these folks looked like they had too much fun on the set
Thursday, February 26, 2009
Tuesday, February 24, 2009
VIDEO: Ruggedman "Banging"
Ruggedman released a video for his modenine diss. I can get down to this in a club
Friday, February 20, 2009
Nigerian Residents Fleeing to Ghana To Escape Hardship at Home
More Nigerians are fleeing to countries like Ghana and Vietnam to escape the harsh economic realities back home, even as some big businesses are gradually folding up and relocating.
The Nigerian paper, LEADERSHIP SUNDAY, learnt that Nigerians now seek refuge in far-flung countries hitherto not considered as lands of "green pasture". Countries like Vietnam, Mozambique, Ethiopia and China are fast replacing the traditionally favorites like the United Kingdom, Libya and the USA. Most of the people leaving are pointing to the lack of electricity and insecurity as the cause of their exodus. Those abroad are also vowing that they won’t return home until conditions become better.
Check by the Nigerian newspaper shows that influx of Nigerians into Ghana doubled after the Presidential election that ushered in a new government there. A Nigerian living in Ghana told correspondents that many of his relatives are pestering him to get them accommodation in Ghana. He said: "I’m amazed at how Nigerians are moving into Ghana these days. You know, in the past it was as if we were stupid leaving here for Ghana, but see what is happening. Each day we see Nigerians trooping in their droves."
The Ghana resident, who spoke anonymously, gave reasons why Ghana is becoming attractive: "the truth is that the society works. In Ghana, there is orderliness, not the chaos you have here. There is constant light and this is important for living. There is also security and respect for human rights. If you ask me it is the turn of Nigerians to run to Ghana like the Ghanaians did in the 80’s.
Many Nigerians are in Ghana today, intermarrying and looking for ways to become citizens. I don’t think they would want to return unless conditions change in Nigeria," he said.
Godwin Ukwu (not real name) told our correspondents that he has finished all arrangements to relocate next month. Ukwu said his friends are "making it" in Cameroon and have asked him to join them there.
He said: "I’m going to Cameroon to sell beer. My friends are there and they are making it big in their various business. In fact, last Christmas, some of them came home and told us that we are suffering here. For instance, transportation is such a huge problem there. In fact their roads are better than the ones in the East. Besides, my business is suffering as there is no light. Customers will come and they can’t drink my beer because it is not chilled. So, I’m losing customers and business is bad."
Another respondent told our reporters that if he has his way, he would flee the country.
Speaking to LEADERSHIP SUNDAY, the man who gave his name as John said that Nigeria has become "hell" for him. John is a graduate of six years and has remained unemployed. According to him, every attempt to get a government or private job has failed. He said: "if I have the opportunity, I would leave this country. In fact, in looking for people who would tell me how to get to Libya. At least, I will get a job and my life would be safer," he said.
Like most unemployed youngsters in the country, John has tried to be self employed. He said: "my uncle gave me some money recently to start something. So I got a corner shop at Kubwa (In Abuja) to start a barbing salon. Right now, the place has been demolished and I’m looking for another place, but even if I get a place, what about light and water? Through the time I had the saloon, it was generator that powered the business and that is very expensive. Even with the generator some weeks, I will have nothing doing because of fuel scarcity. I really want to leave. I love my country but I can’t go on like this," he lamented.
A source in Vietnam, told LEADERSHIP SUNDAY that the Vietnamese government is trying to restrict the influx of Nigerians into the country because of the huge number running there.
Libya too has not lost its appeal to Nigerians. In spite of the precarious route, Nigerians daily put their lives on the line to cross over. The journey, mostly done by foot, find Nigerians crossing the Sahara, risking arrest and deadly attacks by patrol team to get to Tripoli, the capital of Libya. Says an official of a prominent government agency concerned with human trafficking, who do not want to be mentioned, " most of the travelers are girls going to engage in prostitution. The men are often their pimps. And no matter the campaign our office is making, the truth is that the rush is still on. We can arrest them or even sensitize them, but what is clear to us is that this is an ongoing war. Sex slaves are still been trafficked abroad. Our agency is helping to stave it off. But no one should be deceived, human trafficking is not going to go away in a long time. The harsh conditions here, coupled with the lure of greener pasture is just too much temptation for many of the girls and their manager to bear. The arrest and pains they suffer during the trips is a little sacrifice they make."
An emerging trend also is that of businesses folding up. Dunlop, for instance has folded up and may be relocating to Ghana. Part of the reason for the relocation is the unstable power supply in Nigeria. Checks shows that many businesses are already rethinking their continued stay in the country.
South Africa and Ethiopia appear more appealing to such big businesses. Already, major stakeholders in tourism and hospitality business are looking downwards to South Africa- a country getting ready to host the world cup in 2010.
Source
The Nigerian paper, LEADERSHIP SUNDAY, learnt that Nigerians now seek refuge in far-flung countries hitherto not considered as lands of "green pasture". Countries like Vietnam, Mozambique, Ethiopia and China are fast replacing the traditionally favorites like the United Kingdom, Libya and the USA. Most of the people leaving are pointing to the lack of electricity and insecurity as the cause of their exodus. Those abroad are also vowing that they won’t return home until conditions become better.
Check by the Nigerian newspaper shows that influx of Nigerians into Ghana doubled after the Presidential election that ushered in a new government there. A Nigerian living in Ghana told correspondents that many of his relatives are pestering him to get them accommodation in Ghana. He said: "I’m amazed at how Nigerians are moving into Ghana these days. You know, in the past it was as if we were stupid leaving here for Ghana, but see what is happening. Each day we see Nigerians trooping in their droves."
The Ghana resident, who spoke anonymously, gave reasons why Ghana is becoming attractive: "the truth is that the society works. In Ghana, there is orderliness, not the chaos you have here. There is constant light and this is important for living. There is also security and respect for human rights. If you ask me it is the turn of Nigerians to run to Ghana like the Ghanaians did in the 80’s.
Many Nigerians are in Ghana today, intermarrying and looking for ways to become citizens. I don’t think they would want to return unless conditions change in Nigeria," he said.
Godwin Ukwu (not real name) told our correspondents that he has finished all arrangements to relocate next month. Ukwu said his friends are "making it" in Cameroon and have asked him to join them there.
He said: "I’m going to Cameroon to sell beer. My friends are there and they are making it big in their various business. In fact, last Christmas, some of them came home and told us that we are suffering here. For instance, transportation is such a huge problem there. In fact their roads are better than the ones in the East. Besides, my business is suffering as there is no light. Customers will come and they can’t drink my beer because it is not chilled. So, I’m losing customers and business is bad."
Another respondent told our reporters that if he has his way, he would flee the country.
Speaking to LEADERSHIP SUNDAY, the man who gave his name as John said that Nigeria has become "hell" for him. John is a graduate of six years and has remained unemployed. According to him, every attempt to get a government or private job has failed. He said: "if I have the opportunity, I would leave this country. In fact, in looking for people who would tell me how to get to Libya. At least, I will get a job and my life would be safer," he said.
Like most unemployed youngsters in the country, John has tried to be self employed. He said: "my uncle gave me some money recently to start something. So I got a corner shop at Kubwa (In Abuja) to start a barbing salon. Right now, the place has been demolished and I’m looking for another place, but even if I get a place, what about light and water? Through the time I had the saloon, it was generator that powered the business and that is very expensive. Even with the generator some weeks, I will have nothing doing because of fuel scarcity. I really want to leave. I love my country but I can’t go on like this," he lamented.
