Falling naira: Marketers seek revaluation of N62bn debts

Oil marketers are poised for a confrontation with the Petroleum Products Pricing Regulatory Agency over outstanding debts of N62bn on petroleum subsidy.

The marketers want the sum revalued based on the current exchange rate, as the products suppliers would have to be paid in dollars, and they would need more naira to purchase dollars.

With the current exchange rate, the marketers said the all the burden of the falling value of the naira would be borne by them alone, insisting that the PPPRA, managers of the Petroleum Support Fund, should pay interest on outstanding debts by way of revaluation.

However, PPPRA officials told our correspondent on the telephone that it was not feasible to revalue the debts, as the process for paying the outstanding sum had gone too far.

According to the Manager, Public Affairs, PPPRA, Mr. Yusuf Muazu, “It is not feasible for now because the issue now is to raise funds to pay the outstanding debts and the process has gone very far.”

He explained that for the agency to consider such an option, it would mean retrieving all the documents relating to the outstanding debts and re-computing the amount all over again before passing them for necessary approvals.

The marketers’ grouse is based on the fact that the outstanding sum was computed at N118 to $1, whereas the dollar is now above N130.

The noted that if they were paid based on the old rate, they would be unable to meet their liabilities to the suppliers, who would be paid in dollars.

Although the PPPRA based landing costs at N124.66 to $1 on the template posted on its website, industry sources hinted that the agency had agreed to review the exchange rate to N127 to $1.

But Muazu noted, “The PPPRA does not compute the exchange rate on its own, it works with the exchange rate provided by the CBN, and the new exchange rate will take effect when the CBN approves it.”

Besides, he stated that the marketers had not asked for debt revaluation, adding that the agency would not on its own initiate such a move.

Confirming the outstanding debts, the PPPRA said efforts to pay off the N62bn had gone very far such that “marketers would be paid any moment from now.”

Nonetheless, the marketers insist that even if the amount was not revalued, they should be paid interest on the sum, as this was the practice set by the Nigerian National Petroleum Corporation, which paid interests to contractors whenever it defaulted in payment.

While waiting to sort out the issues with the PPPRA, the marketers have asked for permission to purchase dollars directly from the Central Bank of Nigeria to enable them continue to import petroleum products and to avert possible scarcity.

The request is coming on the heels of the continued fall of the naira to the dollar at the money market.

Making the appeal on Monday in Lagos, the Executive Secretary, Major Oil Marketers Association of Nigeria, Mr. Obafemi Olawore, told journalists that this was the only way the marketers could sustain products supply in the system.

He said, “We (importers) are owing the suppliers and have to pay for the products in dollars, whereas we are being paid at an old rate of N118 to $1, who bears the burden of the difference between the old and the new exchange rates?

“That is why we are asking the PPPRA to pay us interest on the outstanding debts or do a revaluation of the amount owed.”

Speaking on the over N300m to be refunded by the marketers in view of the falling price of crude at the international oil market and the possibility of the PPPRA netting it off from the outstanding debts, Olawore said marketers were ready to pay back.

He said, “We are ready to pay back, but the PPPRA should calculate the interest on the over-due debts.”

Baby abandoned in Oyo becomes US citizen

A one day-old baby who was abandoned by an unknown person about four years ago at the Molete area of Ibadan, Oyo State, has been adopted by a couple based in the United States of America.

The baby, was later named Ona-Ara by the officials of the Care People Foundation who put him at the Motherless Babies Home run by the Bible Way Christian Church near the toll gate end of the Lagos-Ibadan Expressway.

The General Overseer of the church, Rev. Tunde Toluwani Oginni, disclosed this in an interview with journalists on Monday during the All Oyo State Carnival for the Disabled, Motherless and the Less Privileged, sponsored by him.

Oginni explained that Ona-Ara was picked up in the early hours of the fateful day, a few hours after his birth.

He was then taken to the motherless babies’ home where he grew up to become a good looking young boy.

The cleric said a bishop who is based in the USA and had been married for 20 years without a baby, came to Nigeria in August this year with his wife and developed interest in Baby Ona-Ara.

According to him, the couple was in the country on the invitation of the church and they fell in love with the baby the moment they sighted him.

He said, “They discussed with the management of the home and necessary legal and constitutional documents were perfected. As am talking to you now, the baby is comfortably living abroad with his new parents.

“One interesting thing is that the Home did not collect money from the US based couple. If it were to be at other homes being run by government, they could pay up to N1m to adopt the baby,” he said.

Oginni, therefore, called on wealthy Nigerians and captains of industries to develop interest in the plights of the Motherless and less privileged children in the society.

He also supported the call for the establishment of a university that would be dedicated for children with special needs.

Russia's Sukhinova wins Miss World 2008 title

JOHANNESBURG (RIA Novosti) - Russia's Kseniya Sukhinova has won the Miss World 2008 title at the international beauties competition in South Africa after beating 108 contestants.

The top five finalists also included Miss India, Parvathy Omanakuttan, Miss Trinidad and Tobago, Gabrielle Walcott, Miss Angola, Brigith dos Santos, and Miss South Africa, Tansey Coetzee.

Tutors at the university in northwest Siberia where the new Miss World studies praised her academic record on Monday, happily complaining that the news of her victory almost disrupted classes.

Sukhinova is a fifth-year student studying cybernetic systems in the Oil and Gas University in Tyumen, a center of the region's oil and gas industry located over 2,000 kilometers from Moscow. She is one of only five women in the 27-student group.

"It is a very difficult discipline, but Sukhinova's grades are all A's and B's," university deputy president Veronika Yefremova said.

