Fashola and filmmakers in mutual appreciation

 Eko o ni baje: filmmakers pose with the governor

The 2010 Association of Movie Producers (AMP) Eko International Film Festival started at the National Theatre, Iganmu, Lagos, on Monday, November 22 with the governor of Lagos State, Babatunde Raji Fashola, in attendance.

The governor's presence seemed a big issue to the filmmakers as they prepped themselves prior to his arrival. The emcee, actor and TV programme host, Bimbo Manuel, continuously warned the others to put their mobile phones on silent or in vibration mode and stop moving about, as Fashola would soon join them.
Veteran filmmaker, Eddie Ugbomah, was among those who didn't heed Manuel's plea. His Fela Anikulapo Kuti's ‘Trouble Sleep' ring tone startled even him as he stood beside the governor 
Mr Governor, please intervene
AMP president, Paul Obazele, welcomed guests to the occasion. He disclosed cheekily that he fasted and prayed for two weeks to be able to see the governor and invite him. "He is my friend but because of the nature of his job and demands on him, it is sometimes difficult to reach him," he said. Obazele noted that the filmmakers have a cordial relationship with the Lagos State government but reminded Fashola of some promises he had made to them earlier.
The AMP president said they had fulfilled all the conditions demanded by the government, including having a united house and improving the quality of their productions. He appealed to the governor to help them combat piracy, create a fund for filmmakers to draw from and establish neighbourhood cinemas to show their works. "All of us have invested but have never reaped the fruit; it's a monster that is threatening movie producers," Obazele said while highlighting the effects of piracy. He also reminded Fashola of his promise to introduce Cinematography as a course at the Lagos State University.
For members only
The festival director, Zach Orji, perhaps spoke the minds of the artists when he expressed happiness at Fashola's presence. He commended the Lagos State government for always supporting filmmakers and disclosed that the wife of the governor, Abimbola, had participated in past editions. The popular actor noted that this year's edition of the festival was organised specifically for members, as it included film financing, writers and coproduction fora. He added that there would also be keynote speeches on "various sectors that touch the industry." Orji also acknowledged AMP's collaborators, including the National Theatre. "I hope that we would have moved a step further in the quest to grow the industry after the festival," Orji concluded.
Our own Broadway
Fashola, who spoke extemporaneously, began by saluting the doggedness of the artists. He noted that despite people's reluctance to associate with actors in times past because they were perceived as the wretched of the earth, they have made significant contributions to the country's economy. "I shudder to think what would have happened if those pioneers hadn't opened the economy that was there, that so many of us couldn't see," he said.
The governor also commended the artists for joining the fight to ensure that the National Theatre wasn't privatised. "We should learn to put proper value and take ownership of what is ours and be proud of it. People go to Broadway... this is our own Broadway."
Pirates are our brothers
Fashola made the artists happy when he assured them that the government will join them in the fight against piracy. "Piracy is a problem, it undermines the returns that you get and it undermines your effort. But I can start by saying you should never despair, you should never give up. The people who pirate your work are also our brothers and sisters. Let us understand that they do not dislike you. It's not that they have a personal quarrel with you but there is an economic opportunity there and that is the best way they have responded to it. It is for us as leaders to show that there is a better way, a way in which we can take them along.
"And as I said when I first met with you, they would become your distributors, marketers and agents and everybody will have a win-win situation. It will require advocacy, it will require even better communication from us, not only from you. How many movies have we made about the ills of piracy? Have we made many to educate people? It's one thing to go and shut down the place today but if people don't understand why they must change, we fight a very difficult battle.
"I will work with you, hopefully using science and innovation to help further protect the quality of your final output. I've made contact with some people that I think can assist us, who are consulting for the government, from Harvard University. They are very sensitive to the development of this economy and are willing to help. Where it takes us, I don't know, but I have never been afraid to try."
Look beyond government
He also advised the filmmakers to look beyond government for financial support. "Banks in this country, like in any other country, exist for one purpose: to lend money... If the business is strong, if the business is good, if the business is well presented, banks will support it. You and I have to wear our creative caps and put on our creative thinking ability to make this business more finance-friendly. Government alone can't do it."
Though he didn't rule out the possibility of government support, the governor urged patience on the part of the filmmakers. "The idea of a government supported fund, I take on board, but you will allow me not to make a commitment because I think somebody has been sharing information with you from inside my government. Until I finish what I'm doing in that area, I will not announce anything. But you will get support from our government."
Restorer of dignity
Fashola further noted that the moviemakers' contribution extended beyond Nigeria and just paying taxes. He lauded them for "helping to imbibe and sustain dignity in people who will never have had the chance. People who ordinarily would have gone cap in hand begging to live, they have the opportunity to do dignified work for a dignified pay and be proud of society."
He promised that their request for a section for Nollywood in his government's proposed film village in Badagry will be granted just as he assured that Lagos places premium on tourism.
Sadly, it appeared that the opening ceremony was all the filmmakers cared about, as they failed to provide a detailed programme of events for the week-long event that ended on Friday.
Source:234next.com

