Sol Campbell Is At Arsenal To Help Us Win Things - Arsene WengerVeteran can help steer Gunners to success this season...Arsene Wenger has claimed that he signed Sol Campbell for one simple reason: to help Arsenal win trophies.The veteran defender re-joined the Gunners last week as a free agent and it is his experience and winning mentality that Wenger was keen to add to his squad.The 35-year-old has started today's FA Cup fourth round tie at Stoke City, adding some steel to the heart of the defence."[The reason he has joined is] that he helps us to win things, as simple as that," Wenger told ITV."He leads the team at the back today with Mikael Silvestre, they are very experienced players."We have some young players so it is important to have a good mixture between experience and youth and he can help us to do that."He doesn't hide from physical challenges and Sol is a fighter. When he is in a battle you can rely on him and that will be an important quality today in a cup game."
Read more…
Was this the way you planned your exit?
No, I didn't plan it this way. But, at the same time, about exiting at some point, yes, but not now.
I had planned to leave at 50, which is three years from now. However, this is coming at a time when what I wanted to achieve in 36 months, I now have to see if I can achieve them within seven months. Yes, there was a bit of suddenness in the announcement, but for Tony, the idea of leaving has always been there.
For UBA as an institution, the idea that the CEO will leave someday has been long decided, that is why we had planned for it. A lot of programmes were put in place for this.
We started two years ago by appointing the deputy managing directors under a governance and socialisation framework. We tried to let them through the end-to-end of our strategic businesses, to begin to groom them as successors. It was not political; we planned for it that at some point, the CEO must leave and some other person must take over.
Does that mean that one of them will automatically take over from you?
The board and committee have been meeting and the automatic nominees are the DMDs and after them, the executive directors, if the CBN fails to approve, the senior managers.
Judging by the board's quick response, one would think that UBA was privy to the CBN's decision. Was this the case?
No, we were not privy to the CBN's decision; the board of UBA believes that no one person is more important than the organisation. The board felt that we have key people such as our staff, customers, investors, regulators and that we must, not only because it is not only appropriate, but to reassure these key people that there is business continuity and there is business sustainability, and should not entertain any fear about our ability to produce good leadership, which is consistent with our corporate governance practice, to respond appropriately at all times, in the best interest of our stakeholders.
Talking about the CBN, do you have any personal issues about the CBN governor?
No, nothing. But you know that some Nigerians will always give the wrong interpretations to the best of intensions. Why will people say that? Maybe because we as a bank always identified with the CBN governor; so the issue of personal animosity does not come in.
For one, the governor and I were one time colleagues, and we worked very well together, we have mutual respect for each other.
Should the CBN's new policy affect CEOs like you that are still serving or will you leave it for expert interpretation?
I think we will leave that for the experts to interprete. But having said that, there is a context, which is that we have a new CBN governor, coming in at a time of global financial crisis, and I believe every new leader has a vision and ideas of how he will like to shape the industry.
There have been accusations that the CEOs were living larger than expected by the public, part of which plunged the industry into crisis. It this true?
I believe that the financial system is a highly regulated one, I think all players must comply with the rules of the game. Every sector has its own rules.
Given the extent of decay Mr. Sanusi claimed he discovered in the sector, would you say Mr. Soludo lived up to expectations?
It may be inappropriate for me to adjudge a regulator. But the current CBN governor was one of us, and upon assumption of office, he ordered for the stress test, put in place additional policies and framework to institute good corporate governance and proper risk management, among others.
There were two major facilities that UBA made under your tenure, the first is Transcorp and the second is Virgin Nigeria. What really happened?
First, I'd like to note that there is customer-banker confidentiality and I'd like to uphold that. But let me say that in the case of Transcorp, I can comment on it because it has been fully liquidated. And with Transcorp, we followed due process to advance acquisition finance. Not just us, but a consortium of big Nigerian banks. The loan was properly analysed, packaged and approved up to the board level of UBA before the facility was made available. There was no malpractice, we followed due process.
For Virgin Nigeria, again, we followed due process and it was done through UBA Asset Management Company.
In other words, UBA has no equity holding in Virgin Nigeria?
Contrary to speculations, UBA has no equity in Virgin Nigeria. It is UBA Asset Management Company that manages investment for companies; has between three and five per cent.
Why did UBA sack over 1,500 workers without paying them their benefits?
Less than 600 workers left UBA and they were paid all their entitlements in line with the contract engagement. In addition to that, they are still on the UBA pay role for the next six months.
Let us look at the issue of full disclosure; people are skeptical that the banks are still not telling the whole truth, otherwise there will not be so many job losses in the industry. What do you thnk?
Citibank, Bank of America, Meryl Lynch all laid off thousands of workers. When business is shrinking, everything has to shrink with it, if a bank is making profit and it is no longer making as much profit, there has to be structural changes to help it recover, and one of it is to prune down the workforce.
Are you also going to close down branches that are not doing well?
I did a memo concerning branches that a minimum bottom of five per cent of staff, we refresh every year. But last year the executive management did not uphold this, because we are not happy in letting people go. We do not delude ourselves about what or who we are, but we respond to issues appropriately. We did a clinical review of all our strategic business units, and how they can add more value.
We used three criteria to do our assessment - first is what is the contribution to our bottom line? Second, what is the strategic relevance to our business and the group? And the third one is the risk exposure.
Would you then say these strategies are part of the reasons UBA scaled through the stress audit, because many are surprised that UBA passed the test?
In terms of corporate governance, UBA is outstanding, in terms of risk management, we have laid down procedures. We have a chief risk officer; we have a chief compliance officer with 20 years of global experience. We have strong credit management process that is institutionalised and process-driven. We have a very strong board, and we had all of these long before risk management became the fad in the industry. Besides, we have put in place most of the risk management software to run a successful financial system.
Why is it difficult to grant loan to the small and medium enterprise sector in spite of efforts by the CBN to get banks to do so?
The current CBN governor is dealing with the root cause because it requires fundamental approach. We had a CEOs retreat in Enugu recently to look at the issues and these infrastructure challenges, having to generate your own power and water, and at the end of the day, there is hardly enough left to give out as loans to the SMEs, but like I said, these are being dealt with.
What will you say is really wrong with the Nigerian economy, because nothing just seems to work?
Let me speak to you as an economist. I have just said there are structural rigidities where certain things are not right. So we must go back to the basics, and a lot of this has to with infrastructure issues. The economy is an intricate web and so many things have happened.
What is the future for UBA, can it really compete with its peers locally and globally?
One of our major targets is to become a leading Nigerian bank, and to remain relevant in this market. Also, to play significantly in the African second tier market. In achieving this, it is a matter of having the right people, training them, strong governance policy, compliance to regulations in these countries and the totality of these factors will position you for competition.
One thing you must realise is that no one CEO can start and finish a process. What the CEO can do is to assemble the right team, and in partnership with the board articulate the right policies.
So then what legacies are you leaving behind for UBA?
I will say quality people. An average UBA person is confident, knowledgeable and goal getters. Confidence comes from achievements and self-empowerment is number one. The second is having a culture of value - humility, empathy and integrity. We embarked on a massive service of excellence, which is key to sustainability. Working with the board, we have put in place a framework and process to continuity, viability and sustainability, to have a UBA that is self-sustaining, with strong governance institution. By my retirement, the true test of my leadership has just begun and I'm sure UBA will outlive me.
You're retiring at 47, what do you hope to do? Is it not too early for retirement?
I have lived a very engaging and active life. It's been tough and I just hope that I will now have the time to take the children to school and what have you. I am fortunate in that I reached the pinnacle of my career early and so I would take it easy from now on.
Plans for retirement?
Well, if it had been in more advanced countries, people like me will be in high demand as speakers and academics but not here in our society. As I told my people yesterday at the board, I hope to get more involved with the UBA Academy as a lecturer and speaker and tell others what I have learnt and experienced. I also hope to be involved later with the Lagos Business School where I can impart knowledge into people because there is so much to share and we should bridge the gap between theories and experience on the field.
So I will spend more time with my family and teach, offering enlightenment to others sharing what I have seen.
We rarely see your wife, who is she and what about your children too?
Well, I'm married to a medical doctor and we have five children. (Points to her picture on the shelf) there she is and you can see her. The truth is that I'm a home person, I rarely go out. You're most likely to see me lying down with a bean bag watching movies with my children. I like my home and whenever I'm not at the office, you will see me at home. I enjoy reading also; I'm particularly fond of Jeffrey Archer's novels. I remarked to my wife the other day that it's been long we attended a wedding and she said yes, that's the kind of man I am; a very homely person.
