Alder Consulting is Responsible for the Failure of the Nigeria: Heart of Africa Project

“We intend to source money from the public sector, which is government, private sector and the people of Nigeria. Re-Branding Nigeria is not a jamboree for spending money. We intend to account for all funds.”
~ Prof. Dora Akunyili

It is shocking that over N1 billion was wasted on the ill-fated Nigeria: Heart of Africa project. The honourable Minister of Information and Communication said, N750 million was appropriated for the “Heart of Africa” project in 2007, N308 million was allocated to the project in 2008 and N299 million has already been spent out of the N308 million. And N150 million has been appropriated for the Nigeria: Heart of Africa project in 2009. But believe it or not, the National Assembly is ignorant of any budget for the Nigeria: Heart of Africa project!

How can the elected lawmakers be ignorant of the budget of a national project that was conceptualized by Alder Consulting as a duly registered contractor of the Federal Government of Nigeria?

The Heart of Africa Project

In 2004, the Federal Ministry of Information & National Orientation was desirous of a cohesive image programme for Nigeria that would promote the country’s national brands while at the same time, address the negatives.

To accomplish this, Alder Consulting conceptualised what is known as the Heart of Africa Project (aka the Nigeria Image Project), a programme for Nigeria's image management and economic progression.

In developing the overall framework for the project, we conducted a Brand Asset Audit of Nigeria and evaluated the strengths & weaknesses of those assets. (This was done to identify strong and credible Nigerian brands to be marketed). We also executed extensive research to identify Nigeria's brand eroders and their effects.
Based on the results of the Audit and research, a detailed implementation plan was developed by Alder which was adopted by the Ministry. A logo (and other graphical elements) was designed for the Heart of Africa Project. The implementation plan was subsequently presented to various stakeholders using customised multimedia presentations and Cds.

Marketing materials were designed including internal/external marketing
communication materials (print adverts, billboards, marketing brochures and other publications) and a budget and comprehensive media plan were developed. During the course of the Project, we were called upon to script a series of CNN advertisements. An advance website for the Project was also developed by Alder.

The programme is currently being implemented under the auspices of The Federal Ministry of Information & National Orientation and Alder has been retained as consultants on the project. A Business Support Group has been constituted for the Project from the Private Sector.
~ Alder Consulting

The hundreds of millions of naira appropriated to the Nigeria: Heart of Africa project have been spent and Nigerians have the right to know how they were spent.

The millions of naira of public funds appropriated to the project must have been misappropriated?

Alder has questions to answer and the management of Alder and the previous ministers of the Ministry of Information and Communication must tell Nigerians how they spent over N1 billion on their White Elephant project.

Those who embezzled over N1 billion under the camouflage of the Nigeria: Heart of Africa Project are not invisible spirits and the new Minister of Information and Communication should probe the committee that was responsible for the failure of the last re-branding project and not sweeping it under the carpet. Nigerians should not be taking for a ride again.

Delta Makes Travel to Africa More Affordable with Special Fares to Kenya and Liberia

17 Mar 2009 19:41 Africa/Lagos


Delta Makes Travel to Africa More Affordable with Special Fares to Kenya and Liberia

ATLANTA, March 17 /PRNewswire-FirstCall/ -- Delta Air Lines (NYSE:DAL) today announced limited-time special fares on its new routes to Kenya and Liberia*, making travel to Africa more affordable on the only airline with scheduled service between the U.S. and that continent.


(Logo: http://www.newscom.com/cgi-bin/prnh/20090202/DELTALOGO )


Delta is offering a one-way introductory fare of $819** for travel between Atlanta and Nairobi, Kenya (via Dakar, Senegal), from June 2 to Aug. 30, 2009; and of $989** for travel between New York's John F. Kennedy International Airport (JFK) and Monrovia, Liberia* (also via Dakar), from June 8 to Aug. 30, 2009. A round-trip ticket purchase is required and travel must be booked by April 7, 2009. **Additional taxes/fees/restrictions/baggage charges may apply. Details are included below.


Delta's new flights to Kenya and Liberia are part of the airline's expanding service to Africa, which already includes service between New York-JFK to Accra, Ghana; Dakar; Cape Town, South Africa; and Abuja, Nigeria* (via Dakar*, beginning June 10, 2009). Delta also offers nonstop service between Atlanta and Dakar; and Lagos, Nigeria. Delta's existing one-stop service between Atlanta and Johannesburg, South Africa, via Dakar, will become a nonstop flight starting June 1, 2009.