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Fela! bursts onto the London stage

 Fela and his queens on the London stage

The corridors of Olivier Hall of The National Theatre, South Bank, London was crowded on the evening of November 16, when I arrived just minutes short of the start of the musical, Fela!. It was the opening night of the critically acclaimed Broadway production, which had already bagged three Tony awards and was much talked about in international thespian circles.

It is not often that an African personality is celebrated and chosen as a subject for western theatre; therefore the excitement was palpable as this evening marked its next step: a debut in London's Theatreland - and the British media were out in their numbers to appraise this curious collaboration of American stagecraft and African music. 
Songs by Fela played softly from hidden speakers around the busy corridors of the hall, seducing us to a state of ecstatic anticipation. The songs interrupted frequently by recorded voice simulations of Fela urging that the motley audience take their seats as the show was set to begin. We finally made our way from the small talk, the bars and the sales stalls offering Fela merchandise and trickled to our seats.
The Olivier had transmuted into a world of colours, symbols and images. Grabbing attention high up on the right wing of the hall was a giant portrait of Funmilayo Ransome-Kuti, Fela's mother. The stall terraces were draped with flags of various African countries. The stage background was a blown up image of Kalakuta Republic, while the foreground paid homage to many traditional deities: Oshun, Shango, Esu, Ogun and Yemoja.
Projected pages of newpapers proclaimed news like ‘Fela Raided in Ghana', ‘Let's legalise polygamy - Fela'; and the many scrolling, flashing and shifting stage accoutrements that were scattered above the stage ensured that one did not quite know where to look. The stage set was a tribute to excess - oddly fitting in depicting the life of a musical legend who was known to have been ruled by extreme passions.
Preceded by his beautifully decorated dancers, who taxed their waists and derrieres in seductive dances that left many in the crowd gasping at the audacity of their ample behinds, Sahr Ngaujah swaggered onstage and promptly took the thousand-strong audience down a headlong dive into the life of Abami Eda from the first strains of ‘Upside Down'.
Unknown Soldier
We watch with wistful appreciation his devotion to his mother, whom he praises as "the first (Nigerian) woman to drive a car... the first to visit China... The Teacher" and we mourn along with him in pin-drop silence after her death at the hands of ‘Unknown Soldier'. We accompany him when, evoking the spirit of his mother, he summons an Egungun who leads him by the hand to seek her in the world of the spirits. And along with him feel the reprimand of her pronouncement when he begs to abandon the homeland: "I refuse to give my permission for you to use what happened to me as an excuse to run away."
We are acquainted uncomfortably - considering the British audience - with his long-held scorn for those he calls Nigeria's "tea drinking guests, the ones who take our petroleum and people and leave us with gonorrhoea and Jesus." And together we are pallbearers who carry gifts of ‘Coffin for Head of State'.
When the musical seems to double back on itself, we accompany Fela on his musical education to grey, cold London and sympathise when he wallows in what might be termed a quarter life crisis. We all discover his identity in Black emancipated Los Angeles, learning at the feet of Sandra who is as much a political influence on him as Malcolm X and Eldridge Cleaver whose texts she plies him with. And we share his triumph when he declares, "Music is about change and I'm going to change the world."
Complemented by a 12-piece band - with London-based Afrobeat musician, Dele Dosimi, on the keyboard - and two lead singers who played the two major influences in Fela's life Melanie Marshall (Funmilayo Ransome-Kuti) with her steely soprano, and Paulette Ivory (Sandra Isadore) crooning in sultry alto, Ngaujah sweated his way through several saxophone build-ups, while exuding the megalomania and larger than life charisma of Fela. He played the audience expertly, we laughed when he wanted and danced when he ordered. He took us from raucous participation in the notorious pelvic thrusting clock dance to sad contemplation of the still-bitter state of affairs in the nation he tried so hard to change.
Shuffering and Shmilling
‘Water No Get Enemy', ‘Coffin for Head of State', ‘Expensive Shit', ‘Upside Down', ‘Shuffering and Shmiling', ‘Sorrow Tears and Blood', ‘Zombie', ‘Yellow Fever', led us down route after intriguing route in the life of the much missed icon. Finally, Ngaujah asked, "Who here has ever been to jail?" and surprisingly several hands shot up in the audience.
