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Forbes Magazine’s world’s richest list that estimates Globacom Chairman, Mike Adenuga’s networth at $2billion has been described as a gross under-estimation, financial experts close to Adenuga’s business empire have revealed.

“Conoil Producing alone, operator of six oil blocks and holder of 25 per cent stake in Joint Development Zone Block 4, with proven reserves of more than one billion barrels of crude and 7 trillion cubic feet of gas, is worth more than $2 billion”, said the financial expert in an interview with P.M. News this morning.

He indeed estimated that Conoil Producing, without factoring in Conoil, the downstream firm involved in the retail sale of refined petroleum products, is worth more than $10 billion.

It appears that Forbes evaluated Adenuga’s wealth on his Globacom holdings alone, as the reports dwelled mostly on the network’s subscription, the company’s $1 billion investment in fiber optics, Glo-1, to link Africa with the rest of the world and Globacom’s operations in West African nations such as Ghana, Cote D’Ivoire, Benin, Togo, Senegal and Gambia.

“Whatever criteria they use are faulty”, said the expert. “Globacom West African operation is worth more than $5 billion, when the huge investments in Ghana, Togo and Benin are put in the picture”.

P.M News also learnt that Adenuga has huge investments in real estate in Nigeria and Europe. Three years ago, his interests were estimated at about $3 billion. And of course, he owns majority shares in Equitorial Trust Bank.

On Wednesday, Forbes magazine released its list of the world’s richest.

The magazine listed 1210 individuals across the globe, with Aliko Dangote, listed as Nigeria’s and Africa’s richest man with networth of $13.8 billion.

According to Forbes, the combined wealth of these 1,210 individuals is $4.5 trillion (£2.78 trillion) – which is slightly more than the UK’s total debt which stands at £2.34 trillion.

Since Forbes listed Dangote in 2008, there has always been controversy among Nigerians on whether the magazine’s goggles is not afflicted with some sight disorders, as most Nigerians wondered why Adenuga’s name was left out.

The controversy is even now going to deepen, on who is richer between Aliko and Adenuga, the magazine having now recognized Adenuga’s deep pockets, after several years of omission.

According to reports, in the past year Aliko Dangote’s fortune surged 557% to $13.8 billion, up from $2.1 billion, after he consolidated all his public and private cement holdings throughout Africa into the continent’s largest cement manufacturer and took it public on the Nigerian stock exchange in October. Dangote Cement now has a market value in excess of $13 billion, and accounts for a quarter of the Nigeria Stock Exchange’s total market capitalization. Dangote also has interests in flour, pasta and sugar manufacturing.

According to Forbes, Dangote is richer than longtime white South African billionaires Nicky Oppenheimer of Debeers and Johann Rupert of luxury goods group Richemont, which owns Cartier, Dunhill and other premium brands. He is also richer than Chelsea Football Club owner, Roman Abramovich.

But the jury may not have a word yet on the richest African, between Aliko and Adenuga.

The Delta State governor, Emmanuel Uduaghan, yesterday stressed the need for increased funding for the police, especially during the electoral processes, saying the reported N17 billion allocated to the Nigeria Police Force for the purpose of monitoring the conduct of the forthcoming April elections was inadequate.

Mr. Uduaghan made the criticism at the opening ceremony of a two-day national conference on partnering the police for free, fair, and credible 2011 elections, organised by the management of Vanguard Newspapers in collaboration with the South-South governors in Asaba, capital of Delta State.

According to the state governor, the call to increase funding to the police was as a result of its key role in all the stages of electoral processes in the country, which he noted was as important as that of INEC in ensuring free, fair, and credible elections...

He observed that as a result of concerns about the success in the forthcoming general elections, the National Assembly has always considered speedily the budget and demands of the Independent National Electoral Commission (INEC).

Asking for more

"I think INEC has the fastest budget ever passed by the National Assembly members in the history of Nigeria. This means that funding is required for the conduct of successful elections," Mr. Uduaghan said.

"I also believe that police require appropriate funding if we want to achieve violence-free, fair and credible elections in 2011 and beyond. What I read in the newspapers, I don't know if it was correct, that the federal government approved N17 billion for the police for the purpose of elections monitoring.

"If that is correct, then it is underfunding of the police for this coming elections. If it is N17 billion for the police to cover the whole Nigeria for the purpose of the April general elections, I want to say that money is not enough and not adequate.

"Except it is officially allowed or permitted that the states have to do something. I want to appeal that we should have a second look at the money budgeted for the police," Mr. Uduaghan said.

He said the logistics need for the police is quite high, and called on government to find a way to assist the police in meeting its expectations for the polls.

The publisher of Vanguard Newspaper and chief facilitator of the event, Sam Amuka, said Nigeria had an unpalatable history of democracy resulting from disputed elections results.