Read more…
Former President Olusegun Obasanjo's prayer at the Annual Trust Awards that God should punish him if indeed he deliberately chose as his successor a sick man so he would not be able to perform and possibly outshine him, has drawn quite a number
of Amens from the public with the outrightly cynical insisting that God is already inflicting punishment on the former President. The reference to God often drives up sentiments among Nigerians and in an overtly religious society such as ours, every appeal to God is intended to have a special effect. It is a psychological fact that pastors rely on so well, and which Obasanjo often deploys in seasons of doubt. It is possible to be emotional in responding to his latest intrusion into the public space. But more benefit could be derived from looking at the facts of the case, and why Obasanjo has chosen now to speak up on the subject of the President's ill-health, and what message(s) he could possibly be sending across to the public and certain stakeholders. Obasanjo not only ditched President Yar'çdua publicly, he also advised him to resign if his health has failed him. The wily OBJ talked about the path of honour and the path of morality.
In Yar'çdua's case both are obviously currently conflicted. The Obasanjo that spoke at the Daily Trust event tried to project himself as a patriot who is more interested in national progress. Now that we know where Obasanjo stands in this matter, when next Professor Wole Soyinka, Pastor Tunde Bakare, Femi Falana and others want to embark on another "Enough is Enough. To Save Nigeria" street march, they should remember to invite him along! But is Obasanjo now one of the progressives? Or he is merely playing to the gallery? Or he is trying to absolve himself of blame? Some of his friends have praised him for lending his voice to the calls for Yar'Adua's resignation.
There is nothing original in him position though. He is waking up to the truth, more than two years late. Is this not the same Obasanjo who only a fortnight ago pointedly refused to comment on the President's health? If it was not safe for him to pass a comment then, why is it now safe for him to do so? Or was he waiting for the right platform? Telling Yar'çdua to get out at an event in his own backyard, seems a clever way of loading a statement with appropriate weight. Or could it be that Obasanjo already knows something that is not yet public knowledge and which puts him in a safe position to fulminate? For a man who has been to jail and back, simply because he was critical of a sitting Head of State, and who himself does not suffer fools gladly when he wielded power, Obasanjo must be sure that it is only safe to step on a dead cobra's tail. So what are we dealing with? Opportunism? An attempt at self-ingratiation? Rather than applause, Obasanjo's statement, arguably his most poignant public statement, since he left office in May 2007 should invite more questions. President Yar'çdua's ill-health has set an invidious power game in motion and OBJ is trying to get on top of it. But not so fast, sir.
According to the former President, at the time he decided to support President Yar'çdua's candidacy, he was looking for three qualities: intellectual capacity, integrity and broad-mindedness. In 2007, Candidate Yar'çdua was not the only man in the PDP Presidential race who could boast of these three qualities. That was a fact. Another fact: Obasanjo and his agents had made up their mind that it was Yar'çdua that they wanted. He even told Nigerians at the time that he knew those who would not succeed him. One by one, those who showed interest in the race were arm-twisted, or frightened, out of it. Long before the PDP Presidential primaries, it was common knowledge that both the PDP Presidential ticket and the Presidency had been willed by the man in power to the then Governor of Katsina state.
Yar'çdua was a reluctant candidate, the most reluctant of all the candidates. Obasanjo also wanted Yar'çdua in order to spite Abubakar Atiku, his Vice President with whom he had serious problems. Atiku is a product of the General Shehu Yar'çdua political dynasty, and the leader of the late General's wing of the PDP; the once powerful People's Democratic Movement (PDM). In 2002/3, Atiku had made the mistake of boasting that it was he and the PDM machinery that he inherited that brought Obasanjo to power. At the PDP Presidential primaries in 2003, Atiku and his PDM supporters almost humiliated Obasanjo. He was forced to eat the humble pie. What better way to divide and demolish the PDM in 2007, than to hand over power to the junior brother of the founder of the PDM? Handing over power to Yar'çdua was a cold-hearted, Machiavellian move on Obasanjo's part. With due respect, it had nothing to do with all that rhetoric about intellectual capacity, integrity and broad-mindedness. How much of these three, now presented by OBJ as if they are divine imperatives, did we get from the eight years of the Obasanjo administration?
To all intents and purposes, former President Obasanjo wanted Umaru Yar'çdua as president because that was what would serve his own political interests then. Eye-witnesses to that campaign process will recall that it was President Obasanjo that did most of the campaigning. At several rallies, the man who wanted to be President was not allowed to speak. Obasanjo did all the talking, and subsequently, he would raise Yar'Adua's hand. At a point, there were comments about the need for Obasanjo to allow the PDP candidate to speak to Nigerians. The first time we heard of the seven-point agenda was on inauguration day! Yar'çdua became President without Nigerians really knowing him. Now, Obasanjo says don't blame me. He gave me a medical record which said he was in good shape. Obasanjo was Commander in Chief of the Armed Forces. A Presidential aspirant gave him a sheet of paper certifying himself fit and he Obasanjo did not deem it necessary to entertain doubts!
The subtext of the Obasanjo comment is that Nigerians not he, made President Yar'çdua president. Nigeria 's big men are very good at revising history. In the light of available evidence, it seems to me that even if OBJ had full knowledge of the risk factors in making a man who had had a kidney transplant President, he would still have chosen Yar'Adua. If the man was so fit, why was Obasanjo the one selling him to Nigerians, instead of allowing him to do more of the talking? So grateful was the Yar'çdua family after the Presidential elections and the inauguration of Yar'çdua as President that three women from the Yar'çdua household including the brand new President's mother, and his late brother's wife went to Ota specially to thank Obasanjo. They did not issue a statement thanking Nigerians. They went to Ota! And now, Obasanjo ditches the same Yar'Adua.
The timing of his latest politics is suspicious but his outburst is understandable. The Atiku threat no longer exists. The PDM is in disarray. Atiku who wanted to replace Obasanjo and in the process became an issue in Nigerian Presidential politics has since gone to Obasanjo's home to pay homage. All the other candidates, North and South in the PDP who wanted to be President have been driven into their shells, with some of them still battling with the EFCC yoke that was slung around their necks. But Yar'Adua on whose behalf all that effort was made has shown no gratitude to former President Obasanjo. The Yar'Adua government began at the centre with a systematic assault on the Obasanjo legacy. Obasanjo and his spin-doctors used to boast that the dividends of democracy that Nigerians wanted so badly would fructify in the fullness of time on the altar of sustainability.
If they thought Yar'çdua would sustain Obasanjo's reform agenda and programmes, they made a mistake. These were the first set of pillars that the new government pulled down. Many Obasanjo boys who had worked tirelessly on the Yar'çdua-must-be-President agenda suddenly found themselves being treated as persona non grata. They have been chased out of government, into exile, or into EFCC detention centres. Under Obasanjo, there was something that assumed a political shape called Corporate Nigeria, the jet-riding set that donated money to political causes and strolled into the Presidential Villa at will. They owned the biggest businesses in town and they didn't hide the fact of their closeness to the President. More than two years later, the Yar'çdua government has successfully castrated this group.
The 24-hour gate passes to Presidential Villa that they used to brandish have been withdrawn! Some of them have lost their banks and are now struggling to stay out of jail. Even those who thought they knew Yar'Adua ( "he was my senior in secondary school"; "I know him") have all been shocked: if they thought they would prosper politically under him, the man gave them poisoned gifts. Obasanjo himself has not been spared. Yar'çdua and his team have not treated him as the Godfather of the administration. His position as Chairman of the Board of Trustees of the PDP has been rendered almost useless. He has been turned into a laughing stock in the company of those he once said would never be President. Ordinary Nigerians may regard President Yar'çdua as a weak leader because of his illness, but his power-politics has been very strong and he may have made great strides in that direction that could affect Nigeria in more fundamental ways than we may realise. But Obasanjo is smart. He is choosing his own time to strike back. But why strike a man when he is weak? Whatever may be Obasanjo's shortcomings, his voice still carries weight in Nigerian politics. By coming out against Yar'Adua, he will be setting off a chain of reactions that should be closely watched. What will be the Katsina response to the bomb from Ota? And why has Obasanjo suddenly become freshly voluble at the time when Vice President Goodluck Jonathan is said to be taking charge gradually at the Presidency?
It is a game of musical chairs, not yet an end game. Two or three newspapers have suggested that President Umaru Musa Yar'Adua may show up in Nigeria next week, looking healthy and strong enough to carry on. Should that happen, it will be not necessarily a miracle, but a political masterstroke. Some people may have to leave town. For there could be serious reprisals from the Yar'çdua end which may not have demonstrated a capacity to keep promises, but remarkable adroitness in teaching ambitious men and women bitter lessons about the game of power. Even if the man does not return next week, with INEC poised to announce the time-table for the 2011 elections in March, the professional political class will see the need to engage in further mischief.
