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Wednesday, 26 September 2012

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INVESTIGATIONS AND REVELATIONS

As our intuitiveness leads us into testing and investigating various issues that beat our curious thoughts about life and the various events that occur in it; we will begin to see shagging revelations or truths to correct various lies that have been told to us in the past.

Some of these new found revelations would just be confirmations of the findings that we must have made about life and various characters in it. So therefore, whatever truths or lie that comes along the way during the process of investigating and researching on various myths, tales and stories about life is solely left to us to choose whether to take, accept and believe them or to reject and disapprove of them, the choice is entirely ours to decide.

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Tuesday, 25 September 2012

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                   EXPECTATIONS AND ASPIRATIONS

We all have dreams and future ambitions, expectations and aspirations. We all desire to get to a certain level of success; this level is simply the point at which we can then fully decide to take a break to have our rest and enjoy the gains from our labour on earth.

Such expectations in certain areas of our life could eventually be met or accomplished, others could seem unconquerable and unrealistic to achieve. But to get our dreams actualized, we have to stay determined keep dreaming, believing and working towards them being a reality.

It’s only if we see the image of our future then can we see the destination that lies ahead. So therefore, let’s keep the fire burning, let’s keep our passion rekindled, our dreams and visions fresh and our expectations, desires, ambitions and aspirations alive now and always up until our future turns out to be the big picture previously envisioned by us.

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Sunday, 23 September 2012

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QUESTIONS AND ENQUIRIES


Life indeed plays some sort of stunt on us, a stunt or event for our favour or not. There are incidences that are truly unexplainable, codes and signs undecodable, characters that are simply amazing and elements all surrounding.

These little bits and pieces create a large frame of pictures joined together and a large stage for all elements to unfold with its own set of twists and turns.


If we indeed inquire about too much to find out answers to certain questions, we would truly be left in the dark. As some questions can’t give us any clue at all and will therefore leave us hanging and behind. All we can do is to sit tight, forget about our questions about life and simply play along and play our own part right.


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If you believe in this article, then share it with others. If not, then send your comments to us. Still, we believe that some of the details in this article might just be true, so what do you think of it? Love from us all @ FAB SCHOOLS NIGERIA (www.fabschools.blogspot.com)

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Top 11 Chocolate Myths

By Melissa Breyer, Mother Nature Network

The Latin name for the cacao tree, Theobroma cacao, means "food of the gods," and it does seem that the fruit of the tree and its delicious derivatives are indeed fit for the deities.

Both the Mayans and Aztecs believed the cacao bean had magical and divine attributes, appropriate for service in even the most sacred rituals of birth, marriage and death. By the 17th century, chocolate in drinking form was a fashionable quaff for the European elite, who believed it to have nutritious, medicinal and aphrodisiac properties. It's been said that Casanova was especially enamored by its charms.

And the love affair has yet to wane. Chocolate manufacturing is a more than $4 billion industry in the United States alone, and the average American eats at least half a pound of the confectionery every month.

But chocolate is a funny thing. In recent years it has become the darling of nutritionists as health benefit after health benefit has been revealed - most notably that it lowers the risk of stroke and heart attacks. Yet, it's long been the character actor bad guy in any number of scenarios, including acne, weight gain and high cholesterol.

But is chocolate's bad reputation warranted? Should we be embracing it as a miracle food, or shunning it as a deleterious delight? Here's the dope on chocolate's most notorious myths.

1. Chocolate raises bad cholesterol
If you've given up chocolate in the name of lowering LDL (bad) cholesterol, you may have been unwittingly sacrificing the sweet treat for nothing. Quelle tragique! While it's true that chocolate contains cocoa butter, which is high in saturated fat, much of the fat comes from stearic acid, which doesn't act like saturated fat. Studies have shown that chocolate does not raise bad cholesterol, and in fact for some people, chocolate actually lowers cholesterol levels.

2. Chocolate is high in caffeine
Contrary to popular belief, chocolate is not loaded with the jitter-inducing compound known as caffeine. A Hershey's chocolate bar contains 9 milligrams of caffeine and a Hershey's Special Dark bar contains 31 milligrams, as compared to the 320 milligrams found in a Starbuck's grande brewed coffee. Darker varieties are higher in caffeine, it's true, but not as high as many people think.

3. The sugar in chocolate causes hyperactivity
Excessive sugar causes kids to jump off the walls, bounce off the ceiling, and generally mimic a rogue helicopter, right? So we thought. But more than a dozen good-quality studies have failed to find any link between sugar in children's diets and hyperactive behavior. Two theories: It's the environment that creates the excitability (birthday parties, holidays, etc) and/or that the connection is simply in the minds of the parents expecting hyper behavior following sugar-fueled revelries.

4. People with diabetes have to give up chocolate Chocolate does not need to be completely avoided by people with diabetes. In fact, many are often surprised to learn that chocolate has a low glycemic index. Recent studies suggest that dark chocolate may actually improve insulin sensitivity in people with normal and high blood pressure and improve endothelial dysfunction in people with diabetes. Of course, always check with your doctor before ripping open the Ritter wrapper.