Delta's schedule between Atlanta and Nairobi (via Dakar) starting June 2:

Flight Departs Arrives Aircraft Frequency

DL34 Atlanta 4:10 p.m. Nairobi 5:25 p.m. Boeing 4 times weekly
(next day) 767-300ER

DL35 Nairobi 8:10 p.m. Atlanta 8 a.m. Boeing 4 times weekly
(next day) 767-300ER


Delta's schedule between New York-JFK and Monrovia (via Dakar), starting June 8:


Flight Departs Arrives Aircraft Frequency

DL212 New York-JFK Monrovia 8:05 a.m. Boeing 1 time
4:15 p.m. (next day) 757-200 weekly
(with Business
Elite)

DL213 Monrovia 10 a.m. New York-JFK 5:40 p.m. Boeing 1 time
757-200 weekly
(with Business
Elite)


Delta Air Lines is the world's largest airline. From its hubs in Atlanta, Cincinnati, Detroit, Memphis, Minneapolis-St. Paul, New York-JFK, Salt Lake City and Tokyo-Narita, Delta, its Northwest subsidiary and Delta Connection carriers offer service to 378 destinations in 66 countries and serve more than 170 million passengers each year. Delta's marketing alliances allow customers to earn and redeem either SkyMiles or WorldPerks on more than 16,000 daily flights offered by SkyTeam and other partners. Delta's more than 70,000 employees worldwide are reshaping the aviation industry as the only U.S. airline to offer a full global network. Customers can check in for flights, print boarding passes, check bags and flight status at delta.com.


**Terms and Conditions:


Restrictions: Fares shown are available at delta.com. Tickets cost $20 more if purchased from Delta over the phone, $35 more at a Delta ticket counter or ticket office, and these amounts are nonrefundable. Tickets are non-transferable. Seats are limited. Tickets: Fares shown are round-trip. Tickets must be purchased within 72 hours after reservations are made and no later than April 7, 2009. Travel Period: Travel to Nairobi may begin June 2, 2009 through August 30, 2009. Travel to Monrovia may begin June 8, 2009 through August 30, 2009. Blackout Dates: None. Fare Validity: Fare is valid only in the Economy (Coach) cabin via nonstop flights operated by Delta Air Lines. Minimum Stay: For Monrovia 7 days; for Nairobi 5 days. Maximum Stay: 3 months Taxes/Fees: Federal Excise Tax of $3.60, Passenger Facility Charge(s) of up to $4.50, and the September 11th Security Fee of up to $2.50 for each flight segment are not included. Fares do not include U.S. International Air Transportation Tax of up to $32.20 and U.S. and foreign user, inspection, security or other similarly based charges, fees or taxes of up to $299, depending on itinerary. Taxes and fees must be paid when the ticket is purchased. Baggage Charges: For travel within the United States/PR/U.S. Virgin Islands, $15 for 1 checked bag and $25 for second checked bag. For all other travel, no fee for 2 checked bags and $200 fee for third checked bag. Allowances are subject to size/weight limits. Contact a Delta agent or visit delta.com for details. Cancellations/Refunds/Changes: Tickets are nonrefundable except in accordance with Delta's cancellation policy. Fees may apply for downgrades/reissues and itinerary changes. Contact a Delta agent or visit delta.com for details. Miscellaneous: Fares, taxes, fees, rules, and offers are subject to change without notice. Other restrictions may apply. (C)2009 Delta Air Lines, Inc.


*Subject to foreign government approval.


Photo: http://www.newscom.com/cgi-bin/prnh/20090202/DELTALOGO
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
Source: Delta Air Lines

CONTACT: Corporate Communications, +1-404-715-2554


Web Site: Delta

VIDEO: Revolutionary GOCE Spacecraft Benefits From QinetiQ Precision

Revolutionary GOCE spacecraft benefits from QinetiQ precision
Ion thrusters provide cruise control for ESA gravity mission to be launched today

London, UK, Monday 16 March 2009 /PRNewswire/ — QinetiQ's (LSE: QQL) electric engines are playing a crucial role on a revolutionary spacecraft to be launched today (Monday) from the Plesetsk cosmodrome in Northern Russia.

The electric engines, known as T5 ion thrusters, are providing high-precision drag compensation for the dart-shaped GOCE spacecraft being launched by the European Space Agency (ESA) to map the Earth's gravitational field.