Read more…
Why "GET" SIX children when you cant STAY as a FAMILY !HOLLYWOOD golden pair Brad Pitt and Angelina Jolie have seen DIVORCE lawyers and signed a £205 million split deal, we can reveal.The world's most famous couple legally agreed how to divide their fortune and who gets custody of their six kids.The megastars have agreed to equally divide their vast fortune - and to SHARE their six children.Dynamite legal papers secretly signed by the couple this month detail how all their homes and assets will be carved up.The agreement gives them joint custody of the kids - but all six will actually live full-time with their mum.Preparations for a split began in early December when "Brangelina" visited a top Los Angeles divorce firm to begin thrashing out the deal.An announcement of their separation is expected to be made soon - ending months of speculation that the five-year relationship is on the rocks.A source told the News of the World: "The document was signed in early January. Both Brad and Angelina had signed it."The contract was like a tailor-made version of a pre-nuptial agreement except for an unmarried couple's split."It seemed clear they want the world to know they'll both play a part in the upbringing of the children."But Angelina will actually be the one who lives with them full-time."The divorce lawyer they consulted is based in Beverly Hills and has worked on a string of celeb divorces and splits. He is widely regarded as "the best in the business".Our source added: "There's no date for when the contract would come into effect."But the paperwork is already organised for a break- up - and for it to be as unmessy for them as possible. It is clear it's a case of when they break up rather than if."The troubled couple have not been photographed together in public in recent days. On Friday night, Brad, 46, was snapped backstage at the Hope For Haiti concert in Los Angeles without Angelina, 34.His ex-wife Jennifer Aniston was there - although not with him."Brangelina" fell for each other when they played a warring couple in Mr and Mrs Smith in 2004. They have three adopted children (Maddox, eight, Pax, six, and Zahara, five), and three biological kids (Shiloh, three, and 17- month-old twins Knox and Vivienne).Both stars have been through high- profile splits before. Brad shocked the world when he split from Hollywood golden girl Jennifer, 40, in January 2005. They had been married for 4½ years.He was first photographed with Oscar-winner Angelina three months after the split. Before Jen, he was engaged to actress Gwyneth PaltrowJolie has been divorced twice - from Monster's Ball star Billy Bob Thornton in 2003, and Trainspotting actor Johnny Lee Miller in 1999.Her joint fortune with Brad of $322 million (£205 million) includes mansions in France, California and New Orleans. But rumours have been circulating for months that the couple's relationship is doomed.Last week they failed to show at the Golden Globe Awards even though Brad's film Inglourious Basterds was up for a several gongs.Instead he went to watch the American football team New Orleans Saints, while Changeling star Angelina stayed in California. Also last week, Pitt bought the mansion next door to the family's LA home for £800,000.His pals Guy Ritchie and wife Madonna famously bought their next-door pad in London before their split so they could share living space with their kids but keep away from each another.Earlier this month, Angelina was snapped looking tense with an unsmiling Brad in New York.And last month she said fidelity was over-rated - and if she or Brad had an affair it would not be a problem.She told German magazine Das Neue: "Neither Brad nor I have ever claimed that living together means to be chained together. We make sure that we never restrict each other.INGLORIOUS - At the premiereINGLORIOUS - At the premiere"I doubt that fidelity is absolutely essential for a relationship. It's worse to leave your partner and talk badly about him afterwards."Angelina, whose new film Salt is due in British cinemas this summer, also said: "The sparks fly at home if the nice Brad fails to see that he's wrong and reacts in a defiant way."Then I can get so angry that I tear his shirt."Also this month, best-selling American biographer Ian Halperin released a revelation- packed insight into the Jolie- Pitt relationship.He said when the couple first met they had 20-HOUR sex sessions.In his book Brangelina: Brad Pitt and Angelina Jolie, Ian writes: "Brad had never had such incredible sex."My sources say that they sometimes spent 18 to 20 hours a day in bed. But sex eventually wears off."She has brought a lot of good things to him - the children, for example."But he didn't know what he was getting into, and that's why I think they're going to split."We asked Brad, Angelina and the legal firm for their comments but they did not respond.
Read more…
Barely three months after the launch of Nigeria’s new polymer banknotes, fake versions of the notes have hit the Nigerian currency market, causing intense panic among traders and customers, NEXT has learnt. Central Bank of Nigeria (CBN) officials, say they have received reports and complaints on the fake notes but added that they are still working out answers on the notes, which were introduced and advertised for its presumed superior security features and life span.
“We are doing something but we cannot disclose it,” the bank’s spokesman, Mohammed Abdullahi, said. Across the country, major concerns lie in what factors to use in identifying the fake notes. The CBN has no answers to this either. “People should check the CBN website. The security features are all on our website,” Mr. Abdullahi said.
The CBN website however, does not display security features for any of the new polymer bank notes. While some banks claim that the serial numbers on the banknotes may be used to check the authenticity of the note, the Nigerian mint company, the Nigerian Security Printing and Minting PLC (NSPM) says otherwise. “The sequence number of the fake has six numerical digits while the real one has seven,” a banker with Spring Bank said to NEXT. Segun Oshatala, the General Manager, NSPM-Abuja Factory, said however, that the serial numbers on the banknotes cannot determine whether or not the note is fake.
“The six digits or the seven digits do not show whether or not the note is fake. The serial number is just to show the country that the note was printed. You know some of the notes are printed abroad and some in Nigeria,” Mr. Oshatala said in a telephone interview with NEXT. Mr. Oshatala also described some more reliable features to identify real polymer banknotes. “If you run your fingers on the banknotes, especially on the portraits, you will observe that it is embossed.
It has a ridge-like or a rough feel. The fake ones will not have that because that is a specialised security feature,” he said. He, however, explained that a more reliable method of verification would be beneath mercury bulbs, which are largely available in banks. “The CBN will be the ones to say whether or not the serial numbers indicate a fake note,” Mr. Oshatala added. Confusion While some traders in Lagos, responding to questions by NEXT, expressed concerns about the influx of fake polymer notes in the country, others passed off the questions as rumours. “Why will they waste money on the ink to print the 50 naira notes instead of 1000 notes?” was the retort by a trader who gave his name as Alhaji Bintu. Citizens, who have to spend the money, however, are not at ease as there is no ready way to identify the fake notes except they go to the banks.
A petty trader, who spoke to NEXT in Asaba, a town in the Niger Delta region, said that a bank had just rejected about 1000 naira in 50 naira bills gotten from her business activities from the day. The perplexed woman left the bank with the banknotes, identified as fakes by the bank cashier. The CBN however claims that there is good news in all these. “Something to note here is that our security system has worked because the banks were able to recognise the fake notes,” Mr. Abdullahi said. The polymer notes were introduced during the tenure of the former governor of Central Bank, Chukwuma Soludo. One of the reasons given then was the safety of the notes. Billions of dollars were spent to print the notes and ensure that it would be worthless to produce fake ones.
Read more…
Posted by 9jabook.com on January 22, 2010 at 8:30pm
The Board of the United Bank for Africa Plc has announced the appointment of Phillips Oduoza as the Group Chief Executive Designate. Mr. Oduoza has over 22 years experience in banking and financial services, spanning banking operations, relationship management, credit/marketing, technology implementation, risk management, lean banking methods and brand management.
Prior to this appointment, Mr. Oduoza was the bank's Deputy Managing Director South, which is the largest strategic business in the group.
He will resume in his new position on August 1, 2010. In the interim, Mr. Oduoza will be working with Tony Elumelu, the current Group Chief Executive of UBA to ensure that the transition is seamless.
This is coming in the wake of Central Bank of Nigeria's announcement that, "Chief Executive Officers (CEO) of banks shall serve a maximum tenure of 10 years... all CEOs who would have served for 10 years by July 31, 2010 shall cease to function in that capacity and shall hand over to their successors."
Read more…
Posted by 9jabook.com on January 21, 2010 at 9:11pm
Nigeria’s former president, Chief Olusegun Obasanjo on Thursday at the 7th Annual Trust Lecture in Abuja told President Umaru Musa Yar’Adua to do the honourable thing by resigning as President of Nigeria because of his failing health.
Obasanjo made the speech in a reply to a question from one of the attendees at the event who had faulted him for the current Constitutional crisis by forcing President Yar’Adua on Nigerians.
The former President’s answer to the question was very blunt and hard on the President who was evacuated from Abuja on November 23, 2009.
"If you take up an assignment, a job-elected, appointed or whatever it is, and then your health starts to fail and you will not be able to deliver to satisfy yourself and to satisfy the people you are supposed to serve, then there is a path of honour and the path of morality, and if you don’t do that, then you don’t know anything.”
The former president has come under severe criticisms for anointing President Yar’Adua knowing fully well he had a kidney condition.
The former President’s answer to the question in full:
"When in year 2006, the idea came up as to succession; I was convinced in my mind that a southerner succeeding me will not augur well for Nigeria. You may agree with that, you may not agree but I was convinced in my mind.
"Now, what I was looking for in those who will succeed me were three important qualities; one, he has enough intellectual capacity to run the affairs of Nigeria. Two, he has sufficient personal integrity to run the affairs of Nigeria. Three, he is sufficiently broad-minded enough-politically, religiously, socially or whatever to manage the affairs of Nigeria. These three were the important things.
"Then Umaru Yar’Adua who is now the President, I know he has kidney problem and was under dialysis. Sometime earlier, he had gone abroad when he was still the Governor of Katsina State.
When the idea was for him to contest, I asked him and he gave me a medical report.