5. Chocolate causes tooth decay and cavities
A study investigating the development of plaque from chocolate found that chocolate has less of an effect on dental plaque than pure table sugar. Of course, most of us aren't snacking on straight sugar, but another study backed it up when it showed no association between eating chocolate and getting cavities. In fact, a study from Osaka University in Japan found that parts of the cocoa bean, the main ingredient of chocolate, thwart mouth bacteria and tooth decay. Fighting cavities never tasted so good.

6. Chocolate makes you gain weight Of course it does. Well, not necessarily. Obviously, monumental hot fudge sundaes aren't going to do your waistline any favors, but a large study funded by the National Institutes of Health found this: Consuming a small amount of chocolate each of five days during a week was linked to a lower BMI, even if the person ate more calories overall and didn't exercise more than other participants. Hello, chocolate diet.

7. Eating sugar and chocolate can add to stress A study found that eating about an ounce and a half of dark chocolate a day for two weeks reduced levels of stress hormones in the bodies of people feeling highly stressed.

8. Chocolate lacks nutritional value
If you've seen any of the deluge of scientific studies touting the health benefits of chocolate, you know this is not true. But just how nutritious is chocolate? It has bona fide superfood status. A typical dark chocolate bar contains as much antioxidant capacity as 2 3/4 cups of green tea, 1 glass of red wine, or 2/3 cup of blueberries. In addition, chocolate also contains minerals and dietary fiber.

9. Chocolate must contain at least 70 percent cacao to be good for you
The general recommendation is to consume dark chocolate with a minimum of 70 percent cacao to reap the health benefits; in general, the darker the chocolate, the higher the antioxidant content. However, in one 18-week study, participants who ate a small amount of 50 percent cacao chocolate experienced a significant reduction in systolic and diastolic blood pressure. As well, another study showed short-term improvements in blood flow and blood pressure after consumption of a 60 percent cacao dark chocolate.

10. Chocolate is an aphrodisiac The Aztecs may have been the first to believe in the connection between chocolate and amorous feelings - Montezuma is said to have consumed large amounts to enhance his romantic forays, and Casanova imbibed pre-seduction as well. But numerous studies have yet to find conclusive evidence that chocolate physically gets the fires burning. That said, chocolate is sensual to eat, lowers stress, and may have aphrodisiac qualities that are psychological in origin.

11. Chocolate causes acne
Although any teen will tell you that chocolate causes acne, studies going as far back as the 1960s have failed to show any relationship between chocolate consumption and acne. An extensive review in the Journal of the American Medical Association concluded that "diet plays no role in acne treatment in most patients … even large amounts of chocolate have not clinically exacerbated acne."
The moral of the story is: Eat chocolate! Alas, eat it in moderation. An average 3-ounce bar of milk chocolate has 420 calories and 26 grams of fat, almost as much as a Big Mac - and that's a fact.

SOURCE: http://shine.yahoo.com/shine-food/top-11-chocolate-myths-173100265.html

Saturday, 22 September 2012

Attachebywande collections: PRODUCTS FOR SALE (@-attachebywande)

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How Nigerian Businessman Duped Zambia Government Of $5m Oil Money.

The Federal Ministry of Mines, Energy and Water Development in Zambia has accused an oil firm owned by a Nigerian bussinessman, George Anyiam-Osigwe of duping the government a sum of $5million commission paid for supplying of crude oil for the country.

The government ministry noted that the oil firm failed to supply the country the crude oil after receiving the huge amount of money.

The Permanent Secretary of the Ministry, George Zulu who spoke while briefing reporters at the weekend at Lusaka, said “Not a single drop” was transported to Zambia”.

Zulu said he recently travelled to Nigeria where he met the businessman, George Anyiam-Osigwe, who, according to him,  claimed that he had been acting as a middleman between Zambia and Nigeria for the supply of crude oil.

Zulu said: “The President of the Republic Zambia recently sent me to Nigeria because he has always wanted to have cheaper or affordable prices of fuel in Zambia. “In Nigeria, there’s a gentleman called George Anyiam-Osigwe, a Nigerian national, who claimed he was given $5 million commission from the Zambian Government over the deal. “He claimed that he had been at the centre of negotiations between the Zambian Government and the Nigerian Government to supply crude oil. So I sought permission to go to Nigeria to speak to Anyiam-Osigwe and it is true. This man was engaged.”

Zulu said he was shocked with what he found in Nigeria, adding that the oil purported to have been supplied did not reach Zambia, yet documentation existed indicating that the Zambian Government had paid for the supply of the commodity. “This agreement has been in place for the past few years, except that the previous administration treated this matter in a confidential manner such that we are not sure whether the nation benefited from this arrangement.

“Due to this uncertainty, the government would engage investigative wings to look into this matter to ascertain what actually happened,” he said. Zulu said if it was established that some individuals’ actions were questionable, the law would take its course. “The nation will be kept abreast on the developments of this issue,” he said.
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The permanent secretary said the government was  finalising procurement of crude oil from Nigeria through a Government-to-Government bilateral arrangement, adding that the two countries had continued enjoying cordial relations and would not let an individual jeopardise that friendship. Zulu said the conclusion of the negotiations and subsequent signing of the contract on finished products was an assurance that the country would have a stable supply of fuel.

