Thursday, January 29, 2015

Feeling sad

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when i was a boy,we use to be told that We
are the leaders of tomorrow;i am now a
man....when will this dreams be fulfilled?
instead,We are still being rulled by our fore
fathers.
when will all this stop?
Arise ooooh ye youths and claim your Right
we are not longer gonna be rulled by our
grandpa's anymore.
This is our Right
clickmoore.blogspot.com — feeling sad

Wednesday, January 28, 2015

Talenthouse: Predatory Parasite on the Creative Community?

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Talenthouse would like you to believe that they are the �home for all creatives and art lovers.� But it seems that based on their business model and their predatory terms and conditions, Talenthouse exists for one reason: to suck the lifeblood out of the creative community.

Talenthouse solicits major corporations to pay fees to Talenthouse to provide those corporations with content sourced from the creative community. To source that content for its clients (Coca Cola (NYSE:KO), Adidas (ETR:AG), Universal (NYSE:GE), Microsoft (NASDAQ:MSFT), Proctor & Gamble (NYSE:PG), etc), Talenthouse operates �contests� designed to entice creators to create and submit creative works. Talenthouse members vote to select the �winners� of the contests. But in reality it seems, Talenthouse's clients select the winners. It doesn't matter, because the contests are a sham, just a carrot on a string, or more accurately � a fa�ade for one of the most horrific rights grabs in history.

Talenthouse�s marketing materials promise their corporate clients �ready made content.� After collecting fees from their clients, Talenthouse posts �creative invites� specifying the type and subject matter of the content that their clients require for use in advertising and branding campaigns. Talenthouse�s business model is designed to help their clients to avoid any responsibility to pay for the expenses involved in creating content for use in their advertising and branding campaigns. Under the Talenthouse model, all responsibility for paying for those expenses falls on the creators.

Thousands of creators dedicate their time and money to creating and submitting new works meeting the specifications of Talenthouse�s clients. None of these creators receive reimbursement of those expenses. I would estimate that over well over 90% of the entrants to Talenthouse contests never receive a dime for creating their works. Only a handful � the winners � receive any form of compensation. That compensation -- the �prizes� received by the winners, amounts to a small fraction of the fees typically paid by Talenthouse clients for creative content. By sourcing content through Talenthouse, advertisers obtain creative work for pennies on the dollar.

After thousands of creators around the world submit their works to the contests, Talenthouse�s clients dive in and feast on a bounty of cutting edge, original, creative works, harvesting the contest entries to commercially exploit in their major corporate advertising and branding campaigns.

But that�s not the worst of it. Talenthouse makes every attempt to trick entrants into believing that creators will retain copyright ownership in their works.

In once place in their language, they write:

�When you submit a work to Talenthouse as an entry, you grant Talenthouse a limited license to use your work. You always own the copyright in your work.�

One more time: Talent says �you ALWAYS own copyright in your work.�

Those few entrants who are not lulled into complacency by that statement, and who proceed to read the fine print, will find the rights grabs:

�If you are selected as a winner, then in exchange for a prize, you may be required to license or assign your work to the host providing the prize.�
From what I�ve seen to date, in most or all circumstances, the statement �you MAY be required to license or assign your work to the host..� actually means: �you WILL be required to ASSIGN YOUR COPYRIGHT OWNERSHIP to Talenthouse�s clients.�

But even THAT is not the worst of it.

Buried even deeper in the terms and conditions is this gem:

�Upon the Promoter�s and/or Sponsor's request, winners agree to sign ANY AND ALL LEGAL FORMS� deemed necessary to license or assign all right, title and interest in and to the Work, including without limitation, ALL COPYRIGHTS associated therewith, in exchange for the Prizes set forth above.�
Hmm. Legal forms? What legal forms? Where are they? What additional, hidden terms will be forced on creators who submit their works to Talenthouse contests? Nobody knows. In the current Talenthouse contest �hosted� by Microsoft and Reuters, Talenthouse failed to post the �legal forms� and when asked, Talenthouse refused to reveal those hidden terms.

So we must ask, publicly - Talenthouse � if you won�t disclose your corporate clients� (in this instance, Microsoft and Reuters) hidden terms, exactly how are we supposed to know if we�re comfortable with those terms before we enter? Yet again, that�s not the worst of it.

In another one of Talenthouse�s recent contests, �hosted� by Talenthouse client AirBnB, Talenthouse posted one of their client�s legal forms applicable to the contest. The handful of entrants to click through to open that document and read the terms will see that the legal form posted by Talenthouse states:

��any images submitted will be solely the property of Airbnb.�
Under these terms, AirBnB claims copyright ownership of every image entered in the contest, whether the entry wins or not.

So we must ask, publicly - Talenthouse, if �any images submitted will the solely the property of your client AirBnB, why are you telling all entrants �you ALWAYS own copyright in your work?�

Apparently, when Talenthouse says �Our mission is to liberate all artists� what they actually mean is �Our mission is to liberate all artists from their copyrights.�

When Talenthouse says of creators -- �We are dedicated to helping them harness the power of their art to inspire, transform and illuminate,� what Talenthouse actually means is �we are dedicated to helping our corporate clients to exploit your creations in their advertising, in order to sell more products and services.�

Make no mistake about it - Talenthouse is in the business of selling your copyright to their clients.

But all is not lost. The concept behind Talenthouse is good. Its just the Talenthouse terms that are egregiously evil. Talenthouse and their clients need not steal the copyrights of creators. If Talenthouse is, as they claim, comprised of good people trying to do a good thing, they simply need to change the terms of their contests, and to require that their clients do the same.

  1. Usage of contest entries should be limited to the promotion of the contests. Period.
  2. Contest winners should NEVER, EVER be required to assign copyright ownership to Talenthouse�s clients.
  3. The �prizes� provided to winners should not allow Talenthouse clients to make use of winning entries, except for the purpose of promoting the content.
  4. If Talenthouse clients desire to make use of winning entries, those clients should pay a fair fee to the winners, on par with market rates for the desired usage.
  5. The winners should receive reimbursement of expenses associated with creating the works.
  6. Lastly, any terms and conditions applicable to contest entrants and winners must be disclosed to entrants prior to the time of entry, rather than hidden until the contest is over.
With this handful of fixes, Talenthouse will transform from what we see as an evil, predatory, parasitic, copyright pimping creative industry slumlord into a positive force in the creative community.

It is that simple. Really.

Or, should we continue? Lets.

(Continued after the Jump)

Talenthouse has announced a parternship with Microsoft and Thomson Reuters Foundation that, if their past contests are any the same, are demanding a copyright transfer to anything you enter that they want - not just winning entries.

With much fanfare, it is suggested that Talenthouse has a contest "�to empower photographers with a series of career opportunities as part of this year�s Trust Women Photo Award." Somehow, empowering women by demanding they give up their rights at an event that is, according to the Talenthouse website (HERE - "... dedicated to the advancement of women�s rights..." doesn't seem right. Now, before anyone suggests that the matter of "womens rights" as it is referenced here is not the same as the broader sentence "...dedicated to the advancement of women�s rights and to the fight against human trafficking...." you would be incorrectly dismissing the value of the rights to photos. Economic challenges are among the many reasons women throughout the world find themselves being taken advantage of and otherwise mistreated. What better than to leave the rights to ones' photographs with the creator, allowing them to earn a living? Talenthouse, Microsoft, and Thomson Reuters Foundation are either intentionally - or, as one might hope,unintentionally - seeking to disenfranchise women from their rights.

Talenthouse writes:

Photographers and photojournalists are invited to submit images capturing the lives and stories of remarkable women around the world, who are achieving incredible things in their communities.
So, any photographer (male or female) that submits the images is subject to an all-rights grand and demand, and whenever Talenthouse and/or their partners want copyright, must transfer copyright, even if they don't win?

What's interesting is that the conditions for entry into the Talenthouse Airbnb contest state (HERE):

DISCLAIMER: When you submit a work to Talenthouse as an entry, you grant Talenthouse a limited license to use your work. You always own the copyright in your work. Talenthouse never owns the copyright in your work. If you are selected as a winner, then in exchange for a prize, you may be required to license or assign your work to the host providing the prize. If you do not want to license of assign your work in exchange for a prize, an alternate winner will be selected and you will retain copyright to your work.
So, Talenthouse says "you always own the copyright in your work. Talenthouse never owns the copyright in your work." No, "always" is not true. And, while "talenthouse suggests they never own the copyright in your work" the fact remains that you agree to transfer/assign your copyright, and if you don't, someone else will be the winner and only then "...you will retain copyright to your work."

