MasterCard Worldwide Remains Top Corporate Card and Expense Services Provider According to Global Finance Magazine

12 Mar 2009 15:00 Africa/Lagos

MasterCard Worldwide Remains Top Corporate Card and Expense Services Provider According to Global Finance Magazine

PURCHASE, N.Y., March 12 /PRNewswire/ -- MasterCard Worldwide has been named the "Best Corporate Cards and Expense Services Provider" by Global Finance magazine for the third consecutive year. The award was bestowed to MasterCard for innovative solutions that enable value and efficiency in commercial payments. MasterCard was selected by the publication's editors who incorporate input from industry analysts, corporate executives and technology experts in determining the award's recipient. The results of the exclusive survey are published in the March 2009 issue of the magazine.


(Logo: http://www.newscom.com/cgi-bin/prnh/20061031/MCLOGO )


The award highlights MasterCard's leadership as a premier provider of commercial payment solutions that provide actionable information, turnkey integration and unmatched optimization benefiting issuers, merchants and their corporate customers around the world.


"At MasterCard, we continue to advance commerce globally by creating more advanced methods of payment. Our unified structure allows us to leverage insights and innovation from all corners of the world," said Steve Abrams, Global Product Group Executive, Commercial Products, MasterCard Worldwide. "We are honored to have been recognized by this panel of industry experts for our efforts. We understand the pressures our customers face in this economic environment and remain committed to developing payment solutions that help them derive real business value."


MasterCard develops end-to-end payment solutions for large corporations, small and mid-sized businesses as well as public sector agencies around the world. At a time when cost savings are top of mind, MasterCard is working closely with issuers, merchants and acquirers to deliver customized products and services that help companies and agencies effectively manage and optimize their businesses.


"In today's challenging global economic environment, companies need the best tools and advice available to make their businesses run more efficiently than ever," says Global Finance publisher Joseph D. Giarraputo. "Our awards identify the banks and providers of products and services that consistently improve transaction processes to speed collections and reduce risks. MasterCard was awarded the best Corporate Card and Expense Services Provider because their solutions enable companies to get the most out of their capital and resources."


Factors considered in selecting the winners included profitability, market share and reach, customer service, competitive pricing and product innovation.


About MasterCard Worldwide


MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes approximately 21 billion transactions each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard(R), Maestro(R) and Cirrus(R), MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to www.mastercard.com.


About Global Finance


Global Finance, which marks its 22nd year of publishing in 2009, has 50,000 subscribers and more than 254,000 readers in 158 countries. This audience includes chairmen, presidents, CEOs, CFOs, treasurers, and other financial officers responsible for making investments and strategic business decisions for global companies and financial institutions. Global Finance also targets the 8,000 key portfolio investors who control over 80% of all assets under professional management. http://www.gfmag.com/.


Photo: http://www.newscom.com/cgi-bin/prnh/20061031/MCLOGO
Source: MasterCard Worldwide

CONTACT: Naya Larsson of MasterCard Worldwide, +1-914-249-3916,
naya_larsson@mastercard.com , or Kaitlin Jaxheimer of Weber Shandwick,
+1-212-445-8261, kjaxheimer@webershandwick.com


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




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Rapper Actor Ice-T Joins LG Mobile Phones in Support of the VH1 Save the Music Foundation Public School

RAPPER-ACTOR ICE-T JOINS LG MOBILE PHONES IN SUPPORT OF THE VH1 SAVE THE MUSIC FOUNDATION AT NYC PUBLIC SCHOOL

Check Presentation with LG Mobile, The VH1 Save The Music Foundation, and Ice-T and Chrisette Michele Kicked-off Year-Long Partnership


Ice T


SAN DIEGO March 9, 2009 /PRNewswire/ — LG Electronics MobileComm U.S.A, Inc. (LG Mobile Phones) officially kicked-off their year-long partnership with the VH1 Save The Music Foundation by presenting a check for $150,000 yesterday at a public school in New York City. Grammy Award winning rapper and star of Law and Order: SVU Ice-T spoke with students about the role music has played in his life. Grammy Award winning artist Chrisette Michele performed two songs, "Epiphany (I'm Leaving)" co-written by Ne-Yo and "Love Is You" co-written by John Legend. Executives from all organizations were present at the event, including Executive Director of the VH1 Save The Music Foundation Paul Cothran, and Senior Director of Marketing Communications for LG Mobile Phones Tim O'Brien.



LG Mobile Phones joined forces with the VH1 Save The Music Foundation for a one-year, multi-faceted partnership to promote the importance of music education. The partnership will include check presentations at public schools around the county and a national year-long advertising campaign – 'Come Together' – that was funded by LG Mobile Phones to raise awareness about music education and the positive impact it has on children's lives.



