February 21
NIGERIA: No shortage of Niger Delta youth ready to join militias
 Photo: George Osodi
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| An Ijaw militant loyal to Dokubo Asari, sits with his gun aboard a boat in the Niger Delta at Tombia, near Port Harcourt | PORT HARCOURT, 1 February 2008 (IRIN) - Tiophelis spends his days running. He won't say exactly where, but, like hundreds of other boys and men in the creeks of Nigeria's oil-rich Niger Delta region, he is constantly on the move for fear of attacks by the Nigerian military.
The soft-spoken boy’s voice cracks over the phone - Tiophelis refuses to meet in person. He is a militant, a member of one of countless groups that claim to be fighting for freedom from poverty, underdevelopment, and political oppression for the people in the Niger Delta region.
One group, known as the Icelanders and run by renowned militant Ateke Tom, claims to be 600 to 700-strong, with recruitment fuelled by unemployment, anger and a lack of opportunities.
Tiophelis told IRIN he is ready for peace, on one condition: "You make peace by giving us jobs. Not by chasing us around."
Militant groups such as the one Tiophelis belongs to are nothing new in the Niger Delta.
Communities in the region have agitated for a greater share of the oil wealth since before independence in 1960. After Nigeria’s transition to democracy in 1999, the protests turned into attacks on oil facilities, the military, and at times, other militant groups.
Until August 2007 militia members walked the streets of Port Harcourt indistinguishable from other passers-by. Tension between rival factions drew them into gun battles in the city’s impoverished waterfront communities and on the main streets in the centre. In August, the violence escalated and 30 civilians died in the crossfire.
In response, the Nigerian military set up a Joint Task Force in Port Harcourt, forcing the boys to flee the town, and pushing them ever deeper into the region’s mangrove swamps. Between the trees and the waterways, where the oil industry makes its home, the boys make their camps.
Children joining militias
"Go into the creeks and you will find there are 14-year-old boys," Ann-Kio Briggs, a former spokesperson for the Niger Delta People's Volunteer Force, a militant group with its roots in Port Harcourt, told IRIN. "This is the [upcoming] generation we are talking about."
"They live in the forest," a former militant, Wari George, told IRIN. "They make a camp, and live there. Many also have families in town."
 Photo: George Osodi
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| Ijaw militants loyal to Dokubo Asari display their guns and magic charms in Okoronta village in the Niger Delta | Despite the hardships, the groups have not struggled to find adherents.
With youth unemployment soaring in the Niger Delta and even university graduates struggling to find work, recruitment by the militias is one of the only way for young men to make their own way.
"I finished secondary school. But there was no job, not even a chance of an opportunity," George told IRIN. "If you ask me to carry arms, I will in order to survive."
George only left his job as a militant when the leader of his faction, Alhaji Mujahid Dokubo-Asari, of the Niger Delta People’s Volunteer Force, was arrested in September 2005.
Lucrative
Unlike most work in the Niger Delta, “running” with the militias is lucrative. Many of Nigeria’s oil pipelines are above ground, making them vulnerable to sabotage and bunkering.
On 29 January the Nigerian Security and Civil Defence Corps handed over - to the country’s Economic and Financial Crimes Commission - 118 suspects for having stolen an alleged 104 million naira (just over US$881,000) worth of crude oil since September 2007.
The groups are also behind the kidnap of countless expatriate oil workers over the past few years. Ransom payments, together with oil bunkering and political ties, have kept the militants flush with cash and arms.
In 2003 and again in 2007, politicians paid and armed the groups to rig elections, Human Rights Watch documented in an October 2007 report.
“The impunity enjoyed by politicians is so widespread that some residents of the state are not even aware that their sponsorship of armed gangs is in and of itself illegal,” the report reads.
“Fourteen-year-old boys are going to the camps as a summer job,” explains Ledum Mittee, the outgoing president of the Movement for the Survival of the Ogoni People, a Niger Delta ethnic group.
“They go there and earn money… you ask, what is the alternative? Say they earn N40,000 (about US$340) a month. For those young boys - for anyone else - imagine how much that is. Then they go back to class.”
