NAIJAFEED

Tuesday, April 3, 2012

New York Times supports Ngozi Okonjo-Iweala for World Bank president

The influential New York Times, perhaps, has picked Nigeria's Ngozi Okonjo-Iweala over US President Barack Obama's nominee for the World Bank presidency, Jim Yong Kim.

Comentators on the paper said: "Whereas Okonjo-Iweala has already attracted strong endorsements from publications at the cutting edge of global financial journalism like The Economist, and The Financial Times, this new endorsement enhances the profile of Okonjo Iweala."

Conventional qualities

The New York Times is unequivocal in its support saying as an "economist, diplomat and former World Bank managing director, she offers many conventional qualities of bank presidents" adding, "she breaks the mould as a woman from an African country where she fought to reduce the country's debt, gain greater access to international credit markets and battle corruption."

Advancing merit over politics, and given the current global economic and social challenges, Okonjo-Iweala, is the best fit for the presidency of the World Bank, the paper said, even as the influential newspaper praised Obama's choice as an "inspired choice."

Ngozi Okonjo-Iweala

More importantly also, argues the paper, the tradition that allows all presidents of the World Bank to be American, just as the headship of the International Monetary Fund traditionally goes to Europeans is antiquated and needs be replaced by a merit-centred consideration.

The New York Times noted, however, that what the bank needed was "a president with experience beyond Washington's narrow political and economic circles." It posited that although "Dr. Kim has worked on development in the poorest countries, one major success: leading a World Health Organization initiative that provided access to H.I.V. treatment to millions of people, the new president must also tackle broader issues of economics and growth, and manage the prickly political leaders who are the bank's overseers. That is why the bank board must take a serious look at Dr. Kim's strongest challenger, Okonjo-Iweala, Nigeria's finance minister."

The paper argued that nevertheless, a merit-based consideration should not exclude qualified Americans, the paper said, but even as much, "neither should it guarantee them a job" in a world where emerging economies contribute a significant share to global growth, and are "rightly demanding a greater say in decision-making."

Global health expert

Yong Kim is a South Korean-born medical doctor and president of Ivy League Dartmouth College of whom the paper admits," has a stellar reputation as a global health expert."

Of the third candidate, José Antonio Ocampo, a Professor at Columbia University in New York, and who is the former Colombian finance minister and high-ranking United Nations official, the paper said "he, too, is a credible contender with long experience in development and international policy." However, with regards to Dr. Kim, the paper said: "The bank will almost certainly do well under his leadership. But it would do even better if the process for choosing the next president were truly competitive and fully transparent."

Vanguard

Nigeria's finance minister Ngozi Okonjo-Iweala in the running for chief of World Bank

Video - Newly appointed Finance Minister Okonjo-Iweala focuses on creating jobs

President Goodluck Jonathan fires PHCN boss

President Goodluck Jonathan yesterday ordered the removal of the managing director of the Transmission Company of Nigeria (TCN), Mr. Akinwumi Bada the market operator, Uzoma Achinanya; and the executive director, human resources of the Power Holding Company of Nigeria (PHCN), Mr Olushoga Muyiwa, for their failure to prevent what the minister of power, Prof. Barth Nnaji, described as "controllable impediment" to supply power to Nigerians.

Announcing the sacking yesterday in Abuja, Nnaji, in an extraordinary meeting held with all chief executives of the transmission, distribution companies and other agencies under the Ministry of Power, said the trio were to proceed on retirement. Mr. Shola Akinniranye was appointed to head the TCN, and Mr. Evarestus Mogbo named the new market operator.

He said the issue of sabotage has to be addressed by the CEOs, noting that there was need for predictability in power supply. "Professional management is required from all CEOs to ensure that things work well. We need to roll our sleeves and get to work to ensure that power supply improves," the minister stated.

Nnaji, who frowned at the decline in power supply over the last three weeks, said the changes became necessary as part of renewed efforts towards achieving adequate and effective power supply in the country.

He, however, noted that while some of the issues are within management's capacity to control, some were caused by nature, which is beyond human control.

Informing that water flow has been a challenge to the operational capacity of Kainji, Jeba and Shiroro power plants, he said "gas supply and transmission management needs to improve. We are not going to allow any controllable impediment to stop the supply of power to Nigerians".