GOCE is the first spacecraft to be launched as part of ESA's living planet programme which is investigating the impact that human activity is having on the Earth. By measuring the Earth's gravity, GOCE will contribute significantly to our understanding of the Earth's structure, ocean circulation and climate change.

The strength of the Earth's gravitational field diminishes with altitude, so GOCE's orbit skirts the outer reaches of the atmosphere at just 200-300 kms (125-185 miles) above the Earth. As a result the spacecraft experiences small but significant disturbances in its motion from atmospheric drag. QinetiQ's electric engines act as cruise control for the spacecraft, continuously compensating for this atmospheric drag and quite literally preventing the spacecraft from falling out of the sky.

"In order to achieve its very challenging mission objectives, the GOCE spacecraft is based on cutting-edge technology, making it a jewel of innovations," commented Volker Liebig, Director of Earth Observation Programmes at ESA. "It has been designed to fly at an extremely low orbital altitude, just 250km (155 miles) above Earth. For this reason it has an eye-catching aerodynamic shape and will actively compensate for the air drag by using the finely controlled thrust of QinetiQ's ion engine."

QinetiQ's T5 ion thrusters are around ten times more efficient than rocket thrusters that have traditionally been used to propel spacecraft, requiring only 40kgs of propellant for the whole 30-month GOCE mission. The thrusters use the inert gas xenon as their propellant ensuring they are also more environmentally friendly than conventional thrusters that use volatile chemical propellant.

"This important space mission would not be possible without the precision provided by the QinetiQ's electric engines," commented Mary Carver, Managing Director of QinetiQ's Integrated Systems business. "Our space engineers have overcome a challenge that has been likened to compensating for the impact of an insect landing on the windscreen of a car travelling at 100mph."

Mary Carver added: "In the next few years electric propulsion could make previously impossible missions into deep space a reality and extend the operational life of commercial communications satellites, reducing costs."

QinetiQ is currently working with partners to qualify its T6 thruster, an even more advanced electric propulsion system that has been designed for use on the ESA BepiColombo mission to Mercury.

About the GOCE mission
The GOCE (Gravity Field and Steady-State Ocean Circulation Explorer) mission is dedicated to measuring the Earth's gravity field and modelling the planet's geoid, essentially a gravitational contour map, with extremely high accuracy and spatial resolution. It is the first Earth Explorer Core mission to be developed as part of ESA's Living Planet Programme and is scheduled for launch from Plesetsk, Russia in March 2009.

A precise model of the Earth's geoid is crucial for deriving accurate measurements of ocean circulation, sea-level change and terrestrial ice dynamics – all of which are affected by climate change. The geoid is also used as a reference surface from which to map all topographical features on the planet.

An improved knowledge of gravity anomalies will contribute to a better understanding of the Earth's interior, such as the physics and dynamics associated with volcanism and earthquakes and also further our knowledge of land uplift due to post-glacial rebound.

The prime contractor for the mission is Thales Alenia Space Italy, with Astrium Friedrichshafen responsible for the spacecraft.

About the Ion Propulsion Assembly
The electric propulsion system is responsible for controlling and maintaining the spacecraft's orbit and as such is a vital GOCE subsystem. Uniquely it also ensures the drag free attitude control in the flight direction essential to allow the scientific objectives of the mission to be achieved.

At the heart of the system is QinetiQ's T5 ion thruster, mounted on an adjustable alignment bracket to direct the thrust vector through the spacecraft centre of mass. The thruster is extremely efficient requiring dramatically less propellant than conventional rocket thrusters, allowing the 30-month mission to be achieved using only 40 kg of propellant. For redundancy, two ion thrusters are mounted externally on the rear panel of the satellite.

The propellant is the inert xenon gas which is continuously fed into the 10 cm diameter cylindrical discharge chamber. The xenon is then ionised by electrons emitted by an internal cathode which both ignites and subsequently sustains the plasma inside the thruster chamber. A weak variable magnetic field is also applied which enhances the ionisation efficiency and also allows the number of ions created, and therefore the thrust produced, to be rapidly varied to precisely match the drag level.

In addition to providing the T5 thrusters, QinetiQ has produced control software and algorithms for the GOCE propulsion system. QinetiQ has also supported the testing of the Ion Propulsion Assembly.