Not so fast. Read further down:

7. Grant of Rights. By entering the Contest, entrants irrevocably grant the Promoter and Sponsor, its subsidiaries, divisions, affiliates, designees, clients, sponsors, licensees, and advertising and promotional agencies, an unlimited, worldwide, perpetual, non- exclusive, royalty-free, unconditional license and absolute right to edit, post, publish, store, copy, transmit, publicly display, and exhibit, the Work (in whole or in part) in connection with the Contest and/or the promotion of the Contest. Upon the Promoter�s and/or Sponsor's request, winners agree to sign any and all legal forms deemed necessary to license or assign all right, title and interest in and to the Work, including without limitation, all copyrights associated therewith, in exchange for the Prizes set forth above.
Let's focus on that last sentence:
Upon the Promoter�s and/or Sponsor's request, winners agree to sign any and all legal forms deemed necessary to license or assign all right, title and interest in and to the Work, including without limitation, all copyrights associated therewith, in exchange for the Prizes set forth above.
Ignoring the entire paragraph except this, (the entire paragraph still applies, and is horrendous) any any all images entered, upon request of the sponsor, are required to be transferred to the sponsor.

So, the AirBnB contest, which, by the way, involves the storied Chiat Day advertising agency, could easily hire a photographer to shoot work for AirBnB. Unfortunately, they are using Talenthouse to produce spec work around the world, for free. Remember spec work? That's where you cover all the expenses and shoot for free and maybe make money.

Contests pit corporations making money against the hopes and dreams of photographers who want to get exposure and succeed. The only winners here are Talenthouse and their sponsors. It's a facade for a rights grab. It's horrible. Talenthouse is a creative parasite leeching the talent from entrants and leaving them with no ownership of their work. In the end, it may be that Talenthouse is contributing to the "starving artist" station in life and they will have to be providing an actual "house" to their talent who will be homeless if they look to Talenthouse for creative support.


Please post your comments by clicking the link below. If you've got questions, please pose them in our Photo Business Forum Flickr Group Discussion Threads.

New Greek Government Holds First Meeting

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Greek Prime Minister Alexis Tsipras (front row
C) and members of his government pose for a
group picture after the first meeting of the new
Cabinet in the parliament building in Athens,
Jan. 28, 2015.

New Greek Prime Minister Alexis Tsipras says
he wants to reach a "fair, viable and mutually
beneficial solution" with its international
lenders as he begins to reverse the austerity
measures he says have led to a humanitarian
crisis in his country.
Tsipras said Wednesday in Athens during his
first meeting with his new Cabinet that he is
eager to avoid any destructive confrontations
with its creditors, but said Greece would no
longer blindly submit to the demands of the
European Union.
The new government is seeking to eliminate
some of Greece's massive debt and ease
austerity measures imposed on it in exchange
for more than $300 billion in loans, including
reversing sharp wage and pension cuts. It is
also canceling plans to privatize many of its
assets, including the sale of its main port of
Piraeus to Chinese shipping giant Cosco.
The recent moves sent Greece's financial
markets downward for a third straight day
Wednesday.
Tsipras officially took office Monday, a day after
leading his anti-austerity Syriza party to
sweeping victories in parliamentary elections,
and quickly joining with a smaller right-wing
anti-bailout party to form a government.
Greece's trio of international lenders - the
European Union, International Monetary Fund
and European Central Bank - has shown no
inclination it will renegotiate terms of the
bailouts. But the creditors said they will discuss
Greece's financial affairs with the new
government.
The leader of the eurozone's finance ministers,
Dutch Finance Minister Jeroen Dijsselbloem,
said he would visit Athens on Friday to meet
with Prime Minister Tsipras.

Minister predicts victory for Jonathan in Imo

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The Minister of State for Education, Prof. Viola
Onwuliri, has said that President Goodluck
Jonathan will win in Imo State in the February
presidential election.
This was contained in a statement by the
minister’s assistant, Peter Osamgbi, on Tuesday.
According to the statement, the minister
addressed a group of professionals in Owerri,
the Imo State capital.
While fielding questions from the professionals,
Onwuliri said President Jonathan had fulfilled
his electoral promises to Nigerians through “his
lofty transformation programmes which Imo
State has immensely benefited from.”
Onwuliri,who is also the deputy coordinator of
the PDP presidential campaign in the state, said
that “aside reclaiming the Government House
from the APC government under Rochas
Okorocha on February 28, the Imo PDP shall
first and foremost deliver hundred percent
votes for President Goodluck Jonathan on
February 14 to further prove that Imo remains
a PDP stronghold.”

Source:punch

Students sat for Hausa in 1961 WASSCE - Cambridge

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The University of Cambridge Local Examinations
Syndicate, now known as Cambridge
Assessment, on Wednesday confirmed that
African language papers, including Hausa, were
offered for the West African School Certificate
Examination in the Northern Region in 1961.
The UK examination body, in a statement on its
website, also said that the number of
candidates who sat for the WASSC Hausa
examination in 1961 was 152.
Cambridge was responding to allegations that
the results presented by the All Progressives
Congress Presidential Candidate, Maj. Gen.
Muhammadu Buhari (retd.) were fake as being
alleged in some quarters.
There had been reports that Hausa was not
part of the WASSCE of 1961 as claimed in the
results presented by Buhari.
The examination body said it will not declare
the results of the All Progressives Congress
presidential candidate, Maj. Gen. Muhammadu
Buhari (retd.), on the grounds that the Data
Protection Act of 1998 prevents the body from
declaring anybody’s result to the public.
“We only confirm or verify results at the direct
request of, or with the permission of a
candidate. This is in accordance with the
provisions of the Data Protection Act 1998 and
section 40 of the Freedom of Information Act
2000,” the statement said.
According to Cambridge, even if the body has
Buhari’s result or that of any other person’s, it
is a personal document kept in trust.
The statement read, “Examination results were
classed in grades by 1 to 9. 1,2,3,4,5 & 6
indicate a Pass with Credit; 7 & 8 indicate a
Pass; 9 indicates a Failure.
“To pass the School Certificate, candidates had
to pass examinations in a variety of groups. It
was compulsory to pass English Language, but
not Maths, in order to gain the Certificate.
“The number of candidates who sat for the
WASC Hausa examination in 1961 was 152. Our
records show that Hausa was set in the
Northern Region in 1961.”
Buhari had, at a news conference at the Kano
State Government House, dismissed the
controversy over his school certificate as a
mischief orchestrated by the Peoples
Democratic Party.

Bird Flu now in 11 states – FG

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The Federal Government on Wednesday said
the H5N1 influenza virus, also known as bird
flu, is now present in 11 states in Nigeria.
It confirmed the presence of the virus in four
other states apart from the seven states earlier
reported on January 22, 2015.
The Minister of Agriculture and Rural
Development, Dr. Akinwumi Adesina, outlined
the additional states to include Oyo, Jigawa,
Gombe and Imo.
He said the total number of birds exposed had
risen to 232,385 with 51,444 mortalities
recorded.
Details soon.

LAMUDI OPENS IN 3 MORE COUNTRIES

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Lamudi, the real-estate classifieds platform,
has launched in three more countries in
Africa; Gabon, Angola and the Republic of
Congo. This brings up the total number of
countries on Lamudi’s international network
to 52 spread across Asia, South America,
Africa and the Middle East.
Lamudi says the property sectors in the
countries are beginning to make the online
switch, creating demand for property listing
services like one offered by Lamudi.
Co-founder and Managing Director, Kian
Moini is upbeat about the firm’s progress.
“Since we launched in late 2013, Lamudi
has grown at breathtaking speed. The
website is now available in more than 30
countries in the emerging markets, offering
house-hunters from Mozambique to Mexico
access to over 800,000 global property
listings,” he says.
Lamudi is part of the Africa Internet
Holding – supported by Rocket Internet,
MTN and Millicom – same group behind
Jumia, Jovago, Easy Taxi and 2 other
startups.

APPLE REPORTS RECORD BREAKING SALES IN 2015’S FIRST QUARTER

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A pple grossed $74.6bn in revenue,
and $18bn in profit in the first
quarter of 2015, the highest ever in
corporate history, smashing a record
previously held by Russia’s Gazprom
with $16.2bn.
According to a statement on Apple’s
website, the results were fueled by all-time
record revenue from iPhone and Mac sales
as well as record performance of the App
Store. Apple sold 74.5 million units of
iPhone in the last quarter of 2014.
Tim Cook, Apple’s CEO who himself earned
40% more in the past year says, “Our
revenue grew 30 percent over last year to
$74.6 billion, and the execution by our
teams to achieve these results was simply
phenomenal.”
Apparently, it’s been a good year at Apple
despite 22% drop in iPad sales. Apple will
ship its new Apple Watch wearable device
in April of this year. This may nudge up its
revenue even further in the new quarter
even as concerns are rife that it’s high-end
price may not be able to woo more than the
Apple faithful.