Yefremova said Sukhinova has had her course schedule tailored to her needs since winning the Miss Russia crown last year.

"Ksenia is an aspiring girl. She demonstrated excellent knowledge at [the latest] exams," the head of the university's cybernetic systems department, Oleg Kuzyakov, said. "We are very glad she won. Her group and the whole university will congratulate Ksenia, when she is in Tyumen."

The professor said reporters have virtually besieged the university, which is adorned with Ksenia's photographs and posters with congratulations, complicating classes on Monday.

"This is a pleasant diversion from work, with journalists asking questions of professors and Ksenia's fellow students. Such things do not happen every day," Kuzyakov said.

Sukhinova will return to Russia late this week, the organizers of the Miss Russia contest said on Monday. She first has to be the guest of honor at a series of events in South Africa.

The only previous Russian winner of the international beauty festival was Yulia Kurochkina in 1992.

Tottenham 0 United 0 United were unable to secure the perfect send-off to Japan for the Club World Cup after being held to a goalless draw by Spurs a

The champions were strangely out-of-sorts for much of the game and were uncharacteristically sloppy in possession in a scrappy first half.

The game improved as a spectacle as the game wore on but the Reds found Spurs keeper Heurelho Gomes in inspired form and missed out on the chance to close the gap on Liverpool at the top.

United would have been spurred on before kick-off by news of the leaders’ home draw with Hull, and a stronger-than-anticipated line-up took to the field at White Hart Lane.

Sir Alex Ferguson’s pre-match injury fears did not materialise as Cristiano Ronaldo, Rio Ferdinand, Michael Carrick and Dimitar Berbatov all started, the latter two against their former club.

Berbatov was booed by the home fans every time he touched the ball and struggled to impose himself on the game, although his link-up play often threatened to open Spurs up.

Ji-sung Park, making his 100th United appearance, had an early shot which took a deflection and looped just over his former PSV team-mate Gomes’ bar.

David Bentley then tried his luck with a left-footed volley from 25 yards, but Edwin van der Sar was alert to parry the effort.

Spurs, already without injured captain Ledley King, suffered another blow after 10 minutes when Jonathan Woodgate was forced off after jarring his knee and was replaced by Tom Huddlestone.

But the home side’s depleted defence contained United well for the majority of the first half. On a lush playing surface the champions sprayed the ball around but failed to break down Spurs' cagey 4-5-1 formation and seriously test Gomes.

Indeed, it was Spurs who had the best chance on the half-hour mark as Aaron Lennon darted infield and his shot from 18 yards forced van der Sar into a superb save low down to his right.

Carlos Tevez looked determined to take advantage of a starting berth in place of the suspended Wayne Rooney, and one scampering run down the left saw the striker beat three men before firing narrowly over from an acute angle.

Seven minutes before the break Luka Modric escaped Ferdinand in the box but headed Didier Zokora’s cross wide when well placed.

At the other end neat interplay involving Tevez and Ronaldo opened Spurs up, but Gomes did well to cut out the latter’s cross from the left of the box.

Berbatov exploded into life in one second-half moment as he evaded his marker in the centre circle, charged down on goal, only to be denied by a last-ditch Michael Dawson tackle.

Ronaldo blasted the ball home from Park’s resultant corner but referee Mike Dean ruled the winger had initially controlled the ball with his hand. On this occasion it was definitely accidental. at Gomes.

Rafael picked up United’s first booking for bringing down Lennon and, from the free-kick, van der Sar was forced to scramble across goal to tip over Bentley’s effort.

Ferguson, back on the touchline following his two-game ban, made a double substitution with 20 minutes left in a bid to inject life into a game that was ebbing away. Off came Tevez and Darren Fletcher, to be replaced by veterans Ryan Giggs and Paul Scholes.

The move almost paid instant dividends as Nemanja Vidic got a firm header to Giggs’ whipped-in cross from the left, but Gomes held on well.

With 15 minutes left Ferdinand had a great chance to break the deadlock but headed Giggs’ cross inches over at the near post. Gomes was again called upon to tip over Park’s stinging drive as United strove for a late winner.

But the Reds were almost punished in the dying minutes as Modric drove forward and his deflected shot landed on the roof of the net, with van der Sar beaten.

The game’s final chance fell to Giggs, whose curled free-kick looked destined for the top corner but was tipped over superbly by Gomes.

Klitschko retains crown in style

Ukraine’s Wladimir Klitschko retained his WBO, IBF and IBO world heavyweight titles in Mannheim, Germany with a technical knockout of Hasim Rahman in round seven on Saturday.

Ukraine’s Vitali Klitschko (left) and WBC champion Samuel Peter, during a press conference in Berlin, Germany

The referee stopped the fight after Klitschko, 32, landed a series of punches to Rahman’s head and the American retreated to the ropes, barely able to stand. The Ukrainian had already knocked him down in round six.

“I thought I could land some punches earlier but it wasn’t worth it because Hasim Rahman knew he was up against the best and he was really focused, you could see that,” Klitschko, who has been dubbed ‘Dr. Steelhammer,’ told Reuters.

“He really hung in there and it wasn’t easy.” Klitschko told after improving his record to 52 wins and three defeats.

Rahman was unable to get past Klitschko’s left jab to land the kind of big punch that saw him beat world champion Lennox Lewis in 2001, when he knocked out the Briton with a right hook to record one of the biggest upsets in boxing history.

Rahman, 36, had never really regained that form. He replaced Alexander Povetkin as Klitschko’s opponent in October after the Russian pulled out of the bout with a foot injury.

