• Business Day (South Africa): Emerging markets

investment bank Goldman Sachs has also not made any contact with the company since it bought 3.1 million stocks or 5.4 per cent of SAAG earlier this month.
Document BTMAL00020070626e36q0000b

Guardian Family Pages

Family: The cost of loving: Every week, Sunny Lambe stands in line at the Victory Food Store in Peckham to wire his hard-earned cash back to the family in Nigeria he rarely sees. Melissa Benn on the extraordinary lives of the long-distance breadwinners

Melissa Benn

1,847 words

23 June 2007

The Guardian

GRDN

1

English

© Copyright 2007. The Guardian. All rights reserved.
In his sharp, high-collared jacket, Sunny Lambe looks the picture of a confident businessman. We stroll down a wide lane towards the Victory Food Store on Peckham High Street in south London. It is a dimly lit west African supermarket that sells everything: fruit and veg, corn meal and custard, Bibles and gold-plated handbells.
It's like a party inside. There's a group at the counter, talking and laughing. In the aisles, a man and a woman bellow into their phones. Mrs Adeniyi, the store's owner, knows Sunny Lambe well, for it is here that Sunny wires money home every month to his family, still living in Ibadan, his home town in Oyo state, Nigeria.
Sunny left Nigeria in 1986 when, as a "curious" 27-year-old, he landed at Heathrow with his brand-new passport, eager to see the city of "Trafalgar Square, Tower Bridge and Buckingham Palace". Twenty-one years later, he still hasn't seen Tower Bridge open, and he has never been to Buckingham Palace.
Instead, his early years in London were spent studying banking, then marketing management, while he worked, part-time, as a security guard or in McDonald's. He now has his own company, Black Business Initiative, which helps budding entrepreneurs. He is also a magazine publisher, a governor of nearby Peckham Academy and father of five. London is his home now.
But his relatives in Nigeria are not forgotten. "It is my social, moral, cultural duty to help the family back home if I have the means to do it," Sunny insists, a position confirmed by his nephew, Jide Fodesho, 27, who tells me, with enthusiastic exaggeration, "Uncle Sunny helps everyone here in Nigeria."
"On average, I send home about pounds 100 to pounds 150 a month," says Sunny. "Sometimes pounds 300 if school fees are due or there's a special event on." His second son is currently at boarding school in Nigeria.
Sunny also contributes around 60% of the household expenses of both his parents, now separated. On top of that, he gives to his sister and his nephews and nieces. "What doesn't seem like a huge amount here is significant capital in Nigeria." Jide confirms this: "Sunny gave me the money to get my furniture and carpentry business going. Now I would like his help to come to London."
Does Sunny miss his family? "Obviously I miss my son. But you have to make sacrifices. If I had to choose between him having a good education or staying here and getting into trouble, it's better that he's out there."
He sees his parents once a year, and says, "It would have been much more difficult to be separated from them if I was a teenager. But I'm an adult. I've got my own family. I miss them, but being apart feels different now I'm older."
Sunny proudly calls his payments to Nigeria "a channel of development". Most national governments would agree. The World Bank conservatively estimates that, globally, the money sent home is around twice the level of worldwide official aid, second only to foreign direct investment. The Department for International Development estimates that annual remittances from this country amount to 0.24% of Britain's gross domestic product; the equivalent - incredibly - to 78% of the UK's overseas aid budget.
Most of the money from the UK goes to Bangladesh, China, Ghana, India, Kenya, Nigeria and the Caribbean. There are no official records of monies sent from relatively newly arrived workers from central and eastern Europe back to their countries of origin.
Sending money home is rarely straightforward, as Nicole Opeli knows. A single mother with a 16-year-old son, she holds down two jobs, as a leisure attendant and school cleaner, for which she earns pounds 700 a month. She is also supporting her brother and his six children - aged 16, 11, nine, seven, six and two - living in Ivory Coast. "My brother can't work. Our parents are dead. He rings me, crying, 'I have no money.'"
Up to now, Nicole has managed to meet the demands of both brother and son by working overtime. But last November she broke her leg and was off work for four months. Her leg seemed to be healing well until a couple of weeks ago when she slipped in the spa at work, and has damaged it again.
"My son really wants to go and see a family member in Europe. But I can't do overtime, so I can't get the extra money," says Nicole. She now thinks the only solution is to get her brother over to London so he can earn enough money to send back to his own family.
According to the MP Harriet Harman, such dilemmas are not uncommon. In her March 2007 report, The Hidden Heroes of International Development, she chronicles the extraordinary efforts of many of her south London constituents to support relatives abroad.
According to Harman, "Most of these sending money back home take on two or three low-income jobs in order to earn enough not to support themselves and their family, but to send money back home. They make their repayments out of taxed income and they pay on average pounds 7 for every pounds 100 sent back."
Harman adds, "We need to look at tax relief . . . Or we could help cut the costs of sending money." The cost of sending pounds 100 can be anything from pounds 2.50 to a shocking pounds 40. The costs of transfer drops significantly on larger sums, thus doubly penalising those only able to send small amounts.
Sunny Lambe, for one, would definitely like tax relief on his payments home. He is one of the thousands who use a money-transfer service, such as Travelex or Western Union, based in so many high streets or, just as frequently, at the back of shops, post offices or off-licences.
Often, as at the Victory Food Store, the exchange rate is far more favourable than at a bank, even after Adeniyi has taken her 35% cut. "The commission is lowest for those countries where people don't send much money back," she says. "Their governments encourage them by not charging that much to send back the money."
So it only costs pounds 1 to send money to Albania, but pounds 5 for those sending sums to Nigeria, the most popular destination for money earned in Britain. But, says Adeniyi, people send money all over the world from her store, from Albania to Uzbekistan.
Sunny and Nicole are the lucky ones. They live here with partners and children. For many, sending money home means leaving their partner and children thousands of miles behind.
Increasingly, many of these economic migrants are women such as Devaka, 49, a slight figure with a ready smile and eyes smudged black with exhaustion. Devaka has worked away from her home and family - husband, son and two daughters - for more than 10 years.
Last year, she came to work for a family in the home counties. Here, she was, in effect, locked up 24 hours a day, sharing a room with the elderly relative for whom she cared. "I didn't have my own room. I was allowed no holidays. It was like a prison. I couldn't go out." For this, she was paid pounds 300 a month.
With the help of Kalayaan, a voluntary organisation that supports migrant workers, she escaped and found a new job looking after "two children and three floors". However, if current Home Office proposals become law, it will soon be impossible for workers to change jobs in this way. Workers who leave an abusive employer will immediately be "illegal" up until they leave the country. For those such as Devaka, whose family depends on her income, such a change would be catastrophic.
It is impossible, she says, to find work in Sri Lanka that pays enough to cover the costs of her children's education -her husband, who is retired and lives on a state pension -certainly can't support them. So he looks after the children and Devaka works here, sending back almost everything she earns. Her biggest outlay is her son's aircraft engineering course, which costs pounds 250 every month. But she may often send up to pounds 400. "Sometimes my daughters need dresses. Or I need to pay for extras, like dancing lessons."
The money is sent through a Sri Lankan off-licence in the Berkshire town where she works. They take pounds 17 for every transaction, and on top of this she pays for phone calls home. The calls from her mobile cost pounds 50 a month and must be severely rationed. "I talk to my husband or daughter every week. Once a month, I call one of my brothers."
Does she ever spend money on herself? Today, she is wearing a pretty cotton top embroidered with blue flowers and a tiered white skirt. She glances downwards. "I got this from the street market near where I live. The skirt costs pounds 5. I never buy from anywhere but this market. I buy only what I need." She makes a dismissive gesture to emphasise the necessity of personal thrift. "I don't spend money on myself."
So has she never been to the cinema or had a meal out since she's been in the UK? Never, she shakes her head; entirely without self-pity. She does not even watch television after work. "I lie on my bed. My mind is racing, thinking about my children back home."
It is this that is the hardest to imagine. The pain of prolonged separation. Time lost, never to be regained. Devaka says simply, "It's very hard not to be there. I phone twice a week, sometimes three times a week. I am always working, cleaning. But after work I like to rest, to lie down. To think of my family. To think of the future."
But there are glimmers of hope. Next year, her son will join her - he is coming to London to complete his studies. She is proud of him, and is smiling when she says, "He has ambition. He works hard." And her new employers have indicated that she may be allowed home for a holiday next Easter.
What makes it all worthwhile, she says, is knowing her children understand: "My children, they say to me, 'Never mind that you are not with us. You are a good mother. You have given us a good education. One day you can come back and not worry. You have worked so hard. One day we can look after you, and then you can rest.'"
Document GRDN000020070622e36n0006g

