Finally EFCC Declares El-Rufai Wanted after...

Latest from www.economicconfide ntial.com     Finally EFCC Declares El-rufai Wanted The Economic and Financial Crimes Commission, EFCC, has finally declared former Federal Capital Territory (FCT) Minister, Mallam Nasir El-Rufai wanted after a threat to do so. In a statement obtained by the Economic Confidential from the EFCC says the former minister "is wanted for abuse of office and misappropriation public funds to the tune of N32 billion."... Read.   EFCC on Revenge Mission? By Kabir Danladi Then before we finish digesting the shock and disappointment on hearing what happened to Ribadu, the issue of former FCT Minister Mallam Nasir El-Rufai came up. Mallam Rufa¢i can be described as a courageous technocrat who did something that only few can do if in his shoes, as a Minister of FCT. Most of us know the shady deals that were going on in FCDA and other agencies in the FCT... Read   Niger Bridge Won't Collapse-NEMA -As Security beefed up Against Any Disaster During Yuletide The National Emergency Management Agency NEMA has allayed the fear of travelers during the yuletide that the old Niger Bridge in Onitsha, a gateway to the South-Eastern part of the country will not collapse as being speculated... Read   NO CHEVRON TAX MONEY WAS DIVERTED - FIRS The attention of the Federal Inland Revenue Service (FIRS) has been drawn to the libelous and defamatory publications in the media alleging fraudulent diversion- out of the Federation Account - of the sum of $131 million, out of the sum of $491,509,203 million tax (N36 billion) allegedly paid by Chevron Nigeria Limited, by the Executive Chairman of the FIRS, Mrs. Ifueko Omoigui Okauru and some officers at the FIRS: Messrs M. A. Dike, E. A. Sulu and H. A. Ilo, alongside some unnamed officials of the Central Bank of Nigeria (CBN)... Read   Thoughts on Affordable and Social Housing in Nigeria  By Akintokunbo A Adejumo, One of the continuing challenges posed by unprecedented urbanization in developing countries, including Nigeria, is the provision of adequate and affordable housing. Over the last three decades, Nigeria, like several developing countries, has emphasised public housing schemes, but with little success (Ogu and Ogbuozobe, 2001)... Read   Celebrating Shekarau as Man of the Year By Saka Raji Audu Born on 5th November, 1955 in Kano, Shekarau acquired both Islamic and Western knowledge, graduating into seasoned administrator, civil servant and a well thoughtful teacher of all times. By dint of hard work, patience and perseverance, Malam Shekarau went through the various rudiment of his life... Read   MORE ALSO TODAY IN  MEDIA NEWS UPDATES:   *FG earns N7.6trn from oil in 10 months *Obama-Donors to forfeit fund *Senate didn't pass 2009 budget properly *Investors' Losses Rise To N6.3tr *FG to Establish Cottage firms in 774LGCs *Senate summons BPP over NEMA Copter *Petrol price'll remain at N70, NNPC insists *Minister blames oil firms for N/Delta crisis *BoI to raise N250b from capital market *CBN Monitors Banks' Offshore Operations *Take Back Your Coins- Nigerians tell CBN   All from the Homepage www.economicconfide ntial.com   Economic Confidential Factual, Authoritative and Accesible Nigeria's Economic Magazine www.economicconfide ntial.com __._,_.___ Messages in this topic (1) Reply (via web post) | Start a new topic Messages | Files | Photos | Links | Database | Polls | Members | Calendar Sharing factual, timely and authoritative economic news, analyses and data, especially on Nigeria's economy from reliable sources. MARKETPLACE From kitchen basics to easy recipes - join the Group from Kraft Foods Change settings via the Web (Yahoo! ID required) Change settings via email: Switch delivery to Daily Digest | Switch format to Traditional Visit Your Group | Yahoo! Groups Terms of Use | Unsubscribe Recent Activity  215 New Members Visit Your Group Yahoo! Finance It's Now Personal Guides, news, advice & more. Drive Traffic Sponsored Search can help increase your site traffic. Yahoo! Groups Going Green Zone Resources for a greener planet. Resources for a greener you. . __,_._,___