A source in Vietnam, told LEADERSHIP SUNDAY that the Vietnamese government is trying to restrict the influx of Nigerians into the country because of the huge number running there.
Libya too has not lost its appeal to Nigerians. In spite of the precarious route, Nigerians daily put their lives on the line to cross over. The journey, mostly done by foot, find Nigerians crossing the Sahara, risking arrest and deadly attacks by patrol team to get to Tripoli, the capital of Libya. Says an official of a prominent government agency concerned with human trafficking, who do not want to be mentioned, " most of the travelers are girls going to engage in prostitution. The men are often their pimps. And no matter the campaign our office is making, the truth is that the rush is still on. We can arrest them or even sensitize them, but what is clear to us is that this is an ongoing war. Sex slaves are still been trafficked abroad. Our agency is helping to stave it off. But no one should be deceived, human trafficking is not going to go away in a long time. The harsh conditions here, coupled with the lure of greener pasture is just too much temptation for many of the girls and their manager to bear. The arrest and pains they suffer during the trips is a little sacrifice they make."
An emerging trend also is that of businesses folding up. Dunlop, for instance has folded up and may be relocating to Ghana. Part of the reason for the relocation is the unstable power supply in Nigeria. Checks shows that many businesses are already rethinking their continued stay in the country.
South Africa and Ethiopia appear more appealing to such big businesses. Already, major stakeholders in tourism and hospitality business are looking downwards to South Africa- a country getting ready to host the world cup in 2010.
Source
U.S. Army Looking to Recruit Igbos
Military officials want to attract immigrants who have native knowledge of languages and cultures that the Pentagon considers strategically vital. The program will also be open to students and refugees.
.
The Army’s one-year pilot program will begin in New York City to recruit about 550 temporary immigrants who speak one or more of 35 languages, including Arabic, Chinese, Hindi, Igbo (a tongue spoken in Nigeria), Kurdish, Nepalese, Pashto, Russian and Tamil. Spanish speakers are not eligible. The Army’s program will also include about 300 medical professionals to be recruited nationwide. Recruiting will start after Department of Homeland Security officials update an immigration rule in coming days.
Pentagon officials expect that the lure of accelerated citizenship will be powerful. Under a statute invoked in 2002 by the Bush administration, immigrants who serve in the military can apply to become citizens on the first day of active service, and they can take the oath in as little as six months.
For foreigners who come to work or study in the United States on temporary visas, the path to citizenship is uncertain and at best agonizingly long, often lasting more than a decade. The military also waives naturalization fees, which are at least $675.
To enlist, temporary immigrants will have to prove that they have lived in the United States for two years and have not been out of the country for longer than 90 days during that time. They will have to pass an English test.
Language experts will have to serve four years of active duty, and health care professionals will serve three years of active duty or six years in the Reserves. If the immigrants do not complete their service honorably, they could lose their citizenship.
Commenters who vented their suspicions of the program on Military.com said it could be used by terrorists to penetrate the armed forces.
At a street corner recruiting station in Bay Ridge in Brooklyn, Staff Sgt. Alejandro Campos of the Army said he had already fielded calls from temporary immigrants who heard rumors about the program.
“We’re going to give people the opportunity to be part of the United States who are dying to be part of this country and they weren’t able to before now,” said Sergeant Campos, who was born in the Dominican Republic and became a United States citizen after he joined the Army.
Sergeant Campos said he saw how useful it was to have soldiers who were native Arabic speakers during two tours in Iraq.
“The first time around we didn’t have soldier translators,” he said. “But now that we have soldiers as translators, we are able to trust more, we are able to accomplish the mission with more accuracy.”
Source
.
The Army’s one-year pilot program will begin in New York City to recruit about 550 temporary immigrants who speak one or more of 35 languages, including Arabic, Chinese, Hindi, Igbo (a tongue spoken in Nigeria), Kurdish, Nepalese, Pashto, Russian and Tamil. Spanish speakers are not eligible. The Army’s program will also include about 300 medical professionals to be recruited nationwide. Recruiting will start after Department of Homeland Security officials update an immigration rule in coming days.
Pentagon officials expect that the lure of accelerated citizenship will be powerful. Under a statute invoked in 2002 by the Bush administration, immigrants who serve in the military can apply to become citizens on the first day of active service, and they can take the oath in as little as six months.
For foreigners who come to work or study in the United States on temporary visas, the path to citizenship is uncertain and at best agonizingly long, often lasting more than a decade. The military also waives naturalization fees, which are at least $675.
To enlist, temporary immigrants will have to prove that they have lived in the United States for two years and have not been out of the country for longer than 90 days during that time. They will have to pass an English test.
Language experts will have to serve four years of active duty, and health care professionals will serve three years of active duty or six years in the Reserves. If the immigrants do not complete their service honorably, they could lose their citizenship.
Commenters who vented their suspicions of the program on Military.com said it could be used by terrorists to penetrate the armed forces.
At a street corner recruiting station in Bay Ridge in Brooklyn, Staff Sgt. Alejandro Campos of the Army said he had already fielded calls from temporary immigrants who heard rumors about the program.
“We’re going to give people the opportunity to be part of the United States who are dying to be part of this country and they weren’t able to before now,” said Sergeant Campos, who was born in the Dominican Republic and became a United States citizen after he joined the Army.
Sergeant Campos said he saw how useful it was to have soldiers who were native Arabic speakers during two tours in Iraq.
“The first time around we didn’t have soldier translators,” he said. “But now that we have soldiers as translators, we are able to trust more, we are able to accomplish the mission with more accuracy.”
Source
Tuesday, February 10, 2009
Global Economic Crunch: Nigeria loses N812bn - CBN moves to save Naira
THE Director General of the Nigerian Stock Exchange (NSE), Professor Ndi-Okereke Onyiuke revealed on Monday that Nigeria lost N812 billion to capital flight in the last two years.
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Professor Onyiuke made the revelation even as the Minister of Finance, Mansur Muktar and the Governor of Central Bank of Nigeria (CBN), Professor Chukwuma Soludo assured Nigerians that even if the international crude oil price crashed to $30 per barrel, Nigeria’s 2009 budget would not be affected.
But while the Minister of Finance disclosed that the N70 billion bailout for the textile industry would be released in the next one month, they both ruled out any bailout for banks in the face of the global economic crisis, saying that Nigerian banks were very healthy and therefore did not need to be rescued.
They spoke at a meeting with the Joint Senate Committees on Banking, Insurance and other Financial Institutions and Capital Market and Finance.
The committees had invited the Ministers of Finance, and of National Planning, the CBN governor, Chief Economic Adviser to the President, Director General Securities and Exchange Commission, Director General, Nigerian Stock Exchange and the President, Chartered Institute of Bankers of Nigeria, to an interactive session on the effect of the global economic crisis on the country and pragmatic solutions.
Professor Onyiuke said: “In 2007, we had N256 billion, equivalent of dollars. That was what was captured. Remember that a lot of Nigerians send in money through Western Union to relations, we do not capture that statistics, because we only take money wired through the banks, because Nigeria wants to avoid money laundering.
“We advise Nigerians and our investors to send money through wired transfer. We only have that captured by Nigerian banks, those are the statistics we have. We did not capture that sent through relations’ addresses. There was N256 billion that went out.