STOCKS NEWS ASIA-Markets subdued, mirror Wall St
710 words

19 June 2007

07:21 PM

Reuters News

LBA

English

(c) 2007 Reuters Limited
(Updates with early markets)
HONG KONG, June 20 (Reuters) - Asian shares opened little changed on Wednesday, struggling for direction after an uninspiring lead from Wall Street and as investors took stock of recent gains that have pushed several markets to record highs.
A fall in oil prices to below $72 a barrel also took the steam out of some energy firms such as Australia's oil and gas producer Woodside Petroleum .
At 0030 GMT, Tokyo's Nikkei <.N225> was flat as weakness in mobile phone service operator KDDI and PVC maker Shin-Etsu Chemical were offset by modest gains for chip-tester maker Advantest and electronics components maker TDK .
"The yen should help keep export-related shares solid but overall we're probably looking at directionless trade given that not much happened on Wall Street and domestically there is no driving factor," said Toshihiko Matsuno, assistant general manager of investment research at SMBC Friend Securities.
South Korea's KOSPI <.KS11> slipped 0.2 percent a day after hitting a record high as Samsung Electronics shed 0.9 percent and steel maker POSCO lost 1.1 percent.
"The stock markets have already gained quite a bit and it's likely this rising trend will slow for now, although we're not likely to see a significant retreat," said Choo Hee-yeop, deputy general manager of asset management strategy at Korea Investment and Securities.
But top lender Kookmin Bank surged 6.1 percent following a newspaper report that it plans to acquire a brokerage.
In Australia, falls of 0.9 percent for mining giant BHP Billiton and 0.6 percent for National Australia Bank helped knock 0.3 percent off the key S&P/ASX 200 index <.AXJO>. Woodside Petroleum dipped 0.3 percent.
The major miners were further weakened by a fall in base metals prices. Nickel dropped more than 7 percent on Tuesday as worries about falling demand intensified after news that China may cut stainless steel output.
MSCI's measure of Asia Pacific stocks excluding Japan <.MSCIAPJ> was barely changed after nudging up to a fresh all-time high early in the session.
U.S. stocks ended a tad firmer on Tuesday while bond yields slipped after data, showing the first drop in housing starts since January, cemented the view that the housing sector would remain a drag on the U.S. economy.
-- HEADLINES: >US STOCKS-Indexes inch higher on lower yields; GE shines [.N] >TREASURIES-Bonds rally after weak housing data [nN19607453] >Dollar drops vs. major rivals as bond yields slide[nN19610149] >BHP eyeing rival bid for Alcan - sources [nSYD124661] >ICICI Bank's India share sale bid 2 times [nBOM117346] >S.Korea demands longer jail term for Hyundai head [nSEO364425] >U.S. housing starts slip in May, but permits up [nN19458553] >Leighton, ABN AMRO to buy Sydney tunnel - receiver[nSYA002777] >Antitrust gripes prompt Vista changes-source [nN19205195] >Nickel hits four-month low on China steel threat [nL19417776] >Oil eases below $72, eyes Nigeria strike threat [nN19186780]

>ADR Report-ADRs higher, India's Sterlite debuts [nN19490591]

--

KEY INDEXES pct change

Bank of New York Asia ADR index <.BKAS> +0.12

Dow Jones Industrial Average <.DJI> +0.16

Nasdaq Composite Index <.IXIC> +0.01

MSCI Asia Pacific ex-Japan <.MSCIAPJ> +0.05

Nikkei futures in Chicago <2NKc1> 18,225

Nikkei futures in Osaka 18,170

--

ASIAN ADR ACTION:

5 most actively traded: price change/pct

TSMC +0.28

UMC -1.40

Infosys Tech -0.67

ICICI Bank +5.39

BHP Billiton +0.67

--

Top 5 performers: price change/pct

ICICI Bank +5.39

Santos +4.84

Videsh Sanchar +3.87

PT Indosat +2.48

Macronix +2.24

--

Bottom 5 performers: price change/pct

Genetic Tech -6.06

Webzen -3.16

SK Telecom -2.32

Creative Tech -2.12

NTT Docomo -2.05

--

TOP ASIA EVENTS:

For more Asian company earnings, see [ASIA/EQTY]

JAPAN - Nissan Motor shareholders meeting

HONG KONG - Composite interest rate at May-end

S.E ASIA - Malaysia May consumer price index

--


MARKETS-ASIA (UPDATE 1)|LANGEN|Table|ABN|M|E|RBN|D|SI|AUF|Z|IF|SNS|J|U|ND|PHD|SNI
Document LBA0000020070619e36j001zi
This Day (Nigeria) - AAGM: Nasdra Seeks $100m to Buy Stakes in Rascom.
Shina Badaru

579 words

18 June 2007

This Day (Nigeria)

AIWTHD

English

The Financial Times Limited. Asia Africa Intelligence Wire. All material subject to copyright. This Day (Nigeria) (c) 2007 All rights reserved
The National Space Development and Regulatory Agency of Nigeria (Nasdra) has asked for $100 million from the Federal Government to buy shareholding in the Regional African Satellite Communications Organisation (RASCOM), a pan-African satellite organisation that plans to provide Africa with its own satellite for relaying telephone, data and TV signals.
Rascom, which represents the interests of some 38 African telecoms operators and other investors, had in 2000 formed a commercial entity, RascomStar-QAF, which plans to launch the first African satellite covering the whole continent later this year.
Technology Times checks revealed that Nasdra, in justifying the request for the additional funding, has cited a potential threat to marketing capacity on its recently launched Nigcomsat-1 and hopes to assuage this by buying stakes in the pan-African venture.
To achieve this, Director-General, Nasdra, Victor Borroffice, has made the request to government, citing the challenge posed in selling Nigcomsat-1's capacity because of perceived competition from the continental spread of Rascom.
However, Technology Times checks revealed further that Nigeria already participates in the Rascom initiative as the national operator, the Nigerian Telecommunications Limited (Nitel), already holds 6.91 per cent stake in the consortium made up of 38 other African telecoms operators.
Additionally, Nigeria, through Nitel, also owns 7.33 per cent stake in the the South Atlantic Telecommu-nications/West African Sub-marine Cable (SAT3/WASC), the submarine optical fibre cable linking Africa with Europe and the rest of the world.
The RASCOM Project which has been endorsed by NEPAD as the only continental ICT project is billed to participate in the NEPAD e-School project, the Pan African e-Network and the e-Post Africa projects, among others.
The project which is implemeted by Frech company, Alcatel Alenia Space (formerly Alcatel Space), will deliver the communication satellite which has a 15-year life span and enable RascomStar-QAF to provide fixed voice, data telecommunications and Internet access as well as broadcasting satellite services to the whole African continent, with footprint extending to parts of Europe and of the Middle East.
Under an agreement with RASCOM, the Regional African Satellite Communi-cation Organization, had in 2000 formed and incorporated RascomStar-QAF as the project company for the pan-African satellite initiative representing the interests of 38 African telecommunications operators among other investors. Construction of he first satellite which started in 2003 is billed to be launched into orbit this year according to the company.
Nigeria had taken a $200 loan from the China's EXIM Bank to part-finance the construction of her second satellite built by the China Aerospace Science and Technology Corporation at the cost of $311 million and launched into orbit from the Chinese soil in May, this year. Nigeria is also the first foreign government to buy Chinese satellite and its launch pad service to send its second satellite, the communications satellite codenamed Nigcomsat-1, into space.
However, indications emerged emerged weekend that Borrofice has launched a 'third term' bid as the Director-General of the nation's space agency, Nasdra.
Also on a come-back bid is former Minister of Science and Technology, Professor Turner Isoun, with both men citing the continuity of projects they have initiated which they say is in its 'infancy' as a good reason to continue in office and midwife the implementation into maturity.
Distributed by AllAfrica Global Media. (allafrica.com)
FTDL56792713
Document AIWTHD0020070619e36i0000a

Nasdra Seeks $100m to Buy Stakes in Rascom
by Shina Badaru

580 words

18 June 2007

02:24 PM

All Africa

AFNWS

English

(c) 2007 AllAfrica, All Rights Reserved
Lagos, Jun 18, 2007 (This Day/All Africa Global Media via COMTEX) --
The National Space Development and Regulatory Agency of Nigeria (Nasdra) has asked for $100 million from the Federal Government to buy shareholding in the Regional African Satellite Communications Organisation (RASCOM), a pan-African satellite organisation that plans to provide Africa with its own satellite for relaying telephone, data and TV signals.
Rascom, which represents the interests of some 38 African telecoms operators and other investors, had in 2000 formed a commercial entity, RascomStar-QAF, which plans to launch the first African satellite covering the whole continent later this year.
Technology Times checks revealed that Nasdra, in justifying the request for the additional funding, has cited a potential threat to marketing capacity on its recently launched Nigcomsat-1 and hopes to assuage this by buying stakes in the pan-African venture.
To achieve this, Director-General, Nasdra, Victor Borroffice, has made the request to government, citing the challenge posed in selling Nigcomsat-1's capacity because of perceived competition from the continental spread of Rascom.
However, Technology Times checks revealed further that Nigeria already participates in the Rascom initiative as the national operator, the Nigerian Telecommunications Limited (Nitel), already holds 6.91 per cent stake in the consortium made up of 38 other African telecoms operators.
Additionally, Nigeria, through Nitel, also owns 7.33 per cent stake in the the South Atlantic Telecommu-nications/West African Sub-marine Cable (SAT3/WASC), the submarine optical fibre cable linking Africa with Europe and the rest of the world.
The RASCOM Project which has been endorsed by NEPAD as the only continental ICT project is billed to participate in the NEPAD e-School project, the Pan African e-Network and the e-Post Africa projects, among others.
The project which is implemeted by Frech company, Alcatel Alenia Space (formerly Alcatel Space), will deliver the communication satellite which has a 15-year life span and enable RascomStar-QAF to provide fixed voice, data telecommunications and Internet access as well as broadcasting satellite services to the whole African continent, with footprint extending to parts of Europe and of the Middle East.
Under an agreement with RASCOM, the Regional African Satellite Communi-cation Organization, had in 2000 formed and incorporated RascomStar-QAF as the project company for the pan-African satellite initiative representing the interests of 38 African telecommunications operators among other investors. Construction of he first satellite which started in 2003 is billed to be launched into orbit this year according to the company.
Nigeria had taken a $200 loan from the China's EXIM Bank to part-finance the construction of her second satellite built by the China Aerospace Science and Technology Corporation at the cost of $311 million and launched into orbit from the Chinese soil in May, this year. Nigeria is also the first foreign government to buy Chinese satellite and its launch pad service to send its second satellite, the communications satellite codenamed Nigcomsat-1, into space.
However, indications emerged emerged weekend that Borrofice has launched a 'third term' bid as the Director-General of the nation's space agency, Nasdra.
Also on a come-back bid is former Minister of Science and Technology, Professor Turner Isoun, with both men citing the continuity of projects they have initiated which they say is in its 'infancy' as a good reason to continue in office and midwife the implementation into maturity.
Document AFNWS00020070618e36i00178

For Akpabio to Move Akwa Ibom Forward
by Akpan Okon

1,625 words

12 June 2007

01:09 PM

All Africa

AFNWS

English

(c) 2007 AllAfrica, All Rights Reserved
Lagos, Jun 12, 2007 (Daily Champion/All Africa Global Media via COMTEX) --
From Uyo, the Akwa Ibom State capital, the news report of Friday, June 1, 2007, that Obong Godswill Akpabio, the newly installed State governor, has alerted his people to brace up for a tough beginning, deserves a closer scrutiny. He revealed that, instead of a surplus, he was faced with debts of N46 billion, most of them owed to banks, which are becoming impatient.
His Excellency, a fine gentleman, who is noted for being ever calm, cannot be contradicted, although, rather ironically, the same report revealed that he announced to the Transition Committee, which he was addressing, his appointment of the immediate past State Commissioner of Finance as his Secretary to the State Government.
This appointment of Chief Umana Umana, a central figure in the fiscal policy of the Victor Attah administration, of which Akpabio himself was also a member, is a much louder statement of confidence in the past administration than the new Governor's complaint. So, the state Chief Executive is not necessarily calling for popular pity or searching for an early alibi for poor performance.
In fact, he was quick to reassure his listeners that the dividends of democracy would not elude the state during his tenure. He just felt sad, he further said, and wondered if the past administration had not taken up too many projects.
Governor Akpabio's dilemma is understandable. Obong Victor Attah, until the week before he relinquished power, never hid the fact that he was rather impatient and ambitious to see Akwa Ibom join the modern age. With this kind of self-confessed disposition, it would have been a great wonder if the state had not incurred huge debts. Akwa Ibom and Cross River States under Attah and Donald Duke, respectively, are among the states of the federation with the highest development portfolios and profiles.
A visitor driving past these two neigbhouring states would hardly believe he or she is in Nigeria because of the ubiquitous modern infrastructure and social services, well- maintained roads and streets, the order, decorum and, above all, the peace that permeates their lands. They constitute a kind of haven of peace in a troubled Niger Delta.
Bearing in mind that finance capital is the principal instrument of development in this advanced age of science and technology, and since only banks and related financing institutions, can provide this all-important tool (outside government subventions), is it any wonder that the debt profile of any state that is eager or impatient to catch up with a racing world may be as high as Akwa Ibom's?
In Cross River State, one single project, the Tinapa Business Resort and Complex, is estimated at N50 billion, most of it owed to banks. Yet, Donald Duke has been widely acclaimed for this and so many other expensive projects. The debts, no doubt, should also be high in Cross River but the eyes of development-minded persons are usually focused not on short-term but on medium and long-term expectations.
If in another five to ten to fifteen years, these investing states become the Dubai or China or Singapore of Nigeria, their governors who laid the industrial and economic foundation will be more highly rated by history than those who settled for cottage industries, health care centers and related easy-to-deliver projects. In Akwa Ibom, perhaps more so than in Cross River, the projects are really huge and impressive.
Just a handful of them exceed Tinapa's N50 billion. What this means in plain language is that meaningful economic development, which can only occur in states with high earnings or subventions derived from the 13 per cent reserved for oil-producing states, is an expensive venture. As Obong Victor Attah has repeatedly said, he was fully conscious of the magnitude and costs of the ventures he undertook long before he took executive decisions, with his teams of development experts. To lay the foundation for industrial take-off in a state with a long history of neglect in a developing country like Nigeria was not a task for chicken-hearted leaders.
The Akwa Ibom model of successful economic and industrial take-off should be a case study for in-coming governors. The success story was told at the Ibom Hall, Uyo, on May 18, 2007. The occasion was the Akwa Ibom Investment and Industrial Promotion Council (AKIIPOC) Forum organized to report on the work and achievements of the Council under the Attah administration.
From this event it emerged that modern Akwa Ibom is the fruit of a collective or a community of technocrats, development scholars and experts and sundry patriots and lovers of the state. Obong Victor Attah, an architect and town-planning expert, is merely one of these people, although he is credited with formulating the first master plan of the Uyo Metropolitan Area.
Other notable figures in AKIIPOC include Prof. Akpan H. Ekpo (AKIIPOC Chairman), who carried out extensive development studies on Akwa Ibom while at the University of Cross River, Calabar, Dr. Udo Udo-Aka (MON), Chief Senas Ukpanah (OFR), Chief Udo Okoruen, Dr. Okon Ansa (OFR), Chairman of the Ibom Power Company, Mr. Celestine Okpokpong, Director-General of AKIIPOC and eleven other distinguished sons of Akwa Ibom.
The reason why AKIIPOC is central in all this is because it served as a clearing body, which scrutinized all projects that the Attah administration ventured into. With so many experts and patriots to examine proposed projects, the chances of failure were reduced to minimum levels. What other state governments can learn from this is that development matters require more than the political bickering and horse-trading that usually go on in the House of Assembly.
Relying on these seventeen proven experts and wise men, the Attah administration was able to invest widely and wisely, instead of merely saving whatever accrued to the state. No doubt, the bulk of the N46 billion debts mentioned by Governor Akpabio must be found within this scenario. The policy of invest and disinvest, or build and divest, was efficaciously applied to such ventures as the 15 per cent equity participation in the then Econet Wireless Company with $67.5 million in 2001. When the State Government disinvested in 2006, its shares yielded $204 million, a profit of $136.5 million. Government's primary objective was to saturate Akwa Ibom with telecommunications, instead of its indigenes having to drive to neighbouring states to make international calls.
Similarly, the ambition to have uninterrupted electric power (another ingredient required for industrialization), instead of hoping on the national plan with its unpredictability, drove AKIIPOC and the government into power generation. Phase 1 of the Ibom Power Plant has now been commissioned. When Phase II is completed and controlling shares taken by Globeleq of Britain, which has expressed interest, the State Government will have a surplus of $50 million to return to the state's treasury. So far, the State Government has invested $139 million, while the Federal Government has come in with $80 million toward the Phase II works. This is industrialization in process. It invariably entails borrowing.
The Attah government invested in other long-term projects such as the International Airport/Hangar, with specialization on aircraft maintenance, repairs and overhaul (MRO). One of the foreign experts on the site put the cost estimate (when completed) at $250 million with tremendous revolutionary potentials for the airline industry in this part of the world.
The Le Merdien Hotel and Golf Resort, which has been completed and commissioned at the cost of $55 million or N7 billion, has 185 accommodation units, now being sold by property managers to investors at $300,000 each.
The past administration has multiple projects completed or near completion, dispersed all over the state, as well as modern infrastructure/facilities such as timber markets, ultra-modern motor parks, a state- of-the-art abattoir in Uyo, model secondary schools, a Science Park, with numerous specializations, hospitals and so many other projects that can not be listed here. There are also investments in the oil and gas sectors, banking and finance, agro-related industries, housing and property etc.
From all the above, it is not how much debts there are to service that should worry an incoming government but what the money has gone into and what returns are expected. Another state government may have surplus funds in the treasury but not much on the ground to show its people.
The challenge before Obong Godswill Akpabio is how to maintain a continuity of the great legacy bequeathed to him by Obong Victor Attah. Completing and perfecting the projects he inherited will endear him both to history and to his people. Then, it will make sense to refer to this period in history as the Victor Attah-Godswill Akpabio era, with a continuity in vision and performance. Any other alternative may lead to disaster, since there is no better alternative to economic and industrial development of which a foundation has been laid. There can be no excuse for failure.
The governor may do well to lend ears, not to detractors and destroyers, but only to builders and men and women of peace and goodwill. It is only in this atmosphere of uninterrupted peace and goodwill that he can succeed. He has publicly confessed many times that Obong Victor Attah is a mentor of sorts to him. Let both men work together, with the past governor as a valuable consultant, which Akpabio promised to make him, for the good of Akwa Ibom and Nigeria. Peace is the greatest asset bequeathed to Akpabio by Attah.
- Dr. Okon wrote in from Uyo, Akwa Ibom State.
Document AFNWS00020070612e36c0010k
This Day (Nigeria) - AAGM: Yar'Adua Meets Leaders At G8 Meeting.
Josephine Lohor