"The medical report showed that he had come off dialysis. I asked experts who then told me that if you were under dialysis or you were on dialysis and you are no longer under dialysis, it means you have had a successful kidney transplant and that you can live for as long as God may give you favour. Now, who am I and who are you not to accept that? That was the situation.
"Now, Mallam Musa Yar’Adua went campaigning and we campaigned together. I remember at one day of the campaign, he was run down. Chairman of our party then, Ahmadu Ali was also run down. Ahmadu Ali didn’t go abroad to check up, but he went abroad to check up and the rumour was that he was dead. And I called him and I put the telephone on speaker and I said, are you dead? And we continued with the campaign.
"To the best of my knowledge, he wasn’t on dialysis after that. When the issue of dialysis came, he was well into his first term (as president), which must meant maybe the kidney transplant is failing, if it hasn’t failed. That you cannot blame on me. You cannot even blame it on him.
"So, to say that I, Olusegun Obasanjo deliberately see somebody who is an invalid and is highly, highly ungrateful and make him President… how can I put so much into this country both in peace and in war and I will begin to run it down. If you have fear of God, you will not make that statement.
"On the way out of the constitutional crisis, what I needed to say on that, I have said as the Chairman of my Board of Trustees last week. I won’t say anything more. What I need to say is that nobody picked Yar’Adua so that he will not perform. If I did that, God will punish me. There is no reason why I should do that.
"Again, if you take up an assignment, a job-elected, appointed or whatever it is, and then your heath starts to fail and you will not be able to deliver to satisfy yourself and to satisfy the people you are supposed to serve, then there is a path of honour and the path of morality. There is path of honour and the path of morality and if you don’t do that, then you don’t know anything."
Read more…
A high-ranking Nigerian lawmaker, Tuggar Yusuf Maitama, this week became the first major casualty of Nigeria’s new inclusion by the United States among 14 nations allegedly with terrorist links. Hon. Maitama, who represents Gamawa federal constituency of Bauchi State, is the Chairman of the Committee on Public Procurement in the House of Representatives. Mr. Maitama was traveling to New York on a KLM flight on Monday when the US Immigrations and Customs agents in Amsterdam pulled him aside and told him that he could not fly to the United States, having been found to have “terrorist tendencies”. His visa was immediately revoked and the lawmaker was deported to Nigeria. But Saharareporters quick search through US no-fly list and terrorism-related databases did not yield Maitama’s name.
It is not yet known if Maitama was coming to New York as part of an official delegation sent by the crumbling Yar’Adua regime to meet with UK and US officials over the inclusion of Nigeria in the terror watch list. The group, which includes the Minister of Foreign Affairs, Ojo Maduekwe; the Senate Chairman on Foreign Relations, Jubril Aminu; his counterpart in the House of Representatives, Umar Bature, as well as the chairperson of the EFCC, Farida Waziri, made a stop-over in London yesterday, and is expected to arrive in New York later today. They are to be lodged at the Millennium UN Plaza Hotel New York.
That means it will be an interesting visit, as they will be welcomed tomorrow morning by Nigerian protesters who are getting ready for a Save Nigeria Group "Enough Is Enough" rally at Nigeria House on the other side of the same block.
The cumbersome delegation is unlikely to meet with much success in the US. The US state department has already dispatched to Nigeria a delegation, led by US Assistant Secretary of State, Bureau of Africa, Johnnie Carson. It is expected to leave for a crucial three-day trip to meet with Goodluck Jonathan.
Mrs. Waziri's inclusion in the delegation is a surprise. Owing to the poor work of the EFCC, she is highly unpopular with the US government, and the EFCC was singled out for criticism last year when Secretary of State Hillary Clinton visited Nigeria. In addition, Mrs. Waziri's first visit to the US a few months ago ended with her being heckled and chased out of an official function in New York by Nigerian demonstrators. That encounter could be repeated tomorrow.
Read more…
The Lagos State House of Assembly on Tuesday commended the executive government and unanimously adopted a motion ratifying the $1 million donation by the state government to Haiti, after last week's devastating earthquake.
The state governor, Babatunde Fashola, wrote a letter to the House, following the decision of the state executive council during its weekly meeting on Monday, to adopt a "resolution recognising this humanitarian service".
Although the motion was passed with relative ease, a few lawmakers raised concerns about the source of the donation, wondering if it would be taken from the 2009 budget or the yet-to-be-passed 2010 budget. However, the magnitude and urgency of the Haitian need, coupled with the fact that Nigeria, as a nation, has been absent on the list of donating nations, helped douse the concerns.
"The governor has the right to spend up to 25 per cent of (money voted for) donation in the 2009 budget," said the Speaker, Adeyemi Ikuforiji, as a reminder to the lawmakers, and consequently, the motion was moved by the majority leader, Kolawole Taiwo.
An example
The Lagos Assembly also called on other Nigerian states to help the needy Haitians. "The federal government should have done this but there is a vacuum at the top and there is no response from Nigeria," said Ahmed Omisiore, chairman of the House committee on information.
Adefunmilayo Tejuosho, representing Mushin I, was also worried that the federal government, which was unable to respond to the case of the suspected bomber, Farouk Mutallab, is "still not available to respond to the need of the Haiti people.
"The donation should be stressed as coming from the Lagos State government and not from Nigeria because we cannot continue to shoulder the responsibility of the entire country," she said.
While it was not part of the adopted motion, the majority leader, Lola Akande, representing Ikeja II, suggested that a minimum amount of N50,000 should be made compulsory for each lawmaker as their contribution, which was supported by Babatunde Ogala, who also suggested that the contribution should be deducted "immediately from source".
In response, the speaker said anybody who wants to contribute to the state's donation can walk into any branch of Skye Bank where an account has already been opened.
Bringing the discussion home, Sanai Agunbiade said "while we are thinking of Haiti there are some communities in Lagos suffering from serious environmental degradation. The rains will soon be here and something must be done."
NEMA responds
Also in its response to the disaster, the National Emergency Management Agency (NEMA) has said it plans to send cash donation.
Speaking to reporters in Abuja yesterday on the role of the agency regarding the incident in Haiti, the Director General of the organisation, Mohammed Audu Bida, explained that the enormity of the incident is so great that instead of moving relief materials through the seas, which are already congested as a result of massive goods coming from other countries, sending cash right away makes more sense.
Mr. Bida who declined to disclose the exact amount earmarked for the people of Haiti, said Vice President Goodluck Jonathan who is the chairman of agency's board has already said that the government will come to the aid of the country.
He criticised those condemning the perceived slow response of the Nigerian governme
Read more…
Former U.S. presidential candidate John Edwards has backtracked on earlier denials and confirmed that he fathered a daughter in an extramarital relationship.
"It was wrong for me ever to deny she was my daughter and hopefully one day, when she understands, she will forgive me," John Edwards, the former senator from North Carolina, said Thursday.
Edwards was a candidate for the Democratic presidential nomination in 2004. He ultimately was Senator John Kerry's selection to be his vice-presidential running mate.
Edwards entered the race for presidential nominee again in December 2006, but quit the primaries in January 2008, and eventually backed now U.S. President Barack Obama.
Frances Quinn Hunter, who is almost two years old, was born to former Edwards campaign aide Rielle Hunter. Edwards hired Hunter as a videographer before his second run for the White House.
Edwards admitted in August 2008 that he had had an affair with Hunter. The baby girl was born on Feb. 27, 2008.
Last year, Edwards denied fathering the girl, and said he welcomed a paternity test. He also claimed that his affair with Hunter ended in 2006.
Issues apology
"I have been providing financial support for Quinn and have reached an agreement with her mother to continue providing support in the future," Edwards said in a statement to The Associated Press. "To all those I have disappointed and hurt, these words will never be enough, but I am truly sorry."
Another former Edwards aide, Andrew Young, initially said he was the father of the girl shortly before the 2008 presidential primaries started. Young has a book coming out on Feb. 2 that will detail the paternity scandal.
Edwards's wife, Elizabeth, who is battling incurable cancer, has stood by her husband throughout his revelations. They have three children together. Their first child, a son, died in a car accident in 1996.
Edwards's wife has stated it would not matter if he fathered a child with Hunter, saying "that would be a part of John's life, but not a part of mine."
John Edwards has been living a mainly secluded life since he admitted the affair in 2008.
