OBJ VS SANUSI

Former President Olusegun Obasanjo (OBJ) has observed that the Central Bank’s attempt to tackle inflation with the N5000 note is misguided.  OBJ also submitted that “the way Sanusi was fighting inflation by removing money from circulation was improper…, as this approach would kill production and affect small businesses negatively”.

OBJ and Sanusi are certainly in accord on the issue of oppressive rate of inflation!  However, the protagonists are divergent on the most appropriate strategy for fighting this menace!  Obasanjo considers CBN’s unending liquidity mop-ups and the new N5000 note as inappropriate, as these strategies will dampen productivity and economic growth.

CBN, however, maintains that higher denomination notes would facilitate transactions involving huge amounts of cash, including transactions like money laundering and smuggling, and would also become a convenient tool for bribery and corruption in place of the dollar!!

In a recent advertorial CBN inferred a historical relationship between higher denominations and reduced levels of inflation.  However, CBN readily admits that higher denomination notes do not necessarily alter the level of money supply in the economy.

Consequently, reduced inflation cannot also be a function of higher denominations; for example, successful economies elsewhere have managed to keep inflation levels below three percent, in spite of having 100-unit as the highest currency denomination for many decades!

On the other hand, OBJ’s observation on the unsuitability of CBN’s excess liquidity mop-up strategy to counter inflation and promote growth may, indeed, have more merit.

Remarkably, in spite of CBN’s best efforts, excess liquidity remains ever-present while inflation and debt accumulation remain unfettered.

Incidentally, no economy can grow with inflation around 15%; consequently, industries and SMEs have wilted in an environment with such high level of price instability, especially when CBN itself also continuously crowds out the real sector from accessing funds at low rates of interest.

In recognition of the destabilising impact of a cash surfeit economy, Lamido Sanusi rightly observed that “we all know that we cannot have inflation by printing higher bills, if we don’t increase money supply, and this is simple economics”.  This may be technically so, but certainly not completely true, because if higher denominations instigate higher velocity of circulation, the net product would be increased money supply, which CBN itself agrees will drive inflation!

The need for recipients to quickly unbundle the N5000 note, for example, would inevitably instigate velocity of circulation, and consequently drive inflation, much against CBN’s current assurances!  The attendant attrition in changing large denominations in simple transactions like a bus ride should also not be understated, especially with the absence of an intermediate N2000 note!

The public may not have a say in the choice of denominations paid by the banks, especially if CBN seeks to take advantage of the relatively cheaper cost of producing the N5000 note, in supplying cash requirement of banks.

In reality, redenomination rather than higher denomination is a more sensible way of reducing production cost, since, for example, a two-decimal point redenomination would make the current N1000 equivalent to just N10 or about $1.6, while the proposed N5000 note will become equivalent to N50 or about $8, while current N100 will equal N1.

Furthermore, Sanusi’s hypothesis that Nigerians rejected coins because of their low purchasing value is obviously spot on; however, the highest coin denomination of N20 in the new proposal is really equivalent to just over 10 US cents, and remains inadequate to purchase even a finger of plantain.  In this event, the new coin range will be rejected, and will inevitably be ultimately auctioned wastefully.

Although Lamido Sanusi promises that the N5000 note would enhance the naira’s function as a store of value, regrettably, however, Sanusi failed to satisfactorily explain why the naira has in fact, steadily lost value over the years.  CBN continues to remain in denial of its own obnoxious role in creating the unending spectre of excess liquidity, which ultimately drives inflation.

Instead, Sanusi’s mindset is that “if a currency has lost its value, it makes sense to produce a higher denomination”.  Of course, this is a patently false hypothesis, since the focus should rather be on arresting the causes for loss of value of the currency, rather than to endlessly produce higher denominations in like manner as Zimbabwe to tackle the scourge of inflation!

Curiously, Sanusi also maintains that 50 – 70% of dollars purchased from bureau de change are for transactions in Nigeria; however, Lamido does not seem to relate the adoption of the dollar as a second national currency, as he claimed, to market response to CBN’s hastily established cash-less programme with its unpopular withdrawal and deposit limits and oppressive penalties for violations. Ultimately, both OBJ and Sanusi may be akin to blind men describing an elephant!