670 words

8 June 2007

This Day (Nigeria)

AIWTHD

English

The Financial Times Limited. Asia Africa Intelligence Wire. All material subject to copyright. This Day (Nigeria) (c) 2007 All rights reserved
President Umaru Musa Yar'Adua Thursday at the ongoing G-8 summit in Germany, meeting separately with the Indian Prime Minister Manmohan Singh, Chinese Premier, Mr. Hu Jintao and the Brazilian President Lula Da Silva.
A Statement issued by an Assistant Director in the State House, Mr. Musa Aduwak, said that each of the leaders congratulated President Yar'Adua on his election. Adeniyi said in the statement released in Abuja that President Yar'Adua declared in each of the meetings his resolve to declare a state of emergency in Nigeria 's power sector in a bid to reposition the economy.
The President therefore sought the cooperation and support of each of the leaders in his efforts to accelerate Nigeria's development. President Yar'Adua also sought the support of the Chinese, Indian and Brazilian leaders in Nigeria's quest to secure permanent membership of the United Nations Security Council, when it is expanded. In his first meeting with Prime Minister Singh, President Yar'Adua said he looked forward to greater cooperation between Nigeria and India in the areas of agriculture, small and medium enterprises, railway projects and information technology.
The President said towards this, the meeting of the Nigerian-Indian Joint Commission, which was last held in India in 2003, be convened soon. Nigeria, he stated, would be willing to host the meeting so that the two nations could explore further areas of bilateral cooperation.
According to the President, 'I want to inform you, Mr. Prime Minister, that I will soon declare emergency in our power sector and I welcome all support from India by way of investment in that direction.' President Yar'Adua assured the Indian Prime Minister of the safety of their nationals in Nigeria, especially those who work in Niger Delta. The Chinese Premier, Hu Jintao, highlighted the close bi-lateral relations between Nigeria and China, which dates back to 1971, listing Chinese investments in Nigeria in the areas of railway development, rural telephony and the Mambilla Hydro power projects. Mr Jintao asked President Yar'Adua to "close the so-called Taiwan Trade Mission in Nigeria", while inviting the Nigerian leader to pay a state visit to China.
In his response, Yar'Adua said the issue of Taiwanese trade mission was already being dealt, hinting that the mission has been asked to close its office in abuja, with all its activities in Nigeria restricted to Lagos, which is "the business hub of Nigeria."
Nigeria, he added, is considering other actions in relation to the Trade Mission. Said President Yar'Adua, "we have a one-China policy and we will stick to that. We appreciate the role of China in our economy, especially in the non-oil sector, in railway, in telecommunications and particularly in the power sector. Very soon, I will declare emergency in that sector and I look towards China among other leading nations for support. "We need the cooperation of China in our efforts to eradicate poverty not only in Nigeria but in Africa . I count on you, especially during the G-8 meetings, to help us push the African issue as a priority agenda. I believe that the eradication of poverty in Africa will go a long way to ensure peace and security in the world." The President also asked China to grant zero tariffs on Nigerian commodities.
In his response, however, the Chinese Premier said his country was constrained by the World Trade Organisation (WTO) agreement, arguing that granting such concession to Nigeria now would demand that China grants such to all countries.
He, however, pledged that China would enter into a 'special trade agreement' with Nigeria with the possibility of an export-free zone and some concessionary measures, details of which can be worked out between officials of the two countries. The President then accepted the invitation to visit China, at a date to be agreed upon by the two countries.
Distributed by AllAfrica Global Media. (allafrica.com)
FTDL56596226
Document AIWTHD0020070608e3680005t

