Awards events in Nigeria are mere publicity stunts by many newspapers and NGOs who have been giving awards to many so called worthy Nigerians who should rather be prosecuted for fraudulent activities and arrested by the Economic and Financial Crimes Commission (EFCC) and not collecting fake awards like the strange bed fellows I saw at the last National Daily Awards for “excellence” or pretence on Thursday February 12, 2009. Does the fake Senate President deserve an award? For what? Rigging election? How was he elected?
The venue of the awards ceremony, the Expo Hall of the Eko Hotel on the Victoria Island was a gathering of wolves in sheep clothing and many pretenders. It was a comedy of errors. Why should you give an award to a public official for simply doing his job? A governor building a road with tax payers money is given a standing ovation?
A forgotten singer Mandy Ojugbana suddenly resurfaced to strangulate the National Anthem and got a lashing from Prof. Dora Akunyili, the new Minister of Information and Communication who was a fearless crusader against fake drugs whilst she was the Director-General of the National Agency for Food and Drug Administration and Control (NAFDAC).
Postilion Showcases New Customer Administration Portal at Africa's Premier Banking Technologies Conference
Postilion co-sponsors East Africa 2009 Banking & Payment Technologies Conference
JOHANNESBURG and NAIROBI, Kenya, Feb. 16 /PRNewswire-FirstCall/ -- Postilion, a leading provider of software solutions for self-service banking and payments and a division of S1 Corporation (NASDAQ:SONE) , today announced that they will be participating at the annual AITEC event in Nairobi from 17 to 19 February. This year's event will focus on the customer's experience of technology implementation and services, challenging suppliers and bankers alike to evaluate their systems in light of customer needs and preferences.
The latest enhancements to Postilion's market leading payments solutions, a new customer administration portal, will be on show at stand E1. Payments experts will be on hand to demonstrate the Postilion Portal, which gives a unified view of customers, accounts, transactions, and activity across various payments channels via a web browser.
Four speakers will showcase Postilion's customer-centric payments solutions at the conference:
* Case Study: The Umoja Switch in Tanzania, by Paul Nilsen, GM of Business Connexion, a Postilion client based in Tanzania (Session 3) * Innovating for EFT Success, by Andre Niemand, Sales Manager, Postilion Africa (Session 3) * Point of Sale Value-Added Services, by Ophias Sherewa, MD of Transaction Payment Systems, a Postilion reseller in Africa (Session 6) * Facilitating Prepaid with Electronic Voucher Distribution, Jim Baird, MD of ATM Africa, a Postilion reseller in Africa (Session 7)
More than 90 organizations in Africa now use Postilion to enhance their customers' experience of electronic payments. Internationally, more than 300 clients have successfully implemented various Postilion solutions. Postilion drives major transaction switches and processors in numerous African countries, including the continent's largest economies: South Africa, Nigeria, and Kenya. Smaller regional switches, such as those in Tanzania, Zambia, Zimbabwe and Uganda, also run on Postilion platforms. Africa's top three banks and top three retailers use Postilion to drive their electronic payments. Postilion has a presence in 15 countries across the African continent.
About Postilion
Postilion, a division of S1 Corporation (NASDAQ:SONE) , is a leading provider of integrated solutions for self-service banking and payment processing. Our offices, on five continents, serve over 1,500 customers in more than 50 countries. Postilion solutions drive self-service financial transactions and payments, including advanced transactions such as prepay, through Internet access points, ATMs, POS terminals, and phones.
More than 100,000 ATMs and 500,000 POS terminals worldwide run on Postilion solutions. In the United States, over 1,250 credit unions and community financial institutions use Postilion solutions. Built on open systems, Postilion solutions provide consolidated management information, card management, 3DES and EMV enablement, and loyalty management. At the forefront of compliance with new regulations and security enhancements, such as the Payment Card Industry Data Security Standard (PCI DSS) and Visa's Payment Application Best Practices (PABP), Postilion can help customers achieve compliance with the latest data security standards developed by the payment card industry. More information is available at www.postilion.com.
About S1 Corporation
S1 Corporation (NASDAQ:SONE) delivers customer interaction software for financial and payment services and offers unique solution sets for financial institutions, retailers, and processors under three brand names: Postilion, S1 Enterprise and FSB Solutions. Additional information about S1 solutions is available at www.s1.com, www.postilion.com, www.S1enterprise.com, and www.fsb-solutions.com.