Latest Newsblog: bit.ly/BlogsOn9jabook
TopNews:bit.ly/TopStoriesOn9jabook
Zenith CEO Jim Ovia & UBA MD Elumelu to be sacked
Special Editorial:Banks Still sacking workers http://bit.ly/7B4iKYRead more…
Posted by SULE BELLO on January 20, 2010 at 10:13pm
Lagos Begins N170bn Rail ProjectBy Gboyega Akinsanmi, 01.21.2010Add To FavoritesPrint This ArticlePost CommentLagos state government said the design of the long-awaited mass transit rail project has been completed, thus paving way for the construction of the project with immediate effect.It added that both the design and construction of the rail project would gulp the sum of $1.12 billion (equivalent of N170 billion), stating that it would take 36 months to complete the construction.While inspecting facilities to kick-start the rail project yesterday in the premise of Nigeria Railway Corporation (NRC) in Ebute-Meta, Governor Babatunde Raji Fashola (SAN) said Chinese Civil Engineering Construction Company (CCECC) has set the stage to commence the construction phase of the project.Speaking with journalists at the site, the governor said the first phase “will include the construction of the Blue Line which is expected to run a total distance of 27,552 kilometres from Okokomaiko to Marina and would be served by the stations.”He said: “The project is expected to be delivered on August 2012 and provide jobs for about 4,000 Nigerians during the construction phase alone.” He expressed optimism that the contractors would deliver within the stipulated period.“The project when completed would go a long way to make transportation faster, convenient and more efficient. It is a winner for Nigeria and Lagos State. It will improve the quality of life in our nation and help transport good and services.Nigerians working in London in the under ground rail system have spoke to me that want to come back home and run an efficient rail system,” the governor explained.Speaking on the Red Line rail construction, the governor explained that that the state government “is waiting the approval of the Federal Government to use its corridor to link Iddo through Agbado and Ijoko in Ogun State.“We are waiting for the federal government to give us the go ahead to use their corridor; we have a Memorandum of Understanding with them and we just need them to fast track a few things for us so that we can use that corridor,” he stated.The Iddo/Oyingbo way under construction is nearing completion. On completion, it will enable an extension of the Bus Rapid Transit (BRT) from Mile 12 straight to Iddo. We would continue to expand and when the Lagos Badagry is completed, there would also be a BRT service in that route”, he added.Project Manager, CCECC, Mr. Shi Stone who conducted the governor round the facilities assured that they were ready to begin construction, adding that they have acquired all necessary equipments to kick start the construction process.The project is part of the World Bank assisted projects in the state expected to run at 100km/h, has a main length of 28km, a viaduct length of 7.75km, and a 3.047 kilometre long coastal elevated track and a 610 metre-long sea crossing bridge
Read more…
Posted by 9jabook.com on January 20, 2010 at 10:04pm
The governor of Central Bank of Nigeria (CBN), Mallam Sanusi Lamido Sanusi, on Monday made good his threat to wrest banks from proprietors as the board of the banking regulator has pegged the maximum tenure of commercial banks’ managing directors/chief executives at 10 years.
advertisement
Those who have already spent 10 years or more are to quit by July 2010 – meaning the Managing Director, Zenith Bank Plc, Mr. Jim Ovia, Managing Director, United Bank for Africa Plc, Mr. Tony Elumelu, and his counterpart at Skye Bank Plc, Mr. Akinsola Akinfemiwa, will have to relinquish their positions soon. They have spent between 11 and 19 years as chief executives of their respective banks.
Addressing newsmen on the latest development, CBN’s Director of Bank Supervision, Mr. Sam Oni, explained that the policy was designed to enthrone good corporate governance in the banking sector and institutionalise the arrangement of appointment of CEOs in banks.
He pointed out that the policy guideline was geared towards ensuring that banks put in place a good succession plan and avoiding the personalisation of institutions.
He said that even after the bank chief executive that has served a 10-year tenure must have left, he could only take up an appointment with the bank or any of its subsidiaries only after three years of his exit.
“Chief executive officers of banks shall henceforth serve a maximum of 10 years; All CEOs that would have served for 10 years by July 2010 shall cease to function in that capacity and shall hand over to their successors; Where a bank is a product of a merger, acquisition or takeover or any other form of combination, the 10 years shall include the pre and post combination service years of a CEO, provided the bank, which he served as a CEO was part of the new banks that emerged after the combination; Any person that has served as CEO for the maximum tenure in a bank shall not qualify for an appointment in that bank or its subsidiary until after a period of three years of his exit as CEOs,” he said.
Oni said given the new policy, affected bank chief executives are to draw up their succession plan towards their exit and institute a credible succession programme that would be approved by the board. Such, he added, would also be supervised and monitored by the CBN.
He said: “By July 31, 2010, the affected chief executives are to prepare a succession as approved by their board and to have a credible succession programme that will be monitored by the board and therefore subjected to some kind of supervision and monitoring by the CBN.”
Furthermore, he said: “All banks shall reflect the provisions of this guideline in the terms of engagement of their CEOs.
“In terms of the appointment of the CEOs of banks, the condition and terms under which they are appointed and approved by the board must also be ratified and approved at the Annual General Meeting. Such terms of appointment in the first instance shall not exceed five years and of course it’s renewable for another term provided that the period of service cumulative does not exceed 10 years.”
It has also emerged from the new policy of the banking watchdog that the CBN governor, his deputies as well as managing director/chief executives of the Nigeria Deposit Insurance Corporation (NDIC) could be appointed into a bank or any of its subsidiaries, only five years after his exit from respective positions in CBN and NDIC.
Oni said: “The governor, deputy governors of the CBN and the managing director/CEO and the executive director of NDIC, shall not be eligible for appointment in any capacity in banks and their subsidiaries under the supervision of the CBN and NDIC until after the expiration of five years from the date of their exit from the CBN or NDIC as the case may be.”
Similarly, he said: “The departmental directors of the CBN and that of the NDIC shall not be eligible for appointment in any capacity in banks and their subsidiaries under the supervision of the CBN and NDIC until after the expiration of three years from the date of their exit from either the CBN or NDIC.”
Earlier, during the briefing on the outcome of the Bankers’ Committee, Oni disclosed that the CBN had last Monday rolled out the minimum information disclosure for banks for the preparation of their account beginning with 2009 financial year.
This, he said, was with the view to ensuring that the banking system is effectively supervised.
According to him, the CBN had left the negotiation and sales/recapitalisation of the eight rescued banks to the banks’ management and boards.
He said following the meeting held with the management and key shareholders of the rescued banks last week, it was unanimously agreed that the apex bank should allow the boards and management of the affected banks to negotiate the sales/recapitalisation of their institutions.
Stressing that the CBN would only be a facilitator in the whole process, Oni recalled that the apex bank had appointed financial advisors for the rescued banks to commence the process of their recapitalisation.
The Bankers’ Committee comprising banks’ and other financial institutions managing directors and key CBN officials he also said, resolved that starting this financial year, the commercial banks would commence a longer tenure lending as part of efforts to assist the Federal and state governments in the resuscitation of infrastructure, which continues to pose a major challenge to Nigeria’s quest for development.
The Committee, he said, had therefore identified areas where banks would intervene to include small and medium enterprises (SMEs), power and agriculture.
Managing Director/Chief Executive of Access Bank Plc, Mr. Aigboje Aig-Imokhuede, who spoke alongside his counterparts at FinBank, Mrs. Susan Iroche; Standard-IBTCBank; Chris Newson; and Kakawa Discount House Limited, Mr. Laoye Jaiyeola, disclosed that arrangements on the financing model had been finalised .
He said the committee would meet and consult with agencies of the Federal Government and State Governments on ways to remove bottlenecks associated with projects and make them bankable.
Aig-Imokhuede said banks would this year embark on the development of bond instrument from where financial resources for longer credit facility for the infrastructure and real sector resuscitation would be realised.
This, he said, would enablethe banks to make longer tenure lending from seven to 20 years.
Read more…
Posted by 9jabook.com on January 20, 2010 at 9:25pm
The Super Eagles have been praised by football fans across the country for their five star performance against Mozambique yesterday.
Our boys trashed the Mambas 3-0 to book a place behind Egypt in the quarter-final. The Pharoahs top the group with nine points.
For former Eagles coach Christian Chukwu, the Eagles won yesterday because they reverted to wing play and fast paced attacking football.
"The team is now gradually improving, and are finally playing together as a unit, the attackers did well, and they were faster than before and with in-form Osaze and Obasi coming from the wings," he said.
The ex-Eagles coach however said "there is room for improvement". Though he refused to comment on the technical crew of the Eagles, Chukwu said all the calls for the technical crew to be sacked is a distraction that should be left till after the Nations Cup.
Arsenal 4 Bolton 2
Arsenal's return to the top of the Premier League was overshadowed last night by a William Gallas tackle on Mark Davies that was described by Bolton Wanderers manager Owen Coyle as “akin to an assault”.
Coyle said that he had seen lesser challenges punished with a red card and was further angered when Gallas played on while Davies was on the floor. From the same passage of play, Cesc Fabregas scored an equalising goal that proved to be the turning point in the match. As Arsenal celebrated, Davies required around five minutes of treatment before being taken off on a stretcher amid fears that he has broken his ankle.
The Eagles match in summary
In yesterday's game, Chinedu Obasi hit the first shot on target for the Super Eagles in the 9th minute but Rafael Kapango did well to parry the ball to safety.
In 21st minute, Obasi was again well positioned to place the Super Eagles ahead after Danny Shittu nodded a free kick across the face of the Mambas' goal, but he failed to nod the ball past Kapango from two yards out.