Miley Cyrus Hired for Law Firm's Holiday Party

Houston, you have a pop star. Well, at least a high-powered Houston lawyer does.

E! News has learned that Miley Cyrus is in Houston to perform at a private holiday party being thrown Sunday night by Houston attorney Mark Lanier.

A source in Texas says that Cyrus and her entourage arrived Saturday and she is set to perform tonight at Lanier Law Firm's "Christmas Cheers and Charity" party, an annual fete that hosts more than 7,000 guests.

Invitations went out last month featuring a pop-up Cyrus and promising "Texas Bar-B-Q, fajitas and amusements."

The source estimates that Cyrus, 16, and her team of dancers and musicians will receive "close to $1 million" to perform at tonight's exclusive bash.

The party, which benefits the charity Guatemala SANA for needy Guatemalans, is no small affair. Previous guests include Dolly Parton and the Dixie Chicks. It will take place at a sprawling ranch in suburban Houston.

Ajah land owners task Fashola

The Lagos State Governor, Mr. Babatunde Fashola, has been urged to publish and implement the report of Justice Morounkeji Onalaja panel of inquiry that was set up following a protracted crisis in Ajah.
The head of the Abereoje family, Chief Mukadaisi Abereoje, who made this call at a press briefing in Lagos, said the request, if considered, would help to douse the tension in the area.

He also called on the state government to caution notable personalities in the area, whom he alleged had commenced violent activities in Ajah.

The personalities, he alleged had mobilised their men to Ajiwe, where they pulled down fences, securing properties sold to tenants by the Abereoje family.

Abereoje said the land fell within what had been excised to the family (Abereoje) by the state government, being a part of the terms of settlement entered with the family to foster peace in Ajah.

He said the family had written to the state government through the office of the Attorney General and Commissioner of Justice, Mr. Supo Sasore, on the issue but was directed to forward the complaints to the Nigerian Police.

He said when he contacted the Nigerian Police, no meaningful headway could be achieved, as the Police claimed they could not arrest anyone on the issue.

Based on this development, Abereoje called on the Fashola-led administration to take concrete steps to address the issue.

Global financial crisis: Experts task banks over risk management

In order to avoid being negatively affected by the on-going global financial crisis, a Deputy-Director of the Central Bank of Nigeria, Mr. Onyebuchi Ibedu, has called on Nigerian banks and other financial institutions to exhibit professionalism in the management of the risks involved in their daily operations.

Ibedu said if the nation’s financial institutions could come out with a blue print on risk management, the rampaging global financial meltdown would be curtailed drastically and the impact would not be severe on the nation’s economy.

Ibedu, who stated this on Friday in Lagos during the Risk Management Association of Nigeria’s annual president’s dinner, explained that the financial meltdown, no matter the plan to avoid it, would have its impact on the Nigerian economy.

According to him, “The impact is here with the oil prices falling from almost $150 per barrel to a sum less than $44 per barrel within a short period of time.

“ Nigeria ’s economy can not be insulated from the rest of the world. Moreover, we are a one commodity country, so the impact is real and is being felt already, with falling oil prices and crashing stocks.”

He pointed out that 2009 and beyond might be worse because of the impact of the meltdown, adding that “growth rate will go down, things will be tighter, but the CBN is making frantic efforts to ensure that the country’s economy is not affected to the extent of a recession.”

According to him, the western economies are experiencing the meltdown, due to the failure of regulators to handle the issue with all seriousness.

Ibedu said for effective management of risk in the nation’s financial institutions, all hands must be on deck to avoid unforeseen situation.

He challenged risk managers to double their efforts, stressing that there was a need to leverage on the errors of the developed economies in building the Nigerian economy.

Executive Director, Risk Management, Equitorial Trust Bank Limited, Mr. Sridhar Kalyanasundaram, explained that different types of risks impacted on a bank’s operational continuity.

According to him, risks such as physical issues (people, premises and peripheral issues); as well as technical issues (liquidity, reputation, legal/regulatory issues); infringe seriously on the workability of any organisation.

He, however, said there was the need for business continuity management, stressing that it was a holistic management process that identified potential threats to an organisation and its impact on business operations.

This, he noted, provided a framework for building organisational resilience with the capability for an effective response.

He called for better policy implementation in the areas of risk management that could have a lasting positive effect on the nation’s economy.

The Anglican bishop of Pretoria, Joe Seoka, said President Mugabe ”must be viewed as the 21st century Hitler” because of the deaths and suffering of Zimbabweans under his rule.

Bishop Seoka‘s comments followed the 84-year-old‘s claim that the cholera crisis in his country ”is over”.

Mugabe‘s denial of the epidemic came as the WHO released new figures showing that 16,700 people have been infected with the disease and at least 792 have died.

Seoka urged people to gather on South Africa‘s National Day of Reconciliation on December 16 to pray for Mugabe‘s forced removal from power.

”He must be removed by all means necessary to stop further suffering of God‘s children and save lives,” he said.

The US Ambassador to Zimbabwe, James McGee, said the country was now close to becoming a failed state. Speaking during a visit to Washington, he said Mugabe had ”outlived his usefulness in Zimbabwe.”

Another US official, speaking on condition of anonymity, has suggested that South Africa and Zimbabwe‘s other neighbours seal their borders with the troubled country to increase the pressure on Mugabe.

The official said the closure of the borders would ”bring the economy to its knees” within a week.

South Africa, which has been forced to declare a disaster zone on its northern border because of the flood of Zimbabweans pouring into the country with cholera, is reluctant to sanction tougher action against Mugabe.