In rural areas, environmental damage from oil extraction that has devastated agricultural communities provides an additional spur to join one of the groups. Briggs, former spokesperson for the Niger Delta People's Volunteer Force, says a feeling of repression, from living in polluted and impoverished communities, pushes the boys into the creeks.
...The motive is that people want all their rights... if they are not going to have them by negotiation, then they will have them by violence... | “There isn’t a disconnect between the motives of the Niger Delta struggle [and the militancy],” Briggs told IRIN. “The motive is that people want all of their rights… if they are not going to have them by negotiation, then they will have them by violence.”
Tired of the fight?
Clara Ngeribika, an evangelist who organised negotiations for peace between the various militant factions throughout 2007, told IRIN that many of the boys living in the bush are tired of the fight.
"If the government can be sincere with them, they are ready to disarm," she said.
But without any meaningful opportunities to offer the militia members other than carrying a gun, peace talks between the Nigerian government and militant leaders in September 2007 quickly broke down.
Militants said one of the reasons they left the negotiating table was an incident in December when troops stormed the home of militant leader Ateke Tom, who had claimed he was ready for peace.
Ngeribika said the real reason there is no peace yet is the militia members do not really believe the government will let them have a future if they surrender.
"[The boys] might be working somewhere and because of their past records [the government] might hunt them. They are afraid."
Disarmament
Another stumbling block is disarmament. The government insists disarmament must come before negotiation.
Militants complain that disarming would mean that even if they did find work, the wages would be twice or three times less than that of a militant. Blue collar workers in Port Harcourt earn 10,000-20,000 naira (about US$85 to US$170) a month, and it would be difficult for men used to imported cars and designer clothes to take such an income cut.
Other observers say neither the government nor the militants are sincere yet about negotiating for peace because both sides know they both profit from the situation - the militants financially, the politicians to intimidate their opponents.
"Militancy is big business for everybody," the author Victor Burubo told IRIN. "It thrives because the conditions are right."
January 17
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By Sun News Publishing Saturday, May 20, 2006
Months after Saturday Sun expose on child sex industry and the consequent police raids on Lagos brothels housing teenage girls, EMMANEL MAYAH (emmamayah@yahoo.co.uk) investigates yet another vice; this time, the underground world of pornographic filmmakers. He discovers some secret locations, recruitment mode and the Mafia-style creed turning the wheel of an industry nicknamed Nude Nollywood.
Ever wondered what became of the hundreds of Nigerian ladies deported yearly from Italy and other parts of Europe where they had sojourned on sex trade? Ever heard of one success story out of the much-publicised scheme designed to give a new life to those victims(?) of human trafficking? In other words, have you ever seen one former comfort-girl, plucked from the glitzy life of Torino, now sweating it out as a waitress or apprentice fashion designer, all in the name of rehabilitation?
In more ways than one, the Italy returnees, already used to measuring their essence in dollars and Euro, have proved that the leopard cannot really change its spot. Wanting in skills and good academic qualification, the last thing anyone heard about these girls was the unsuccessful bid, of some of the most desperate among them, to return to Europe. For those that went underground, never to be heard of again, the conclusion was that a few truly slipped across the border while the majority stayed back in the country to do other things.
Those “other things” may never had been known but for a discreet newspaper advert tucked away in the crowded pages of society magazines including Fame, Encomium and City People. The message was innocuous and simply informed the reader of the availability of a collection of adult home videos made in Nigeria. The advert further listed the addresses of some distributors in Lagos, Ibadan and other cities where these items could be purchased. The year was 2001.
Like a wildfire, the news spread across the cities. In their hundreds, possibly thousands, connoisseurs of illicit tastes trooped out to these stores to get copies. Some were lucky. Among the home-grown porn on sale were videos with explicit titles as Valentine Sex Party, Oba’s Nine Daughters, A Forest of Flowers, The last Nigerian Virgin and Allen Avenue. Hotter than hot cake, the producers of those porn smiled to the bank, but only for a short time. Vice squads in Lagos and other cities swooped on the distributors, confiscating hundreds of cartons of porn. It is not on record that any of the producers or distributors was charged to court. The X-rated industry suffered what the players merely saw as a teething problem.