Ten minutes later, the Hoffenheim striker broke free for the Super Eagles but Kapango was quick off his line to curtail the danger.
The Super Eagles finally shot into the lead in the 45th minute through a thunderous shot from Osaze Odemwingie that left Kapango sprawling on the turf.
Second half
Barely two minutes after the break, the Lokomotiv Moscow of Russia forward was on hand to fire the Super Eagles further ahead. A counter attack initiated by Sani Kaita deep in the Nigerian half finds Aiyegbeni Yakubu, who beats the Mozambican offside trap before feeding a precise pass to the unmarked Odemwingie, who calmly slotted the ball home.
In the 68th minute, Obafemi Martins took the place of Yakubu in the attack for his first piece of action in Angola 2010. Eighteen minutes later, the Wolfsburg of Germany striker made it three-nil for Nigeria after the Mozambican goalkeeper parried a Mikel shot his way.It could have been worse for the Mambas in the 90th minute had Obinna Nsofor, who came in for Odemwingie, not shot straight at Kapango after being put through on goal by Martins.
The Super Eagles will now remain in Lubango ahead of a quarter final clash next Monday against the winners of Group D which will be decided later today as Cameroon takes on Tunisia and Gabon tackles Zambia.
Eagles back on track
For Garba Lawal the Super Eagles have woken from their slumber.
"This is the best performance from the boys in a long while and I hope they can take it on from there," he said.
Lawal said the threat to disband the team was not responsible for the Eagles performance against the Mambas.
"I would not say the threat made them play the way they played, it was the determination and the choices of players made by the coach. You can see what Martins brought into the game, the wonderful job Sani Kieta did in the midfield and the heroic saves by Enyeama," he said.
With the quarter finals ticket now secured, Lawal warned that the Eagles should not allow today's victory get into their heads.
Fortunate
Former Green Eagles player, Okey Isima, described the trouncing of Mozambique as a last minute effort by embattled coach, Amodu to save his job.
"The(Super Eagles) played very well today for the first time since the beginning of this tournament. They entered this match with a game plan. Anytime Amodu is on the line to get fired, he does something that will stop him from being sacked.
"He must have gotten some coaching from somewhere; maybe he read some text books last night or maybe it's due to all the pressure from the press but then they should remember that tomorrow is another day so that they don't get carried away by the victory," he said.
Man of the match
The ex-international also believes that Super Eagles forward, Osaze Odemwingie is the driving force of the team, and he called on the other players to also use their initiative in ensuring that they score goals:
"Osaze is God sent; he made the thing happen even though every other person played well. Scoring is very important in any game; we were very lucky that the Mozambicans missed all their chances or else the game would have been a different story. We cannot always wait for Osaze to bell the cat; for me he is the man of the match".
Though Isima feels that the team can do with some improvement, he says that if the Super Eagles can beat likely opponents, Tunisia or Gabon if they play the way they did against Mozambique:
"If we can just keep up the way we played today, it will be better for us if we meet Tunisia or any other team."
Nigeria's quarter-final opponent will emerge today after the last round of group matches between Camreoun and Tunisia, and the second game between Gabon and Zambia.
Read more…
Posted by 9jabook.com on January 19, 2010 at 7:19am
Introduction by Abi John Balogun (weboga) & Paul Adams
How many Bankers OR very well paid Bank Workers you know that have been sacked ?
A banker is the guy that knows about banking ,The fellows that actually know what Profit & loss and Risk and Depositors funds as
relating to interest means .A banker is not the guy that drives the MD to work or the guy that makes certain the MD hasa nice time on weekends and trips abroad ? Just because you wear a tie to work does not make
you a banker .A banker is not the Guy that seats in the Tellers seat and takes a cheque from you and gives you back cash.O
yes he may look real important but He aint no Banker ! or even the Nice lady that makes everyone queue up and still manages to get us to smile on cue whilst
we wait for the sweet voice to say "Cashier numer X" ,That is a customer Service Representative that works in a Bank !
So why are the Bank Workers getting sacked instead of the Bankers !
Or does'nt the CBN have the right to put a stop to these Layoffs ? The Sacked bank MDs/CEOs can live on their stolen funds
that the EFCC will never ever know about for their next Ten Lifetimes !
Cecilia Ibru is one of the Ibrus for crying out loud ! That Family is loaded ! Oceanic Bank is just a drop in the ocean of
their Investments .
Sanusi I believe has done some good but he has also done some HARM ! great harm in the final de terracing of the common man
working in the Bank !
How many of the layabout CEOs,Regional Managers and other Managers that are looked upon as Demi Gods in the Banking industry
have been sacked ? Who recommends the sack ? what is the criteria ?
Is Bad Belly involved or Sexual harassment and all the Targets every banker is made to cough out monthly used ? Or are they
sacking the lowly paid staff in large numbers so that they can keep earning their arm robber salaries !
Why not Publish the names and positions of these people sacked so we can see the cadre and functionality they have been
rendering to their respective banks .
The ground always suffers when Elephants are fighting ! The Bankers that engaged in unethical practices that put the Nation
in this quagmire should be fished out and Sold into depositors funds slavery and made to work back their lossess ! What is a
risk management Consultant and you earn a minimum of 2.5million Naira a month as salary .Yet you keep risking and losing
money ! IT is like they have all these degrees,appelations and certifications for NOTHING !
Sanusi let it be on your head the families that will bear the brunt of these layoffs because solving one problem and creating
another will not absolve you .
The monies and properties recovered from these hoodlums in Corporate Suits should be used to subsidise bank workers that
have been sacked .There must be some amelioration of some sort or else what are they to do until they "find" Jobs in the
already saturated market ! ! !
Sanusi, We await your solutions,Looks like although Soludo had no solutions he at least did not put "San san" inside bank
workers garri. Impress us once more as we no longer hear your voice anymore abi you are holding baba go slows hand in
saudi or wherever you people are keeping him .
Main Article by Next media
While our nation’s circus show of shame went on in Abuja and Jeddah last week, another issue of relevance was playing out in
the banking industry. And this was the aftermath of Central Bank governor Lamido Sanusi’s reforms of the banking sector.
Sanusi’s hurricane might have swept through the banking sector, mowing down banks’ chief executives and directors, however,
the real casualties are beginning to show, and they are the over 8,000 men and women bearing the brunt of the reforms through
job loss. Oceanic Bank, Bank PHB Plc, UBA Plc, First Bank, GTB are laying off workers in response to the fall out from the
reforms.
It is, on the surface, easy ascribe the retrenchments in the banks on the Sanusi tsunami that took off in the middle of 2009,
but the sacking of chief executives and directors was not the immediate cause. Long before the Sanusi putsch many senior
bankers made quick money from brisk business in the confines of their offices and lived flamboyant lives comparable to those
of celebrities of the entertainment world. Soon, it became clear that despite being a private-sector driven industry the
principal actors in the banking business had abandoned all pretence at corporate governance and fiscal accountability, toying
with depositors’ money by giving out questionable loans, managing a bloated workforce, doctoring their books to impress the
public, and opening unserviceable branches. The result was an over-staffed industry, incurring huge salary bills every month,
operational liabilities and losses in excess of N100 billion.
In the light of all this, it is not inappropriate to view rationalisation of staff as an expected consequence, if banks are
to rightly address this anomaly.
The sacked workers are not employees of CBN in the first place and to disabuse the minds of critics that it did not order the
retrenchments, the CBN issued a release stating, “... the Central Bank of Nigeria has never directed commercial banks to sack
staff or rationalise branches as reported. Banks are private enterprises and the decision to engage or disengage staff is
best left to the managements and boards of the institutions. These decisions are taken on the basis of business imperatives”.
Nonetheless, our sympathy goes to the affected workers, many of whom are young people either just beginning to live life on
their own or raising a family.
Given the state of the nation’s economy, losing a well paying job in the bank is a predicament that many people will not take
lightly. It is frustrating and depressing.
What is being experienced in the industry now should serve as a lesson for future operations, and a pointer to the need for
vigilance in monitoring and regulating the banking sector, to guard against the ugly practices that have become the norm in
the industry. Chief amongst these are the questionable employment conditions of service for staff, characterised by the
practice of ‘casualisation’ of workers and the abuse of female bank staff. Reports are rife to the effect that many banks,
rather than properly recruit workers, resort to a cost-saving ad hoc arrangement of periodic hiring and dismissal. This is a
practice that devalues the profession and contributes to the lowering of ethical standards of practice. In the same vein,
female bank workers are faced with employment conditions that compromise their future plans.
Oftentimes, their brief includes unrealistic targets that open them to unethical and immoral practices that compromise their
dignity. We view these developments as part of the general corruption that compromised the banking sector where the rot
started from the top.
We urge the managements of our banks to exhaustively explore all avenues to ensure that the rationalisation is reduced to a
barest minimum. One way to do this would be for the banks to reduce staff salaries, especially at senior levels. Some
unjustifiable allowances of management staff would very easily pay the wages of significant numbers of persons further down
the corporate ladder.
