Tag: money

  • Buried money

    •Who owns the billions found in farmland?

    Corruption is doing well in Nigeria and seems to be growing on fertile soil. Hear the Speaker of the House of Representatives, Yakubu Dogara: “If you look at the massive looting of the treasury, actually, I have been in government for quite some time, I never, never could have imagined the scale of corruption that we are witnessing, where people took lots of money running into billions and buried them in farms. As we speak, they are recovering monies from someone’s farm somewhere around Abuja. It is very unfortunate, where people stole money just for the sake of stealing.”

    This thought-provoking corruption-related picture is so picturesque, and indeed captures a disturbing kleptomaniacal reality in the country’s power circle that is definitely unprogressive and anti-development. It is a picture of reckless and senseless materialism that is particularly tragic because it is anti-people.

    When huge public money stolen from the public purse is tracked to a private farmland, it should prompt curious questions about the ownership of the land and the money. Obviously, burying money in the ground is suspicious enough, and when “money running into billions” is allegedly involved, suspicion of corruption is logical.

    From the look of things, official corruption may have grown beyond public imagination.  Stupendous figures are regularly publicised in connection with corrupt figures and corrupt conduct, and it is clear that the country needs to act urgently against corruption. It is interesting that Dogara was quoted as saying: “If you were the one who was in charge of fighting corruption, you would have even been shocked by the scale of the problem. I guess part of the problem we have is that the scale of the problem far outweighs the anticipation of the agencies.”

    Yes, it would appear that the problem is overwhelming. But the country must not be overwhelmed. It is noteworthy that President Muhammadu Buhari himself famously observed that if the country does not kill corruption, then corruption will kill the country.

    The latest information concerning treasures of corruption hidden in secret places, in this case, a farm, certainly reinforces why the country must crush corruption in order to achieve socio-economic progress.  Dogara’s remarks deserve contemplation: “The process of doing that has become a subject of concern to some people. The Economic and Financial Crimes Commission (EFCC) is actually the agency, as we all know, that is in charge of this fight and if you look at what it has done so far, there is even a discussion as to whether they are proceeding in the right direction and whether it is not time for us to sit down and do an assessment of how the fight has been, in view of the fact that in the last one year I do not think there has been any major conviction.”

    Dogara also noted:  ”And it has always been a case of this person has been arrested and detained and some things have been done or he has been charged to court and then the story ends there. Whether we will succeed in fighting corruption, if we continue in this way, only God knows. If the end is just to arrest people, charge them to court and, thereafter, nothing happens, no one is convicted; because conviction, even if you are not jailed, has a way of deterring people…But if I am just arrested, charged to court and maybe some money recovered from me and at the end of the day, nothing happens, a lot of people may not be deterred in the future from engaging in corrupt practices.”

    So this matter of buried money should be pursued to a logical conclusion. In the final analysis, the anti-corruption campaign requires focused action, and will not be successful if it does not go beyond rhetoric. We need to know the owner of the farm as well as the money. This is important.

  • Looters must return stolen money – Archbishop

    From Abdulgafar Alabelewe, Kaduna

    The Archbishop Catholic Arch Diocese of Kaduna, Most Rev. Mathew Man-Oso Ndagoso has called on those who have stolen the nation’s money and kept in America or elsewhere to repent and return the funds.

    Archbishop said Nigeria is almost like a begging nation now, urging President Muhammadu Buhari to urgently address the sufferings of the people.

    Speaking with journalists in Kaduna to mark World Year of Mercy Celebration, Archbishop Ndagoso explained that, there are very clear signs that people are suffering in the country, noting that the hardship is caused by recklessness and lack of concerns for others.

    Archbishop Ndagoso said, “If the stolen funds are returned, they should be properly used to make a life worth living for Nigerians”.

    He warned that recovering looted funds only to be re-looted again would be dangerous.

    Archbishop Ndagoso stressed, “Our nation is almost like a begging nation now, because workers cannot be paid, pensioners are dying everybody is suffering and people are asking again what do we do with these people? Well again we are people of hope, for those who have stolen our wealth; I know mercy and justice go together. God is merciful and just God”.

    “Those who have stolen our money if they can bring it back, restitute it is a sign you are repentant and therefore those who stole our money and kept in America, whether they have built houses in Abuja or Kaduna or anywhere I think they should return it and if it is returned it should be properly used to make a life worth living for Nigerians and warned of the danger of recovering looted funds only to be re-looted again”.