The producers returned to their underground and to the drawing board. As they figured out, even at the outset, their only headache was distribution. Getting ‘raw materials’ for their kind of business was no big deal. With the deportation of Nigerian prostitutes from Italy, Lagos especially was crawling with idle girls, rearing to do what they knew how to do best, even before the camera. These ‘veterans’ would later serve as mentors to their home-base counterparts, who displayed at the very first opportunity, a knack for quick learning.
There were also no short supply of unemployed young men who, uncertain of their next meal, were eager for a few thousand naira to play the role of studs in dirty flicks. Encouraging as the public response to their products was, they could not penetrate the market, certainly not through the conventional route that employed major distributors who for legitimate movies, control all aspects of distribution from duplication, marketing and delivery to the collection of revenue. For the various amateur porn production companies, however, the roadblock just must be dismantled. They even formed an association to fight their common enemy. Like brothel owners and other counterparts in the vice industry, they too forged a pact with law enforcement agencies. It was only a matter of time before they began to rise from the ashes of their debacle.
In the beginning When in 1996, the home movie Domitilla was released, it immediately became a box office hit, grossing over N70 million to the producers and pirates alike. The mad rush for the flick had little to do with fantastic acting and certainly nothing of technical wizardry of the director – even as these were not lacking.
Being a tale of prostitution and city girls, Domitilla’s only magnetism was a whiff of sex. Poor movie watchers had gone for it in the conclusion that the movie would parade some flesh, raunchy scenes and possibly frontal nudity.
Whatever the promises and failings of Domitilla, the movie proved that in show business as elsewhere, nothing sells like sex. Already, a huge appetite had been provoked which Kenneth Nnebue cashed in on with his production of Glamour Girls. The latter was more successful if only because it was more daring. Smart in the ways it manoevered withiniron cage of censorship, Glamour Girls was able to show some flesh; that of an unknown Eucharia Anunobi in a bathtub scene with Zack Orji. A star was born just as Eucharia emerged Nigeria’s first sex symbol. Movie viewers went on to dub her “Nigeria’s Sharon Stone” and Eucharia lived up to that name, shedding her clothes in more films including Theo Akatugba’s Native
If Eucharia had any claim to Nollywood’s sex symbol, she got a good run from actresses like Barbara Udoh, Halima Abubakar (nicknamed the wild cat) and Bimbo Akintola, the busty graduate of University of Ibadan who, it was revealed by her former boyfriend (actor Yemi Solade) never wore anything under her dress. The bad girls’ club would received a boost when Shan George shocked her pastor, dramatically shedding her good girl image only to snap up in rapid succession, semi-nude roles which she intepreted with leather outfits that left little to the imagination. Tried as she did to be certified queen of erotica, Shan was eclipsed by an unknown but daring actress named Cossy Orjiakor who took Nollywood by storm with her uninhibited spirit and watermelon chest.
With actresses like Angela Phillips, Foluke Daramola, Ronke Oshodi, Grace Evaly and Jennifer Eliogu, Cossy certainly was not the first woman to come to Nollywood with voluptuous breasts. Though good acting ability was not one of her strong points, she became an instant phenomenon with her generous display of her most prized assets, in the process building a cult following of drooling perverts. With a degree in Accounting and a Masters in Management from the best of schools, Cossy never pretended to anyone that she could act. Her ticket to fame was her natural endowment and with that chest she redefined sex on the screen, not only taking it to the roof but dismissing the likes of Eucharia Anunobi and Shan George as “old school.”
Before Cossy, Nollywood’s video features fell into five clearly distinguishable genres: Voodoo, love stories, epic, comedy and gangster movies. With Cossy, sex or erotic thrillers was blatantly added. Movie producers raced to her with scripts specially written for her. With films like Outcast and Itohan, the story lines all had excuses and sequences for Cossy to bare her body. The busty actress did not disappoint anyone. She proved herself a happy exhibitionist even as she became the target of housewives’ venom. As it turned out, Cossy’s mammary glands were as sought after outside film location as inside it. On TV stations across the country, the girl from Anambra State became the subject of heated debates among clerics, academics, film critics, bigots and liberals alike.
Cossy had over 15 movies to her credit, but in what would amount to a conspiracy to yank her off the screen, producers began to drop her like a hot potatoe. With the Censors Board banning almost all her last movies, the producers having incurred huge losses were unwilling to gamble anymore with her boobs.