Forward-Looking Statements
This press release contains forward-looking statements within the safe harbor provisions of the Private Securities Litigation Reform Act. These statements include statements with respect to our financial condition, results of operations and business. The words "believes," "expects," "may," "will," "should," "projects," "contemplates," "anticipates," "forecasts," "intends" or similar terminology identify forward-looking statements. These statements are based on our beliefs as well as assumptions made using information currently available to us. Because these statements reflect our current views concerning future events, they involve risks, uncertainties and assumptions. Therefore, actual results may differ significantly from the results discussed in the forward-looking statements. The risk factors included in our reports filed with the Securities and Exchange Commission (and available on our web site at www.s1.com or the SEC's web site at www.sec.gov) provide examples of risks, uncertainties and events that may cause our actual results to differ materially from the expectations we describe in our forward-looking statements. Except as provided by law, we undertake no obligation to update any forward-looking statement.
Editors Focus on Top 10 Fuel-Friendly Family Haulers, Feature Wide Variety of Vehicle Segments
IRVINE, Calif., February 17, 2009 /PRNewswire/ — - Kelley Blue Book www.kbb.com, the leading provider of new- and used-car information, today announces its picks for the honor of being named one of 2009's Best New Family Vehicles. The American family has never had so many choices when it comes to safe, roomy and affordable family cars. While a sea of vehicles is ultimately a good thing, it can also make it more difficult for families to pick a winner. To help consumers determine which new cars should be on their family's consideration list, the editors of Kelley Blue Book's kbb.com compiled a list of the top 10 Best New Family Vehicles, evaluating an ever-lengthening list of eligible vehicles on such factors as resale value, fuel efficiency, capability and kid-friendliness.
This year, the kbb.com editors chose to put extra emphasis fuel economy when choosing their list of the top 10 best cars for families. Gas prices have dropped sharply from their record highs, but the sluggish economy is now dictating smart spending with a focus on overall value. Comprising a wide range of vehicles that includes a compact sedan, a full-size SUV, hybrids, non-hybrids and a clean diesel, kbb.com's list of the 10 Best New Family Vehicles for 2009 features something for everyone.
Kbb.com's 2009 Best New Family Vehicles
Chevy Malibu Honda Odyssey Chevy Tahoe Hybrid Toyota Camry Hybrid Chevy Traverse Toyota Highlander Hybrid Ford Escape Hybrid Toyota RAV4 Honda Civic VW Jetta SportWagen TDI
Vehicles above listed in alphabetical order by brand
"Given the current state of the economy, parents want to get even greater value for their money while buying a new vehicle that will also accommodate their family's lifestyle and needs," said Jack R. Nerad, executive editorial director and executive market analyst for Kelley Blue Book and kbb.com. "Fuel-friendly family cars come in so many shapes and forms these days that, no matter the segment or powertrain, there is an efficient – both economically and environmentally – choice out there to suit everyone's needs."
Kbb.com Editorial Comments on the 2009 Best New Family Vehicles (Vehicles below listed in order of overall passenger/cargo roominess)
2009 Honda Civic 29 mpg (25 city, 36 highway) For families that pride themselves on thinking small, the Honda Civic is a perennial all-star. Combining impressive fuel economy, unrivaled reliability and class-leading resale values, the winner of our 2009 Small Sedan Comparison is one of those special vehicles by which all its competitors are measured.
2009 Toyota Camry Hybrid 34 mpg (33 city, 34 highway) The hybrid version of the best-selling car in the country delivers an average of 135 more miles from a 15-gallon fill-up than its gas-only counterpart. On long family road trips, you'll have even less of a chance of making it through a full tank between restroom breaks.
2009 Chevy Malibu 26 mpg (22 city, 33 highway) As a fuel-friendly family sedan, the newest Chevy Malibu has some seriously strong credentials. Not only does it offer class-leading fuel economy topping out at an impressive 33 highway miles per gallon, it also edged out the Honda Accord to win our 2008 Family Sedan Comparison Test.
2009 VW Jetta SportWagen TDI 34 mpg (30 city, 41 highway) Thanks to the new technology and new clean diesel fuel that make it emissions-legal in all 50 states, the Jetta TDI's cult-like following is at risk of being absorbed by the mainstream. For some, the Jetta SportWagen TDI is the gold standard of responsible family transportation.
2009 Ford Escape Hybrid 32 mpg (34 city, 31 highway) After undergoing a major overhaul for the 2008 model year, the Ford Escape Hybrid is improved again for 2009 with a more powerful and more efficient gas-electric powertrain. Its city fuel-economy rating of 34 miles per gallon is one better, even, than that of the Toyota Camry Hybrid's.