“I will inform the nation in due course regarding the progress on the conclusion of the contractual processes with the preferred supplier of petroleum feedstock,” he said. Trafigura PTE Oil analyst, Letessier Guillaume said the one-year contract was valued at $500 million involving the supply of 216 million litres of diesel and 21 million litres of unleaded petrol.

But, the Anyiam-Osigwe Group has exonerated itself from alleged involvement in fraudulent crude oil supply to Zambia. The  Group,  through its media consultant, Tope Ajayi, said it  did not participate in any oil transaction with the Zambian Government and did not collect any money from them.

“At no time did any member of our Group participate in the oil transaction either as alleged or at all and not a cent came to any one of us either as alleged or at all. Consequently, should any article be written that impinges on our integrity negatively in any way, we shall not hesitate to take effective and appropriate action to defend our persons legally.”

Ajayi noted that sometime in April last year, the Group made a representation to the Zambian President Banda for supply of crude oil to the country and also revamp its Indeni refinery with the assistance of the Group’s United States technical partner – Honeywell International. But after the representations and some consultations with Zambian government officials and the High Commission in Nigeria, the government went behind and had a government-to-government engagement with the Nigerian Government for the oil supply.

A letter made available to the “Daily Post” and signed by Mr. Michael Anyiam-Osigwe dated April 02, 2011, stating the Group’s displeasure over how the oil supply transaction was treated by the Zambian Government is entitled, “Representation to His Excellency President Banda in respect of the crude oil allocation to Zambia by Nigeria,” reads: “With regards to our ongoing discussions  with your goodselves and His Excellency President Banda in respect of the Oil and Gas and Zambian Investment opportunities, we  would like to reiterate that our group is willing to strategically partner with the Government of Zambia under the leadership of President Banda.

“This was what informed the strategic meeting held in the USA and the follow up with regards to the subsequent meetings in Abuja with His Excellency President Banda.

“We were pleased to note that one of the initiatives of which we had intimated His Excellency  President Banda,  the application for a Bilateral Agreement for the Supply of crude oil has been approved by our Government of Nigeria for the supply of 20,000 barrels of crude oil to the Government of Zambia.

“We brought this to the attention of your Embassy officials via the Economic Secretary, Margret Kaemba and the present High Commissioner who stated that he would check and get back to us. He is yet to do so.

“However, you would imagine our surprise when we were further reliably informed that the Zambian authorities had designated another entity entirely to operate the business on behalf of the Government of Zambia. We were even shown a letter to NNPC signed by Major Kachingwe as a Special envoy of the President of Zambia .

“Whilst we are not disputing  the prerogative of His Excellency President Banda to elect a company of his choice to handle the affairs of the Zambia, one would have thought that since we brought the opportunity to the attention of his Excellency  through your goodself and additionally had the good fortune to discuss the Bilateral Agreement for the supply of Crude  and other investments opportunities direct with his Excellecny and some of his key cabinet members at the time, the  least we expect is that  we would be informed when the decision was made not to go with our group; if nothing as a matter of professional courtesy, especially when it was not brought to our attention that we had acted in a manner that caused us to fall out of favour with the Government of Zambia or indeed his Excellency.

” Our interactions with his Excellency President Banda have been in our opinion very positive and cordial. We believe his Excellency welcomed our interest in doing business with the Government of Zambia. We on our part looked forward to supporting his Excellency’s development initiatives with our contacts both within and outside the country. Austin Sichinga the Chief of Staff to His Excellency President Banda will attest to the above.

“This was the basis on which we met and informed  the Economic Secretary and the Zambian High Commissioner  in Nigeria   about the approval for the Supply of Crude. We also informed them   that our group, since our meeting  with his Excellency President Banda, has partnered with a fortune 100 company Honeywell International, a USD38 billion with 125,000 employees in 100 countries (please refer to www. Honeywell.com).  We have offered to bring them to help you revamp your Indeni refinery and optimise her operations, including the possibility of getting the refinery to use lighter Crudes, such as those from Nigeria in addition to the Heavy (Venezuelan) crude it currently uses .

The Honeywell team was in Nigeria on a visit to NNPC and we used the opportunity to arrange for them to meet with the Economic Secretary at the Zambian High Commission. We are also in a position to arrange for the immediate refining of Zambia’s crude allocation from Nigeria under an arrangement with one of our partner-refineries. This entails that we would deliver the crude to the said refinery in return for products based on the corresponding yield of the crude.

“The above is just by way of back ground about our commitment to the Government of Zambia under the leadership of  President Banda but the current developments in terms of the Government to Government (G-G) Bilateral for Crude begs the question whether our Group’s investment initiatives is welcome.

“For the record, we are not querying His Excellency’s prerogative on how he wants things handled but it would help us  if we could understand  his reasons for doing so if he did give the directives to Major Kachingwe as we are not aware that we had acted knowingly or unknowingly in a manner that might not have met with his acceptance and as such  been responsible for the recent developments. Even Our initial meeting with Major Kachingwe were very cordial when at your instance we met with him prior to our initial meeting with His Excellency in Nigeria.

“He received us well at the time and assured us that as friends of His Excellency the President and Friends of Zambia we would be most welcome.
“We have impressed upon Honeywell International to visit Zambia and they plan to visit the Zambia upon an invitation from the government.

