Monday, 20 December 2010

RMAFC Meets over Jumbo Pay, Special Derivation Fund to Bayelsa

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook www.facebook.com/economicconfidential.

RMAFC Meets over Jumbo Pay and Special Derivation Fund to Bayelsa
The controversial jumbo packages being enjoyed by political office holders in the country as well as the contentious concession granted to Bayelsa State to enjoy special derivation funds to be decided by the newly appointed members of the RMAFC. Read @:

Anti-Graft War: US Canvasses More Powers For EFCC
The American government has canvassed for more powers for EFCC to enable it overcome the current challenges of fighting graft in the country. Read @: http://www.economicconfidential.com/x/index.php/national-news/569-anti-graft-war-us-canvasses-more-powers-for-efcc

Chartered Accountant Jailed over Tax Fraud, Forgery
For conniving, with three staff of Skye Bank Nigeria Plc, to defraud the Federal Inland Revenue Service, FIRS of N7.3 million, a chartered accountant, Mr. Abayomi Sofolayan, is to spend 18 months in jail. Read @:

NEMA Moves Relief Materials to Niger Delta, Leads World Bank to the North
After undertaking underground assessments on the needs and plights of displaced people from the clashes between Nigerian security forces and the John Togo group in Ayokoromor, in Burutu Local Government Area of Delta State, the National Emergency Management Agency (NEMA) has directed its zonal offices in Port-Harcourt and Enugu to immediate move relief materials to the victims. Read @:

When Jonathan Discredits IBB's Educational policy
The importance of education to national development cannot be over emphasized; this underscores the effort made by successive administrations in Nigeria to ensure that the sector is improved. A brief history of the country's educational policies and programmes goes to prove this fact. Read @:

WikiLeaks: How It all Began
In January 2007, the website stated that it had over 1.2 million leaked documents that it was preparing to Publish. Our interest is not in the leaked secret documents, but on how WIKILEAKS was and is able to secure classified and top secret government dossier worldwide through the radical exploitation of cyberspace vulnerabilities. Read @:

My Problem With Nigerians
To what shall I compare this generation? I sang a serenade and they did not dance; I played a dirge and they did not mourn. To an average Nigerian, the greatest problem of Nigeria is …

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Sunday, 12 December 2010

CCTV Cameras for 2011 Elections and on the Most Corrupt Institution in Nigeria

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook www.facebook.com/economicconfidential.

CCTV Cameras for 2011 Elections
The INEC is billed to install Closed-Circuit Television (CCTV) cameras in critical polling units to deter rigging and criminal activities during the 2011 election. There are feelers that ballot boxes can be bugged with taping devices and the use of tiny surveillance equipment as small as pens and phones that use batteries and solar energy. There is presently 120,000 Polling Units in Nigeria. Read more on this and polling units per state from this link:

How NDIC Protects Depositors' Funds in Banks - Acting MD/CE
The Banking Industry in Nigeria has witnessed some transformation lately through the reform initiatives by the Central Bank of Nigeria (CBN) and its collaborative effort between the CBN and The Acting Managing Director of Nigeria Deposit Insurance Corporation (NDIC) Alhaji Umaru Ibrahim shed light  on recent developments in the banking sector including  the challenges facing the CBN/NDIC, Islamic banking' the strategies that have been mapped out to protect depositors and also facilitate the safety, soundness and stability of the Nation's banking system. The interview was granted to the Economic Confidential magazine:

The Nigerian Millionaires 45 Years Ago
This article was originally published in the Time of Friday, September 17, 1965 that stated that "before Britain withdrew, Nigeria had a flourishing trade, exporting peanuts, cotton, palm kernels and cocoa and importing in exchange manufactured goods, foods and tobacco The first native millionaires made their money by competing with the white man for his trade. Nigeria's millionaires included Sanusi Dantata 46, Sir Odumegwu Ojukwu, Sir Mobolaji Bank-Anthony, Emmanuel Akwiwu, Chief Shafi Lawal Edu…

Federation Account: How States Shared N490bn in November 2010
Guess how much your state got from the Federation Account in November 2010 when Akwa Ibom received N14.3bn, Rivers receiving N14.2bn, Delta N11.7bn and Bayelsa N11.5bn' Lagos N10.3bn' Kano N8.8bn while Gombe got N3.5bn, Ebonyi N2.9bn and Ekiti N3.7bn. The full detail is a table from this link:


List of Confirmed New RMAFC Chairman and Federal Commissioners
The Senate of Federal Republic of Nigeria has screened and confirmed the nomination of Engr. Elias Mbam as the Chairman of the Revenue Mobilization, Allocation and Fiscal Commission, RMAFC, and 20 other federal commissioners for the organization with two other nominees from Abia and Enugu States still pending.

