Making money from undeveloped land

The Punch - Nigeria's Most Widely Read Newspaper Breaking News, information and opinion in Nigeria

Making money from undeveloped land Apr 29th 2013, 23:29 It is amazing that many have unused land in their hands without making money from it or using it profitably in any way. The common idea is that buying land is good and the longer you hold it the higher the value goes. This is true.  As some investors say 'land does not eat', meaning that you can buy a piece of undeveloped land and do nothing on or with it and still make money because it gains value. However, this is not entirely right or strategic in many instances. An asset is not only something that gains value but also something that puts money in your pocket. In the world of money, cash flow is king. Your purchase of land is an investment which should not only give you capital appreciation but cash flow or income value. If we make a comparison with stocks, your investment gains capital appreciation when your stock gains value and you enjoy cash flow when you receive dividend payments. It is this cash flow aspect in relation to undeveloped land that many do not pay attention to. When land is developed and the property is leased or sold it's easy to understand that it brings in cash but when dealing with undeveloped land you need to be more creative. One idea to consider is to grow plants or crops that could be used by you or sold to others on your land. What you grow and use saves you money and what you sell gives you income. There are several small farming businesses that you could start and run on a plot of land devoting your weekends and free times to it. This has inspired many to take bigger steps in fully going into business. What better place to start your own business than your own land?  Another workable idea is to lease your land to those who need it for farming or operation of businesses that does not require too much infrastructure. At other times, where the supply of water is an issue we have seen individuals drill boreholes and turn the need into a business. Indeed, many small scale businesses cannot afford large premises or commercial facilities and all they need is just a little space. And if your land is situated in a commercial area you may consider using it as a private car park for individuals and companies. You may be surprised at how much you'll earn monthly. I know a man who owns two plots of land close to a commercial area of Lagos. When the government decided to clean up the area several street traders relocated to his property and started a mini market there. His monthly rental charge was quite significant. His risk was minimal since they were 'daily tenants', who pay monthly, kept their wares elsewhere and could be easily barred from entering the premises if they fail to pay. In another part of Lagos Nigeria, along a particular stretch of road where a lot of banks were located another individual who had an empty plot of land decided to lease it to the bank who found it appropriate to use as a parking space exclusively for its staff and thereby freeing more parking spaces for their customers. Prior to the days of co-location in the telecommunication industry in Nigeria, some people leased their undeveloped land or used part of their property for a reasonable fee paid in advance to telecommunication companies for setting up base stations. A shrewd investor who was approached by one of the telecommunications company leased a portion of her land for a period of five years without a renewal clause and with a written agreement with the company to restore her land back to its former state after the expiration of their term. She made good money and also had her land back at the end of the term. When doing this you need to ensure that you make a projection as to when you'll need your property back and ensure that you have a clear agreement in place. The term should be certain and there should be no renewal clause except you intend to. The idea behind all these is to inspire you to be more creative in your use of idle assets. The list of what could be done with an undeveloped parcel of land is endless but you can generate ideas by driving around the area where your land is located, analyzing their needs and making enquiries or exploring solutions. Oftentimes, all you need to do is to copy an idea that is being used in another area and using it in an area where it is not presently being used.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions

Keep your metabolism running

The Punch - Nigeria's Most Widely Read Newspaper Breaking News, information and opinion in Nigeria

Keep your metabolism running Apr 29th 2013, 23:00 Eat enough calories:  When you reduce your calorie intake, your body thinks it is starving and conserves energy, slowing down your metabolism, i.e. burning fewer calories for energy than it would otherwise. Eat often enough:  When you skip meals, you are starving your body, so it slows down, burning fewer calories to conserve energy. Spread your daily calories more frequently throughout the day. Eat breakfast, lunch and dinner with a few healthy snacks throughout the day. Remember, a snack is less than 200 calories and meals do not exceed 500 calories. Engage in regular aerobic/sendurance exercise:  Aerobic or cardio activity increases your metabolism while you are working out. There are some studies showing that you continue to burn calories faster for a while after exercise, especially after higher intensity interval training. Aerobic activity is any physical activity that uses large muscle groups and increases your heart rate. When you are performing an aerobic activity, you should be breathing slightly harder than you would at rest. You should still be able to talk, but should be breathing a little faster than usual. Build muscle:  Muscle blasts fat. Strength training increases your muscle mass which increases your metabolism overall. Muscle is more metabolically active than fat, and therefore burns more calories. One pound of fat burns about two calories per hour, one pound of muscle burns about 35-45 calories per day. As an added bonus, muscle takes up less room than fat. Source: wpahs.org

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions

How to build a great brand (1)

The Punch - Nigeria's Most Widely Read Newspaper Breaking News, information and opinion in Nigeria