But in 2008, we now have N556 billion that went out as the governor of the Central Bank said. “When some of the investors had problems in their home countries, when the global phenomenon started, as they were losing money, they had to now come and sell such shares in our country and go back and shore up their economies at home. Our market is transparent; all the investors published their transactions every day. What happened was that it was the panicking that came through the foreign investors and affected Nigerians who are watching CNN all the time.”
The benchmark for the 2009 Budget is predicated on $45 per barrel but even with the current crash in the price of crude oil to below $40, both the finance minister and the CBN governor still assured Nigerians that if the crude price fell to $30, it would not hamper the operation and performance of the 2009 budget.
The Senators, led by the chairman of the committees, Senator Nkechi Nwogu, had asked from the economic experts how the government intended to restore confidence in the economy in the face of the global economic crunch and how to protect the financial institutions.
Acording to the finance minister, who was represented by the Minister of State for Finance, Mr. Remi Babalola: “There is no doubt that we are going to have a significant global slowdown in the economy all over the world. When the budget was was being put together, the lowest crude price was $85 and people thought we were ultra-conservative by using $45 but by January when the price came down to $40 everybody said that we should have used $30.
“All the countries that we actually looked at, like Russia, Indonessia, actually used far higher rates than Nigeria used for its budget in 2009. The most conservative estimate for crude price for 2009 is $59.
“The truth is that with the way the budget is structured, we have said so many times that even if the crude price comes down to $30 per barrel, ordinarily, the way we have worked it out, it should not affect budget implementation, it should not affect releases for budget.
“As far as we know, at this point in terms of exchange rate, in terms of interest rate, in terms of inflation rate, in terms of crude price, there are significant challenges, there are downside risks to the economy, but honestly speaking, for an economy that is still growing, it is not the way that it is being put to the market as if everything is down.”
On the efforts being made, he said a lot of things were being done, adding, “We have said it so many times. If we find out that there is a problem with the financial system we will work out modalities by which we certainly ensure that the financial system, that is the pivot of the entire economy, will not be affected, will still remain resilient and stable and we will do whatever we can to assist the financial system.
“I love it when they talk about the textile sector, that is the kind of bailout, intervention we are looking at. In the last two weeks we have had a lot of meetings with the ministry of commerce, we have set up a technical committee, they have met three times.
“The reason: it is not that we are giving them money, it is just a guarantee, so what is stopping us. There are some fundamental challenges about the way it was structured, it is difficult for it to work the way it was structured, and it may even be more than N70 billion. What we are working on now is how to immediately allow the money to be released to that sector and it is the entire sector.
“We want to look at some sectors. That is a sector that can employ more than 500,000 persons at a time and we cannot allow that sector to collapse and disappear, it is just strategic for a country that has a population of 147 million.
“That is why we are intervening. When government guarantees, even though you are not giving out the money it is as good as if you are giving out the cash, within the next one month. Five ministers are involved and we are meeting on a weekly basis. It involves, commerce, it involves agric, it involves ministry of finance and SGF office. A lot of work has gone on in the last two weeks about this.”
Meanwhile, in a desperate bid to halt the depreciation of the Naira, the Central Bank of Nigeria (CBN) has tightened rules on the foreign exchange market.
Governor of the apex bank, Professor Chukwuma Soludo, announced the new measures Monday in Abuja at a press briefing on the outcome of the Monetary Policy Committee (MPC) meeting.
The reduced inflow to the economy, according to the committee, had constrained supply to the market thus leaving the CBN as the main source of foreign exchange.
To save the Naira and reduce pressure on the external reserves, Professor Soludo stated that the MPC had decided to directly control the exchange rate within a band of plus or minus three per cent until further notice.
In the new foreign exchange management rule that will revolved around the CBN, Prof Soludo said henceforth, the difference between the CBN buying and selling rate would not be more than one per cent, while that of the banks and Bureaux de Change would not be more than one per cent and two per cent respectively.
To ensure that banks and Bureaux de Change operators complied with the new rules on Foreign Exchange, Prof Soludo said the apex bank monitoring team would be sent out, adding that any erring operators would be appropriately sanctioned.
Reviewing key macroeconomic developments, the CBN governor said the year- on year headlines inflation rate at end December 2008 stood at 15.1 per cent compared with 6.6 per cent at end December 2007.
Similarly, the core inflation went to 10.4 per cent in December 2008 from 3.6 per cent at end 2007. On the monetary aggregates, he said broad money grew sharply by 58.02 per cent in 2008, stressing that the growth was induced largely by the rise in credit to the private sector.
Commenting on the macroeconomic indices, Prof Soludo said the economy was currently facing paradoxes as excess liquidity was co existing with rising interest rates, which in real terms and in relation to the deposit rates seemed to be high.
Another paradox, the apex bank noted, was that the observed excess liquidity had not translated into commensurate credit creation.
In the circumstance, the MPC said it was concerned about achieving the multiple objectives of a sound financial system, price and exchange rate stability as well as ensuring that credit continued to flow to the rest of the economy.
Consequently, the committee stated that it would mop up excess liquidity in the system by actively using Open Market Operation policy while the Monetary Policy Rate, currently at 9.75 per cent remains unchanged.
On the persistently high lending rates and the wide margin between deposit and lending rates , the CBN said it would be meeting with banks’ chief executives to agree on modalities to check excesses, especially, in the light of the global economic and financial crisis.
Source
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Professor Onyiuke made the revelation even as the Minister of Finance, Mansur Muktar and the Governor of Central Bank of Nigeria (CBN), Professor Chukwuma Soludo assured Nigerians that even if the international crude oil price crashed to $30 per barrel, Nigeria’s 2009 budget would not be affected.
But while the Minister of Finance disclosed that the N70 billion bailout for the textile industry would be released in the next one month, they both ruled out any bailout for banks in the face of the global economic crisis, saying that Nigerian banks were very healthy and therefore did not need to be rescued.
They spoke at a meeting with the Joint Senate Committees on Banking, Insurance and other Financial Institutions and Capital Market and Finance.
The committees had invited the Ministers of Finance, and of National Planning, the CBN governor, Chief Economic Adviser to the President, Director General Securities and Exchange Commission, Director General, Nigerian Stock Exchange and the President, Chartered Institute of Bankers of Nigeria, to an interactive session on the effect of the global economic crisis on the country and pragmatic solutions.
Professor Onyiuke said: “In 2007, we had N256 billion, equivalent of dollars. That was what was captured. Remember that a lot of Nigerians send in money through Western Union to relations, we do not capture that statistics, because we only take money wired through the banks, because Nigeria wants to avoid money laundering.
“We advise Nigerians and our investors to send money through wired transfer. We only have that captured by Nigerian banks, those are the statistics we have. We did not capture that sent through relations’ addresses. There was N256 billion that went out.
But in 2008, we now have N556 billion that went out as the governor of the Central Bank said. “When some of the investors had problems in their home countries, when the global phenomenon started, as they were losing money, they had to now come and sell such shares in our country and go back and shore up their economies at home. Our market is transparent; all the investors published their transactions every day. What happened was that it was the panicking that came through the foreign investors and affected Nigerians who are watching CNN all the time.”
The benchmark for the 2009 Budget is predicated on $45 per barrel but even with the current crash in the price of crude oil to below $40, both the finance minister and the CBN governor still assured Nigerians that if the crude price fell to $30, it would not hamper the operation and performance of the 2009 budget.