    “For us Christians look at what happened to good thief on the cross at the very last minute that he made paradise. So the point simply is that you can never say it is over until somebody breaths his last”

    Archbishop added, “We all know what is happening in the country, even myself as Archbishop I am feeling the pinch, there are very clear signs that people are suffering in the land”.

    ENDS

  • ‘Why money management skill is crucial’

    Renowned author and publisher of the daily devotional, Our Daily Manna (ODM) Bishop (Dr.) Chris Kwakpovwe, has called on  the Federal Government to find ways of creating incentives to stimulate the informal sector so as to reduce the hardship that Nigerians are exposed to in the face of a tottering economy.

    Speaking last Sunday at a Roundtable with the theme: ‘Financial Intelligence: Basic Money Management Skills to Create Wealth’ he  said the informal sector should be positioned as the engine of economic growth in the face of dwindling oil earnings and low capacity utilisation by the manufacturing sector; factors that have literally crippled the economy.

    Kwakpovwe said there was urgent need for government to address the twin issues of basic infrastructure such as electricity and funding for Small and Medium Enterprises (SMEs) so as to encourage more Nigerians to embark on self-employment rather than continue to search for non-existent jobs in an economy where the otherwise vibrant sector such as banking, is already throwing thousands of Nigerians into the streets.

    The bishop urged Nigerians to rise to the challenge of contemporary economic realities and acquire basic financial intelligence and management skills that would enable them set up and manage small businesses successfully, which he insists, holds the key to earning a decent living in the face of a shrinking economy.

  • Lack of internal democracy, money politics driving members from PDP —Nwuche

    A chieftain of the All Progressives Congress (APC) in Rivers State, Hon. Chibudom Nwuche, yesterday emphasized lack of internal democracy and high monetization of politics as the two major reasons driving members out of the Peoples Democratic Party (PDP) to other parties.

    Nwuche, who is a former Deputy Speaker, House of Representatives, said this at a seminar at the Nigerian Institute of Economic and Social Research (NISER), Ibadan yesterday.

    Speaking on the theme: “Party Primaries and the Quest for Accountability in Governance in Nigeria,” Nwuche said he was a victim of both factors which ultimately made him leave the party.

    According to him, while contesting as a senator in the last election, voters in his constituency wanted to vote for him in the primary but sensing that he could emerge as the party’s candidate, the party machinery worked against them by moving the primary to the Port-Harcourt state headquarters of the party where only those who were prepared to vote for the candidate preferred by the PDP were allowed to participate.

    Besides, Nwuche said he gathered reliably that huge sums of money exchanged hands in determining who emerged as candidates for the various elective positions. He said the flawed process made him decide to leave the party with his large followers.

    The former lawmaker emphasized that the experience has been the same for many high top political fliers who have left the party. He pointed out that the two factors were largely responsible for the decimation of the party as well as its defeat in the last general election.

  • Money transfer: Bank to pay N10m damages for negligence

    Money transfer: Bank to pay N10m damages for negligence

    A Lagos High Court sitting in Igbosere has ordered Skye Bank Plc to pay a writer, Odafe Atogun, N10 million as damages for the six thousand Euros (€6,000) Western Union Money Transfer it wrongfully paid to an impostor.

    Justice Mobolanle Okikiolu-Ighile in her judgment held that the bank was negligent when it paid the 6,000 Euros Western Union Money Transfer to an impostor.

    The claimant had in his statement of claim dated July 31, 2009 filed by his lawyer; Pascal Ememonu, accused the bank of negligence in its handling of 6,000 Euros sent to him by one Hudson Killeen from Ireland to establish a printing press in Nigeria.

    But, the bank in its counter affidavit, contended that the High Court of Lagos State lacks the jurisdiction and competence to adjudicate on the suit being a claim arising from money transfer agreement between one Kevin Fuller and Western Union in the Republic of Ireland.

    But Justice Okikiolu-Ighile held that Skye Bank admitted under cross-examination that the Central Bank of Nigeria (CBN) investigated the matter and found that it was negligent in the course of the transaction.

    The court held that the defendant’s witness was not in the banking hall on the November 3, 2008 when the Benin City branch of the defendant wrongfully paid out the 6,000 Euros meant for the claimant to an impostor.