Tuface Clocks 37 today

Today,September 18,2012, Innocent Idibia popularly known as 2Face will be 37. The ‘African pride’ was born in Jos, Plateau State in 1975. Little did the Idoma, Benue State artiste know he would be this great when he formed the defunct R&B/hip hop group ‘Plantashun Boyz’ with Blackface and Face, who later joined them when they (2Face and Blackface) met Face in Lagos.

He attended Mount Saint Gabriel’s Secondary School, Makurdi, Benue State. He then proceeded to the Institute of Management & Technology, Enugu (IMT), where he met Blackface, for a pre-National Diploma course in Business Administration and Management. Unfortunately, 2Face didn’t graduate, but that didn’t stop him from achieving success in his music career.

At IMT, 2Face did some jingles for GB Fan Club aired on Enugu State Broadcasting Services (ESBS). The name ’2Face’ was coined in 1996. The name came about because he aimed at differentiating his personal life with his business life.

2face has released some smash hit songs in which ‘African Queen’ has been the biggest. He is the CEO of Hypertek Entertainment which has Dammy Krane as its artiste. 2Face is known for helping young talents grow in the industry. He has featured in many songs of up and coming artistes.

He is happily married to Nollywood actress, Annie Macaulay who has a daughter for him. He has five other child from other relationships.

Happy Birthday!

Nigerian Becomes First Black VC Of Illinois Varsity

An engineering professor of Nigerian descent, Ilesanmi Adesida, made history last month by becoming the first black Provost/ Vice-Chancellor for Academic Affairs of the wellrespected University of Illinois at Urbana Champaign in the United States.

Adesida, a naturalised American, was born in Ifon, Ondo State 63 years ago.

He was a former head of the Electrical Engineering Department of the Abubakar Tafawa Balewa University, Bauchi.

The professor is a fellow of the Institute of Electrical and Electronics Engineers, IEEE, the American Association for the Advancement of Science, AAAS, the American Vacuum Society, and the Optical Society of America. He is also the past president of IEEE Electron Devices Society.

His work in the field of Nanotechnology, with special emphasis on high speed device used in communication, has not only been outstanding but has received accolades in the scientific community.

Commenting on his appointment, Prof. Adesida said: “I’m honoured and humbled to be selected as provost of this great campus. This is something I take very seriously. I know how to work very hard and I’m ready to roll up my sleeves and get the job done.

Fuel scarcity crawls into Lagos State

Fuel scarcity as really crawled into lagos. Most fuel station are closed  while the once that are open are really engulfed with car which makes a long que.

which way Nigeria!!!!!

Teen charged with trying to blow up Chicago bar

Adel Daoud, a U.S. citizen from the Chicago suburb of Hillside, was arrested Friday night in an undercover operation in which an agent pretending to be a terrorist provided him with a phony car bomb and watched him press the trigger, prosecutors said.

The U.S. Attorney's Office in Chicago, which announced the arrest Saturday, said the device was harmless and the public was never at risk.

Daoud is charged with attempting to use a weapon of mass destruction and attempting to damage and destroy a building with an explosive. He remains in custody pending a detention and preliminary hearing set for Monday in federal court.

A person who answered the phone Saturday at the home where Daoud and his family live and identified herself as his sister, Hiba, declined to discuss Daoud, the family or the arrest.

"We don't even know anything. We don't know that much. We know as little as you do," she said. "They're just accusations. ... We'd like to be left alone."

Later Saturday, no one answered the door of the family's two-story home, which had a well-kept garden in the yard and a basketball hoop in the driveway. The house faces a Lutheran church; a Greek Orthodox church also is nearby.

Next-door neighbor Harry Pappas said he was shocked by the arrest, calling Daoud's parents "wonderful" people and him a quiet boy who played basketball in the driveway with friends.
"I heard maybe he had a little trouble in school," Pappas said. "He was quiet, didn't talk much, but he seemed like a good kid."

Pappas said Daoud spent a lot of time at home and that months would go by sometimes before the teen would surface.

"But I was never suspicious," he said.

Then on Friday night, a dozen unmarked cars drove up to the family's house and several agents went inside, Pappas said.

The FBI began monitoring Daoud after he started using an email account to get and distribute material about violent jihad and the killing of Americans, prosecutors said.

In May, two undercover FBI agents contacted Daoud in response to the material and exchanged electronic messages with him in which he expressed an interest in violent jihad in the United States or abroad, according to an affidavit by an FBI special agent.

Prosecutors say one of those agents introduced Daoud to a third undercover agent who claimed to be a terrorist living in New York.