Two of the more insistent hands came from the first and fifth rows, and moments later, stage lighting revealed them to be no other than Fela's sons, Seun and Femi Kuti. Seated discreetly among the crowd with his older sister, Yeni, Femi had undoubtedly tried to evade recognition until the nostalgia of the recreated shrine ambience prompted him to abandon anonymity. Seun on the other hand had hardly been able to restrain himself from joining Ngaujah and the dancers onstage. His head bobbed, shoulders shook, and feet tapped in evident enjoyment of the music and the bird's eye view of the spectacular dancers gyrating before him in an alternation of perfect choreography and reckless abandon.
Employing a colourful array of costumes, expressions, dances, ideas, Fela! was spectacular in its drama. Bearing in mind its international audience, however, many of the songs were performed in English rather than the Pidgin English. The musical also played, as it were with the facts: Fela was no known Abiku, who had eschewed his mortality in anger at being given a foreign name. Yeni, was quick to defend these add-ons when NEXT caught up with her after the show, "It's a musical, they can't get all the facts right. You will not find me criticising it because it has ensured that almost 14 years after his death, Fela's legacy continues to live internationally."
After curtain call
The performance seemed to be packed too tight on a body too thin, getting lost in the hazy area between drama and musical. Nigerians may not have seen all of the Fela they know, but the parts of Fela seen fit to be depicted was played out in almost an overdose. "The story is flimsy and confused, there's a lack of narrative drive," complained Henry Hitchings of The London Evening Standard, and one could not agree more. One might therefore disagree with Femi Kuti's remark that "This show is for the international audience. It gives the average foreigner knowledge of Fela and what he stood for. We Nigerians are too critical; we want the Nigerian accent and fail to understand the intention of the producers."
Seun Kuti who was seeing the musical for the seventh time, said he found it enjoyable though less heightened than the Broadway shows. "Not in the message," he hastened to add, "but in the drama."
Watching Ngaujah alternate between abrasive confidence, soul and affected contempt for his "political enemies" was a thrill only slightly marred by his mispronunciation of Yoruba expressions. And one could not help but wonder, as he appeared in one elaborately embroidered Fela trademarked costume after the other, whether this job of playing Fela could not be better delivered by D'banj, whose new Mr Endowed mantra seems another of his similarities with the illustrious "one who carries death in his pouch".
Enquiring from Femi if when Fela! debuts in Nigeria as hoped, D'banj would be playing Fela, met with a bright eyed knowledge but a refusal to comment, and one can only wonder whether the Koko Master is not as we speak taking a crash course in playing the brass.
Fela! at London's National Theatre is an exhilarating testament to the achievement of Fela Anikulapo-Kuti while being at the same time exaggerated yet sketchy; toned down, as it were, to appeal to British sensibilities. One therefore hopes that when the musical visits Nigeria, the Abami Eda will be unleashed on his people in all his overwhelming glory.
Source:234next.com

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UN raises alarm on state of poor countries

 Supachai Panitchpakda, Secretaire General UNCTAD.

The world’s poorest countries are trapped in boom-bust cycles and their medium-term prospects are a cause for concern, the United Nations Conference on Trade and Development (UNCTAD) said in a report issued on Thursday in Addis Ababa.

The 49 states, categorised as Least Developed Countries (LDCs), weathered the global downturn better than expected, but they now need a new systematic international approach to development, rather than ad hoc emergency measures, to reduce their economies’ reliance on raw materials, UNCTAD said.

“They have not been able to benefit from any global trends to wean themselves away from increasing dependence on commodities,” UNCTAD secretary general, Supachai Panitchpakdi, told a briefing.

 

The 258 report, which was titled ‘Towards a New International Development Architecture for LDCs,’ said though these countries were coping with recession, they remain stuck in ‘boom-and-boost cycle’, which have long plagued their economies, and that their medium-term prospects posed a cause for concern.