    Besides, the court observed that the bank neither produced the Close Circuit Television (CCTV) recording of the banking hall of its Benin City branch on that day nor did it produce the alleged report of its own investigation.

    Justice Okikiolu-Ighile stated that she found the claimant as a truthful witness after watching his demeanour.

    Consequently, the court awarded the sum of N10 million as general damages and addition N250,000 in favour of the claimant.

  • Money ruins everything (2)

    Money ruins many men. It impairs the moral fibre thus making the average human inhumane but that is because man often fails money. The Nigerian man in particular, fails money and so doing loses his right to lord over it and own it.

    Money, like a wild mongrel needs to be tamed. It requires firmness, chariness, deliberate conservatism and modesty of a full man to tame it, own it and control it. But that is hardly the case. Too many men are owned by  money. The Nigerian man, woman and society in particular, are owned by money – that is why contemporary Nigeria worships money.

    Like fire, money becomes a bad master due to our incapacities at taming its flare and controlling it. Consequently, it consumes us. Money corrupts the brightest among us and renders the most promising man and woman worthless. It consumes all who would do anything and everything to acquire it, whatever the consequence.

    Hence the domestication of yesterday’s ‘heroes’ and corruption of the shrewd – men and women by whose citizenship and wisdom we aspired to freedom and progress have being tamed, house-trained, like hunt dogs and pastoral cattle. Eventually, we suffer the transmutation of such established, self-acclaimed defenders of the people’s rights into despicable lapdogs, attack dogs and junkyard dogs of the ruling class.

    Little wonder Sunday of Isabo, Abeokuta, Ogun State, ditched his noble job as foremost columnist and chairman of a national newspaper’s editorial board to become attack dog and junkyard Labrador for former President Goodluck Jonathan’s administration. Many of his readers and fans bemoaned his ‘betrayal’ but from Sunday’s perspective, it is unarguably selfish of anyone to expect him to cling to the drudgery and emptiness of his former job and scorn a-chance-in-a-lifetime opportunity to be part of Nigeria’s high-society – be it as errand boy or disposable ‘bingo.’

    Who would have thought that the unrepentant critic of inept and oppressive ruling class would dump his pen and cape of honour to become an attack dog for the ruling class that erstwhile incited his vitriol? Through his spell as former President Jonathan’s media aide, Sunday spoke from every side of his mouth. He patroled Aso Rock corridors as the greyhound would the premises of its master. It must be lucrative being an errand dog.

    In Sunday’s descent subsists the irony of a contrived metaphor; the former columnist’s desertion of his sanctimonious high ground and renunciation of his self-touted activism and crusade for justice, government accountability and morality aptly illustrates contemporary Nigeria’s self-love and enslavement to mammon.

    Add that to the contemporary ruling class desperate politics and their philosophy of public office and power as means to systemic fraud and embezzlement of public funds and you have a perfect portrait of the Nigerian in the vice grip of money.

    An inordinate lust for money drives this generation to self-destruct. Having perverted the natural order that places man above money, the animate cowers to the inanimate. Nigeria submits to mammon, and science, technology, power, property and other bastions of materialism own and controls us. The consequences are rampant and discernible for all to see.

    Our lust for money has put paid to that staunch historic adherence to a cultural value system that supposedly distinguishes the Nigerian in the larger comity of nations and universal citizenship. Gone are our touted values – incontestable code of personal and societal ethics that supposedly humanizes the average Nigerian and moulds him into a fuller and better breed of mankind than any other in Africa and across continental divides.

    The current generation, the youth especially, manifests a dissonance with future bliss and progressive leadership anticipated of it. This generation is not only the most knavish but also the most effeminate of all generations; I will not bother over the shortcomings and atrocities we inherited from preceding generations lest I tow the oft beaten path and glamourize our claims to victimhood and base sentimentality. If the Nigeria we inherited is truly shorn of values and promises of a brighter tomorrow, must we aggravate the circumstances that foist upon us such hopelessness?

    One of the most curious kinks of this generation is its sustenance and obeisance to the cult of the ruling class. Consider the former administration of President Jonathan for instance; men and women that erstwhile professed to champion the people’s rights united to defend Jonathan’s ‘honour’ and justify the unceasing ineptitude and mindlessness of his administration.

