Tag: others

  • Man, others charged with stealing N7m

    I gwegbe Emmanuel, 65, and five others have been arraigned before an Ikeja Magistrate’s Court for allegedly stealing N7million from Freedom Merchant Market Association.

    The othersare Sylvester Umeaku, 54; Stella Anumaka, 40; Godwin Nwankwo, 52; Emmanuel Ikeahugo 58; and Anakwenze Pauline, 54.

    They were arraigned on a two-count charge of stealing before Magistrate O.A Okunuga.

    According to the prosecuting police Inspector Barth Nwaokaye, the defendants fraudulently converted the cash into personal use.

    The prosecutor said the offence was committed on June 14, last year, about 12 noon at No 9/11 Awodi Ora Estate area of Lagos.

    He said the offence is punishable under Sections 409, 284 and 285 of the criminal laws of Lagos state of Nigeria 2011.

    The defendants pleaded not guilty. Magistrate Okunuga granted them N1million bail with two sureties in the like sum each.

    The magistrate said the sureties must be resident in Lagos and show evidence of three-year tax payment . The Magistrate adjourned the case till February 27.

  • Banker, others, charged with N2m fraud

    A 27-year-old banker, Tairu Ayodeji, and two other have been charged before a Yaba Magistrates’ Court in Lagos, for allegedly attempting to steal N2million from a customer, Yusuf Mohammed.

    Ayodeji, Aina Alexander, 37, and Kayode Mustapha, 18, were arraigned on charges of conspiracy, unlawful disclosure, violation and neglect of responsibilities, impersonation, prejudice, attempted fraud and possession of charms.

    Prosecuting Assistant Superintendent of Police (ASP) Felix Ifigen told the court that the offence was committed on January 14 and 17 on Community Road, Akoka, Yaba.

    He said: “Ayodeji, an employee of Ecobank, Ogba Branch, disclosed the account details of Mohammed, his customer, to Alexander, Mustapha and another person who is at large in order to aid them in the commission of fraud.”

    The charge read: “Being an employee of the bank and a public officer, Ayodeji intentionally violated and neglected to perform the rules and regulations in the discharge of his duties by abusing his office.

    “The second defendant, Alexander, on January 17, at Ecobank, University of Lagos, Yaba, having the details of the account of Mohammed, falsely represented himself to be the holder of Mohammed’s account.

    “He made a false document with intent to transfer the sum of N2million from Mohammed’s account to a Guaranty Trust Bank (GTB) account belonging to one Ganiyu Gafar.

    “He was found having charms in his possession which is reputed to possess power to prevent or hinder detection of their offence.

    “The third defendant, Mustapha, also falsified Mohammed’s signature with the intent of transferring N2million from the customer’s account believing same to be acted upon as genuine,” Ifijen said, adding that the offence contravened Sections 409, 59, 73, 378, 404, 361(a)(b) and 133 of the Criminal Laws of Lagos, 2011.

    The defendants pleaded not guilty and were granted N500,000 bail, with two sureties in like sum each, by Magistrate P.A. Ojo.

    The case was adjourned till February 2.

  • Tambuwal, Yuguda, others flay attack on monarch

    Tambuwal, Yuguda, others flay attack on monarch

    The Speaker of the House of Representatives, Hon Aminu Tambuwal and Governor Isa Yuguda of Bauchi State yesterday condemned the attack on the Emir of Kano, Alhaji Ado Ibrahim.

    The Speaker called it callous and inhumane “and from all indication, meant to shatter the resolve of peace-loving persons in the federation,” while Gov.Yuguda described it as barbaric.

    In a statement in Abuja, Tambuwal said the Emir, one of the most respected traditional rulers in the country, is a man of peace whose words and actions have promoted peaceful coexistence among people of diverse backgrounds in Kano state and beyond.

    He said the attack, coming at a time when the security agencies have made considerable gains in their fight against terrorists especially in the Northern part of the country, should be fully investigated and all those involved be brought to justice.

    He condoled with the families of those who lost their lives in the attack and urged all Nigerians to embrace peace and allow peace to reign where ever they may be.

    He reiterated the commitment of the House of Representatives to work with other arms of government and all interest groups and persons to find lasting peace in the country.

    Yuguda, in a statement in Bauchi said: “I received the sad news with shock, wondering why someone will want to take the life of another person particularly that of one of the leading royal fathers in Nigeria who is genuinely and deeply committed to peace and peaceful coexistence.”