MTN IS LEVERAGING AMAZON WEB SERVICES INFRASTRUCTURE TO SERVE ITS CUSTOMERS

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MTN Group yesterday, in Johannesburg,
South Africa, announced it would be the
first African company to offer Amazon Web
Services (AWS) Direct Connect to business
customers across multiple countries on the
continent.
The new service will leverage the extensive
footprint of MTN’s Global MPLS network, to
provide customers with connectivity
between their data centres or businesses
and the AWS EU Ireland region. This will
give enterprises across Africa a dedicated
link with which they can access the
flexible, scalable and reliable AWS cloud.
“The relationship with Amazon Web
Services is an important step in our plans to
address the needs of enterprise customers in
emerging markets, particularly Africa,” says
MTN Group Chief Enterprise Officer, Mteto
Nyati.
“As MTN Business, our purpose is to enable
and inspire growth on the continent. We
believe that by working with a global
technology leader such as Amazon Web
Services, MTN will be better placed to
enable customers to grow their businesses
by providing them with reliable
connectivity and access to world-class
digital solutions,” says Nyati.
MTN’s Global MPLS network connectivity
offers improved manageability, reliability
and performance. As a result, AWS Direct
Connect is expected to bring significant
benefits to multinational and large
enterprise customers by providing a more
consistent network performance when they
access AWS.
”We are excited to be working with MTN to
bring the security and reliability of AWS
Direct Connect to customers across Africa,”
said Steve Midgley, Head of EMEA, Amazon
Web Services Luxembourg Sarl. “By utilising
AWS Direct Connect customers are able to
reduce network costs, increase bandwidth
throughput and provide a more consistent
network experience helping African
businesses of all sizes to rapidly expand
their organisations.”
AWS Direct Connect is not the first time
MTN will dabble into data and cloud
services. The company’s head has in fact
been firmly stuck in the cloud for years.
The telco has been acting l ess and less like
one for years, partnering with Google in
Nigeria to get businesses online before
veering off and trying to sell them web
hosting by itself, and investing in data
centers to power a cloud business product it
dubbed “anything as a service” . If its
short-lived liaison with Google in Nigeria is
any indicator, MTN’s current relationship
with Amazon might last only as long as the
company feels it needs the handholding of a
leading cloud player.

• President: I can’t be involved in anti- party activities

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President Goodluck Jonathan yesterday
disowned former Minister Labaran Maku,
who claimed his support for dumping the
Peoples Democratic Party (PDP) for All
Progressives Grand Alliance (APGA), saying
he cannot be involved in anti-party
activities. Maku contested for the
governorship candidature in Nasarawa
State last year, but lost
The President said he had at no time had
any discussion or encourage him to join
another party. He said in Lafia, Nasarawa
State yesterday that the PDP does not
encourage anti-party activities and he
would never flout the party’s rules and
regulations as the leader of the party,
insisting Maku was on his own.
He thanked the crowd that welcomed him
at the Lafia Township Stadium for
believing in him.
He assured that the mineral resources in
the state would be tapped amid dwindling
oil prices and in line with the
administration’s policy to diversify the
economy, adding that Nasarawa will be
one of the areas the central government
will want to work with to realise this.
He assured that the Doma dam will be
completed on record time so that they will
continue to promote dry season farming.
“What is good for you we will not wait for
you to demand before you get what is
rightly yours. We want to change the
concept that farming is for the poor but
that it is for the rich because the farmers
in America are millionaires.
Vice President Namadi Sambo said PDP is
Nasarawa and Nasarawa is PDP, while
soliciting for votes from the people of the
state.
Also disowning Maku, Senate President
David Mark, who asked the former
minister to apologise and retrace his
steps, before he could be accepted back
to the party.
He urged the people, “don’t be deceived
by any son of yours that says he has been
put in another party to run for the
governorship. Mr. President is PDP from
top to bottom”.
Mark who addressed the students from
his official car shortly before the
President’s chopper landed in school’s
compound, cited the YouWin programme,
establishment of universities under this
administration as a demonstration of
Jonathan’s commitment to youth
development.
“The emphasis that the current
administration is putting on education is in
the right direction. I know that most
people are complaining of unemployment
but the government is generating
employment through YOUWIN, youth
programmes, SURE-P, these are areas in
which government is putting a lot of
attention.
Benue State Governor Gabriel Suswam
assured that the North-Central will vote
Jonathan because he has done well.
He said the state made a mistake in 2011
that was why they lost to the opposition
but the PDP is poised to get it back.
Former national chairman of PDP, Dr.
Ahmadu Ali said Maku is ungrateful,
despite using the platform of the party to
rise to stardom, he jumped the ship
because of greed and joined APGA.

Source:THE SUN NEWSPAPER

7 reason why buhari's result is fake/scam

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My attention has been drawn to the release of
General Muhammadu Buhari "certificate" and
many people were sending me pictures of this
certificate. I thought that should finally end the
brouhaha about the ?#?BuhariGate?, but on
taking a better look and some little research, it
was obvious the certificate is a fraud.
Look exactly like those ones produced by
Oluwole magicians!
Now let's analysis the certificate in 5 bullet
points:
1. Observe that there is NECO written on top of
the result. It's worth noting that NECO was
created in April 1999, by Abdulsalam Abubakar.
2. Secondary schools in Nigeria during Buhari era
ended at form 5 not form 6 as shown in the
certificate. 6 years secondary school education
started in Nigeria in 1989 - 1990 academic year.
3. The certificate also showed Ministry of
Education, Katsina state. Katsina State was
created on 23 September 1987 from Kaduna
State.
4. The certificate also had Mohamed Buhari
instead of Muhammadu Buhari as he is known.
5. Government College (Pilot), Katsina was
written on the certificate. The school was
formerly called Provincial Secondary School,
Katsina.
6. The passport shown on the document is not
the face of a young boy of 19. Buhari was 19
during the time of this exam since he wrote the
exam in 1961.
7. Which Hausa did Buhari study that he gave
himself a credit score? In 1961, only the western
region included Yoruba in their curriculum. Local
languages were adopted nationally after the civil
war by the new central government.
Bonus point: The school suddenly remembers
GMB file is in their records. The statement of
result kept since 1961 is still as clean as new.
This is magical!
I hope this 7 points have convinced you and not
confused you that Buhari's School Certificate Is
Fake!!!

Okonjo-Iweala's Response To Charles Soludo's “Buhari Vs Jonathan: Beyond the Election