Press Contact:
David Bishop
Head of External Communications
QinetiQ
01252 394573
07920 108675

FTS Selected as the Interconnect Billing Provider by Starcomms

17 Mar 2009 09:00 Africa/Lagos


FTS Selected as the Interconnect Billing Provider by Starcomms

Nigeria's Largest 3G CDMA Mobile Network Upgrades to FTS' Leap Interconnect

HERZLIYA, Israel, March 17/PRNewswire-FirstCall/ -- FTS (LSE: FTS), a global provider of Billing, CRM and Business Control solutions for communications and content service providers, today announced that Starcomms Ltd., Nigeria's largest 3G CDMA mobile network, has again selected FTS as its interconnect billing provider. Starcomms deployed FTS' Leap(TM) Interconnect to support its rapidly growing subscriber base, and to ensure accounting accuracy of its growing interconnect revenues.


The new implementation offers Starcomms a range of interconnect services, including retrieval of mediation records from the operator's mobile switch, rating of these records as well as generating and printing bills for Starcomms' interconnect partners. Leap Interconnect also provides Starcomms with innovative reporting and settlements capabilities as a result of its ability to flexibly integrate with other Starcomms applications.


"Our focus on innovative solutions was the reason for selecting FTS' interconnect billing solution a few years ago," said Hashem Sallam, Starcomms' Billing Manager. "As we expand the reach of our network and services, and our subscriber base continues to grow, our interconnect services have become a major revenue stream. Leap Interconnect provides us with all of the billing capabilities that we need as we continue to expand, and we are pleased to be working with a trusted vendor like FTS to ensure the accuracy of our interconnect accounting."


"This upgrade to Leap Interconnect is testimony to the strength of our relationship with Starcomms," said Shamir Efrony, Africa Sales Director, FTS. "In addition to expanding our relationship with Starcomms, it also illustrates our ongoing commitment to the Nigerian market in particular and the African continent in general. FTS' strategic focus on Africa means that we spare no effort in continuing to support our African customers with world class solutions."


About Starcomms Ltd.


Starcomms Ltd., Nigeria's largest CDMA 3G mobile network, is a provider of one-stop telecommunication solutions for mobile and fixed market segments. Providing mobile, fixed, customized and value-added services to the Nigerian individual and corporate market, Starcomms has a subscriber base of over 1,000,000 and still growing. Starcomms is the first operator to launch 3G EVDO mobile broadband in Nigeria and West Africa. Starcomms is the first CDMA operator to introduce the use of RUIM cards, and the first operator to launch instant messenger on mobiles in Nigeria. Starcomms.


About FTS


FTS (LSE: FTS) is a leading provider of Billing, CRM and Business Control solutions for communications, content and service providers. By analyzing events from a business standpoint rather than just billing them, FTS allows providers to better understand their customer base and leverage business value from every event and interaction. FTS deploys its full range of end-to-end, stand-alone and add-on solutions to customers in over 40 countries and has implemented solutions in wireless, wireline, cable, content and broadband markets including multiple cross-network installations. Serving the evolving needs of both traditional and next generation service providers, the company's operations comprise four international R&D locations and strategically-located sales support offices worldwide. For more information please visit http://www.fts-soft.com/.



For further information please contact:
Sonus PR: Martin Smith, Tel. +44-20-7851-4821, martin.smith@sonuspr.com
FTS: Moshe Peterfreund, Tel. +972-9-952-6500, press@fts-soft.com




Source: FTS

For further information please contact: Sonus PR: Martin Smith, Tel. +44-20-7851-4821, martin.smith@sonuspr.com; FTS: Moshe Peterfreund, Tel. +972-9-952-6500, press@fts-soft.com

China-Africa Development Fund Opens First Office in Africa

16 Mar 2009 11:15 Africa/Lagos

China-Africa Development Fund Opens First Office in Africa

JOHANNESBURG, March 16/PRNewswire/ --


- Major Step for Sino-African Cooperation


The China-Africa Development Fund (CADFund) opened the first representative office in Johannesburg, South Africa today. The Fund will boost economic development in Africa by encouraging investment by Chinese enterprises. Its creation stems from President Hu Jintao's pledge at the China-Africa Cooperation summit in 2006.


According to Chen Yuan, Chairman of the Board of the China Development Bank, the Fund is the first of its kind. It will encourage Chinese companies to invest in multiple industries, leading to an improved quality of life for residents throughout Africa.