    The Governor, while sympathising with the immediate Royal family over the attack, also condoled the families of those who lost their lives defending the Emir, saying that, “they died in active service laying down their lives for the Emir, and may Allah grant the departed aljannatul firdaus and their families the fortitude to bear the irreparable loss.”

    In its own reaction, the Arewa Consultative Forum (ACF) described the attack as “a rude shock.”

  • We lost a gem, say Chief Judge, others

    We lost a gem, say Chief Judge, others

    The remains of Justice Wasilat Ayo of the Lagos State High Court have been buried. She took ill while serving as chairman of the Governorship Election Petitions Tribunal in Delta State and died on December 30, last year, JOSEPH JIBUEZE reports.

    May premature death never occur again in the Lagos State judiciary.”

    Those were the words of the Chief Judge (CJ), Justice Ayotunde Phillips, during a valedictory court session held at the High Court foyer, Igbosere, last Friday for the late Justice Wasilat Abisoye Ayo.

    She died last December 30. She was 47.

    Justice Ayo, who was overseeing the court’s bid to deploy a Judiciary Information System, was interred at the Ikoyi Vaults and Gardens.

    About a few minutes to 10am, her body arrived the foyer where judges, all robed, were waiting.

    Governor Babatunde Fashola (SAN), who wore a dark suit, soon joined them.

    Also among the guests were royal fathers, Senior Advocates of Nigeria, dressed in their ceremonial robes, Justice Ayo’s husband, Olabode, two daughters, and other relatives.

    Soon after the valedictory session, the body was taken to the Redeemed Christian Church of God (RCCG), Goshen Parish, Lekki Phase 1 where a funeral service was held.

    A wake-keep had been held on Thursday night at the church.

    Justice Phillips, represented by the Head Judge, Justice Funmilayo Atilade, said Justice Ayo’s death was “saddening”.

    According to her, although they knew she had been battling with a serious ailment, they still hoped she would recover.

    She described the late judge as a colleague, friend, boss and sister. “We’re especially saddened to be burying a younger judge. God knows best,” she said.

    Justice Phillips said the late judge made significant contributions towards the development of law and the state judiciary, especially her role in the court’s computerisation exercise.

    The Judiciary Information System, she said, would soon be launched.

    “It’s not how long, but how well. She has done well. She has played her part effectively. She will be sorely missed.”

    The CJ praised the widower, saying he “showed a great sense of character and deep sense of devotion to her better-half.”

    She asked God to console the entire family through the dark period, praying that untimely death would not reoccur again in the state judiciary.

    Justice Ayo’s younger brother, Mr Obafemi Shitta-Bey, who responded on behalf of the family, said her death left the household devastated. “My heart is heavy right now,” he said.

    “She discharged her duties honourably, impeccably. May her gentle soul rest in peace,” said Mr Shitta-Bey.

    Until her death, Justice Ayo was a judge in the Lands Division of the Lagos State High Court, Igbosere.

    She tool ill while serving as Chairman of the Governorship Election Petition Tribunal in Delta State early last year.

    Her husband said she had been going for regular treatment in England since last January, and was making a recovery before suffering a relapse.

    According to him, she had completed her treatment before returning to Nigeria in November, and was to go back for a check-up.

    Her doctors, he said, had asked her to take a holiday. Sadly, while in Nigeria, she took ill and passed on while hospitalised in a Lagos hospital.

    Justice Ayo attended the Methodist Girls High School, Yaba (1975-1981); Ahmadu Bello University, Zaria (1981-1983) and the University of Lagos, Akoka (1983-1985).

    She attended the Nigerian Law School, Lagos, and was called to Bar in 1986.

    Prior to joining the Lagos judiciary, she was an Associate Attorney at S.A. Shitta-Bey & Company between October 1986 and February 1997.

    Between February 1995 and February 1997, she served as Head of Loan Work-Out/Recovery and Credit Administration Department, Commercial Trust Bank Nigeria Limited, Lagos.

    Justice Ayo moved to the United States where she worked with several companies, serving as Loan Portfolio Manager at Suntrust Banks Inc., Atlanta Georgia.

    She underwent further training in computing, attending courses in Microsoft Visual Basic, Web Application Development, Java Programming Language, among others.

    She worked as Software Engineer, MAPICS Inc. Alpharetta, Georgia, USA.

    She was appointed a judge of the High Court of Lagos State, Commercial Division, on May 24, 2001.