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For anyone who has not read Professor
Charles Soludo’s article in the Vanguard
(online version) on January 25 2015, I
would encourage them to do so. It is
littered with abusive and unbecoming language.
It shows how an embittered loser in the
Nigerian political space can get so derailed that
they commit intellectual harakiri by deliberately
misquoting economic facts and maliciously
turning statistics on their head to justify a
hatchet job. We hope all the intellectuals in the
international circles in which Professor Soludo
has told us he flies around in will read what a
Professor of Economics has chosen to do with
his intellect.
In this one article Soludo has shamelessly
pandered to so many past leaders that
Nigerians are asking one more time – what
position is Soludo gunning for now? He claims
in his article that he has had his own share of
public service, yet he has failed twice in his
attempts to be Governor of Anambra State and
Vice Presidential candidate of various parties.
There is definitely an issue of character with
Prof. Charles Soludo and his desperate search
for power and relevance in Nigeria. Nigerians
should therefore beware of so-called
intellectuals without character and wisdom
because this combination is fatal.
But let us turn to the main subject of Soludo’s
discourse. So much of what is written is
outright nonsense and self-seeking
aggrandizement that need not be dignified with
a response. It is totally remarkable that
Professor Charles Chukwuma Soludo, the man
who presided over the worst mismanagement
of Nigeria’s banking sector as Governor of the
Central Bank of Nigeria between May 2004 and
May 2009, can write about the mismanagement
of the economy.
Nigerians must be reminded of his antecedents
as CBN Governor, and even prior to that, as
the Chief Economic Adviser to the President.
The consolidation of the banking sector was a
good policy idea of the Obasanjo Administration
but Soludo went on to thoroughly mismanage
its implementation leading to the worst
financial crisis in Nigeria’s history. So what did
Soludo do?
After consolidation, the regulatory functions of
the Soludo-led CBN were very poorly exercised.
As Governor, he failed to adequately supervise
and regulate the now larger banks – an
anomaly in Financial Sector Supervision. In fact
as every Nigerian knows, in his time there was
very little separation between the regulators
and the regulated which is a violation of a key
requirement of Central Banking success. This
led to infractions in corporate governance in
many banks as loans and other credit
instruments running to hundreds of billions of
naira were extended to clients without
following due process, and several of these
loans could not be paid back. This massive
accumulation of bad debts or non-performing
loans as they are called in the banking sector
meant that our banks were ill-positioned to
deal with the global financial crisis when it hit.
In fact, the banking sector was brought to its
knees and required a massive bailout by
Nigerian tax payers. This bailout was done by
his successor (now Emir of Kano) who cleaned
up all the bad debts and transferred them to
the newly-established AMCON, from where they
are managed today. So let it be noted for the
record books that Soludo’s single-handed
mismanagement of the banking sector led to an
incredible accumulation of liabilities that will
cost tax payers about N5.67 trillion (being the
total face value of AMCON-issued bonds) to
clean up. Let it be noted also that this amount,
which is more than the entire Federal
Government 2015 Budget, constitutes the bulk
of Nigeria’s “contingent liabilities” mentioned in
Soludo’s article. It is only in Nigeria where
someone who perpetrated such a colossal
economic atrocity would have the temerity to
make assertions on public debt and the
management of the economy.
Let us now look at some of the points he
makes. Luckily, Soludo has told us that he has
been busy traveling internationally, hobnobbing
with his global partners. It is obvious from this
article that from the rarefied heights at which
he is flying he is completely out of touch with
what is happening with the management of this
economy. Take his comments on the
mismanagement of the economy and the
imposition of the austerity measures. The
present fall in oil prices, a global phenomenon
over which Nigeria has no control, has given
every charlatan the opportunity to attack the
economy, and by extension the managers of
the economy
It is true that the economy grew well during the
second-term of former President Obasanjo as a
result of the reforms supported by the
President and implemented by the Economic
Management Team. Please note that the
Finance Minister under whose leadership that
good performance took place, including massive
unprecedented debt relief, is still Finance
Minister today. But thorough examination of
the facts on performance under the Jonathan
Administration will also reveal that at a time
when global economic performance was
mediocre, with GDP growth averaging about 3
percent per annum, Nigeria’s GDP growth –
averaging about 6 percent per annum – is
indeed remarkable. Even more interesting is
the fact that the oil sector did not drive this
economic performance but the non-oil sector
(Agriculture, Manufacturing,
Telecommunications, the Creative Economy,
and so on), which shows that the current
Administration’s diversification objective under
the Transformation Agenda is working.
Transformation equals diversification
This current government managed to control
inflation, which he Soludo, was not able to do
during his time at the helm of monetary policy
in Nigeria. When he left the Central Bank in
2009, inflation – which hurts the poor and
vulnerable in the society the most – was above
13 percent per annum. Now, inflation is at
single-digit, at 8 percent per annum. What
about exchange rates? Well this administration
again managed to stabilize the naira exchange
rates, such that between May 2011 and the
end of 2014, official exchange rates against the
dollar rarely moved out of the N153 to N156
band. It is only with the recent dramatic fall in
oil prices and the consequent impact on our
foreign reserves that the exchange rate has
become quite volatile. The drop in oil price has
been heavy and rapid impacting all oil
producing nations significantly. Nigeria is no
exception and appropriate fiscal and monetary
policy measures are being put in place to
manage this situation.
In fact, history will recall that careless remarks
by Prof. Soludo (then Chief Economic Adviser to
the President) hypothesizing a possible naira
devaluation, condemned the naira to a free fall
towards the end of 2003. Ray Echebiri, in his
2004 article in the Financial Standard, wrote
that not even the assurances given by the then
CBN Governor, Mr. Joseph Sanusi or President
Obasanjo that any plans to devalue the naira
existed only in the head of Professor Soludo
could halt the fall of the naira from N128 to the
dollar in the official market to about N140
between September and December 2003.
It is true that our foreign reserve accumulation
is less than what it should be but the reason
for this has been fully given, not as excuses but
simply as fact: lower oil production and crude
oil theft along with the refusal to save in the
Excess Crude Account (ECA) are the reasons.
Contrary to what Soludo said, oil production
under President Obasanjo was higher than
current levels. Quantities produced averaged
2.4 million bdp, 2.22 million bpd, and 2.21
million bpd in 2005, 2006, and 2007
respectively but has declined now to between
1.95 and 2.21 million bdp due to vandalism of
the pipelines and the resulting “shut-ins” to fix
the problem. It is true that had production
been at the previous levels and had there been
willingness to save we would have had more
money in the ECA and also in the reserves. But
the overriding setback to savings is that the
State Governors felt it was their constitutional
right to share the money. Please recall that
even as we speak the States have taken the
Federal Government to the Supreme Court on
this issue
Soludo’s claim that 71 percent of Nigerians live
below the poverty line is misleading and
disingenuous. He uses 2011 statistics on
poverty by the NBS to support his argument
while ignoring more recent figures. But as
stated in the Nigeria Economic Report 2014 by
the World Bank, poverty rate in Nigeria has
dropped from 35.2 percent of population in
2010/2011 to 33.1 percent in 2012/2013. By the
way, the reason why our poverty numbers
have been so wrong is that the National Bureau
of Statistics (NBS), under Soludo’s supervision
as CEA and Vice-Chair of the National Planning
Commission, departed from the international
standard method of poverty measurement. Is
he now ignoring the right economic statistics to
wilfully manipulate information?
No doubt we have a problem with
unemployment in this country and we must
deal with it. Indeed this Administration is
dealing with it and stands proud of what it has
accomplished so far and is pushing hard to
accomplish much more. As a first step, the
Administration, through the office of the Chief
Economic Adviser to the President and the NBS,
worked hard to determine how many jobs we
need to create in a year. What you don’t
measure you cannot make progress on. Why
didn’t Soludo do this when he was CEA?
We need to create about 1.8 million jobs a year
in this country to cater for the new entrants
into the labour market, but we also need to
deal with the backlog of the unemployed and
the underemployed, e.g. those selling on the
streets. Dealing with this global challenge of
unemployment is not an easy task for any
country, as can be seen from the experiences
of developed countries particularly in the euro
area. But the Jonathan Administration is making
good progress, creating an average of about 1.4
million jobs per year by driving quality growth
in key sectors like Agriculture, where the bulk
of new jobs are being created, Housing,
Manufacturing, Financial Services, and the
Creative Industries like Nollywood.
In addition we have special programs to
promote job creation among the youth and
these include:
Promoting entrepreneurship among the youth
through the “Nagropreneurs” program to
support 750,000 youth farmers with grants and
training, and the YOUWIN program that is
directly supporting up to 5,400 young
entrepreneurs with grants, training, and
mentorship and so far beneficiaries are creating
an average of 9 jobs each, for themselves and
others. About 22,000 jobs have been created
by the first 2,400 youwinners.
Graduate Internship Scheme: that is reducing
the vulnerability of unemployed graduates by
enhancing their employability. The Scheme
targets up to 50,000 unemployed graduates in
the 36 states of the Federation and FCT and
about 22,000 graduates have so far been
placed by the program.
Community Services Scheme under SURE-P:
developed to empower young unskilled
Nigerians, women and people with disabilities.
About 120,000 mostly young workers have been
engaged across the country
On the issue of debt, Nigerians deserve to
know the truth and we have said it before. The
truth is that the government borrowed in 2010
to pay an unprecedented 53.7 percent wage
increase to all categories of federal employees
as demanded by labour unions. The total wage
bill rose from N857 billion in 2009 to about
N1.4 trillion in 2010, and as a result, domestic
borrowing increased from N200 billion in 2007
to about N1.1 trillion in 2010 to meet the wage
payments. Where was Soludo at the time? Why
did he not react to the borrowing then? Was it
because he wanted to pander to labour in
preparation for his political career?
It is noteworthy that since 2011, the
Administration of President Goodluck Ebele
Jonathan has been prudent with the issue of
debt and borrowing. The Economic
Management Team not only looks at debt to
GDP ratio, where Nigeria has one of the lowest
numbers in the world at 12.51 percent but it
looks at debt service to revenues. That is why
in spite of the rebasing and a larger GDP, the
administration has taken a prudent approach to
borrowing. The prudent approach helped to
drive down domestic borrowing from N1.1
trillion in 2010 to N642 billion in 2014. In fact
for the first time in our nation’s borrowing
history we even managed to retire N75 billion
of domestic bonds outright in 2013.
Despite the present tough situation, we do not
plan to go on a borrowing spree but to keep
borrowing modest at a level sufficient to help
us weather the present situation. We have
already ramped up efforts to generate more
non-oil revenues for the government while
cutting costs of governance. Therefore, Soludo’s
claim that this Administration is reckless with
debt does not hold true.
Since Soludo seems so ignorant to what has
been achieved by the Jonathan Administration,
let us present just a few examples of them
here again. This information is easily verified.
We are improving infrastructure across the
country. For example, 22 airport terminals are
being refurbished, and five new international
airport terminals under construction in Lagos,
Port Harcourt, Kano, Abuja, and Enugu.
Soludo’s kinsmen in the South East now have
an international airport in Enugu, and for the
first time in Nigeria’s history can fly direct from
Enugu to anywhere in world for which they are
very grateful to this Administration. But with
Soludo being up in the air with his international
travels, he has not touched ground in the
Southeast to observe this development for
himself.
Various road and bridge projects have either
been completed or are under construction.
Those completed include the Enugu – Abaliki
road in Enugu/Ebonyi States, the Oturkpo –
Oweto road in Benue State, the Benin – Ore –
Shagamu highway, and the Abuja – Abaji –
Lokoja dualization, and the Kano – Maiduguri
dualization. The Lagos – Ibadan expressway
and the Second Niger Bridge are under
construction.
Rail from Lagos to Kano is now functional, as is
parts of the rail link between Port Harcourt and
Maiduguri. All these have brought transport
costs down. We recognise that more needs to
be done in the power sector, but bold steps
(like the privatisation of the GENCOs and
DISCOs) have been taken, and our gas
infrastructure is being developed to power
electricity generation
In Agriculture, over 6 million farmers now have
access to inputs like fertilizers and seeds
through an e-wallet system, which is more than
the 403,222 that had access in 2011. Rice
paddy production took off for the first time in
our history, adding about 7 million MT to rice
supply. An additional 1.3 million MT of Cassava
has also been produced and as a result, the
rate of food price increase has slowed
considerably, according to the NBS.
In Housing, we have put in place a new
wholesale mortgage provider – the Nigerian
Mortgage Refinance Corporation (NMRC) – to
provide affordable mortgages to ordinary
Nigerians, starting with those in the low-middle
income bracket. This sector will help the
economy grow as we tap it as an economic
driver for the first time. Mortgage applications
from 66,000 people are currently being
processed and 23,000 have already received
mortgage offers
Our Manufacturing sector is reviving with new
automobile plants by Nissan, Toyota, etc. This is
in addition to the backward integration policy in
key sectors like petrochemical, sugar, textiles,
agro processing and cement, which Nigeria is
now producing 39,000 MT and exporting to the
region.
The Creative sector is now a factor in our GDP,
with Nollywood alone accounting for 1.4
percent, creating over 200,000 direct jobs and
nearly 1 million indirect jobs. This is the first
Administration to recognise its importance and
support its further development with a grant
program.
A new bank – the Development Bank of Nigeria
– will soon be operational and this bank will
help bridge the access to finance gap, which is
a major constraint for the private sector
especially SMEs. The bank will provide long-
term (5 – 10 years) financing at affordable rates
for the first time in our nation’s history.
This is the path that the government has been
on before this fall in oil prices. The response to
the economic shock has been spelled out to the
Nigerian public over and over again, and the
Administration intends to focus on managing
this crisis appropriately. This year will be
difficult. To say anything less to Nigerians will
be untruthful. It would have been better if
there had been a bigger cushion of the Excess
Crude Account to manage this situation but
despite this the nation can rise to the
challenge. More importantly, President
Goodluck Ebele Jonathan and the Economic
Management Team are seeing this as an
opportunity to diversify the revenue sources of
an already diversifying economy. In fact let me
at this juncture use this opportunity to
comment on Soludo’s appalling statement that
rebasing brings no policy value. Rebasing has
enabled us to better grasp the new diversified
nature of our economy. This provides the basis
for our present drive to support different
sectors with appropriate policy instruments to
enhance their development. Rebasing has also
enabled the Administration to create the
platform from which to drive our work on
increasing non-oil revenues. These are areas of
critical policy value.
Soludo mentioned the issue of the Economic
Partnership Agreement with the EU, noting that
this Administration has not been vocal or clear
on its direction with this agreement. On the
contrary, the Administration, particularly the
Ministry of Industry, Trade, and Investment,
has been clear on this issue but since Soludo
has been in the air he probably has not been
aware of this. Just recently, the Minister of
Industry, Trade and Investment reiterated
again to the corporate sector that Nigeria has
not signed and does not propose to sign the
EPA in its present form.
The point is that this government has been
pursuing the right economic policies, and its
efforts have been acknowledged nationally and
internationally. Let me say that there are
objective ways to measure performance. There
are international institutions globally accepted
to do this. They have acknowledged this
Administration’s good economic management
up to the recent crisis and even now.
We cannot go by someone’s subjective view,
driven by bitterness and bile. We need to look
to the truth and to professionalism. This is
where Professor Soludo totally fails. For the
other gratuitous, political, and personal attacks,
we are sure that those mentioned will respond
appropriately. It is a sad day for Nigeria and
the economics profession that someone like
Soludo, a former CBN governor should write
such an article. If Soludo wants to regain
respect, he should return to the path of
professionalism. He certainly needs something
to improve his image from that of someone
whose sojourn into National Economic
Management ended in disaster for the banking
sector, his sojourn in politics, ended in
overwhelming rejection by the electorate, and
more recently, his sojourn abroad, has put him
out of touch with the reality of the Nigerian
economy.
Paul C Nwabuikwu
Special Adviser to the Coordinating Minister for
the Economy and Minister of Finance