The 7 Biggest Banks in Nigeria

December 1, 2008   Latest from Economic Confidfential (www.economicconfidential.com)   The 7 Biggest Banks in Nigeria Ranking of Biggest, Bigger and Big Banks In an environment where every bank claims to receive different awards largely from reciprocal media that traditionally reward patronage and occasionally from questionable institutions, attempts by the Economic Confidential magazine to collect data from some relevant institutions, through official channels including published reports were thwarted because of fears of misrepresentation and misconception of facts. Nevertheless the Nigeria's Economic Magazine succeeded in getting undisputable figures on the positions of the banks as at the end of last year. The magazine relies on facts and figures that have been endorsed by the regulators in the sector especially the Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC)... Read   Contentious Accounts: FG Wants Out of Court Settlement The Federal Government has told the Supreme Court on December 1, 2008 that it was willing to settle out of court a dispute it has with states over contentious accounts and illegal deductions from the Federation Account. Thirteen states have sued the Federal Government at the apex court for refusing to pay into the Federation Account monies realised from signature bonus, dividend from the Nigeria Liquefied Natural Gas, sales of government properties, privatisation proceeds, education tax, waivers and concessions among others... Read   FEDERATION ACCOUNT: Another Double Allocation in November 2008 Statutory and VAT Disbursement: N568bn Augmentation from the Excess Crude: N85bn At the meeting of the Federation Account Allocation Committee (FAAC) held in November 2008, a total sum of N564.89billion was disbursed to tiers of government and two revenue agencies as Statutory and VAT Disbursements while another N85bn was shared by the tiers of government as augmentation from Excess Crude Account...Read   Nigeria in the Storm of Development From all indications, Nigeria remains the Big Brother in Africa, in other words Giant of Africa judging from international perspectives as well as her Foreign Policies. My utmost concern, however, is squarely on the position of our external good gesture, which does not portray the true position of things in our dear nation; 'charity, they say, begins at home'... Read Economic Confidential Factual, Authoritative and Accesible Nigeria's Economic Magazine www.economicconfidential.com

FAAC: How They Share N579bn and N71bn in October 2008

November 19, 2008   Federation Account: How They Share N579bn and N71bn in October 2008 At the meeting of the Federation Account Allocation Committee (FAAC) in October 2008, the three tiers of government in Nigeria receive double allocations. The first is from the mandatory statutory and Vat with a total sum of N579bn, while withdrawal of N71bn from Excess Crude Account was made for augmentation. In the first disbursement (statutory) of nets after deductions, the highest recipients are from the oil producing states with Rivers receiving N18.5bn, Akwa Ibom N13.2bn, Delta N9.5bn and Bayelsa N8.3bn. The highest recipients from non-oil –producing states are Lagos N7.9bn and Kano N7.7bn. The lowest recipients with as is authoritatively revealed in the table below are Gombe N2.7bn, Nasarawa N2.6bn, Ebonyi N3bn and Ekiti N3.3bn... Read   REMI BABALOLA: Another Young Go-getter When Remi Babalola, an accomplished banker was announced as Minister of State in the Federal Ministry of Finance and being among the young men in the cabinet, he saw the appointment as an opportunity to learn the political dynamism of public finance at higher level and to further contribute towards economic development of the country... Read   INTERVIEW:  We Manage Disasters to Protect the Economy- AVM Audu-Bida In this Exclusive Interview with the Editorial Team of the Economic Confidential, the Director General of National Emergency Management Agency (NEMA) says it all about disaster management in Nigeria , citing recent examples, including development after the discovery of Beechcraft aircraft that was missing and the fate of its blackbox amongst other issues... Read   Reviewing Obasanjo's Sermon on Obama's Election One thing our former President doesn't state, which is necessary in an article like that is that Obama doesn't have any godfather and doesn't use any big corporate mafia to foot his campaign bills. He did not lobby members of his political party in public offices to channel states resources for his campaign... Read   Excise Duty and VAT Increase: Driving SMEs Underground The collapse of crude oil prices from an all time high of almost $150/barrel to about $60/barrel in the last three months has jolted the major beneficiaries of our bloated export revenue.  We, of course, do not include the 80% or over 100 million Nigerians who manage to find sleep every night in spite of empty stomachs in the class of major beneficiaries of our oil revenue... Read   Pension Scheme Generates N970bn From the Director General of National Pension Commission (PenCom), Mr Muhammad K. Ahmad comes the news that the new pension scheme has generated over N970 billion as at end of August, 2008 which is made up of 300 billion naira Retirement Savings Account (RSA), contributed by about three and half million Nigerians and the remaining is inherited pension assets, known as Legacy Fund... Read   Economic Confidential Factual, Authoritative and Accesible Nigeria's Economic Magazine www.economicconfidential.com