2009 Toyota RAV4 24 mpg (22 city, 28 highway) In addition to class-leading fuel economy, the Toyota RAV4 offers one especially family-friendly feature uncommon in the category: a third row of seats. It's a tight squeeze back there for some, but we ran into a family who shuttled seven people from Northern Utah to Southern California – and back – in a RAV4.
2009 Toyota Highlander Hybrid 26 mpg (27 city, 25 highway) The three-row crossover continues to fortify its recently acquired status as the quintessential family car. This gas-electric version of Toyota's Camry-based crossover has the distinct advantage of being the most fuel-efficient three-row vehicle on the road.
2009 Chevy Tahoe Hybrid 21 mpg (21 city, 22 highway) Car-based crossovers continue to displace traditional SUVs in suburban driveways, but for big families with big passenger/cargo/towing needs, the full-size SUV remains indispensible. The Chevy Tahoe Hybrid is as green as it gets in this arena, and still offers towing capacity of up to 6,200 pounds.
2009 Chevy Traverse 19 mpg (17 city, 24 highway) Boasting more cargo volume than even its Chevy Tahoe stablemate, the Traverse is the biggest crossover on the road — yet it beats the fuel economy of many smaller three-row vehicles. We like all the Traverse's siblings – Buick Enclave, GMC Acadia, Saturn Outlook – but the Chevrolet has the lowest starting price, which makes it our family pick.
2009 Honda Odyssey 20 mpg (17 city, 25 highway) 20 mpg (17 city, 25 highway) We've always thought an Acura badge would look right at home on the sharply styled, thoroughly refined Honda Odyssey. The most premium-like minivan on the market is also the most fuel efficient, thanks in part to its (optional) ability to cruise on three of six cylinders.
Family Vehicle Research Tools Available on Kelley Blue Book's kbb.com Full expert car reviews of 2009 model year vehicles, including written and video reviews 2009 model-year car safety information Crash test data Rollover ratings Air bag information Specifications and information on optional features, including: Child door locks Rear entertainment systems Cup-holders Optional third-row seating Perfect Car Finder® Tool Side-by-Side Car Comparison Tool Consumer car reviews Car incentives and rebates information New car pricing, including MSRP, dealer invoice price, New Car Blue Book® Values and projected resale value information Used car values, including trade-in, retail and private party values Environmental information on KBB® Green For more information about the 2009 Best New Family Vehicles, visit www.kbb.com/family09.
About Kelley Blue Book (www.kbb.com) Since 1926, Kelley Blue Book, The Trusted Resource®, has provided vehicle buyers and sellers with the new and used vehicle information they need to accomplish their goals with confidence. The company's top-rated Web site, www.kbb.com, provides the most up-to-date pricing and values, including the New Car Blue Book® Value, which reveals what people actually are paying for new cars. The company also reports vehicle pricing and values via products and services, including software products and the famous Blue Book® Official Guide. According to the C.A. Walker Research Solutions, Inc. – 2008 Spring Automotive Web Site Usefulness Study, kbb.com is the most useful automotive information Web site among new and used vehicle shoppers, and half of online vehicle shoppers visit kbb.com. kbb.com is a leading provider of new car prices, car reviews and news, used car blue book values, auto classifieds and car dealer locations. No other medium reaches more in-market vehicle shoppers than kbb.com.
'The more things change, the more they remain the same':
Ajayi Crowther on the Challenge of Education in the Niger Delta
"On these days [holidays] every one appeared in his or her best dress, the males in long shirts like nightshirts, but made of the best Manchester goods they could obtain, such as rich silks, silk velvets, damasks, etc., their under wrappings being of the same materials. The head coverings are black or straw hats or caps, decorated with coral beads of the best quality obtainable. The females appeared in the same rich drapery, but their dresses are cut into lengths of cloths about the size of a moderate table cover. Many such are passed round in layers on the waists and bent in the front until they become a large pile of goods, which make their gait awkward. In addition to all this rich drapery, strings of large, expensive, real coral beads are suspended on the necks of both males and females, at the lowest rate to the amount of ₤50 or ₤60 on the body of an individual. The necks of some females are quite weighed down with them. These coral beads are of very large grains, which are much preferred to small grains, mostly long pipe, round, or drum shape. During the late amusements a new ornament has been introduced in addition to corals as jewels, viz. coins. Gold sovereigns, silver dollars, florins, shillings, and sixpenny pieces are bored through and strung up with coral beads for the neck, wrists, or ankles to the amount of as many pounds as each one was able to purchase. These are exhibitions of greatness and the test of superiority in riches. In consequence of this English gold sovereigns and silver coins have become articles of great demand in the palm oil trade, for ornamental dresses as above stated. One of the native chiefs at New Calabar was said to have purchased coins for his own ornaments, wives', and children's to the amount of ₤500, paid for in palm oil. It was estimated by gentlemen competent to judge that the hat of another chief was valued at forty puncheons of palm oil, which at ₤12 per puncheon, as oil was rated in the river, was equal to the value of ₤480, of coral beads, gold and silver coins, with which the hat was decorated.