The China-Africa Development Fund is a 5 billion US Dollar fund. The China Development Bank invested $1 billion, which is the fund's first phase of capital. Since its establishment in June 2007, the CADFund has facilitated over 20 investments in Africa, amounting to nearly 400 million US Dollars.


Several high-level Chinese and South African government officials and business leaders attended the office opening ceremony, including African National Congress president Jacob Zuma, China Development Bank Chairman Chen Yuan, CADFund CEO Chi Jianxin, and Zhong Jianhua, China's Ambassador to the Republic of South Africa. In total, over 300 guests were present at the event.


The creation of the China-Africa Development Fund's Representative Office in South Africa is a further step to help facilitate CADFund's investments in Africa. The CADFund aims to establish Representative Offices throughout Africa in the future to further promote economic cooperation between China and Africa and to bring about mutual benefits.


About the China-Africa Development Fund:


The China-Africa Development Fund (CADFund) is a US$5 billion equity investment fund in China focusing on investments in Africa. Established on June 26, 2007, with initial funding of US$1 billion from the China Development Bank, CADFund operates independently and assumes sole responsibility for its profits and losses. Among the investments concluded by CADFund: cotton planting and processing facility in Malawi, 560,000kW scalable power station in Ghana, glass factory in Ethiopia, Egyptian Suez Trade Park, and Nigerian Lachish Trade Zone.



For more information, please contact:

Maria Guimaraes
Ogilvy Public Relations Worldwide Beijing
Email: Maria.guimaraes@ogilvy.com
Tel: +86-10-8520-3094

Mikko Lan
Ogilvy Public Relations Worldwide Beijing
Email: Mikko.lan@ogilvy.com
Tel: +86-10-8520-6560




Source: The China-Africa Development Fund

Maria Guimaraes of Ogilvy Public Relations Worldwide Beijing, Maria.guimaraes@ogilvy.com, or +86-10-8520-3094; or Mikko Lan of Ogilvy Public Relations Worldwide Beijing, Mikko.lan@ogilvy.com, or +86-10-8520-6560


12 Mar 2009
13:30
IPC The Hospitalist Company Presents IPC Hospitalist of the Year Award to Tim Osonma, M.D.

Invest in America--Before it's Too Late

In the March 23 issue of Newsweek (on newsstands Monday, March 16): "I Want You to Start Spending!" Daniel Gross writes about how we, as consumers, need to start taking risks again in the economy and start spending to help the recovery. Plus: Mexican drug cartel violence spreads north of the U.S. border; investigating Americans' Swiss bank accounts; the decline of Iraq's Kurdistan; how to choose the right procedure for an ailing heart and Prince's big online bet. (PRNewsFoto/Newsweek) NEW YORK, NY UNITED STATES 03/15/2009

15 Mar 2009 16:56 Africa/Lagos


NEWSWEEK Cover: I Want You to Start Spending!

Invest in America--Before it's Too Late

We've All Lost The Taste For Risk; For Our Economy To Recover and Thrive, 'Hoarders must open our wallets and become consumers, and businesses must once again be willing to roll the dice,' writes Daniel Gross

'We've gone from age of entitlement to age of thrift,' says PIMCO CEO

NEW YORK, March 15 /PRNewswire/ -- With the economy in its 16th month of recession and the markets cut in half, it seems we've all lost the taste for risk, writes Newsweek Senior Editor Daniel Gross in the current issue. "In the grip of a bubble mentality, we -- as investors, consumers and businesses -- blithely assumed risk and convinced ourselves it was perfectly safe to do so," he writes. But now, "the zeitgeist has spun 180 degrees. Squeeze your nickels, slash debt, stop gambling," Gross writes in the March 23 Newsweek cover, "I Want You to Start Spending!" (on newsstands Monday, March 16). "For our $14 trillion economy to recover and thrive, hoarders must open their wallets and become consumers, and businesses must once again be willing to roll the dice."


(Photo: http://www.newscom.com/cgi-bin/prnh/20090315/NYSU004 )


In his essay, Gross explains how not spending anything now could mean bigger problems in the future. The rush to hoard cash and pinch pennies is understandable, given that some $13 trillion in net worth evaporated between mid-2007 and the end of 2008, Gross writes. "But while it makes complete microeconomic sense for families and individual businesses, the spending freeze and collective shunning of nonguaranteed investments is macroeconomically troubling. Especially if it persists once the credit crisis passes."


"The precautionary behavior of every entity in the global economy has gone up," Mohamed El-Arian, CEO of the giant bond-investment fund PIMCO, tells Newsweek. "We've gone from an age of entitlement to an age of thrift."