     

  • How Africa’s economy can grow, by Fashola, Soyinka, others

    How Africa’s economy can grow, by Fashola, Soyinka, others

    Nobel laureate Prof Wole Soyinka and Lagos State Governor Babatunde Fashola (SAN) have said Africa can develop through more functional cooperation.

    Soyinka said if China could develop the way it has in the last 10 years, then the rest of Africa, including Nigeria, could also grow.

    Fashola believes Africa holds the key to its development, and must use it to unlock doors of opportunity.

    They spoke at this year’s Kuramo Conference in Lagos, convened by Fashola, which had the theme: The Global Commonwealth.

    Highpoint of the conference was the launch of the Lagos Court of Arbitration, an international alternative dispute resolution platform.

    Soyinka, who chaired the event, said there can be no development without quality education for the citizenry. He said million have been subjected to a very narrow definition of education.

    According to him, application of technology will reduce what he described as “single-source thinking.”

    He said the internet, which lies at the heart of the knowledge economy, with its infinite capacity to aggregate data, connect people, mediate access and support transactionary exchanges, is a perfect tool to drive growth.

    “A lot of the solutions to the problems Africa faces will lie in the realms of technological innovation,” he said.

    Soyinka agreed that corruption works against development, saying it may require “shock treatment” to end it. He said it manifests itself in many aspects, such as in what he called “unconstitutional appendages of elected people.”

    He cited Rwanda as an instance, where government officials were barred from using official vehicles and not allowed to go abroad for medical treatment.

    Soyinka said corruption is so commonplace that the wife a local government chairman drives around in an official vehicle.

    He hailed the conference organisers, saying: “We might come out of this with the first Kuramo Socialist Manifesto.” Fashola urged African leaders to take their destiny in their hands.

    He said: “We hold the key, and we must use it to unlock the door that leads us to the vast promise of our endowed continent.

    “We must no longer hand over the key to others to unlock the door for us. The reason is simple. They will go through the doorway before we do.

    “This time it is incumbent upon us to walk through those doors ahead of our partners or at least side by side.

    “We must draw on the lessons of our past and build on the successes of the present.

    “We must not continue to wait for the West and the East to come to us; we must export Africa to the world.

    “We must ensure that we use this window of opportunity to secure the future of the generation of young Africans who look to us for leadership so that the problems of hunger, famine, poverty and under-development on our continent are overcome now and not in any distant future. This is what Kuramo is all about.”

    Keynote speeches were delivered by Director, Centre for the Study of African Economies, Oxford University, Prof Paul Collier and international economist Dr Dambisa Moyo.

    The conference drew experts from various public and private sectors including law, business, finance, media and entertainment, energy and the environment with the aim of covering emerging issues tailored to address advocacy and policy required to shape global decision-making.

    Other notable issues to be discussed include the role of the creative industries in supporting local economies, the recovery of stolen oil wealth from public coffers, solutions to addressing contentious energy solutions, conflict resolution in Africa, as well as consumer rights in developing economies.

    Former Lagos Attorney-General and Chairman, Kuramo Conference Committee, Mr Olasupo Shasore (SAN) said the essence of the conference was to present “a policy crossroads.”

    “We believe that policy is an all-important tool for development. Policy must be brought from the richness of dialogue, consultation, interaction and innovation.

    “There has been a yawning gap in international for a for private and public sector interaction on policy matters. We have lacked that platform to exchange African ideas and African answers to global challenges.

    “Kuramo was conceived to drive an issue-based development agenda. These conferences are designed to set that agenda from the deliberations of delegates and the network of professionals that attend.”

    Shasore also spoke on what has been achieved from the last Kuramo conference. “We have directly produced a model draft bill for the recovery of proceeds of crime by forfeiture. We have noticed a percentage increase in educational budgeting (even though the issues exceed more budget allocation).

    “We have encouraged non-governmental action in the area of access to knowledge; the future of has also been addressed by the launch of the Lagos Court of Arbitration and finally, a true consolidated title to property bill in the municipal Lagos is now imminent.”

    Collier said Nigeria’s government has the challenge of oil management. Three factors are crucial in getting, he said. They include rules, institutions and a credible mass of informed citizens.

    He said the country’s education system is failing, describing many of the teachers as “functionally illiterate”, a failure management of schools. Collier suggested experimenting with “something different,” such as such as state-financed, but not state-managed schools.

    He cited Ghana as an example of a country providing a legal environment that makes it possible to run universities well, which he said explains why students and teachers from across the world go to Ghana.

    “Without reforming your schools, you really have no future. You best brains will get on the plane and leave your country. The aim should be to get them back,” Collier said.