    They conveniently forgot that the administration’s insensitivity, clumsiness and gluttony cost Nigeria thousands of lives and public fund till date. Evidences of the government’s incompetence and tactlessness abounded in its appointment of men and women unfit to run a roast corn kiosk to man the nation’s finance, aviation, health, defense, foreign affairs, education, works and housing ministries to mention a few. The citizenry’s election of shady men and woman into the nation’s legislative chambers and their defiant justification of the emergence of such individuals in the country’s hallowed chambers was equally instructive in the nation’s descent the steep slope of institutional corruption and decadent culture. Inefficiency of such characters fostered corruption, violence and deaths across the country.

    This anomaly periodically incites harsh criticisms and disillusionment among the citizenry. However, as had always being the case, the leading critics take no part in the pursuit and actualisation of majority will beyond lip service. Nonetheless they proceed with the most vulgar extravagances courting power and projecting it, irrespective of the nature of men and women that wield it.

    It is incontestable that many of such men, including the former president’s media aides functioning as attack dogs, attracted to themselves, too much of every ill that lies on the threshold of psychosis and common crime. Like the minority parading themselves as Jonathan’s apologists – even as you read – they cackle like a coven of crooked enthusiasts that see every illicit and sentimental act of bestiality as cause for political theatrics and hysterical spinning.

    Renowned turncoats like Sunday of Isabo for instance, are very useful to the ruling class – wobbly in intellect and infinitely handicapped by greed, they repeatedly parade themselves as pirates amenable to crimes and accessible to venal enterprise. These purchasable characters eventually shed their pretensions to heroism and honour to unite with the ruling class in its savage war against the citizenry.

    We have fought many wars in Nigeria. Wars for Biafra and the soul of the Niger Delta. The ongoing war for and against the soul of the northeast currently asphyxiating in the grip of terrorist sect, Boko Haram. And the never-ending war against thieving governors, legislators, and a corrupt judiciary. These wars are ultimately triggered by our failures with money and its innumerable material vestiges. Yet these wars are never enough. Everyday, we embroil in fresh wars for self-actualisation but the wars of the underdog, Nigeria’s impoverished lot, has a greater significance than all of the others.

    This daily battle for the soul and survival of the struggling working class and barely existent middle class is merely an episode of the universal war that constitutes the true nature of humanity and history of the world—the war of good against evil, ruling class against working class, the haves against the have-nots.

    These wars however, are lost on all fronts even before the masses march on to the battle field every day. This is a consequence of the knavery of men entrusted to serve as our moral sentinels, custodians of culture, value and hope for a brighter tomorrow. These men, contrary to their touted crusades in the interest of the citizenry, unconscionably mutate into more savage destroyers of hope and forms of life than the ruling class they were known to despise.

    But rather than call them out as the savages and murderers of hope that they have become, the Nigerian masses continually rationalise their betrayal arguing that they were only being smart. Perfidy and greed thus become noble enterprise in the Nigeria of our dreams.

  • Money ruins everyone…everything (1)

    Money changes everything. It changes everyone. Every hour, it turns thousands who could have overcome its darkness into eternal addicts to the base and inane. For the love of a lousy buck, many have died. For the love of the naira, thousands more lose their souls and their lives every day. Man and woman, father and mother, son and daughter, privileged and pauper, are felled in pursuit of money and the good life, even as you read.

    That President Muhammadu Buhari is persistently ridiculed and condemned as a failure even before his second year in office, is a direct consequence of his inability to uphold the corrupt but highly lucrative systemic bazaar of the past. Although Buhari’s leadership suffers the affliction of crooked men and women, his glamourised aversion to corruption and his ongoing anti-corruption inquiry, resonates dangerously to the country’s crooked divide. Too many men and women accustomed to pocketing and spending money that they didn’t earn are suddenly aghast and petrified by their inability to conduct ‘business as usual.’

    That former President Goodluck Jonathan took God for a fool also attests to the plague and degenerate sway of money. Jonathan, in abject desperation for acceptance and goodwill of Nigerian masses, travelled from the presidential villa in Aso Rock, Abuja, to stage a dramatic communion with God, on his knees, before Enoch Adeboye, a respected cleric.

    Cut to another hodgepodge of the ex-president on his knees, before Ayo Oritsejafor and other self-appointed “men of God” in faraway Jerusalem, Israel. Jonathan in flagrant disregard of religious tenets advising that man’s communion with his Creator should be personal and unpretentious, deserted his abode in Abuja to embark on a spiritual jamboree of his self-styled ‘humility’ and communion with God across the country and overseas.