How to build a great brand (1) Apr 29th 2013, 23:27 Ehi Braimah is the Managing Director of Neo Media & Marketing Limited, a public relations and event management company. He writes on what it takes to establish an emotional tie between a brand and the customer. Let us begin by understanding what a brand truly represents. However you choose to define a brand, because there are a multiplicity of  definitions, a brand, from my knowledge-sharing experiences, is a statement of promise that earns the trust of the consumer. What is important here is keeping the promise otherwise the brand is asking for trouble. The key to building a great brand is getting the customer to come back and one way we can achieve this is by establishing an emotional tie between the brand and the consumer. A brand can be a product, service, personality, city or country. A brand must be easily recognisable like Coca-Cola, Apple, Red Cross,  Barrack Obama, London or the United States of America. Perception of a brand  The perception of a brand is as good as reality because front-of-mind awareness is measurable. The choices that we make are usually a function of how well a brand has established its credentials in the minds of the consumers. Brands will stay with us for the following reasons: ownership, honesty and trust, assurance and quality, longevity and loyalty, power and profit and finally, emotional and value needs. When you  go into a shopping mall like Shoprite , there is a reason to believe that what you are buying in any of the shops is of "great quality" and at the "right price", and that emotional satisfaction is what we need to make a purchase. It does not matter whether it is the Shoprite located in Ikeja or Lekki or outside Lagos, the feeling conveyed is the same. This is what "branding"does to us, it clones our sensory organs and limits our choices to what we perceive will deliver "distinctive benefits" or "value for money". If you ask for the price of a Rolex wrist watch, you do not expect it to be cheap, otherwise you would conclude that it is a fake Rolex. This is how we perceive the value of a Rolex wrist watch. However, the truth of the matter is what is in the "mind" of the consumer is that people who wear Rolex wrist watches are successful people; it is a symbol of prestige and achievement; for the ''big boys'', if you like. Power to influence The consumer would like to buy what he knows and trusts, although price may become a discriminator. Every brand has its own audience and value proposition. A brand must have the power to change or influence consumer behaviour. For example,  Primark in the UK is a retail fashion outlet known for bottom of the fashion price chain, but this does not mean that their products are useless; instead Primark appeals to a certain category of customers  because of their affordable price range, just as we now have Mr Price fashion outlets in Nigeria where their prices are ridiculously low, but the customers keep coming. On the other hand, Tesco, the supermarket chain, has a value range of products which is priced at a premium with its customers because they have been able to earn the value proposition of quality and convenience. Virgin Atlantic is a youthful, hip airline. Indeed, Virgin brands, as personified by the avant-garde billionaire entrepreneur and founder, British-born Richard Branson, are ambitious and fun-driven. Red Bull is an energy drink for young people. The value proposition here is that Red Bull represents convenience (energy in a can) and revitalisation. Let us just say its  a "cool brand". Proposition plus personality In building a great brand, we must understand that the proposition plus personality makes the brand. Here, the product is the proposition whereas the values and character shape the personality of the brand. When a brand creates a set of values, it should not change over time because these values keep the brand going. For example, Coca-Cola is known for great taste, Apple for innovative products, Red Cross for humanitarian service and Volvo for safe driving. So, we can say that a brand is a name that stands for something positive in the minds of its target audience. By ''positive'', we mean a consistent set of values that resonates with the consumer over time. What can we say Nigeria is known for? For example, Nigeria can become famous as the food basket of Africa because we have everything to make it happen. One good reason consumers trust their brands is because of "consistent quality". People die, but brands live on. What's the point of acquring knowledge if we do not pass it on? Unless you communicate the values of your brand, the brand dies when the vision driver dies. Brand culture A brand must provide empathy and insight; it should also be provocative, inspiring and disciplined. These are personality traits that attract customers. Every organisation should also establish a brand culture for both its internal and external audiences. This brand culture must allign with the big picture (vision/mission statements) of the organisation which is then cascaded into a set of values (personality traits) that would guide its the day to day operations.  You must practice what you preach as a brand. There is nothing  wrong when a brand makes a mistake, however what is important is how well the brand reacts when a mistake occurs. Brand owners must note that it is forbidden to say, "it's not our fault". For example, when Toyota had brake problems with some of their cars not too long ago, they were honest enough to own up, apologise and recall the affected cars. Through this action of honesty, Toyota was able to restore their pride and earn the trust of their loyal customers worldwide.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions

Build houses for the poor, Abdusalami urges govt

The Punch - Nigeria's Most Widely Read Newspaper Breaking News, information and opinion in Nigeria

Build houses for the poor, Abdusalami urges govt Apr 29th 2013, 23:31 A former military Head of State, Gen. Abdulsalami Abubakar, has urged all tiers of government to invest in mass housing and engage in direct construction of houses for low income earners. Abubakar said this at the opening of the 13th Lagos Housing Fair in Ikeja on Monday. He said housing development had multiplier effects on many other sectors of the economy and urged stakeholders in both the private and public sectors of the building and construction industry to invest more in the sector. He said, "I urge the key players in the housing development process, governments at all levels, developers and financiers to realise that investment in housing is a long term one, which requires a longer period of gestation. "Although a school of thought has argued that governments need not be involved in direct construction of housing, while this may be true to some extent, I say it will be necessary to intervene through direct construction for the sake of low income earners." Abubakar said low income earners needed such intervention as they would normally not be able to pay the market value of houses. The former head of state commended the efforts of some state governments in the provision of direct housing and urged them to do more to bridge the housing shortage in the country. He also commended a former Governor of Lagos State, Alhaji Lateef Jakande, who was present at the event, for starting the legacy of direct construction of houses for the masses during his administration in the state. Speaking on the theme of the fair, 'Climate change and housing delivery', Abubakar said there was need to combat the phenomenon from different angles. "We need to adapt to the situation in the way buildings are designed and constructed in order for them to withstand the excesses of climatic elements," he said. In his address, the General Manager, Lagos State Radio Service and Chairman of the Lagos Housing Fair Board, Mr. Aderoju Adepoju, said the fair would beam searchlight on the implications of climate change on housing development. He said, "Among the concerns of key players in the housing sector is the need to live in a sustainable way in the face of climate change challenges. The design of a house should promote, more than ever before, ventilation so that less power or energy is used in the cooling.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions

‘NASS sending wrong signal to investors on SEC’

The Punch - Nigeria's Most Widely Read Newspaper Breaking News, information and opinion in Nigeria

'NASS sending wrong signal to investors on SEC' Apr 29th 2013, 23:33 The decision of the National Assembly not to approve any allocation to the Securities and Exchange Commission in the 2013 budget has been described as an act that has sent a wrong signal to investors in the stock market. The Lead Director, Centre for Social Justice, Mr. Eze Onyekpere, stated this on Monday in Abuja during a press briefing on the 2013                 Federal Government's budget amendment bill. The amendment bill was sent by President Goodluck Jonathan to the lawmakers following a disagreement over how some items were treated in the original proposal. Jonathan had in the amendment bill requested that some clauses, which seemed to suggest that the National Assembly was encroaching on the duties of the Executive, be deleted or modified. Some sections of the 2013 Appropriation Act, which Jonathan is seeking amendments to, are clause 6(ii), clause 9, clause 7, and clause 10. Clause 6(ii) inserted by the National Assembly stipulates that the Accountant-General of the Federation must forward to the National Assembly details of funds released to government agencies immediately such are released. Similarly, clause 9   demands all accounting officers of ministries, departments and agencies of government, which control expenditure, to furnish the assembly on quarterly basis with detailed information on internally generated revenue of the agencies.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions

Senate seeks experts’ opinion on PIB

The Punch - Nigeria's Most Widely Read Newspaper Breaking News, information and opinion in Nigeria

Senate seeks experts' opinion on PIB Apr 29th 2013, 23:34 The Senate Joint Committee on the Petroleum Industry Bill has said it is engaging the services of experts and consultants to help it reach an acceptable consensus on the bill. Following the new posture, the committee organised a workshop on Monday to collate the opinions of experts on the contents of the bill. The Chairman of the committee, Senator Emmanuel Paulker, said the forum was intended to give update information on the bill before the scheduled public hearing. "We are engaging the services of professionals to enlighten us on the bill once more so that when we go out for public hearings in various locations, we will be versed in everything concerning the bill,” he said. The areas that members needed help, he said, bordered on the powers of the President and the Minister of Petroleum Resources over award and lease of oil blocks.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions

ICRC faults $24.7m lottery contract

The Punch - Nigeria's Most Widely Read Newspaper Breaking News, information and opinion in Nigeria

ICRC faults $24.7m lottery contract Apr 29th 2013, 23:38 The Infrastructure Concession Regulatory Commission said on Monday that the procedure the National Lotteries Commission used in awarding controversial $24.7m lottery contract was faulty. The contract for 'lottery platform as a service', was awarded to a company known as e-Games Technologies Africa by the NLC. But, another bidder, System Numeric, which had earlier submitted a bid of $67m, challenged the award process. System Numeric had petitioned the House of Representatives to contest the decision of the lottery commission. However, at an investigative hearing on the petition by the Joint House Committee on Public Petitions/Special Duties, the ICRC argued that none of the bidders satisfied the requirements for the contract. The Acting Director-General, ICRC, Dr. Ghaji Bello, told the committee that none of the bidders had a financial model or a business case to qualify for the contract. "There was no evidence that both companies were subjected to pre-qualification through a process of expression of interest to establish due diligence on either the local companies or their overseas associates," he said.  Bello added that only one of the bidders tendered a registration certificate and provided evidence of company management structure. He said, "The request for proposal, though carefully prepared, did not address some key fundamental issues such as the gap in the bid opening and closing dates. "This, coupled with the absence of a Public-Private Partnership model in place, occasioned by the non-preparedness of a business case, as well as absence of a well defined eligibility and evaluation criteria and absence of a pre-qualification report, raised doubts about the entire process." But, the Director-General, Bureau for Public Procurement, Mr. Emeka Eze, put up a defence for e-Games Technologies Africa. Eze clarified that the Bureau of Public Enterprises went for the company's bid because of the lower price quotation of $24.7m, compared to System Numeric's $67m. The Lead Chairman of the House committee, Mr. Uzo Azubuike, on listening to the parties, ruled that members would retire to study the conflicting accounts of the ICRC, BPE and the two companies contesting the contract. He added that the committee would make its finding public on a later date.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions

Homosexual stabs partner to death, police arrest neighbours

The Punch - Nigeria's Most Widely Read Newspaper Breaking News, information and opinion in Nigeria