The Senators, led by the chairman of the committees, Senator Nkechi Nwogu, had asked from the economic experts how the government intended to restore confidence in the economy in the face of the global economic crunch and how to protect the financial institutions.
Acording to the finance minister, who was represented by the Minister of State for Finance, Mr. Remi Babalola: “There is no doubt that we are going to have a significant global slowdown in the economy all over the world. When the budget was was being put together, the lowest crude price was $85 and people thought we were ultra-conservative by using $45 but by January when the price came down to $40 everybody said that we should have used $30.
“All the countries that we actually looked at, like Russia, Indonessia, actually used far higher rates than Nigeria used for its budget in 2009. The most conservative estimate for crude price for 2009 is $59.
“The truth is that with the way the budget is structured, we have said so many times that even if the crude price comes down to $30 per barrel, ordinarily, the way we have worked it out, it should not affect budget implementation, it should not affect releases for budget.
“As far as we know, at this point in terms of exchange rate, in terms of interest rate, in terms of inflation rate, in terms of crude price, there are significant challenges, there are downside risks to the economy, but honestly speaking, for an economy that is still growing, it is not the way that it is being put to the market as if everything is down.”
On the efforts being made, he said a lot of things were being done, adding, “We have said it so many times. If we find out that there is a problem with the financial system we will work out modalities by which we certainly ensure that the financial system, that is the pivot of the entire economy, will not be affected, will still remain resilient and stable and we will do whatever we can to assist the financial system.
“I love it when they talk about the textile sector, that is the kind of bailout, intervention we are looking at. In the last two weeks we have had a lot of meetings with the ministry of commerce, we have set up a technical committee, they have met three times.
“The reason: it is not that we are giving them money, it is just a guarantee, so what is stopping us. There are some fundamental challenges about the way it was structured, it is difficult for it to work the way it was structured, and it may even be more than N70 billion. What we are working on now is how to immediately allow the money to be released to that sector and it is the entire sector.
“We want to look at some sectors. That is a sector that can employ more than 500,000 persons at a time and we cannot allow that sector to collapse and disappear, it is just strategic for a country that has a population of 147 million.
“That is why we are intervening. When government guarantees, even though you are not giving out the money it is as good as if you are giving out the cash, within the next one month. Five ministers are involved and we are meeting on a weekly basis. It involves, commerce, it involves agric, it involves ministry of finance and SGF office. A lot of work has gone on in the last two weeks about this.”
Meanwhile, in a desperate bid to halt the depreciation of the Naira, the Central Bank of Nigeria (CBN) has tightened rules on the foreign exchange market.
Governor of the apex bank, Professor Chukwuma Soludo, announced the new measures Monday in Abuja at a press briefing on the outcome of the Monetary Policy Committee (MPC) meeting.
The reduced inflow to the economy, according to the committee, had constrained supply to the market thus leaving the CBN as the main source of foreign exchange.
To save the Naira and reduce pressure on the external reserves, Professor Soludo stated that the MPC had decided to directly control the exchange rate within a band of plus or minus three per cent until further notice.
In the new foreign exchange management rule that will revolved around the CBN, Prof Soludo said henceforth, the difference between the CBN buying and selling rate would not be more than one per cent, while that of the banks and Bureaux de Change would not be more than one per cent and two per cent respectively.
To ensure that banks and Bureaux de Change operators complied with the new rules on Foreign Exchange, Prof Soludo said the apex bank monitoring team would be sent out, adding that any erring operators would be appropriately sanctioned.
Reviewing key macroeconomic developments, the CBN governor said the year- on year headlines inflation rate at end December 2008 stood at 15.1 per cent compared with 6.6 per cent at end December 2007.
Similarly, the core inflation went to 10.4 per cent in December 2008 from 3.6 per cent at end 2007. On the monetary aggregates, he said broad money grew sharply by 58.02 per cent in 2008, stressing that the growth was induced largely by the rise in credit to the private sector.
Commenting on the macroeconomic indices, Prof Soludo said the economy was currently facing paradoxes as excess liquidity was co existing with rising interest rates, which in real terms and in relation to the deposit rates seemed to be high.
Another paradox, the apex bank noted, was that the observed excess liquidity had not translated into commensurate credit creation.
In the circumstance, the MPC said it was concerned about achieving the multiple objectives of a sound financial system, price and exchange rate stability as well as ensuring that credit continued to flow to the rest of the economy.
Consequently, the committee stated that it would mop up excess liquidity in the system by actively using Open Market Operation policy while the Monetary Policy Rate, currently at 9.75 per cent remains unchanged.
On the persistently high lending rates and the wide margin between deposit and lending rates , the CBN said it would be meeting with banks’ chief executives to agree on modalities to check excesses, especially, in the light of the global economic and financial crisis.
Source
UK to declare war on Nigerian 419 scams (The Spoof Comedy)
The United Kingdom is going to wage an all out war against Nigerian scammers, it said today.
"We've had enough of the bastards, they are going down" Said Gordon Brown.
"We've already bombed eight internet cafes in Lagos, and many more will follow, I mean they shouldn't complain really, we are throwing money at them! You know how much these bombs cost?"
Okau Abamsa, an experienced scammer said that one minute he was making a fake certificate to fool a victim, then the next minute he was running out the cafe on fire.
"I'm only trying to make a living" Okau said while surgeons were in the process of removing a melted keyboard from his leg "I'm going to work from home now, in my mansion off of Koalom road in Bong bong province, luckily my Mercedes only suffered a broken window. I'm so poor I have to do this, I have no choice"
US President George Bush said that he feels this is the right thing to do, he knows someone who is very close to him who has been scammed by these thieves, he refused to name them, saying the person is too embarrassed to admit it, but to make one thing clear that it wasn't him, honest.
The Nigerian government refused to comment, but support the UK in it's bid to stamp down on the culprit of Nigeria's diminished reputation on the international stage.
The story above is a satire or parody. It is entirely fictitious.
Source
"We've had enough of the bastards, they are going down" Said Gordon Brown.
"We've already bombed eight internet cafes in Lagos, and many more will follow, I mean they shouldn't complain really, we are throwing money at them! You know how much these bombs cost?"
Okau Abamsa, an experienced scammer said that one minute he was making a fake certificate to fool a victim, then the next minute he was running out the cafe on fire.
"I'm only trying to make a living" Okau said while surgeons were in the process of removing a melted keyboard from his leg "I'm going to work from home now, in my mansion off of Koalom road in Bong bong province, luckily my Mercedes only suffered a broken window. I'm so poor I have to do this, I have no choice"
US President George Bush said that he feels this is the right thing to do, he knows someone who is very close to him who has been scammed by these thieves, he refused to name them, saying the person is too embarrassed to admit it, but to make one thing clear that it wasn't him, honest.
The Nigerian government refused to comment, but support the UK in it's bid to stamp down on the culprit of Nigeria's diminished reputation on the international stage.
The story above is a satire or parody. It is entirely fictitious.
Source
Two people stoned to death in Benue State over ritual killing
Two people in Benue State were stoned to death by a mob for the killing of a man for ritual purposes.
The man was suspected to be have been killed by unknown ritualists. The ritualists are said to have removed his heart and left his body by the road and then taken away his motorcycle.
Youths in the area are then said to have been searching for the ritualists and arrested the two men who they then stoned to death.