    Predictably, psychologically and materially-impoverished loyalists cum the ex-president’s media aides argued that he simply loved to ‘lead by example’ thus politicizing his “humility” and “love of God” to the fascination and appreciation of all. It is however, unclear by what standards they will prove that heartfelt prayers muttered by the former president on his knees, in the corners of his room, would have been less significant than his theatrical communion with God.

    Were these spiritual shows emblematic of Jonathan’s unpretentious love of God or were they symptomatic of a desperate wish to perpetuate him in power for the attendant fiscal and material perks? Cut to Stella Oduah, aviation minister’s N255 million bullet-proof automobile scandal Sambo Dasuki’s $2.1 billion arms purchase scam and Abdulrasheed Maina, former pension boss’ N21 billion pension fund racket to mention a few, and you have an interesting picture of the Nigerian ruling class’ inexorable lust for money and other material things.

    There is the oft-repeated logic and inclination to blame this persistent malaise on capitalism; however, attractive as such sophistry may resound, the impulse for acquisition, pursuit of gain and money in fact, has nothing to do with capitalism – it is merely a symptom, like perverse capitalism, of the society’s steady descent the slope of the decadent and grotesque.

    Max Weber, the late German economist and social historian would say it has been common to all sorts and conditions of men at all times and in all cultures of the earth but I would say that the Nigerian malaise is brought about by the absence of an enduring moral code.

    This deficit manifests in deficiencies of personal and societal ethics – the consequence of which is the preponderance and regeneration of eejits, tyrants, greedy-guts, fraudsters, narcissists, murderers and bloodhounds of all kinds and of all nature, across the country’s landscape.

    The trials of Nigerians’ moral degeneration as exemplified by the citizenry’s inordinate lust for money, the country’s recurrent tragedies and propensity to self-destruct, reveals an overarching tendency to savour short-term greed and relief over long-term prosperity. Despite a protracted and tumultuous history of impoverishment and bad leadership, Nigerians continue to look for quick fix solutions thus mortgaging the country’s present and future for short-term benefits.

    Through decades of moral perversions and self-inflicted disasters, Nigerians continue to bemoan their tragic fate. While many argue that the country ruins because the youth are too weak and too selfish to spill as much blood as is required to rid the nation of every human and institutional affliction, many more contend that the country’s woes will disappear immediately poverty is eradicated by the ruling class.

    Today, the fear of poverty as the irrepressible lust for money, drives too many to commit gross acts of dishonesty and irresponsibility. Personal greed is pervasive and poverty is endemic. It represents the triumphal punch delivered by the proverbial system against the country’s poor, hopeless masses. Nigeria suffers the consequence of the supremacy of money. Money rules the Nigerian society. It elevates and ennobles the possessor of it; whatever the nature and import of the rich’s membership of the society, as long as he has money to flaunt and throw around, nobody cares what value he adds to and denies the society.

    Thus the pardon and acquittal of several corrupt politicians and deposed bank chiefs; even after insurmountable evidences were marshaled against them by prosecution, they get off too easily with court sentences that were tantamount to a pat on the back. The poor, on the other hand, epitomise more of what is wrong and contemptible with the society. They represent that segment of the society that is easily swayed, viciously condemned and trodden by the power of money.

    The power of money is indeed frightening and overwhelming. Like Okwudiba Nnoli notes, it uplifts and crushes, enhances and debases, exhilarates and disenchants, dignifies and dehumanizes, enlightens and blinds, unites and divides. Under the influence of money, humaneness and the quest for the collective good are ferociously smothered by disruptive and selfish considerations. Materialism is fostered and greed is ennobled in the mad dash for money. Consequently, justice, freedom, equality, dignity and other human rights, are sacrificed on the altar of the perennial rat-race for the accumulation of money.

    More worrisome is the reality of the poor in Nigeria being unquestioningly docile to the power of money. This impoverished lot is hardly impressed by humaneness and promising leadership. To them, these are manifestations of weakness. Their loyalty and sympathies are reserved for tyrants that treat them like dogs on a leash. It is to these latter that they exhibit the greatest obsequiousness and erect the greatest statues.