We trust the above is in order and have simply made this representation through your goodself to His Excellency President Banda for sake of good order. “Whilst thanking you for your kind assistance in bringing this matter to the attention of His Excellency we also ask that you kindly convey to him the assurances of our highest esteem.”

SOURCED FROM:  http://news.naij.com/7482.html, and The Daily Post.
PUBLISHED: 4th September, 2012. 

  • FAB'S COMMENT: If this is really true, then shame on Nigerians who are staining the image of this great country. Please to foster better international ties and facilitate economic growth and development for this country, let us all be good ambassadors of this great nation, that's our own advice to you all. Love from us @ FAB SCHOOLS NIGERIA (www.fabschools.blogspot.com).

 

Friday, 21 September 2012

Dressing up for Examinations


THE answer is yes. Yes you should dress up for examinations. This isn’t a list of designer clothes that would make you feel hip, but fashion advice that could save your life or at least your grades.

Prepare for all seasons: Exam halls could be unpredictable. You wouldn’t want to leave your exams unfinished simply because the air condition is freezing your fingers. You also don’t want to sweat onto your answer scripts because you’re dressed like an Eskimo. So it’s advisable to wear cool colours, and carry along a scarf or jacket that you can remove easily.

The hair test: It’s natural for headaches to come with the exam period. If you want them on a higher scale, fix your hair just before exams begin and enjoy the painful show. Do you also want to waste the time you would have spent on revision combing, brushing and restyling? Then don’t stick to braids, go for complex styles.

Loose is the answer: From bras to ties, wrist watches to trousers, and shirts to shoes, loose is the answer. If you think breathing properly is important to writing your exams with ease, save the tight clothes for the after party.

Watch the nails: Fixing your nails too long could make writing uncomfortable, and with the clock competing for your grades, you need no extra baggage.

Don’t change bags too often: You don’t want to be the one who has to go back to the hostel to collect your clearance or identity card. Even if you change your bag, double check, and triple search for the essentials.

A working wristwatch: Do I have to spell this out? Get one that works…on time.

PUBLISHED: 14 Septemeber 2012.

Friday, 14 September 2012

The question on the lips of many: Do we really need the 5000naira note now?. Speak up Nigeria, make your views heard.

Love from us all @ FAB SCHOOLS NIGERIA.
(www.fabschools.blogspot.com).
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N5,000 NOTE: Jonathan pushes for a show down with Nigerians

Published: 8 September, 2012.

Jumping from one inconclusive economic and political issue to another appears to be a factor that is fast defining the Presidency of Nigeria’s Dr. Goodluck Jonathan.

The latest move of the Central Bank of Nigeria, CBN to convert the current N5, N10 and N20 notes to coins and also step the currency note to N5,000 denomination by 2013 which has already gotten the nod of the President amidst mountainous agitations by Nigerians has become one controversial issue in the life of the nation at the moment.

Will the ruling class have its way as against the wish of most Nigerians? That seems to be the question Saturday Vanguard’s JOHN BULUS tries to find answers to in this special report.

“I will continue to fight for your future, because I am one of you. I will continue to fight, for improved medical care for all our citizens. I will continue to fight for all citizens to have access to first class education. I will continue to fight for electricity to be available to all our citizens. I will continue to fight for an efficient and affordable public transport system for all our people. I will continue to fight for jobs to be created through productive partnerships. You have trusted me with your mandate and I will never, never let you down.
I know your pain, because I have been there. Look beyond the hardship you have endured. See a new beginning; a new direction; a new spirit. Nigerians, I want you to start to dream again. What you see in your dreams, we can achieve together.”

With these words, President Goodluck Jonathan on his inauguration as the new Nigeria’s President on May 29, 2011 sealed a pact with Nigerians promising to turn their dreams into reality while declaring that the years of locusts and cankerworms are over.

Even prior to the time, he had during the campaigns, as he crissed-crossed the length and breath of the country drew up similar words that may have prompted Nigerians who massively voted for him during the Presidential election. But when finally he settled in office, President Jonathan appears to be pursuing programmes and polices that obviously don’t receive the endorsement of many Nigerians whose future he promised to secure. More so, they become much more controversial than expected.

Consequently, every step he takes meets stiff resistance from the people. And so, one wonders if the President is actually serving the interests of Nigerians that voted him into power or that the people themselves have suddenly not seen good the policies of the man they voted into power.

Past events

Some past issues since the inception of the present administration in May, 2011 may have indicated that most moves taken by the Federal government are rather making the regime unpopular. Barely 7 months in office and at a time Nigerians expected a quick fix of the economy, President Jonathan thought it necessary to delve into heavy political matters.

Thus, he canvassed for a single seven- year term for President and Governors. The issue generated unusual dusts from several quarters that when the bill finally got to the National Assembly, it was already dead on arrival. Yet, in May this year, the President also came up with the change of name of the University of Lagos to Mushood Abiola University.Till date, the controversy surrounding the development still persists in some sections of the society .