One man however, who continued to gamble with Cossy was the dimunitive music promoter, Gbenga Adewusi. A shrewd businessman, Adewusi was the pioneer of lecherous music videos in Nigeria. Having watched with delight the commercially successful marriage of porn and Hip-hop in America, the CEO of Bayowa Films and Records International was hell-bent in procuring local materials’ to produce his own version of Luke’s Freakshow, Hip-Hop Honeys, Snoop Dogg’s Diary of a pimp and 50 cent’s Groupie Love and And the Lord said … Let there be Pum Pum, among others.
Styling himself as an avant garde, Obesere – the popular Fuji musician, notorious for his gutter lyrics – was a natural choice for Bayowa’s project. Together they produced Gogo Night in 2000 which unbelievably showed glimpses of pubis. To this day, it remains a mystery how Bayowa was able to navigate without drowning the stormy waters of both the National Film and Video Censor’s Bard (NFVCB) and the Nigeria Broadcasting Commission (NBC) which had variously yanked off air Femi Kuti’s innocuous Bang Bang Bang and Zule Zoo’s Kerewa.
Allegations of heavy inducement were rife but having tested the waters, Bayowa raised the stake even higher. He had gone ahead to sign on the voluptuous Cossy who was only too happy to lead a pack of other skimpily clad ladies to wiggle, pout and titillate in a succession of X-rated musical including Apple Juice, His Excellency, Fuji Gyration and G-String Carnival. Clips of these raunchy videos were advertised on television and while some viewers concluded that Cossy had finally gone off the hook of sanity, the actress cum erotic dancer was reportedly coveted by rich politicians and their sons. For all her recklessness’ and ‘plain naivety’ Cossy silenced her critics when she acquired a choice property in Lekki.
If Cossy was an embarrassment to her folks back home, the emotion was nothing compared to that elicited by Kano-born Halima Abubakar who like Cossy Orijiafor came to Nollywood with an open mind. Having weighed the odds against her, Halima was quick to put a tattoo to her breast and flaunted it in the right places. She was soon linked with half a dozen footballers including Celestine Babayaro. Yes, Halima got a few roles in the movies but she got more doing seductive scenes in the private homes of the rich and mighty. Unlike Cossy, she added class to her art, and even did a photo shot for T&B Lingerie in Paris. Among others thing, she has done a calendar job in South Africa.
The real McCoy Sex musicals may have assumed a new trend with Obesere, not only taking to cross-dressing on stage but recording and marketing his life concerts with strippers in London, the real McCoy in the porn business however remain the faceless producers with underground outfits mostly in Lagos, Benin and Port Harcourt.
If anything, the flick Glamour Girls 2, exposed the depravity and kinky sex Nigerian ladies trafficked to Italy were subjected to. In the movie, Tina Amuziam, chasing the big buck,was cajoled by her husband (Zack Orji) to sleep with a dg just to satisfy the pervert taste of a white client. Naturally, Nigerians felt such act was only possible in the realm of make-believe. In 1998 however, they were shocked to their marrow when a sequence of events revealed that what was going on in real life was even more outrageous.
It started with a female undergraduate of a university in the South East who was admitted to a hospital with acute itching. For days, the girl was scratching and yelling like a wild animal. In a case widely reported in the papers, no one would had been able to fathom what was going on until another girl died of the same acute itching, thus forcing the first female student to a confession. Knowing that death was imminent and unable to bear anymore the uncanny itching, she told doctors that she and her late friend had been forced by a German expatriate to sleep with his Alsatian dogs. For a handsome fee, they had sex with the randy canine while the expatriate recorded the scenes on video.
When police raided the home of the expatriate, stacks of pornographic videos, all showing naked Nigerian girls were confiscated. At his arrest and interrogation, the German said the sex videos were for his personal pleasure, the police however had reasons to believe the X-rated tapes were exported to Europe for commercial purposes.
Whichever, the national outrage that greeted the sex-with-dogs story did not subside until the government said the offending expatriate had been deported. Even at that, tongues did snot stop wagging as people asked one another how long ago such bizarre sex activities had been going on in the country unnoticed. At the end, enough information trickled out to suggest that the major culprits in the making of porn videos in Nigeria were military officers, expatriate workers, politicians, businessmen and oil workers stationed in Warri, Eket and Port Harcourt.