    Collier praised Fashola’s development efforts, saying: “Fashola inherited decades of missed opportunities which he is now putting right.”

    He identified areas needing more as housing, as “most people in Lagos are badly housed” and “slums are dysfunctional for the economy as well.”

    Collier said Nigeria should learn from its history of missed opportunities. “You have been through an oil boom in the 70s and nothing was achieved with it. Now, you’re going through another boom. You need to learn from history, not repeat it.”

    Moyo says the problem with Africa lies in poor execution of policies. “We’re doing a very bad job of execution. We have to figure out the best way to execute,” she said, adding that corruption, cronyism, opaque processes and subsidies remains banes of development.

    According to her, some public officials feel that public coffers are private coffers; therefore punishment for corruption must be made more stringent.

    Moyo said many African leaders lack self-respect, which is why some of them have no shame “in going around begging for money when they preside over enormous resources.”

    She added: “If you’re using public funds to send your children abroad to school, then there’s something inherently wrong with that.”

    Fashola also spoke on the essence of Kuramo. “It is about knowledge, improvement and influence. Kuramo is also a confluence of ideas to tackle and consider from a unique African perspective, the issues that challenge us globally.

    “Kuramo will continue to provide a platform for public and private sector collaboration to drive international development in Africa and secure a better economic future for ourselves.”

     

     

     

     

     

     

    But Kuramo is so much more than that.

    “Kuramo is about alternative thinking, because we take the view that alternative, innovative ideas are the key to the future. We must turn normalcy around; we must stand things on their heads; we must push back the frontiers; we must literally rattle the cage to stimulate innovation and pursue creative solutions to global problems.

    “Recently all 47 members of the United Nations Human Rights Council declared that access to the internet and online freedom of expression is a basic human right. But internet access in Africa is limited by a far lower penetration rate than the rest of the world.

    “How we can help to shape policy that can bridge this and other gaps are one of the issues that concerns Kuramo.”

  • Fed Govt, states, others to develop industrial clusters

    The Federal Government is set to work with 36 states and other stakeholders to develop industrial clusters in the country, the Minister of Trade and Investment, Olusegun Aganga, has said.

    The minister spoke in Abuja when members of the steering committee on Pan African Competitiveness Forum (PACF) paid him a courtesy visit.

    Aganga said the clusters would be developed based on comparative and competitive advantage, and that their establishment would boost the economy through the creation of jobs and wealth.

    He said the government was also poised to revive the One Local Government, One Product scheme.

    Aganga expressed concern that funding had been a major challenge to the development of Small and Medium Scale Enterprisies (SMEs) in the country.

    He said government would endeavour to create the right environment for SMEs to thrive.

    The minister expressed the commitment of the government to work with the Forum to realise PACF’s objectives.

    The PACF Steering Committee was led on the visit by Prof. Peter Onwualu, Director-General, Raw Materials Research and Development Council (RMRDC).

    Onwualu explained that the development of modern clusters could lead to the creation of about 30 million jobs in the country.

    Onwualu, who chairs the committee, said its members visited the minister to brief him on the Fourth annual continental conference of PACF to be hosted by Nigeria.

    He said the conference would focus on the development of clusters with to create jobs and wealth among member states.

  • Mike Okri, others, light up ‘Nite of a Thousand Laughs’

    IN a night where the present met the past generation of entertainers, Opa Williams’ Nite of a Thousand Laffs Xtra was held at the Muson Centre on Monday, October1.

    Sponsored by telecommunications outfit, MTN, Loya Milk with support from Baachus Lite and Qatar Air among many others, the show saw fast rising hip hop singer Leo’nel, son of thespian, Zach Orji and legendary Mike Okri both giving the crowd a taste of both worlds in an explosive event.

    The second show which kicked off at about 7pm, almost an hour after its advertised 6pm saw young comedy acts Pencil and Ajebo came on in quick succession. It was time for Leo’nel to climb the first big stage of his young career and he did not disappoint.

    Leo’nel who just finished playing the Cokobar concert in Manchester, United Kingdom, on September 28 made the audience to rock as he sang his hit single Rockstar. However, as if to counter Leo’nel’s moves and prove to the younger generation that he still has a lot to offer the Nigerian music scene, veteran musician, Mike Okri, took the event from where Leo’nel stopped and brought it to an electrifying climax.