"We are very excited to continue our partnership with the VH1 Save The Music Foundation because LG is passionate about the importance of music education," said Tim O'Brien, senior director of marketing communications for LG Mobile Phones. "Together, we hope to continue to improve and restore music education in our public schools."

"Restoring music education in our public schools is an essential cause, and we applaud LG for its continued support of this worthy mission," says Paul Cothran, executive director of the VH1 Save The Music Foundation. "It is important for people to recognize the central role music education has in a student's life and our hope is to help raise awareness through this initiative with LG."

The performance and presentation were held at the City College Academy of the Arts, a New York public school supported by the VH1 Save The Music initiative. A string ensemble from the school performed for the executives, Ice-T, Chrisette Michele and 300 of their fellow students. The group's instruments were all donated by the VH1 Save The Music Foundation in 2006. Ice-T spoke and Chrisette Michele performed two songs for the assembled students. LG also debuted their TV spot showcasing real life students who have benefited from the Foundation.

About LG Electronics Inc.
LG Electronics, Inc. (KSE: 066570.KS) is a global leader and technology innovator in consumer electronics, home appliances and mobile communications, employing more than 82,000 people working in 114 operations including 82 subsidiaries around the world. With 2007 global sales of USD 44 billion, LG is comprised of five business units – Home Entertainment, Home Appliance, Air Conditioning, Business Solutions and Mobile Communications. LG is the world's leading producer of mobile handsets, flat panel TVs, air conditioners, front-loading washing machines, optical storage products, DVD players and home theater systems. For more information, please visit www.lge.com.

About LG Electronics Mobile Communications Company
LG Electronics Mobile Communications Company is the world's leading provider of UMTS (WCDMA), CDMA and GSM handsets, which have been designed to improve the value of customer life. With a total range of wired and wireless solutions, the company is rapidly establishing a global presence and growing its international market share in 3G handsets. For more information please visit www.lgmobilephones.com. For more information about the new LG advertising campaign on behalf of the VH1 Save The Music Foundation program, please visit: www.lgformusic.com.

About the VH1 Save The Music Foundation
The VH1 Save The Music Foundation is a nonprofit organization dedicated to restoring instrumental music education programs in America's public schools, and raising awareness about the importance of music as part of each child's complete education. Since 1997, VH1 Save The Music has provided $43 million worth of new musical instruments, donated to more than 1,600 public schools in more than 100 cities around the country, impacting the lives of more than 1.2 million public school students. Now eleven years strong, it is our renewed commitment to donate one hundred million dollars worth of new musical instruments to ensure that even a greater number of students receive a comprehensive music education in the coming decade! To join the movement to First Make Music, Then Make History, visit www.vh1savethemusic.com.

Contacts:
Demetra Kavadeles
(858) 635.5232
dkavadeles@lge.com
Jacqueline Johnson
(310) 248.6192
jacqueline.johnson@ogilvypr.com
Elizabeth Rosenthal
(212) 333.7728 x105
erosenthal@susanblondinc.com

World News Update

Two UK Citizens Charged by United States with Bribing Nigerian Government Officials to Obtain Lucrative Contracts as Part of KBR Joint Venture Scheme

5 Mar 2009 19:53 Africa/Lagos

Two UK Citizens Charged by United States with Bribing Nigerian Government Officials to Obtain Lucrative Contracts as Part of KBR Joint Venture Scheme

WASHINGTON, March 5 /PRNewswire-USNewswire/ -- Two citizens of the United Kingdom have been charged in an indictment unsealed today in the United States for their alleged participation in a decade-long scheme to bribe Nigerian government officials to obtain engineering, procurement and construction (EPC) contracts, Acting Assistant Attorney General Rita M. Glavin of the Criminal Division announced. The EPC contracts to build liquefied natural gas (LNG) facilities on Bonny Island, Nigeria, were valued at more than $6 billion.


Jeffrey Tesler, 60, of London, England, and Wojciech Chodan, 71, of Maidenhead, England, were indicted on Feb. 17, 2009, in U.S. District Court for the Southern District of Texas. The defendants are each charged with one count of conspiracy to violate the Foreign Corrupt Practices Act (FCPA) and ten counts of violating the FCPA. The indictment also seeks forfeiture of more than $130 million from the defendants. At the request of the United States, Tesler was arrested by the London Metropolitan Police today. There is an outstanding arrest warrant in the United States for Chodan. The Justice Department is seeking the defendants' extradition from the United Kingdom to the United States to stand trial.


According to the indictment, Tesler was hired in 1995 as an agent of a four-company joint venture that was awarded four EPC contracts by Nigeria LNG Ltd., (NLNG) between 1995 and 2004 to build LNG facilities on Bonny Island. The government-owned Nigerian National Petroleum Corporation (NNPC) was the largest shareholder of NLNG, owning 49 percent of the company. Chodan was a former salesperson and consultant of a United Kingdom subsidiary of Kellogg, Brown & Root Inc. (KBR), one of the four joint venture companies. At so-called "cultural meetings," Chodan and other co-conspirators allegedly discussed the use of Tesler and other agents to pay bribes to Nigerian government officials to secure the officials' support for awarding the EPC contracts to the joint venture.


According to the indictment, the joint venture hired Tesler to bribe high-level Nigerian government officials, including top-level executive branch officials, and another agent to bribe lower level Nigerian government officials, including employees of NLNG. At crucial junctures before the award of the EPC contracts, KBR's former CEO, Albert "Jack" Stanley, and others allegedly met with three successive former holders of a top-level office in the executive branch of the Nigerian government to ask the office holder to designate a representative with whom the joint venture should negotiate the bribes. Stanley and others allegedly negotiated bribe amounts with the office holders' representatives and agreed to hire Tesler and the other agent to pay the bribes. The joint venture entered into a series of consulting contracts with a Gibraltar corporation allegedly controlled by Tesler to which the joint venture paid approximately $132 million for Tesler to use to bribe Nigerian government officials. On behalf of the joint venture and the four joint venture companies, Tesler allegedly wire transferred bribe payments to or for the benefit of various Nigerian government officials, including officials of the executive branch, NNPC, NLNG, and for the benefit of a political party in Nigeria.


If convicted on all charges, each defendant faces a maximum prison sentence of 55 years.


An indictment is merely a charge and defendants are presumed innocent until proven guilty.


In a related criminal case, KBR's successor company, Kellogg Brown & Root LLC, pleaded guilty in February 2009 to charges related to the FCPA for its participation in the scheme to bribe Nigerian government officials. Kellogg Brown & Root LLC was ordered to pay a $402 million fine and to retain an independent compliance monitor for a three-year period to review the design and implementation of its compliance program as well as make reports to the company and the Department of Justice.


Stanley pleaded guilty in September 2008 to conspiring to violate the FCPA for his participation in the bribery scheme. Stanley's sentencing is currently scheduled for Aug. 27, 2009.


The case is being prosecuted by Senior Trial Attorneys William J. Stuckwisch and Patrick F. Stokes of the Criminal Division's Fraud Section, with investigative assistance from the FBI and IRS-Criminal Investigation in Houston. The Criminal Division's Office of International Affairs provided substantial assistance. Significant assistance was provided by the SEC's Division of Enforcement and by the authorities in France, Italy, Switzerland and the United Kingdom, including in particular the Serious Fraud Office's Anti-Corruption Unit, the London Metropolitan Police and the City of London Police.


Source: U.S. Department of Justice

CONTACT: U.S. Department of Justice, +1-202-514-2007, TDD
+1-202-514-1888


Web Site: http://www.usdoj.gov/

Addax Petroleum Announces Record Results for 2008

4 Mar 2009 16:08 Africa/Lagos

Addax Petroleum Announces Record Results for 2008

CALGARY, Canada, March 4/PRNewswire-FirstCall/ --



- 41 per cent increase in Funds Flow From Operations to US$1,850 million
- 63 per cent increase in Net Income to US$784 million
- 8 per cent increase in Production to 136.5 Mbbl/d
- 20 per cent increase in Proved plus Probable Reserves to 536.7 MMbbl




Addax Petroleum Corporation ("Addax Petroleum" or the "Corporation") (TSX:AXC and LSE:AXC), today announced its results for the year ended December 31, 2008. The financial results are prepared in accordance with Canadian GAAP and the reporting currency is US dollars.


A conference call will be held for analysts and investors today Wednesday, March 4, 2009 at 11:00 a.m. Eastern Time / 4:00 p.m. London, U.K. Time. Full details can be found at the end of this announcement.