Italian connection Saturday Sun’s investigations revealed that until 1999 most of the porn videos produced in Nigeria were done by amateurs, often notorious hedonists, who with a handful of dollars and expensive gifts got university girls to do their biddings. It was even said that with the help of hi-tech cameras, the porn makers filmed all the kinky sex scenes in their private homes without as much as the girls having a clue to the fact that they were being recorded.
In 2001, however, when police raided those porn outlets in Lagos and Ibadan as advertised in some tabloids, the commercial nature of the confiscated videos was never in doubt. They all bore the marks of professionals. What more, the naked women in the videos were not innocent, dew-eyed debutantes rather scorching femme fantales who had lost their inhibitions to dirty lucres.
They left no one in doubt, having long turned their bodies into sex machines that could be manipulated to achieve desired erotic effects. Their naunces were not something picked up from the frivolities common on Nigerian campuses, rather from exposure to an international sex industry alive with all its gaudy sophistication. Though it was not branded on their faces, the lingos and mannerism of most of the ladies in the sex videos strongly suggested they were deportees from Italy. Evidences would emerge that x-rated videos like Oba’s Nine Daughters did not only star former victims of human trafficking, the productions were financed by former madames, some of whom had as many as 30 girls in their carted back then in Italy.
With the police hot on the heels of porn distributors in 2001, not every movie lover who wanted copies of the domestic porn was able to do so. As the producers were driven farther aground, the video tapes became one of the scarcest commodies with prices reaching as high as N2,500 per copy. As Saturday Sun discovered, the tapes and CDs are available, they are not necessarily displayed on the shelf. In fact, the retail control was such that only those who truly desired porn could get them only after due perseverance.
The first tape that Saturday Sun procured was Valentine Sex Party and this was at a shop (address witheld) that sold exclusive male accessories from cologne to spanish fly aphrodisiac. The shop in question is located inside a shopping plaza befind Habib Platinum Bank at Adeniyi Jones’ side of Allen Roundabout, Ikeja.
Valentine Sex Party turned out to be striptease work performed by Nigerian girls at an unindentified club possibly in Ikeja, Apapa or Lagos Island. The girls were all attired in sexy party dresses that included the shortest of minis. To the beats of reggae and Makossa, they swayed and twisted. Every movement exposed their crotches and as simulated passion rose to crescendo, they abandoned themselves to their male partners who were they in their movie to play the role of Val dates. The producers of this porn did not give their names but the beer posters in the background, pidgin English and mannerism of the actors oozed Nigeria.
Among the tapes purchased by Saturday Sun four had same flavour as Valentine Sex Party. Each were shot in a club or private home using different amateur actresses. None of them had the names of the producers. In fact, except for the one entitled Allen Avenue, the rest had no titles. Someone had merely used a typewriter to write “Nigerian Sex Film”, cut them out with a blade and pasted them on the tapes. It was only Allen Avenue that had something close to a story-line.
The camera tracked some girls standing on the popular street. Next, they were engaged in what was supposed to be dialogue with male customers in flashy cars. The scene changed to a mansion which gate had been flung wide open. About eight cars parked with party-freaks glide in and the girls are deposited in a swimming pool. Another porn outlet discovered by Saturday Sun was on Awolowo Way Ikeja, at a building next door to MEB Eye Clinic. Inside a shop, aptly named Love Shop, that sold foreign adult magazines, perfumes, lingeries and wait for this, dildos, this reporter purchased a Nigerian porn entitled ‘A Forest Of Flowers’.
This film turned out to be one the most adventurous of local x-rated videos. To leave you not in doubt of what you have in your hands, the girls in the porn spoke Yoruba, Ibo and Hausa languages. This sex movie actually had a plot, and a rural setting. It began with four village girls on their way to the farm. While they dwell on the latest gossips, they are unaware of some randy villians laying in ambush. When the attack eventually came, it was no surprise to anyone. And while the girls were supposed to be dealing with rapists, they actually helped their attackers to have their way. The snag for the producer was that though beautiful girls were used, the male actors couldn’t play the studs. Most of the time they couldn’t get it up or had come too quickly.