    The comedian, Funny Bone, who just returned from a tour of America held the crowd hostage for about 20 minutes. Also on the bill were Bovi, popularly called Akpos who doubled as compere, four foreign acts, Eric Omondi from Kenya, Salvador and Coltida, the onlufemal act, both from Uganda and one of Nigeria’s comedy legends Okey Bakassi. Songstress Omawumi rounded up a beautiful night.

  • Adenuga, Dangote, Elumelu, others to help flood victims

    Adenuga, Dangote, Elumelu, others to help flood victims

    Jonathan okays N17.6b for states

    HELP is on the way for flood victims, with the President approving yesterday a committee of eminent citizens to raise funds for their needs.

    Dr. Goodluck Jonathan announced yesterday that the Committee on Flood Relief and Rehabilitation will join forces with the government to provide urgent relief for flood victims.

    Frontline businessman Alhaji Aliko Dangote is co-chairman of the committee. The President of commodities giant Dangote Group has already given N430 million to some of the victims.

    Right activist and respected lawyer Olisa Agbakoba is co-chairman of the 43-member committee.

    Chairman of mobile giant Globacom Dr. Mike Adenuga Jnr. is chief fund mobiliser.

    The others are: Alhaji Karami Isiaku Rabiu (member), Alhaji Mohammed Indimi (member), Ngo Hannatu Cholum (member), Mrs. Folorunsho Alakija (member), former minister Prof. Dora Akunyili (member) and prominent banker and Heir Holdings chair Tony Elumelu (member).

    Also in the committee are: Secretary-General, Nigerian Red Cross, representatives of the Christian Association of Nigeria(CAN), the Nigeria Supreme Council for Islamic Affairs (NSCIA), the United Nations Development Programme (UNDP), the European Union (EU), DFID and USAID.

    There are also permanent secretaries of the following ministries: Environment, Water Resources, Works, Agriculture, Health, Finance, National Planning and Director-General, NEMA.

    Other members are: Ag. Commissioner, National Commission for Refugees, Perm. Sec., Ecological Funds Office, Chairman, Senate Committee on Special Duties, Chairman, House Committee on Environment, Nigerian Union of Journalists (NUJ), National Council of Women’s Societies (NCWS), Tunde Lemo (Representing the Central Bank), Fatima Wali, Frank Nweke Jnr. and Senator Florence Ita-Giwa.

    The President announced the committee in a national broadcast yesterday.

    The Committee is to raise funds to complement the government’s resources for the provision of relief to flood victims and the post-impact rehabilitation of affected persons and communities, according to presidential spokesman Reuben Abati.

    The Committee, which is also expected to advise the government on the judicious utilisation of funds raised, “has been authorised by President Jonathan to co-opt any other persons or organisations that it may find useful in carrying out its assignment.”

    It has one year to conclude its task.

    The government has already voted N17.6billion for the affected states and government agencies involved in tackling the effects of the disaster.

    The breakdown shows that N13.3billion will go to states affected by flood and N4.3billion will be for government agencies.

    The affected states have been categorised into four groups, based on the present assessment, Category A states will receive N500 million each. Category B states, N400 million each; Category C states N300 million each and Category D states, N250 million each.

    Category A states are: Oyo, Kogi, Benue, Plateau, Adamawa, Delta, Bayelsa and Anambra.

    Category B states are: Jigawa, Kano, Bauchi, Kaduna, Niger, Nasarawa, Taraba, Cross River, Edo, Lagos and Imo.

    In Category C are: Kwara, Katsina, Gombe, Ogun, Ondo, Ebonyi, Abia and Rivers.

    Sokoto, Kebbi, Zamfara, Yobe, Enugu, Ekiti, Osun, Akwa Ibom, Borno and Federal Capital Territory are in Category D.

    The Ministry of Works is to get N2.6 billion, NEMA N1.1 billion, Ministry of the Environment N350 million, National Commission for Refugees N150 million and technical committee on flood’s impact assessment N100 million.

    The allocation to the government agencies, according to the President, is to further intensify their intervention.

    The president commiserated with all those who lost loved ones, properties as well as all the affected communities and institutions.

    He noted that over the past few weeks, unprecedented floods have ravaged many parts of the country rendering tens of thousands of fellow Nigerians homeless and causing massive destruction of property, farmland and infrastructure across the country.

    “It is sad that this global phenomenon of devasting flood has come to Nigeria at this time. I want to reassure all Nigerians that the Federal Government is prepared to do everything possible to mitigate the impact of this natural disaster,” he added.