He observed that the imperfections in the nation's electoral process has degenerated since the 1999 political dispensation, especially with the "do or die" syndrome that was built into the 2007 general elections, adding that the process led to political war between candidates of different political parties.

The conference was aimed at identifying causes of violence during elections in the country.

condemn the use of corpers:

Politicians at a stakeholders election forum organised by Independent National Electoral Commission (INEC) in Asaba, Delta State, have cautioned against plan that could turn youth corps members as sacrificial lambs in the forthcoming April polls.

They  also called on the Federal Government to double the strength of the police force in order to effectively man polling units, which in the  past witnessed ballot snatching and changing of results.

Leading the campaign for INEC to reconsider its stand on the use of  corps members, Delta north senatorial candidate for All Nigeria People’s Party (ANPP), Ambassador Elizabeth Ogbon-day, said the corps members would be exposed to great risk in an environment they were not familiar with and that when pressure mounted on them, they could compromise their integrity.

According to her, the corps members would be exposed to more dangers in the light of a poor security arrangement where the few unarmed policemen at the voting centres would not be able to match the horde of thugs and other political rascals.

Ogbon-day recalled the January 6 rerun election in the state  at her community, Ogoni in Olomu clan where corps members used as INEC officials had to obey instructions from thugs in order to remain alive.

Another speaker maintained that in case of litigation after election, the  corps members used for election would not come to testify at tribunals.

The participants were of the view that INEC should purge itself in the discharge of its duties, because people, including the international community were watching.

Earlier, Resident Electoral Commissioner (REC) in Delta State, Dr. Gabriel Adah, said INEC had resolved to use corpers in the election and that any who fumbled would have their services extended.

According to him, two corpers who faked their kidnap and others who were involved in fraudulent practices in the re-run election in the state in January  had their services extended by six months.

However, he commended some corpers who returned to INEC as much as N20,000 given to them as gratification by politicians to do their bidding.

Dr. Adah disclosed that any polling unit where ballot boxes were snatched or the number of votes cast exceeded the number of accredited voters would be cancelled and a fresh election conducted after two days, all to sanitise the electoral process.

The N40 billion Delta State Resort Leisure Park under construction at Oleri in Udu Local Government Area of the state will not be abandoned by the state government, according to Emmanuel Uduaghan, governor of Delta State yesterday.

Speaking at the project site during a visit to ascertain the level of work, Mr Uduaghan advised the host community to create the enabling environment for the contractors so that it could be completed in time.

He said he undertook the inspection of the project as a result of complaints from the contractors and implored the people of the community to allow the project sail through for the benefit of all.

"I am sure that anybody that was here that day, coming here today now, would have noticed that we are serious. I am sure people thought that day that we were just joking, that it was politics. Now Deltans should know that we are serious. I want to assure all of you that the project kicked off about three months ago and you can see the amount of work already done and that is to tell you how serious we are with this project," he said. "Our first responsibility is to ensure the lives of all people that are working here, expatriates and Nigerians, that there are no threats. I am here today to allay the fears of other expatriates who are yet to come down here."

Provide security

He said the project is a partnership between the state government and a foreign firm. He said the firm is responsible for the funding of the project. "They are the ones bringing the N40 billion," Mr Uduaghan said. "It is not from the state government. What the state government is contributing is the road and the bridge, which is about N1.8 billion.

The road is not just to the site, but also to the communities around. So, it is also a way of opening up the communities. That is our contribution, apart from the land that we are also offering. Then, of course,

we are supposed to provide security." He concluded. Chairman of Udu Council, Henry Sakpra and President of Oleri Community, Patrick Okoro assured Mr Uduaghan that the community will provide a conducive atmosphere for the contractors handling the project.

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.

The Nigeria Police made a total of N20.35 billion between January last year and June this year from extorting money from motorists at illegal checkpoints, a report by the global organisation, Human Rights Watch has revealed.

Emeka Umeagbalasi, the chairman of the International Society for Civil Liberties and the Rule of Law presented the report in Lagos said checkpoints in the South East yielded the highest sums. Giving a breakdown of what is made from the different regions, Mr. Umeagbalasi said N9.35 billion was realised from the South East, South-South brought in N4 billion, while the South-West nets the police N4 billion. In the North Central, which includes Abuja, N2 billion was made, while the North East and North West brought in N500 million each..

"Of course that shows that the extortion is highly concentrated in the southern part of the country," said Mr Umeagbalasi.

Yesterday, the Nigeria Police dismissed the report as "embellished innuendoes and suggestive graphics aimed at reaching a preconceived conclusion". A statement by Emeka Ojukwu, Force spokesman, said the report lacked merit and should not be relied upon.