CEO's Comment


Commenting today, Addax Petroleum's President and Chief Executive Officer, Jean Claude Gandur, said: "I take great pleasure to report that Addax Petroleum's 2008 performance has resulted in another year of record operational performance, robust reserves growth and a significant increase in our prospective oil resources. Despite a challenging environment in the fourth quarter of 2008, Addax Petroleum achieved record production of 142.5 Mbbl/d in the quarter and ended the year with a significant discovery at the Njaba prospect. We advanced our early entrant position in the rapidly developing Kurdistan Region of Iraq through the completion of a 30 Mbbl/d facility which is expected to translate into first commercial oil production later this year. In recognition of the current challenging environment, we have undertaken an aggressive cost control program and are prudently managing our business to protect our balance sheet and maintain ongoing liquidity. Addax Petroleum has operated successfully in previous low oil price environments similar to the one we are currently experiencing today and is positioning itself to do so again. I would like to thank our employees, management, board of directors, business partners and shareholders for their support and contribution to Addax Petroleum's outstanding performance in 2008."

- Petroleum sales before royalties in 2008 amounted to US$4,607 million,an increase of 35 per cent over petroleum sales before royalties of US$3,412 million in 2007.

The increase in petroleum sales before royalties was primarily driven by a 29 per cent increase in average crude oil sales price in 2008 to US$94.38 per barrel (/bbl)as compared to US$72.94/bbl realized in 2007 and an increase of 8 per cent in the
average gross working interest oil production. The Corporation experienced a build up of crude oil inventory in the fourth quarter of approximately 540 Mbbl (equivalent to approximately 5.9 Mbbl/d) as production volumes exceeded sales volumes. This crude oil inventory is expected to decline in the first half of 2009.

- Funds Flow From Operations for the fourth quarter of 2008 decreased 26 per cent to US$318 million (US$2.03 per basic share) compared to US$428 million (US$2.75 per basic share) in the fourth quarter of 2007.

On an annual basis, Funds Flow From Operations for 2008 increased 41 per cent to US$1,850 million (US$11.86 per basic share) compared to US$1,313 million (US$8.45 per basic share) in 2007.

- Net Income for the fourth quarter of 2008 decreased 98 per cent to US$3 million (US$0.02 per basic share) compared to US$180 million (US$1.16 per basic share) in the fourth quarter of 2007. On an annual basis, Net Income for 2008 increased 63 per cent to US$784 million (US$5.03 per basic share) compared to US$482 million (US$3.10 per basic share) in 2007.

- Capital expenditures, excluding corporate and acquisition costs, totaled US$521 million in the fourth quarter of 2008 and were comprised of US$406 million for development and US$115 million for exploration and appraisal activities. Capital expenditures, excluding corporate and acquisition costs, increased by 56 per cent to US$1,694 million in 2008 from US$1,088 million in 2007. Development capital expenditures totaled US$1,376 million in 2008, an increase of 67 per cent over development capital expenditure of US$822 million in 2007. Exploration and appraisal capital expenditures totaled US$318 million in 2008, a 20 per cent increase over exploration and appraisal capital expenditures of US$266 million in 2007.

- Corporate and acquisition costs associated with new business activities were US$82 million in 2008 as compared to US$84 million in 2007. New business activities included the acquisition of four new exploration license areas for the Corporation's property portfolio, the increase of the Corporation's working interest in one exploration license area and the commencement of an integrated gas utilization project in Nigeria.

- Bank debt increased in 2008 by US$250 million to US$1,200 million and is currently drawn under two facilities that consist of a US$1.6 billion senior secured reducing revolving borrowing base facility (of which US$1.3 billion can be drawn as debt) and a US$500 million senior unsecured revolving facility that was entered into during the year.

- Average gross working interest oil production in 2008 was 136,450 bbl/d, an increase of approximately 8 per cent over the 2007 average production of 125,940bbl/d. Average oil production for 2008 included 107,980 bbl/d from Nigeria and 28,470 bbl/d from Gabon.

- Total gross working interest proved plus probable reserves, as evaluated in accordance with National Instrument 51-101 by Netherland, Sewell & Associates("NSAI") as at December 31, 2008, increased by approximately 20 per cent to 536.7 MMbbl from 446.7 MMbbl as at December 31, 2007. The Corporation did not make reserves acquisitions or disposals during the year and the 2008 reserve additions arose primarily from the Corporation's operational activity, including extensions and discoveries. Proved reserves decreased by 8 per cent in the same period as NSAI has not assigned proved reserves to wells without production test results. Addax Management elected not to test the Kita Marine appraisal wells in 2008, where 34.0 MMbbl of proved plus probable (2P) reserves were added during the year, given Addax Petroleum had previously tested the initial discovery in 2007 and has adequate data to submit a Field Development Plan to the Government. Similarly, 42.0 MMbbl of 2P
reserves were added from the Njaba well but there were no proved (1P) reserves booked due to the fact that the well was drilled late in the year and had not been production tested within the year. Management expects a portion of these reserves to be reclassified as 1P reserves through additional drilling in 2009.