Yar'Adua Meets Leaders At G8 Meeting
by Josephine Lohor

671 words

8 June 2007

01:18 PM

All Africa

AFNWS

English

(c) 2007 AllAfrica, All Rights Reserved
Abuja, Jun 08, 2007 (This Day/All Africa Global Media via COMTEX) --
President Umaru Musa Yar'Adua Thursday at the ongoing G-8 summit in Germany, meeting separately with the Indian Prime Minister Manmohan Singh, Chinese Premier, Mr. Hu Jintao and the Brazilian President Lula Da Silva.
A Statement issued by an Assistant Director in the State House, Mr. Musa Aduwak, said that each of the leaders congratulated President Yar'Adua on his election. Adeniyi said in the statement released in Abuja that President Yar'Adua declared in each of the meetings his resolve to declare a state of emergency in Nigeria 's power sector in a bid to reposition the economy.
The President therefore sought the cooperation and support of each of the leaders in his efforts to accelerate Nigeria's development. President Yar'Adua also sought the support of the Chinese, Indian and Brazilian leaders in Nigeria's quest to secure permanent membership of the United Nations Security Council, when it is expanded. In his first meeting with Prime Minister Singh, President Yar'Adua said he looked forward to greater cooperation between Nigeria and India in the areas of agriculture, small and medium enterprises, railway projects and information technology.
The President said towards this, the meeting of the Nigerian-Indian Joint Commission, which was last held in India in 2003, be convened soon. Nigeria, he stated, would be willing to host the meeting so that the two nations could explore further areas of bilateral cooperation.
According to the President, 'I want to inform you, Mr. Prime Minister, that I will soon declare emergency in our power sector and I welcome all support from India by way of investment in that direction.' President Yar'Adua assured the Indian Prime Minister of the safety of their nationals in Nigeria, especially those who work in Niger Delta. The Chinese Premier, Hu Jintao, highlighted the close bi-lateral relations between Nigeria and China, which dates back to 1971, listing Chinese investments in Nigeria in the areas of railway development, rural telephony and the Mambilla Hydro power projects. Mr Jintao asked President Yar'Adua to "close the so-called Taiwan Trade Mission in Nigeria", while inviting the Nigerian leader to pay a state visit to China.
In his response, Yar'Adua said the issue of Taiwanese trade mission was already being dealt, hinting that the mission has been asked to close its office in abuja, with all its activities in Nigeria restricted to Lagos, which is "the business hub of Nigeria."
Nigeria, he added, is considering other actions in relation to the Trade Mission. Said President Yar'Adua, "we have a one-China policy and we will stick to that. We appreciate the role of China in our economy, especially in the non-oil sector, in railway, in telecommunications and particularly in the power sector. Very soon, I will declare emergency in that sector and I look towards China among other leading nations for support. "We need the cooperation of China in our efforts to eradicate poverty not only in Nigeria but in Africa . I count on you, especially during the G-8 meetings, to help us push the African issue as a priority agenda. I believe that the eradication of poverty in Africa will go a long way to ensure peace and security in the world." The President also asked China to grant zero tariffs on Nigerian commodities.
In his response, however, the Chinese Premier said his country was constrained by the World Trade Organisation (WTO) agreement, arguing that granting such concession to Nigeria now would demand that China grants such to all countries.
He, however, pledged that China would enter into a 'special trade agreement' with Nigeria with the possibility of an export-free zone and some concessionary measures, details of which can be worked out between officials of the two countries. The President then accepted the invitation to visit China, at a date to be agreed upon by the two countries.
Document AFNWS00020070608e3680015u