Homosexual stabs partner to death, police arrest neighbours Apr 29th 2013, 23:05 The Lagos State Police Command has started investigation into the murder of a banker, Adindu Ohamara, who was stabbed to death by his suspected homosexual lover in Akoka, Bariga Local Council Development Area  of Lagos State. It was gathered that Ohamara lived in a three-bedroom flat with his elder sister, Flora and one Collins, an undergraduate of the University of Lagos. According to residents, the banker  was stabbed repeatedly at his residence located at 26 Obayan Street. PUNCH Metro learnt that Ohamara, who was believed to be a homosexual, was fond of bringing different men, who were also believed to be into same sex relationship, to his home. It was learnt that trouble started  when he (Ohamara) decided to get married due to pressure from his family. A resident, who craved anonymity, said after the banker  had his wedding introduction, a man, believed to be  also  a gay came to fight him. He said, "A few weeks ago, Ohamara did his wedding introduction and shortly after that, one man came to the compound to fight him.There was a lot of noise over the issue and even neighbours had to come to settle the matter. "The unidentified man complained that he had been jilted and threatened to deal with Ohamara before he left in anger." Our correspondent learnt that on April 9, 2013,  the banker returned home with a  man, who   allegedly stabbed  him at midnight  and left. According to police sources, hours before the incident, Collins went to Oharama's room where he met the stranger sitting on Oharama's bed, discussing with him. A domestic worker in  the house, who craved anonymity, said he saw the suspect fleeing with a laptop at midnight. He said, "It was a Friday evening. Ohamara came home with the man and they went inside. I went to sleep but at midnight, I saw the man carrying a laptop and then he opened the gate and left. He did not run so I was not suspicious. "Around 4am, Collins and Flora started shouting for help. A neighbour came to help them and they took him  into his Toyota Camry   and drove to a hospital." It was learnt that Ohamara was taken to Jonken Hospital from where he was referred to the Lagos University Teaching Hospital Idi Araba where he was confirmed dead. The matter, it was learnt, was reported at the  Sabo Police Division but was later referred to the State Criminal Investigation Department, Yaba. Our correspondent, who visited the house on Monday, learnt that the police later arrested all the adult occupants of the building, including the security guard identified only as Kazeem. The policemen allegedly demanded N350,000 from each of the detained persons before they could be  released. The landlord of the property, Yemi Oketola, said the deceased had issued him two post-dated cheques as payment for his rent. Oketola  on  hearing of the arrest  of his other tenants,  visited the SCID and appealed to the Deputy Commissioner of Police, Damilola Adegbuyi, for their   release. He said, "I do not live in the house but immediately I got wind of the incident, I went to the SCID and I met with the DCP in charge. I complained that a neighbour, who took Ohamara to the hospital  ,was  arrested. The DCP promised that my tenants would be released. "When I went to see the Investigating Police Officer, he informed me that the cost of bailing each person was N350, 000. I called the DCP and he was very angry when he heard about the demand. He said he would make sure that the tenants were released." When contacted on the telephone, the spokesperson for the state police command, Ngozi Braide, confirmed the murder. Braide however said she could not confirm if the deceased was a homosexual or not. She said, "According to information I got at the SCID Homicide unit, there are only two suspects in custody, the deceased's sister (Flora) and the UNILAG student (Collins). I am not aware of any other arrests. "Also, I am not aware of any N350, 000 bail because bail is free. Investigations are ongoing and we will get to the bottom of it."

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions

Ogun returns rape victims to orphanage

The Punch - Nigeria's Most Widely Read Newspaper Breaking News, information and opinion in Nigeria

Ogun returns rape victims to orphanage Apr 29th 2013, 23:14 Two teenage girls (names withheld), who were allegedly sexually abused by the director of Light of Hope Orphanage Akute, Ogun State, Mr. Olatayo Atunde, have been returned  to the orphanage. The state government, two weeks ago took custody of the girls from Project Alert, a nongovernmental organisation on violence against women. The government, which waded into the issue after police detectives from the Zone 2 command arrested Atunde, said it was for the safety of the girls. The government had also claimed in a press statement to THE PUNCH on April 17 that the orphanage was not properly registered. The statement said, "The orphanage is still undergoing the registration process with the state's Ministry of Women Affairs." When PUNCH Metro visited the orphanage on Monday, activities were in full swing. Employees went about their duties while the voices of children chanting nursery rhymes could be heard from one of the buildings in the vast compound. One of the victims, aged 13, emerged from an outbuilding in the compound and politely greeted our correspondent as she walked past. Both girls were supposed to be witnesses in Atunde's prosecution. They were absent last Friday at the Ota Magistrate's Court when he (Atunde) was arraigned on four counts. Atunde was denied bail and is being remanded at the Ibarra prison, Ogun state. But his wife told our correspondent on Monday that she did not know why the girls were returned to the orphanage. She said, "It was the state government that brought the girls here last week. We were not told the reason for the change of heart." Executive Director of Project Alert, Mrs. Josephine Effah-Chukwuma, expressed disappointment at the development. She said, "I am not aware that the girls have been returned to the orphanage. When we were invited by the state government two weeks ago, we met with the Commissioner for Women Affairs, the Attorney General of the state and the Special Adviser to the Governor on Millennium Development Goals. "They promised me that they would keep the girls safe. I heard both girls were being accommodated at the Stella Obasanjo Children Home at Abeokuta. When the issue of how one of the girls could finish up her junior WAEC came up, I offered to take them back because the exam is already at hand and their school is at Akute. The government told me that they would consider the option." Effuah-Chuwkwuma said the development was a waste of efforts by her NGO and the police to get the girls and others like them who still live at the orphanage, justice. She said, "This is not a good sign. This case is in court; they should not have been taken back to the scene where they were raped." Officials of the private secondary school where the victims are students told PUNCH Metro that the girls had yet to resume classes. One of the teachers in the school said, "We had hoped they would be allowed to at least finish the session with us because one of them is due to write her Junior WAEC but we have not seen them since we resumed." There was no response from the Ogun State Commissioner of Women Affairs, Mrs. Elizabeth Sonubi. She did not reply the calls or text messages to her phone.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions

Woman removes man’s teeth with slap

The Punch - Nigeria's Most Widely Read Newspaper Breaking News, information and opinion in Nigeria

Woman removes man's teeth with slap Apr 29th 2013, 23:15 A 30-year-old woman, Abiodun Olajide, has pleaded guilty to removing her man friend's teeth with slap while the duo engaged in fisticuffs. Olajide was also said to have inflicted wounds on Augustine Olukukoyi at their residence at Oguntolu, Somolu, Lagos State. She was arraigned on a one count charge of assault. The charge sheet reads, 'That you, Abiodun Olajide, female, on April 18, 2013, at about 8.30 hours at Oguntolu Street, Somolu, Lagos in the Lagos Magisterial District did inflict wound on one Augustine Olukukoyi, male, by slapping him, as a result removed two teeth and thereby committed an offence punishable under section 244(a) of the Criminal Law of Lagos State, Nigeria, 2011' When the charge was read, she pleaded guilty. The matter, which was adjourned until April 29 for judgment at Court 4, Yaba, could not hold because the magistrate was said to be ill.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions

Brothers die avoiding stray cow

The Punch - Nigeria's Most Widely Read Newspaper Breaking News, information and opinion in Nigeria

Brothers die avoiding stray cow Apr 29th 2013, 23:11 Two brothers, Jude and Emeka Luis, died Saturday evening in Benin, Edo State, after the motorcycle they were riding had a head-on collision with a Volkswagen Passat car in their bid to avoid a stray cow. The accident which occurred at Oben Town main road, opposite the town hall, threw residents of the small community located along Benin/Sapele road, into mourning. According to eyewitnesses, the confusion created as the cow ran from one side of the road to the other resulted in the head-on collision. Two occupants of the Passat car are said to be in critically condition, at Stella Obasanjo Hospital. When our correspondent visited Oben community, the cow which allegedly caused the death of the two brothers was seen tied down, close to the deceased brothers' residence. Nnena, daughter of one the deceased, said they were waiting for owners of the cow to come forward. She said, "We are waiting for anyone to come out and lay claim to the cow, we will then hold him responsible for the death of my dad and his brother." Also speaking, wife of one of the victims, Ngozi, called on the government to compel the Fulani herdsmen in the area to limit their activities to the bush. "The government should ensure that these Fulani people graze their cattle only in the bush. See now, our family has suddenly lost two young breadwinners to a stray cow," Ngozi lamented

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions

Ronaldo denies cheating on girlfriend

The Punch - Nigeria's Most Widely Read Newspaper Breaking News, information and opinion in Nigeria

Ronaldo denies cheating on girlfriend Apr 29th 2013, 23:00 Cristiano Ronaldo has vehemently denied claims that he cheated on his girlfriend Irina Shayk with Brazilian model Andressa Urach, also known as 'Miss BumBum'. Urach told The Sun on Sunday that she had slept with with the Real Madrid star at the Hotel Villa Magna just 48 hours before the first leg of Madrid's Champions League semifinal tie against Borussia Dortmund at the Signal Iduna Park, but the player has insisted there's no truth in the Brazilian's comments. "I was informed that The Sun, faithful to its editorial line, will publish an article where it has given voice to a so-called Andressa," Ronaldo wrote on his official Twitter page. He added: "Someone seeking the limelight on my account. And I wonder why this happens one day before a very important game for my team. Deeply outraged by a situation intended, in vain, to affect my personal life, I just want to clarify… "I was in fact at the Hotel Villa Magna on April 22 giving an interview to Manu Sainz, something the reporter himself is able to corroborate. Everything else is pure fiction and forgery."

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions

RUN floats Destiny Recovery initiative for errant students

The Punch - Nigeria's Most Widely Read Newspaper Breaking News, information and opinion in Nigeria