Over the summer, the third agent and Daoud met six times in the suburb of Villa Park and exchanged messages, the affidavit said. Daoud then set about identifying 29 potential targets, including military recruiting centers, bars, malls and tourist attractions in Chicago, the document said.
He is accused of settling on a downtown bar and conducting surveillance on it using Google Street View and visiting the area in person to take photographs.

Describing the target to the agent, Daoud said it was also a concert venue by a liquor store, the affidavit says.

"It's a bar, it's a liquor store, it's a concert. All in one bundle," the document quotes him as saying. It said he noted the bar would be filled with the "evilest people ... kuffars." Kuffar is the Arabic term for non-believer.

The affidavit said that shortly after 7 p.m. Friday, Daoud met with the undercover agent in Villa Park and they drove to downtown Chicago, where the restaurants and bars were packed. They entered a parking lot where a Jeep Cherokee containing the phony bomb was parked, the document says.
Daoud drove the vehicle and parked it in front of the bar, then walked a block away and attempted to detonate the device by pressing a triggering mechanism, the affidavit says. He was then arrested.

Court documents don't identify the bar.

The FBI has used similar tactics in other counterterrorism investigations, deploying undercover agents to engage suspects in talk of terror plots and then provide fake explosive devices.

In a 2010 case, a Lebanese immigrant took what he thought was a bomb and dropped it into a trash bin near Chicago's Wrigley Field. In a 2009 case, agents provided a Jordanian man with a fake truck bomb that he used to try to blow up a 60-story office tower in Dallas.

Prosecutors said Daoud was offered several chances to change his mind and walk away from the plot.

The affidavit said Daoud was active in jihadist Internet forums and was accessing articles written by Anwar al-Awlaki, the U.S.-born radical cleric who became a key figure in the Yemen-based al-Qaida offshoot known as al-Qaida in the Arabian Peninsula.

Al-Awlaki was killed in a U.S. drone strike in Yemen last year.

The FBI says he also was searching online for information on making bombs and reading "Inspire," the English-language online magazine published by Al-Qaida in the Arabian Peninsula.

In his conversations with the undercover agent, Daoud explained his reasons for wanting to launch an attack, saying the United States was at war "with Islam and Muslims," the affidavit said.

According to the document, he said he was trying to recruit others and that he was confronted by leaders of his mosque who warned he should stop talking about jihad. The affidavit said Daoud's father also had been informed that Daoud was debating jihad and told Daoud to stop talking about it.

Daoud also told the agent he wanted an attack that would kill many people, the document said.

"I want something that's gonna make it in the news," he said, according to the affidavit. "I want to get to like, for me I want to get the most evil place, but I want to get a more populated place."

Customs intercept ammunition in Ogun

The Ogun State command of the Nigeria Customs Service, on Saturday, announced the seizure of 3,000 shotgun cartridges at a bush path in the border town of Agosasa.
Ade Dosunmu, the new Area Controller of the Command, who disclosed this at the Customs Sentry in Idiroko, said a team of officers on patrol intercepted an unregistered Honda CRV conveying the 3,000 Redstar Highspeed shotgun cartridges worth about N768,000.
According to Dosunmo, the driver of the CRV escaped into the bush before he could be arrested by the patrol team.
He also revealed that the agency had recently confiscated 23 vehicles, 40 bags of Indian hemp, 1,288 cartons of frozen products, 147 kegs 25lt vegetable oil, 1,040 litres of petrol and 256 bags of imported rice, as well as bales of second-hand clothes, shoes and smugglers' motorcycles.
Dosunmu noted that the Duty Paid Value of all the seizures made within the past week of his resumption of duty amounted to about N21.79m.
He also put the Duty Paid Value of the 23 vehicles seized by his men in the past one week at N14. 84m
“Let me assure you that this is the tip of the iceberg of what my administration is driven towards, for professionalism, high productivity and zero tolerance for smuggling. I assure you that the officers and men of the command who are highly motivated and mobilised are out to meet the revenue target given to the command, as all local institutions in the command are strengthened to achieve this through aggressive anti-smuggling efforts,” he said.