Sunday, January 25, 2015

20 Little Things You Can Do to Become Happier Today, Tomorrow & Forever

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1) Wake up 30 minutes earlier each day. Enjoy
the fresh air & avoid the mad rush.
2) After you open your eyes, tell yourself today
is going to be another wonderful day.
3) Sit on the bed and feel the ground. Then,
think about your future/ long term goal. Tell
yourself that today you are going to be one step
closer to your dream.
4) Check today’s schedule.
5) Have your yummy breakfast.
6) Before you leave the house, look into the
mirror once more and tell yourself you look
awesome.
7) Smile to everyone you meet.
8) Help at least 3 people without expecting any
return.
9) Give compliments to people when people
around you have done a great job.
10) Focus on one thing at a time.
11) Leave the company on time. It’s time for
yourself and your family.
12) Feel the sky the moment you step out the
building. There’s no need to rush.
13) Listen to the music and read a book that
touches your heart.
14) Give yourself some “me time”. Review your
day. Ask yourself “what have you done well
today?” & “what can be improved in the
future?”.
15) Complete your schedule for the next day.
16) Prepare everything you need for the next
day to avoid rush.
17) Enjoy the precious moments: bedtime story
for your kids/ a little chat with your loved one.
18) Hug and say good night to your loved ones.
19) Count all the wonderful things you have
encountered today, one by one.
20) Leave tomorrow’s worries for tomorrow.
Close your eyes and sleep with a smile.

Thursday, January 22, 2015

SHOCKING NEWS: THE EX- MUSLIM PRIEST SAID THAT ”ALL MUSLIM MUST CHANGE TO CHRISTIAN TO AVOID HELL FIRE”

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While I was working in a muslim mosque as
an imam, as a parish priest, I preach in my
parish that Jesus Christ is not God, for me,
God was only Allah, and I believed Allah
never got married, so no sons for Allah. So I
preached there that Jesus is not God. Then
somebody ask me, who is Jesus?’’ from the
crowd. Maybe a muslim, but he asked me,
who is Jesus?’’ I was preaching he is not God,
but the question is who is he? To know who
is Jesus? I read the entire Koran once again:
114 chapters, 6666 in the Koran when I read
it, the name of prophet Muhammad. I found
it in Koran 4 places, but the name of Jesus I
found in 25 places. There itself, I was a little
confused. Why does the Koran give more
preference to Jesus? And second thing, I
could not see any woman’s name in Koran:
the Prophet Muhammad’s mother’s name, or
wife’s name, no, in the Koran, there is only
one woman’s name that i found is Mariam,
the mother of Jesus no other woman’s name.
And in the holy Koran chapter 3, the name of
the chapter is family of Mariam,’’ and holy
Koran chapter 19, the name of the chapter
itself is ‘’MARIAM’’ one chapter is ‘’MARIAM’’
so I was very curious to know why does
Koran says all these things about MARIAM,
holy Koran chapter 3 verse 34 onwards says
that Mary was born without original sin, she
never committed any sin in her life, she was
ever virgin.
Koran chapter 50 verses 23 say that she went
to heaven with her physical body. Even the
assumption is writing in the holy Koran and
then about Jesus, when I read chapter 3 verses
45 to 55 verses, there is 10 point which the
Koran makes about Jesus. The first thing Koran
says (kallimatulli) the arabic word which means
‘’the of God’’ and second thing is ( ahimokuli )
which mean spirit of God and the third (isa
masi) which means Jesus Christ so Koran give
the name for Jesus WORD OF GOD, SPIRIT OF
GOD, JESUS CHRIST. And then Koran says that
Jesus spoke when he was very small, like 2
days old. after his birth he began to speak ,
Koran says that Jesus created a live bird with
mud. He took some mud, he formed a bird;
when breathed into it, it became a live bird. So
I think Jesus can give life because he gave life
to mud, clay, and then Koran says that Jesus
cured a man born blind and a man with
leprosy, e.t.c
Curiously, the Koran says that Jesus gave life to
dead people; Jesus went to heaven; he is still
alive and he will come again. When I saw all
these things in the Koran I taught of what
Koran says about Muhammad, according to the
Koran, prophet Muhammad is not the word of
God, not spirit of God he never spoke when he
was 2 days old, he never created any bird with
mud, he never cure any sick people, he never
raised any dead people, he himself died, and
according to Islam he is not alive and he will
not come back. So there is a lot of different
between these two prophets. I didn’t call Jesus,
God, you know my idea was ‘’He is a prophet
but he is a prophet greater than Muhammad;
so one day I went to my teacher, the one who
taught me 10 years in Arabic college, and I ask
him, teacher, how did God created the
universe? Then he said God created the
universe through the word,’’ THROUGH THE
WORD. Then my question is: ‘’WORD’’ is creator
or creation? He must clear this, my question is
whether the WORD of God is creator or
creation. Koran says Jesus is WORD of God. If
my teacher says word of God is creator, which
means Jesus is the creator, then muslim must
become Christian suppose if he says the word
is creation he will be trapped. You know why?
He said everything was created through the
word. Suppose if he said the word is creation,
then how did God created the word? So he
cannot say that the word is creator, or creation,
so he was quite angry he push me out of his
room and said word is not God, not creator or
the creation you get out of here, ‘’he said
The reason why Muslim doesn’t accept to be
Christian is because they are blinded with the
wrong teaching of their priest, Imam. They said
that the word is cr