RUN floats Destiny Recovery initiative for errant students Apr 29th 2013, 23:00 The Vice-Chancellor, Redeemer's  University, Redeemed Camp, Mowe, Ogun State, Prof. Debo Adeyewa, has said the institution has floated a Recovery of Destiny Initiative to assist  students who contravene the university's regulations. This was contained in a statement issued by the institution after the VC approved the  initiative  designed to provide a window of opportunity for student offenders. He added that the programme was intended to salvage some students who might have over-stepped their bounds either through peer pressure or sheer character defects. Adeyewa explained that sanctions for misconduct in the university had been categorised as minor, major and gross misconduct. "Offenders who have appeared before the Student Disciplinary Committee and found guilty of contravening university rules and regulations in the category of major misconduct will be offered the opportunity of undergoing the Recovery of Destiny Programme if the offender is remorseful and redeemable," he stated. The VC added that the initiative was anchored by some relevant accredited non-governmental organisations, in partnership with the university. He added that students undergoing the programme would be monitored at personal levels to ensure a complete transformation and not a mere reformation. Adeyewa stressed that the report from the relevant monitoring bodies would help the management to determine whether the student was fit to come back to the university or not. "Performance during the programme is, therefore, a major determining factor for re-absorption into the university," he explained. While speaking on the modalities for the implementation of the programme, the VC said it would be undertaken by the offenders when other students are in session. He warned that any repeat of the misconduct that led to a candidate's enrolment for recovery of destiny would lead to expulsion. Adeyewa added that a committee had been set up to drive the initiative. The university had recently given a window of opportunity to redeem students who were expelled for the use of hard drugs early this year. Some of the affected students who were remorseful and were willing to be assisted are undertaking restorative therapy aimed at weaning them from bad habits with the help of qualified professionals.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions

Resting the naira polymer notes

The Punch - Nigeria's Most Widely Read Newspaper Breaking News, information and opinion in Nigeria

Resting the naira polymer notes Apr 29th 2013, 23:00 See these people. In less than one decade, the mandarins in the hallowed portals of the Central Bank of Nigeria are about to reverse themselves,  and the fabric of the naira from polymer back to paper. Deputy Governor, Tunde Lemo, announced that the CBN has halted printing of lower denominations in polymer, and will release the new paper notes by mid-2013. Something akin to the way you rest a newspaper title and introduce another. See how Nigeria’s economic managers flip policies at will, the same way a capricious woman changes her mind. And, all this, at the expense of the mute taxpayers. Lemo says that the policy change came because the Nigerian public was against the introduction of the N5,000 denomination notes. Hardly a smart explanation. But he gave a more plausible and honest explanation with the admission that they found out that though polymer may last longer, it fades easily.  But also in the classic Nigerian cop-out mode, he rather blamed the wrong handling of the naira notes by Nigerians, than the inadequacy of the polymer technology. Shouldn’t they have factored in the possibility of rough handling before polymer was adopted in the first place? Lemo reminded Nigerians that it is criminal to step on the naira, or paste it on sweaty foreheads of musicians and dancers. Fair enough, but how the sale of the naira defeats the clean note policy of the CBN is not too clear. Doesn’t it stand to reason that the law that allows the sale of foreign currency must accommodate the sale of the naira? Throughout the history of commerce, varied kinds of mediums that have been used as currency include coins, paper, cowries, silk, velvet, linen, khaki shirts, leather, wood, sealskin, and even playing cards. The Chinese introduced paper money made from mulberry, but most countries now use cotton-paper. It was Marco Polo who saw paper money in China, and brought the story back to Europe in the 13th Century. Bank notes or paper money, were originally issued by commercial banks, as a note with a promise to pay the bearer on presentation. J.L. Hanson’s "Introduction to Economics", a standard textbook for secondary school economics students in the 1960s and 1970s relates its own Anglocentric legend of the origin of bank notes. It says goldsmiths, who kept gold trinkets for the wives of the wealthy in England, usually gave handwritten notes to depositors, who would have to present the notes, personally, or through proxies, before they could retrieve their jewellery. And, as the notes began to change hands, it began its journey to becoming a medium of exchange. The text adds that this was how the gold standard was evolved as backing for paper money. Nowadays, currencies — notes and coins — are issued by central banks, but are produced by government mints or private printers with specialised skills and equipment. The greatest problem of the currency is counterfeiting. Colour photocopiers and image scanners have increased the incidence of counterfeit notes — derisively referred to as funny money or superdollars. In forensic circles, funny money is printed by criminals, and definitely without the legal sanctions of the state. It is usually spent using large denomination (of say N1,000) to buy goods of little value (say N50) in order to obtain high change (say N950) of genuine money. The idea is to use fake money to harvest genuine money that is in circulation. Counterfeiting undermines the credibility of a currency; reduces the value of real money; causes inflation by causing too much money to be in circulation; decreases the acceptability of money; and causes losses of money to those who receive it. The strength of the polymer is that it is difficult to replicate by forgers. It is made from a tightly controlled recipe developed in 1966 by David Solomon of Dulux Paints, Australia. Fake polymer currency is easy to detect. It simply tears into two if the two edges are pulled in opposite directions by a quick snap. And that is the medium that the CBN wants to phase out. Even though polymer can prevent counterfeiting, the Nigerian experience shows that it fades easily. But typically, bank notes do not last much longer than three years. They always suffer from wear and tear from handling. But should the CBN prefer exposing the naira to the dangers of counterfeiting over the possibility of aesthetics or hygiene? Shouldn’t the CBN intensify campaigns at persuading Nigerians to handle the polymer notes with better decorum? Tell people to avoid creasing, crumpling or stapling them, in addition to researching for the technology that can improve its handling. Just like any other medium, polymer notes should be handled with care. Reports indicate that polymer notes have a shelf life that is nearly three times longer than the paper notes that the CBN prefers. Polymer notes, like other bank notes, are light and can be issued in higher notes, but are more expensive to produce, and have a higher rate of rejection (than coins) due to high rate of wear and tear. But these issues of poor handling, counterfeiting, globalisation, prevention of money laundering, and introduction of digital technology have rapidly migrated money from the physical M1, M2 to the electronic portals of credit cards, debit cards, electronic money transfers and the good old cheque book. Apart from reverting to a less durable, if more aesthetic, paper fabric, and exposing the naira to the danger of counterfeiting, the CBN is spending too much public money on changing of the naira from paper notes-to-coins-to-polymer-to-notes ad infinitum. In addition, the instability of the naira may affect its economic importance as staple hard currency of the West African region. It is rumoured that some Americans are rejecting some dollar notes because they bear dates prior to a post mark date that they have arbitrarily chosen. Can you imagine the damage this is causing to the informal, flea market, cash-and-carry sector of the American economy? Americans now have to stare hard at the dollar before accepting it. If this seeming small palaver could cause some inconveniences to the American economy where cash is used for less than 10 per cent of transactions, consider the impact on the essentially cash based Nigerian economy. The rejection of the naira would have the same effect as a CBN monetarist policy of mopping up cash from circulation. You know what happens when less money is chasing too few goods. To carry it to a more ridiculous extent, the CBN must soon establish a hotline for people to check if the polymer or the paper note is the legal tender at any point in time. You will appreciate the effect of frequent change of currency with the following true stories: Sometime in 1984, naira notes, stuffed in 61 suitcases, were allegedly hurriedly brought into Nigeria to beat the deadline set by the capricious Buhari Government that changed the currency. Many who stuffed their naira in their mattresses — at home or abroad — lost a lot during that exercise. Biafra bears witness to the effect of the sudden change of the Nigerian pound during the civil war. The Nigerian pound held by the people and government of Biafra suddenly ceased to be legal tender, and became worthless because they could not exchange it for the new Nigerian pounds. This brought ruination to the Biafra war chest, and savagely depleted its ability to prosecute the war. For want of the right currency, the war was lost. But worse, for want of the right bank notes, the naira and the economy may be lost to counterfeiters.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions

Man jailed 45 years for stealing Aregbesola’s phone

The Punch - Nigeria's Most Widely Read Newspaper Breaking News, information and opinion in Nigeria

Man jailed 45 years for stealing Aregbesola's phone Apr 29th 2013, 23:08 For stealing a N50,000 Sony Ericsson phone belonging to Governor Rauf Aregbesola, a 31-year-old Kelvin Ighodalo has been sentenced to 45-year imprisonment by an Osogbo High Court. Ighodalo stole the phone from the pocket of Aregbesola on November 27, 2010, when the governor was being inaugurated at Government Technical College, Osogbo. Justice Oyejide Falola, who heard the case, found Ighodalo guilty on six counts, which included conspiracy, stealing and fraud. He was sentenced to 10-year imprisonment for the first three counts and five years for each of the last three which included impersonation, obtaining property by falsehood and collusion. Falola, who ruled that Ighodalo deserved the jail term, held that the convict used the phone to obtain N500, 000 from the Owa of Ilesa, Oba Adekunle Aromolaran, while he obtained N200, 000 from Mr Shengen Rahman, an associate of the governor. The jail term, which Falola pronounced will run concurrently, means that Ighodalo will spend the next 10 years behind bars. Assistant principal state counsel, Mr Biodun Badiora, told the court that the convict had served six-year imprisonment in Ikoyi prison custody in connection with a murder case in 2005. Counsel to Ighodalo, Mr. Ameachi Ngwu, prayed the court to commit him to community service, stressing that the convict should not be incarcerated but rather be placed where people could see him as a convict.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions

NPDC daily crude production now 138,000 barrels

The Punch - Nigeria's Most Widely Read Newspaper Breaking News, information and opinion in Nigeria

NPDC daily crude production now 138,000 barrels Apr 29th 2013, 23:30 The Nigerian Petroleum Development Company Limited, a wholly owned subsidiary of the Nigerian National Petroleum Corporation, has increased its daily oil production to 138,000 barrels from 60,000bpd. This was contained in a rejoinder signed by NPDC management in response to a story published in a national newspaper (not The PUNCH) on Friday alleging that the Minister of Petroleum Resources, Mrs. Diezani Alison-Madueke, was involved in a N59tn oil deal. "NPDC production has grown from 60,000bpd to 138,000bpd. Currently, NPDC is the major gas supplier to the domestic market in the western Niger Delta with over 450 mmscf/day, which will further increase to over 550 mmscf/d by the end of 2013," the company said. To expand its opportunities in the upstream oil and gas sector, NPDC said it had adopted funding mechanisms to secure production capacity of 250,000 barrels per day by 2015. "This strategy is essential if the national oil company is to be a major player in the upstream sector in Nigeria and provide national energy security for the nation. A strong NOC is sine qua non for national security as practised by all other oil producing countries," it said. The support of the Federal Government in ensuring NPDC's expanded operations by seeking additional asset base and funding outside the normal government funded Joint Venture cash call is, therefore, an imperative, according to the company. "It is interesting that the laudable actions of the Minister of Petroleum Resources, who has consistently fought to support and grow the National Oil Company, NPDC, against competing interests is being parodied and vilified by certain groups," it said. Five oil communities in Delta State led by Chief Emami Ayiri were said to have made allegations against Alison-Madueke. Specifically, the minister was alleged to have deliberately excluded indigenous rights to pre-emption and/or first refusal on four oil blocks: OMLs 26, 30, 34 and 42. She was also alleged to have illegally assigned 55 per cent of the Federal Government's interest to Atlantic Energy Drilling Concepts without any recourse to due process in the transactions. The minister was also alleged to have had pecuniary interest in Atlantic Energy Drilling Concepts, hence her approval of the deal that would make Nigeria lose four trillion cubic feet of gas asset worth $15.72tn. Meanwhile, the minister has said gas supply to the country's domestic market has been growing at 20 per cent per annul and is currently at a peak of 1.5 million cubic feet of gas per day. A statement from the NNPC quoted her as describing the development as a major boost to the Federal Government's power reforms. Alison-Madueke, who spoke at the opening of the Nigerian Economic Summit Group Roundtable discussion recently held in Abuja, said, "It will interest you to know that gas supply has grown at a most unprecedented rate of about 20 per cent per annum, effectively reaching a new peak of about 1500mmcf/d from less than 500mmcf/d a few years ago." Alison-Maduke was represented by the Group Executive Director, Gas and Power, NNPC, Dr. David Ige. She said over the last three years, the gas sector had experienced aggressive reforms culminating in the major gas addition to the domestic market. According to the minister, the current demand by the National Integrated Power Project is put at about 260mmcf/d in the western area and it is expected to grow to about 340mmcf/d by the year end.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions

Investors will determine PHCN workers’ fate –FG

The Punch - Nigeria's Most Widely Read Newspaper Breaking News, information and opinion in Nigeria

Investors will determine PHCN workers' fate –FG Apr 29th 2013, 23:36 Private investors are to determine the fate of workers of the Power Holding Company of Nigeria and its 17 successor companies, the Federal Government has said. The Head of Public Communications, Bureau of Public Enterprises, Mr. Chigbo Anichebe, disclosed this in a telephone interview with one of our correspondents in Abuja on Monday. The BPE had reportedly issued a letter to the chief executives of the power companies to submit names of 20,000 workers to be retrenched before the takeover of the firms by the successful private sector investors that won the bids for their sale. Denying the allegation, Anichebe said the agency had never been responsible for the sacking of workers in any entity that it had privatised. Anichebe added that the delay in paying the benefits accruing to the workers was as a result of their failure to submit their bank account numbers and Retirement Savings Account numbers. Similarly, the Minister of Power, Prof. Chinedu Nebo, said neither the Federal Ministry of Power nor the BPE issued the directive that 20,000 workers should be retrenched. Speaking through his Special Adviser on Media, Ms. Kande Daniel, the minister described as unfortunate the allegation of nocturnal meetings between the Federal Government and CEOs of PHCN successor companies. According to Nebo, most of the officials cited in the report were on an official assignment outside the country. He said funds for the payment of the workers' severance package were ready and that in a matter of weeks, the workers would be paid as part of the process of the takeover of the companies by private investors. The minister observed that in the emerging scheme of things, the Federal Government would ensure that private sector operators adhered strictly to the nation's labour laws and treat Nigerian electricity workers with the dignity they deserved. Anichebe, on his part, said, "There is no gainsaying that the government employs more than it needs but we have always insisted that it is the investors that decide who they want and who they don't want in the privatised entities. "It is investors in the power companies that will declare any worker redundant. It is the investors that are going to issue fresh contracts to the workers they want. We are not involved in that process and no one will be sacked without payment of entitlements. "The workers are the ones delaying the payment. The government is ready to pay the workers as soon as they submit their account numbers and RSA numbers." However, in a telephone interview with one of our correspondents in Abuja on Monday, labour unions in PHCN insisted that BPE issued letters to the CEOs of the successor companies demanding the rightsizing of the employees. The unions also threatened to vehemently resist any form of retrenchment of workers, stressing that the BPE would be held responsible for always misadvising the government on labour issues. The President, Senior Staff Association of Electricity and Allied Companies, Mr. Bede Opara, said the union, in conjunction with the National Union of Electricity Employees, had written a protest letter to the ministries of Power and Labour and Productivity. Insisting that the BPE issued a letter to the CEOs demanding them to right-size, Opara said, "Yes, they did. We got a copy of the letter and that was why we started reacting." The union, however, failed to produce a copy of the letter for sighting when our correspondent demanded for it. In the protest letter to the Minister of Power dated April 22, 2013, the union said it considered the directive to the CEOs to submit list of its workers to be right-sized as an effort in futility. This, according to it, is because the action tends to "jump the gun" in view of ongoing discussions with the Federal Government on the early settlement of terminal benefits arising from the sale of PHCN infrastructure. Opara said in the letter, "How can we accept a list that tends to separate into two the same set of people that are to be disengaged? We shall hold BPE responsible for misadvising the minister always on these labour issues. The directive to CEOs is an attempt to cheat and short-change our members. We shall resist it vehemently. "Secondly, we are of the opinion that even the disengagement, if properly executed, can lead to the same objective of rightsizing the workforce. We advise that the plan to right-size should be left to the new investors." He said after payment of terminal benefits to all employees, it would then be easy to determine which among the lot would be advised to leave, stressing that the government should pay the workers before rightsizing.

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions