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A Federal High court sitting in Lagos set a N500 million bail on the former head of Intercontinental Bank who faces charges of mismanaging the lender in the run-up to last year's N620 billion sector-wide bailout.

The figure is five times the amount set for the heads of four other lenders rescued alongside Intercontinental.

Erastus Akingbola was sacked by the central bank a year ago along with the four other bank chiefs and charged with graft and money laundering in absentia after leaving for Britain, where he had remained until the start of this month.

The cases against the bank chiefs are seen as a litmus test of Nigeria's ability to prosecute influential figures accused of financial crimes. The country is regularly ranked one of the most corrupt in the world by transparency watchdogs.

Bail conditions included securing three guarantors who own properties in the commercial hub of Lagos with evidence of their tax clearance.

"I think the bail condition is fair having regards to the facts of the case," Rickey Tarfa, a lawyer for Akingbola told reporters outside the Federal High Court in Ikoyi.

The bail was set high because unlike other bank chiefs, Akingbola left the country after last year's bailout.

Tarfa said Akingbola would remain in the custody of the Economic and Financial Crimes Commission (EFCC) until the bail conditions were met.

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I hope not because of papers

To former vicar Colin Coward, it is nothing short of a marriage made in heaven. But the 65-year-old is expected to raise a few traditional eyebrows when he walks down the aisle with the man in his life – a 25-year-old Nigerian model called Bobby.

Mr Coward and his African partner are due to hold a civil partnership later this year, followed by a service at the vicar’s church, St John the Baptist church in Devizes, Wiltshire.

The couple met at a Christian conference three years ago, and are planning to make their relationship official in a few weeks’ time.

Reverend Colin Coward fell in love with Nigerian model Bobby Egbele after they met at a Christian conference in Togo in 2007. The pair plan to tie the knot in October

Reverend Colin Coward fell in love with Nigerian model Bobby Egbele after they met at a Christian conference in Togo in 2007. The pair plan to tie the knot in October

Bobby Ikekhuame Egbele, a fashion designer and model, grew up in Nigeria and runs an online clothes shop. Currently in the UK on a holiday visa, he and his ‘husband-to-be’ are waiting for the green light from the Borders Agency, which has requested details of their relationship and residency.

This is expected to be a formality but the ‘marriage’ cannot go ahead until permission is granted. Mr Egbele, who will then become a British citizen, said yesterday: ‘I’m excited about the wedding and that people are interested in it.

More...‘We want it to be a public thing to inspire other people, but a marriage is also private so that feels a bit strange.’

Mr Coward, who is no longer employed by the Church but still has permission to preach, added that he hopes their public commitment will set an example to other gay people within the Anglican community.

Rev Coward plans to refuse the request that he remain celibate

Rev Coward plans to refuse the request that he remain celibate

Mr Coward, who lives with Mr Egbele in the Wiltshire village of Marston, said: ‘My goal is for everyone within the Church to feel comfortable with the situation because at the moment the majority of gay Christians marry secretly.

‘It is a taboo subject but the Church is now under huge pressure to change its stance and that pressure will only increase in the future. '

‘Clearly the blessing is going to be quite a sensitive issue. I know that many people will see it and view it with horror. But we are both deeply committed Christians so it would be unthinkable for me not to do it in church and not to do it with the congregation and with all of our friends.‘

'I hope my wedding will inspire others and set a visible example to the church that we are not afraid.’

The pair describe themselves as 'deeply committed Christians' and say they are determined to have the church service

The pair describe themselves as 'deeply committed Christians' and say they are determined to have the church service

Mr Coward, a former architect and now a gay campaigner, met Mr Egbele in 2007 at a Christian conference in Togo, West Africa, and the pair got engaged earlier this year.

The men are due to ‘marry’ on October 9 at the Register Office in Devizes before having a service at St John the Baptist church.

However, the service will not be a blessing, which is forbidden by the Anglican hierarchy for homosexual couples. But Stephen Green, director of campaign group Christian Voice, yesterday described Mr Coward’s marriage ‘an abomination before God’.

Mr Green added: ‘Mr Coward is just an emotionally disturbed man trying to inflict his predilections on the rest of the Church I fail to recognise him as a Christian because he doesn’t keep the commandments of Lord Jesus.’ A spokesman for the Diocese of Salisbury confirmed it has permitted the service to go ahead but described it as ‘separate’ from the civil ceremony.