Source
The man was suspected to be have been killed by unknown ritualists. The ritualists are said to have removed his heart and left his body by the road and then taken away his motorcycle.
Youths in the area are then said to have been searching for the ritualists and arrested the two men who they then stoned to death.
Source
Mama Ajasco is Dead
If tears could bring back the dead, then the remains of the late actress and one of the leading screen actresses in Nigeria, Iyabo Momoh would have risen from death.
But alas and so Iyabo who made name as Mama Ajasco in the Wale Adenuga created TV show Papa Ajasco has passed on to the great beyond. Iyabo Momoh who was interred last Wednesday at her Ikorodu, Lagos home succumbed to the pangs of death on Tuesday after a protracted battle with cancer.
The disease had in the early stages retarded her once flourishing acting career and finally nailing her in the later stages and thereby depriving Nigerians the services of one of the most talent actresses in the land.
Although details of her sickness were not revealed to Home Video People, the actress who was fondly called Abeni Aworuru by her Yoruba fans, died while receiving treatment in a private hospital in Lagos.
President of ANTP the umbrella (the body she was a foremost member) body she operate from, Prince Kosoko told Home Video People that Madam Iyabo who died at the age of 53 years left behind her husband and four Children.
“Apart from myself and Oga Bello who were at the burial many of my members, cast and crew of the Papa Ajasco casts and members of the public honoured her even in death with their presence.
And as part of our tradition we will again gather at her residence on March 11 to celebrate. The event is called Artiste Night and it will witness the gathering of all our members to celebrate the life and times of Madam Iyabo.
Prince Kosoko also prayed for the repose of her soul and urged all members of the association to pray fervently against such occurrences this year.
Also reacting to the news of her death, movie producer and actor, Yomi Fabiyi, described the late Momoh as a versatile actress who encouraged the younger ones to give their best in the make-believe industry.
The late Momoh, apart from being a popular Yoruba actress, endeared herself to lovers of comedy, when she played Mama Ajasco in the Papa Ajasco and Company television series, created by Ikebe Super exponent, Wale Adenuga, a few years ago.
She was later sacked alongside the former Boy Alinco, Adebayo Bankole, and the current Papa Ajasco, Abiodun Ayoyinka, for alleged breach of contract.
Source
But alas and so Iyabo who made name as Mama Ajasco in the Wale Adenuga created TV show Papa Ajasco has passed on to the great beyond. Iyabo Momoh who was interred last Wednesday at her Ikorodu, Lagos home succumbed to the pangs of death on Tuesday after a protracted battle with cancer.
The disease had in the early stages retarded her once flourishing acting career and finally nailing her in the later stages and thereby depriving Nigerians the services of one of the most talent actresses in the land.
Although details of her sickness were not revealed to Home Video People, the actress who was fondly called Abeni Aworuru by her Yoruba fans, died while receiving treatment in a private hospital in Lagos.
President of ANTP the umbrella (the body she was a foremost member) body she operate from, Prince Kosoko told Home Video People that Madam Iyabo who died at the age of 53 years left behind her husband and four Children.
“Apart from myself and Oga Bello who were at the burial many of my members, cast and crew of the Papa Ajasco casts and members of the public honoured her even in death with their presence.
And as part of our tradition we will again gather at her residence on March 11 to celebrate. The event is called Artiste Night and it will witness the gathering of all our members to celebrate the life and times of Madam Iyabo.
Prince Kosoko also prayed for the repose of her soul and urged all members of the association to pray fervently against such occurrences this year.
Also reacting to the news of her death, movie producer and actor, Yomi Fabiyi, described the late Momoh as a versatile actress who encouraged the younger ones to give their best in the make-believe industry.
The late Momoh, apart from being a popular Yoruba actress, endeared herself to lovers of comedy, when she played Mama Ajasco in the Papa Ajasco and Company television series, created by Ikebe Super exponent, Wale Adenuga, a few years ago.
She was later sacked alongside the former Boy Alinco, Adebayo Bankole, and the current Papa Ajasco, Abiodun Ayoyinka, for alleged breach of contract.
Source
Friday, February 6, 2009
IBB: The Real Reason I Annulled June 12
For the first time since the annulment of June 12, 1993 presidential election won by the late business mogul, Bashorun MKO Abiola, former military president, General Ibrahim Babangida, has given a reason for the annulment. He said he was compelled to nullify the election because of security threats to the enthronement of a democratic government at the time.
Babangida made this disclosure yesterday on a TV programme, Moments with Mo, anchored by Mo Abudu and broadcast on MNet channel of DSTV.
Babangida, who described the annulment as “unfortunate” and revealed that he would launch a book on the saga next year, said having been on the steering wheel of government at the time, he and the Armed Forces Ruling Council (AFRC) knew that the new democratic government to be installed would sooner than later be toppled through another military coup deta’t, which he said his government wanted to avoid.
According to him, his regime had decided that it would be the last administration that would ascend the seat of power through coup, adding that it would make no sense to install a democratic government that would be truncated within another six months.
He, however, admitted that the June 12 presidential election was free and fair and also the best of all elections ever conducted in Nigeria’s history.
“June 12 was accepted by Nigerians as the best of elections in Nigeria. It was free and fair. But unfortunately, we cancelled that election. I used the word unfortunately, for the first time. We were in government at the time and we knew the possible consequences of handing over to a democratic government. We did well that we wanted ours to be the last military coup deta’t. To be honest with you, the situation was not ripe to hand over at the time.
“Forget about the wrong things that happened in politics. The issue of security of the nation was a threat and we would have considered ourselves to have failed, if six months after handover, there was another coup. I went through coup deta’t and I survived it. We knew that there would be another coup deta’t. But not many people believed what we said. They could have allowed me to go away and then they (coup plotters) would regroup and stage another coup. This is how coups are staged - one man will always come to complain. And he will try to convince you about his complaints,” Babangida said.
He said security threats to the advent of democracy at the time culminated in fresh plans to conduct another election within another six months after June 12 annulment, with better strategy, but which he said he could not achieve as a result of the hostility which accompanied the cancellation. According to him, another election was conceived to come up in November 1993.
He revealed further that he was determined to conduct another election which culminated in the constitution of an Interim National Government (ING), which he noted was eventually toppled by a military coup staged by General Sani Abacha.
Babangida implied that what happened to the ING was eventually the fate that would have befallen the civil rule which his regime would have handed over to.
The former military president said the whole concept of his regime’s plan to hand over to a civil government was aimed at effecting a lasting change which could put paid to rigging. This notion, he said resulted in the decision to register only two political parties, the Social Demoratic Party (SDP) and the National Republican Convention (NRC). “When there are two things, you have an option – this or that or nothing. We tried to regulate the number of political parties. We knew what to do,” he said.
Babangida, who expressed fears that his revelation might put him in trouble, was not categorical about his presidential ambition come 2011. Instead, he played around it, saying he was not getting younger, adding that he would rather make himself available to make certain corrections whenever he deems fit.
Source
Babangida made this disclosure yesterday on a TV programme, Moments with Mo, anchored by Mo Abudu and broadcast on MNet channel of DSTV.
Babangida, who described the annulment as “unfortunate” and revealed that he would launch a book on the saga next year, said having been on the steering wheel of government at the time, he and the Armed Forces Ruling Council (AFRC) knew that the new democratic government to be installed would sooner than later be toppled through another military coup deta’t, which he said his government wanted to avoid.