Federal Character Exonerates Prof. Oba Abdulraheem

November 20, 2008   Federal Character Exonerates Prof. Oba of Financial Misconducts From all indications the Chairman of the Federal Character Commission (FCC), Prof. Oba Adulraheem Shuaib is not taking lightly the allegation against him over purported reckless spending at the Commission which has been a source of embarrassment to the newly inaugurated board just as members and staffs exonerated him of any financial misconduct... Read   Syrian Businessmen to invest in Nigeria's economy. Syrian Investors have expressed willingness to invest in Nigeria's economy. Already the Secretary General of the Syrian Federation of Chambers of Commerce Bashar Nouri had met with Nigeria's Head of Mission, Mr. Hassan Mohammed Hassan to fine tune modalities for a proposed visit of an investment team from Syria to Nigeria to discuss areas of interest... Read   Economic Confidential Factual, Authoritative and Accesible Nigeria's Economic Magazine www.economicconfidential.com

Another Controversy over N13.6 Trillion Excess Crude Revenue

November 3, 2008   Another Controversy over N13.6tr Excess Revenue Another controversy may likely brew on who should account for over N13.6tr shared between 2004 to date, Economic Confidential gathered. The Revenue Mobilization Allocation and Fiscal Commission (RMAFC), has disclosed that N13.6 trillion excess revenue appropriated by the federal government and state governments from 2004 does not have record of spending and do not seem to be reflected in a subsequent year budget proposals to the legislators at the federal and state levels.... Read     Why Nigeria Must Embrace Infrastructure Concession Some estimates state that the construction of rail network is billed to cost between $8 billion and $17 billion, the road network is scheduled to take about $14 billion; and these are just for a few arterial links. Indeed, government has estimated that Nigeria needs to invest about $510 billion in critical areas such as rail and road network... Read,   NESG, Insincerity and the EconomyBy the time you read this article, the Economic summit Group would have ended its annual ritual of jaw jaw with a terminal communiqué that bears much resemblance to previous years' observations and recommendations but... Read   Economic Confidential Factual, Authoritative and Accesible Nigeria's Economic Magazine www.economicconfidential.com

Africa: Still on Global Financial Crisis

October 28, 2008   African Ministers to Discuss Global Financial Crisis in Tunis African Ministers of Finance and Central Bank Governors will, on November 12, 2008, meet in Tunis, Tunisia, to discuss the global financial crisis and its potential impacts on African economies… Read   Financial Meltdown: Impact on Nigeria's Capital Market and Foreign Reserves - By Mobolaji E. Aluko, PhD We will review briefly the response of various governments around the world, but we first ask:  what has the financial situation in Nigeria been? And then turn our attention to our foreign reserves, and inquire what the impact of the global crisis might be, noting that: at a quantum of about $62 billion as of October 1,  2008, 67% of the foreign reserves is denominated in US dollars,  24% in Euros, 3.7% in British Sterling, 3.6% in Japanese Yen, 0.1% in Swiss Franc, and the rest (1.6%) in a basket of other currencies… Read   NEMA needs N6.7bn for equipment The National Emergency Management Agency (NEMA) needs about 6.7 billion Naira to procure equipment for disaster management and prevention in the country as it is building a 154,800 strong volunteer squad to boost grassroots response to disaster management nationwide with each of the 774 local government councils expected to produce 200 volunteers… Read   Mansur Ahmed: The Infrastructure Challenge - By Salisu Suleiman The ICRC Act 2005 covers every sector of the economy – highways, railways, airports, canals, dams, water supply, transportation, industrial estates or township development, housing, waste management, drainage, dredging and so on… Read Economic Confidential Factual, Authoritative and Accesible Nigeria's Economic Magazine www.economicconfidential.com

