The New Service Chiefs Names and Approved Banking Model

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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:

http://www.economicconfidential.com/x/index.php/national-news/424-jonathan-names-new-chiefs-for-armed-forces-police-and-sss

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:

http://www.economicconfidential.com/x/index.php/features/426-nigerias-leadership-roles-in-africa-and-daunting-challenges

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

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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

http://www.economicconfidential.com/x/index.php/state-news/420-african-countries-to-converge-on-accra-for-cultural-festival

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

http://www.economicconfidential.com/x/index.php/tax-matters/417-re-senators-ministers-hijack-524-jobs-in-firs-facts

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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New Boss for RMAFC as Dangote to Create 1 Million Jobs

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

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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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How Nigeria Earned N34tr in Democracy as DG Owns N700mn house in Village

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

Prof. Gambari: A Global Diplomat from Nigeria

He is an African whose name is everywhere on international diplomacy: shuttling between tough terrains; mediating in crises; resolving conflicts as well as preaching the gospel of global peace. He is not only a black African but a global diplomat from Nigeria. He is one of the longest serving Africans at the top managerial positions... Read

Nigeria Earned N34 Trillion in 10years of Democracy

Nigeria is not poor. It is a very rich oil producing country earning trillions of Naira in revenue from the oil and non-oil sectors of the economy.  The Economic Confidential provides in detailed tables how over N34 trillions in revenues were generated between 1999 when President Olusegun Obasanjo was elected President of the country to 2009 before the demise of President Yar'Adua... Read

Federation Account: How They Share N607bn in July 2010

The Economic Confidential magazine provides the table of the distribution of a total sum of N607 billion shared to all tiers of govt including your state in July 2010. The highest recipients are from the oil producing states with Akwa Ibom receiving N17.4bn and Rivers N15.7bn. While some states received less than N3bn, Lagos got N12.5n and Kano N9.4bn... Read

Ex-DG Diverted N2.2bn, Built N700mn House in Village- Witness

He was a top public servant who was alleged to have misappropriated over N2.2 billion public funds and owned a house valued at over N700million in his village, apart from inflating salaries for his pocket. Who is this alleged crook... Read

The PR Crisis of NNPC indebtedness - Yushau Shuaib

Looking at the facts and dramas, one may wonder what actually put Remi Babalola, a former Executive Director in some of big banks into trouble? Is Remi Babalola growing wings and undermining his superiors in government? Is he an overzealous publicity freak who would rather seek media limelight than engage in government business without attracting attention? Or could he be playing to the gallery with hidden agenda, typical of politicians, for immediate or future ambitions?... Read

Is the NNPC Broke? Queries for NNPC and CBN - Les Leba

It came as no surprise to close observers of the economy when the Minister for State for Finance, Remi Babalola reported that the NNPC was insolvent. Although the substantive finance Minister, Olusegun Aganga and the Information Minister refuted this allegation the very next day at a Press Conference after the weekly meeting of the Federal Executive... Read

The Niger Delta and vanishing monthly allocations - Sabella Abidde

A lot has been said and written about the Niger Delta. Even so, not many people who live outside of the region have a complete picture of what the "riverine" areas are truly like - in terms of the toxicity of the land, the "foetidness" of the air, the abject poverty and the miserable social systems... Read

How They Killed Nigeria's Banks -Gbenga Okubadejo

I got fascinated each time I read Mallam Sanusi Lamido Convocation Lecture delivered at the Convocation Square, Bayero University, Kanoto mark the Annual Convocation Ceremony of the University. Mallam Sanusi, The central bank of Nigeria governor, wouldn't have given his speech a better title than the... Read

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AMCON and Toxic Assets of Nigeria's Banks -Salim Salihu Muhammed    

PIB: Making Nigerian Oil Work for the Citizens - Awwal Musa Rafsanjani

Propagating a Cohesive and Integrated Society -Toyeen Ojo

Still on Economic Sanctions against Iran - Abubakar Jimoh

NEMA Takes Reliefs to Ogun Flood Victims

Government to Sign Agreement with Communities on REDD

Niger Delta: Orubebe Seeks Supports of Financial Institutions

Ex-DG Diverted N2.2bn, Built N700mn House in Village- Witness

Unemployed Youths to Get Jobs in Solid Mineral Sector

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Abia Kidnappers Want Amnesty after Releasing Journalists

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Abia Kidnappers free Journalists, Demand Amnesty like that of Niger Delta

The Abia Kidnappers have voluntarily released the four abducted journalists and their driver after a week in captivity and demanded for Special Amnesty similar to the amnesty granted to Niger Delta Militants to dissuade them from further criminal activities in southern part of the country. Only recently the kidnapping phenomena that has been rampant in the South was recorded in the North were a Kano-based businessman, Alhaji Salisu Mataba, was kidnapped in his residence and had to pay his abductors N80 million before he regained freedom... READ

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Costly Primary School and List of 43 Federal Perm Sec

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Bauchi Spends N850mn to Renovate a Primary School 

Bauchi state government has spent N850 million in renovating a primary school which can boost of 80 class rooms, a clinic, library and a computer lab, and can comfortably accommodate all pupils. The Economic Confidential gathered that the ultra modern Sa'adu Zungur Model School is the most expensive public primary school in Nigeria that cost nearly a billion Naira for the renovation alone. READ

Public Officers Ordered to Close Foreign Accounts

Public office holders who have foreign accounts have been advised to close them immediately for the duration of their tenure in office to avoid breach of the Code of Conduct for Public Officers. READ

List of 43 Federal Permanent Secretaries

President Goodluck Ebele Jonathan has approved deployment of 11 Permanent Secretaries in the Federal Civil Service while retaining 32 others in their current posts. This willl be followed soon with appointment into vacant board appointment into federal agencies and parastals. READ

N106bn Lost to Wonder Banks in Nigeria

As part of the efforts to stem the menace of "Wonder Banks," the Inter-Agency Committee On illegal Fund Managers recently met and deliberated on issues relating to the activities of illegal fund managers and wonder banks with a view to addressing the scourge after their customers lost N106bn. READ

Dr. Phil Osagie: A Consummate Image Maker

Most successful personalities and corporate organisations reach their peak and win public admiration due to the outcome of their actions and reports made on them. Behind the scene of those success stories are the image merchants who work out the script to fashion out their reputation. READ

Senators' Allocations and Minimum Wage Palaver- By Toyin Ojo

While civil servants were clamouring for an increase in the salaries, the federal lawmakers were as well demanding an increment in their quarterly allocations by 40%. The legislators' argument is reportedly borne out of their desire to have more money for the 2011 campaigns. READ

Ten States get €25mn from EU for Justice

As one of the ten States benefitting from the 25 Million Euro project funded by the European Union in support of the Economic and Financial Crime Commission (EFCC) and the Nigerian Judiciary, the Benue State Judiciary has developed an action plan in collaboration with other stakeholders and commenced its implementation with the support of the European Union and the United Nations Office on Drugs and Crime. READ

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