    The president also noted that the interim report of the presidential technical committee which assessed the impact of the floods has been presented to key stakeholders, including the leadership of the National Assembly and governors of of the affected states.

    The report, according to him, contained some recommendations.

    “The technical committee will continue to go around the country while the Vice President and I will also visit some of the affected communities.

    “When we receive the committee’s final report, the Federal Government will further initiate medium and long term measures to check future flood disasters.”

    He went on:

    “In the main time, relevant government agencies have intervened to provide relief to the affected persons in collaboration with the state governments. The National Management Emergency Agency, NEMA, has so far spent N1.314 billion to provide mediate relief material. The Minister of Works has spent 556 million on the repair of collapsed bridges and the construction of by-passes while the Minster of Environment has spent N95 million on sundry relief measures. “

    “In addition to this, the Federal Government has decided on a number of measures to further ameliorate the situation.

    “This include immediate provision of a total of 17.6 billion in direct financial assistance to the affected states and some Federal Government agencies responsible for disaster management.”

    President Jonathan thanked governments, members of the National Assembly, private individuals, agencies of government, private sector institutions, NGOs, faith based organisations, and philanthropic groups who individually and collectively have risen to the aid of persons communities affected by the floods.

    “This humanitarian and compassionate spirit that has been on display in the past few weeks, reassures us that at critical moments, Nigerians are able to come together in pursuit of a common purpose,” he added.

    The President also reassured Nigerians that this administration remains fully committed to the welfare and well being of all Nigerians at all times.

     

  • Ekiti, Delta, others make case for Benin  Distribution Company

    Ekiti, Delta, others make case for Benin Distribution Company

    The battle for acquisition of the Power Holding Company of Nigeria (PHCN) assets slated for privatisation before end of the year is getting keener as states governments including Ekiti, Delta, Ondo and Edo States justified the need to own assets located in their areas.

    Representatives of the four states had urged the Federal Government through the Bureau of Public Enterprises (BPE) and National Council on Privatisation (NCP) to award the Benin Electricity Distribution Company (BEDC) to Southern Electricity Distribution Company – a consortium in which the four states have equity shares – as the preferred bidder.

    At a stakeholders’ sensitisation forum organised by the states, the Chief Press Secretary to the Ekiti State Governor, Mr. Yinka Oyebode, stressed reasons the Federal Government should give the asset to the company owned by the four states.

    He said the states made efforts to secure companies with world class technical and operational expertise that emerged the best technically qualified consortium.

    Besides, he noted that the Benin Electricity Distribution Company is located in the Niger Delta region, which has security issue and very difficult terrain. To get the best out of the privatisation, involvement of the states would help tackle such challenges, he added.

    He said: “The BEDC is located in the troubled Niger Delta region, which is one of the most challenging environments in the world, with miles and miles of river, tributaries, quick sands and swamps; angry and restive youths and communities that require a strong local knowledge and government participation to have successful. The BEDC is very large, 57,000sq km with very large rural to urban ratio of rural 80 per cent and 20 per cent.

    “We also came out as the most technically qualified consortium of all the bids for Benin. We are the only bidder in Benin with a technical partner who has experience of the size of the Benin DisCo, current operation of 50,000sq km, containing over 4800 villages and 450 towns.

    “Our technical partner Uttar Gujarat Vij Company Limited (UGVCL), was voted 2011 Gold medallist of utilities operations excellence in India and also named best Rural electricity distribution company for several years. Currently the company has the lowest Aggregated Technical and Commercial and Collection Loss (ATC & C Loss) record in India, 6.6 per cent in 2010 and 10.12 per cent in 2011.”

    He said that comparatively other firms that submitted bids for BEDC have no rural distribution experience and only operate in urban areas, which are less than one per cent of the size of Benin DisCo, 527sq km and 495sq km respectively.

    He said that UGVCL, an Indian state owned firm has a customer base of 2,780,000; BEDC has 676,688, while the technical partners of other competitors for the asset, though from India, are private owned companies and have very low customer base.

    Other investors that submitted bids for the Benin asset include Vigeo Power Consortium, Cable and Rods Company Nigeria Limited; Copper Belt Consortium; Rockson Engineering Company Limited; Rensmart Power Limited and Duncan Freeman Company/Draytom Energy Limited.

    Besides, SEDC, Oyebode added, has clear transformational and social responsibility programme that have outlined definite performance improvement strategies to be implemented in 18 months after acquisition and beyond. The company he said also seeks to create an environmentally friendly company that prioritises employees’ health and safety.

