Grandiose Parlor

Another Political I.O.U: Power Generation to Hit 15,000MW by 2010

"Govt unveils 25-year power generation development plan" goes the headline in one of the Nigerian newspapers- the Guardian: July 29, 2006 edition.

"...The country would achieve power generation capacity of 14,837 MW by 2009 and in 2010 the level will hit 15,853mw...12 different power stations are at various stages of completion to ensure the actualisation of the generation expansion plan, adding that Siemens, a private station would generate 1,000 mega watts, which will be commissioned by the Federal Government in Abeokuta by December 2006.", according to the Power and Steel Minister, Senator Liyel Imoke.

How many promises and political I.O.U's have remained unfilfilled since Nigeria gained independence 46 years ago from the British? Didn't the current administration state that power generation was a priority in 1999 when Mr Obasanjo first became the president?

It might be a better policy for the government to remain quiet because some Nigerians are watching and keeping tabs on these political I.O.U's.

Related links:
Let there be light
Reforming a utility company
The Aba Clean Energy Carbon Project, Nigeria


Tags: Nigeria Governance Electricity

Imnakoya @ 7/28/2006
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Crime-shocked Nigerians

Resident Nigerians are crime-shocked. The Nigerian newspapers: Punch (Ehindero’s frustration- Ehindero is the Inspector General; he runs the Nigerian Police Force) and the Guardian (Nigeria's long list of curious deaths) run editorials on security in the Nigerian nation, and all fingers point at the Nigerian Police Force. This is not solely because of its gross personnel incompetence and negligence, but also because of the failure of the centralized law enforcement system adopted since independence. I strongly believe a centralized system accounts for the bulk of the Nigerian police ineptitude and the spiking wave of crime.

"People say local police will be used to intimidate opponents as if the FG [Nigerian federal government] has not intimidated with the police today. Policing to be effective in any part of the world needs to be a local function. Policing should be based on local needs."- Pat Utomi.

Rather than patrolling the streets, Nigerian police officers are often seen on the freeways (highways) extorting money from the people they are hired to protect. In societies where things work, police officers do do street patrols- often on foot and bicycles; there is community policing, and police precincts and 'front-shops' are strategically placed.

Can one even imagine Nigerian police officers on bicycles patrolling the streets? This is tough to imagine, yet it may be one of the steps to take to control crime in Nigeria.

Community Policing defined:
Community Policing is a proactive approach to crime fighting, designed to reduce crime, disorder and by extension, fear of crime, by intensely involving the same officer in the same area on a long term basis. By doing this the residents get to know the officer personally and avenues of communication are opened.


Additonal links:
Community policing on Wikipedia
Analysis of Police and Policing in Nigeria
Civilian Oversight and Acountability of Police in Nigeria


Tags: Nigeria Governance

Imnakoya @ 7/28/2006
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Stressed?

The last 48 hours have been stressful to say the least. Blogger keeps bogging the living crap out of me- this site went 'loco' (zanny) for 24 hours; laptop crashed; data lost; bank screwed up; assasins gone wild in Nigeria- must we keep snuffing lives out of each other to prove a point? What's happening in Nigeria is even a child play compared to the Congo where election is just hours away.

Imnakoya @ 7/28/2006
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The Nigerian Diaspora Day Talk Show

I wonder how many Nigerians are aware of what the Nigerian Diaspora day is about. Definitely I'm not one of those in the know. What about the Nigerian National Volunteer Service? Don't ask me I don't know much about it.

Via the website of the Nigerian embassy in New York:

"The Nigerian National Volunteer Service (NNVS) cordially invites qualified Nigerians in the Americas to the 1st Nigerian Diaspora Day/2nd Science and Technology Day taking place 25-27 July, 2006, in Abuja. The theme of the inaugural conference is RECOGNIZING AND CELEBRATING THE NIGERIAN DIASPORA."

There is so much fuss about the Nigerian Diaspora lately, particularly following the Leon Sullivan Summit.

As the nation celebrates the Nigerian Disapora on the pages of newspapers and televison screens, I wonder if this 'newly-found love' between Nigeria and its Diaspora is genuine- why is it that only a few out of the 20 million Diasporic Nigerians are in the know?

Why have only 350 Nigerians participate in the conference....if the power of Internet is fully leveraged millions could be part of- and contribute to- the conference.

As long as the Nigerian police can't figure how to fight crime and armed robbers; as long as armed robbers can successfully rob police barracks; as long as assasins can roam freely and kill at will- even killing the Nigerian chief law enforcement officer (Bola Ige)- the attorney general; as long as basic public health infrastructures and sound emergency care do not exist; Nigeria will never benefit from the wealth and resources of its vast Diaspora.

How much money has the government invested in this silly talk show...it will be good to know.

By the way: Do you know that the government going to convert the old and abandoned federal secretariat in Ikoyi to an apartment complex specially designed for Diasporic Nigerians?

Related links:
Nigerians in Diaspora
Nigerians in Diapora Americas website
Nigerians in Diapora Europe website
Nigerian National Volunteer Service


Tags: Nigeria Governance Diaspora

Imnakoya @ 7/28/2006
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Building Codes and the Need for Semi Skilled Labor in Nigeria

"We have witnessed several disasters in recent times when lives and properties were lost in collapsed buildings. To address these issues it became necessary to develop a systematic model to review the operation of building control mechanism..."--Dr Mimiko, Nigerian Minister for Housing & Urban Development during the National Council on Housing and Urban Development and approval a building code for Nigeria. July 21, 2006.
Photo (AP/VOA) shows a collapsed building in Lagos, Nigeria.



As Nigeria sets to ratify its first-ever sets of building codes after four decades of existence as a nation I can't help but ponder the significance of this move.

Building is a craft; and over the years there has been a gradual loss of the skill-sets necessary for the proper "Craftsmanship" of buildings (one doesn't need to look too closely to see the tale signs of this lack) in the country. One area the enforcement of the building codes would impact is in skills acquisition and knowledge transfer- for I can't see how these codes will be enforceable if building artisans and contractors are not required to be "re-educated" and certified.

One thing I quickly realized on arriving in the America is the extent of involvement of the local and state authorities in regulating the building and construction industry. It doesn't matter how minor the project is- one has to go through the hoops and secure the right permits- one can't even dig up the yard without first calling the utilities company. It is that simple, and the American society has a lot to show for it.

The majority of the buildings in Nigeria are built without such scrutiny and regulation. The effects of this "free-for-all-model" range from the ill designed and collapsing structures and the resultant loss of lives to neighborhoods that are devoid of planning and purpose. No wonder Nigerian urban areas have turned into jungles of haphazardly juxtaposed concrete, iron and wood with little regard to aesthetics and convenience.

Home and house building is a learned craft; at present, there is a general drought of semi-skilled labor in Nigeria, and there are no or few formal institutions that offer this form of skill transfer in Nigeria. Yet no nation thrives without a ready pool of semi-skilled labor.

Are we going to see the resurrection of technical and trade schools in the country? It appears that the thorough implementation of the building codes may have far-reaching impacts that may initiate a cascade of positive effects in other sectors of the Nigerian economy. If this is the case, a thriving opportunity may be in the making for the thousand of jobless and under-employed Nigerians.

Related link: Is Housing Revolution Imminent in Nigeria?

Tags: Nigeria Governance Business Education Mimiko

Imnakoya @ 7/25/2006
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Towards Nigerian 2007 Elections- Pat Utomi For President!

This is Pat Utomi; he wants to be the President of Federal Republic of Nigeria.

Is he worthy of this post?

How would he accomplish this ambition?

What could he offer the Nigerian people?

How does he intend to turn Nigeria around?

Pat Utomi is a political economist, management lecturer and an entrepreneur:
"A fellow of the Institute of Management Consultants of Nigeria and a Senior Faculty of the Lagos Business School -Pan African University, he is Director of The Centre For Applied Economics at the Lagos Business School. He has served in Senior positions in government, as an Adviser to the President of Nigeria; the Private Sector, as Chief Operating Officer for Volkswagen of Nigeria, and in academia.

"He is the author of several Management and Public Policy books including the Award Winning Managing Uncertainty: Competition and Strategy in Emerging Economies. His academic background covers a range from Policy Economics, Business Administration, and Political Science to Mass Communication. As an entrepreneur he has founded or co-founded companies that are active in fields including financial services, ICT, and media." Read Pat Utomi's CV.

As the 2007 election draws nearer, Pat has been making the rounds in Nigeria and abroad. He has been to the United States and United Kingdom selling his idea to fellow country men in the Diaspora who he believes "had significant roles to play in actualising rapid economic development and the total rebirth of their fatherland" (I'm in total agreement) While addressing a town hall meeting of Nigerians in Miami, Utomi cited the Indian Diaspora and its role in 'stimulating the country's new resurgence.'

During an interactive TV session in London, Pat Utomi states the next Nigerian president 'must be a man of character, competent, committed and compassionate.' Utomi believes his decision to come out in search of the people's mandate' is to show people the meaning of sacrifice.' Nigeria, he said, needs those who would 'talk the talk and walk the walk.'

Back to the questions posed earlier. Pat Utomi is definitely worthy of the post of the president. He has been consistent in his messages. At the moment, he's the most appealing and the one with the least 'political baggage' among the presidential aspirants. He has the name recognition, he's well read, enlightened and exposed, and it appears his appeal cuts across both Nigeria ethnic and religious strata.

His major setback (though not insurmountable): Lack of strong political base. Not to worry, grapevine gist has it Pat has been 'solicited and wooed' by many political parties. Things will become clearer in the next coming weeks.

Nigerians have been repeatedly brainwashed by some quarters that there are no credible candidates; the truth is Pat Utomi is more than credible... Nigeria needs him!

Read more about where Pat Utomi stands and why you need to take a stand, now! and also listen to his interview via Nigeria Village Square radio/podcast.

Related links:
Pat Utomi for Nigeria
Pat Utomi's articles on Nigeria Village Square
Pat Utomi And The Restoration Group
I Will Run For President...Pat Utomi
In Honour of Pat Utomi @ 50
Restoration Group
Concerned Professionals


Tags: Nigeria Governance Politics Advocacy Pat Utomi

Imnakoya @ 7/21/2006
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Charity Begins at Home: Dr Mercy Obeime Founder Mercy Foundation

"Whether at home in Indianapolis or back home in Nigeria, Obeime's strong commitment to public health enhances the quality of life for women, their children and families, and their communities.": Local Legends Website honoring the remarkable, deeply caring women doctors transforming medical practice and improving health care for all across America.





The Mercy Foundation Inc, a U.S based heathcare non-profit organization founded by a Nigerian physician Dr Mercy Obeime (pictured, and a local legend in Indianapolis, watch video) runs free 'healthcare retreat' in Uromi (Edo State), a mid-western town in Nigeria. The foundation just concluded a 2 week mission in the town earlier this month.

According to 'The Duke', Louis Ebodaghe the founder of the Atlanta based HopeShare Foundation Inc and one of the personnel that participated in the program; this year's mission- done in collaboration with Pro Health Foundation a Nigeria based Heathcare non-profit organization- was a huge success.

All the participants paid their way to and from Nigeria, and despite the inconveniences and logistic hassles associated with organizing a medical mission of this scale; the morale and spirit of the participants was high throughout and they accomplished their mission successful. The turnout was massive; the personnel which included two American high school students, worked tirelessly from dawn till dusk attending to their 100-a-day patient workload.

If some- including strangers- could devote their time, energy and resources to the betterment of Nigerians, the least the Nigerian government can do is offer logistic and administrative support...I wonder if this is being done.

Related link: American Students Bail Out Nigerian Law College


Tags: Nigeria Governance Health Advocacy

Imnakoya @ 7/20/2006
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The Aba Clean Energy Carbon Project, Nigeria

The Aba Clean Energy Carbon Project is a 120 megawatt plant initiated and being developed in Aba (Eastern Nigeria) by Geometric Power Limited, an indeginous private-sector driven power provider in Nigeria.

According to International Finance Corporation (IFC), one of the financiers of the project, the project "will construct an efficient, gas-fired power plant, which will displace the electricity and steam currently being generated by industrial and large commercial enterprises in the City of Aba, it will [also] introduce an efficient co-generation unit that will reduce GHG [Green House Gas] emissions that are responsible for climate change..."

Alhough 120 MW is a drop in the ocean in regard to the electricity need in Nigeria; however, it is an excellent idea (Nigerianis going green!) and a major boost to the power sector, particularly to Aba- a major commercial city and hotbed for artisans and small-mid sized manufacturing businesses.

Related link: Geometric Power on Timbuktu Chronicles.

Tags: Nigeria Energy Business Technology

Imnakoya @ 7/20/2006
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National Growth is All About Leadership

The (new) Nigerian finance minister Ms. Nenadi Usman states at the ongoing Leon Sullivan VII Summit the reasons African countries remain poor: "a combination of three main factors: poor human capital, inadequate investment funds and obsolete technology."

I ask myself aren't these factors in turn dependent on leadership? Why the half statement honorable minister? Say it as it is Madam!

At the same conference, Malam El-Rufai, the Minister for Federal Capital Territory while discussing the impact of brain drain listed what needs to be done before Nigerians in Diaspora would return:

"We need to improve the security, protect investment and improve our judicial system such that disputes are quickly settled. We need to sustain the current reform and get a credible successor for President Obasanjo and within the next four to eight years, we will see a huge reversal in brain drain".

Well said sir, I wonder why after eight years of all sorts of reforms, remarkable economic indices, and a vault full of petrol dollars, security hasn't improved, our judicial system is still mess, and poverty has deepened in Nigeria? What use are economic reforms that have failed to alleviate poverty?

And speaking of getting "a credible successor for President Obasanjo" at this point- when it's less than 12 months to the election- speaks volume to the lack luster leadership Ms Usman alludes to in her statement above.

If Mr. Obasanjo believes so much in his reforms, I assume he'd have acted appropriately and conscientiously to the extent permissible under the Nigerian constitution in ensuring their continuity. But he did not. He would rather 'tweak the constitution' and extend his stay in office.

The notion that there aren't credible successors for President Obasanjo is pure baloney; there are many credible successors to choose from if the electoral process and intra-party politics would permit transparency in the selection process.


Tags: Nigeria Leon Sullivan Summit Governance

Imnakoya @ 7/19/2006
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Beyond the Criticism and BallyHoo: is there a Hidden Agenda in the Hezbollah-Israeli Conflict?

Cartoon: Gary Varvel, Indiana-- The Indianapolis Star-News

"Don't criticize what you don't understand, son. You never walked in that man's shoes."--Elvis Presley 1935-1977

One can't help but get 'drawn into the conflict' in the Middle East, given the wanton destruction and criticism of Israel's use of overwhelming force. While this is true, but who amongst the critics know what it feels like to live under the constant threat of suicide bombers and rocket bombardment from indomitable Hamas and Hezbollah? Can one really blame Israel's mentality given that its archenemies-who happen to be its next-door neighbors- have repeatedly stated their ultimate desire is to annihilate the nation? Besides, the instigators are the Hamas and Hezbollah who kidnapped Israeli soldiers and demanded the exchange of each Israeli captured for a 1,000 of their imprisoned operatives. Hezbollah fired first!

If Israeli critics would remain objective, perhaps they would realize that the israelis and the Hezbollah/Hamas (with their sponsors and patrons) are equally responsible for the madness in the Middle East. My heart goes to the innocent children and people of Lebanon who have just started rebuilding their lives and society after enduring many years of civil war, and when things seem normal again- its deja vu all over again.

But there maybe a lot more to this gory of violence than meets the eye.

The Hezbollah (the party of god) is not a bunch of rag-tag bandits, in fact the organization is well entrenched in south Lebanon and operates independently of the government. Using funds from Iran, Syria and from friendly and wealthy Saudis and Islamic fundamentalists, the Hezbollah has succeeded in creating a powerful political-military machine with sophisticated media and social infrastructure, and it wouldn't be an over statement that Hezbollah 'owns and runs' south Lebanon.

Here some of the factors at play in making the crisis a "perfect storm": Syria and Iran- major financiers and patron of Hezbollah. This duo have helped a great deal in stoking the flames of this conflagration; and I suspect a hidden agenda beyond just settling scores with Israel. Then, there is the lack luster foreign policy of the United States in the Middle East particularly in "strengthening" the Lebanese government to counter the influence and activities of the Hezbollah in south Lebanon. Lastly, the failure of the United Nations and its UNIFIL-a pseudo peace keeping force created in 1978 whose mandate is to secure south Lebanon and assist the Lebanese government in 'ensuring the return of its effective authority in the area' after the withdrawal of Israel in 2000.

As it is now, there may be be no peace in the region without involving Iran and maybe Syria. Given Iran's 'Israel-must-be-annihilated' mindset and quest to become a nuclear and regional power (made easier by the U.S incapacitation of Iraq): would Iran use the crisis as a bargaining chip to demand 'more respect' from the U.S and its allies? Could this be one of the hidden agenda and power-play behind the madness in the blood-soaked Middle East? I dunno!


Tags: Israel Lebanon Hezbollah Hamas Governance Middle East

Imnakoya @ 7/18/2006
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Clinton Foundation to Assist AIDS Patients in Nigeria

The Leon H Sullivan VII Summit kicks off in Abuja, Nigeria today (July 17, 2006) to an upbeat start. The Clinton Foundation (an AIDS charity organized by former U.s president Bill Clinton) signs a deal with Nigeria to make cheap AIDS drugs available to fight the disease. Anti-AIDS program in the country suffered a major a set-back earlier this year when Global Funds a major antiAIDS charity pulled back $50 million worth of founds and assistance because of some administrative blunder.

The Sullivan summit strives to 'bring African political and business leaders together with their U.S. counterparts in search of partnerships to lift the world's poorest continent'. This years's conference theme is "Africa: A Continent of Opportunities -- Building Partnership for Success".

Related articles:

Sullivan Summit VII

Nigeria, Clinton Foundation in deal to fight AIDS

Leon H. Sullivan Summit VII Opens in Nigeria July 17

Before Angelina, Oprah and Bono: Leon H. Sullivan Summit Brought America to Africa


Tags: Nigeria Leon Sullivan Summit AIDS

Imnakoya @ 7/17/2006
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On Israel Use of Overwhelming Force

Cartoon: Bill Garner, Washington Times.

Tags: Israel Hezbollah Lebanon

Imnakoya @ 7/17/2006
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Are You a Nigerian with an Invalid Passport?

Check the Nigerian Immigration Service (NIS) website for the list of cancelled passports here: http://www.immigration.gov.ng/canpass.php. The agency states the list will be updated regularly.

See the Nigerian Guardian article of the cancellation via Odili.net.


Tags: Nigeria Immigration

Imnakoya @ 7/16/2006
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Nigeria: Democracy in Inaction

Democracy is a two-way road; where the elected and the electorate work together to create a political system that constantly seeks ways and means to improve the lot of the society in general.

Democracy, despite its limitations, is the only system of government that offers the electorate the most value for their votes. Mediocre and lackluster politicans will invoke the wrath of the electorate come election day and get voted out of office and power. Simple. Maybe it isn't this simple in a place like Nigeria where votes are often bought or created depending on the circumstances. Thus it is no surprise that after the almost eight years of democracy in Nigeria, several social infrastructure still remain moribund just as they were during the military era.

For example, flooding is a perennial problem in major Nigerian cities. Flooding occurs not because of hurricane or tropical storms, but mainly because of two reasons: blocked drainage systems (if one exist) and poor urban planning.

Urban planning has failed in the majority of Nigerian cities and townships because residents have often ignored city ordinances and building codes- which city officials have also been failed to enforce, for decades. The culmulative effect is a collapsed urban infrastructure which is captured in part by the pictures above showing a flooded major highway in the city of Ibadan, South west Nigeria.

These pictures show that two-way communication and governance model on which democracy is built is vaguely understood by both the electorate and the elected in the Nigeria.

Should one be seeing these events in a democratic society? Isn't it troubling that somehow in a democratic Nigeria, the elected have gone blind to the basic needs of their constituencies, just as the electorate has gone mute in demanding a better deal from those they (supposedly) voted in.

Nigerians will be going to the polls yet again come April 27 2007; we need to understand and appreciate the huge responsibility democracy has bestowed on us, and it is my hope that this time around the Nigerian electorate gets to exercise its civic duties diligently and with all moral consciousness.

To be continued.

Tags: Nigeria Governance

Imnakoya @ 7/12/2006
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African Facts and Fables

Below is a joke I received via email. As it's the case with email spams, the source of this joke is unknown. Enjoy:

***************

How do you tell a Nigerian from a Kenyan, for example; and I am not talking about passports or clothing? Well the easiest way, of course, is the name: For example Ogunkoye can only be a Nigerian and Njoroge from Kenya.

And so where do the Dunns come from? They are certainly from Liberia or Sierra Leone. Surely, everybody knows that the loud and cocky ones are the West Africans; the brooding and sly ones are the North and South Africans respectively; the East Africans always say yes, even when they disagree with you violently.

To be more specific, the Cameroonians will borrow money from you to buy champagne; whilst the Ghanaians think they invented politics. The Congolese think they have the best music and the best dancers; The Nigerians have a thing about clothes; and the Ethiopians believe they have the most beautiful women on God's earth. Moroccans actually think they're French, and so do the Burkinabes. Algerians just hate the French; Sierra Leonians simply smile profusely; and Liberians can't get over America.

All East and South African countries have the same national anthem, but the South Africans sing it the best. The South Africans have no hair; the Zambians and Kenyans have prominent foreheads; the West Africans have short memories and never learn from their mistakes; the concept of order and discipline must have been invented in East Africa; the words don't exist in West Africa, especially in Nigeria. When a cabinet minister is "caught with his hands in the till," he commits suicide in Southern Africa; in West Africa he's promoted after the next coup d'etat.

In athletics, the divisions are quite simple: from 800m to the marathon the East Africans hold sway; the West Africans are only good at the sprints; and South Africans can only sing. But when it comes to football (soccer), the North and West Africans dominate the lesser-skilled East and South Africans.

Tags: Nigeria Africa Jokes

Imnakoya @ 7/11/2006
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Computer For All Nigerians Initiative: A Homegrown PC Acquisition Scheme

"Despite being the fastest growing telecommunication market in Africa and the forage of some indigenous investors- Omatek Computers and Zinox Technologies- into the local production and assembly of computer and its related accessories, Nigeria's personal computer penetration is at an abysmal low rate of 7 per 1,000 inhabitants...The Computers for All Nigerians Initiatives (CANI) is a government-private sector collaboration aimed at increasing PC penetration in Nigeria, thus creating a more computer-literate workforce."

The above is an excerpt from an earlier on Grandisoe Parlor posting on The Computer For All Nigerians Initiative

On July 6, 2006, the federal government of Nigeria launched CANI. The program is sponsored by the Federal Ministry of Science and Technology, Microsoft and Intel.

According news reports, the computers are made with Intel processors and are assembled locally by IBM, HP and four indeginous companies: Omatek, Zinox, Brian and Beta Computers. Payments are expected to be made over two years at less that N5,000 per month.

CANI at a glance:
"The scheme will make available desktop computers and laptops at prices significantly below the prevailing market prices for all such employees and in addition offer bank financing for the purchase of the PCs to be repaid at affordable rates over a period of 24 months. Such financing will be guaranteed by the employing organisations and the repayment effected by direct deductions from the employees’ salaries and wages.

The CANI PC packages will be available to employers at up to 30% discount off the current street price. In addition to the intention to finance loan repayments by direct deductions from payroll, employers will be encouraged to subsidize the package costs by about 20% so that the total cost of the CANI PC package to employees will be close to 50% off the street prices."

CANI website: http://www.cani-nigeria.org/index.htm.

Tags: Nigeria Governance Technology Business

Imnakoya @ 7/07/2006
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Phantom Aid Versus Real Aid

"Too much aid continues to be identified, designed and managed by donors. It is tied to their countries' own firms, is poorly coordinated and is based on a set of assumptions about expatriate expertise and recipient ignorance."

One quarter of the aid provided by rich countries - or $20bn a year - funds expensive and often ineffective western consultants, research and training instead of going directly to the people who need it most: In Cambodia, for example, consultants fees were $17,000 a month while government salaries were only $40. In Ghana, even relatively inexperienced consultants earned per day what government officials earned in a month. In Sierra Leone, according to one former UK-funded consultant, daily take-home pay was the same as the Auditor General's monthly salary...- ActionAid.

Tags: Africa Aid Advocacy

Imnakoya @ 7/06/2006
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A Smiley Face in the Slum

This photo The Trashy Nigerian Catwalk (M Matzel) is culled from Bearlin Tias' flickr photostream.

The big smile on the face of the lad speaks volume to the resiliency of the human (Nigerian) spirit. Amidst the squalid and the gravely wretched and filthy milieu surrounding the lad; the big radiant smile is in sharp contrast with the sordidness of his world.

Tag: Nigeria

Imnakoya @ 7/05/2006
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Is TransCorp the Messiah?

The emergence of TransCorp as a Nigerian government-sponsored mega corporation was discussed in an earlier post last year. Since then, the business entity has been more-or-less on the back burner until a couple of days ago when it fired its pioneer Managing Director Mr Fola Adeola, and almost immediately, news reports carried the purchase of NITEL by TransCorp, a public telcom company for $750 million.

While its logical to argue that Nigeria needs a mega business entity in order to compete internationally, the manner in which TransCorp emerged makes one very uneasy. The constitution of its board members- all closely tied to President Obasanjo- doesn't help either.

As Segun Adeniyi of ThisDay Newspaper puts it in his article the TransCorp Question:

"We have no details of business plans or strategies beyond the moves to buy Federal Government assets on the cheap...Transcorp had no product it either produced or would sell yet the value of the N1 per share which the 'shareholders' in July 2005 allotted to themselves had by six months later in February this year, attracted a value of N6.00 each. And from the information at my disposal, the Initial Public Offer (IPO) that targeted N6 billion was over subscribed such that it was able to attract N17 billion. What this means is that without producing or selling anything, the money 'invested' by the shareholders (and you ask, into what?) had yielded 500 percent profit...I have it on good authority that by the next IPO which is only a few weeks away, the shares of this Aso Rock company will sell for N10 each!"

To complicate things further, the heavy involvement of the presidency in the affairs of TranCorp is anything but due process-compliant. Yet, 'due-process' is one concept brought to live and the consciousness of Nigerians by the Obasanjo's administration.

Given the role Mr President in the creation and management of this entity, one can only imagine what lies ahead of TransCorp post 2007, after the exit of its creator.

Tags: Nigeria TransCorp Business Governance

Imnakoya @ 7/05/2006
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Travel Advice for Nigerians Visiting the United Kingdom

"We have just received a travel advice from the Nigerian High Commission in London, United Kingdom, urging Nigerians travelling to the UK to be wary of miscreants who employ a great variety of trickeries to dispossess people of their properties...In the recent past, the Nigerian High Commission has observed an upsurge in pick-pocketing, actual robberies and assault against Nigerians who are on visit to London. The major flashpoints of these crimes include airports, hotels and restaurants, high-streets, shopping centres, markets, tube stations, bus-stops and even inside buses. The occurrences have been particularly high at Heathrow Airport, Oxford Street, Piccadilly and Charring Cross..." --Nigerian Federal Ministry of Information and National Orientation.

Who's zooming who?


Tags: Nigeria

Imnakoya @ 7/01/2006
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