Most Corrupt: Between politicians and civil servants in Nigeria
The public is aware of how elections are rigged and how unqualified and unscrupulous candidates are given political appointments, while the fate of civil servants is left in the hands of this calibre of public officers to determine who gets what in terms of political and financial patronage. Corruption in the civil service is influenced by the political class including Bankole's legislature who turn the oversight functions into money-spinning ventures. http://www.economicconfidential.com/x/index.php/features/564-most-corrupt-between-politicians-and-civil-servants-in-nigeria

Sanusi: A Long Misunderstood Patriot
This is the same Senate we have had a political appointment nominee fainting while facing, the Senate that has intimidated public officers into incoherence in the past, the same Senate that has made otherwise fine technocrats look silly in the past. But this was not Lamido Sanusi. The man came out not only unscathed, he also made the Senators look stupid.

Strengthening the Banking Reform with Economic Liberalization
Over the few years, the success of the banking reform and the on-going strides by the Central Bank of Nigeria (CBN) suggests a complementary approach in liberalizing the economy to encourage the needed growth in all sectors. Of course, an economy with a buoyant banking sector without articulated growth on other service sectors could be seen as only an "end to a means".

NITDA: Straddling the line between performance and culpability
No one is better placed to effect the necessary reforms in the aforementioned realms than the head of NITDA. The Professor, in his official role, must accept that the buck stops with him and the use of the excuse of lack of a political will as a fig leaf to hide poor performance is not acceptable.

Internal Debts as threats to economic Development
Internal debt is easier –because regardless  if you are a democracy or dictatorship, you are always have the option to publicly say: sit down and shut up people...we are pulling a lot of health benefits, public education funds etc. If you don't like this, then move somewhere else" (anonymous).

How Shekarau secures N3.8bn Hospital for Kano
As some people may likely suppose, this is not a fruit of the famous Public Private Partnership (PPP) cliché, nor the nectar of omnipotent monthly grants each component of the federating unit is receiving. Rather, the N3.8 billion project came into fruition through concerted effort of Kano State governor Malam Ibrahim Shekarau, who travelled around many parts of the world in order to negotiate the compensation. 

Odey Commends Ecological Office as he appeals for environmental best practices
The Minister of Environment, Mr. John Odey has commended the Ecological Fund Office for its internal re-engineering just as he appealed to Nigerians to fight against unhealthy practices and behaviours that are not environmental friendly. 

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Monday, 22 November 2010

Finally, Atiku is the Consensus Aspirant as Hackers Attacks NITDA Website

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook www.facebook.com/economicconfidential.

Finally, Atiku is Consensus Presidential Aspirant
Finally the Northern Wise-men for the selection of the consensus Presidential aspirant from the region have chosen former Vice-President Atiku Abubakar as the consensus presidential aspirant of Peoples Democratic Party to slug it out with President Goodluck Jonathan for the primary election. Other aspirants for the consensus congratulate him. Read: http://www.economicconfidential.com/x/index.php/national-news/547-finally-atiku-is-consensus-presidential-aspirant

Internet Hackers Attacks NITDA Website for Months
Internet Hackers have continued to attack the website of the National Information Technology Development Agency (NITDA) which is the clearing house for IT projects in the public sector in Nigeria. The hackers who have debases several pages of the official website of NITDA with offensive materials, according to the finding of the Economic Confidential magazine, the agency is yet to rectify and address the problems even when it has ICT professionals in its workforce as of this morning. Read: http://www.economicconfidential.com/x/index.php/national-news/546-internet-hackers-attacks-nitda-website-for-months

EFCC Raises Alarm Over Fresh Blackmail Plot
The Economic and Financial Crimes Commission has described as cheap blackmail and an act of desperation by disgruntled elements a widely circulated statement credited to the anti-graft agency in which spurious and ridiculous allegations were made against the Attorney General of the Federation , Mr Mohammed Bello Adoke, SAN as well as the EFCC Chairman, Mrs Farida Waziri. Read: http://www.economicconfidential.com/x/index.php/national-news/544-efcc-raises-alarm-over-fresh-blackmail-plot