President Yar'Adua Meets Indian, Chinese And Brazilian Leaders
629 words

8 June 2007

12:09 PM

All Africa

AFNWS

English

(c) 2007 AllAfrica, All Rights Reserved
Abuja, Jun 08, 2007 (Nigeria First/All Africa Global Media via COMTEX) --
President Umaru Musa Yar'Adua on June 7 at separate time in Berlin, Germany met with the Indian Prime Minister Manmohan Singh, the Premier of China, Mr. Hu Jintao, and the Brazilian President Lula Da Silva, during which all of them used the occasion to congratulate him on his election as President of Nigeria.
President Yar'adua at all the sessions reiterated his resolve to declare emergency in Nigeria 's power sector in his bid towards repositioning the economy and solicited the cooperation and support of each of the leaders particularly in Nigeria's bid to secure a permanent membership of the United Nations Security Council when it is expanded.
His first meeting was with the Indian Prime Minister, during which he said he was looking forward to greater cooperation between Nigeria and India in the area of agriculture, Small and Medium Enterprises, railway projects and information technology.
He noted that it was time the Nigerian-Indian Joint Commission, last held in India in 2003, be convened soon. And that Nigeria would be willing to host it so that the two nations could explore areas of bilateral cooperation.
President Yar'adua expressed his determination to tackle the power situation in Nigeria,
'I want to inform you, Mr. Prime Minister, that I will soon declare emergency in our power sector and I welcome all support from India by way of investment in that direction,' he said.
He assured the Indian Prime Minister of the safety of their nationals in Nigeria, especially those who work in Niger Delta.
President Yar'adua while meeting with the Chinese Premier, Hu Jintao, highlighted the close bi-lateral relations between Nigeria and China beginning from 1971. He listed railway development, rural telephony and Mambilla Hydro power projects as some of the Chinese investments in Nigeria.
The Chinese Premier used the occasion to plead with Nigeria to 'close the so-called Taiwan Trade Mission' in Nigeria and also invited Yar'adua on a state visit to China.
President Yar'adua in his response, said the issue of Taiwanese trade mission was already being dealt with and that the mission has been asked to restrict its activities to Lagos as the business hub of Nigeria and close its office in Abuja while considering other actions.
"We have a one-China policy and we will stick to that. We appreciate the role of China in our economy, especially in the non-oil sector, in railway, in telecommunications and particularly in the power sector. Very soon, I will declare emergency in that sector and I look towards China among other leading nations for support."
He expressed the need for the cooperation of China in the efforts to eradicate poverty not only in Nigeria but in Africa and solicited China's support especially during the G-8 meetings, to help push the African issue as a priority agenda.
President Yar'adua who reiterated his belief that the eradication of poverty in Africa will go a long way to ensure peace and security in the world asked China to grant zero tariffs on Nigerian commodities.
The Chinese Premier in his response, said his country was constrained by the World Trade Organisation (WTO) agreement, arguing that granting such concession to Nigeria now would demand that China grants such to all countries.
He, however, pledged that China would enter into a 'special trade agreement' with Nigeria with the possibility of an export-free zone and some concessionary measures, details of which can be worked out between officials of the two countries.
President Yar'adua then accepted the invitation to visit China, at a date to be agreed upon by the two countries.
Document AFNWS00020070608e368000vd

China: Hu Jintao meets Nigerian president in Germany
718 words

8 June 2007

05:54 AM

BBC Monitoring Asia Pacific

BBCAPP

English

(c) 2007 The British Broadcasting Corporation. All Rights Reserved. No material may be reproduced except with the express permission of The British Broadcasting Corporation.
Text of report by official Chinese news agency Xinhua (New China News Agency)
[By reporters Shang Xuqian and Yuan Bingzhong: "President Hu Jintao Meets With Nigerian President Umaru Yar Adua"]
Berlin, 7 Jun (Xinhua) - State President Hu Jintao had a meeting with Nigerian President Umaru Yar Adua in Berlin, Germany, on 7 June. The two sides exchanged views on bilateral ties and the issues of common concern.
Hu Jintao said: The Chinese and Nigerian peoples share profound traditional friendship. Ever since the establishment of the diplomatic ties in 1971, the bilateral relationship has always been developing healthfully and steadily. Particularly over the past years, a good development trend of the China-Nigeria relationship has emerged. The two countries have defined the strategic partnership featured by political mutual trust, economic reciprocity, and mutual assistance in international affairs. The two sides have ceaselessly intensified pragmatic cooperation and smoothly pushed the cooperation in the construction of infrastructure facilities, agriculture, telecommunications, energy resources, culture, education, public health, and the aviation and space sectors. The two sides support and closely cooperate with each other in international affairs. The bilateral relationship has entered a new development stage. With the concerted efforts made by the two sides, the two countries will continue to make their reciprocal cooperation more successful.
Hu Jintao said: Nigeria is an African country with key influential power. China is willing to work in coordination and cooperation with Nigeria to resolve major international issues, such as the hot-debated regional issues, anti-terrorism, and human rights; push south-south cooperation; promote the dialogues between the south and the north; and cooperatively safeguard the proper rights and interests of the developing countries.
Hu Jintao hoped that the two sides will successfully develop the projects that have already been determined by the two countries, such as rebuilding railways, building rural telephone networks, and developing the Manbila Hydropower Station; and will further create more successful achievements in the bilateral reciprocal cooperation. Hu Jintao said: The Chinese Government will continue to encourage its powerful enterprises to make investments and conduct cooperation in Nigeria. The Chinese Government hopes that Nigeria will take effective measures to protect the personal safety and property security of the Chinese citizens in Nigeria and to ensure a smooth progress of the China-Nigeria cooperation. Hu Jintao introduced the situation with the development of the China-Africa relationship and with the implementation of the achievements made at the Beijing Summit of the China-Africa Cooperation Forum. Hu Jintao said: Intensifying the unity and cooperation with the developing countries, including the African countries, has always been a key component part of the Chinese foreign policy. China will unswervingly intensify the traditional friendship and pragmatic cooperation with the African countries and work together with the African countries to push the development of a new type of strategic partnership between China and Africa.
Umaru Yar Adua said that the relationship between Nigeria and China has been developing very well. China has given precious assistance to Nigeria and played a key role in pushing Nigeria's development. The Nigerian Government has appreciated it. The Nigerian Government has been devoted to developing the relationship between Nigeria and China and hopes that the two sides will further intensify economic and trade cooperation; intensify the cooperation in the railway, hydropower, and telecommunications areas; and exchange cultural, educational, and scientific and technological exchanges. Nigeria will make the greatest efforts and take measures to ensure the personal safety of the Chinese people who have made investments and conducted economic and trade cooperation in Nigeria. Nigeria will unswervingly uphold the one-China policy.
Umaru Yar Adua hi ghly appraised the Chinese Government's devotion to the development of the China-Africa relationship. He said that African countries' efforts to closely develop cooperation with China will be conducive to pushing their rapid development. Umaru Yar Adua appreciated China's support the African Union and Africa's new partnership development programme. Nigeria is willing to play a positive role in pushing the development of the China-Africa relationship. Nigeria hopes that China will play a bigger role in helping Africa eradicate poverty and realize development.
State Councillor Tang Jiaxuan attended the meeting.
Source: Xinhua news agency domestic service, Beijing, in Chinese 1324 gmt 7 Jun 07
a66ddbc8
Document BBCAPP0020070608e368001e1
Chinese, Nigerian presidents satisfied with bilateral ties
494 words