The report said the 49 poorest countries need better-designed financing - rising from an estimated $4 billion to $17 billion per annum by 2030 - to cope with the difficulties posed by climate change.

“They will have difficulty escaping poverty and ending the chronic vulnerabilities, and even boom periods have done little to improve living standards in those countries,” it stated.

Optimistic on growth

It said that aggregate growth indicators showed that average GDP growth in LDCs was 4.3 percent in 2009, higher than in other developed countries.

It also stated that donors appear reluctant to scale up their external assistance, but that the new multilateral lending may have partly cushioned the downturn, but it certainly contributed to the build-up of external debt.

“While debt owed to official creditors remains far below its level of year 2000, in the median African LDCs it increased by 1.5 percent of GDP,” the report stated.

“By April 2010, a total of 10 LDCs were in a situation of debt distress and another 10 were at high risk of debt distress,” it said.

The report, which was jointly presented by Jean-Noel Francois of the Trade and Investment Department of the AU Commission, and Maryam Dessables of the UN Economic Commission for Africa, said in spite of the challenges, most of the LDCs would achieve the MDGs by 2015.

Source:234next.com

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ACN lawmakers oppose colleagues on electoral act amendment

 Olorunnimbe Mamora

Lawmakers of the Action Congress of Nigeria, in line with their party’s leadership, on Thursday broke ranks with their colleagues over the ongoing amendment of a section of the 2010 Electoral act to enable lawmakers become part of the executive council of their parties.

The ACN lawmakers, who said the amendment was self-serving, announced their position on Thursday after a meeting with the party leadership in the National Assembly complex, Abuja.

They said the current amendment of the electoral act, which seeks to order all political parties to have a National Executive Committee comprising all the federal lawmakers, offends the Constitution and stifles the ability of the parties to make their own constitutions and decide who attends their executive committee meetings.

“Instead of the feeble defence offered by its authors, that it will strengthen internal democracy in the political parties; we say unequivocally that it can only succeed in turning the parties to political zombies,” Usman Bugaje, the party’s national secretary who represented the party chairman said. “How can a zombie party thrive on internal democracy? This is a paradox that is glaring to all except those behind the obnoxious misadventure.” Mr Bugaje argued that prescribing uniform constitution for the parties, with regards to the constitution of the party’s NEC, the conduct of primaries and the other party guiding principles in the 2010 electoral act, would limit the choice of which party Nigerians could opt for.

 

“This to us is like prescribing one medicine for all ailments. This is wrong. It is not for the National Assembly or INEC to tell all parties how to conduct their primaries. Democracy cannot grow through such regimentation. We reject it in its entirety,” Mr. Bugaje said.

Internal democracy

The PDP-led national assembly, however, had argued that the various amendments in the 2010 electoral act will ensure internal democracy in the political parties.

“The talk about internal democracy, as a reason for regulating party primaries, by the PDP-led National Assembly, is a smokescreen, self-serving move. While the PDP may have a reason for doing that - to satisfy a faction, we at the ACN do not have such problems and should not be railroaded into one a one-size-fits-all kind of arrangement. It is up to parties to determine how their candidates will emerge,” Mr. Bugaje said.

The party criticised almost every amendment in the electoral act, ranging from the sequencing of elections to the proposed amendment which will make most of the legislators member of their party’s NEC.

“We believe that the ongoing attempt by federal lawmakers to gate crash into NECs of various political parties is anti-democratic, self-serving and downright unconstitutional. The national assembly as a whole whether senators or House of Representatives fully associate ourselves with the position of the party on this issue,” Mamora Olorunmibe, leader of ACN caucus in the national assembly said.

Femi Gbajabiamila, leader of ACN in the House of Representatives corroborated Mr. Mamora’s stance. He also said some members are being victimized for opposing contents of the proposed 2010 Electoral act amendment bill.

Source:234next.com

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Northern leaders refute reports on consensus

 Atiku Abubakar

The Northern Political Leaders Forum (NPLF) on Thursday refuted reports claiming that its consensus candidate, Atiku Abubakar, beat former military president, Ibrahim Babangida, by a single vote.The rebuttal was contained in a press released by the forum’s secretary, Bello Sabo Abdulkadir.

Mr. Abdulkadir said the report cannot be true because he was the only non- member of the NPLF present at the voting and that none of the reporters spoke to him.