This being one of the chief objects of their emulation, one may guess how eager each one much be to make as much by trade as possible, and even to increase their accumulated stores by enormous overcharges on their native produce or materials, and how wasteful it must appear to some of these ignorant people to pay ₤2 a year school fee for the education of a child, because education is not a visible appendage for exhibition as an ornament, as two sovereigns, twenty florins, forty shillings, or eighty sixpenny pieces would have been on their persons."
Ajayi Crowther, quoted in "The Black Bishop" by Jesse Page, 1908
-- It's the Bicentenary - 200th birthyear- of Samuel Ajayi Crowther! Let's celebrate the life and work of the legendary African educator, pioneer linguist and visionary leader in books, comics, films and other media to benefit generations yet unborn. For details, check out http://apps.facebook.com/causes/177074?m=3124eff7
HOUSTON, Feb. 13 /PRNewswire-FirstCall/ -- Continental Airlines (NYSE:CAL) this morning expressed its profound sadness concerning the accident involving flight 3407, operated by Colgan Air, that occurred Thursday night near Buffalo .
"Continental extends its deepest sympathy to the family members and loved ones of those involved in this accident," said Larry Kellner, chairman and CEO of Continental Airlines. "We are providing our full assistance to Colgan Air so that together we can provide as much support as possible for all concerned."
Continental representatives are traveling to Buffalo to provide assistance to Colgan in its response to the accident. A family assistance center is being established in the area.
"Our thoughts and prayers are with all of the family members and loved ones of those involved in the flight 3407 tragedy," Kellner added.
Family members of flight 3407 passengers and crew should contact the airline at 1-800-621-3263.
Orji who returned to Umuahia on Tuesday after a three-day working visit to Abuja said he knew that he would win the court case. Most people in Abia State hailed the verdict.
More Breaking News! Tsvangirai becomes Zimbabwe's PM Zimbabwe's opposition leader Morgan Tsvangirai is sworn in as prime minister by his bitter political rival President Mugabe.
Virtualization Saves Microsoft Customers Nearly a Half-Million Dollars Per Year
Businesses gain value via server consolidation, integrated management tools and application management.
REDMOND, Wash. - Feb. 9, 2009 /PRNewswire/ — Microsoft Corp. today announced that some business customers around the world have saved on average $470,000 (U.S.) per year through IT projects using Microsoft virtualization software. Microsoft's business customers have been able to use virtualization to help reduce operations and capital expenses via reduced electrical power consumption and cooling within datacenters, reduced hardware acquisition costs, automation of desktop and server management, and centralized application deployment.
The cost of running IT systems has increased as electrical power, cooling and physical space has become constrained. In his 2008 refereed journal article, "Worldwide electricity used in data centers," Jonathan Koomey, Ph.D., of Lawrence Berkeley National Laboratory and Stanford University concluded that total datacenter power was about 1.5 percent of all U.S. electricity use in 2005, with 80 percent of that amount going toward powering and cooling servers.
A separate report, by Gartner Inc., stated that "the effective use of virtualization can reduce server energy consumption by up to 82 percent and floor space by 85 percent" (Gartner: "Energy Savings via Virtualization: Green IT on a Budget"; Nov. 12, 2008).
"Businesses are looking to reduce and manage computing costs in datacenters and across server and client computing devices," said David Greschler, director of integrated virtualization at Microsoft. "Virtualization software allows businesses to pool computing resources to drive down IT costs, increase IT efficiency and be more responsive to business needs. Customers are getting a better bang for their buck with the Microsoft platform and virtualization solutions because virtualization is in both the operating system and in the holistic management tools. Customers can manage IT services and a broad set of applications across the datacenter and desktops. There is less of a learning curve for customers, and it eases interoperability with existing systems."