To salvage the production and at least stretch it to one hour, the hands of a desperate director could be seen behind the camera as he motioned on the girls to give the rapists blow job. Next, the boys were seen drinking bottles of stout as if that would keep them going. Investigations by Saturday Sun revealed that the producers of A Forest Of Flowers are actually husband and wife named Charles and Sandra Ekwunife. Both are the publishers of a porn magazine called Better Lover which the lawyer husband initiated in 1996. According to a male hairdresser who was part of another x-rated movie produced by the couple, the a videos were shot in the coconut groove of Badagry.
At the last count, Nigeria’s porn industry had as many as twenty production houses, some of them owned by former sex workers deported from Italy. Among the latest works in the market is Nigeria Hottest Mapouka Sexy Dance, produced by Crazy World Entertainment which has an outlet at Ubakason Plaza, Alaba International Market. Others are Nigeria Flying Girls and Sweetest Taboo produced by Climax Productions and Nigeria Mapouka Uyompem produced by Sontec Digital Production Ltd in collaboration with Tonard Internation Ltd.
Having identified porn as a new money spinner, quite a number of Alaba businessmen are putting their money into porn business. One x-rated clips called Mapouka Legends has the photo of actor Jim Iyke on its cover. It is not a ruse. The video actually had a 7-minute clip of the actor at a nightclub simulating sex with different girls who patiently lined up waiting for their turn.
Saturday Sun gathered that local porn producers have become prolific, churning out videos, many of which are exported to neighbouring African countries like Benin, Togo and Ivory Coast. |
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|   October 24 Winners announced: Ecobank, Cecilia Ibru take top honours
Africa’s top bankers, finance ministers, governors of central banks and industry leaders gathered at the Grand Hyatt in Washington DC to honour the continent’s best bankers during the first ever awards.
IC Publications and African Banker are now proud to announce the Winners of the the first African Banker Awards.
The awards are designed to recognise the rapid modernisation, consolidation, integration and expansion of the African banking sector which has inspired the introduction of the specialist publication, “African Banker”.
The awards will also help to establish the corporate identity of leading banks and bankers from Africa who are increasingly playing crucial roles in the world banking system.
Press Release
African Banker Awards short list announced
An impressive short list of nominees for the first ever African
Banker Awards, to be held at the Grand Hyatt, Washington
DC, USA, on the 18 th of October 2007, has been announced.
Africa’s top bankers, finance ministers and central bank
governors will vie for awards in 15 categories, ranging from
best Finance Minister to Best Micro Lending Institution.
The African Banker Awards will coincide with the annual
IMF/World Bank meeting, also in Washington.
Africa’s most important financial experts, including Nigerian
Central Bank Governor, Prof Chukwuma Soludo CFR, the
Chief Solicitor of the ITC Development Bank, the Rt.Honorable Osuji A. Benson,Esq., Jean Louis Ekra, President AfriExim Bank, and the
Deputy Prime Minister of Mauritius, Hon Rama Krishna
Sithanen are expected to attend. Also in attendance will be many
other African finance ministers, central bank governors, chief
executives of commercial banks and other African and US
business heads.
An independent panel of judges will choose the winners of 11
out of the 15 categories. The panel and the editorial board of the
African Banker magazine will select winners in four special
categories: African Finance Minister, Central Bank Governor,
Banking Regulator and an award for overall contribution to
African banking, the Lifetime Achievement Award.