    While it is true that the poor would often trample maniacally on the despot, who by a poetic twist of fate – be it by class politics or masses revolt – gets stripped of his power and authority, they do so because having lost his strength, the despot becomes relegated to an ignoble spot among the weak and repressed, who are to be loathed and not feared.

    This is emblematic of Gustave Le Bon’s philosophy of ‘The Crowd,’ which was valued not only by Pareto, Freud, Mussolini, and de Gaulle, but even by Horkheimer and Adorno. Le Bon contends that the type of  “hero dear to crowds will always have the semblance of a Caesar. His insignia attracts them, his authority overawes them, and his sword instills them with fear…Should the strength of an authority be intermittent, the crowd, always obedient to its extreme sentiments, passes alternately from anarchy to servitude, and from servitude to anarchy.”

    The Nigerian poor, like Le Bon’s crowd, are incapable of progressive will and thought for any length of time. Like a servile herd, they are incapable of coping with the humdrum and vicissitudes of their lives without a master. Democratic ideas are therefore in profound disagreement with the psychology and experience of the Nigerian poor. It is unsurprising then, that materially and mentally impoverished folk would distrust democracy and its promise of collective good, to covet and pursue the vain and ephemeral perks of sociopolitical harlotry.

  • Allison-Madueke gets Sept date in money laundering suit

    Allison-Madueke gets Sept date in money laundering suit

    For the second time in six months, ex-Petroleum Minister Mrs. Diezani Alison-Madueke has been told by a London court that she has a case to answer regarding the £27,000 money laundering and bribery allegation made against her by the United Kingdom’s National Crime Agency (NCA).

    She will be returning to the court in September this year, after the Westminster Magistrate’s Court granted the request of the NCA on March 31, for another six months to give the agency more time to tighten its case.

    Mrs. Madueke will be on bail with her mother Mrs. Beatrice Agama, the lead suspect; son Ugonna Madueke, family friend Ms Melanie Spencer, wife of a Ghanaian oil tycoon, Kevin Okyere; and one of her siblings till the court reconvenes in September.

    It is typical of the NCA, drawing its authority from the Proceeds of Crime Act, to ask for more time for its investigations to build a strong case.

    The Proceeds of Crime Act says: “The Proceeds of Crime Act 2002 (POCA) sets out the legislative scheme for the recovery of criminal assets with criminal confiscation being the most commonly used power.”

    Confiscation occurs after a conviction has taken place. Other means of recovering the proceeds of crime, which do not require a conviction, are provided for in the Act, namely civil recovery, cash seizure and taxation powers.

    The investigation is now global, extending to Nigeria and Switzerland, where billionaire businessman Kola Aluko was questioned and his home raided on the request of the NCA.

    Aluko, with Swiss nationality and owner of Atlantic Energy, did some oil deals with NNPC while Alison-Madueke was in charge. He is believed to be a key figure in the money laundering network.

    Atlantic Energy signed a lucrative strategic alliance in 2011 with NNPC while Alison-Madueke was in charge of Petroleum Ministry, giving it rights to sell oil from four big blocks on behalf of Nigeria.

    Before the oil price crashed, Aluko said the commercial value of the contract was estimated at $7 billion.

    Aluko confirmed to the Sunday Times of London last year a probe on potential violations of the United Kingdom Proceeds of Crime Act and Bribery Act, but professed his innocence.

    He said: “I am willing to co-operate with anybody. I have nothing to hide.”

    The businessman added that he paid the rent on a flat in St John’s Wood in London for Alison-Madueke’s mother, “as well as bringing her ‘hams, sausages and orchids”.

    Beatrice, Alison-Madueke, son and others involved in the laundering and bribery allegation risk losing the £27,000 in contention and jail term if the charges were filed and proved against the respondents.

  • NEW PRIZE MONEY OUTLAY FOR OKPEKPE RACE

    NEW PRIZE MONEY OUTLAY FOR OKPEKPE RACE

    Organisers of the annual Okpekpe 10km road race have announced a new prize money outlay for the fourth edition of the race which holds on  May 7.

    Spokesman for the race, Dare Esan revealed that $92,000 in prize money will be paid to the top eight finishers in the men and women’s race with the winner in each gender category going home with $15,000 while $10,000 and $7,000 respectively will go to the second and third placed finishers.