 

“Unknown to the peddlers of this false report, I, Bello Sabo Abdulkadir, Secretary to the consensus Committee was the only person present, who was not a member of the committee,when the voting to choose the consensus candidate took place. Yet, even I have no idea which member of the Committee voted for which candidate simply because the voting was by secret ballot and no member volunteered any information to that effect,” he said, adding that “the forum would have totally ignored the report if the report did not also attribute its story to ‘a source, who witnessed the vote.”

He said the report in question failed tenets of journalism in the sense that none of the reporters spoke to him or to any member of the consensus committee. “As a matter of fact, each member of the committee has assured me that they have never met with any of the reporters nor spoken to any since the conclusion of the process. How then did the reporters come about their vote count, not to talk of matching votes and voters to specific candidates? The report is, to say the least, highly irresponsible and regrettable,” the statement said.

He also apologised to “all whose hard earned reputation the report seeks to tarnish, especially the aspirants who submitted themselves to the consensus process.”

Source: /234next.com

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Obasanjo laughs at Atiku’s candidacy

Former president Olusegun Obasanjo yesterday laughed off the emergence of his erstwhile deputy, Atiku Abubakar, as the consensus candidate of the North in next year’s presidential elections.

Mr. Atiku had, on Monday, been named the presidential aspirant of the region by the Northern Political Leaders’ Forum led by Adamu Ciroma.

Mr. Obasanjo, who was approached by reporters while leaving the council chambers of the presidential villa where he had, alongside three other former heads of state, attended the National Council of State meeting, was initially reluctant to respond to questions from journalists on his former deputy’s chances at the polls.

But unable to avoid the throng of persistent journalists for long, he comically cleared his nose with his inhaler for a long while before replying in pidgin English: “ah, I dey laugh o!”

Rather than complete his statement or speak further on the issue, however, Mr. Obasanjo turned into a preacher.

He said he had always prayed for happiness in life and now he is a happy man. He went ahead to pray for journalists who were eagerly waiting for him to make a full comment on the question they had asked him.

“My prayer for you is that you will always have happiness in life” he said, and he got a loud chorus of “amen”.

Katsina state governor, Ibrahim Shema, who was also approached for his reaction, merely told journalists that Mr. Atiku is just a presidential aspirant and that the north will speak for itself at the appropriate time.

When asked to comment on the emergence of a consensus candidate from the region ahead of the polls, former head of state, Muhammad Buhari replied that his party, the Congress for Progressive Change (CPC), has nothing to do with the issue of zoning.

“Zoning is a purely PDP affair, but CPC’s constituency is the Federal Republic of Nigeria. Anybody, anywhere can contest for any office he think he can achieve,” Mr Buhari said.

Source:/234next.com

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Absence of witness delays probe of House’s N9billion scam

The EFCC chairperson, Farida Waziri

Nigerians hoping to see the outcome of investigations into the N9 billion scandal in the House of Representatives, may have to wait a little longer.

Investigations by NEXT indicate that the Independent Corrupt Practices and other related offences Commission (ICPC) and the Economic and Financial Crimes Commission (EFCC), which are both investigating the allegations, may have hit a brick wall and may not conclude investigations anytime soon.

“Though our investigations are ongoing, we are presently stuck at some point, but we will ensure we complete our investigations,” a senior official of the ICPC close to the investigation said at the weekend.

Indications are that the cause of the ‘temporary halt’ mentioned by the ICPC source involves a man believed to be behind the companies that received the inflated contract. The man, who is believed to have fled to England, is being trailed by the anti-corruption agencies.

“Already, we have confirmed that there was inflation of prices in the contract. But, the man central to the companies that secured the contracts escaped to the UK when we wanted to bring him in,” an ICPC investigator told NEXT.

The investigator, who declined to mention the suspect’s name, explained that the commission might seek the man’s extradition if he fails to return to the country to explain his role in the scandal.

The fraud allegation started in the House of Representatives when some members accused the speaker, Dimeji Bankole and the house leadership of mismanaging N9 billion of the N11 billion capital vote received by the house between 2008 and 2009.

The legislators, who called themselves “the progressives” and led by Dino Melaye, addressed a press statement on June 16, 2010 during which they gave Mr Bankole one week to resign or be removed.

The legislators, who also called for a probe of the house finances, further accused Mr. Bankole of authorizing “a spurious, vexatious, and reckless expenditure profile at a time when there is so much economic hardship.”