8 June 2007

Xinhua's China Economic Information Service

XNHA

English

(c) 2007 Xinhua News Agency. All Rights Reserved
BERLIN, June 8 (CEIS) -- Chinese President Hu Jintao and his Nigerian counterpart Umaru Yar'Adua expressed satisfaction Thursday with the development of bilateral relations.
The two leaders are currently in Germany for dialogue with leaders of the Group of Eight (G8) most industrialized nations and developing countries.
Since China and Nigeria established diplomatic relations in 1971, bilateral ties have witnessed smooth development and have demonstrated new momentum in recent years, Hu said.
The two countries have established a strategic partnership based on political mutual trust, economic mutual benefit and cooperation in international affairs, said the Chinese leader.
Cooperation was successful in the fields of infrastructure, agriculture, telecommunications, energy, culture, education, health, aviation and outer space, said Hu, adding that with joint efforts, mutually beneficial cooperation will bear more fruit.
Hu said China is willing to enhance coordination and cooperation with Nigeria on important international issues, such as regional conflicts, the fight against terrorism and human rights, in a bid to promote South-South cooperation and South-North dialogue and to jointly protect developing countries' legitimate rights.
The Chinese leader expressed hope that the two countries can implement the projects which have been agreed on, including the upgrading of Nigeria's rail networks, the development of Nigeria's rural telephone networks and the Mambilla hydropower station.
Hu said the Chinese government will continue to encourage well- established Chinese companies to invest in Nigeria, and he hoped that the Nigerian side will take effective measures to protect the lives and property of Chinese citizens in Nigeria to facilitate cooperation.
Hu also briefed Yar'Adua on the development of China-Africa relations and the implementation of the results of Beijing summit of the China-Africa Cooperation Forum last year.
To promote unity and cooperation with other developing countries, including African countries, has been an important part of China's diplomacy, said Hu. China will be steadfast in deepening the traditional friendship and practical cooperation with Africa and in promoting the new China-Africa strategic partnership.
Yar'Adua said the development of Nigeria-China relations has been sound. He appreciated China's assistance, saying China has been playing an important role in Nigeria's development.
He said Nigeria hopes that the two countries can deepen economic and trade links, enhance cooperation in railway, hydropower and telecommunications, and expand exchanges in culture, education and science and technology.
Yar'Adua said his country will spare no efforts in protecting the lives of Chinese citizens in Nigeria.
Attaching importance to relations with China, Nigeria sticks to the one-China policy, said Yar'Adua.
He spoke highly of China's efforts to develop relations with Africa, pledging that Nigeria is ready to play a positive role in promoting Africa-China relations as closer cooperation with China will be conducive to African development.
Yar'Adua hoped that China can play an even more important role in helping Africa with its development and its fight against poverty. (?)
Document XNHA000020070608e3680002v

China, Nigeria satisfied with development of bilateral ties
532 words

7 June 2007

10:59 AM

BBC Monitoring Asia Pacific

BBCAPP

English

(c) 2007 The British Broadcasting Corporation. All Rights Reserved. No material may be reproduced except with the express permission of The British Broadcasting Corporation.
Text of report in English by official Chinese news agency Xinhua (New China News Agency)
["Chinese, Nigerian Presidents Satisfied With Bilateral Ties" - Xinhua headline]
Berlin, June 7 (Xinhua) - Chinese President Hu Jintao and his Nigerian counterpart Umaru Yar'Adua expressed satisfaction Thursday with the development of bilateral relations.
The two leaders are currently in Germany for dialogue with leaders of the Group of Eight (G8) most industrialized nations and developing countries.
Since China and Nigeria established diplomatic relations in 1971, bilateral ties have witnessed smooth development and have demonstrated new momentum in recent years, Hu said.
The two countries have established a strategic partnership based on political mutual trust, economic mutual benefit and cooperation in international affairs, said the Chinese leader.
Cooperation was successful in the fields of infrastructure, agriculture, telecommunications, energy, culture, education, health, aviation and outer space, said Hu, adding that with joint efforts, mutually beneficial cooperation will bear more fruit.
Hu said China is willing to enhance coordination and cooperation with Nigeria on important international issues, such as regional conflicts, the fight against terrorism and human rights, in a bid to promote South-South cooperation and South-North dialogue and to jointly protect developing countries' legitimate rights.
The Chinese leader expressed hope that the two countries can implement the projects which have been agreed on, including the upgrading of Nigeria's rail networks, the development of Nigeria's rural telephone networks and the Mambilla hydropower station.
Hu said the Chinese government will continue to encourage well-established Chinese companies to invest in Nigeria, and he hoped that the Nigerian side will take effective measures to protect the lives and property of Chinese citizens in Nigeria to facilitate cooperation.
Hu also briefed Yar'Adua on the development of China-Africa relations and the implementation of the results of Beijing summit of the China-Africa Cooperation Forum last year.
To promote unity and cooperation with other developing countries, including African countries, has been an important part of China's diplomacy, said Hu. China will be steadfast in deepening the traditional friendship and practical cooperation with Africa and in promoting the new China-Africa strategic partnership.
Yar'Adua said the development of Nigeria-China relations has been sound. He appreciated China's assistance, saying China has been playing an important role in Nigeria's development.
He said Nigeria hopes that the two countries can deepen economic and trade links, enhance cooperation in railway, hydropower and telecommunications, and expand exchanges in culture, education and science and technology.
Yar'Adua said his country will spare no efforts in protecting the lives of Chinese citizens in Nigeria.
Attaching importance to relations with China, Nigeria sticks to the one-China policy, said Yar'Adua.
He spoke highly of China's efforts to develop relations with Africa, pledging that Nigeria is ready to play a positive role in promoting Africa-China relations as closer cooperation with China will be conducive to African development.
Yar'Adua hoped that China can play an even more important role in helping Africa with its development and its fight against poverty.
Source: Xinhua news agency, Beijing, in English 1429 gmt 7 Jun 07
a66cd1c9
Document BBCAPP0020070607e367004v2

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