Gross writes that nobody is advocating a return to the debt-fueled days of "4,000-square-foot second homes, $1,000 handbags and $6 specialty coffees. But in our economy, in which 70 percent of activity is derived from consumers, we do need our neighbors to spend. Otherwise we fall into what economist John Maynard Keynes called the 'paradox of thrift.' If everyone saves during a slack period, economic activity will decrease, thus making everyone poorer. We also need to start investing again not necessarily in the stocks of Citigroup or in condos in Miami. But rather to build skills, to create skills, to create the new companies that are so vital to growth, and to fund the discovery and development of new technologies."


Economists warn that if we don't manage to jolt the economy back into life soon, we run the risk of repeating Japan's so-called "lost decade" of the 1990s, Gross writes. Would that be so bad? After all, while Japan endured a prolonged period of slow growth, nobody starved, there was no social unrest in the aging country, and its biggest companies continued to innovate. But America is different. Thanks to our continually rising population, we need significant growth just to maintain our standards of living -- and the health of our democracy. "When people experience progress in their material living standards and they have some degree of optimism that it will continue, they're inclined to support public policies that reflect tolerance, opening of opportunity and commitments to democracy," says Benjamin Friedman, a Harvard economist and author of "The Moral Consequences of Growth."


A second moral imperative demands that America get back on the growth track, Gross writes. "The U.S. remains the single largest source of demand. Until America emerges from its bunker, the global economy -- facing its first year of contraction since World War II -- is likely to remain moribund."


(Read cover at www.Newsweek.com)


http://www.newsweek.com/id/189232


Photo: http://www.newscom.com/cgi-bin/prnh/20090315/NYSU004
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
PRN2
Source: Newsweek

CONTACT: Jan Angilella of Newsweek, +1-212-445-5638


Web Site: http://www.newsweek.com/

Madoff Securities Fraud Case
U.S. Ad Spending Fell 2.6% in 2008, Nielsen Reports
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Fortune Magazine's Most Admired Companies

MELTDOWN: "There is no better book to read on the present crisis."

Meltdown: A Free-Market Look at Why the Stock Market Collapsed, the Economy Tanked, and Government Bailouts Will Make Things Worse (Hardcover)

"There is no better book to read on the present crisis."



Many Americans are looking to the new administration to solve our economic problems. Unfortunately, that is probably a vain hope. Although we were promised "change," we are only getting a continuation of the same superficial economic fixes that have damaged so many economies in the past, and that will only delay the return of prosperity.

These fixes are based on the false belief that the free-market economy has failed. But it is not the market that has failed. It is intervention into the market that has failed. The Federal Reserve and its manipulation of money and interest rates have failed. None of this can be blamed on the free market.

That's why Meltdown, a New York Times bestseller, is so important. This book actually gets things right. It correctly identifies our problems, their causes, and what we should do about them. It treats the architects of this debacle not with the undeserved reverence they receive in Washington and on television, but with the critical eye that is so conspicuously missing from our supposedly independent thinkers in academia and the media.

In a short span, Tom introduces the layman to a range of subjects that have been excluded from our national discussion for much too long. Among many other things, Tom explains Austrian business cycle theory, which he correctly identifies as the single most important piece of economic knowledge for Americans to have right now. In so doing, Tom provides Americans with the most persuasive and rational account of how we got here. Only if we correctly assess the causes of the debacle can we hope to propose a path to recovery that might actually work and not simply prolong the agony.

Our years of living beyond our means, of buying everything on credit and on money printed out of thin air, are over. Sure, our government will carry on with its nonsensical policy of curing indebtedness with more indebtedness, inflation with more inflation, but the game is up. It's not going to work. The resources aren't there. The more we intervene and the more we prop up economic zombies, the worse off we'll be. But the sooner we understand what has happened, assess our economic situation honestly, and rebuild our economy on a sound foundation, the sooner our fortunes will be restored.

Ideas still matter, and sound economic education has rarely been as urgently necessary as it is today. There is no better book to read on the present crisis than this one, and that is why I am delighted to endorse it.

Sincerely,

Rep. Ron Paul


Click below to buy Meltdown and save 30% or more off bookstore prices!