Tuesday, January 20, 2015

The tortoise may overtake the hare

Sometime in 2015, or more likely 2016, or maybe 2017, India will overtake China as the fastest growing large economy in the world.  It could potentially be a historic moment, for India and the world. The opportunity is India's to grasp, or equally likely, drop.

China's economy is slowing. Its GDP growth for 2014 (announced in an incredible 19 days after the year end) was 7.4 %. For the first time in 30 years, its GDP growth is below its own target of 7.5%. China's statistics are to be taken with a pinch of salt. Apart from the gargantuan task of measuring GDP for such a large country and number of people, its numbers are also, let us say, "approved" by the Communist Party. It was very likely that in the heady days, for a long period, China actually under reported its GDP. Growth was at such a frenetic pace that the Party was doing all it can to dampen the numbers. Now, its quite likely that the announced 7.4% is probably a tad overreported.  China's is a huge economy. Growing at that breakneck speed is no longer possible. The economy is slowing. Make no mistake; the growth rate , for its size, is still stunning, but the inevitable slowdown is starting. China is starting to slowly transform into a more mature economy.

Enter India. Its financial year ends in March and for 2014-15 and for the first three quarters it grew by 5.3%. That is still a full 2% below China's. But the trajectory is upwards. The World Bank last week estimated that India's growth rate would overtake China's in 2017. Goldamn Sachs estimates that it will happen in 2016. The IMF has just announced that it expects that to happen in 2015 itself. It is estimating India will grow by 6.5% and China by 6.3 %. We shall see.

Maybe, just maybe,  India's time in the sun is about to come. It has a strong government which is betting on development as the plank for reelection. It has a young and large work force. It is a slow elephant prone to many stumbles and disappointments in the past and could flatter to deceive again. But something tells me that this time India may actually do well. If there is a sustained period for say 10 years, when India is the fastest growing large economy, it will have profound consequences both for the country and for the world. 

For Indians, it may be the chance, finally, to start winning on "Garibi Hatao" (eliminate poverty).  For the world, somebody must take China's place in leading global growth. India is the natural, and preferred choice. Geopolitically, a rising India will also contribute to a multipolar world and manage the "risks" of the China ascendancy. Just as China's rise from the 1990s transformed the world, the same could happen all over again with India.

Wishful thinking ?? Maybe. But for reasons this blogger cannot explain, this time, it looks different. Its India's turn to "win the World Cup". It's cricketing fortunes may be on the wane but its economic fortunes couldn't be better.  The first step will be on February 28th when the first real budget of the BJP government is presented. If its a cracker, then that might be the start of India's ascent.

It may be the best time to be an Indian.

Sunday, January 18, 2015

Kaduna Gov. Yero "Threatens" APC, El-Rufai Ahead Of Elections

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Kaduna State governor Ramalan Yero has
been caught on tape allegedly addressing
his supporters and urging them to inflict
violence on the All Progressives Congress
should his team be affected during the
elections.
Premium Times reports that they have
obtained an audio recording of the Governor
apparently addressing his supporters and
threatening violence against the APC and its
prominent member, former FCT Minister,
Nasir El-Rufai.
Speaking in the Hausa
language, Governor Yero vowed swift
“revenge” against anyone “born of woman”
should they attack the PDP team in the state.
“If you are born of a woman, please pelt
us with stones, when we go out for
campaigns. We dare you to destroy or
burn our vehicles. Burn our house. I
swear by Allah, anyone who does any of
these things, we will revenge,” he
claimed.
Governor Yero appears “furious” on the tape,
according to Premium Times, and threatened
to stop El-Rufai from entering Kaduna State
henceforth.
“If I say you [addressing El-Rufai] should
not come to Kaduna, I swear you cannot
come. If I say you should not leave your
house, I swear you cannot leave, ” Mr.
Yero said.
“If I say they should demolish your
house, I swear by Allah, they would
demolish it immediately. If you think we
cannot do it, try us and see, continue
with what you are doing, by God’s grace
we will show you.”
Mr. Yero also threatened to deal with APC
supporters if they dare to attack the
campaign of the PDP.
In Kaduna State, the main governorship
contest is being seen as mainly a
struggle between the incumbent Governor
and El-Rufai.
In the last two weeks, there have been
incidents of political violence in Rivers,
Plateau and Gombe states, whereby
supporters of different political parties
launched gun attacks on opponents, bombed
party offices and torched campaign vehicles.
Mr. Yero spoke days after all presidential
candidates for the February elections
committed to non-violence before, during
and after the polls.
Despite being in the home state of Vice
President Namadi Sambo, Kaduna, the
former capital of the northern part of Nigeria,
also has a strong APC base, giving Mr. El-
Rufai wide support too.

Friday, January 16, 2015

NIGERIAN, FIVE OTHERS TO BE EXECUTED FOR DRUGS IN INDONESIA.

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A convicted Nigerian drug trafficker is
among six drug offenders to be executed
in Indonesia on Sunday. The Nigerian,38
year-old Daniel Enemuo, alias Diarrssouba
was convicted in 2004.
Indonesian authorities announced the
execution today. It will be the first
execution under new President Joko
Widodo.
The planned executions were announced
by the Indonesian Attorney General’s
Office.
Widodo, who took office in late October,
signed off on the executions last month.
He pledged no clemency for drug
offenders, despite pleas from the
European Union, the Brazilian
government and Amnesty International.
The five foreigners due to be executed
are from Nigeria, Malawi, Vietnam, the
Netherlands and Brazil.
“Indonesia’s new government took office
on the back of promises to improve
respect for human rights, but carrying
out these executions would be a
regressive move,” said Rupert Abbott, a
Southeast Asia research director for
Amnesty International.
European Union foreign policy chief
Federica Mogherini said the planned
executions were “deeply regrettable” and
urged Indonesia to establish a
moratorium on the death penalty.
Indonesia resumed executions in 2013
after a five-year gap.
Widodo has taken a strong stance on the
rule of law, not only on drugs but also on
corruption and maritime law.
In his first few months in office, he has
ordered illegal fishing vessels to be blown
up by the navy and supported the
unprecedented move of dismissing the
entire board of energy giant Pertamina

Sunday, January 11, 2015

Deflation: a curse or a boon ?

Stock markets tumbled last Monday. Investors claimed they were worried by two things - Deflation and the possibility (yet again) of a Greek exit from the Euro. Even Rajalakshmi, she who is sitting in front of CNBC doing day trading, claimed to be concerned about deflation. Assuming that she can spell it, this is pure stuff and nonsense.

Deflation refers to a sustained trend of falling prices. When this happens, demand tends to fall as people expect prices to reduce further and postpone purchases. Falling demand leads to unemployment, lower wages and therefore still lower demand and prices. When this is sustained over a period of time , economic growth collapses , much like what Japan has experienced over decades.

But to consider the current circumstances as deflation and therefore hammer down stock prices is incomprehensible to this blogger. Yes, price indices have been falling in recent months, but that is solely on account of one factor - the price of oil. The dramatic drop in the price of oil is actually largely a good thing as this blogger blogged about only a week or so ago. Maybe it needn't have dropped so soon and so fast, but a sustained drop in oil prices is actually great for the economy. The massive transfer of wealth that has happened from all over the world to the sheikhs in the Middle East and to Russia has hardly made the world a better place.

