2011: Northern youths, Southern Kaduna want zoning discarded

As the debate over zoning continues, Northern youths under the auspices of Arewa Youth Forum have insisted that the best be allowed to emerge as president based on competence and not where the person came from. This was contained in a statement which was signed by the President of the Forum, Gambo Ibrahim Gujungu.According to him, as a nation with over 150 million inhabitants, the future of the nation should not be mortgaged by a few men and women who would continue to toy and play political chess game with the ‘nonnegotiable’ sovereign rights of all Nigerians, irrespective of class, religion, ethnicity, region and many other sentiments. He noted that “going by their outbursts, it shows clearly that if Nigerians allow a president to emerge on the basis of zoning or arrangement, he will be a zoning president and not president of the Federal Republic of Nigeria.“The Arewa Youths Forum (AYF), as part of its obligations and dedication to the effective demand for sound and competent leadership, has been following with keen interest the unfolding drama regarding which region produces the next president of the Federal Republic of Nigeria. “We are of the view that the same brains behind the so-called ‘zoning’ or ‘powershift’ and ‘rotation’ in 1998/1999 did not do it out of sheer patriotism but hiding under the gamut of national interest for their personal political expediencies. Suffice it to say the ongoing revelations arising from their outbursts on for and against have directly confirmed their sinister interests. “The accumulation of wealth and sharing of government ‘juicy’ appointments to their wives, children, in-laws, accomplices and cronies have proved our argument right and factual. Their disdain to other critical and excruciating issues facing Nigeria and Nigerians directly confirm they are concerned only on their economic and political interests. Perhaps their complete silence and support for the first born of zoning politics, Chief Olusegun Obasanjo, is also a moral indictment on their side. “They kept mute while he destroyed democratic principles and acted in Gestapo Commando style. To some extent, the debate is still in the academia that Nigeria’s wasted golden opportunity was ruined with Obasanjo. “Even though credit must be given to him for parading the most viable and competent Nigerians in his government whose significant touches have still not been matched three years now, and their becoming household names in the drive for global development is an exoneration to this thesis if found to be accurate. “If we allow this trend to be entrenched again it will be national disaster and a colossal mortgage of our dear nation to the smile, happiness and comfort of the few Nigerians who have reduced the power and rights of Nigerians to their own personal districts and counties. “Our position is clear on this brouhaha and wasted venture which is only profitable to hangers on and the ‘cabal’ who are in clusters. They should first and foremost apologize to Nigerians for criminally decentralizing our Presidency in their own concept of region and class considerations. “We are appealing to Nigerians to work assiduously in ensuring that this evil ‘zoning’ is buried like the ‘Third Term’ and replaced with competence and merit not only on the Presidency, but from the local government to the top; did we not feel the national embarrassment recently in the House of Representatives. The docility in the Senate alone has indicated that we are lost and bankrupt in sound legislative businesses. “We are also bothered with the tantrum we are seeing in our states Houses of Assembly and even the executive power play being exhibited by state governors, and all these are by extension the negative implications of ‘zoning’ or the turn by turn manning of offices. “We, without any reservation, demand that full democratic norms be allowed to be tested in play and not tested in half and closing door to competence and opening to failures and corrupt aspirants for the ill-gotten wealth in their strong rooms.” “We should also insist and ensure that the new leadership of the Independent National Electoral Commission INEC commences action by conducting a sound and computerized voter’s registration exercise, train personnel to be highly knowledgeable and principles in discharging their duties, and to as a matter of urgency get all financial grants in good time and finally to ensure it is free and fair elections, on the treatise of one man, one vote and it must count, coupled with impartial security agencies and all other critical stakeholders. “The stability and positive future of Nigeria now lies in between doing away with pocketing Nigeria in the pockets of few or allowing Nigerians to truly and genuinely decide the kind of Presidency or government they want, but then the death of zoning is a pace setter for better Nigeria.” In a related development, Southern Kaduna Progressive Youth Movement (SOKPYM) have also vowed to resist if possible with their blood the controversial zoning system adopted by the Peoples Democratic Party (PDP) for the position of the country’s President in 2011, saying that the advocates of the zoning lack knowledge of the provisions of the nation’s constitution. Addressing a press conference in Kaduna yesterday, the President of the Youth Movement, Caleb Abbot argued that with zoning arrangement, the country would not be able to produce a credible candidate for the presidency, adding that zoning would only favour those who would milk the nation’s resources dry in order to amass wealth to themselves.