- The Corporation's overall 2008 reserves replacement ratio was 281 per cent. The reserves replacement ratio is calculated by dividing the gross working interest 2P reserve additions of 140.0 MMbbl (before deduction of 2008 production of 49.9 MMbbl) by the 2008 production.

- Development project highlights in 2008 include:

Nigeria

- drilled 12 successful new development wells offshore, 10 in OML123 and two in OML126, all of which were placed on production during the year;

- drilled two successful new development wells onshore in OML124, all of which were placed on production during the year;

- initial production from the Inagha field in OML123; and,

- ongoing full field development at the Adanga North Horst field in OML123 and at the Okwori field in OML126.


Dividends


The Corporation declared and paid aggregate dividends in 2008 of CDN$0 .40 per share. A dividend of CDN$0.10 per share was declared on March 3, 2009, payable on April 2, 2009 to shareholders of record on March 19, 2009. In accordance with Canada Revenue Agency Guidelines, dividends paid by the Corporation during the period are eligible dividends.


Recent Developments


In January 2009, the Corporation announced a significant discovery from the Njaba 2 well in the eastern part of the OML124 license area in Nigeria. The discovery resulted in Addax Petroleum booking 42.0 MMbbl of probable reserves from this well as at December 31, 2008.


In January 2009, the Corporation commenced production from the Ebouri field in the Etame Marin license area, offshore Gabon.


In February 2009, the operator completed drilling the North Etame exploration well in the Corporation's Etame Marin license area offshore Gabon. The well encountered lower than anticipated hydrocarbons, was water bearing and is expected to be plugged and abandoned.


2009 Outlook & Capital Budget


For 2009, Addax Petroleum has budgeted total capital expenditures of approximately US$1.6 billion (excluding acquisitions), which are expected to result in total production averaging between 140 Mbbl/d to 145 Mbbl/d from its Nigeria and Gabon operations. This budget is consistent with the Corporation's philosophy of funding capital expenditures from internally generated cash flow and has been determined using the average Brent Crude price of US$60/bbl. Should the prevailing Brent Crude price continue to be below US$60/bbl for the balance of 2009, Addax Petroleum intends, and has the flexibility, to reduce its capital expenditures such that total capital expenditures continue to be funded by internally generated cash flow. An average Brent Crude price of US$40/bbl would result in a reduction of capital expenditures to approximately US$1 billion and the associated reduced drilling and facilities expenditures would result in Addax Petroleum's total production for 2009 averaging between 132 Mbbl/d and 137 Mbbl/d.


Regulatory Filings


This announcement coincides with the filing with the Canadian and U.K. securities regulatory authorities of Addax Petroleum's Audited Consolidated Financial Statements for the year ended December 31, 2008 and related Management's Discussion and Analysis, as well as Addax Petroleum's Annual Information Form including the Corporation's Statement of Reserves Data and Other Information, Report of the Independent Qualified Reserves Evaluator and Report of Management and Directors. Copies of these documents may be obtained via http://www.sedar.com, http://www.londonstockexchange.com and the Corporation's website, http://www.addaxpetroleum.com.


Analyst Conference Call


Financial analysts are invited to participate in a conference call today Wednesday, March, 4, 2009 at 11:00 a.m. Eastern Time / 4:00 p.m. London, U.K. time with Mr. Jean Claude Gandur, President and Chief Executive Officer, Mr. Michael Ebsary, Chief Financial Officer and Mr. James Pearce, Chief Operating Officer. The media and shareholders may participate on a listen only basis. To participate in the conference call, please dial one of the following:



Toronto: 416-644-3420
Toll-free (Canada and the US): 1-800-731-5319
Toll-free (UK): 00-800-2288-3501
Toll-free (Switzerland): 00-800-2288-3501




A replay of the call will be available at +1-(416)-640-1917 or +1-(877)-289-8525, passcode 21296229 followed by the number sign until Wednesday, March 18, 2009.





Capital Markets Day


Addax Petroleum will host a Capital Markets Day presentation to financial analysts and investors on Monday, March 23, 2009 in London, UK and Tuesday, March 24, 2008 in Toronto, Canada. The Corporation's senior management team will discuss the Corporation's most recent operating results and expectations regarding future operations. A live webcast of the presentations will be made available and the Capital Markets Day presentation materials will be available on the Corporation's website at http://www.addaxpetroleum.com prior to the event. Interested attendees are encouraged to contact any of the individuals listed at the end of this announcement in order to register in advance.


Reader Advisory Regarding Forward-Looking Information


Certain statements contained in this news release, including statements related to future capital expenditures, business strategy and goals, future commodity prices, reserves and resources estimates, drilling plans, development plans and schedules, future seismic activity, production levels and sources of growth thereof, results of exploration activities and dates that areas may come on-stream, royalties payable, contingent liabilities and statements that contain words such as "may", "will", "would ", "could", "should", "anticipate", "believe", "intend", "expect", "plan", "estimate", "budget", "outlook", "propose", "project", and statements relating to matters that are not historical fact constitute forward-looking information within the meaning of applicable Canadian securities legislation.


Forward-looking information is subject to known and unknown risks and uncertainties attendant with oil and gas operations, and other factors, which include, but are not limited to: imprecision of reserves and resources estimates; ultimate recovery of reserves; commodity prices; general economic, market and business conditions; industry capacity; competitive action by other companies; refining and market margins; the ability to produce and transport crude oil and natural gas to markets; weather and climate conditions; results of exploration and development drilling and other related activities; fluctuation in interest rates and foreign currency exchange rates; ability of suppliers to meet commitments; actions by governmental authorities, including increases in taxes; decisions or approvals of administrative tribunals; changes in environmental and other regulations; international political events; and expected rates of return. More specifically, production may be affected by exploration success, start-up timing and success, facility reliability, reservoir performance and natural decline rates, water handling and drilling progress. Capital expenditures may be affected by cost pressures associated with new capital projects, including labour and material supply, project management, drilling rig rates and availability and seismic costs.

The Corporation's actual results could differ materially from those anticipated in these forward-looking statements if the assumptions underlying them prove incorrect, or if one or more of the uncertainties or risks described above materializes. Risk factors are discussed in greater detail in filings made by Addax Petroleum with the Canadian provincial securities commissions.


Readers are strongly cautioned that the above list of factors affecting forward-looking information is not exhaustive. Further, forward- looking statements are made as at the date they are given and, except as required by applicable law, Addax Petroleum does not intend, and does not assume any obligation, to update any forward-looking statements, whether as a result of new information or otherwise. The forward-looking statements contained in this new release are expressly qualified by this advisory.


Non-GAAP Measures


Addax Petroleum defines "Funds Flow From Operations" or "FFFO" as net cash from operating activities before changes in non-cash working capital. Management believes that in addition to net income, FFFO is a useful measure as it demonstrates Addax Petroleum's ability to generate the cash necessary to repay debt or fund future growth through capital investment. Addax Petroleum also assesses its performance utilizing Operating Netbacks which it defines as the per barrel pre-tax profit margin associated with the production and sale of crude oil and is calculated as the average realized sales price less royalties and operating expenses, on a per barrel basis. FFFO and Operating Netback are not recognized measures under Canadian GAAP. Readers are cautioned that these measures should not be construed as an alternative to net income or cash flow from operating activities determined in accordance with Canadian GAAP or as an indication of Addax Petroleum's performance. Addax Petroleum's method of calculating these measures may differ from other companies and accordingly, it may not be comparable to measures used by other companies.


For further information: Mr. Michael Ebsary, Chief Financial Officer, Tel.: +41(0)22-702-94-03, michael.ebsary@addaxpetroleum.com; Mr. Craig Kelly, Investor Relations, Tel.: +41(0)22-702-95-68, craig.kelly@addaxpetroleum.com; Mr. Chad O'Hare, Investor Relations, Tel.: +41(0)22-702-94-10, chad.o'hare@addaxpetroleum.com; Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41(0)22-702-94-44, marie-gabrielle.cajoly@addaxpetroleum.com; Mr. Nick Cowling, Press Relations, Tel.: +1-416-934-80-11, nick.cowling@cossette.com; Mr. Mark Antelme, Press Relations, Tel.: +44(0)20-3178-6242, mark.antelme@pelhampr.com


Source: Addax Petroleum Corporation

For further information: Mr. Michael Ebsary, Chief Financial Officer, Tel.: +41(0)22-702-94-03, michael.ebsary@addaxpetroleum.com; Mr. Craig Kelly, Investor Relations, Tel.: +41(0)22-702-95-68, craig.kelly@addaxpetroleum.com; Mr. Chad O'Hare, Investor Relations, Tel.: +41(0)22-702-94-10, chad.o'hare@addaxpetroleum.com; Ms. Marie-Gabrielle Cajoly, Press Relations, Tel.: +41(0)22-702-94-44, marie-gabrielle.cajoly@addaxpetroleum.com; Mr. Nick Cowling, Press Relations, Tel.: +1-416-934-80-11, nick.cowling@cossette.com; Mr. Mark Antelme, Press Relations, Tel.: +44(0)20-3178-6242, mark.antelme@pelhampr.com


N.B:
PLEASE, CLICK ON THE NEWS RELEASE FROM ADDAX PETROLEUM CORPORATION BELOW FOR THE FULL DETAILS OF THIS REPORT.