American Legislators Commends CBN's Banking Reforms
They say:"We were fascinated by the CBN Governor, and impressed by the tough, decisive and transparent actions that he and his colleagues had taken in Nigeria in a way that many Americans wish had also been done here with the leaders of financial institutions that benefitted from tax-payer funded bail-outs."Read: http://www.economicconfidential.com/x/index.php/monetary/542-amercican-legislators-commends-cbns-banking-reforms

Amos Adamu's Travails: the Consequences of Greed and Corruption
On Saturday 16 October 2010, Complete Sports magazine did a poll to its readers titled: "Is Dr. Amos Adamu A Curse Or A Blessing To Nigerian Football?" I took my time to trawl through all the comments and feedback left by Nigerians. The result? The overwhelming majority of respondents concluded that, Dr Amos Adamu, erstwhile (now suspended) Nigerian representative on the Board of FIFA, world football's ruling body, was not only a curse to Nigerian football, but was also a disaster waiting to happen. Read: http://www.economicconfidential.com/x/index.php/features/545-amos-adamus-travails-the-consequences-of-greed-and-corruption


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Sunday, 14 November 2010

Accountants from Nigerians Spend N430mn for Malaysia Summit

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook www.facebook.com/economicconfidential.


Malaysia Jamboree: 900 Accountants from Nigeria Spends N430mn in a Week
At the recent World Congress of Accountants (WCOA) which took place in Kuala Lumpur Conference Centre, Malaysia over 900 Nigerian Accountants attended the congress that attracted about 6,500 delegates from 157 members and associates of IFAC in about 123 countries. Read: 

Face to Face with Alamieyeseigha
It is an experience this writer will not forget in a hurry. It is such an experience that makes one to wonder about life, its pleasure, its vanity and what forms inner contentment and fulfilment. It was on a trip to Bayelsa state. Read:

Drum of Third World War Beats Louder
Two men to decide the fate of the embattled mankind in a matter of weeks are Benjamin Netanyahu of Israel and Mahmoud Ahmadinejad of Iran. The issue at stake is Iran's determination to achieve deliverable nuclear weapons, which has the inherent potential to spark off the dreaded Third World War. This is presumably so with the Israeli readiness to attack Iran as early as this November 2010. Read:

FIRS Tasks Tax Payers on their rights for better services
Taxpayers have been advised to come together, form associations and pressure groups to address common issues, press for their rights and channel their demands to the government and obtain better services. The Executive Chairman, Federal Inland Revenue Service, Mrs. Ifueko Omoigui Okauru, said this would encourage a two-way communication between the government and taxpayers. Read:


AMCON Board Authorises Purchase of Non-performing Loans
The Board of the Asset Management Corporation of Nigeria (AMCON) concluded its first board meeting today in Abuja, during which it reiterated its mission to acquire non-performing loans across the banking industry, recapitalise the rescued banks and manage the acquired assets. Read:

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Monday, 8 November 2010

Rich and Poor States: How They Share N1tr in Six Months

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook www.facebook.com/economicconfidential.

Rich and Poor States: How States Shared N1 trillion Between January to June 2010
The 36 states in Nigeria shared a total sum of One trillion between January and June 2010. In a summary of federal allocations to the states obtained by the Economic Confidential, the online intelligence magazine, within the period South-South states that are mostly oil-producing received the highest total allocation of N386.8billion followed by North-West N162.5billion and South-West N160.7billion. Other regions like North-East got N119.7 billion, North-Central N117.2billion and South-East received N99.4 billion. The full detail of the disbursements and the ranking of rich and poor states is in a table provided by the economic Confidential where for instance Akwa Ibom state alone received a total sum of N104 billion while its neighbour, Cross River only got N18 billion in the six month of the year. Read more and table:

How We Manage Ecological Funds- Odusote
The head of the National Ecological Fund Office is Mrs. Ibukun Abimbola Odusote who is a Permanent Secretary, granted an interview to the Economic Confidential on how her agency manages Ecological Funds. Read more:

Aliyu K. Belgore: An Accomplished Banker for AMCON
In Nigeria the name Belgore is synonymous to law at highest level, but unlike other popular Belgores from the Ilorin Emirate who are lawyers, magistrates and judges, Aliyu Kola Belgore is a thorough bred and an accomplished banker of repute. He was recently confirmed by the Senate of the Federal Republic of Nigeria as the Chairman of the Board of the Asset Management Corporation of Nigeria (AMCON). Read more:

Intellipharmaceutics: A Nigerian owned Company at NASDAQ
This is cheering news to Nigerians as Dr. Isa Odidi and his wife, Dr. Amina Odidi based in Canada were recently honoured by NASDAQ. They were invited by a stock exchange based in the United States of America (NASDAQ) to ring the opening bell before trading began in New York City. They are top pharmaceutical scientists and prolific inventors in Canada whose pharmaceutical company Intellipharmaceutics, has become a success story. Read more:

Nigeria Tasks Commonwealth Citizens On Taxes
At a meeting of 46-member countries of Commonwealth Association of Tax Administrators (CATA), President Goodluck Jonathan tasked citizens of commonwealth countries including Nigerians to pay their taxes so as to have moral justification to hold governments accountable on implementation of development programmes. Read more:


Features
The following features can be accessed from the Homepage: www.economicconfidential.com:

Wanted: change driver, not jingoist by Chijama Ogbu
Pension: A Retirement Income Strategy by Salim Salihu Muhammed
Renaissance Professionals: A Post Mortem by Suraj Oyewale
Cybernetic Solutions to Economic Problem by Oluwaseyi Akanni Olumuyiwa
Sani-Sidi and the Way Forward in NEMA by Manzo Ezekiel
Memories of Colonial Africa: A Nigeria Without Oil by Philip Emeagwali
Mittee Report as Key to Security and development by Law Mefor
Expo 2010 and Greater Port Harcourt Mega city by Prince Nwaokugha Ikeokwu
Tackling Zamfara Lead Poisoning Threat by Bashir Bichi
Poor Northerners! by Aliyu Tilde
An evil that created economic imbalances by Gbenga Okubadejo
Government and Social Responsibility Service by Toyeen Ojo
Book Review: My Country My Home by Abubakar Jimoh

 
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Monday, 4 October 2010

Ribadu on Patience Jonathan, Still on 224 Bad MF Banks

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook www.facebook.com/economicconfidential.
 
 

Why I am the Best Presidential Aspirant – Nuhu Ribadu

The former Chairman of the Economic and Financial Crimes Commission (EFCC), Mallam Nuhu Ribadu has indicated his interest to contest for the Presidency in 2011. The Economic Confidential was represented at some of his media interactions with selected media in Abuja where he also disclosed all he knew about the case involving the wife of the President, Patience Jonathan Goodluck on alleged money laundering. Click to read:

http://www.economicconfidential.com/x/index.php/interviews/452-i-am-the-best-presidential-candidate-nuhu-ribadu

 

AFRICA: Then, Now and Forever              

By Philip Emeagwali          

This year, in 2010, 17 African nations are celebrating their 50th anniversary of sovereignty and post-colonial rule. Nigeria's journey, like that of the other independent African nations, began at the Berlin Conference 126 years ago with no African in attendance. If colonial Africa could be created in Berlin, then a future Africa could be created in Beijing. Nations creating technological knowledge are reinventing the future and recreating Africa. Click to read:

http://www.economicconfidential.com/x/index.php/features/454-africa-then-now-and-forever

 

Nigeria at 50: Primitivism or Civilisation?

By Dr. Aliyu U. Tilde           

I discovered that almost every country is listed on the store except Nigeria, meaning you cannot purchase anything from Nigeria in that store... Someone told me that a Nigerian customer could access the stores if he claims Niger Republic instead of Nigeria. Niger! Itunes is not the only cyberstore that does not have Nigeria on its list. I have encountered many others before. Click to read:

http://www.economicconfidential.com/x/index.php/features/455-nigeria-at-50-primitivism-or-civilisation

 

The 224 Bad Micro Finance Banks in Nigeria

The Economic confidential produces below the text of the Press Conference by Deputy Governor of Cental Bank of Nigeria (CBN), Financial System Stability (FSS), Dr. Kingsley chiedu moghalu on the status of Microfinance Banks in Nigeria and whose licenses are recommended for revocation. The Nigeria Deposit Insurance corporation (NDIC) has however, immediately after suspended the banks. Click to read:

http://www.economicconfidential.com/x/index.php/monetary/442-the-224-bad-micro-finance-bank-in-nigeria

 