According to him, his regime had decided that it would be the last administration that would ascend the seat of power through coup, adding that it would make no sense to install a democratic government that would be truncated within another six months.
He, however, admitted that the June 12 presidential election was free and fair and also the best of all elections ever conducted in Nigeria’s history.
“June 12 was accepted by Nigerians as the best of elections in Nigeria. It was free and fair. But unfortunately, we cancelled that election. I used the word unfortunately, for the first time. We were in government at the time and we knew the possible consequences of handing over to a democratic government. We did well that we wanted ours to be the last military coup deta’t. To be honest with you, the situation was not ripe to hand over at the time.
“Forget about the wrong things that happened in politics. The issue of security of the nation was a threat and we would have considered ourselves to have failed, if six months after handover, there was another coup. I went through coup deta’t and I survived it. We knew that there would be another coup deta’t. But not many people believed what we said. They could have allowed me to go away and then they (coup plotters) would regroup and stage another coup. This is how coups are staged - one man will always come to complain. And he will try to convince you about his complaints,” Babangida said.
He said security threats to the advent of democracy at the time culminated in fresh plans to conduct another election within another six months after June 12 annulment, with better strategy, but which he said he could not achieve as a result of the hostility which accompanied the cancellation. According to him, another election was conceived to come up in November 1993.
He revealed further that he was determined to conduct another election which culminated in the constitution of an Interim National Government (ING), which he noted was eventually toppled by a military coup staged by General Sani Abacha.
Babangida implied that what happened to the ING was eventually the fate that would have befallen the civil rule which his regime would have handed over to.
The former military president said the whole concept of his regime’s plan to hand over to a civil government was aimed at effecting a lasting change which could put paid to rigging. This notion, he said resulted in the decision to register only two political parties, the Social Demoratic Party (SDP) and the National Republican Convention (NRC). “When there are two things, you have an option – this or that or nothing. We tried to regulate the number of political parties. We knew what to do,” he said.
Babangida, who expressed fears that his revelation might put him in trouble, was not categorical about his presidential ambition come 2011. Instead, he played around it, saying he was not getting younger, adding that he would rather make himself available to make certain corrections whenever he deems fit.
Source
Kidnapped Nigerian boy freed in Niger Delta
PORT HARCOURT, Nigeria, Feb 6 (Reuters) - A nine-year-old Nigerian boy was freed on Friday, a week after gunmen kidnapped him and killed his sister as they walked to school in the southern oil city of Port Harcourt, security and industry sources said.
The boy was released unharmed early Friday, a security source said. Gunmen shot his 11-year-old sister when she tried to prevent the kidnappers from taking him last week.
No ransom was believed to have been paid for his release.
"I can tell you that the young boy was released early this morning and is now with his parents," said Grace Olowo, branch chairwoman of oil workers' union PENGASSAN in Rivers State.
The children's father works for Royal Dutch Shell (RDSa.L) in the Niger Delta, the heart of Nigeria's oil and gas industry.
Violent crime has surged in the Niger Delta since militants, who claim to be fighting for a fairer share of the region's natural resources, launched a campaign of sabotage against the oil industry three years ago. (Reporting by Austin Ekeinde in Port Harcourt and Randy Fabi in Abuja; Editing by Janet Lawrence)
Source
The boy was released unharmed early Friday, a security source said. Gunmen shot his 11-year-old sister when she tried to prevent the kidnappers from taking him last week.
No ransom was believed to have been paid for his release.
"I can tell you that the young boy was released early this morning and is now with his parents," said Grace Olowo, branch chairwoman of oil workers' union PENGASSAN in Rivers State.
The children's father works for Royal Dutch Shell (RDSa.L) in the Niger Delta, the heart of Nigeria's oil and gas industry.
Violent crime has surged in the Niger Delta since militants, who claim to be fighting for a fairer share of the region's natural resources, launched a campaign of sabotage against the oil industry three years ago. (Reporting by Austin Ekeinde in Port Harcourt and Randy Fabi in Abuja; Editing by Janet Lawrence)
Source
Nigeria Central Bank governor sees naira strengthening soon
ABUJA, Feb 5 (Reuters) - Nigerian Central Bank Governor Chukwuma Soludo said on Thursday he believed the local naira currency would strengthen in the near future even with oil prices down at $30-$40 a barrel.
"We don't believe oil will go below $30 ... I believe there is a strong possibility that the naira will still strengthen further in the near term (even if oil stays around $30-40)," he told an economic policy seminar in the capital Abuja.
The naira has fallen by more than 20 percent against the U.S. dollar since late November, a slide driven partly by banks and businesses stockpiling dollars for fear that the local currency would fall further.
The naira was trading at 150.30 to the dollar on the interbank market earlier this week, compared to 117.90 just over two months ago.
Lower oil prices mean falling revenues for Nigeria, the world's eighth biggest oil exporter, putting pressure on foreign reserves and raising concern that the central bank will be limited in its ability to support the naira.
The bank last month announced tighter controls on foreign exchange sales to local buyers, demanding that bids be cash-backed and be used for eligible transactions only, a move meant to flush out currency speculators.
Soludo said he was committed to a stable, but not fixed, exchange rate.
"We will keep the rate stable, and monitor the developments in the forex market ... the exchange rate regime will continue to be a key shock absorber for the economy -- to keep internal and external balance," Soludo said.
Source
"We don't believe oil will go below $30 ... I believe there is a strong possibility that the naira will still strengthen further in the near term (even if oil stays around $30-40)," he told an economic policy seminar in the capital Abuja.
The naira has fallen by more than 20 percent against the U.S. dollar since late November, a slide driven partly by banks and businesses stockpiling dollars for fear that the local currency would fall further.
The naira was trading at 150.30 to the dollar on the interbank market earlier this week, compared to 117.90 just over two months ago.
Lower oil prices mean falling revenues for Nigeria, the world's eighth biggest oil exporter, putting pressure on foreign reserves and raising concern that the central bank will be limited in its ability to support the naira.
The bank last month announced tighter controls on foreign exchange sales to local buyers, demanding that bids be cash-backed and be used for eligible transactions only, a move meant to flush out currency speculators.
Soludo said he was committed to a stable, but not fixed, exchange rate.
"We will keep the rate stable, and monitor the developments in the forex market ... the exchange rate regime will continue to be a key shock absorber for the economy -- to keep internal and external balance," Soludo said.
Source
Thursday, February 5, 2009
Nigerian Scientist Finds Cure for Diabetes
It’s official – a Nigerian scientist, Dr. Louis Obyo Obyo Nelson, has finally found a cure for the dreaded diabetes disease which afflicts over 123 million sufferers all over the world.
The Minister of State for Health, Dr Aliyu Idi Hong, yesterday described as “epoch and historical” the production of Antidiabetic Phytophar-maceutical by Nelson in collaboration with the Nigerian Pharmaceutical Research and Development.
Diabetes is a potentially life- threatening condition in mammals brought about by an inability of the mammals to produce insulin. Insulin, a polypeptide hormone produced in the pancreas of the mammal, controls the amounts of glucose present in the blood by stimulating the uptake of glucose by the muscle and adipose tissue.
THISDAY had exclusively reported on May 23, 2003 that Nelson had been granted a United States patent entitled “Medicament for the Treatment of Diabetes”, a feat that raised hopes for millions of sufferers of the disease worldwide. It also exclusively reported on June 5, 2003 a confirmation from the US Patent Office that indeed a patent had been made out to the Nigerian scientist.