Savings Through Available Built-In Virtualization and Management Automation Microsoft's approach to virtualization, which incorporates server and presentation virtualization into Windows Server 2008 and unlimited virtual machine management with Microsoft System Center suite license, is helping break down barriers to broad virtualization adoption.
"The VMware ESX solution would have cost $30,000 (U.S.) for four servers. With Microsoft, we have a service provider agreement that allows for monthly payments with no capital costs — costing us less than $1,000 over the life of the contract," said David Straede, president and chief operating officer for Santa Barbara Web Hosting. "Windows Server 2008 Hyper-V has the core features businesses need. It's the Windows people know, is installed just like other Windows-based applications, and works in a management console that IT staff are already using. The ESX feature set simply doesn't justify its additional expense."
If making it easy for customers to implement virtualization is important, making it easy to manage the environment is just as critical for saving time and money. With Microsoft System Center, customers have a single solution for managing the entire IT life cycle, from deployment and provisioning to monitoring and backup. Equally important, customers can manage both server and desktop resources, both virtual and physical assets, and both Microsoft and VMware hypervisors, all with the same platform.
These capabilities helped Banverket ICT choose Microsoft for its virtualization strategy. "We knew we wanted to build a compatible virtualization platform that would encompass server consolidation, Terminal Services and application virtualization that we could manage with a single set of tools," said Pontus Blomkvist, service design manager, Banverket ICT. "With Microsoft Application Virtualization for Terminal Services, we have been able to reduce the number of terminal servers because we can run many applications on any server at any time, without worrying about conflicts. With Hyper-V, we are now running 50 virtual machines in production, with a utilization rate of 80 percent for some of the servers as opposed to 15 percent before we deployed Hyper-V."
Savings Through Consolidation, Reductions in Power By running multiple virtual machines on fewer physical servers, Microsoft customers are drastically cutting hardware requirements and easing server management. For example, Indiana University's Auxiliary IT Department went from 152 to just 32 servers, which it expects will save $85,000 (U.S.) annually. Saxo Bank had an average physical server utilization of just 20 percent and was deploying nearly 200 new servers per year before using server virtualization. Windows Server 2008 Hyper-V allowed the bank to reduce the number of servers needed by 36 percent and realize savings equivalent to $1 million (U.S.), because of lower server hardware costs and associated reductions in space, power and cooling costs.
Many customers have realized similarly dramatic electrical savings as a result of server consolidation, which is a particularly important benefit in today's climate of volatile power prices. TALX expects to save approximately 50 percent in annual power and cooling costs by consolidating its server environment with Hyper-V. HotSchedules, which noted that its No. 1 cost in the datacenter is power, spent about $11,000 (U.S.) a month on datacenter power costs, but with Hyper-V it anticipates that this monthly figure will go down to $2,500. Santa Barbara Web Hosting uses Hyper-V to reduce its power consumption costs by $5,220 (U.S.) per month, helping the company provide more cost-effective services to its customers. And Slough Borough Council took advantage of the savings from eliminating 10 physical servers to preserve the electrical power needed to turn on a new storage area network.
"I wouldn't be surprised to see us virtualize 60 servers once our physical-to-virtual analysis is complete, which represents nearly half our server holdings," said Chris Wintermute, technical infrastructure manager for Slough Borough Council. "We've achieved hardware savings of $148,000 (U.S.), and we expect to reduce server deployment costs by $23,700 (U.S.) annually, based on rolling out 20 servers a year."
Founded in 1975, Microsoft (Nasdaq "MSFT") is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.
Note to editors: If you are interested in viewing additional information on Microsoft, please visit the Microsoft Web page at http://www.microsoft.com/presspass on Microsoft's corporate information pages. Web links, telephone numbers and titles were correct at time of publication, but may since have changed. For additional assistance, journalists and analysts may contact Microsoft's Rapid Response Team or other appropriate contacts listed at http://www.microsoft.com/presspass/contactpr.mspx. Select video from drop-down menu below
2009 KIA OPTIMA #1 ON FORBES.COM "BEST VEHICLES FOR CARPOOLING LIST"
Kia Motors' Midsize Sedan Noted for Safety, Roominess and Fuel Efficiency Vehicles ranked based on safety ratings, interior volume and fuel efficiency A recipient of a five-star crash safety rating from NHTSA, Optima earns yet another accolade
IRVINE, Calif. Feb. 9, 2009 /PRNewswire/— - Recently named a "Best Bet" by The Car Book 2009, Kia Motors America (KMA) today announced that the Optima sedan also has topped the recently released "Best Vehicles for Carpooling" list by Forbes, available on Forbes.com. Refreshed for the 2009 model year, Optima was lauded for combining excellent class-leading safety features, a spacious interior and impressive fuel efficiency - all for excellent value, starting at less than $18,000.