August 20
Naira Redenomination May Take Effect Jan. 1• New and old naira to run side-by-side for 5 monthsBy Ayodele Aminu, 08.20.2007
THISDAY has learnt that the planned redenomination of the naira may take effect from January 1, 2008, eight months earlier than planned by the Central Bank of Nigeria (CBN). However, CBN sources said shifting the date backward could present logistic challenges for the minting and distribution of new notes and coins, as well as the timeline for public enlightenment. The CBN is said to favour an implementation date of January 1, 2009, since the reason for the suggestion of a shift in date is to align the new currency policy with the budget year. According to CBN sources, if the new currency is introduced on August 1, 2008, there will be a transition period of five months during which the new and the old naira will be used side-by-side. This means if a product is priced N1000 under the new regime, a buyer can choose to pay N100,000 in old currency or N1000 with the new naira. The CBN governor, Profe-ssor Charles Soludo, had Tuesday last week, announced the redenomination of the national currency to knock off two zeros to the left, while N20 would be the highest denomination with effect from August 1, 2008. The proposal to shift the implementation date, THISDAY was told, may form part of the proposal to be forwarded to the Federal Executive Council (FEC) by the Economic Management Team which has been mandated by FEC to “fine-tune” the monetary policy. It is also being suggested that instead of phasing out the current N1000, N500, N200, N100 and N50 notes, the redenomination could still accommodate them but they should be withdrawn from circulation gradually. Under this proposal, there will be no need to mint new currencies, and this is expected to save the nation billions of naira that will otherwise be expended on printing new currencies. The Minister of Finance, Dr. Shamsudeen Usman, had informed the press last week that the economic team would look into some “technical areas” of the CBN policy and advise FEC appropriately. Implementing the policy midyear may present some “mathematical challenges” for the fiscal activities of the government, the source said. The decision to “fine-tune” the policy had been interpreted in some quarters to mean an intention on the part of the Federal Government to reverse it. The Minister of Information and Communications, Chief John Odey, had, while briefing the media after FEC’s meeting on Wednesday, implied that the policy needed FEC approval, saying “the Ministry of Finance is a member of the board of the CBN… There are benefits in terms of redenomination of naira and micro economic stability. All these we will get professional advice from the Economic Team. The CBN plan for the redenomination is not something that will come up today. They will come up with a position for Council to approval. They will brief the National Assembly and other stakeholders”. But a minister told THISDAY yesterday that President Umaru Musa Yar’Adua is fully in support of the policy. “Most of the questioning that Soludo faced at the FEC meeting was from politicians who were very curious to understand what the new policy meant in concrete terms,” he said. “Since it is a technical matter, the president said the Economic Management Team should go and iron out the technical details and present its own advice to council.” Usman had also clarified Odey’s statement, saying “the action of the CBN is within the purview of the Act of the CBN since it is dealing with policy monetary issues. It is their prerogative to take decisions on these issues. The autonomy of the CBN is not in question and it is acting absolutely within the law.” Last week, Soludo explained to THISDAY that under the new policy, nothing would change in “nominal terms”. “Everything remains basically unchanged. We haven’t lost any value. Nobody loses any value but over time, because we will pin down inflation expectation, everybody gains so the guy who is earning 50,000 today will start going home with 500. “The bus fare that used to be 15 naira will now be 15 kobo. He will still enter the same bus, instead of the 15 naira when he was earning 50,000 now he pays 15 kobo out of his 500 naira salary. It will be the same two decimal points to the left; everything, all prices will be affected. “On that particular date (August 1, 2008), all the monies we have in the bank will go two decimals backwards. The old money you are going to drop, if you give them 50,000 naira, they are going to give you back 500 naira. Because it will be a totally new currency everybody will go through it. So what it means is that the value in nominal terms everything will just come down that way because everybody will go to the bank to exchange the old notes. Your old 50 naira, 100, 200, 500 and 1000 are out,” he had explained. Ghana, Nigeria’s neighbour, was the first West African country to re-denominate its currency. With effect from July 1, 2007, the country knocked four zeros off the cedi, thereby making the renamed Ghana cedi exchange at par with the dollar. The old currency will be in circulation along with the new one until December 31, 2007. The old currency will cease to exist from January 1, 2008—exactly six months after the introduction of new currencies.
 May 21
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Greetings Everyone
The consolidation of Prime Trust Bank and ITC Bank, PLC
has been achieved.
*****
I will continue on in my previous position as Head of Accounts, Clearing and Trusts.
THE IBTC Chartered Bank Plc OFFSHORE FIXED DEPOSIT
The IBTC Chartered Bank Plc Offshore Fixed Deposit is ideal should you wish to invest in a tax-exempt deposit paying a fixed, competitive rate of interest. Our Foreign Exchange desk trades in major currencies. The Banks’ in house dealing team is always available to give immediate and competitive foreign exchange quotes. It is also able to offer a full range of treasury, financial and hedging products.
Contact me for all your monetary and financial needs! 24/7
I Can Help!
Osuji A. Benson, esq. Solicitor
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