As the regional powerbroker, the country is still focusing on the stalled power sharing deal that would result in the main opposition, the Movement for Democratic Change, joining a coalition government.

Under the deal, Mr Mugabe would remain as President and retain most of his powers

Menwhile, the Zimbabwean government on Saturday accused the West of deliberately starting the country‘s cholera epidemic, stepping up a war of words with the regime‘s critics as the humanitarian crisis deepened.

The state-run Herald newspaper said comments by the U.S. ambassador that the U.S. had been preparing for the outbreak raised suspicions the West had waged ”serious biological chemical war.”

Zimbabwean officials often blame their country‘s troubles on the West. Their stranglehold on most sources of news to which ordinary Zimbabweans have access makes such rhetoric an important tool for a regime struggling to hold onto power.

After the first cholera cases, U.S. and other aid workers braced for the waterborne disease to spread quickly in an economically ravaged country where the sewage system and medical care have collapsed. Zimbabwe also faces a hunger crisis, the world‘s highest inflation and shortages of both the most basic necessities and the cash to buy them.

The Herald quoted the information minister, Sikhanyiso Ndlovu, as blaming cholera on ”serious biological chemical war ... a genocidal onslaught on the people of Zimbabwe by the British.”

”Cholera is a calculated racist terrorist attack on Zimbabwe by the unrepentant former colonial power which has enlisted support from its American and Western allies so that they invade the country,” Ndlovu was quoted as saying.

Experts, however, blame the epidemic on Zimbabwe‘s economic collapse. The WHO said Friday the death toll was at 792 and that the number of cholera cases that have been reported since the outbreak began in August was now 16,700. The epidemic has reached a fatality rate of 4.7 percent. To be under control it would have to be less than 1 per cent, WHO spokeswoman Fadela Chaib said Friday.

Yar’Adua may lose power to appoint INEC chairman, IG

President Umaru Yar’Adua and his successors may lose some of their executive powers going by fresh facts in the report of the presidential panel on electoral reform submitted to him last week.

The panel, which was chaired by a former Chief Justice of Nigeria, Justice Muhammadu Uwais, recommended that Nigerian Presidents be stripped of powers to appoint the Chairman of the Independent National Electoral Commission.

It also suggested a modification to the way in which the Inspector-General of Police was appointed and supervised.

Yar’Adua, while receiving the report on Thursday, promised its full implementation as part of his administration’s commitment to break with the past on the conduct of elections in the country.

The panel, in the 297-page report obtained by our correspondent in Abuja on Sunday, said the existing method of appointing the INEC chairman and the IG was at the heart of Nigeria’s persistent electoral crises.

It, therefore, suggested that the power to appoint the INEC boss should be vested in the National Judicial Council so as to eliminate Executive meddlesomeness in the activities of the electoral body.

The committee believes that to safeguard the independence of the electoral commission, the NJC should be empowered to advertise and shortlist candidates for the proposed 13-member INEC.

Furthermore, the panel said Section 84 of the 1999 Constitution should be amended to read, “The election expenditure and the recurrent expenditure of INEC officers (in addition to the salaries and allowances of the chairman and other members) shall be First Charge on the Consolidated Revenue of the Federation.”

Under the constitution, the INEC chairman is appointed by the President subject to the confirmation of the Senate, while the IG is also appointed by the President based on the advice of the Nigerian Police Council.

By the new membership composition proposed by the panel, the electoral commission would comprise a chairman and deputy chairman (one of which must be a woman) nominated by the general public but shortlisted by the NJC and six commissioners representing the six geo-political zones but shortlisted by the NJC after nominations by the public.

Others are one nominee of civil society organisations working in the area of elections, one nominee of labour organisations, one nominee of the Nigerian Bar Association, one nominee of women organisations and one nominee of the media.

The report added that once appointed, no organisation shall have the power to recall its nominee.

The NJC, according to the panel, should be made to advertise the positions of the INEC chairman, his deputy and those of six other commissioners whom, it said, should come from the each of the six geo-political zones.

In detailing the nomination and appointment process of the INEC boss and other members of the commission, the committe stated as follows:

“ For the INEC chairman, vice-chairman and six commissioners representing each of the six geopolitical zones, the National Judicial Council should:

- Advertise all the positions, spelling out requisite qualifications;

- Receive applications/nominations from the general public;

- Shortlist three persons for each position; and

- Send nomination to the National Council of State to select one from the shortlist and forward the name to the Senate for clearance.

“For the nominee of civil society working in the area of elections, one nominee of labour organisations, one nominee of the NBA, one nominee of women organisations and one nominee of the media.

“Each of the professional bodies should send three nominations to the NJC which shall screen them and make appropriate recommendations to the NCS. The council of state shall further screen and recommend one name for each category to the Senate for confirmation.

“The chairman and member of the board of INEC may only be removed by the Senate on the recommendation of the NJC by two-thirds majority of the Senate, which shall include 10 members of the minority parties in the Senate,” the report added.

On IG’s appointment, the panel recommended that he or she “should be appointed by the President on the recommendation of the Police Service Commission to the National Police Council, which in turn shall forward the nomination to the Senate for confirmation.

It said, “His or her removal from office should also be by two-thirds votes of the Senate after investigation establishing his or her misconduct.

“The independence of the Police Force should be guaranteed by strengthening its autonomy from control of government of the day. The security of tenure of top police officers and prevention of harassment of police officers on account of professional discharge of their duties should also be guaranteed.

“Provisions of the Police Act which vests the operational control of the Police in the President of the Federal Republic of Nigeria are in contravention of the 1999 Constitution. They should, therefore, be amended.”