"It's great to see our vehicles winning more and more industry accolades, and it's an honor for Kia Motors to sit atop the Forbes 'Best Vehicles for Carpooling' list," said Michael Sprague, vice president, marketing of KMA. "The 2009 Optima demonstrates the brand's commitment to offering consumers dynamic vehicles designed with an emphasis on quality, safety, comfort and affordability."
Using data from Kelley Blue Book, Forbes considered only 2009 vehicles that have received five out of five stars on all crash tests and at least four out of five stars on rollover results. The group was then pared down by awarding each vehicle points based on seating capacity, fuel efficiency, amount of front and rear headroom and legroom, and the presence of standard or optional navigation and entertainment systems.
The 2009 Optima is the recipient of a five-star crash safety rating from the National Highway Traffic Safety Administration (NHTSA)1. As with the rest of the Kia line-up, Optima is equipped with many standard safety features, including six airbags (dual advanced front and front-seat mounted side as well as full-length side curtain), front active headrests, side-impact door beams, height-adjustable front seatbelts with pre-tensioners and force limiters, three-point seatbelts for all seating positions, Lower Anchors and Tethers for Children (LATCH) and a tire pressure monitoring system (TPMS). Electronic stability control (ESC), a traction control system (TCS), brake assist system (BAS) and four-wheel antilock brakes (ABS) also are standard.
2009 Product Line Kia Motors America offers a dynamic and diverse product line of 11 vehicles to meet the needs of all lifestyles. The 2009 vehicle line features the functional Rondo CUV and award-winning Sedona minivan along with a wide variety of popular passenger cars, including the refined Amanti full-size sedan, purposeful Optima midsize sedan, versatile and compact Spectra and Spectra5, and sporty yet fuel-efficient Rio and Rio5 subcompacts. The vehicle line also features the affordably luxurious Borrego, rugged Sorento and value-packed Sportage SUVs. The 2010 Soul will further complement the lineup when it arrives in dealerships this spring.
About Kia Motors America Kia Motors America (KMA) is the sales, marketing and distribution arm of Kia Motors Corporation based in Seoul, South Korea. KMA offers a complete line of vehicles through more than 640 dealers throughout the United States. For 2008, KMA recorded its 14th consecutive year of increased U.S. market share. Kia Motors subscribes to a philosophy of building high value, high quality, safe and dynamic vehicles. Kia Motors prides itself on producing vehicles that are exciting and enabling and evoke the Kia tagline "The Power to Surprise."
Kia Motors America is the "Official Automotive Partner of the NBA." Information about Kia Motors America and its full vehicle line-up is available at its Web site, www.kia.com. For media information, including photography, visit www.kiamedia.com.
1 Government star ratings are part of the National Highway Traffic Safety Administration's (NHTSA's) New Car Assessment Program (www.safercar.gov).
Contact Information Alex Fedorak Kia Motors America (949) 468-4813 AFedorak@Kiausa.com Shelby Hunt Zeno Group for Kia Motors America 310.566.3985 Shelby.hunt@zenogroup.com
The Workable Bailout Option for the Nigerian Capital Market
By A.G. Olisaemeka
It goes without resentment that only physical injection of funds, which will shore up prices, can lift the capital market from its present very low depth. Responding to the financial meltdown afflicting every facet of business in Nigeria, the Presidential Steering Committee on the Global Economic Meltdown has proposed short, medium and long term palliative measures to address these concerns. The committee recently observed:
"What is being worked out is a package of incentives that will ginger production, increase the purchasing power of the ordinary man on the street, and help generate employment opportunities" "In the medium and long term strategies, aside infrastructural development, the government is looking in the direction of agriculture, through commercial farming clusters and value chain, not only for food security, but for employment generation."
While specific actions were to be taken in the areas of power and oil, it also noted that:
"While the economic outcome does not look promising given the price of oil, the President remains optimistic that Nigeria can seize the moment to redirect our economy and begin on the road to prosperity."
It has warned that the palliative measures will not include a salary increase. The issue for determination at this juncture is whether these short, medium and long term palliative measures are sufficient to uplift the Nigerian capital market. One has no difficulty in coming to a conclusion of an emphatic "No!" It is clearly understandable that the focal point of the committee is on the general economy encompassing power, oil and gas, agriculture, the money and capital markets and the emphasis is on increased production, employment generation, higher purchasing power, infrastructural development and food security.