Nigerians Report Soccer News

Lying In The Name of God: When Ndi Okereke-Oyiuke Lied

Mrs. Ndi Okereke-Oyiuke

Lying In The Name of God: When Ndi Okereke-Oyiuke Lied

“We thank God that our market did not meltdown as much as many of the advanced stock markets. We thank God that the whirlwind did not blow too hard on our side at a time when several global giants closed shop.”
~ Mrs. Ndi Okereke-Oyiuke, Director-General of the Nigerian Stock Exchange, (NSE) on Monday January 12, 2009.

How can Ndi Okereke-Oyiuke say the Nigerian Capital Market did not do badly in 2008, when the Nigerian capital market crashed woefully?

The erroneous and ambiguous rating of the Nigerian Stock Exchange (NSE) by the International Finance Corporation (IFC), World Bank and Standard & Poor as the 11th out of the 106 exchanges in the world is not an endorsement of the Nigerian capital market and does not mean that the Director-General of the NSE did not lie.

According to the report of Mr. A.G. Olisaemeka, the meltdown of the Nigerian capital market led to the crash of the market capitalization from a record high of N13.5 trillion in early 2008 to less than N4.5 trillion in early 2009.

Both Mr. Chukwuma C. Soludo, the Governor of the Central Bank of Nigeria (CBN) and Mrs. Ndi Okereke-Oyiuke have erred and lied about the state of Nigerian banks and the Nigerian capital market, because their statements have been proved to be false by the facts of the prevailing realities of the Nigerian economy.

Corruption is the bane of Nigerian banks and the anathema of anyone who is a true patriotic citizen of Nigeria. It is within the ambit of the Governor of the apex bank and the DG of the NSE to direct the course of the Nigerian economy by being honest and transparent, but they have become either shareholders or apologists of the corrupt leaders and investors who are the cankerworms of corruption in Nigeria. Their erroneous analysis of the financial crisis is the wrong diagnosis of the Nigerian economy. Their comparative analysis of the global financial crisis is wrong.

The meltdown of the Nigerian capital market is as bad as the ones Mrs. Okereke-Onyiuke called “global giants”, because the meltdown caused the massive withdrawal of foreign investors from the Nigerian capital market. But while the governments of the so called “global giants” have already implemented practical bailout plans, the Nigerian government is lagging behind in the implementation of an effective economic stimulus plan. In fact, presently, the Nigerian government is confused.

I have already passed a Vote of No Confidence on the corruption-ridden banks in Nigeria, except for the bank I can vouch for, Guaranty Trust bank (GTB). I do not need any pink account where the colour is tainted with the bad blood of blood money from illegal oil bunkering, misappropriation of public funds meant for Nigerian General Hospitals, Teaching Hospitals and Health Centres, and the embezzlement of the public funds meant for the construction of safe roads and regular power supply. The same criminals and enemies of the state who embezzled these public funds are the major shareholders and investors in Nigerian banks and other listed companies. These same criminals love using the name of God at their Annual General Meetings (AGMs) while smiling and still lying through their teeth in their annual reports.

There is time for everything, and the clock is ticking for D-Day, when we shall know for whom the bell tolls, for their judgment shall be according to their violation of the commandment: "You shall not make wrongful use of the name of the Lord your God, for the Lord will not acquit anyone who misuses his name”. Except they are fools. But as fools lie, so fools die.
Finis.

Anarchy In The Economy:No Dollar To Buy

Which way Nigeria in 2009:Economy in shambles
Vanguard Online Edition - Saturday, 14 March 2009

© Vanguard Online Edition

Communications Markets in Nigeria

Sony Ericsson W995 Walkman™

10 Mar 2009 14:19 Africa/Lagos

Nigeria is Now Africa's Biggest Mobile Telecom Market, Pyramid Research Reports

CAMBRIDGE, Mass., March 10 /PRNewswire/ -- With more than 61 million subscribers, Nigeria has now surpassed South Africa as the largest mobile telecom market in Africa, and continued growth over the next five years is expected to trigger more intense competition among a growing number of network operators, according to a new report from Pyramid Research (www.pyr.com), the telecom research arm of the Light Reading Communications Network (www.lightreading.com).


"Communications Markets in Nigeria" offers a complete analysis of the country's converged telecommunications, media, and technology sectors based on exclusive and proprietary data from Pyramid's research in the Nigerian market. The 28-page report provides detailed competitive analysis of both the fixed and mobile sectors, tracks the market shares of technologies and services, and monitors the introduction and spread of new technologies such as WiMax, IPTV, and VoIP. The study offers a detailed forecast of the Nigerian communications market by analyzing key trends, evaluating near-term opportunities, and assessing upcoming risks factors.