Etisalat Still Gambling in Nigerian Market and Others

October 21, 2008   Etisalat Still Gambling in Nigeria's Market Since January 2007 when its front paid a colossal sum of $400milllion to get the last GSM licence, which includes a mobile license and spectrum in the GSM 1800 and 900 MHz band to operate in Nigeria and with additional investment of over N118 billion, Etisalat Nigeria is yet to issue its lines to subscribers even when it engages in aggressive marketing campaigns... Read   African Civil Society Groups Speak Out on Implementation of World Bank Projects The World Bank has incorporated a new dialogue with civil society groups from African countries into its objective of ensuring successful implementation of projects it has launched in developing nations... Read   New Fertilizer Regime to Ensure Accessibility in Nigeria  FG Spent N65bn for Fertilizer in 2008 The new fertilizer supply regime to be adopted by the Federal Government from the 2009 Season is designed to ensure the availability, affordability and accessibility of the product to Nigerian farmers without compromising standards... Read   Global Financial Crisis and Us The common question that I have been asked lately is the extent to which our economy and by extension the beleaguered prosperity of our people will be further diminished by the current turmoil in the world's financial markets... Read   The Nigerian Equity Market Crisis: the Causes, the Solutions Investors in the Nigerian capital market as in many other parts of the world are not having a funny time. The Nigerian equities market has been on a continuous jet-landing position albeit with occasional unsuccessful recovery-attempts since the end of March 2007... Read   Amina J Ibrahim: A Vanguard for National Development She could have been a Finance Minister after her nomination by President Olusegun Obasanjo in 2006 if not that she humbly rejected the offer. She would rather concentrate on her schedule in order to ensure the successful completion and institutionalization of the outcome of efforts put into the MDGs project so that Nigeria is well set to build on the system...Read   Economic Confidential Factual, Authoritative and Accesible Nigeria's Economic Magazine www.economicconfidential.com

World Bank Won't Force Nigeria on Fresh Loans- Country Director

September 23, 2008     World Bank Won't Force Nigeria on Fresh Loan- Country Director In the face of Nigeria's huge Foreign Reserve and Excess Crude Proceeds, the World Bank said it would not force Nigeria to take fresh loans but will partner with it towards programmes and policies that would alleviate poverty level in the country... Read>>   Council on Privatisation to Privatise National Parks The National Council on Privatization, at its 55th meeting held in Abuja under the Chairmanship of the Vice President, Dr. Goodluck Ebele Jonathan, approved the transactions and work plan for the Bureau of Public Enterprises for the year 2008 and the commencement of the privatization of the seven (7) National Parks... Read>>   Stakeholders Seek Special Courts for Corruption Cases Participants at the recently concluded 3-day 7th National Seminar on Economic Crime with the theme "Corruption as a Development Challenge," have called for the establishment of Special Court for Corruption cases...Read>>   *Global Financial Crisis: CBN To the Rescue! *Towards an Affordable Cement Price *The Bunkum of Vision 2020 Economic Confidential Factual, Authoritative and Accesible Nigeria's Economic Magazine www.economicconfidential.com

How Federal, States and Local Governments Shared N16 trillion in 8 years of OBJ

September 8, 2008   How Federal, States and Local Governments Shared N16 trillion in 8 years of OBJ The Economic Confidential can authoritatively reveal that a whopping sum of N16 trillion was distributed to federal, states and local government councils during the eight years tenure of President Obasanjo. Out of the total amount, the Federal Government received the sum of N7.39 trillion while the entire 36 states and federal Capital Territory shared N5.74 trillion. In the ranking of states Rivers State came first as it received N517billion while those at the bottom with less than N100bn each were Plateau, Nasarawa Ekiti and Gombe States who received N81bn, N90billion, N92 billion and N96 billion respectively in the same period. … See the Table>>   UNEMPLOYMENT: A Snag in Actualizing Vision 2020 Apart from the appalling conditions of public service that seem to encourage corruption, the modes of offering employment to qualified Nigerians have taken a turn for the worst. Others may agree that nepotism has been part of the Nigerian state since independence, but the present government should offer a fresh opportunity to depart from the ills of the past and work in sync with the vision 2020 agenda... Read>>   EXCLUSIVE INTERVIEW We Monitor Revenue and Other Agencies Closely- FCC Boss The new Executive Chairman of the Federal Character Commission, Professor Shuaibu Oba Abdulraheem may require little introduction, especially to those in the academic community. In this Exclusive Interview with the Editorial Team of the Economic Confidential, the sixty years old traditional title holder of Talba of Ilorin Emirate condemns some secret recruitments in some revenue and other agencies of government... Read>>   FEDERATION ACCOUNT: Double Allocations in August 2008 From documents obtained by Nigeria's economic journal, the Economic Confidential,  two allocations were made comprising monthly statutory, VAT Allocation and Augumentation from the Excess Crude Account in August 2008 for distribution to the three tiers of government from the Federation Account... Read>> Economic Confidential Factual, Authoritative and Accesible Nigeria's Economic Magazine www.economicconfidential.com