Then came the removal of oil subsidy, the biggest of all policies that attracted almost zero applause from the people. For nine days in early January, 2012, Nigerians closed shop and went on aggressive strike to protest the removal of oil subsidy that suddenly sky-rocketed the pump price of petrol from N65 to N141. To some analysts, it was not actually the call by the Nigerian Labour Congress, NLC that gave vent to the strike but the pangs of poverty fuelled by anger and the time upon which the subsidy removal came.

And so, there was a spontaneous rash condemnation of the decision from the people who insisted that it must be reversed. Obviously, when it appeared that the showdown could totally cripple the economy, it then became very necessary for the Federal Government to shift grounds and peg the pump price on N97 Naira, per liter of petrol.

 Similarly, President Jonathan’s advise to Nigerians to start thinking in the direction of controlling birth rate as a way of circumventing the harsh economic realities of the present age recently was yet another issue that would have stirred up another round of controversy had it been allowed to thrive.

Current Issue

Penultimate week, the Governor of the Central Bank of Nigeria, CBN, Alhaji Sanusi Lamido Sanusi audaciously dropped a bombshell. He said that the apex bank has concluded plans to convert the existing N5, N10 and N20 notes to coins and introduce into the Nigerian market, N5,000 currency note next year. In swift response, organizations, groups, professional associations and Nigerians in their numbers condemned the plan by the CBN, citing several reasons why it must not scale through.

Nigerians React

Envisaging the concomitant effects of the policy largely on Nigerians, the Senate asked the Central Bank to stay action on the planned move to introduce the note. The Chairman, Senate Committee on Banking, Currency and other Financial Institutions, Senator Bassey outrightly asked the CBN governor to put brakes on the move.

He said: “I believe that a project of this nature requires parliamentary approval because there are numerous and fiscal implications on the entire economy. “This type of action is only taken where there is a major crisis and the CBN must be very careful in order not to send a wrong signal or message to households, domestic sector and even the external ones that the Nigerian currency is valueless, which I believe is definitely not, and that for every unit of value, they need to carry a large quantity of cash.

“The CBN in 2008 and 2009 came up with a proposal to re-denominate the currency; that was even to take off the zeroes. This was just 2008 and 2009 and here we are in 2012 seeing a kind of policy somersault even though we understand the dynamics of the sector very well. I believe that we have to be well briefed on this. “Also in 2005, the CBN undertook a major currency restructuring which ran into billions of naira. Till date, a proper value has not been done to know its cost to the Nigerian taxpayers and the extent of the benefits in that 2005 coinage. I think it did not work at all because goldsmiths and blacksmiths converted the coins to molding bangles, earrings and so on. So, we believe that the coinage works very well where there is infrastructure to take it like a half, probably like parking where you go and put it. “We have not developed that real basic infrastructure and those coins, most of them are nowhere to be found. So, the CBN will have to prove that the policy is not a clear contradiction or at variance with its cashless society, which they are even yet to justify and whether this is the popular economic way to go.”

He further stated, “Actually, we are not really going to rely on laws perse. What we are trying to do here is what is best for the Nigerian people. The Senate is not really against the independence of the CBN, but what we want in place is proper check and that there should be checks and balances in all these things that we do. So, I believe that at some point, we will be able to sit down together and look at the merits and demerits, but till now, we do not know anything about it and we do not know what the people stand to gain and until that is properly put through, we say everything about it must stop.”

Similarly, the House of Representatives through its Banking Committee Chairman, Chukwudi Jones said: “Unfortunately, we are on vacation and we can’t take any legislative action now. But when we are able to get a few members of the committee, we can do something based on the urgency of the matter”.
The lawmaker also stressed that “Our primary concern is that the measure will not hurt the economy and will not affect the daily lives of the average Nigerian”.

Governors’ Forum not aware

The Nigerian Governors Forum is astonished that such a decision has not come up in the National Economic Council which has the Governors of the 36 states of the federation as members.

Hear Governor Gabriel Susuwan of Benue State who is a member of both Groups: “Let me tell you that economically, I don’t support that. I am not an economist, I don’t know what informed that but quite frankly, it means that our naira would be devalued. I don’t know how it would address the economic issues that are confronting us by printing N5, 000 notes, but like I said, I am not an economist. So, I don’t know the nuances of printing N5, 000 notes. If we are saying that we would promote a cashless society and in the same vein printing N5,000 that can make it possible for somebody to carry N10 million in his pocket, I am a bit confused about that. But I expect that this should have been addressed at the National Economic Council meeting. We have never discussed it at any point in time. I am as confused as the man in the street”.

Nigerian Medical Association, NMA, reacts:

The Nigerian Medical Association, said that the decision was borne out of sheer insensitivity by Nigeria’s leaders.

The President of the Association, Dr. Osahon Enabulele, told journalists in Abuja, that the insistence of the CBN governor to carry on with the widely condemned policy was among several critical national issues discussed at the just-concluded National Executive Council (NEC) meeting of the NMA, which held in Owerri, the Imo State capital.

Enabulele also told journalists that the NEC expressed great worry over the proposed introduction of the single N5,000 note, N20 and N50 coins into circulation, on account of the naira devaluation and rise in inflation, which many Nigerians and economists have continued to point out since the policy was first contemplated by Sanusi. He further charged Nigerians to join their voices in the condemnation of the decision.

The position of the Nigerian Bar Association, NBA, is no less of its NMA counter-part. In a speech in Abuja at the Annual General Conference of the association which held recently, Mr. Joseph Daudu, the immediate past national Chairman of the bar said that the proposal would further
devalue the naira.

“The CBN’s introduction of the N5,000 notes would devalue the naira and it is against the cashless policy being currently promoted by the bank. The proposal by the CBN is shallow and should not be allowed to further damage the already fragile economic system”, he said.
Reacting to the development, Lagos State erstwhile governor, Senator Ahmed Bola Tinubu said the plan is insensitive: “The economy is on reverse, it’s a yoyo economy. This government is not serious; they don’t know what they are doing.”

In his own reaction, Ita Enang, Chairman of the Senate Committee on Business and Rules, foresees a situation where the present controversy stirred by Sanusi will truncate President Jonathan second term bid. Said he: “I pray Mr. President should be sensitive to this and take action against the move because I am certain the plan is intended to embarrass the President of the Federal Republic of Nigeria and to make the government of Goodluck Jonathan unpopular in years to come so that people will not like to vote for him in the next election. “I think what Sanusi is aiming at with the introduction of the plan against Nigerians is to ensure that the people will be so unhappy with the President that in the next election they would not like to vote for him. Mr. President should therefore call the CBN governor to order with immediate effect”.

The Nigerian Labour Congress, NLC has vowed to stop the process. It said: “Psychologically, for the working people, it means they work so much for little notes with introduction of N5000. This may fuel crisis of expectation for more wage increase as bigger banknotes will be chasing fewer goods. Nigeria is better with smaller banknotes that can deliver goods and services rather than higher bills without any value”.

Comrade Abdulwaheed Omar said in Lagos: “Comrades, the recent proposal by the Central Bank of Nigeria is one of those policies we must be prepared to vigorously oppose. We see in the proposal a policy contradiction that completely exposes our policy makers as playing the devil’s advocate. Most of these policies are clearly not designed by them but obviously by institutions outside our shores. Comrades, we must collectively oppose this and we must not allow the CBN continue with this clearly unnecessary project. We believe the CBN should not supervise the total collapse of our economy with the introduction of a policy that has historically led to the total collapse or subjugation of the economies of some countries in Africa, Europe and South America”.

He added: “There is no genuine reason for the introduction of N5000 note in a country that is dwindling in production and suffocating under high inflation. While our government complains about lack of funds to reactivate infrastructures critical to economic development, the CBN is planning to spend over N40 billion to produce new denominations of our currency”.

General Secretary of the labour union Comrade Issa Aremu told newsmen in Kaduna recently that the bank should rather be more concerned about improving the value of the Nigerian currency as against others in the international market. “The current highest bank note of N1000 was introduced in 2005. We had currency review in 2007 and 2009. It should not be customary for every CBN governor to change the nation’s bank notes. Incessant turning out of higher bank notes is an attempt to legitimize the devaluation of the Nigerian currency.

There is a direct relationship between higher bank notes and devaluation of the currency. The CBN should concentrate on stabilizing the value of the Naira rather than legitimizing the devaluation of the currency. CBN under Sanusi Lamido Sanusi should continue with the good work they are doing with respect to revival of manufacturing sector and management of inflation and interest rates.

The double digit inflation rate as we currently have cannot take us out of the economic crisis”, Aremu said.
The Conference of Nigerian Political Parties, CNPP, in a statement signed by its General Secretary, Willy Ezeugwu, accused Sanusi and the economic team of hiding under the new currency to further devalue the naira.

The statement reads: “The decision of the CBN, as endorsed by the so-called economic team, flies in the face of reason, especially when all the explanations and analysis that these clueless officials have so far given are reminiscent of the sing song they engaged in January during the ill-conceived removal of petrol subsidy.
The assurances given at that time turned out to be false as Nigerians feared because today, we all know that the quality of life has worsened since the partial removal of subsidy while most of the supposed palliative buses have vanished into thin air.”

Also, Founder and President of Oodua Peoples Congress (OPC), Dr. Fredrick Fasehun has described the insistence of the government to introduce the N5, 000 note despite people’s opposition as autocratic
and insensitive. The Medical Doctor said: “Government is in place for the people and not people in place for the government. We will resist the unpalatable morsel they are trying to force down our throat. We will not allow those in power at our instance to dictate undemocratic policy to us and expect us to swallow it hook, line and sinker”.

Apart from the unanimous agitations against the proposal by the associations, some Nigerians have physically staged protests to register their feelings on the issue. For instance, former Federal Lawmaker in the House of Representatives, Honourable Dino Melaye on Thursday led a group of protesters to CBN headquarters in Abuja against the issues.

Under the aegis of Anti Corruption Network, Melaye reiterated the opposition of Nigerians to the currency restructuring policy of CBN. He told Tunde Lemo, Deputy Governor of CBN who received the protesters that the introduction of a single N5000 note will result in inflation and that Nigerians are opposed to it and asked the CBN Governor, Alhaji Sanusi to listen to the views of the people on the matter.
FG’s Meal of Surprise/Defense

Nigerians who had waited to get a good deal from the Federal Government upon whose approval, the CBN carries out the plan were rather flabbergasted when the federal government during the week, arising from the National Economic Management Team (NEMT) threw its weight behind the CBN governor on the action, conspicuously ignoring the cries and submissions of the Nigerian people.