    Vigeo Power, which was the management operator for the National Pre-Payment Metering Programme (NPPMP) in the Benin Electricity Distribution Company (BEDC) covering Edo, Delta, Ondo and Ekiti States, also showcased competence. Its promoters including Vigeo Holdings Limited, Global Utilities Management Company Limited, African Finance Corporation; and its technical partners; TATA Power Delhi Distribution Limited, Calcutta Electric Supply Corporation Limited (‘CESC’) and Global Utilities Management Company Limited (GUMCO), have been providing technical Services to Benin and Ikeja Electricity Distribution Company. They also know the terrains very well.

    Vigeo Holdings Limited in the past 25 years have been operating in the oil and gas, power, shipping, steel, commercial and financial services and has track record, extensive client network and stable State-of-the-art infrastructure.

    Its technical partner, North Delhi Power Limited (NDPL), a joint venture of the Tata Power Company Limited, has market capitalisation of approximately US$ 100 billion. Tata Power holds the majority stake (51 per cent) and control, with the balance 49 per cent equity stake being held by the Government of Delhi through its Holding Company, Delhi Power Company Limited (DPCL). The Company has a registered consumer base of 1.1 million across an area of 510 sq.km with a peak load of around 1250 MW. NDPL has reduced the Aggregate Technical and Commercial (AT&C) losses in its licensed area from 53 per cent in July 2002 to 14.47 per cent at the end of March 2010.

    The same applies to Calcutta Electric Supply Corporation (India) Limited another of its technical partner. The Company holds a license to supply electricity in the cities of Kolkata and Howrah and in the adjoining areas. The Company is currently the only distributor of electricity within an area of 567 sq km. In the year ended March 31, 2010, it sold electricity to approximately 2.38 million consumers including domestic, industrial and commercial users.

     

  • Concerns over access to NEXIM Bank’s $200m  package for Nollywood, others

    Concerns over access to NEXIM Bank’s $200m package for Nollywood, others

    The nation’s film industry is believed to have the potential to aid the diversification of the economy. This explains why  President Goodluck Jonathan provided a $200 million (about N300 million) intervention fund for the creative and entertainment sector. But, almost two years after the fund was announced, only one film, Doctor Bello, has benefitted from it, writes  VICTOR AKANDE

    The figures are encouraging. Nigeria’s economy grew by 6.28 per cent in the second quarter of this year and inflation fell for the second straight month in August. The GDP growth in Africa’s second largest economy climbed in the second quarter, up from 6.17 per cent in the first quarter.

    According to statistics released last week by the National Bureau of Statistics (NBS), the growth is driven by the non-oil sector.

    “The non-oil sector was driven by growth in activities recorded in the building and construction sector, while oil sector output decreased (compared with Q2, 2011),” the NBS said in a report.

    This is despite the fact that the oil sectr accounts for more than 80 per cent of Nigeria’s revenue and about 95 per cent of its foreign exchange earnings.

    The search for alternative sources of growth and foreign earnings made the Federal Government to consider the country’s film industry, poularly known as Nollywood.

    The reasons for this are not far-fetched: In the last four years, it has consistently churned out over 2,000 films. In 2008, 2,408 films were produced; In 2009 recorded 2,514 films; and 2,621 films were produced last year. Nollywood, as the industry is known, is ranked first in the world in quantum and third in revenue generation, with receipts over the years estimated at between $300 million to $800 million.

    Little wonder researches have taunted it as a viable non-oil sector money spinner for the government.

    But, it is generally agreed that for the industry to realise its potentials, the government must offer some stimulus. So, it was good news when in November, 2010, President Goodluck Jonathan announced his administration’s decision to float a $200 million revolving loan scheme for the industry.

    Two months away from now, the announcement will be two years. Stakeholders in the industry are agitated over access to the fund. Only one producer, Tony Abulu, has been able to access the fund through the Nigerian Export and Import Bank (NEXIM) for the production of of his Doctor Bello.

    NEXIM is one of the approved banks for the management of the fund.

    The film is billed for a world premiere at the John F. Kennedy Centre for Performing Arts, Washington, United States on September 27.

    Some practitioners in the sector have questioned why Abulu, who lives in the United States, should be the first to access the Nigerian Creative and Entertainment Industry Stimulation Loan Scheme. Many have described the process of accessing the facility as too technical. Others believe the collaterals are cumbersome to meet.

    Veteran filmmaker Dr. Ola Balogun believes the bank has a ‘hidden’ agenda. Balogun, in a piece entitled: ‘NEXIM: What agenda?’ doubts the bank’s understanding of the industry to channel the fund properly.