It is one's repeated conviction that although these measures are noble and promising, they do not provide urgent answers to the question of the Nigerian capital market meltdown. The answers they provide are both indirect and tangential to the needs of the capital market.
Only a direct government intervention, characterized by physical funds injection can salvage the descent of the Nigerian capital market.
This can be achieved through any of the following ways:
1. Government Bailout of Banks, Stockbrokers and Investors
Investors in the Nigerian capital market as at end of January have lost more than N9 trillion. Much of these funds came from banks that lent heavily to investors and stock broking firms. This has increased banks non-performing assets on one hand and has foisted the hangman's noose on investors and stock broking firms who have now become "slaves" of banks. The Federal Government can intervene by acquiring these toxic assets at cost, paying off the banks. This will stem the tide of possible bank failures arising from their present capital market over-exposure. It will also relieve the investors and stock broking firms of high debt burden in which they are entrapped and made incapable of making further investments. The government can gradually dispose off these acquired shares in the distant future in a way that will not overheat the market. This position will align with the statement credited to the Minister of State for Finance, Mr. Remi Babalola:
"…but if for instance, the regulator of the banking system came out to say this is the make up for each of the banks and this is the exposure they have, then we can agree. It is not only in the capital market, there is significant exposure in the downstream. There are so many areas that people might have recorded significant downside. What we need to do is to quantify all these and try to see how we can take it out and give them fresh air to continue their business."
(The Punch, February 5, 2009. Page 15)
Indeed this fresh air, this relief, for banks, stock broking firms and investors is all we need to revive the capital market.
2. Direct Purchase of Shares by the Government on the Nigerian Stock Exchange
The Federal Government may also wish to utilize a Special Purpose Vehicle (SPV) or use the Ministry of Finance Incorporated to commence buying of shares on the Nigerian Stock Exchange (NSE). When these shares are purchased, they will serve twin purposes – being investment for the government which it can hold, earn returns and later resell on one hand and increase the demand segment of the capital market leading to market recovery, on the other hand, it is estimated that the sum of N800 billion will suffice as the chain effect will trigger other purchase mandates as investors confidence heightens, following the upward movement of both the market capitalization and the ALL-Share-Index.
Finally, the market seems to be gaining some points in both the index and capitalization, following the government announcement of palliative measures highlighted above. It is one's opinion that this appearance of market recovery is only the natural reaction of investors to new information which cannot be sustained.
On 4th February, 2009, the All-Share-Index gained 2.2% to close at 22, 838.32 points and on the 5th February, 2009, it again gained 2.26% to close at 23, 356.03 points. The market capitalization also gained the same percentage movement to close at N5.108 trillion and N5.2 trillion respectively. This is a far cry of all-time high figures of about 66000 points for the Index and about N13.5 trillion for the capitalization less than a year ago.
The euphoria of this announcement of palliative measures that triggered the current bullish trend in the market is not expected to last for the next five working days unless physical capital injection of funds is articulated and implemented. The government should be in a hurry to do this if it wishes to save the capital market.
President Umaru Yar'Adua has directed the the CBN and Finance Ministry to liaise with other agencies and do more work on some short-term palliative measures being proposed so that they could be implemented soon.
Let physical injection of funds into the capital market be part of these measures if they must succeed in changing the direction of the capital market for good, otherwise the Nigerian Capital Market is still sitting on a keg of gunpowder.
By A.G. Olisaemeka
~ A.G. Olisaemeka is a chartered stock broker and consultant on financial matters on doing business in Nigeria. He is the Author/Editor of Scientists Discover Hell: As Astronauts Find Heaven distributed by Amazon.
Andrew Hartman, Director, Online Services, PR Newswire, announces partnership with Publish2 that will enable members of PR Newswire for Journalists and Publish2 to utilize the services that each organization offers to the media community. (PRNewsFoto/PR Newswire) NEW YORK, NY AND RESTON, VA UNITED STATES 02/04/2009
5 Feb 2009 15:35 Africa/Lagos
Photo: PR Newswire and Publish2 Join Forces to Help Journalists Access and Share News Online
Partnership Brings 'Link Journalism' to PR Newswire for Journalists' Members; Introduces Publish2 Participants to PRNJ's Global Media Community
NEW YORK and RESTON, Va., Feb. 5 /PRNewswire/ -- PR Newswire and Publish2, a technology company dedicated to helping journalism survive and thrive on the Web, announced today a partnership that will enable members of PR Newswire for Journalists and Publish2 to utilize the services that each organization offers to the media community..