FAAC: How FG and States Shared N550bn in Sept 2010

The Economic Confidential magazine provides the distribution of a total sum of N550 billion being the Statutory and VAT allocations shared to all tiers of government at the monthly meeting of the Federation Account Allocation committee (FAAC) in September 2010. From the table of net disbursements after deductions, the highest recipients are from the oil producing states with Akwa Ibom receiving N16.2bn and Rivers N15.4bn. The highest recipients from non-oil –producing states are Lagos N11.8bn and Kano N9.3bn. for more click to read:

http://www.economicconfidential.com/x/index.php/facts-a-figures/451-faac-how-fg-and-states-shared-n550bn-in-sept-2010

 

PRS Officers to Come Under Planning Commission

In what may be a prelude to moving Planning, Research and Statistics Departments (PRS) in the Federal Civil service to be under the supervision and control of National Planning Commission, the federal government is consulting wildly with various stakeholders. Click to read:

http://www.economicconfidential.com/x/index.php/national-news/448-prs-officers-to-come-under-planning-commission

 

Fake Panel Approved N5bn Contract as Ex-Governor Collected N101mn in Cash

While a principal witness on the trial of former aviation minister insists that a fake committee approves contracts of billions of Naira, another witness in another case confesses that a former governor who is a Reverend Father collected over N100mn in cash to host former President Olusegun Obasanjo. Click to read:

http://www.economicconfidential.com/x/index.php/national-news/441-fake-panel-approved-n5bn-contract-as-ex-governor-collected-n101mn-in-cash

 

Reforming Micro Financing in Nigeria

Across the globe, the Banking Sector plays a vital role in the growth and development of any nation. Since independence to date, there had been various policies and reforms geared towards strengthening the economic backbone; from indigenization to Consolidation in recent past, and Bail-outs, Recapitalization and Institutionalization of Banking Ethics, and the Acquisition of Toxic Assets from banks' books to avert possible collapse in present times. Click to read:

http://www.economicconfidential.com/x/index.php/features/450-reforming-micro-financing-in-nigeria
 
 
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Wednesday, 15 September 2010

Finally Jonathan Declares, IBB too, PDP in Sudden NEC Meeting

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook www.facebook.com/economicconfidential. Click on the READ for full information or visit www.economicconfidential.com
available on the web: www.economicconfidential.com

Finally Jonathan Declares, IBB and PDP Sudden NEC Meeting
While President Ibrahim Babangida was busy declaring his intention to contest at the Eagle square in Abuja at the time PDP suddenly decided to also hold its NEC meeting, President Goodluck Jonathan was busy writing his script. Jonathan has therefore officially declared his intention to contest in his Social Network Page (facebook). Read the politics and the text of Jonathan's declaration... READ here: http://www.economicconfidential.com/x/index.php/national-news/436-goodluck-finally-declares-for-the-presidential-election-on-facebook
 
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Monday, 13 September 2010

Atiku Drops Bombshell as Hacker Attack NASS Web

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook www.facebook.com/economicconfidential. Click on the READ for full information or visit www.economicconfidential.com
available on the web: www.economicconfidential.com

INTERVIEW:Things Can Change Within 12 hours to Elections- Atiku Abubakar
Atiku Abubakar told the Economic Confidential that "as diverse as we are, we have the capacity to come together in less than 12 hours. In 2003 convention, it was within few hours that we decided that let us give it to this man within 12 hours, even at the convention ground states were calling to ask; should we still vote for this man or that man?So do not underestimate the capacity of the north to come together within 12 hours..." READ

Hacker attacks National Assembly Website
As Nigerians enjoy a public holiday to celebrate Islamic festival of Eid-Fitr a hacker has defaced the official website of the National Assembly, the bicameral legislature and the highest elective law-making body in Nigeria. The Economic Confidential, an online economic magazine discovered that some pages of the website were defaced by a user named 'Navid Karimi' without giving his true identity and reasons for the attack. READ
 
Hajia Yabawa Wabi: A Female Accountant for FAAC
Apart from having distinctions in WAEC and Upper Credit in Bsc Accounting, another interesting story of this new Finance Minister of State, Hajia Yabawa Wabi is that her sisters are wives to governors, minister, while her brothers are federal legislators.A female chartered accountant from the Northern Nigeria, she is a housewife and working mother. READ