    ”The prizes for 4th to 8th placed finishers in each gender category are $5000, $3,000, $2,500, $2,000, and $1,500 respectively,’ said Esan who also revealed the introduction of performance bonuses to this year’s race.

    “Athletes achieving a world leading time will be eligible for a special bonus which will be revealed in due course,”  said Esan who noted that the performance must be an improvement on the existing time.

    He further revealed that the organisers of the race are considering using pacemakers to help the athletes in their record-chasing mission.

    “Pacemakers are runners who lead a middle- or long distance running event for the first section to ensure a fast time and  are frequently employed by race organisers for world record attempts with specific instructions for lap times.This time we are employing them for world leading times,” said Esan who clarified that performances which equal the existing world leading time will not be eligible for a bonus.

    Esan also explained why there is a reduction in the prize money for the top three finishers in this year’s race.

    Last year the top three finishers were rewarded with $25,000,$15,000 and $10,000 respectively.

    “We are concerned about the quality of athletes we invite for the race because of its status as the only IAAF bronze-labelled 10km road race in Africa and one of only two IAAF labelled road race in Africa so far this year.In fact that is why we brought in the highly respected international marathon/road race organiser,Walter Abmayr to ensure we get athletes who can run world leading times here in Okpekpe.

    “We know athletes who have attained gold level or silver level running status will demand appearance fees and that is why  some of the invited athletes will be paid appearance fees. We really want to go for the best legs in the world because Okpekpe 10km road race is an international event certified by the IAAF,’”Esan said.

    The total prize purse has been increased to N1.1m with the first placed finishers in both the men and women race going home with N250,000 while the second to the fifth placed finishers will get  N100,000, N80,000, N70,000 and N50,000 respectively,”he said and noted that the payment of prize money and bonuses is dependent upon athletes clearing the usual anti-doping procedures.

  • CBN pegs mobile money monthly transactions at N40b

    CBN pegs mobile money monthly transactions at N40b

    The Central Bank of Nigeria (CBN) has pegged monthly value of mobile money transactions at N40 billion.

    CBN Deputy Governor, Operations, Suleiman Barau, who disclosed it at the maiden edition of the Electronic Payment Financial Incentives Scheme (EFIS) Efficiency Award, said mobile money is where the future of banking lies.

    He urged banks and other stakeholders to ensure that the e-payment space is deepen.

    Barau said the EPIS award would create healthy competition among banks and add more value to customer.

    He said the mergence of Guaranty Trust Bank Plc (GTbank) as the overall winner is a welcome development that should stimulate healthy competition in the industry.

    He also commended the performance of Zenith Bank Plc adding that both lenders have done exceptionally well in the e-payment space.

    GTBank won six out of the 11 bank category of the award, which include Cashless Instant Payment; Cashless PoS issued cards; Instant Payment Transaction Efficiency; Electronic Reference; Automated Direct Debit Mandate; and Customer Experience Satisfaction award.

    Zenith Bank won in the Cashless Bulk Payment Award and PoS Transaction Acquirer categories. FirstBank, Standard Chartered Bank and Diamond Bank won in other categories.

    Barau said that the award was designed to address apathy to electronic payment channels, which greeted the cash-less policy.

    He said: “In 2012 when the cashless policy was introduced, basically to reduce the cash intensity in the economy, and by implication to encourage electronic payments, with a lot of e-channels to drive the policy, these include PoS, multifunctional ATMs, internet banking, NIBSS electronic funds transfer (NEF), NIBSS Instant Payment (NIP) that I am very proud about, mobile payments, and others.

    He said the level of merchant apathy was high thereby inhibiting adoption.

    Managing Director/Chief Executive, NIBSS, Adebisi Shonubi said  the award would create efficient payment in the industry.

    He urged banks to work harder to enhance the efficiency of the payment system, adding that banks and other participants in the payment space that do well will always be recognised.

    He said NIBSS has continued to provide the infrastructure for automated processing, settlement of payments and fund transfer instructions between banks, discount houses and card companies in the country.

    “I am not sure you will find so many customers complaining about e-payment. So, there are different levels of dissatisfaction and from the e-payment perspectives, there should not be much. In the payment space I will be very surprised that customers are complaining,’’ he said.

    He insisted that the fees NIBSS takes from banks were within the stipulated regulated threshold, adding that such fees do not determine the fees charged by banks on their customers’ accounts.