintained that the PDP and ACN have been tested in the Southwest and the people knew which one is better. “And now, with the APC coming into existence, we have been telling them that this party can be replicated at the federal level, all that they achieved at the state level would be the national level.”

    He said the APC in Europe has a large support base and could not be ignored. “In Europe, we are talking about 25 countries and I can tell you that there are lots of Nigerians, numbering up to five millions in Europe.”

    Oyeleke further said that plans were underway to ensure that those who would be part of the electoral process were not shot out from exercising their franchise.

    “Some of our people will come to Nigeria to be part of the campaign, and again some of our people who are registered will fully participate.

    “We will come down to Nigeria to be part of all elections that are very vital but the only problem we have now is that we want to organise ourselves through this forum. We equally want to get more people registered and by the time we register them our impact would be much felt.”

    “For now, a lot of people are not happy because of the type of government we have in the country, so we want to encourage these people to come down to make their impact in the electoral process. And, if you remember that these people are the ones sending money to their people all the times, they cannot ignore the calls. Once the situation at home is not okay, it will affect their purses as well.

    “If the environment is quite okay, they would be relieved of too much burden. In short, we are sort of a pressure group both within and outside, we want the best for our country and that is our mandate. In European countries, you cannot fight individually for your rights unless you come up as a group. This one will fight and defend our interests overseas and ensure that we have good government in the country,” Oyeleke said.

  • QUOTE OF THE DAY

    QUOTE OF THE DAY

    “We want to ban European refineries from buying un-certificated oil. 400, 000 barrels a day is a huge loss. We need to get traceability of oil to avoid theft. The oil companies are involved in this and everybody is making big money.

    The bunkering tankers are better equipped than the Nigerian Navy, This is a huge international organised crime. We did it with diamond; we can also do it with oil.”

    Mitchell Rivasi (Acting Co- President ACP- EU) on the need for Europe to ban stolen oil from Nigeria.