Davido denies being wanted

According to daily times, The assault case leveled against David Adeleke, popularly known as Davido continues to linger as Hashiru Azeez, the owner of the taxi whose driver was allegedly assaulted gives an insight into the intrigues surrounding the case, Punch is reporting.
Azeez, the car owner who employed Femi Ajibola, the driver who claimed he was assaulted by the popular artiste said, “When Ajibola initially told me about this matter, I did not believe him. Later, I went to Beni’s Apartment in company with Sgt. Nuru Umar, who is the Investigating Police Officer, and we found out that he was right.
“We went to the DPO and he called Davido’s father after I took time to explain who the boy was,” Azeez said.
Immediately after the story surfaced in the media, Susan, the lady who was conveyed in the cab to see Davido allegedly threatened Ajibola at the taxi park where he operates.
According to reports, Azeez further explained saying, “I got a call from Ajibola that Susan allegedly went to the park to threaten him. She said that if he was claiming that he lost N100,000 during the incident with Davido, she would pay the money. Then she asked if the cab driver had forgotten that she lost her cell-phone, which was valued at N175,000.
“She said that Ajibola would have to produce her phone because he was the one that took them to the hotel in his cab. She added that she would deal with him,” he said.
According to the car owner, he advised Ajibola to report the threat to the police which he did and he later got a call to meet with the Adeleke family at the Bar Beach Police Station.
He explained that due to their suspicion of a hidden agenda in the manner the invitation was extended they went to the police station with their lawyer, Ademola Olamide, who insisted on seeing the young artiste before discussions can take place between both parties.
Olamide was however prevailed upon to discuss with the Adeleke’s who denied Davido’s direct involvement in the matter but offered to pay the equivalent of the driver’s two weeks wages.
“I told my lawyer that there was no basis for compensation since he denied assaulting Ajibola. I said he should produce those who beat up Ajibola, that the police should do their job and we would know what step to take from there,” he said.
Azeez accused Davido of collecting the car keys and later handing it to the DPO and insisted that the Dami Duro crooner must publicly apologize for his actions before any further actions can be considered.
Meanwhile, Davido’s spokesperson, Valerie Obaeze insists that the artiste is not in any way connected with the said incident.
When contacted she replied in an e-mail which read: “Thanks for your enquiry and effort to get our own side of the story, but our previous statement (still) stands. Davido was neither aware of nor involved in any incident involving the assault of a taxi driver or the illegal seizure of his keys. He does not condone violence in any form and will not be commenting further on this matter.”
The singer also tweeted this morning through his official iam_davido handle: “I want to assure all my beloved fans and friends that, I am not wanted by the police and no officer in the Nigerian police gave an order for my arrest. I went to the police some weeks ago to give a statement and cleared my name. I did not beat up any taxi driver and the lady that hired the taxi driver and all those that are involved in this matter have made statements to the police and none of them mentioned my name except the taxi driver who claims that a large sum of money was missing in his taxi, in fact the lady in question stated that she was not beaten by anyone and that nobody assaulted the taxi driver. This is a case of blackmail, and I have resolved not to succumb to any blackmail for money. And to all those that are involved in this conspiracy to bring me down, I want to remind you that God Almighty himself got me to where I am today in my music career and you will not succeed in your devilish efforts to bring me down.
In a previous tweet, he also suggesting suing the newspaper.
The Police Public Relations Officer, Zone 2 Police Command, Femi Balogun, confirmed that the case was being handled by his command. He said that the AIG had ordered that Davido should be brought before him with the Toyota Corolla used as taxi. He said they did not know where Davido is and he would be picked up once they have information on his whereabouts.

President Jonathan Rewards Falconets and Paralympians

President Goodluck Jonathan hosted the victorious Paralympics at the Presidential Villa,Aso rock Abuja.It was Naira rain to the Nigerian ambassadors.

Gold medalists received N5,000,000 each with a National honour award of MON.Silver medalists were given N3,000,000 while Bronze medalists got N2,000,000 each.All participated athletes without medals also got N500,000 each.Their coaches also went home with various sums.

Members of the Falconets that represented Nigeria at the just concluded Under 20 female World cup in Japan received N1,000,000 each.Their coaches were also duly rewarded with cash donations

Rotary Club of Ojodu installs her 8th president

The Rotary Club of Ojodu installs her 8th President and induction of new Rotarian, yesterday at the Business Club Ikeja.

Above are one of the new inducted members, Rotarian Jellily Efedi in white lace attire and a cross section of Rotarian with the newly inducted president Rotarian Okechukwu Uche-Ukah in a wonderful white suit.

CONGRATULATION!!!!!!