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LONDON, England (CNN) — Nigeria’s huge film industry, Nollywood, may have overtaken Hollywood as the world’s second largest producer of films, but piracy is threatening to cut off the industry in its prime.Nollywood insiders estimate that up to 50 percent of the industry’s profits are currently being lost to Nigeria’s endemic piracy and corruption problems.“Piracy has dealt a big blow to the industry,” Emmanuel Isikaku, a Nollywood producer of 13 years and president of the Film & Video Producers and Marketers Association of Nigeria told CNN.Isikaku, 42, claims he lost so much money on his 2007 movie “Plane Crash” through piracy that he failed to recover his costs, despite the film’s popularity with audiences.“I couldn’t make anything from it,” Isikaku told CNN. “Because of piracy I didn’t even break even.“A lot of people watched the film, but unfortunately they watched pirated copies,” he said.Nigeria’s huge, mostly unregulated film industry is based in Lagos, the sprawling, frenetic financial capital of west Africa’s largest country.your advert can be here for free !
lagos..Port-Harcourt..Abuja..Kaduna.. Owerri..Edo.. AkwaIbom..Ibadan..Enugu
Made with a spirit of grassroots entrepreneurship, Nollywood’s video-format B movies are vibrant and inventive, fusing traditional voodoo and magic with urban romance stories.They are films that speak about modern life from an African perspective, driven by a narrative that is strongly rooted in the African oral storytelling tradition. Nollywood films are wildly popular across the continent and with the African diaspora all over the world.Nollywood recently overtook Hollywood as the world’s second biggest producer of movies behind India’s Bollywood.In 2006 it produced 872 movies compared with 485 major feature films in the U.S. (although for a fraction of the cost), according to a global cinema survey conducted by the UNESCO Institute for Statistics (UIS).Hollywood has started tapping into Nollywood’s global popularity: Earlier this year, “Close Enemies,” the first crossover film, was produced in LA by Prince Ade Bamiro using major Nollywood stars. It was made for $300,000 — about 10 times the average Nollywood budget — and was screened in the Nigerian Pavilion at Cannes.But improvements in piracy technology are making the problem more acute, draining Nollywood’s coffers and confidence and stopping the industry from making the improvements in quality it needs to cross over into the global mainstream.Nigeria’s independent producers self-fund hundreds of movies each year. The average budget is around N3.5 million ($25,000). They make their money back by selling DVDs of their movies, which they burn themselves, on stalls in markets or in shops.While Nigerians are wild about watching films, Nigeria has virtually no formal cinemas with 99 percent of screenings using DVDs held in informal settings, according to UNESCO.Producers have only one distribution route compared with, for example, Hollywood where studios recoup production costs through cinematic exhibition — an arena currently safe from piracy — and make a profit from DVD sales and TV rights.Most pirated movies are a victim of their own success: Pirates take the fastest-selling DVDs to China to be mass-produced and bring them back to Africa to sell.According to Isikaku, piracy was eating into his profits back in 2005, when he estimates he lost N10,000,000 ($68,000) because of illegally copied DVDs. But, he says, the problem became “alarming” in 2007 when pirates started to use video compression technology.Video compression digital technology allows from five to 20 films (both Nollywood and Hollywood) to be squeezed onto one disk and then sold for around N590 ($4).When a legitimate Nollywood DVD is sold for the equivalent of $7 to $10, it’s hard for producers to compete.“This new development in piracy has the potential to kill the industry off completely,” Dr. Sylvester Ogbechie, President of the LA-based Nollywood Foundation told CNN.Although no official figures exist, Ogbechie estimates from his conversations with some of the industry’s top producers that up to 50 percent of profits are currently being lost to piracy.Isikaku claims the problem is so endemic in Nigerian culture that some cable TV channels will air Nollywood movies without the permission of the producer, or that if they do pay, they pay “peanuts.”“And the moment people are watching on TV, they are discouraged from buying DVDs at the market,” he said.All this has had a knock-on effect on the confidence of the industry.“You think twice before you invest in film productions now,” says Isikaku. “Investors are being discouraged.”This feeling is endemic, and producers are trying to bring down production costs: “The quality of our productions is going down every day,” he explained.This is a blow to an industry known for low production values and whose practitioners are mostly self-taught.Criticisms of the industry’s films include poor sound quality, inadequate lighting, ill thought-out camera angles and the repetitive nature of many of its storylines.Insiders know that improving the quality of their films is crucial if their young industry is to make the leap into the global mainstream.They say Nigerian government must tighten up border controls and seize pirated DVDs as they re-enter the country from China.“Some of these movies come in through our airports, our ports,” says Isikaku. “Much depends on the government agencies.”Hope may come from the direction of Nigeria’s National Film & Video Censors Board led by Director-General Emeka Mba, who is making moves to restructure and formalize the industry.“There has to be some process of formalizing the industry — giving the industry depth and that’s where the government can come in through regulation, through incentives and create that process of empowerment for the industry,” Mba told CNN.“Hundreds of thousands of Nigerians are in this industry, especially young men and women.”Despite the setbacks, Isikaku also remains hopeful for the industry. “Pirates have stopped us working hard because we don’t get what we are due but all hope is not last because we are passionate.“Nollywood can come together to take action to help this industry to survive,” he said.your advert can be here for free !
lagos..Port-Harcourt..Abuja..Kaduna.. Owerri..Edo.. AkwaIbom..Ibadan..Enugu
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