The 22-man committee had, while submitting the report to Yar’Adua, recommended the adoption of proportional representation, the establishment of Electoral Offences Commission, Political Parties Registration and Regulation Commission and Constituency Delimitation Commission, and the introduction of independent candidacy, among others.

Gunmen kill NYSC member at viewing centre

The peace of Awka, the Anambra State capital, was shattered on Saturday night when two young men walked into a television viewing centre at Amaenyi and shot dead a young man, said to be a member of the National Youth Service Corps.

Events at the centre seemed to be normal until the incident after the live screening of the match between Tottenham and Hotspurs that ended in a goalless draw, before the incident occurred.

The scores of young people, mainly students and football enthusiasts, were leaving the centre in trickles, when two unidentified boys walked into the centre and shot their victim.

Unsure that the first shot could be fatal enough, the gunmen shot repeatedly at the young man in the head before running out of the place.

Some of the people at the centre, who had scampered for safety after the invasion by the gunmen, later returned to the spot to carry the deceased to hospital.

But their effort proved futile as he died before they could get medical attention. They returned the corpse to the centre, where it was till the following morning.

Plainclothes officers from the State Homicide Department came in about 11am on Sunday to examine the corpse before taking it away.

They were accompanied by some relatives of the deceased, who broke down in tears intermittently.

Saturday’s night incident came barely two days after suspected campus cultists shot and seriously wounded a student of the Nnamdi Azikiwe University, believed to be the leader of the Vikings, a campus cult group.

It could not be confirmed if Saturday night’s incident was a reaction to Thursday’s attack.

Tom Cruise: More of Les Grossman in the Works!

Forget Tom Cruise's reaction to his Golden Globe nomination for his work in Tropic Thunder for a moment. Mr. Cruise can't help but think of how his foulmouthed alter ego, Les Grossman, would react to the news.

"Les would probably say something unprintable," Cruise told me today in an exclusive interview. "First thing when you hear about that character is, just what would that guy say? It would have to be something unprintable."

And it sounds like this isn't the last we've heard from the balding, hairy-chested studio boss. Read on for all the Grossman details...

"I’ve talked about doing different videos with the character," Cruise said. "I’ve started working with Ben [Stiller] on it, and we’ve kind of talked about different things to do. We were gonna do some in our free time, but we haven’t found the free time…yet."

He doesn't rule out a full-length feature film centered on Grossman: "He’s a fun character," said Cruise, who will next be seen in the real-life WWII thriller Valkyrie. "I gotta talk to Ben, but there could be more to do with that guy."

Grossman's future aside, Cruise said of the nomination, "I’m really thrilled. Kate called me, and family and friends. It’s just very exciting."

Teething mixture: NAFDAC impounds 5,334 batches of drug

The National Agency for Food and Drug Administration and Control, on Thursday, said that it had seized 5,334 batches of the alleged contaminated teething mixture, My Pikin.

The agency, in a statement titled “Update Report III on the recall process of My Pikin teething mixture,” also said that it had arrested the Kaduna State sales representative of Barewa Pharmaceuticals Limited, the manufacturer of the drug.

Besides the sales representative, the agency said that it arrested an alleged illegal chemical marketer at Ojota, Lagos, Dom Azumuka, who had been on the run.

In the statement by its Deputy Director (Public Relations), Mr. Jimoh Abubakar, the agency said it had donated an antidote for the management of kidney problem caused by contaminated drug to Ahmadu Bello Teaching Hospital, Zaria; Lagos University Teaching Hospital, Idi-Araba, Lagos; and Lagos State University Teaching Hospital, Ikeja.

NAFDAC, which had two weeks ago, arrested four persons over the incident, said that 2,247 bottles of the mixture were recovered from the shop of the sales representative.

According to the statement, the shop of the marketer at Ojota was raided and seven drums of diethylene glycol falsely labeled propylene glycol were seized.

Giving the update on Thursday, NAFDAC stated that the illegal marketer, who was arrested at Ojota led its officers to another marker at Isolo where he said he brought the chemical.

According to the agency, the shop of Isolo-based marketer, Marcel Onyegbue, was also raided and a drum of diethyelene glycol was evacuated.

It stated that the owner of the shop was not arrested because he was on the run. The agency, however, arrested his assistant.

The Director-General of the agency, Prof. Dora Akunyili, had at a press briefing in Lagos on November 25, said that the drug was contaminated by the use of diethylene glycol, which is harmful to the kidney.

Oceanic Bank is Bank of the Year

Like the goldfish which has no hiding place, Oceanic Bank International Plc has again been singled out for its outstanding performance, in the process, clinching the Bank of the Year diadem, this time from the EMEAfinance, a UK based financial intelligence magazine covering Europe, Middle East and Africa.
Organisers of the award adjudged Oceanic winner of the keenly contested 2008 best Bank in Nigeria.

The magazine named Oceanic Bank International Plc as emerging Best Bank in Nigeria 2008 among the hordes of banks nominated for the award at its maiden African Bank Awards Luncheon held in London on Monday.

The bank according to EMEAfinance won the awards on account of robust growth in its asset base, profitability, return on equity, and regional expansion, among others. EMEAfinance is a leading financial intelligence magazine and a reputable information source for the financial services industry in Europe, Middle East and Africa .

The feat achieved by the bank is coming on the heels similar award of Bank of the year won in 2006 and 2007 consecutively, a prize instituted by The Banker magazine, a subsidiary of the Financial Times of London
Speaking at the award ceremony in London , Publisher/CEO of Emeafinance magazine, Christopher Moore described Nigeria ’s banking sector as the most dynamic in Africa . He said, “the story of African banking over the last 12 months has, in some ways, has been the story of Nigeria .”