The NEMT, which is headed by the President, comprises the Minister of Finance and coordinating Minister for the Economy, Dr. Ngozi Okonjo-Iweala; Sanusi Lamido Sanusi, the CBN Governor; Minister of National Planning Dr. Shamsudeen Usman; Director General of the Security and Exchange Commission (SEC); Director General of the Bureau for Public Enterprises (BPE); one representative each of governors of the South and the North as well as key private sector players.

Dr. Shamsheen Usman, the Economic and National Planning Minister said of the plan:
“Clearly, the N5,000 note will not lead to higher inflation. There is absolutely no link. I am an economist; I have been deputy governor(Operations) of the Central Bank. During the last review of the introduction of N1000 note and the various coins, I was deeply involved; it was my responsibility at the Central Bank.
There is absolutely no link between inflation and the currency denomination. So, obviously, the discussion today was basically to endorse. Mr. President had already approved; that is the only requirement by law. The CBN is to propose and Mr. President is to approve. And since Mr. President has approved, really, what is important is to just explain.

I personally had some concerns about the coins but since some discussion with the CBN governor, he has actually clarified that even the media didn’t understand. “The coins are being introduced on an introductory basis so that if people accept them and are using them, then gradually they will withdraw the other notes but they will run concurrently with the notes. Those were my concerns, initially, because you remember during my time in the CBN, we introduced the one naira and two naira coins. Unfortunately, they were not utilized at all. Part of that is really the value of one naira and two naira today; what can you buy? So because they are higher denomination, they may be accepted. I think even that aspect didn’t come out well in the communication and so the CBN is going to communicate to Nigerians that the coins will run concurrently with the note. “They are like testing the waters; if they get accepted and are being utilized, only then will they take subsequent actions.”

Dr. Usman has lieutenants and supporters who see no wrong in the act. One of them is Mr. Atedo Peterside, a banker and NEMT member who argued that besides the fact that it does not add to increase in cost of printing of currency, money, being a store of value, the higher the denomination, the better it is for the economy as those who made money legally and illegally will want to keep their loot in naira rather than hard currency.

He said: “If I were the CBN governor, I will prefer to print N10, 000 notes. Last year, Nigeria spent N47billion to print these small, small notes. If we were printing bigger denominations, we will print fewer number and you make phenomenal savings. Secondly, money is a store of value, all these thieves, rogues and vagabonds running around in various states and all over the country, when they steal money, they will want to keep it outside the banking system.”

Lending his voice in support, the Access Bank Managing Director Aigboje Aig-Imoukuede described the reactions trailing the N5000 note as unfortunate. He said: “It is very rare for you to have a central bank that does not look at the issue of currency management and issue new notes from time to time based on the reality of the economy. In the case of Nigeria, our economy is such that a N5000 note which is in effect a $30note is not strange. The greatest argument I have heard about is causing of inflation; the other argument is that it will cost money to introduce the new note.

There is no relationship between the issuance of higher legal tender and inflation. It is unfortunate that some have misled people into thinking that it will lead into higher inflation. Every central bank by the nature of currency management will issue new notes all the time. So, printing of notes is an ongoing operation that every central bank engages in”.

Of course, the big African business mogul and a member of the Economic Team of the President Jonathan, Alhaji Aliko Dangote would have said otherwise just as his counter-part in the oil business, Femi Otedola would as well.

Dangote said: “The introduction of the N5,000 note has nothing to do with inflation. I think it is even to protect the economy. The cost of printing is not anything different from the amount they are using in printing any other note. It is the same cost”.

Meanwhile, CBN’s Director of Corporate Affairs, Mr Ugochukwu Okoroafor said CBN would instead sensitize the public on the introduction of N5,000 note into the economy. He said: “We are about to carry out sensitization campaign on the introduction of N5000 note and the restructuring of the nation’s other currencies. Everything will not take off at the first quarter of next year. We are starting with a particular currency in the first quarter of next year; there will still be currency and coins for the denominations that will be coined like N5, N10 and N20 so that both will be operational side by side.”

He added: “We want to be among the top 20 largest economy in 2020; we believe in it. What we should do is pray for Nigeria to have a financial system that can support one of the world’s largest economies. We cannot do it, if we don’t have the right framework. We want to ensure that life is made a lot easier for Nigerians and will continue to improve the system.”

Okoroafor said the report that N40 billion would be spent to print the N5000 note is false, saying the cost is in the CBN annual report.

Analysts have submitted that some other reasons why the decision can’t be allowed to fly at this time included the inability of the government to better the lots of the citizenry.

They asserted that coming at a time the country’s leadership has incessantly pooh-pooed in its promise to restore the security of lives and property, improve on the welfare of the ordinary Nigerians and provide basic social infrastructures, the government not expect that the Nigerian people will gladly accept what is clearly going to be the reserve of the rich.

Again, in the light of CBN’s cashless society campaign, keen observers queried why a society that does not carry physical cash but makes transfers should suddenly concern itself with the introduction of a higher denomination.