Hong said yesterday at the signing of an agreement between Nelson and GDPAU, New Brunswick, New Jersey, USA, for the commercialisation of an Antidiabetic Phaytopharmaceutical in Abuja that the drug would contribute to the quality of health care all over the world and boost the economy of the country.
The drug, which was said to have been administered on many diabetic victims, has been found to be very safe and highly effective. It was also said to have corrected erective dysfunctions noticed in those victims.
The minister said the drug would expand the landscape of medicare in the world and encourage more researches into herbal drugs in the country.
“I believe that there are so many of such leaves in the bushes in Nigeria that can cure many of these diseases that are proving difficult in the world. This is an epoch and historical day in the history of this country,” he said.
The minister noted that diabetes has posed a serious health challenge worldwide, and is the sixth largest killer in Nigeria.
“There is hardly a house you go to in Nigeria that one person will not be affected by this killer disease,” he said.
He pledged the support of the Federal Government to the efforts of research institutes, especially those who are into herbal medicine research.
Director-General of Nigeria Institute for Pharmaceutical Research, Dr. Ufot Inyang, described as unfortunate the inability of the Federal Gove-rnment to explore the enormous benefits in the herbal market.
He regretted that although the market had the capacity of generating over $100 billion annually, the country was not taking advantage of it.
He said the ongoing global economic crisis would adversely affect the fortunes of Nigerian pharmaceutical companies and stressed the need to focus on the herbal drugs.
“It is an opportunity we have been missing and I don’t want us to miss it again,” he said.
Representative of GDPAU, Prof. Ramesh Pandey, who described the drug as one of the greatest things that will come out of the continent, said it could go a long way in helping to launder the image of the country. He commended the efforts of Nigerian researchers, describing them as one of the best in the world.
The drug will be funded and marketed by a Nigerian company, TREC International Limited. It is estimated that it will cost the company an initial $10 million to deliver the drug to the market.
Nelson recorded a breakthrough in his research for a drug that could cure diabetes when the US government issued him with a patent (No. 6,531,461) for his medication, which can effectively treat Type I and Type II diabetes.
A documented proof of the discovery showed that Nelson, who then resided at Plot 574 Yakubu Gowon Crescent, Asokoro, Abuja, filed his application for a US patent June 4, 2001.
The 'Medicament for the treatment of Diabetes' patent with application No. 09/873,560 was approved March 11 2003.
An official of the United States Patent had confirmed to THISDAY on telephone June 4, 2003 that Nelson was actually granted a patent for his invention of a possible cure for diabetes.
The official, who simply identified herself as Mrs. Robinson, acknowledged that a United States patent with number US 6,531,461 B1 bearing application number 09/873,560 and dated March 11, 2003 was indeed approved for Nelson.
The enquiries at the US patent office followed the interest the story of May 23, 2003 had generated. E-mail dated May 25, 2003 to the United States Patent and Trademark Office seeking to establish the authenticity of Nelson's claim was replied, but with a directive to call the General Information Services Division (GISD) on telephone.
Unlike insulin which has been used for many decades to manage diabetes, Nelson's "wonder" drug can be administered orally, making it possible for patients to administer it as capsule, tablet or syrup. Insulin can only be injected into the body.
The award to Nelson, a graduate of Chemistry from the University of Ibadan, was made on the strength of his research, which determined the exact chemical structure of the active ingredient. The research was also able to determine the quantity of the drug, which could be tolerated in the human body, and yet be able to stem the patient's condition.
Nelson’s drug had been subjected to two clinical trials the last being at the University of Jos Teaching Hospital (UJTH).
At the first clinical trial, the initial extract derived from Vernonia amygdalina was orally administered to 26 patients all of whom had been previously diagnosed as suffering from insulin deficiency. For control, a group of five were used, who maintained diet discipline throughout the trial. The initial extract was dosed to the patients three times daily in 100mg aliquots for six months.
The blood glucose levels of all 31 subjects were closely monitored. It was revealed that the 26 patients receiving the initial extract no longer required maintaining diet discipline after the first month and examination showed remission of the disease after three months.
Fifteen patients were said to have continued receiving medication for the remaining three months of the trial.
The document that accompanied Nelson’s patent application showed that all those who volunteered for the experiment appeared to have recovered from the disease and have returned to their normal life prior to the diagnosis of the disease.
Nelson, 61, who holds a doctorate degree in Molecular and Computational Chemistry from the University of Ibadan, hails from Nsit Ubium Local Government Area of Akwa Ibom State.
He served as Permanent Secretary in the Ministry of Science and Technology in 2001, worked with the Raw Materials Research and Development Council.
Source
The Minister of State for Health, Dr Aliyu Idi Hong, yesterday described as “epoch and historical” the production of Antidiabetic Phytophar-maceutical by Nelson in collaboration with the Nigerian Pharmaceutical Research and Development.
Diabetes is a potentially life- threatening condition in mammals brought about by an inability of the mammals to produce insulin. Insulin, a polypeptide hormone produced in the pancreas of the mammal, controls the amounts of glucose present in the blood by stimulating the uptake of glucose by the muscle and adipose tissue.
THISDAY had exclusively reported on May 23, 2003 that Nelson had been granted a United States patent entitled “Medicament for the Treatment of Diabetes”, a feat that raised hopes for millions of sufferers of the disease worldwide. It also exclusively reported on June 5, 2003 a confirmation from the US Patent Office that indeed a patent had been made out to the Nigerian scientist.
Hong said yesterday at the signing of an agreement between Nelson and GDPAU, New Brunswick, New Jersey, USA, for the commercialisation of an Antidiabetic Phaytopharmaceutical in Abuja that the drug would contribute to the quality of health care all over the world and boost the economy of the country.
The drug, which was said to have been administered on many diabetic victims, has been found to be very safe and highly effective. It was also said to have corrected erective dysfunctions noticed in those victims.
The minister said the drug would expand the landscape of medicare in the world and encourage more researches into herbal drugs in the country.
“I believe that there are so many of such leaves in the bushes in Nigeria that can cure many of these diseases that are proving difficult in the world. This is an epoch and historical day in the history of this country,” he said.
The minister noted that diabetes has posed a serious health challenge worldwide, and is the sixth largest killer in Nigeria.
“There is hardly a house you go to in Nigeria that one person will not be affected by this killer disease,” he said.
He pledged the support of the Federal Government to the efforts of research institutes, especially those who are into herbal medicine research.
Director-General of Nigeria Institute for Pharmaceutical Research, Dr. Ufot Inyang, described as unfortunate the inability of the Federal Gove-rnment to explore the enormous benefits in the herbal market.
He regretted that although the market had the capacity of generating over $100 billion annually, the country was not taking advantage of it.
He said the ongoing global economic crisis would adversely affect the fortunes of Nigerian pharmaceutical companies and stressed the need to focus on the herbal drugs.
“It is an opportunity we have been missing and I don’t want us to miss it again,” he said.
Representative of GDPAU, Prof. Ramesh Pandey, who described the drug as one of the greatest things that will come out of the continent, said it could go a long way in helping to launder the image of the country. He commended the efforts of Nigerian researchers, describing them as one of the best in the world.
The drug will be funded and marketed by a Nigerian company, TREC International Limited. It is estimated that it will cost the company an initial $10 million to deliver the drug to the market.