Declaring Oceanic Bank as an outstanding financial conglomerate with consistent impressive performance record, EMEAfinance noted that: “Our winner of the best bank award, Oceanic Bank, has seen its gross earnings grow by an annual average of 65% every year since 2004. Its assets tripled last year. Profit before tax also more than doubled last year.”
Emeafinance also noted that Oceanic Bank’s shareholders’ funds grew by around seven times last year, while the bank recorded the lowest cost-to-income ratio of its peers, at just 56%, for the period under review.

“Oceanic Bank has expanded its branch network aggressively, from 53 branches in 2004 to 320 business offices as of September 2007. It has accelerated its international expansion, with offices and affiliates open in Ghana and Gambia , and operations opening soon in Liberia , Cameroon , Sierra Leone , Chad and Sudan ,” the leading financial solutions magazine added.
Receiving the award, Oceanic Bank's Managing Director and Chief Executive Officer, Dr. (Mrs.) Cecilia Ibru said the recognition was yet another testimony to Oceanic Bank's consistent impressive performance over the years.

She then dedicated the award to the Bank's staff, noting that their expertise and commitment to excellence and best practices had given the Bank a competitive edge that has made Oceanic a top player in the nation's financial services sector.
"We are grateful to God for this award and I dedicate it to all Oceanic Bank staff. Oceanic remains committed to pioneering innovative changes in the finance sector, and partnering with the government and all sectors in the task of building a stronger Nigeria," she said.

According to Ibru, Oceanic Bank is also working towards creating more jobs in Nigeria to enhance economic empowerment and development. "Oceanic Bank is building lasting structures and devising strategies that will make it possible for many more Nigerians to have access to job opportunities," she added.

It would be recalled that Oceanic Bank posted a profit before tax (PBT) of N52.23 billion, an increase of 127 per cent, in contrast to N23.01 billion posted in the corresponding period of 2007 while gross earning rose by 101 per cent to N150.9 billion as against N74.94 billion made last year, confirming its leadership position in the industry.

Ribadu makes surprise visit to EFCC headquarters

Former Chairman of the Economic and Financial Crimes Commission, Mallam Nuhu Ribadu, made a surprise visit to the Abuja headquarters of the anti-graft agency on Thursday.
In what is apparently a new twist to his travails, the former EFCC boss, stormed the headquarters of the organisation unannounced.

He, however, had some discussions with the new Director of Operations, Mr. Tunde Ogunsakin, a Deputy commissioner of police, and the agency’s Chief Security Officer.

Ribadu, our correspondent learnt, was told by the EFCC officials that he would be contacted whenever his presence was required.

When contacted earlier, the EFCC‘s Head of Media, Mr. Femi Babafemi, had told our correspondent that he was not aware of Ribadu‘s visit to the office.

He had promised to get back to our correspondent as soon as he got wind of the visit.

Meanwhile, Ribadu has said that he will neither resign from the Nigeria Police nor succumb to the injustice of his demotion.

The former EFCC boss also debunked his reported flight from the country, saying that he had only chosen to go underground for ‘personal reasons’ and to enjoy some private moments.

Ribadu, who spoke with our correspondent in an interview on Thursday, said there was nothing unusual about his current tribulations adding that many Nigerians had gone through similar travails in the past.

He , however, said that he had left everything in God‘s hands and hoped that the rule of law would prevail.

He said it was important for him to be more careful about his personal security and safety.

Ribadu admitted that there might be a grand design to compel him to resign from the force, but insisted that he would rather allow the court to decide his fate than to resign.

Ribadu said, ”I have not been out of the country and I don‘t intend to be needlessly. I went underground for personal reasons. I just wanted to be alone and enjoy some private moments.

”What I have done is to leave everything in God‘s hands and allow the rule of law to prevail. But I won’t be careless about my security and personal safety.

”I know my adversaries won’t reject the law. They might get me dismissed, but what can I do? I won’t dignify them with a resignation or accept the injustice of the demotion. I will allow the court to decide.

”It is not about now, but for posterity. It might take a while but we will see what God can do. This is about our tomorrow and the need to have a few Nigerians to stand up and be counted for a good cause, it is not about me.”

I felt humiliated the day OBJ stripped me of security

Anyim Pius
It was meant to be a book presentation, but former Senate President, Anyim Pius Anyim held the audience spell bound when he began preaching about service and integrity, with a call on Nigerians to stop praying for good roads, electricity and other basic social amenities, but rather pray for righteous men to take over the governance of this country.

Quoting from the Bible, where it says “when righteous men are in position of authority, the people rejoice,” the former Senate President said those being referred to in the Bible should be the kind of leaders Nigerians should be praying for, adding that “it is after finding such people that we can talk about genuine service that will meet the need and aspirations of the people.”

He spoke recently as a Guest Speaker at the ECWA Good News Church, Kaduna at a book presentation ceremony, organized by the church. The book, titled “Service and Integrity- the Christian Perspective,” was written by the church, with Anyim as one of the contributors. Incidentally, Anyim spoke on the title of the book.

According to him, integrity was the only thing that makes one leader different from the other. With integrity, he continued “you will rule with compassion because you are after the name you are building for yourself and not the acquisition of material things.”

He further said that “you can acquire all the material things on earth, without integrity, once you are dead, the material things will all fizzle out and nobody will remember you ever existed or lived.
“What most leaders lack in Africa, particularly in Nigeria is integrity. Our leaders do not bother about integrity, which is why they indulge in primitive accumulation of wealth.
“They accumulate this wealth for their children, but when they die, the children will squander the whole thing in just a day. So let’s stop praying for light, good roads and what have you, let’s pray that righteous men will become leaders in this country some day.”