Advertising, branding and sponsorship budgets, which ballooned irresponsibly during the consolidation era, as banks struggled
to rebrand and reposition themselves within and beyond the country, should be curtailed, and the savings therefrom used to
save jobs.
We cannot afford to send such a huge number of educated and experienced persons into the job market. Before now, the virtual
collapse of entire industries, like textiles and tyre manufacturing, rendered thousands of people jobless. We have to take
every step possible to ensure that the banking industry does not complicate an already serious unemployment crisis. The cost
of doing this will be nothing compared to the price we will have to pay for the alternative: flooding our streets with
jobless professionals who are as desperate as they are savvy.
Read more…
Posted by 9jabook.com on January 19, 2010 at 7:00am
Introduction by Abi John Balogun (weboga) & Paul Adams
How many Bankers OR very well paid Bank Workers you know that have been sacked ?
A banker is the guy that knows about banking ,The fellows that actually know what Profit & loss and Risk and Depositors funds as
relating to interest means .A banker is not the guy that drives the MD to work or the guy that makes certain the MD hasa nice time on weekends and trips abroad ? Just because you wear a tie to work does not make
you a banker .A banker is not the Guy that seats in the Tellers seat and takes a cheque from you and gives you back cash.O
yes he may look real important but He aint no Banker ! or even the Nice lady that makes everyone queue up and still manages to get us to smile on cue whilst
we wait for the sweet voice to say "Cashier numer X" ,That is a customer Service Representative that works in a Bank !
So why are the Bank Workers getting sacked instead of the Bankers !
Or does'nt the CBN have the right to put a stop to these Layoffs ? The Sacked bank MDs/CEOs can live on their stolen funds
that the EFCC will never ever know about for their next Ten Lifetimes !
Cecilia Ibru is one of the Ibrus for crying out loud ! That Family is loaded ! Oceanic Bank is just a drop in the ocean of
their Investments .
Sanusi I believe has done some good but he has also done some HARM ! great harm in the final de terracing of the common man
working in the Bank !
How many of the layabout CEOs,Regional Managers and other Managers that are looked upon as Demi Gods in the Banking industry
have been sacked ? Who recommends the sack ? what is the criteria ?
Is Bad Belly involved or Sexual harassment and all the Targets every banker is made to cough out monthly used ? Or are they
sacking the lowly paid staff in large numbers so that they can keep earning their arm robber salaries !
Why not Publish the names and positions of these people sacked so we can see the cadre and functionality they have been
rendering to their respective banks .
The ground always suffers when Elephants are fighting ! The Bankers that engaged in unethical practices that put the Nation
in this quagmire should be fished out and Sold into depositors funds slavery and made to work back their lossess ! What is a
risk management Consultant and you earn a minimum of 2.5million Naira a month as salary .Yet you keep risking and losing
money ! IT is like they have all these degrees,appelations and certifications for NOTHING !
Sanusi let it be on your head the families that will bear the brunt of these layoffs because solving one problem and creating
another will not absolve you .
The monies and properties recovered from these hoodlums in Corporate Suits should be used to subsidise bank workers that
have been sacked .There must be some amelioration of some sort or else what are they to do until they "find" Jobs in the
already saturated market ! ! !
Sanusi, We await your solutions,Looks like although Soludo had no solutions he at least did not put "San san" inside bank
workers garri. Impress us once more as we no longer hear your voice anymore abi you are holding baba go slows hand in
saudi or wherever you people are keeping him .
Main Article by Next media
While our nation’s circus show of shame went on in Abuja and Jeddah last week, another issue of relevance was playing out in
the banking industry. And this was the aftermath of Central Bank governor Lamido Sanusi’s reforms of the banking sector.
Sanusi’s hurricane might have swept through the banking sector, mowing down banks’ chief executives and directors, however,
the real casualties are beginning to show, and they are the over 8,000 men and women bearing the brunt of the reforms through
job loss. Oceanic Bank, Bank PHB Plc, UBA Plc, First Bank, GTB are laying off workers in response to the fall out from the
reforms.
It is, on the surface, easy ascribe the retrenchments in the banks on the Sanusi tsunami that took off in the middle of 2009,
but the sacking of chief executives and directors was not the immediate cause. Long before the Sanusi putsch many senior
bankers made quick money from brisk business in the confines of their offices and lived flamboyant lives comparable to those
of celebrities of the entertainment world. Soon, it became clear that despite being a private-sector driven industry the
principal actors in the banking business had abandoned all pretence at corporate governance and fiscal accountability, toying
with depositors’ money by giving out questionable loans, managing a bloated workforce, doctoring their books to impress the
public, and opening unserviceable branches. The result was an over-staffed industry, incurring huge salary bills every month,
operational liabilities and losses in excess of N100 billion.
In the light of all this, it is not inappropriate to view rationalisation of staff as an expected consequence, if banks are
to rightly address this anomaly.
The sacked workers are not employees of CBN in the first place and to disabuse the minds of critics that it did not order the
retrenchments, the CBN issued a release stating, “... the Central Bank of Nigeria has never directed commercial banks to sack
staff or rationalise branches as reported. Banks are private enterprises and the decision to engage or disengage staff is
best left to the managements and boards of the institutions. These decisions are taken on the basis of business imperatives”.
Nonetheless, our sympathy goes to the affected workers, many of whom are young people either just beginning to live life on
their own or raising a family.
Given the state of the nation’s economy, losing a well paying job in the bank is a predicament that many people will not take
lightly. It is frustrating and depressing.
What is being experienced in the industry now should serve as a lesson for future operations, and a pointer to the need for
vigilance in monitoring and regulating the banking sector, to guard against the ugly practices that have become the norm in
the industry. Chief amongst these are the questionable employment conditions of service for staff, characterised by the
practice of ‘casualisation’ of workers and the abuse of female bank staff. Reports are rife to the effect that many banks,
rather than properly recruit workers, resort to a cost-saving ad hoc arrangement of periodic hiring and dismissal. This is a
practice that devalues the profession and contributes to the lowering of ethical standards of practice. In the same vein,
female bank workers are faced with employment conditions that compromise their future plans.
Oftentimes, their brief includes unrealistic targets that open them to unethical and immoral practices that compromise their
dignity. We view these developments as part of the general corruption that compromised the banking sector where the rot
started from the top.
We urge the managements of our banks to exhaustively explore all avenues to ensure that the rationalisation is reduced to a
barest minimum. One way to do this would be for the banks to reduce staff salaries, especially at senior levels. Some
unjustifiable allowances of management staff would very easily pay the wages of significant numbers of persons further down
the corporate ladder.
Advertising, branding and sponsorship budgets, which ballooned irresponsibly during the consolidation era, as banks struggled
to rebrand and reposition themselves within and beyond the country, should be curtailed, and the savings therefrom used to
save jobs.
We cannot afford to send such a huge number of educated and experienced persons into the job market. Before now, the virtual
collapse of entire industries, like textiles and tyre manufacturing, rendered thousands of people jobless. We have to take
every step possible to ensure that the banking industry does not complicate an already serious unemployment crisis. The cost
of doing this will be nothing compared to the price we will have to pay for the alternative: flooding our streets with
jobless professionals who are as desperate as they are savvy.
Read more…
Posted by 9jabook.com on January 18, 2010 at 7:02am
By Modey Peters
The desire of the Cross River State government to upgrade the operations of taxis in Calabar, the state capital, got a boost recently as one of the newly registered operators of the Calabar Urban Taxi Scheme, Pronto Cabs Limited, brought in 270 cars for the take-off of the programme.
Managing Director of the company, Kenneth Asim-Ittah said the company has spent N607m on the cars. He also said more cars and buses will be added to the fleet to ease commuters' suffering in the city.
The state government had, shortly after placing a ban on commercial motorcyclists in the city last year, provided 50 cabs to the Calabar Urban Taxi Drivers Union, to be given to former commercial motorcyclists who pay the initial deposit of N50,000.
Sad people
Most residents of Calabar are still unhappy with the ban, especially as the cars are not enough and the routes are still unevenly marked. Edem Inah, a student, said he and his mates have to walk miles to find taxi routes in order to get to their respective destinations.
"The replacement of Akalukes (motorcycles) with new air-conditioned cabs have failed to excite commuters because the taxi-cabs are not adequate and people have to trek long distances to get to work," said a civil servant, Atim Ujong.
Mr. Asim-Ittah, who spoke at the weekend in his office, said the ban on commercial motorcyclists has created a vacuum in the transport network of the metropolis.
"Following the appointment of Pronto Cabs Limited as one of the managers of the scheme", he said, "we entered into agreement with the state government and fund managers and the Calabar Bikemen Association (CBA) in ensuring the smooth and speedy implementation of the scheme."
Not the governor's business
He said arrangement has been made to ensure that the vehicles operate on designated routes in the state capital and for the purpose they are meant.
So far, 39 routes have been created with additional 52 taxi locations in the state capital. More routes will soon be announced by the relevant agencies.