In other to prove that they were right with their accusations, “the progressives” submitted their petition and accusations to the EFCC and ICPC for investigation.

Inflated Purchases

Some of the items the “progressives” accuse Mr. Bankole of purchasing at inflated prices include torchlights, which have a market price of less than N2000 per unit, at N18000 each and 400 units of Samsung 40 inches LCD television sets, which cost N160,000, but were purchased at a unit price of N525, 000. Others are the purchase of 800 units of HP Desktop computers, which cost N160,000 but were purchased at N330,000; and sharp digital photocopy machines (model 5316), purchased at N270,000 as against N160,000.

“The progressives” also accused the house leadership of wasteful expenditure in the purchase of seven SUV cars for Mr. Bankole and his deputy, Bayero Nafada.

When contacted to give the official position on the status of their investigations, the spokesmen of the two agencies gave similar positions.

“We are on it. Our investigations are ongoing,” said Folu Olamiti, the resident media consultant of the ICPC, who refused to give further comments. Femi Babafemi, the EFCC spokesman asked this reporter to call back to confirm the status of the case but efforts to contact him later were unsuccessful.

Even the judiciary stalls

In the heat of the allegations by “the progressives”, the House of Representatives suspended Mr. Melaiye and 10 other members indefinitely, following a rowdy and violent session.

The suspended members, however, approached the court demanding a reversal of their suspension and that their arrears since their suspension be paid in full. After listening to the arguments of both parties, Muhammed Adamu, judge of the federal high court Abuja who is presiding over the matter announced that the judgement would be delivered on November 15.

After two postponements however, Mr. Adamu is yet to give his ruling. The case has now been adjourned to December 2 for ruling on the legality or otherwise of the legislators’ suspension.

Two of the eleven members who were suspended have been recalled by the House of Representatives. The lawmakers, Ehioge-West Idahosa and Gbenga Onigbogi, withdrew their case from the court and apologized for their actions.
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Power sector assets not for strippers, says minister

 Government does not want PHCN’s critical assets to go into the wrong hands Photo: Femi Adebesin-Kuti

The Federal Government yesterday said the unbundling of the Power Holding Company of Nigeria (PHCN) and the privatisation of the power sector was not yet finalised because it does not want the company’s critical assets to go into the wrong hands.

Nuhu Wya, the minister of state for power, said at the 2010 ministerial briefing in Abuja that despite the criticisms by the National Union of Electricity Employees (NUEE) and the Nigeria Labour Congress (NLC), the power sector privatization programme would proceed as planned.

 

Mr. Way said that though the wounding down of the PHCN has continued to elicit protests from the company workers and affiliates of the organised labour, government is determined to go ahead with the plan and complete the process by next year’s second quarter.

“Government is determined to see the eventual privatization of the electricity sector as planned. But the public must be assured of the federal government’s commitment, to ensure that the sector’s resources do not fall into the hands of asset strippers,” Mr. Wya said.

“The power sector reform programme, which started in 2005, is well on the way to completion. The Power Holding Company of Nigeria (PHCN) is expected to be wound down by the second quarter of 2011, but government would insist that the exercise is not in favour of those in government that looted the $16 billion spent on the sector during the Obasanjo regime. Selling the company to these people would only impoverish Nigerians,” he declared.

Increased electricity supply

According to the minister, despite challenges militating against the completion of the privatisation process, the present administration has recorded significant improvements in the level of electricity supply to consumers since the beginning of the year.

Government, he said, was searching for people who are not only financially vibrant, but possess the ability to add value to what they are buying, adding that with several other infrastructural challenges that the government was facing, the search for foreign investors was unavoidable.

“The consequence of not taking these decisions would be very colossal. As long as the PHCN remains in the hands of the government, the country will continue to be penny wise, pound foolish. If we will not fulfill our responsibilities, we will continue to live in darkness. So, this government is saying: enough is enough; let’s go the full length of the reforms,” he said.

Hussein Labo, PHCN chief executive officer, said the power sector reform was inevitable, pointing out that individuals or groups that are against the ongoing privatization process were either unproductive staff or ‘freeloaders’, who are not really interested in the progress of the sector.

“There are two groups of people who are against reforms in the power sector. The first group is the unproductive members of staff who think when that utility is reformed they will be out of work; while the second group is people who enjoy certain benefits when the utility is under private hands, and they believe they would not continue to enjoy such benefits if the reform succeeds,” Mr. Labo declared.