Harvest season for shareholders

Despite the volatile nature of the market last month, which happened to be the biggest monthly decline due to panic sell-offs, a number of companies closed in June by rewarding their shareholders with dividend, and bonuses. No doubt, third quarter of this year is harvest time for investors that have taken position in these organizations.We begin with Alhaji Aliko Dangote-led Dangote Sugar Refinery’s (DSR) result in its year ended December 31, 2009 financial scorecard, the company recorded 2.14 per cent growth in turnover and 39.71 per cent decrease in post tax profit. The Board of Directors has recommended a final dividend of N1 per share to cap off the 30 kobo (interim) declared in September last year. The payment date is on July 30, 2010, while closure of registers is on July 14, 2010; Annual General Meeting (AGM) is July 27, in Kano.A breakdown of the audited account shows a turnover of N82.395 billion against N80.671 billion in 2008. Profit before tax (PBT) was N19.586 billion compared with N30.151 billion it recorded in 2008. taxation stood at N6.401 billion against N8.280 billion in 2008. The company profit after tax (PAT) stood at N13.185 billion against N21.871 billion.However, Dangote Sugar Refinery also released its unaudited earnings for the period ended March 31, 2010; the report shows gross earnings of N22.787 billion against N19.107 billion in 2009. PBT stood at N5.839 billion against N5.591 billion in 2009. Taxation paid was N3.971 billion against N4.193 billion in 2009 financial year.Dangote Sugar was incorporated on January 4, 2005 and got listed on the floor of Nigerian Stock Exchange (NSE) on March 8, 2007; the company is into refining of raw sugar into edible sugar and sales of refined sugar. The company operates under the food and beverages and tobacco segment of the market. Their shareholding structure shows that Dangote Industries Limited has 69 per cent, while Nigerian citizens and associations hold 31 percent of the company shares.Chief Oba Otudeko-led Honeywell Flourmills Plc’s result was much better, even though the stock lost maximum point after the close of session. Turnover increased by 17.31 per cent while PAT surged by 441.47 per cent, in addition to a final dividend of 11 kobo. Closure date is August 25 while payment is from September 21st. AGM comes up on September 2.Other highlights of Honeywell Flour Mills, audited year report for the period ended March 31, 2010, shows a turnover of N33.528 billion against N28.580 billion in 2009 financial account. PBT grew to N2.330 billion compared with N687.152 million. PAT stood at N1.175 million against N217.115 million in 2009 audited earnings.Portland Paints Plc, one of the new comers in the market released it full year financial numbers, showing 15.6 per cent increase in turnover. PBT grew by 9.7 per cent while PAT slid by 2.48 per cent. The Board of Directors is recommending a dividend per share of 12 kobo, with closure date being August 28 while payment starts September 23, 2010. The audited report for the period ended December 31, 2009, shows a turnover of N2.269 billion against N1.963 billion in 2008. PBT and extraordinary items stood at N205.989 million against N187.763 million in 2008. Taxation stood at N66.569 million against N97.378 million in 2008. PAT stood at N183.100 million against N187.763 in 2008. The AGM comes up in Lagos. Activities in the insurance sector of the market got a boost as the board of Prestige Assurance PLC announced a dividend of N10 kobo per share. Closure date is fixed for July 20, while payment is from August 2, this year. University Press Plc, one of the major players in the publishing business delighted their shareholders with a 40kobo dividend and 1 for 5 bonuses in its financial account for the period ended December 31, 2009. Investors are expected to be paid on September 30, 2010, which is also the day for their AGM. The register of members’ closure date is yet to be announced. Trans-nationwide Express Plc did not disappoint their shareholders as they also join other companies in reward party. The company has proposed 50kobo in their audited financial report for the period ended December 31, 2009. Payment date is August 31, 2010, while the register of members closes on August 6, 2010, the AGM is on August 18, in Lagos. To strengthen the company, Hon, Aliye Ahman- Pategi has been appointed as a director . Hon Pategi, who is representing Edu Moro Pategi federal constituency of Kwara State at the House of Representatives, He has also worked in several other places including Ahman Pategi Properties Limited, Platform Nigeria Limited, Ahman Pategi Farm Limited and Alma Procurement Limited. Finally Red Star Express Plc later joined the other companies with a dividend of 30kobo in their financial account for the period ended December 31, 2009. Payment date is August 31, while the register of members closes on August 10.