The report titled, ‘Everyone's in on the Game: Corruption and Human Rights Abuses by the Nigeria Police Force,' said, "one civil society group in Anambra State estimated that in 2008 the police collected approximately N540 million ($4.5million) in illegal ‘tolls' from some 70 police checkpoints along the state's roadways." Eric Guttschuss, a researcher at the Human Rights Watch, called on the appropriate authority to ensure that legislations are put in place to end the extortions. The group said the sum did not include the "wetin you carry" money, the pre-trial bail fees, and commercialisation of criminal enquiry, but concentrated on just the N20 illegal toll, so the figures do not represent the entire extortion sum.

"What the Human Right Watch is saying is that yes we know that police is corrupt and killing outside the law, now, what are the factors that make them corrupt and kill outside the law? This is where corruption comes in. The situation is if you are able to pay you will be released and if not you will die, the situation is that worse," Mr. Umeagbalasi said.

Corruption unlimited

The report observes that corruption in the force ranges from armed officers extorting money at checkpoints to top officials embezzling police funds, thereby depriving people from living in a more secured environment.

The Network on Police Reform in Nigeria claims yesterday that 34,000 individuals have been killed outside the law, "in the last 11 years, over 13,000 people have been killed within the context of ethno religious crisis in Nigeria, and then we now say that outside this about 10,000 might have died over police related unlawful killings. I am sure you know police can kill, but there is a legal stipulation, otherwise we say unlawful killing. Then another 10,000 died as a result of vigilante killing."

The 102-page report said there was lack of political will to reform the force and the impunity in the system means Nigerians are more likely to encounter police threatening them and demanding bribes than enforcing law.

"Good policing is the bedrock for the rule of law and public safety," said Corinne Dufka, senior West Africa researcher at Human Rights Watch. "The long-term failure of the Nigerian authorities to address police bribery, extortion, and wholesale embezzlement threatens the basic rights of all Nigerians." The report is part of the group's findings from a field research conducted in Lagos, Anambra, Abuja and Kaduna; and telephone interviews in Rivers and Ebonyi states, all representing different geo-political zones in the country.

The report revealed that in major Nigerian cities, armed police set up checkpoints every evening ostensibly to control high levels of crime, including armed robbery and kidnapping, but the checkpoints are in reality tolls at which officers attempt to force motorists to pay money by all means, using familiar slangs that are familiar with commercial motorists.

A long way

Mr. Ojukwu, said he believes that the Nigeria Police have come a long way from "its colonial era of oppression and has survived many years of neglect and under-funding." He said that the force has faced enormous challenges in meeting its obligations of ensuring safety and security.

He said in its efforts to sanitise the system, the force has in the last one year sanctioned 764 senior officers and 8,831 junior officers for various acts of indiscipline.

comments: Does this guy not have advisers?The country is not working young men and women have no Jobs.Workers not being paid poor infrastructure,No light,No good roads,No security and we want to spend 9.5Billion to celebrate!!Celebrate what I ask?Our failure?Every other country is finding ways to cut down on unnecessary spending Nigerian Government is looking for ways to spend Photo: GJ in oyo State .

Catch GJ on Faceboko and Tell him what you think

http://bit.ly/GJFACEBOOK

Following criticism of the federal government's plan to spend N16.4 billion on the celebrations of Nigeria's golden independent jubilee, President Goodluck Jonathan has slashed the anniversary budget to N9.5 billion.

The adjustments are included in the latest amended supplementary budget which the president presented to the national assembly for consideration and passage.

In a letter to the national assembly conveying his intentions, the president said listed the areas which the cuts affected and said it was a "slight amendment."
Contrary to widely circulated reports that the president, earlier, presented a budget of N10 billion for approval by the National Assembly for its Nigeria at 50 celebrations, the figures from the former supplementary budget shows that the actual figure that was budgeted for the event was N16.37 billion.

comments: Does this guy not have advisers?The country is not working young men and women have no Jobs.Workers not being paid poor infrastructure,No light,No good roads,No security and we want to spend 9.5Billion to celebrate!!Celebrate what I ask?Our failure?Every other country is finding ways to cut down on unnecessary spending Nigerian Government is looking for ways to spend Photo: GJ in oyo State .

Catch GJ on Faceboko and Tell him what you think

http://bit.ly/GJFACEBOOK

Following criticism of the federal government's plan to spend N16.4 billion on the celebrations of Nigeria's golden independent jubilee, President Goodluck Jonathan has slashed the anniversary budget to N9.5 billion.

The adjustments are included in the latest amended supplementary budget which the president presented to the national assembly for consideration and passage.

In a letter to the national assembly conveying his intentions, the president said listed the areas which the cuts affected and said it was a "slight amendment."
Contrary to widely circulated reports that the president, earlier, presented a budget of N10 billion for approval by the National Assembly for its Nigeria at 50 celebrations, the figures from the former supplementary budget shows that the actual figure that was budgeted for the event was N16.37 billion.