Source:234next.com

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PERSONAL FINANCE:Have you embraced internet banking?

The internet has r e v o l u t i o n i z e d banking andpersonal finance inmany ways and mostbank customers are familiar with online orinternet banking services. Surprisingly however, many people even though equipped with internet on. Whatever the reason may be that you have not yet embraced your banks internet banking service, here are some compelling reasons to do so. Bank at your convenience Nowadays, we are all so busy in our work lives, that there often isn't the time to visit the bank. With internet banking, you can carry out most of your routine banking transactions at your convenience. As you are not bound by the banks' opening and closing hours and don't have to physically visit the bank, if you have internet access, you can check your account balances, and manage your various accounts with a few simple clicks from your laptop or computer, your I-pad, or even your cell phone. With this service you can plan to pay your bills on line and on time.Most households have routine bills to pay each month such as telephone, internet, cable television and so on. The process of writing a cheque and sending it to the same company every month can be inconvenient; with your online bill payment facility, you can schedule your payments easily and save yourself valuable time.
Some service providers in environments where online banking is widely used are able to offer better terms such as slightly higher interest rates on savings accounts and lower service charges. This is because internet banking is cheaper to maintain than the traditional bricks and mortar with attendant high overheads. As with any service there are tradeoffs and it is important to be aware of some of the pitfalls of internet banking.
Learning difficulties?
Some people avoid using internet banking services because they find it difficult to understand, particularly some members of the older generation who may struggle with technology issues and find it difficult to adapt. The signing on process is usually quite simple; you are expected to provide some form of identification, to complete a form and forward it to your bank. Thereafter all you have to do is to simply visit the banks website and log on to your account after establishing some security measures including a username and password. Bank websites can sometimes be difficult to navigate at first and some users might find them confusing and abandon them from the outset. Getting acquainted with the banking sites softwaremay require some time and effort for you to get comfortable. Banks must upgrade their websites periodically or may even change them entirely, by adding new features to enhance the site. This naturally leads to some down time as the changes are being implemented. Most bank websites do give some guidance by providing some basic tutorials to walk you through theprocess. Security concerns In spite of its growing popularity, there are still many people who feel unable to trust the system. Even though internet banking sites are usually heavily encrypted, one cannot rule out the fact that from time to time even in the largest global banks, sophisticated "hackers" may gain access In addition to the security that your bank will provide; it is useful for you have. some security software on your computer to reduce the chance of your account information being compromised. The personal touch Internet banking can be somewhat impersonal and not everyone is ready to give up the bank tellers' window, or forfeit the bank manager's smile. Some people prefer to relate to a human being and are uncomfortable dealing with a machine. With a brick-and-mortar bank, you are likely to have some familiarity with the bank staff. If you are the kind of person that needs enjoy the personal touch then you may never feel completely comfortable with virtual banking. However for your most basic transactions such as bill paying and small transfers it still makes sense to handle such transactions on line and then go into your b r a n c h for the m o r e significant matters. Some institutions have developed a seamless customer friendly service. For others sadly, you may experience appalling service, ranging from a website that is difficult to navigate, frequent server downtime and so on, much like the variations in customer service from bank to bank. Clearly, the whole concept of internet or online banking has its pros and cons. If unlimited access to your bank accounts and convenience is high up on your list of banking priorities, then internet banking is ideal for you; for those who have signed on, banking online helps them organize and manage their financial lives efficiently. For others however, it continues to be intimidating and complex. The truth is that the internet provides us with endless opportunities in our personal finances and it is important not to be left behind. Embrace internet banking now.
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Shareholders will benefit from corporation

 Mustafa Chike-Obi, Managing Director, AMCON

Banks shareholders remain unsure of what becomes of their shares after the Asset Management Corporation (AMCON) assumed the banks' liabilities. Some of them claim that they have not been called by the rescued banks or the corporation on the corporation workings and procedure. But the Corporation has assured the shareholders that they will not be wiped out "AMCON has not spoken to any shareholders, to let us know what will happen to shares and other issues related to it," said Boniface Okezie, a shareholder and leader, Progressive Shareholders Association.
 