The company does not however operate the buses directly. The vehicles, mostly Suzuki cars, are given out on procurement basis to four persons who operate a cooperative venture, upon an initial deposit and a daily payment of between N2000 to N3000 until a total of N2.5 million is finally paid, depending on the brand of the car.
"All vehicles in the fleet have been designated to specific routes with fleet numbers and are running shift to ensure effective 24 hours service," he said.
Asked about the allegations that the company belonged to the state governor,
Liyel Imoke, Mr Asim-Ittah said that was not true.
"This is a privately-owned company by indigenes of the state aimed at complementing government's efforts on public transportation in line with its tourism drive," he said.
Read more…
Crisis looms in Edo, Oshiomhole warns
* Decries withdrawal of soldiers from security teams
* Asks govt to call Abbe, Anenih, Ogiadomhe to order
From Alemma-Ozioruva Aliu (Benin
GOVERNOR Adams Oshiomhole warned yesterday that law and order may break down in Edo State after it emerged that the ministry of defence has withdrawn members of the armed forces attached to the state's joint security outfit, Operation Thunderstrom.
advertisement
The move has been interpreted in government quarters to mean that they were being withdrawn ahead of the forth-coming re-run election in Etsako Central Local Council into the state house of assembly.
Oshiomhole alleged that the withdrawal of the soldiers from the team was to allow influx of arms and suspected thugs into the area for the Saturday January 23, 2010 election.
The governor who was furious when he spoke to journalists yesterday alleged that the decision was masterminded by the Principal Secretary to the Vice President, Chief Mike Oghiadomhe and Chief Tony Anenih in connivance with Defence Minister, General Godwin Abbe (rtd).
All efforts to confirm the order from the 4th Mechanised Brigade, Nigerian Army, Benin City yesterday failed as no official was ready to talk on the issue when The Guardian visited.
"I have just been informed by the army that General Godwin Abbe, the Minister of Defence, has ordered that the army should be withdrawn from the Joint Task Force contrary to the directive of President Umaru Yar'Adua who approved the soldiers in the wake of the kidnapping, robbery and other violent crimes in the state then.
"We are aware that it has been difficult for the PDP to move in arms to Etsako Central due to the presence of the soldiers after they boasted to bring in militants to come and unleash mayhem during the election. Curiously, today, the army has informed me of their withdrawal. It is very clear that General Abbe in collaboration with Chief Tony Anenih and Oghiadomhe, have decided to reverse the order of President Yar'Adua.
" I have decided to raise this alarm and I call on the Vice President to call Abbe and Anenih to order. I want to affirm that any attempt to cause crisis in Edo State will be resisted by the people. I am very worried that with the withdrawal of the soldiers there will be influx of arms into Etsako Central and that will endanger the lives of our people there during the election.
"I have alerted the Vice-President before about the activities of Oghiadohme who has been boasting that they will use Federal might to rig the election. There is grave danger and I appeal to the Vice President to call these people to order now. I have confidence that the Vice President has no hand in this conspiracy by the Minister of Defence and his godfather to use their control over security agencies to undermine the peace and stability of Edo State."
But a PDP chief who did not want to be mentioned dismissed Oshiomhole's allegations, saying Oghiadomhe "is a gentleman who believes in the rule of law and will not be party to thuggery and election rigging."
Read more…
American varsity expels Musa Yar’Adua, 9 others
Ten students of the Atiku Abubakar-owned American University of Nigeria (AUN), Yola have been expelled for their involvement in clandestine and anti social acts.
AUN is rated as the first University in sub Saharan Africa to introduce American style of education.
Among those rusticated by the university is a family member of President Umaru Yar’Adua named Akilu Musa Yar’Adua.
David Kosoko, the Director of Students’ Affairs of the American University of Nigeria, while briefing journalists on the school campus at the weekend the decision was informed by the university’s hard stance and none tolerance of unscrupulous behaviours by students.
Kosoko confirmed that Akilu Musa Yar’Adua and nine others were expelled for indulging in drugs and other related offences.
The Director of Student Affairs said: “It is the responsibility of the school to ensure safety of students on campus because if anything happens to them, we are accountable to their parents.
“Therefore, we have put in place rules and regulations that will be an excuse in terms of what the institution is required to do.
“If any students is involved in theft, drug related cases and fighting, the offence attracts outright dismissal and this forms the core of our zero tolerance for anti-social vices.”
He further stated that in accordance with AUN’s policy, the affected students had been ordered to leave the school campus.
The expulsion was the main highlight of activities marking the university’s orientation for its freshmen for the 2010 spring and the student affairs director added that 300 new students were to be enrolled for studies in the 2010 spring semester.
He other serious misdemeanors such as unwarranted visitation, dormitory visitations, late night crawling in and outside the campus were punishable, warning the students to desist from any acts that could cause them to be punished.
Similarly, the Academic Vice President of the institution, Bayo Lawal who also confirmed the expulsions decried the rising fears over rampant cases of laptop theft in the school.
Lawal announced that 10 percent of the entire students’ enrolment into the institution every semester was on scholarship in line with the philosophy of the founder and former vice president Atiku Abubakar..
Read more…
Haitian-born singer Wyclef Jean has dismissed accusations of corruption in his Yele Haiti Foundation, calling them "baseless attacks". The former Fugee refuted allegations that he and his partners have profited from the organisation's previous development work. After the Haiti earthquake, Yele Haiti has become one of the most important aid groups, collecting around $2m (£1.23m) through SMS fundraising."I have been committed to helping the people of Haiti throughout my life, and that commitment will continue until the day I die," Jean wrote on his website, with an accompanying video. "I denounce any allegation that I have ever profited personally through my work with Yele Haiti. These baseless attacks are simply not true."Concerns over the Yele Haiti Foundation began with a report by the Smoking Gun on Thursday, claming that over the last four years Jean and his partner have collected at least $410,000 ($252,000) from the organisation, paid out for rent, production services and a performance at a 2006 benefit concert. Until two months ago, Yele Haiti was allegedly known as the Wyclef Jean Foundation.WYCLEF Defends Himself :"It seems clear that a significant amount of the monies that this charity raises go for costs other than providing benefits to Haitians in need," Dean Zerbe, a former tax counsel to the US senate finance committee, which oversees charities, told the Washington Post. In 2006, most of Yele Haiti's reported $1m revenue came from Angelina Jolie, who donated proceeds from a People magazine photoshoot. More than a third of this money went to parties linked to Jean and other board-members, according to the Post."I never, or would ever, take money for my personal pocket when it comes to Yele," Jean insisted, claiming to have donated at least $1m of his own money to the charity. To date, the group has provided scholarships, funded a Haitian football team, and employed women to cook at schools. After a 2008 storm, it helped community networks distribute food to 6,000 families, according to foundation president Hugh Locke, using local expertise instead of aid workers. Next week, they plan to use a FedEx aeroplane to airlift medical supplies, water and Clif Bars from Miami to Port-au-Prince.While Yele Haiti has benefited from several gala fundraisers, including a forthcoming telethon co-hosted by Jean and George Clooney, most of their money was collected in an SMS campaign. Americans donated $5 to the foundation by texting the word "Yele" to a designated number. "I think people should be comfortable that any money given to Yele Haiti is going 100% to emergency relief," Locke said.But critics point to incidents like the 2006 payment of $250,000 (£154,000) to Telemax, a for-profit TV station and production company in which Jean and Jerry Duplessis, both Yele directors, had a controlling interest. The charity also paid $31,000 (£19,000) in rent to Platinum Sound, a Manhattan recording studio owned by Jean and Duplessis, and $100,000 (£61,500) for Jean's performance at a Yele benefit in Monaco.A Yele public relations spokesman said that the Telemax money was used for "everything from public-service announcements to educational programming", and as at Platinum Sound, it offered the organisation "a significant discount". As for the Monaco concert, Locke said the $100,000 included all production expenses, including back-up musicians.Another Smoking Gun report has found that the Yele Haiti Foundation had its corporate status dissolved on four occasions over the last five years. The charity was repeatedly sanctioned by the Florida Division of Corporations for failing to provide reports of its corporate structure. "The fact that these attacks come as we are mobilised to meet the greatest human tragedy in the history of Haiti only serves to perplex me," Jean complained. "I live in [Haiti], I'm Haitian. This is where I come from."
Read more…
The much talked about birthday gig of Empress Njamah, Timaya’s ex-girl friend has come and gone.The party which took place at the prestigious Auto Lounge in Victoria Island was an opportunity for the actress to unveil her new lover to the public.The latest lover boy has been lurking in the corner for an opportunity to have Empress all to himself while she was still Timaya’s girl friend. So when she broke up with Timaya, the sharp guy just rushed in and continued from where Timaya stopped.The lover boy is from the Eastern part of Nigeria and is rich, simply known as Daniel Uchendu but popularly referred to as Ganduko, the lover boy was said to have bankrolled the party and has been spoiling Empress silly with cash
Read more…