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Ericsson Proves Mobile Communications Can Transform Africa

Ericsson proves mobile communications can transform Africa

Stockholm, Sweden · March 2, 2009 /PRNewswire/ — (NASDAQ:ERIC) Ericsson, the world's leading provider of telecommunications equipment and services, and pan-African operator Zain have built a wind- and solar-powered site in remote northeast Kenya. Now with access to reliable and affordable mobile communication, villagers in Dertu can make calls, access health services and education and improve their economic future.

Elaine Weidman, Vice President, Sustainability at Ericsson, says: "Sites like this one have great potential for solving the African power-grid challenge of bringing mobile communication to those at the bottom of the economic pyramid so they can break the poverty cycle."

With mobile voice and data communication, Dertu's nomadic pastoral community of more than 5000 people can now build on the economic and social gains it has made since a mobile network was installed in the village. Rather than making the 100km journey by dirt road to the larger city of Garissa, many people from nearby communities go to Dertu to make calls, access improved health services and take advantage of new businesses – making the village an economic hub for the region.

More than 3000 phone minutes are logged daily, with new markets springing up for SIM cards, second-hand phones, charging and accessories. Transport costs have also gone down thanks to mobile ordering and invoicing.

Residents use mobiles to find out about good pastures, which are often hard to come by in this arid region. Socially, families can be closer to distant relatives, and health care and remote education are now within reach. In case of an emergency water shortage, a mobile phone call brings help more quickly.

Weidman says: "The Dertu experience demonstrates that even people in the most remote parts of the world can be connected with a positive business case. The key to ongoing success will be combining innovative solutions, public-private partnerships and new business models."

Villages like Dertu, as part of the UN's Millennium Villages project, are exporting their successful interventions to neighboring villages, and the results are transforming Africa.

Ericsson is the world's leading provider of technology and services to telecom operators. The market leader in 2G and 3G mobile technologies, Ericsson supplies communications services and manages networks that serve more than 250 million subscribers. The company's portfolio comprises mobile and fixed network infrastructure, and broadband and multimedia solutions for operators, enterprises and developers. The Sony Ericsson joint venture provides consumers with feature-rich personal mobile devices.


FOR FURTHER INFORMATION, PLEASE CONTACT:
Ericsson Corporate Public & Media Relations
Phone: +46 10 719 69 92
press.relations@ericsson.com


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NEWSWEEK Cover: Radical Islam Is A Fact Of Life. How To Live With It

In the March 9, 2009 issue of Newsweek (on newsstands Monday, March 2), "Radical Islam is A Fact of Life. How To Live With it" Fareed Zakaria makes the case for why the West needs to adopt a more sophisticated strategy toward Radical Islam. Plus: Israel's Benjamin Netanyahu and Avigdor Lieberman discuss the country's future in their first foreign media interview since winning in the recent election. Lastly: A review of the latest comic book inspired movie, "Watchmen." (PRNewsFoto/NEWSWEEK) NEW YORK, NY UNITED STATES 03/01/2009

1 Mar 2009 17:18 Africa/Lagos

NEWSWEEK Cover: Radical Islam Is A Fact Of Life. How To Live With It

Fareed Zakaria Writes, "It is crucial that we adopt a more sophisticated strategy toward radical Islam"

Not All Islamic Fundamentalists Support Jihad or are Potential Terrorists

NEW YORK, March 1 /PRNewswire/ -- In the March 9 Newsweek cover, "Radical Islam Is a Fact of Life. How to Live With It" (on newsstands Monday, March 2), Newsweek International Editor Fareed Zakaria argues that radical Islam is a fact of life, which we must learn to deal with. He emphatically does not say that we should accept the medieval values of the Islamists, or that we should not continue trying to destroy Al Qaeda. But to prevail in a generational cultural struggle, the West must learn to distinguish between those who have nihilistic philosophies and expansionist aims and those looking to apply their values at home.