"On what grounds is AMCON taking over? Until they tell us (shareholders) that this is what they are doing and that this is the mode they want to follow, they have still left shareholders out. These are the things that brought backwardness some years ago, the government taking over or managing private institutions. The banks themselves have not come to us to say this is how AMCON will affect us or not. If the corporation takes over and sits on the board of banks, that is nationalization. It will not augur well with such institutions," Mr. Okezie added.
The banks management are also not spared by the Central Bank. Mohammed Abdullahi, the bank's spokesperson said the banks are responsible for updating their shareholders on issues regarding their shares. "The banks are to talk to their shareholders directly, and they are talking to them already. The shareholders are part of the discussion that the banks are having with other people, including prospective investors, so it's not the Central Bank that would do that" Mr. Abdullahi disclosed.
While some of the rescued banks claimed they have been talking with their shareholders on the proposed workings of AMCON, others said they were not doing that yet. "We have been talking to shareholders," a source at Spring Bank said. "We have already had about two meetings with them and have explained to them about AMCON, their shares and other issues, like recovered funds and others regarding the process".
A source at Intercontinental Bank said the bank would talk to its shareholders on AMCON, when it is time to do so. "You know all these things cannot just happen or take place like that," he said. "Recapitalisation and the corporation are in stages. When we get to that stage, the shareholders must be carried along. We would definitely update them when its time," he added.
"Right now, AMCON is just putting together their structures but they have said they are not in the business to take over any bank. The want to help banks work on their capital level so that new investors can invest in the banks. It is certain that when it comes to the issue of recapitalisation, shareholders would definitely be carried along" a source at Oceanic Bank claimed.
Shareholders will benefit
Meanwhile, some finance analysts said AMCON's intervention is a good development especially as it concerns shareholders' fund. Muyiwa Oni, a research analyst at Stanbic IBTC said the corporation will help in the valuation of the rescued banks' shares.
"I'll say that the corporation is positive for shareholders of the distressed banks," Mr. Oni."The shareholders' funds of the distressed banks are negative so we cannot say that the corporation will put shareholders funds at risk. As at March 2010, the total shareholders' funds of all the distressed banks stood at negative N1.458 trillion. On the contrary it will preserve some value for the current shareholders.
"The negative shareholders' funds are a shortcoming for the shareholders and so they will need to inject more funds if they want to maintain their holdings. Since AMCON is bringing in capital, it will have to own a stake. This will dilute the holdings of the shareholders significantly because of the amount that it will invest. I think what is important to note is that the shareholders stand to lose everything if the corporation does not step in" he added.
David Adonri, a stockbroker, similarly said that the corporation will benefit the shareholders. "Without AMCON, all shareholders will lose their investments. The intervention of corporation is a blessing because this means their shares will still have value. It intends to cooperate with the Central Bank to look for other investors and bring fresh funds. When this come, the banks will come alive, and then the shareholders wealth will now finally be secured." "AMCON will be silent" It's duty is to douse nationalization concerns; its inclination is not to be a voting shareholder in banks but protecting its investments and participating actively with others to recapitalize the banks.
Mustafa Chike-Obi, the AMCON chief said it is not the intention of AMCON to wipe out existing shareholders.
"The truth of the matter is that for the shareholders, the banks have negative equity but it is not the intent of the corporation or the government, in this case, to wipe out existing shareholders so what we will do is that we would buy the non-performing loans first, then we would recapitalize the banks to zero," Mr. Chike-Obi said last week in an interview in Abuja.
"In that process of recapitalisation, we would have a split between AMCON and the existing shareholders. Then we as a group would find an acquisition partner and an M and A (Merger and Acquisition) partner, then a negotiation with that partner would determine the final shareholding of the existing shareholders, AMCON, and the new shareholders".
The corporation chief gave the assurance that shareholders will never be forced to sell their shares in this process. "They may sell at the market if they think the market is high enough or they can stay and be partners with AMCON in the new recapitalised bank but they will never be forced to sell and nobody will force them out".
"Right now, the rescued banks have negative capital. If they go into liquidation or NDIC, they will be wiped out. The whole purpose of this exercise is that we want to create some value for these rescued banks so that the shareholders are not wiped out. We hope that by buying the NPL's and recapitalising these banks, there will be some value for existing shareholders".
Chike-Obi also said the corporation will be a silent shareholder. We expect that negotiations between the new acquiring partners and the banks will mostly be conducted by existing shareholders and the new ones. AMCON is just there to help the process. We will observe and protect our investment."
Source:234next.com

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