Apart from eclipsing the opportunity posterity would have in knowing Alvan Ikoku and Murtala Mohammed, Nigerian fallen patriots whose faces appear on the N10 and N20 Naira notes respectively, another argument against the CBN’s move is that it will completely obliterate the N5, N10 and N20 notes when converted to coins and ostentatiously give rise to high cost of common goods.

For instance, they said that a sachet of (pure) water will automatically become N50 which will certainly make
mockery of the Naira.

In a similar move by the same CBN under Professor Charles Soludo during ex-President Olusegun Obasanjo regime, the government assured the people that N1.00 note when converted to coins will be a tool for figure counting for infants and posterity. But today, suffice it to say, N1.00 is neither seen in circulation as such nor carried by anybody even traders.

Indeed, with this array of threats and condemnation, most analysts posit that a little less, if not more of what Nigerians experienced during the oil subsidy strike in January this year, might be in the offing should the Federal Government and CBN forge ahead with the currency devaluation exercise. But until then, Nigerians are watching with keen interests.

Source: Vanguard

 

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Lessons from the 'World's Ugliest Woman': 'Stop Staring and Start Learning'




FOCUS NIGERIA: Where is Nigeria heading to?. We at Fab Schools still hope for a change.
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Jonathan’s Economic Policy ‘Failing’ - UN

In what appears to be an indictment on President Goodluck Jonathan’s administration, the United Nations, in a report has said that Nigeria’s unemployment rate has increased in the last two years under Mr. Jonathan’s watch, from 21.1 per cent in 2010 to 23.9 per cent currently.

The report shows that about one in four Nigerians are currently unemployed. Nigeria also has one of the worst youth unemployment rates in sub-Saharan Africa as 37.7 per cent – two in five – of Nigerian youth are unemployed.

These were stated in a 291-page publication called ‘The African Economic Outlook 2012’, and jointly published by the United Nations Economic Commission for Africa, UNECA; the United Nations Development Population, UNDP; the African Development Bank Group; and the Organization of Economic Cooperation and Development.

The publication, launched on Thursday in Addis Ababa, was presented by the Director, Economic Department, NEPAD division of UNECA, Emmanuel Nnadozie. The publication, which is the 11th edition, however, described Nigeria’s economic growth in 2011 as “robust.”

The robust growth recorded in Nigeria’s economy, according to the publication, was driven mainly by the non-oil sector, and in particular, telecommunications, construction, wholesale/retail trade, hotel and restaurant services, manufacturing, and agriculture.

  • Article sourced from: http://news.naij.com/8679.html. 
  • Published on: 14th September, 2012.

 

Thursday, 13 September 2012


Hello everyone here is an article posted on THE DAILYTIMES NG's website some months ago, we only want to get your reactions and comments about it. NOTE: This article is not meant to be provocative or to stareup any bad reactions though. So here it is, enjoy..
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The problem with church-universities


A few days ago, media reports stated that the Mountain of Fire and Miracles Ministries has completed the building of their university – Mountain Top University. This is somewhat good news for Nigeria, as the burgeoning youth population is in urgent need of more educational institutions to satisfy the desire for higher education.

It is further argued that many church-run universities are better equipped than their government counterparts. Often backed by churches with deep pockets and a sincere commitment to an improved society, no expense is spared in the bid to acquire state of the art equipment and facilities for these universities. These results have paid off, as some church-run universities are now ranked higher than many government universities.

Church-run universities are also unique from another perspective. They profess to focus on the simultaneous development of the ‘mental, spiritual, moral and physical man’ – setting themselves apart from conventional universities which have no business catering to spiritual needs of their students. However, in the long run, this emphasis on spiritual training may prove to be their undoing.

Universities are training institutions in more than one way. Apart from providing academic training, students – many of whom have lived with their parents all their lives – are brought into close contact with people from various tribes and belief systems. Rooms with Christian Northerners and Moslem Southerners alike facilitate a better appreciation of the diversity that exists in Nigeria and the real world; and gives room for better integration into society. Students are exposed to the many challenges of time and finance management, and helped to see how their choices have direct effects on the quality of their lives by seeing how their choices affect their grades.

Largely, this is not the case in many church-run universities. In a bid to ensure spiritual and moral development, the administrators of these institutions have taken over the business of making personal choices for their students. Young adults who should ordinarily be left to decide how to spend their time and to take responsibility for their choices are made to live regimented lives. Students in some of these universities only have access to school-controlled phone lines; others dare not be seen talking to a lady or holding hands in public. Exit from school premises is strictly controlled, and some of them attend up to seven services a week.

This, in my opinion, defeats the very purpose of university education. University graduates are expected to know enough to hold their own in society. They must be balanced people, who can tolerate and live with people of differing faiths and belief systems. They must be responsible people, who can make informed choices and live with their consequences.

There is a need to strike a balance. The desire to provide faith-based qualitative education must be balanced with a healthy appreciation of the need to train responsible and tolerant graduates. Until this balance is reached, church-run universities will continue to contribute to the imbalance in the Nigerian society.

SOURCED FROM: http://dailytimes.com.ng/blog/problem-church-universities
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POLL 1: Do you think that Nigeria needs the planned 5000 naira note in this crucial time?
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Wednesday, 12 September 2012

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