World Bank invests $11.5bn to assist Africa recover from crisis

The World Bank, last week, said it has committed a record $11.5 billion so far in 2010 fiscal year toward helping Africa region recover rapidly from the impact of the global financial crisis. The World Bank Group in a release on Thursday hinted it supported 113 projects, with $4.3 billion in commitments from the International Bank for Reconstruction and Development, which provides financing, risk management products, and other financial services to countries, and $7.2 billion in commitments from the International Development Association, which provides interest-free loans and grants to the world’s poorest countries.The major beneficiaries of the investment include education, health, nutrition, population,and Infrastructure. Speaking at an event in Washington, USA, World Bank Africa’s Vice President, Obiageli Katryn Ezekwesili said: “This year saw an unprecedented level of lending to shore economies back to the path of recovery. The constant focus on results and relevant and timely knowledge products made a difference for the people of Africa”“Today, as Africa is one of the first continents to emerge from the crisis and has the prospect of returning before most other regions to the solid growth pattern it had experienced before the crisis, I am glad that our institution was there to help, and was part of their solution.” The World Bank Group committed more than $72 billion in fiscal year 2010, an unprecedented level of Bank Group assistance for developing countries as the world faces a fragile and uneven recovery. It noted that the Bank Group supported an estimated 875 projects to promote economic growth, overcome poverty, and promote private enterprise, with record commitments in education, health, nutrition, population, and infrastructure providing much-needed investments in crisis-hit economies. Nigerian companies and institutions have benefited in several ways from the World Bank largesse in the form of credit facilities and capacity building assistance in such sector as education, population and infrastructure and health among others. Only recently, the International Finance Corporation, IFC, the private arm of the World Bank Group, granted $8.5million (N1.3billion to Tantalizers Plc to enable the catering outfit expand its operations within the country.

Nigeria to use private sector to drive D8

President Goodluck Jonathan has said Nigeria as the current Chair of Developing Eight countries (D8), welcomes the establishment of the Joint Investment Fund as a vehicle for expanding the scope, volume and value of trade, hoping to use the private sector to drive it.He has also said Nigeria would fast-track the ratification of the Preferential Trade Agreement (PTA) and others reached at the 6th summit in Kuala Lumpur.The President had also said for the D8 countries to achieve the intra-trade target of $1.7 trillion by 2012, the development of the maritime sector was vital, adding that it would undoubtedly support the growing trade volumes and targets member states had set for themselves.Speaking at the formal handing over of the Chairmanship of the D8, countries to Nigeria by the Malaysian government in Abuja, Jonathan noted that the vision that brought the D8 countries together in 1997 was to create a unique platform which would coordinate and fast-track efforts for development cooperation among member countries.“At that inaugural Summit, we pledged to combine our strengths and special endowments to generate the best outcomes both for our individual countries and for the group as a whole. “In a world which has truly become global, in which our fate as individuals and countries has now become completely interconnected and interdependent, individualism or going it alone has become obsolete and counter-productive.“Our recognition of the power of cooperation in maximizing outcomes explains why we have chosen the theme of the 7th Summit of our organization as ‘enhancing cooperation among D8 member-states.’ This theme seeks to remind member-states of the constitutive pledge we collectively made in 1997 to strengthen cooperation and coordination in the priority sectors of our economies.“My vision is to see the D8 focus on practical and achievable means of enhancing private participation in our activities. Mindful of the central role of trade as an engine of economic growth, I have directed the relevant organs of my government to fast-track the ratification of the Preferential Trade Agreement, Customs Cooperation Agreement and Visa Regulatory Regime as agreed at the 12 sessions of the Council in Kuala Lumpur. I expect this process to be completed very soon and our assent to these agreements duly formalized.“I believe the early adoption of these agreements, which truly reflect the vision and spirit of our organization, would set the stage for mutually beneficial trade and business engagements among our various countries,” he said. Continuing, Jonathan said, “the adoption of the D8 Roadmap for the second decade of cooperation (2008-2018), at the 6th Summit in Kuala Lumpur in 2008, reflects our collective determination to mainstream our organization’s activities into our national trade and economic programs. Since the targets of the roadmap aim to expand trade among D8 members, the early adoption of the PTA and related agreements becomes all the more urgent. In this regard, I welcome the proposal for the establishment of the D8 Joint Investment Fund as a vehicle for expanding the scope, volume and value of trade and investment among our countries.“Nigeria as Chair, hopes to drive this innovative approach to development and encourage private sector led cooperation in priority projects in such areas as energy, civil aviation and infrastructural development. In his remark earlier, Deputy Prime Minister of Malaysia, Tan Sri Muhyiddin Yassin, while handing over the chairmanship of the organization to Nigeria, pledged Malaysia’s full support for Nigeria’s chairmanship of the D8 and for the efforts it will be undertaking in ensuring the successful realization of the D8 states.