He also stated that there would be an inter-ministerial meeting with the ministry of Petroleum Resources with a view to resolving gas supply-based issues, even as he charged the new appointees to brace up in meeting the energy requirements and avoiding the disruptions in power generation.

A source who confided in LEADERSHIP said the government had to take the hard decision in order to make things right. "Just these past days that the minister was out of the country, the system went down. In fact, the minister was even summoned by the president over the power situation upon his return," the source said.

Leadership

Canada to invest in Nigeria's power sector

Aliko Dangote's cement company to be listed in London Stock Exchange

Aliko Dangote has commenced plans to list his N1.76 trillion ($11 billion) cement business, Dangote Cement Plc, on the London Stock Exchange next year.

Africa's richest man foresees a boom afterwards. He said: "We want to list in London next year. By then the upside to our business will be much bigger than today."

The Nigerian industrialist, who has capitalised on the continent's booming demand for building materials, told The Financial Times he intends to free-float a 20 per cent stake in Dangote Cement to finance its rapid expansion. It will be the first listing of one of Dangote's companies outside Nigeria.

Morgan Stanley and JPMorgan have been appointed as co-leads for the London share issue. Dangote said the company was on track to meet the stringent corporate governance requirements for a premium listing, and that he would give up his current role as chairman.

He said: "My plan is to have different faces (on the board). The face of the chairman will not be Aliko Dangote, it will be somebody else, a professional who is well-respected within investment circles."

Already the largest cement producer in sub-Saharan Africa, Dangote Cement is more than doubling capacity this year to 21m metric tonnes, and wants to reach 43m tonnes in 2015. Besides Nigeria, where it has three plants and 70 per cent market share, the company has contracts to construct factories in eight African countries, from Senegal to South Africa to Ethiopia.

Dangote Cement's net profit in 2011 is expected to be $790m on revenues of $1.5bn, according to guidance filed at the Nigerian Stock Exchange. Dangote, whose net worth is $12bn according to Forbes, said he wanted to quadruple profits within four years and turn the business into the world's most profitable cement company.

At the same time, the conglomerate, Dangote Group, is changing focus. It plans to sell 80 per cent stakes in its food business, which include salt, sugar, flour, rice and pasta.

Besides cement, the group will concentrate on three other main sectors, Dangote said. The mining arm will focus on coal, iron and bitumen. The petrochemical business will produce methanol, polyethylene, and fertiliser.

Vanguard

Aliko Dangote makes Forbes rich men's list

Monday, April 2, 2012

Video - Occupy Nigeria in retrospect

A look back at the national protests across Nigeria tagged 'Occupy Nigeria'. The people of Nigeria were sparked into action when the government decided remove fuel subsidies, which subsequently more than doubled the price of fuel overnight.

Video - Fuel subsidy protests turn violent in Nigeria

President Goodluck Jonathan attacked on facebook over fuel subsidy

President Goodluck Jonathan proclamation to end Boko Haram by June might worsen threat

The Vice Chairman of Nigerian Bar Association(NBA), in Maiduguri, Husseini Hala, has said that President Goodluck Jonathan's pronouncement that his government will end the menace of Boko Haram by the middle of this year can worsen the security crisis in the country.

He said that Boko Haram militants appear to have intensified their attacks in the region following Jonathan's statement just as residents in the area bear the brunt of the violence.

"We are seriously concerned because they have done nothing and the menace is increasing. The militants have been killing people day in, day out; there are a lot of attacks in Maiduguri, they come out to attack the military officers face-to-face," the legal practitioner lamented

Critics have accused the government over what they claim to be the administration's failure to control growing insecurity in northern Nigeria. They said that the government's violent crackdown on suspected Boko Haram members in recent months has escalated violence.

But the administration said that the country's security agencies were working hard to contain the security problems by the middle of this year.

"The stance of the elders of Maiduguri and the population is that they should look for a way of dialoguing with the members of the Boko Haram, so that we will have an end to this crisis," said Hala.

He also said that the government should embark on a confidence building measure so that residents could help with efforts to combat Boko Haram's security threat.

"The people they appointed said that the government is insincere in its move to see that the crisis is settled. They said, if the government is sincere, they are ready to settle. "This is the view of the people of Borno State. Government should negotiate with them so as to bring the crisis to an end."

Leadership

Video - President Goodluck Jonathan wants dialogue with Boko Haram