FEC Approves Billions for Projects- Yar'Adua Still Absent

September 3, 2008   Latest   FEC Approves Billions for Projects- Yar'Adua Still Absent The most anticipated presence of President Umaru Musa Yar'Adua to preside at the Federal Executive Council (FEC) today could not take place as Vice President Goodluck Ebele Jonathan chaired meeting at the Council Chambers, State House, Abuja where decisions where taken on some key issues and approval of billions of Naira for projects across the country....Read>>>   Bail: Ladoja, Others Know Fate September 5 The Federal High Court sitting in Lagos has reserved ruling in the bail application by former Oyo state Governor, Senator Rasheed Ladoja and seven others standing trial before it on charges of conspiracy, stealing and unlawful diversion of funds belonging to the Oyo State government till Friday September 5. ... Read>>>   Zenith Bank Declares N50 Billion Profit Zenith Bank Plc has declared a profit before tax of N50.28 billion for the financial year ended June 30, 2008, showing an impressive 96 per cent jump over the N25.67 billion recorded last year.... Read>>>   Details of N3.3 tr Allocation to Local Governments in 8years - Kano top, Bayelsa at the Bottom After the Chairman of Economic and Financial Crimes Commission (EFCC) disclosed that a total sum of N3.3 trillion was allocated to Local Government Councils in Nigeria in 8 years, the Economic Confidential magazine can authoritatively reveal how the distribution were made during the Obasanjo Administration between June 1999 and May 2007... Read the detail>>> Economic Confidential Factual, Authoritative and Accesible Nigeria's Economic Magazine www.economicconfidential.com

Details of N3.3trillion Shared to Local Governments in 8years- Kano top, Bayelsa Bottom

August 28, 2008   Details of N3.3 tr Allocation to Local Governments in 8years- Kano top, Bayelsa in Bottom After the Chairman of Economic and Financial Crimes Commission (EFCC) disclosed that a total sum of N3.3 trillion was allocated to Local Government Councils in Nigeria in 8 years, the Economic Confidential magazine can authoritatively reveal how the distribution were made during the Obasanjo Administration between June 1999 and May 2007... Read the detail>>>   Nigeria Banks lost N1 Billion to Cyber Criminality  As the global community grapples with incessant rates of cyber criminality, it has been discovered that Nigeria banks lost over N1 billion to cybercrime related activities. It was also revealed that as the 6th largest oil producer in the world and the largest single concentration of people of African decent under the universe, Nigeria does not have any reliable law to deal with Cybercrime. Read more>>>   Communiqué on the 1st National Conference on CyberCrime and Cybersecurity Economic Confidential Factual, Authoritative and Accesible Nigeria's Economic Magazine www.economicconfidential.com

FCC: Secret Recruitments in Revenue Agencies and New Guidelines

August 24, 2008   Secret Recruitments in Revenue Agencies- FCC to the Rescue ...To Introduce Vacancy Journal The spate of clandestine and lopsided recruitments in the public service is being addressed by the Federal Character Commission in an effort to give every Nigerian from all parts of the country the benefit of job placements. In an interview with the Economic Confidential in Abuja, the Chairman of the Federal Character Commission, Professor Shuaibu Oba Abdulraheem said that his agency has received several petitions bordering on secret recruitments and non-transparent procedures in job placements in the public service. He mentioned the agencies... Read more>>>   New Guidelines for Recruitment into Public Service The Federal Character Commission has issued a new guideline for recruitment into the public service. In a circular obtained by the Economic Confidential, with Reference Number FCC/CHM/S.18/1, the Commission provides new conditions to be met by all ministries departments and agencies (MDAs) before undertaking any recruitment exercise. The circular takes effect from September 1, 2008... read more>>>     OPINIONS On Indigeneship and Federal Character Principles   As EFCC Takes Battle to the Banking Sector What are the main issues involved in this? Transactions in our banks are less than transparent. There are banks in this country that are keeping different books or records for different purposes. There are banks that are assisting their customers to 'manage their funds' (an euphemism for money laundering)... Read more>>>   Nigeria's Monetary Policies and Sustainable Macroeconomic Performance Along with fiscal policy which is concerned with revenue and spending activities of the government, monetary policy is widely used to ensure that predetermined macroeconomic goals are achieved.... Read more>>> FACTS Lest We Forget: Federal Character on Nigeria's Ministers, their States, ages and Qualifications as published by the Economic Confidential in August 2007. For the list, click HERE>>> Economic Confidential Factual, Authoritative and Accesible Nigeria's Economic Magazine www.economicconfidential.com