WASHINGTON – BP will set aside $20 billion to pay the victims of the massive oil spill in the Gulf, senior administration officials said Wednesday, a move made under pressure by the White House as the company copes with causing the worst environmental disaster in U.S. history.

The independent fund will be led by lawyer Kenneth Feinberg, who oversaw payments to families of victims of the Sept. 11, 2001, terrorist attacks. In his current role, Feinberg is known as Obama's "pay czar," setting salary limits for companies getting the most aid from a $700 billion government bailout fund.

Obama was to announce the deal in a Rose Garden statement later Wednesday after wrapping up a meeting with BP executives at the White House.

The officials familiar with the details spoke to the AP on condition of anonymity before the announcement.

The still-unfolding disaster in the Gulf, as tens of thousands of gallons of oil continue to pour from the broken well daily, is jeopardizing the environment and ecosystems along with the livelihoods of tens of thousands of people across the coastal areas of Louisiana, Mississippi, Alabama and Florida. Those affected ranged from fishermen to restaurateurs to oil rig workers idled by Obama's temporary halt to new deep-sea oil drilling.

BP spokesman Toby Odone declined to comment on the fund..

Several big questions remain unanswered, including when BP would start processing claims and paying people out of the fund; who and what would exactly be covered under the plan; how the White House and BP came up with a figure of $20 billion; and whether other involved companies will be required to chip in.

At $20 billion, the size of the fund is the same that was recommended by congressional Democrats.

BP has taken the brunt of criticism about the oil spill because it was the operator of the Deepwater Horizon rig that sunk. It also is a majority owner of the undersea well that has been spewing oil since the explosion.

But when the day of reckoning finally comes, it may not be the only one having to pay up. That's because Swiss-based Transocean Ltd. owned a majority interest in the rig. Anadarko Petroleum, based in The Woodlands, Texas, has a 25 percent non-operating interest in the well.

Feinberg ran the unprecedented $7 billion government compensation program for the victims of the 2001 terrorist attacks. It was a job that lasted nearly three years as he decided how much compensation families of the victims should get, largely based on how much income they would have earned in a lifetime.

As pay czar, Feinberg has capped cash salaries at $500,000 this year for the vast majority of the top executives at the five major companies that received bailout funding: American International Group, GMAC Financial Services, Chrysler Financial, Chrysler and General Motors.

The selection of Feinberg was praised by Democratic Sen. Charles Schumer of New York. "He did an amazingly good job in New York for the families of those lost on September 11 and received plaudits from all sides. I believe when Feinberg completes his mission here, the people in the Gulf will feel the same way," Schumer said in a statement.

The development came as Obama was meeting on his turf with top BP leaders to press the London-based oil giant to pay giant claims.

BP Chairman Carl-Henric Svanberg, CEO Tony Hayward, and other officials walked slowly as a group from the Southwest Gate of the White House, climbing the steps leading to the West Wing.

Joining the president in the room were Vice President Joe Biden, Attorney General Eric Holder, White House chief of staff Rahm Emanuel and the secretaries of energy, interior, commerce, homeland security and labor.

The meeting came the morning after Obama vowed to an angry nation that "we will make BP pay for the damage their company has caused."

The crisis began with a deep water well that blew out on April 20, killing 11 rig workers and triggering the spill.

Obama in his speech to the nation on Tuesday night backed creation of a fund administered by an independent trustee to pay damages and clean up costs associated with the spill.

For the president, the tough diplomacy with a few officials behind closed doors is a bookend to his attempt to reach millions at once. Using a delivery in which even the harshest words were uttered in subdued tones, Obama did not offer much in the way of new ideas or details in his speech. He mainly recapped the government's efforts, insisted once again that BP will be held to account and tried to tap the resilience of a nation in promising that "something better awaits."

Obama's forceful tone about BP's behavior shows how far matters have deteriorated. The White House once had described BP as an essential partner in plugging the crude oil spewing from the broken well beneath nearly a mile of water. Now Obama says BP has threatened to destroy a whole way of life.

An Associated Press-GfK poll released Tuesday showed 52 percent now disapprove of Obama's handling of the oil spill, up significantly from last month. Most people — 56 percent — think the government's actions in response to the disaster really haven't had any impact on the situation.

Nigeria's Acting President Goodluck Jonathan has approved the disbursal of $2 billion from windfall oil savings to the country's 36 states and government agencies, Minister of State for Finance Remi Babalola said on Friday.

"I have just gotten an approval this morning from the acting president for the sharing of $2 billion from the excess crude account," Reuters quoted Mr. Babalola saying after a meeting of the Federal Allocation Committee in the capital Abuja.