Federation Account: How They Share N607bn in July 2010
The Economic Confidential magazine provides here the distribution of a total sum of N607 billion being the Statutory and VAT allocations shared to all tiers of government in July 2010. From the table of net disbursements, the highest recipients are from the oil producing states with Akwa Ibom receiving N17.4bn, Rivers N15.7bn, Delta N9.6bn, Bayelsa N5.5b. The highest recipients from non-oil –producing states are Lagos N12.5n and Kano N9.4bn. READ

Still on Reforming the Public Service
Unlike in the private sector where merit is the keyword for promotion, in the public service, it takes some hardworking staff many years to be considered. It seems without the death or termination of appointment of workers, vacancies for elevation may be elusive because the senior and aging civil servants consistently update their ages backwards to remain in the service by refreshing their birth documents and dyeing their hair. The attitudes of those true "Senior Servants" delay others' promotions and deny fresh recruitments.READ

Goodbye to 'UP NEPA!'
"Up NEPA!" is the shout of joy which rends the air as soon as electricity supply is restored to our homes after power blackout. This kind of shouts are not heard in advanced countries or even smaller developing countries like Benin Republic and Ghana because they have steady supply of electricity, this explains why some of our indigenous companies and industries have relocated to Ghana and Benin Republic. READ

Still on Universal Banking System
The decision of the apex bank to shut down the operation of the subsidiaries of some of the nation's deposit money banks has continued to cultivate fear not only in the mind of the banks' stockholders, but also the employees of the various subsidiaries. The action is seen as a measure to attain specialized and sound banking culture among the banks in Nigeria. READ

Nigeria @50: A Quest for Economic Independence
The attainment of economic independence is a key marker of the contemporary transition for any nation into adulthood. It is fascinating to know that Nigeria is celebrating her 50th political independence anniversary amidst the illusion of economic growth and uncertainties as to the country's preparedness to truly gain an economic independence in the nearest future. READ

Reassessing Impacts of MDGs in Nigeria
A Global Partnership for Development was adopted by 189 nations, signed by 147 heads of state and governments during the UN Millennium Summit in September 2000. Bill Gates has called them "the best idea for focusing the world on fighting global poverty that [he has] ever seen." The signing of the partnership was the beginning of the process towards the establishment of Millennium Development Goals (MDGs). READ

National Cyber Security Summit in Tinapa
National Cybersecurity Summit for National Defense & Law Enforcement will take place in Tinapa Business Resort on 27-29th October, 2010. The Theme: "Harmonizing Strategies against National Vulnerability and Cybercrime: -A Strategic Stride towards achieving Vision 202020" READ

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Wednesday, 8 September 2010

The New Service Chiefs Names and Approved Banking Model

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook www.facebook.com/economicconfidential. Watch out for an exclusive interview with Atiku Abubakar also on the Economic Confidential soon.

Jonathan Names New Chiefs for Armed Forces, Police and SSS
President Goodluck Ebele Jonathan of Nigeria has finally replaced heads of the Nigerian Armed Forces and the Police with the appointment of new bosses for the security services. The new service chiefs are READ from this link:

CBN Approves Revised Banking Model
As part of the blue-print for reforming the Nigerian financial system which includes the enhancement of the quality of banks, financial system stability and evolution of healthy financial sector, the Central Bank of Nigeria (CBN), in compliance with the statutory provisions of the Banks and Other Financial Institutions Act (BOFIA) regarding the conduct of banking business has concluded the review of the universal banking. READ: http://www.economicconfidential.com/x/index.php/monetary/425-cbn-approves-revised-banking-model

Nigeria's Leadership Roles in Africa and Daunting Challenges
Nigeria has since Independence been playing a significant leadership role in the West African Sub-region and indeed the African continent. Africa has remained the centerpiece of Nigeria's foreign policy since independence in 1960. With a population of about 150 million people, almost one quarter of the African continent and being endowed with immense physical and human resources, Nigeria is destined to play leadership roles in the affairs of the continent. This is exactly what the country has been doing for decades, notwithstanding the financial, political, social and diplomatic challenges. READ:

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Monday, 6 September 2010

FIRS Jobs for only 2% Applicants, as Jimoh Ibrahim Stays at CAC

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook www.facebook.com/economicconfidential. Watch out for an exclusive interview with Atiku Abubakar also on the Economic Confidential this week.