There is no reason to believe that economic growth is going to suffer in any sector, other than oil. The US economy is actually doing quite well. Europe may continue to be stagnating, but almost every other region in the world is seeing an upturn. China's growth may be slowing down, but it is still at levels which every other country in the world would give an arm and a leg to achieve. India is at least looking positive even if it does not have much result to show for as yet.

Armchair analysts who plot consumer price indices and proclaim that when it declines there is deflation are deluding themselves. Price reduction brought on by innovation, productivity, technology and cost reduction are actually great for any economy. Witness the IT and consumer electronics industry where prices fall all the time and demand booms. The current bout of price index falls is because of cost reduction - reduction in the cost of oil. My good blogger friends who are filling up their gas guzzlers in the US are feeling pleasantly surprised. My good friend was so surprised filling 5732 gallons into his tank, that he even blogged about it. There is a bit more in the pockets of most citizens of the world, except those of the oil exporting and mismanaged countries (read Venezuela, Iran, Russia).  Not one of those good citizens gives a rat's ass to fears of deflation.

When equity markets fall again and when they mention deflation scares, that's the time to invest.

Friday, January 9, 2015

The Federal Government has said Nigerian troops have launched a serious offensive against the deadly Boko Haram sect in an attempt to reclaim Baga and other parts of Borno State overrun by the insurgents.

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This was disclosed in a statement made
available to Punch in Abuja, by the
coordinator of the National Information
Centre, Mr. Mike Omeri.
Boko Haram militants were said to have
razed at least 16 Borno State towns and
villages in new multiple attacks.
According to Omeri, in recent days, there has
been heavy fighting between Boko Haram
and Nigerian troops in some parts of Borno
State, especially Baga.
He explained that since the insurgents’ first
attack on Baga last weekend, security forces
have been on their tail, chasing them.
He said: “ On Wednesday, a group of militants
conducted a second terrorist attack on the
area, leaving casualties and destroying
property. Security forces have responded
rapidly, and have deployed significant
military assets and conducted airstrikes
against militant targets.

“These brutal and barbaric attacks by Boko
Haram represent none of the people of
Nigeria and no religion. Our security forces
will continue to pursue the perpetrators of
these heinous acts. We will stop Boko Haram,
and we will bring to justice those responsible
for the brutal violence being perpetrated
against the people of Nigeria.”
Omeri disclosed that the the National
Emergency Management Agency was
providing comprehensive humanitarian
support to 2,000 Internally Displaced Persons
from Baga at its secure facility, the Teacher’s
Village Camp.
Despite the state of emergency declared by
the Federal Government in 2013 in Borno,
Boko Haram has continued to rein terror and
have even stepped up its attacks. There are
even fears that many people in the area will
not be able to vote in next month’s general
elections because of the insurgency.

In an authorized biography, Madam Eunice Aye Jonathan recalls why the president was christened Goodluck, clickmoore reveals.

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Madam Eunice recalls that there was nothing
special about the day on which Goodluck was
born in Otuoke. His birth was however very
easy compared to her other experiences with
childbirth.
She says: “I often had prolonged labour
during childbirth, sometimes for up to a
week, and because of this, I usually had still-
births. But when it was the turn of Goodluck,
I delivered him the very day I started having
labour pains. This surprised me”.
Apart from this, Eunice, did not regard the
day as extraordinary. According to her, the
people of Otuoke went about their duties as
usual. No dramatic event occurred. Perhaps,
the fact that nothing special happened was
indeed significant and the truly important
event was his birth.
Giving his reason for naming his son
Goodluck, his father said: “ I called him
Goodluck because although life was hard for
me when he was born, I had this feeling that
this boy would bring me good luck.
His paternal grandmother, Sarah, also
declared that her grandson, in his adulthood,
would shake the world the same way ‘king’
Azikiwe was doing at the time.

Boko Haram clash with troops in Damaturu

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Kano - Boko Haram gunmen fought running
battles with Nigerian troops on the streets of the
northeastern city of Damaturu on Friday, in an
apparent reprisal attack after a recent raid on a
militant stronghold, residents told AFP.

"The gunmen arrived at around 7:30 pm (1830
GMT), firing guns and shouting 'Allahu
Akbar!' (God is greatest)," said Mukhtar Sani, a
student of the Yobe State University in the city.
Troops intercepted the insurgents and Aishatu
Bala, who lives nearby, added: "All the streets
are deserted. Everybody has moved indoors and
all we hear are sounds of gunfire."

Cameroon appeals for international military aid to fight Boko Haram

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Yaounde - Cameroon's President Paul Biya has
appealed for international military help to fight
Islamist militant group Boko Haram, which this
week threatened to step up its cross-border
raids into the country from Nigeria.
The Nigerian group is part of a "global"
movement that has attacked Mali, the Central
African Republic and Somalia in its drive to
establish its authority from the Indian Ocean to
the Atlantic, Biya said.
"A global threat calls for a global response. Such
should be the response of the international
community, including the African Union and our
regional organizations," he said in a New Year
speech on Thursday to diplomats at the
presidential palace.

He said he regretted that a regional military
force against the insurgents had yet to be
established.
At least 15 people were killed in an attack on a
bus in north Cameroon on New Year's day.
A man purporting to be Boko Haram's leader,
Abubakar Shekau, threatened in a video posted
online this week to step up violence in
Cameroon unless it scrapped its constitution and
embraced Islam. Biya did not comment on the
video in his speech.
The country has deployed more troops to its Far
North region and has killed hundreds of the
Islamist fighters. New laws aimed at stamping
out the militants were also helping, Biya said.
"Although weakened by the losses it has
suffered, our foe nonetheless remains capable
of bouncing back," he said.
The German government donated 120 all-terrain
vehicles to Cameroon's military in November.
Boko Haram is the main security threat to
Nigeria, Africa's leading energy producer and
biggest economy and also threatens Chad and
Niger.

Lampard moves to clear up ‘lies and nonsens

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London - Frank Lampard on Friday moved to
clear up "lies and nonsense" over his move to
New York City FC, confirming he will move to the
States after completing his loan deal with
Manchester City.
Lampard issued a statement which said he does
have an agreement in place with Major League
Soccer side New York and will move there at
season's end.
"I want to make it completely clear about my
situation as I have read a lot of lies and
nonsense over the last few days," the statement
said.
"When released from Chelsea last year at the
end of my contract I signed a commitment to
play for NYCFC for two years starting January 1,
2015. I was then offered the chance to train and
be part of the Man City squad in the interim to
keep myself in the best shape going into New
York.
"This period has since been extended by Man
City and I will now start playing for NYCFC at the
end of this current Premier League season.
"There has always been a constant dialogue
between all parties in this time to find the best
solution for everyone. I can say that I am very
excited about arriving in New York and giving
everything to the team to make us a success in
the MLS as soon as possible.
"Thanks everyone for your ongoing support and
I wish everyone a healthy and happy 2015!"

Lampard's assertion that his New York City
contract was originally due to start on January 1
may add further confusion as, when the MLS
franchise originally announced his signing in July
2014, they said on their website: "New York City
FC signs Frank Lampard to a Designated Player
contract ... a two-year contract which starts
August 1 (2014)."
Manchester City and New York City, both part of
the City Football Group, have been criticised on
both sides of the Atlantic for their handling of
the situation.
Lampard's move to the Etihad Stadium was
initially thought to be a loan, and it only
emerged that he was fully registered with the
club after his deal was extended on December
31.
With Yaya Toure heading to the African Nations
Cup, City are keen to keep Lampard after his
return of seven goals, largely as a substitute.
Lampard has been the face of New York City's
marketing campaign ahead of their inaugural
season and many fans demanded a refund on
their season tickets after it was confirmed he
would remain in Manchester until the summer.

APC presidential campaign timetable

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Lagos - We bring you the campaign timetable of
the All Progressives Congress presidential
candidate, Muhammadu Buhari from January 10
The campaign, which started on Wednesday has
seen Buhari visiting Rivers, Akwa Ibom, Cross
Rivers, Abia and Delta States.
Enugu and Anambra (Awka/Onitsha)
10th January
Ebonyi (Abakaliki) and Ondo (Akure) -
12th January
Lagos and Ogun -
13th January
Osun (Osogbo) and Ekiti (Ado-Ekiti) -
14th January
- Oyo (Ibadan) and Kwara (Ilorin)
15th January
Benue (Makurdi) and Kogi (Lokoja) -
16th January
Plateau (Jos) and Niger (Minna) -
17th January
Nasarawa (Lafia) and Kaduna (Kaduna) - 19th
January
Kano and Jigawa (Dutse)
20th January
- Katsina and Zamfara (Gusau) -
21st January
- Sokoto and Kebbi
22nd January
- Bauchi and Gombe -
23rd January
- Borno and Yobe
24th January
- International Engagements
25th to 27th January
- Adamawa and Taraba
28th January
Grand Finale (Abuja)
29th January

BREAKING: Gunfire, heavy artillery heard near Damaturu

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Damaturu - Shooting and heavy artillery fire
were heard on the outskirts of Damaturu in
northeastern Nigeria on Friday, a Reuters
witness said.
No further details were immediately available.
Suspected Boko Haram militants raided
Damaturu - the capital of Yobe state and 130
km (80 miles) from Maiduguri, the capital of the
Islamist fighters' Borno state stronghold - in
early December. The military used ground and
air forces to repel them.