Download an excerpt of this report here:
http://www.pyramidresearch.com/downloads.htm?id=18&sc=PRCIR031009_NIG



The Nigerian telecom market grew by 23 percent (in US dollar value) in 2008, generated $8.4 billion in overall telecom service revenues, notes Yejide Onabule, analyst at Pyramid Research and author of the report. "With mobile subscriber penetration at just 42 percent, Nigeria's total telecom revenue is expected to increase at a CAGR of 5.7 percent from US$8.42 billion in 2008 to $11.14 billion in 2013," Onabule says.


Since liberalization of the market in 2003, Nigeria's telecom industry has experienced exceptional growth rates, which is attracting new operators. "The bulk of service revenue will continue to come from mobile, which will generate 83 percent of total service revenue over the next five years," Onabule adds.


"Suppliers of mobile network technologies are likely to benefit from more aggressive rollouts of mobile voice and data services, and demand for CDMA and GSM base stations is expected to remain strong over the next several years."


"Communications Markets in Nigeria" is part of Pyramid Research's Africa and Middle East Country Intelligence Report Series. Pyramid Research's premium Country Intelligence Reports are the industry's best available analysis on market trends, regulatory environments, and competitive dynamics for 60 countries worldwide.


Download an excerpt of this new report here:
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"Communications Markets in Nigeria" is priced at $990 and can be purchased online here


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About Pyramid Research


Pyramid Research (http://www.pyr.com/) offers practical solutions to the complex demands our clients face in the telecommunications, media, and technology industries. Our analysis is uniquely positioned at the intersection of emerging markets, emerging technologies, and emerging business models, powered by the bottom-up methodology of our market forecasts for over 100 countries - a distinction that has remained unmatched for over 25 years. As the telecom research arm of the Light Reading Communications Network, Pyramid Research works with Heavy Reading, providing the communications industry's most comprehensive market data, trusted research, and insightful technology analysis.


About Light Reading


Founded in 2000, Light Reading (http://www.lightreading.com/) is the leading online media, research, and focused event company serving the $3 trillion worldwide communications market. Lightreading.com is the ultimate source for technology and financial analysis of the communications industry, leading the media sector in terms of traffic, content, and reputation. Light Reading's research arms, Heavy Reading and Pyramid Research, provide the most comprehensive communications research, market data, and technology analysis in close to 100 markets around the world. Light Reading produces nearly 20 targeted communications events including TelcoTV, Ethernet Expo New York and Ethernet Expo London, The Tower Summit @ CTIA, and Optical Expo, as well as focused one-day events tailored for cable, mobile, and wireline executives. Light Reading was acquired by United Business Media in August 2005 and operates as a unit of TechWeb.


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TechWeb (http://techweb.com/aboutus), the global leader in business technology media, is an innovative business focused on serving the needs of technology decision-makers and marketers worldwide. TechWeb produces the most respected and consumed media brands in the business technology market. Today, more than 13.3 million* business technology professionals actively engage in our communities created around our global face-to-face events, Interop, Web 2.0, Black Hat, and VoiceCon; online resources such as the TechWeb Network, Light Reading, Intelligent Enterprise, InformationWeek.com, bMighty.com, and The Financial Technology Network; and the market leading, award-winning InformationWeek, TechNet Magazine, MSDN Magazine, and Wall Street & Technology magazines. TechWeb also provides end-to-end services including next-generation performance marketing, integrated media, research, and analyst services. TechWeb is a division of United Business Media, a global provider of news distribution and specialist information services with a market capitalization of more than $2.5 billion.


*13.3 million business decision-makers: based on number of monthly connections About United


About United Business Media Limited (http://www.unitedbusinessmedia.com/)


United Business Media Limited (UBM) is a global media and marketing services company that informs markets and brings the world's buyers and sellers together at events, online, in print, and with the information they need to do business successfully. UBM serves professional and commercial communities, from IT professionals to doctors, from journalists to jewelry dealers, from farmers to pharmacists around the world. UBM employs more than 6,500 people in more than 30 countries. UBM's businesses operating in the US include CMPMedica, Commonwealth Business Media, Everything Channel, PR Newswire, RISI, TechInsights, TechWeb and Think Services. UBM is listed on the London Stock Exchange (UBM.L) and has a market capitalization of $2.5 billion.


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