FIRS Jobs: Only 2% of Applicants Make Final List
With its financial autonomous and improved conditions of service for the staff, the Federal Inland Revenue Service (FIRS) has become a hot destination for job seekers in Nigeria. The Economic Confidential gathered that only two percent of over 100,000 applicants are successful in a recent recruitment exercise. READ

CAC Crisis Resolved, Jimoh Ibrahim Stays
The staffs of the Corporate Affairs Commission (CAC), has called off the industrial action it embarked on recently just as Bar. Jimoh Ibrahim remains the Chairman of the Commission. READ

Buhari Attacks Jumbo Pay and Presidential Jets
A former military leader, General Mohammad Buhari has condemned jumbo salaries for legislators as well as the procurement of new jets for the Presidency. General Buhari made this known in an interview with a popular online portal, Nigeria Village Square.  He said: "There must be some decency in the amount of money public officers are paid." READ

World Bank Commends CBN, Says No Credit Crunch in Nigeria
The World Bank has commended the on-going banking reforms by the Central Bank of Nigeria (CBN) and also stated that contrary to perception in certain quarters, there is no evidence of credit crunch in the Nigerian economy. READ

EFCC to Stop Corrupt Politicians In 2011 as it Partners FBI
Chairman of the Economic and Financial Crimes Commission, EFCC, Mrs Farida Waziri has insisted that nothing will stop the anti-graft agency from working with other sister organisations to ensure that public office seekers with corruption cases hanging on their neck are denied further access to loot the nation's treasury. READ

Federal Legislators to Empower Vision 2020
A draft bill seeking to make all tiers of government to comply with the Nigeria's Vision 2020 economic development blueprint will soon be on its way to National Assembly for consideration and passage in to law. By the provision of the proposed bill, Minister for national planning would have to verify and endorse all development programmes and plans of all tiers of government to ensure that they are not in conflict with the provisions of the vision before they can be implemented. READ

African Countries to Converge on Accra for Cultural Festival
A new dawn in the revival and promotion of Africa's arts, culture and tourism is in the offing as CultureDigest International magazine, with the support of partners unfolds a 4-day African cultural festival-AfriCultureWeek. The festival was conceived by CultureDigest International magazine as a yearly event in line with the Charter for African Cultural Renaissanc. The festival is scheduled for February 2-6, 2011 in Accra Ghana. READ

Re: 'Senators, Ministers Hijack 524 Jobs in FIRS': Facts
In line with FIRSEA 2007 and the need to address staffing gaps long identified in the Service, the FIRS began taking steps to reposition the Service starting with a placement exercise to align staff to positions within the redefined organization structure of the Service and then a massive recruitment exercise which was concluded in July 2010. The placement exercise was originally to include a competency test administered on all staff of the Service. However, due to staff preference, the test was dropped, albeit with an understanding that all vacancies in the Service would be advertised and be filled by qualified internal staff and external stakeholders or persons. READ

ICT Steers Assessment World – Prof. Ojerinde
The President of the International Association for Educational Assessment (IAEA), Professor Adedibu Ojerinde has admitted that the dynamics in the assessment world have changed fundamentally across the globe. According to him, the Theories, Models, Policies, Principles and Practice of evaluation have under gone a lot of vicissitudes and panel beating with their corollary outcomes which are both positive and negative. READ

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Monday, 23 August 2010

New Boss for RMAFC as Dangote to Create 1 Million Jobs

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook www.facebook.com/economicconfidential:

An Engineer named Chairman RMAFC with 24 New Members
The Federal Government has nominated Engr. Mbam from the South-East to serve as Chairman of the powerful Revenue Mobilization Allocation and Fiscal Commission (RMAFC) with 24 Federal Commissioners representing various states to fill existing vacancies at the agency. Some of the nominees, according to the Economic Confidential, include former deputy governor, ministers, legislators, chief executive officers... READ

Dangote's team to Create 1 Million Jobs
With more than 12 million Nigerians currently unemployed, the federal government has appointed President of Dangote Group of Companies, Alhaji Aliko Dangote to lead National Committee on Job Creation (NCJC) to work out mechanism of creating one million jobs within a year... READ

Nigeria is Politically and Economically Stable for Investors – Minister
The Minister of Commerce & Industry, Senator Jubril Martins-Kuye has urged foreign investors to take advantage of the current stable political and economic climate in Nigeria by partnering with Nigerian businesses toward building a democratic, developed and prosperous nation. He made the call during the official celebration of Nigerian National Day at the ongoing Shanghai Expo 2010 taking place in Shanghai, China... READ