Nigeria races to get voter cards out for presidential election

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Abuja - Five weeks before a presidential
election, Nigeria's electoral commission said on
Friday it has not yet finished printing the cards
that voters will need to present at polling
stations.
Of the cards that are ready, about 15 million
have not yet been collected by voters,
sometimes because of apathy or geographical
remoteness, said electoral commission
spokesman Kayode Idowu, while insisting
everything would be ready on time.
Commission data showed no voter cards at all
had been delivered to Borno state, the region
worst hit by Boko Haram militants who are
waging an Islamist insurgency against the
government. More than 10,000 people died
last year in the violence.
The Feb. 14 election in Africa's biggest
economy and leading energy producer is
expected to be a close contest between
President Goodluck Jonathan and his leading
challenger, Muhammadu Buhari. Its conduct
will be closely watched, since past polls have
been marred by widespread ballot-stuffing,
violence and in some cases outright fabrication
of results.

Across the country, 38.8 million voters have
retrieved their cards, out of the 54.3 million
that the commission, known as INEC, had
produced by the end of last year, Idowu said.
"We're making this data public to remind
people to pick up their cards. We can't take it
to their homes," he said. INEC was setting up
more pickup locations outside the main towns
to make it easier for rural voters.
He declined to comment on how many cards
were left to print and distribute.
Jonathan's administration has created
permanent voter cards in an effort to stamp
out fraudulent practices like voting multiple
times. Now, in theory, no one can vote
without presenting a biometric card and
matching thumb print.
But there are controversies over technical
glitches and data collection failures. Around 11
million people were struck off the voting list
last year, many of them wrongly, and the
opposition cried foul. Idowu declined to say
how many had been re-registered.
Nigeria's population is around 170 million, the
biggest in Africa, but the number eligible to
vote will not be known until next week, after
INEC finishes processing registrations.
More than a million people displaced by Boko
Haram and scattered across many states will
be unable to vote unless the government finds
a way around the electoral law, which says
they have to vote in their home constituencies.
Idowu said parliament had now rejected
changing that law.
In Borno, distribution of voter cards only
began on Friday, INEC sources said.

Wednesday, January 7, 2015

Oh No, you too China ?

The United States believes, sometimes, that it is so unique that it exists in Planet HIP 116454b (discovered yesterday). Some of its laws and practices are completely unintelligible to other members of the species Homo Sapiens. Chief amongst them is its laws relating to guns. A lesser dramatic field is the one on taxing global incomes of Americans (and now even green card holders). This blogger railed about it in the past here.

Now it appears that the Americans are no longer alone in Planet HIP 116454b, at least in regard to the taxation law. The Chinese are also joining them there.

World over, the principle of taxing income is that you pay income tax in the country where you live and not in the country you are a citizen of. So, if you are an expatriate living in another country, you pay taxes in that country of residence. This seems reasonable. You utilise the services of the state where you live - infrastructure, police, defence, healthcare, etc etc. It is therefore only right that you pay taxes to enjoy those facilities.

America believes differently. It believes that you pay taxes where you live (it can do precious little about that) AND pay taxes in America. To control and monitor this, America has enacted the draconian FATCA, which can be considered reasonable only in Planet 116454b.

Now China is proposing to engage in the same stupidity. Actually , it appears the law was always like that in China, except that it just wasn't enforced. Considering that the "law" in China is not what is enforced by the judiciary, but what is the prevailing interpretation of the Communist Party, this in reality is a change in the law. They are going down the same path as the Americans - demanding that other countries hand over information relating to their citizens, and starting to hound them with Ramamrithamesque legislation.

It actually is quite stupid of China to be trying this. The wealthy Chinese who are emigrating abroad all want to give up their Chinese passport as fast as possible and become citizens of America or Australia or wherever. The majority of their overseas citizens who will be affected are the poor migrant workers working in Lesotho or Burkina Faso building roads or constructing buildings. If the attempt is to get at local Chinese stashing their wealth abroad (of which there are plenty), they can already do that and in any case this move is not targeted at those who are Chinese residents anyway.

A real danger is that our own home grown Ramamritham is eyeing all these moves with undisguised glee. Its probably a matter of time (next budget ?) that he will make a similar move. This blogger is least affected - he lives in India and pays his taxes here anyway. It is his overseas friends , who are readers of this blog and have retained their Indian citizenship, who must start to quake in their boots.

Army alerts public to fake Facebook page

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Abuja - The Nigerian Army has distanced itself
from a fake Facebook account claiming to
represent the Chief of Army Staff, Lt. General
KTJ Minimah, reports Daily Post.
In a statement issued on Monday, the Army
through the Director of Army Public Relations,
Brigadier-General Olajide Laleye, said that
someone was trying to defraud unsuspecting
members of the public.
The statement warned people to ignore
information found on the fake page.

Fake Facebook account of Lagos police boss uncovered

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Lagos - The Lagos State Police Command on
Tuesday said that it has uncovered a fake
Facebook account bearing the name of its
Commissioner, Kayode Aderanti.
This is contained in a statement by the Police
Command’s Public Relations Officer, DSP
Kenneth Nwosu.
"The account in question which is 'CP Kayode
Aderanti’ was recently introduced by one
shadowy character as the authentic Facebook
account of the Commissioner of Police, Lagos
State Command.
"It was introduced to members of the Social
Network with the intention of giving the
impression that images being displayed and
comments from this account are by the
reputable Commissioner of Police, Lagos
State," it stated.
However, the statement said that the
commissioner does not operate a Facebook
account, either official or private.

"For the avoidance of doubt, the
Commissioner of Police Lagos State Command,
CP Kayode Aderanti, does not in any way
operate a Facebook account (either official or
private).
"Therefore, the CP advises all members of the
public and in particular Facebook users to
ignore the said account as it does not belong
to him".
The command assured that efforts were being
made to apprehend the character(s) behind
the fraudulent account.
He said that the Police would not relent in
combating crime, and ensure that Lagos
residents and all others who have cause to
come to Lagos enjoy a conducive environment
for business and leisure.

Sunday, January 4, 2015

Oink Oink; I am taking over the world



What do you think the purpose of agriculture is ? To feed people, right ? Wrong ! The purpose of agriculture is to feed pigs. Very shortly more than half the crops grown in the world will be used to feed pigs. This was the astounding revelation I read in The Economist here.



The problem is  China.  The staple diet of the Chinese is not rice or wheat – it is pork.  Pork is eaten in astounding quantities, every day, every meal.  In India, governments fall over the price of onions, in China they will fall over the price of pork. So much so that the Consumer Price Index is jokingly referred to as the Consumer Pork Index !

The Economist article throws out mind boggling implications of this Chinese fixation with eating a pig. The Amazon rainforest  is being cleared in Brazil to grow soya to feed Chinese pigs. The Chinese are buying up land all over Africa and Latin America, not to feed their people , but to feed their pigs. One of the biggest source of water and soil pollution in China is pig waste. One fifth of the emissions produced in the world is from livestock and the biggest contributors to this are American cows and Chinese pigs, through their flatulence of all things. Pig farming has become so intense in China that they are like factories – pigs are born and live all their life in metal pens, they never see sunlight, they are all artificially bred, they are given antibiotics with every feed , they are fattened beyond their natural size and they are killed as soon as they become big. Because of the routine dosing of antibiotics, they are also one of the sources for the emergence of antibiotic resistant bacteria.

The Chinese government is so obsessed with pork prices that it appears to be having a “pig bank” to stabilize pork prices. This comprises both of pork and live animals. Presumably the live  animals form the porcine wing  of the Communist Party.  They also have to subsidise pork production – by an astounding $22bn in 2012 , it appears.

There is little chance of turning the Chinese into vegetarians. They don’t even have a word for vegetarianism in Mandarin – this blogger knows to his cost !!  Their gobbling up of pigs is only bound to increase. Hollywood should forget about movies such as The Zombie Apocalypse. Instead, they should try The Porcine Apocalypse !!