    Balogun said the government’s interest in the art and entertainment sector can better be advanced through grants or film funds rather than a loan. He said there is no nation that conducts cultural policies by requiring artists and cultural workers to queue up in banks for loans.

    He said that in the US, support for the arts is conducted through foundations and through state-supported entities such as the National Endowment for the Arts.

    Balogun faulted the process that subjects artistes to the rigours of filling forms access loans. He said artistes are not businessmen, experienced n such financial technicalities.

    A former consultant to the National Film and Video Censors Board (NFVCB), Mr. Yinka Ogundaisi, expressed shock when NEXIM unveiled Abulu as the first beneficiary of the scheme. He said: “I myself had issue with the same NEXIM when, to the consternation of all of us, it announced the support to fund the film, Doctor Bello by Tony Abulu.”

    Ogundaisi said he later discovered that NEXIM had its valid reasons for picking the Abulu project, adding: “Despite the misgivings, we should at least praise Dr. Roberts Orya for doing something rather than sitting on the fence”.

    He added: “NEXIM’s core mandate is to promote indigenous products for export. The epidemic level of piracy now tormenting Nigerian movies has made it suicidal for any fund provider, especially a bank, to commit their funds into either its production or distribution.

    “Yet, NEXIM must find a way to achieve its core mandate, which was why the bank decided that if there is no indigenous Nigerian movie that can be safely promoted for export, they might as well create one as a model, hence their funding support for Tony Abulu’s film meant for distribution offshore. But all the same, a Nigerian product that NEXIM can associate with and tout as the evidence of achieving their mandate.”

     

    Why it is difficult to access the fund

     

    NEXIM Bank’s Managing Director Roberts Orya said most Nollywood filmmakers could not access the fund because they lack auditable business structures. He said although the mandate of the bank is to generate inclusive growth, the project remains a loan scheme, which must yield returns.

    According to him, the total interest to be charged on any loan facility granted under the scheme is within the single digit. These are charged on the basis of tenor and assessed risks which include 7.0 per cent – 7.5 per cent (under two years); 7.5 per cent – 8.5 per cent (between two years and five years); and 8.5 per cent – 9.0 per cent (between five years and 10 years).

    Orya said the question of why Abulu should be the first beneficiary is a mere sentiment that does not go well with business.

    He said: “Any company in Nigeria can benefit from the facility, provided it is legally registered and incorporated in the country; operates in the entertainment and creative industry; not owned by government (federal, state or local); and it is not an oligarchy business interest that may interfere with content policy for its own interests.”

    He noted that there is a gross violation of intellectual property rights, resulting from ineffective Intellectual Property laws. He highlighted other challenges, which include low production for theatrical releases and cross-border co-production arrangements; lack of adequate digital production and distribution infrastructure to exploit the new media and digital distribution platform; inefficient andunstructured distribution marketing outlets both domestically and internationally; poor corporate structure and book-keeping culture; and inadequate exhibition and theatrical infrastructure, which, he said, is 0.36 screens per million populations.

    Nigeria has less than 60 modern screens in multiplexes, located in five cities, compared to India’s over 13,000 screens translating to 12 screens per million people.

    “This is partly to address the historical reluctance of commercial banks to engage the segment by showing that FGN credits, properly channelled to the segment, can be serviced and repaid thus hopefully setting a precedent that banks will directly adopt as their liquidity positions improve,” he said.

    Ogundaisi described as worrisome thatmany players in the industry cannot develop viable proposals, a development blames for their inability to access the fund.

    Unlike Balogun, he sees nothing wrong in artistes writing proposals. He said: “All they (NEXIM) require is a viable business proposal. Now, this is a challenge that I believe we should focus our attention on for now. I am aware that proposals on infrastructural development which require their funding support is already with them to study and react to.

    “I would suggest we allow the next few weeks to indicate whether Dr. Orya’s public pronouncements to support all viable business proposals in our creative and entertainment industry are for real or just another way of politicking.”

    Significantly, NEXIM, a co-manager of the fund which also has the Bank of Industry (BoI) holding the domestic investment edge, said it is committed to helping the growth of the industry. It said more movie makers would benefit from the revolving loan. Orya said the fund represents a significant commitment by the government to the creative segment of the economy. Besides, partnering with the beneficiaries would not only attract a broader international market, but also put to rest, insinuations that the fund is open to box office heavy weights.