N87bn to elect treasury looters?
Democracy is popularly defined as a system of government designed by the people for the people.  The adoption of this style as best practice of governance by several nation states is supported by the far reaching economic and social progress made by those countries with strong democratic principles and structures... READ

Diffusing Socio-Economic Tensions in Nigeria
Widespread mass anger continue to trail the perennial recurrence of maddening cases of preventable carnage like the Lagos-Ibadan fire accident with other  avoidable pockets of tensions and crises spilling  all over. What is glaringly clear is that these incidents occur based on the inherent failure of the ruling capitalist elite to meet and address the socio-economic needs of the vast majority of the working masses –critical infrastructure-well-integrated railway system side by side with broadly-connected roads –which is the collapse that brings up these crises time and over again... READ

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Wednesday, 11 August 2010

Finally Jega-INEC Gets N87bn and Governor Who Never Borrows Money

Latest from factual, authoritative and accessible economic magazine, the Economic Confidential. You can also join us on the Facebook www.facebook.com/economicconfidential:

Finally  Jega's INEC Gets N87bn Towards 2011 Elections 
The Senators have finally approved a total sum of N87.72 billion for the Independent National Electoral Commission (INEC) towards preparation for next 2011 election. The approved figure indicated an increase of about N13 billion higher than the earlier request of N74 billion made by INEC but  short of N1.87 billion from the N89.59 billion presented by the Presidency. READ

We never Borrow Money for Projects in Kano - Shekarau
Recently before officially declaring his intention to contest for the position of President of Nigeria through the All Nigerian Peoples Party (ANPP), the Economic Confidential was granted an exclusive interview by the Executive Governor of Kano State, Mallam Ibrahim Shekarau on national problems and how he addresses some them in his state including executing projects without borrowing money. READ

Lagos, Ogun have Oil Wells as RMAFC Denies Partiality over Oil Revenue
The Revenue Mobilisation and Fiscal Commission (RMAFC) has described the recent accusations and outburst against it by Governor of River State Chief Rotimi Amaechi as mere balderdash claiming that the governor had visited the Commission contrary to his claims and that Lagos and Ogun States have Oil Well. READ

Dependency on Oil Exposed Banks' Weaknesses
One of the banks rescued by the CBN had a loan book of about N900bn and 90% of the loan is non-performing, even with the intervention of Asset Management Corporation of Nigeria (AMCON) there will still be a vacuum of about N500bn, because these were loans without collaterals. N500bn of depositors' money given away without collateral! READ

Korea Donates Classrooms to States, Advises FG on Priority
The Korean government has donated 37 newly constructed classrooms to Nigeria's government through its special Department, Korea International Cooperation Agency (KOICA). The Korean Government has also approved and prepared the ground for the take-off of other big projects which are the construction of two comprehensive model schools of 25 classrooms each in Gombe and Adamawa states. READ

Crude Oil Production to be measured at Terminal
Realising the huge loss of revenue from crude oil production in Nigeria due to inaccurate metering systems, the Federal Government would engage officials of the Department of Weights and Measures from Ministry of Commerce to perform their duty by ensuring accurate record and measurement as well as volume of crude oil at various terminals. READ

VP Directs Immediate Clearance of All Power Project Containers at the Port
The Vice President, Arc Mohammed Namadi Sambo, has directed the Nigeria Customs Service to clear all containers concerning the National Integrated Power Project (NIPP) and other power equipment at various Ports in the country. READ

CBN Partners AGRA to Stimulate Agric Financing
The Central Bank of Nigeria,(CBN ) has signed a landmark agreement with the Alliance for a Green Revolution in Africa (AGRA) to develop a new innovative mechanism for unlocking billions of Naira of financing to serve the needs of all farmers, especially smallholder farmers, agro-processors, agribusinesses and input suppliers in the agricultural value chain. AGRA is an Africa based organization working in partnership with governments, agricultural research organizations, farmers, private sector, civil society and other rural development stakeholders to significantly and sustainably improve the productivity and incomes of resource poor farmers in Africa. READ

Haiti: 6 Months After the Earthquake
Its over six months now after the earthquake that ripped through Haiti on 12th January 2010 this year, normal activities have gradually returned to the Caribbean country. The people are gradually putting behind them the devastating shocks suffered from the disaster and looking forward to a better life. However, from the streets to the buildings that are still standing and dots of camps used by the displaced population bellies realities of the time. READ



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