To view the Multimedia News Release, go to: http://www.prnewswire.com/mnr/prnewswire/36906/
For PR Newswire for Journalists (PRNJ) members, access to Publish2's service provides powerful tools for managing their research, incorporating links into their daily workflow, and building their individual journalist brand by creating profile pages that showcase their work. Key to Publish2's platform is its unique "link journalism" technology. The system enables reporters to easily discover, save, and publish links to the most interesting content on the web. Those links can be combined with journalists' original reporting to create news hubs that help to drive audience engagement.
"The results of the Pew Research Center for People and the Press' December 23rd report confirmed what many in the media industry already knew: the Internet has surpassed print media as the primary news source for the majority of individuals," said Andrew Hartman, director, Online Services, PR Newswire. "As consumers increasingly turn to the internet for their news, there is mounting pressure for journalists to become more involved in online news and to keep audiences engaged. Our partnership with Publish2 offers members of PRNJ a unique opportunity to harness the power of Web 2.0 through 'link journalism' to enhance their research, reporting and overall online presence."
PR Newswire's award-winning, media-only Web site, PRNJ, serves as a trusted source of news and information for journalists from more than 27,000 organizations around the world, as well as for thousands of bloggers. Now available to members of Publish2, PRNJ provides a platform for reporters and bloggers to access news of interest to them through customized news feeds based on keywords, industries, subjects, companies or geographic regions and states. In addition, PRNJ offers reporters and bloggers access to news releases through more than 500 RSS feeds covering different subject matters and industries.
"PRNJ will add greatly to our community of journalists on Publish2 by introducing our services to journalists at its 27,000 media organizations," said Scott Karp, CEO, Publish2. "And our journalist members can now take advantage of PRNJ's comprehensive news release platform to help their research and reporting on the web."
PR Newswire for Journalists members who have accounts with Publish2 will easily be able to save or post a news release accessed via PRNJ by clicking on the "Save It" button that appears in the upper right hand corner of every news release. Publish2 users who click on a news release link within the Publish2 platform will be directed to PRNJ where they can access the release directly. If users are members of one site but not the other, they will be prompted to take a few easy steps to sign up for the other platform where they can begin publishing links and viewing their saved news releases.
About Publish2
Publish2 (http://www.publish2.com/) is a technology company dedicated to helping journalism survive and thrive on the web. Publish2's link journalism platform is powering the next generation of news gathering and news distribution. Journalists across the world use Publish2 to make research and reporting more efficient and effective. Major news sites and vertical niche sites use Publish2 for prominent link-aggregation features that increase traffic and engagement. Publish2 is based in Reston, VA.
About PR Newswire
PR Newswire Association LLC (http://www.prnewswire.com/) provides electronic distribution, targeting, measurement and broadcast services on behalf of tens of thousands of corporate, government, association, labor, non-profit, and other customers worldwide. Using PR Newswire, these organizations are able to reach a variety of critical audiences including the news media, the investment community, government decision-makers, and the general public with their up-to-the-minute messages in text and multimedia format.
Established in 1954, PR Newswire has offices in 14 countries and routinely sends its customers' announcements to outlets in more than 170 countries and in more than 40 languages. Utilizing the latest in communications technology, PR Newswire content is considered a mainstay among news reporters, investors and individuals who seek breaking announcements from the source. PR Newswire's leading services include ProfNet(SM), eWatch(TM), MEDIAtlas(TM), Search Engine Optimization, MediaRoom, MediaSense(TM), MultiVu(TM), U.S. Newswire, the preeminent policy newswire in the industry, Vintage Filings, the fastest growing Edgar filing company, and Hispanic PR Wire, LatinClips and Hispanic Digital Network, the foremost Hispanic communications services. PR Newswire is a subsidiary of United Business Media Limited, a leading global business media company that serves professional commercial communities around the world. For more information, go to http://www.unitedbusinessmedia.com/.
About United Business Media Limited
UBM focuses on two principal activities: worldwide information distribution, targeting and monitoring; and, the development and monetisation of B2B communities and markets. UBM's businesses inform markets and serve professional commercial communities -- from doctors to game developers, from journalists to jewellery traders, from farmers to pharmacists -- with integrated events, online, print and business information products. Our 6,500 staff in more than 30 countries are organised into specialist teams that serve these communities, bringing buyers and sellers together, helping them to do business and their markets to work effectively and efficiently.
For more information, go to www.unitedbusinessmedia.com