LADY GAGA Gets Tattoo On Shaved Head

On Thursday night, Lady Gaga celebrated the release of her Fame fragrance by getting a tattoo on her newly-shaved head — while lying inside a giant perfume bottle, which was placed in the middle of the party.

As fans and friends looked on, the “Born This Way” singer was curled up as a gray-haired man in a white shirt and suspenders inked a Statue of Liberty-esque cherub with wings on the back of her head, which she shaved days earlier as an ode photographer Terry Richardson’s mother who recently passed.

But not before she downed tequila shots and smoked a bunch of cigarettes to numb the pain and calm her nerves.

Police nabs Ex-Minister with stolen petroleum products

According to Daily times, Captain Emmanuel Iheanacho, the onetime Minister of Interior and the present owner of integrated Oil and Gas Limited was on Friday apprehended for his connection in the seizure of a vessel\M.T. Grace’ loaded with suspected stolen petroleum products.
The Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA), Patrick Akpobolokemi disclosed that the hunt for the sponsors of pirates led to the connection of some stolen products to the Integrated Oil and Gas tank farm.
Akpobolokemi further revealed that Integrated Oil and Gas premises is presently being shut down pending investigation.
The DG said that NIMASA has discovered that there are “big men” who fund piracy but the maritime agency together with other security forces will find the people behind the sale and purchase of stolen products and bring them to book.
He said; “You recalled we had cause to parade some pirates here and we did say that we were going to continue to look for those who were behind these pirates because we came to the realisation that behind the facade there are the kingpins and the big men who facilitate piracy.”
“So in line with our promise to the Nigerian public, we intensified our search for the big men behind the scene and we are happy to tell you today that we have been able to trace them to a company, a major company integrated oil and gas.
“The products that were stolen from the activities of piracy were conveyed and stored at Integrated Oil and Gas. As we speak we have sealed off the company and we have arrested the top management of the company.”

Sonia, Chinyere Evicted From Project Fame 2012

Chinyere Akueh and Sonia Obi have become the latest evictees from the ongoing Project Fame Reality Show, after emerging the contestants with the least number of votes.

When the results were released, Musulyn, Chinyere, Sonia, Christian and Didi were placed on probation and had to sing their way to survive and escape the claws of elimination. Sadly, Chinyere and Sonia were not so lucky.

Their fate was decided upon by the viewers’ votes after last weekend’s Classic African Night.

 

Nollywood Actress Ngozi Nwosu Diagnosed With Kidney

Popular Nollywood Actress Ngozi Nwosu is currently sick and bed-ridden,the versalite actress has been on the movie scene professionally since 1985 till date.

The report from her present state of health is not cheering at all . She is seriously sick and needs the prayers of all well-meaning Nigerians and her fans across the globe to pull through.

The doctors in the private hospital she was in last week says her kidneys are leaking. She is being taken today to Gbagada general hospital. She claims Amaka Igwe promised to send her abroad so she has to get her consultant’s report but Amaka Igwe has denied this.

However she is refusing to go to any hospital but her friends are insisting and are making plans to carry her there. Right now she is incoherent and barely talking well. She lives alone in ketu with a new housemaid.

We Wish her sound health and quick recovering!

 

20 Year Old Undergraduate Miss Grace In Benin Escaped From Ritualist

A first year student of Health Technology at the University of Benin Teaching Hospital (UBTH), Miss Grace Ayetan (20), at the weekend narrated her ordeal with ritualists to The Nation in Benin, the Edo State capital.
Grace, who was accompanied by her father, Mr. James Ayetan said: “I boarded a bus from Ring-Road to school and there were other passengers in the vehicle. At Five Junction, the bus stopped and the conductor went down to pour water into the radiator. That i
s the last thing I remembered. We all fell asleep. “When another passenger, a woman, woke us up later, the bus was in the bush.
“We started shouting, but the driver and the conductor brought out a gun and told us to be quiet.
“They took us to an underground house in the forest and put us into different rooms. They chained us and hung our bags around our necks. We went without food and water for days.
“After beheading a woman and her baby, a fight ensued between the ritualists over what to do with the rest of us. In the process, a bunch of keys fell from one of them.
“The fight drew the attention of the guards at the main entrance who took the parties into a room to settle the dispute.
“That gave one of us the opportunity to pick the keys and unlock the chains. That was how we escaped.”
Grace said a good Samaritan took them out of the forest and brought them to Benin.
She advised the public to be careful when boarding commercial vehicles. Mr. Ayetan urged security agents to curb the activities of ritualists

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