Nelson recorded a breakthrough in his research for a drug that could cure diabetes when the US government issued him with a patent (No. 6,531,461) for his medication, which can effectively treat Type I and Type II diabetes.
A documented proof of the discovery showed that Nelson, who then resided at Plot 574 Yakubu Gowon Crescent, Asokoro, Abuja, filed his application for a US patent June 4, 2001.
The 'Medicament for the treatment of Diabetes' patent with application No. 09/873,560 was approved March 11 2003.
An official of the United States Patent had confirmed to THISDAY on telephone June 4, 2003 that Nelson was actually granted a patent for his invention of a possible cure for diabetes.
The official, who simply identified herself as Mrs. Robinson, acknowledged that a United States patent with number US 6,531,461 B1 bearing application number 09/873,560 and dated March 11, 2003 was indeed approved for Nelson.
The enquiries at the US patent office followed the interest the story of May 23, 2003 had generated. E-mail dated May 25, 2003 to the United States Patent and Trademark Office seeking to establish the authenticity of Nelson's claim was replied, but with a directive to call the General Information Services Division (GISD) on telephone.
Unlike insulin which has been used for many decades to manage diabetes, Nelson's "wonder" drug can be administered orally, making it possible for patients to administer it as capsule, tablet or syrup. Insulin can only be injected into the body.
The award to Nelson, a graduate of Chemistry from the University of Ibadan, was made on the strength of his research, which determined the exact chemical structure of the active ingredient. The research was also able to determine the quantity of the drug, which could be tolerated in the human body, and yet be able to stem the patient's condition.
Nelson’s drug had been subjected to two clinical trials the last being at the University of Jos Teaching Hospital (UJTH).
At the first clinical trial, the initial extract derived from Vernonia amygdalina was orally administered to 26 patients all of whom had been previously diagnosed as suffering from insulin deficiency. For control, a group of five were used, who maintained diet discipline throughout the trial. The initial extract was dosed to the patients three times daily in 100mg aliquots for six months.
The blood glucose levels of all 31 subjects were closely monitored. It was revealed that the 26 patients receiving the initial extract no longer required maintaining diet discipline after the first month and examination showed remission of the disease after three months.
Fifteen patients were said to have continued receiving medication for the remaining three months of the trial.
The document that accompanied Nelson’s patent application showed that all those who volunteered for the experiment appeared to have recovered from the disease and have returned to their normal life prior to the diagnosis of the disease.
Nelson, 61, who holds a doctorate degree in Molecular and Computational Chemistry from the University of Ibadan, hails from Nsit Ubium Local Government Area of Akwa Ibom State.
He served as Permanent Secretary in the Ministry of Science and Technology in 2001, worked with the Raw Materials Research and Development Council.
Source
Wednesday, February 4, 2009
Wife of former Nigerian energy minister kidnapped
PORT HARCOURT, Nigeria — Police say unidentified attackers have kidnapped the wife of Nigeria's former energy minister in the restive southern oil region.
Police spokeswoman Rita Abbey says that Gladys Daukoru was taken last evening from a bar in the city of Port Harcourt. Edmund Daukoru served under former president Olusegun Obasanjo as a top cabinet officer whose portfolio included oil-industry related business.
He was also a former head of OPEC, of which Nigeria is a member.
Hundreds of expatriate and Nigerian hostages have been taken during three years of rising violence across the southern region that is the seat of Africa's biggest oil industry.
Victims are normally released after a ransom is paid
Source
Police spokeswoman Rita Abbey says that Gladys Daukoru was taken last evening from a bar in the city of Port Harcourt. Edmund Daukoru served under former president Olusegun Obasanjo as a top cabinet officer whose portfolio included oil-industry related business.
He was also a former head of OPEC, of which Nigeria is a member.
Hundreds of expatriate and Nigerian hostages have been taken during three years of rising violence across the southern region that is the seat of Africa's biggest oil industry.
Victims are normally released after a ransom is paid
Source
Gates Foundation Donates $50 Million to Fight Polio in Nigeria
Microsoft co-founder Bill Gates says his foundation is committing more than $50 million for the fight against polio in Nigeria. The American businessman was in Nigeria to promote his campaign against the crippling disease.
The Seattle-based Bill & Melinda Gates Foundation, created by the wealthy U.S. businessman and his wife, says it has concluded a $25 million agreement with the World Bank to support the purchase of more than 100 million doses of oral polio vaccines in Nigeria.
Speaking at a news conference in Abuja, Mr. Gates said there is a renewed commitment and energy around the world to stop polio, a disease that inflicts severe disability.
"The foundation is committed to this fight. We are spending quite a bit worldwide. We have some of that particularly targeted for Nigeria, over $50 million," said Gates. "Just in the last day, there was an announcement the arrangement where we provided $25 million to the World Bank has gone through. So that additional money will buy over 100 million vaccines over the next three years. So a lot of good news in terms of commitment and energy."
While in Nigeria, Mr. Gates toured some of the most polio-endemic regions and observed efforts of vaccination teams. He also met with government officials, mothers, traditional birth attendants and Muslim women's groups. He expressed satisfaction with Nigeria's efforts to eradicate the debilitating disease.
"The focus of my visit here was the polio eradication," he said. "And, I came to learn and I came to express how important this work is. And, I can says with strong conviction that this has been a very successful trip - in fact, far more successful than I would have expected."
The Gates Foundation has committed more than $700 million to polio eradication efforts, worldwide.
An international effort has cut polio cases in Nigeriaby 99 percent in 10 years - a drop of more than 350,000 cases in 1998 to about 1,600 in 2008.
Polio is a virus that attacks the nervous system and can cause paralysis, difficulty breathing and sometimes death. It mainly infects children.
The virus responsible for polio has been eliminated, around the world, except for Afghanistan, Nigeria, India and Pakistan.
Source
The Seattle-based Bill & Melinda Gates Foundation, created by the wealthy U.S. businessman and his wife, says it has concluded a $25 million agreement with the World Bank to support the purchase of more than 100 million doses of oral polio vaccines in Nigeria.
Speaking at a news conference in Abuja, Mr. Gates said there is a renewed commitment and energy around the world to stop polio, a disease that inflicts severe disability.
"The foundation is committed to this fight. We are spending quite a bit worldwide. We have some of that particularly targeted for Nigeria, over $50 million," said Gates. "Just in the last day, there was an announcement the arrangement where we provided $25 million to the World Bank has gone through. So that additional money will buy over 100 million vaccines over the next three years. So a lot of good news in terms of commitment and energy."
While in Nigeria, Mr. Gates toured some of the most polio-endemic regions and observed efforts of vaccination teams. He also met with government officials, mothers, traditional birth attendants and Muslim women's groups. He expressed satisfaction with Nigeria's efforts to eradicate the debilitating disease.
"The focus of my visit here was the polio eradication," he said. "And, I came to learn and I came to express how important this work is. And, I can says with strong conviction that this has been a very successful trip - in fact, far more successful than I would have expected."
The Gates Foundation has committed more than $700 million to polio eradication efforts, worldwide.
An international effort has cut polio cases in Nigeriaby 99 percent in 10 years - a drop of more than 350,000 cases in 1998 to about 1,600 in 2008.
Polio is a virus that attacks the nervous system and can cause paralysis, difficulty breathing and sometimes death. It mainly infects children.
The virus responsible for polio has been eliminated, around the world, except for Afghanistan, Nigeria, India and Pakistan.
Source
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