Anyim, like most Nigerians believe that God’s hands is in Nigeria, insisting that it was the reason issues that ordinarily would sparked off violent reactions else where would come and go in Nigeria as if nothing happened.
And he used the death of late Sani Abacha and the aborted third term agenda to buttress his argument. Hear him “what we have today in Nigeria, are leaders who mystify themselves. Leaders who act like God and think that they will never die. Death is not in their agenda.
“The two things that happened in Nigeria that further strengthened my belief that there is the hand of God in Nigeria is the death of Abacha and the death of third term. I was involved and I know that nothing would have stopped Abacha from succeeding himself. But God came to the rescue.
“The second issue is that of third term. Till date, the way the thing ended is still a mystery to those who conceived it, “Anyim added.

He was however quick to add that the issue of service and integrity, should go beyond political leaders. He argued that the followers and the church leaders especially too have a role to play in ensuring that Nigerians live in a corrupt-free society, even as he spared some knocks for church leaders on the issue of corruption.

“What most of you seated here today (referring to the audience) do in secret is worse than what we see the leaders do in the open. The leaders we see are the ones we think are corrupt, but as Nigerians, what we do individually accumulate to bring about corruption in the country.

“Even in the church, pastors and men of God sometimes quarrel over transfer on the premise that certain place is juicier than the other. So those who do that are not ready to serve. So you can see that there is rot in the church system too. You should not murmur over transfer. Therefore, if corruption is to be curbed, the church and other religious leaders must come together to pray for the evolvement of a sincere leader.”

Going down memory lane, the former Senate President who attributed the fear of the unknown as the reason most Nigerians fear to confront certain situations frontally said that he entertained similar fear when he was leaving the office in 2003.

He however said he relied on God to overcome the fears and since then there has been no looking back in his resolve to partner with other like minds to speak against the ills in the country.
“The fear of the unknown is also inhibiting us from doing some of those things we believe in. I had a similar experience when I was to leave office as the Senate President. I am sure many of us here are familiar with the situation that characterized my relationship with the then President Obasanjo.

“He ordered that all my security be withdrawn, this certainly calls for fear, and that was the day I felt humiliated. But I summoned the courage to say ‘if human beings who are my security are removed, God is the ultimate security.’ After the withdrawal of my security, I drove myself to the village without security and nothing happened to me. Like I said earlier, I felt humiliated on the day the security was withdrawn, but I looked up to God. Men can try to humiliate you, but with God, you are confident,” Anyim declared.

Prominent among those who attended the book presentation were: Reverend Father Mathew Hassan Kukah, officials of the Northern States, Christian Association of Nigeria, CAN, and Kaduna State Peoples Redemption Party, PRP, Gubernatorial candidate in the last elections, Tom Mai-Taimaki Mai-Yashi.
The 275 page book centers on the need for Christians to be righteous when they are in positions of authority and to strive to correct leaders who they think are corrupt.

Police intercept arms, ammunition

•Suspect
Police in Delta State have intercepted arms and ammunition from suspected armed robbers. The weapons were intercepted at various locations in the state.

The State Commissioner of police, Mr. Jacob Oshiomogho, who briefed newsmen recently on the breakthrough said the feat was achieved by Warri Area Command patrol team and a joint patrol team on duty at Effurun.

He said the arms and ammunition were recovered along the Warri/Sapele road, near Warri, the commercial nerve center. “The team flagged down the vehicle with two occupants for a routine search. Surprisingly, the driver stopped abruptly, while the two occupants jumped out and fled. When the vehicle was searched, two AK 47 rifles marked 359072, loaded with 18 rounds of live ammunitions and another marked 34-2410, loaded with 10 rounds of live ammunition were found.

The CP disclosed that after proper scrutiny, the V/W Jetta car had another registration number, JX 817 AAA, inscribed on its windscreen.
Similarly, the joint patrol team at Effurun intercepted two Pump Action guns, 24 live cartridges, one iron cutter and a knife.

According to the state Command Police Public Relations Officer (PPRO), Mr Charles Muka, an Assistant Superintendent of Police (ASP), the patrol team at Effurun, got a tip-off that some armed robbers were operating at 15, New Layout. The crime fighters were said to have stormed the scene and killed three members of the gang, while others fled, abandoning their arms.

The team also recovered one AK 47 rifle, two AK 47 rifle magazines, loaded with 37 rounds of live ammunition, one FNC rifle, one Pump Action rifle, 10 arrows, one Mercedes Benz 190, with registration number, AE 962 BMA and a Honda car.

According to the Police, the team had sighted the nuzzle of a rifle in a red Honda car with registration number EG 534 PHC, with three occupants and went after the vehicle, while the occupants opened fire on the patrol team.

Ghana poll: Presidential candidates to face run-off

Ghana's opposition party candidate John Atta Mills, left, and Ruling party presidential candidate Nana Akufo-Addo in Accra, Ghana, 09 Dec 2008
Ghana's electoral commission on Wednesday said the presidential election must be decided in a second-round vote. Governing party candidate Nana Akufo-Addo won 49.13% of the vote, against 47.92% for his rival, John Atta Mills, the commission said. But neither reached the 50% threshold needed for an outright win and a run-off will be held on 28 December.
Local and international observers have praised Ghana for setting a good example on how to conduct an election.

Electoral commission chairman Kwadwo Afari Gyan told a news conference in the capital, Accra: "There is going to be a re-run and it will be between the two leading candidates." The commission chairman did not immediately announce the results of the parallel parliamentary elections also held on Sunday, saying the commission needed to clarify some issues.

Turnout was 69.52% for Ghana's fifth set of elections since it embraced multi-party democracy in 1992. The BBC's Will Ross in Accra says after winning praise for its peaceful poll Ghana will now have to do it again, but the stakes are high, he adds, as the country has just discovered oil.

There were a number of candidates to succeed President John Kufuor - who steps down in January having served the maximum two terms - but the election has been a two-horse race. New Patriotic Party (NPP) candidate Mr Akufo-Addo won 4,159,439 votes, while National Democratic Congress (NDC) contender John Atta Mills had 4,056,634 ballots, it was announced.

Trailing a very distant third was businessman Papa Kwesi Nduom, of the Convention People's Party (CPP), with 1.3% of the ballot. The former British colony was the first African state to gain its independence in 1957. A nation of 22 million people, it is the world's second biggest cocoa grower and Africa's number two gold miner.

Presidential polls: Yar’Adua, Buhari, Atiku know fate Friday

President Umaru Yar’Adua
The hue and cry over the April 21, 2007 presidential election will come to an end on Friday when the Supreme Court is expected to deliver judgment on the twin appeals instituted by Muhammadu Buhari and Atiku Abubakar, contesting the declaration of President Umaru Yar’Adua by the Presidential Election Petition Tribunal as the winner of the election.

At the last hearing of the appeals by a full-panel of the apex court, led by the Chief Justice of Nigeria, Justice Idris Legbo Kutigi, had told counsel in the suit after the arguments that a judgment date would be communicated to them.

Checks conducted by Daily Sun at the Supreme Court shows that counsel in the matter have all been notified that the court will deliver its judgment on the matter.
The appellants, Buhari and Atiku, presidential candidates of the All Nigeria Peoples Party [ANPP] and Action Congress [AC] respectively in the April polls are asking the apex court to set aside the decision of the Court of Appeal which sat as the Presidential Elections Petition Tribunal that upheld the victory of Yar’Adua of the Peoples Democratic Party in the election and order fresh polls.
All parties in the two appeals had adopted their brief of arguments at the hearing, which contained all the issues they wanted to address on the disputed election.

Atiku had in his brief of argument which was prepared by Emeka Ngige (SAN) said heavens would not fall if Yar’Adua’s election is nullified, just as he asked the apex court to restrain the Independent National Electoral Commission [INEC] under the leadership of Maurice Iwu from conducting the re-run election expected to be ordered by the apex court.

It was also Atiku’s position that “the court was in serious error in invoking the issue of security and welfare of the country as an excuse for saving a seriously flawed election.”
In his brief of argument as prepared by his lead counsel, Mike Ahamba (SAN), Buhari claimed that results in the election were arbitrarily assigned, adding that some of them were prepared before the elections.

The Senior Advocate of Nigeria further told the court that the non-serialization of the ballot papers used for the election among other issues of non-compliance with the provisions of the laws guiding the conduct of the election are enough grounds for the election to be nullified and another conducted by a new leadership of INEC.
Responding, counsel to President Yar’Adua, Olaipekun, (SAN) claimed that the two appellants had failed to prove their allegation of the election not being in substantial compliance with the extant electoral laws, particularly the Electoral Act 2006.
He added that the documentary evidence produced by Buhari to prove that the election did not meet the required acceptable standard amounted to nothing because they needed the testimony of witnesses to have a life.

Olanipekun had while adopting Yar’Adua’s brief submitted that the apex court lacked the power to grant the reliefs being sought by Buhari, as according to him “the reliefs to be granted by the court must be in accordance with the Electoral Act. The reliefs asked for by the appellants are not grantable.”
In his submission, counsel to INEC, Kanu Agabi, SAN, stated that the non-compliance as identified by the appellants was not enough to vitiate the outcome of the election, adding that the appellants did not prove beyond reasonable doubt that the lapses in the conduct of the election affected the outcome.
Buhari had filed a 264-page appellant brief with contribution from expert auditors, while Atiku had also concluded 39 grounds of appeal in his brief.

Reacting on Wednesday, Atiku said he was ready for the ruling. “Naturally, as stakeholders it is our desire that the apex court would redress the injustice done to us by the ruling party Peoples Democratic Party in the April 2007 presidential election which was brazenly rigged by those who were bent on capturing power by hook or by crook. We would be most delighted if the verdict turns out in our favour because it is the right thing to do. We have devoted so much time and resources to prove our contention that the election was a sham,” Atiku said.

In a statement signed by Garba Shehu, Atiku said he would have no hesitation but to abide by the verdict.
“As a responsible and law-abiding politician, my commitment to the rule of law, peaceful quest for justice through our nation’s judicial institutions remain unshaken. Also, my commitment to the oneness of Nigeria is non-negotiable. But while reiterating my belief in the rule of law and peaceful avenues for legal redress, I am not losing sight of the repercussions of deodorizing the unprecedented fraud in the 2007 presidential election. Such a decision will deepen our sense of injustice over the electoral heist perpetuated by anti-democratic forces last year.

“He said all eyes are on the Supreme Court Justices and whichever way they deliver their verdict on the appeal, will have far-reaching impact on the future of democracy in Nigeria.
“The hope of most Nigerians is that the judiciary has the ultimate responsibility to rescue our democracy from the throes of death. Nigerians look forward to the Judiciary, particularly the Supreme Court, to save this wobbling country from the abyss.”

FREE SOLIBAY BROWSER AND SETTINGS

This summary is not available. Please click here to view the post.