(Photo: http://www.newscom.com/cgi-bin/prnh/20090301/NYSU003 )


Reports from Nigeria to Bosnia to Indonesia show that Islamic fundamentalists are finding support within their communities for their agenda, which usually involves the introduction of some form of Sharia-Islamic law--reflecting a puritanical interpretation of Islam. No music, no liquor, no smoking, no female emancipation. "The groups that advocate these policies are ugly, reactionary forces that will stunt their countries and bring dishonor to their religion. But not all these Islamists advocate global jihad, host terrorists or launch operations against the outside world--in fact, most do not," Zakaria writes. "Consider, for example, the most difficult example, the Taliban. The Taliban have done all kinds of terrible things in Afghanistan. But so far, no Afghan Taliban has participated at any significant level in a global terrorist attack over the past 10 years--including 9/11." Zakaria also points out that while some elements of the Taliban are closely associated with Al Qaeda, "the Taliban is large, and many factions have little connection to Osama bin Laden. Most Taliban want Islamic rule locally, not violent jihad globally," he writes.


This is why "it is crucial that we adopt a more sophisticated strategy toward radical Islam," Zakaria writes. "This should come naturally to President Obama, who spoke often on the campaign trail of the need for just such a differentiated approach toward Muslim countries." The Washington Institute, a think tank often associated with conservatives, also agrees with this view. Its report due to be released this week recommends that the United States use more "nuanced, noncombative rhetoric" that avoids sweeping declarations like "war on terror," "global insurgency," even "the Muslim world."


"Anything that emphasizes the variety of groups, movements and motives within that world strengthens the case that this is not a battle between Islam and the West," Zakaria writes. "Bin Laden constantly argues that all these different groups are part of the same global movement. We should not play into his hands, and emphasize instead that many of these forces are local, have specific grievances and don't have much in common. That does not mean we should accept the burning of girls' schools, or the stoning of criminals. Recognizing the reality of radical Islam is entirely different from accepting its ideas. We should mount a spirited defense of our views and values. We should pursue aggressively policies that will make these values succeed. Such efforts are often difficult and take time--rebuilding state structures, providing secular education, reducing corruption--but we should help societies making these efforts. The mere fact that we are working in these countries on these issues--and not simply bombing, killing and capturing--might change the atmosphere surrounding the U.S. involvement in this struggle."


(Read cover article at www.Newsweek.com)


Photo: http://www.newscom.com/cgi-bin/prnh/20090301/NYSU003
AP Archive: http://photoarchive.ap.org/
PRN Photo Desk, photodesk@prnewswire.com
PRN2
Source: Newsweek

CONTACT: Brenda Velez, +1-212-445-4078


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

The Way To Self-Run

THE WAY TO SELF-RUIN

By Aderoy
South West England, UK

I wake up every morning with the thoughts and prayers of the potential greatness of my beloved in my heart. The thoughts ran in my heart through the day hoping that the decadence in my beloved will be uprooted with systematic equanimity. How did I allow my beloved to get so enmeshed in the evil of national prostitution laden with evil vice that were uncommon among her founding fathers. These were the thoughts from a caring and yearning heart.

Just 3 days ago I read that Merrill Lynch ranked Nigeria as the World's Safest Economy. Although this did not come as a surprise to me given the sustained improvement in the Nigeria's fiscal management for the past 3-4 years. The statistical calculation in Merrill Lynch's results does not however take into account other factors (or economic variables as others may refer to it) such as social unrest, prevailing poverty level, infrastruture, GDP, etc. (Source 1: http://www.thedeal.com/dealscape/2008/11/nigeria_the_safest_place_to_in.php), (Source 2:. http://www.thisdayonline.com/nview.php?id=128275). I so much proud my self in the self-belief that that singular report coming from one of the world's leading financial management and advisory companies has boosted Nigeria's image positively in no smal terms. It's no small means that Nigeria's horn in financial revolution- Prof. Soludo, along with other world renowned economists and financial analysts was recently appointed to a United Nation's high-level task force reform global financial system.

"Safest Economy" declaration is a huge image laundering for Nigeria, and rightly so given the "brutal revolution" (albeit with a positive mindset and positive results) of the banking sector introduced by the CBN management headed by Prof. Chukwuemeka Soludo. We must not rest on our oars but must extend this "brutal revolution" to all sphere of the economy. Need I reiterate that the political terrain in the country still leaves a lot to be desired although with signs of improvement given the latest democratic proceedings as in the case of the new Edo State Government elect-Comrade Oshiomole. My assertion is based on realistic facts emanating from the EFCC that the management has suspended its Director of National Finance Intelligence Unit (NFIU) over "alleged" complicity in illegal transfers of millions of illegal funds from Nigeria's coffers with his full knowledge (Source 1: http://www.efccnigeria.org/index.php?option=com_content&task=view&id=475&Itemid=34), (Source 2: http://allafrica.com/stories/200811200872.html). What on earth is going on? Can't we get our acts together and do the right thing as a nation? I was ruminating so hard on this thoughts when I stumbled on a piece of article "Only The Best Is Good Enough For Us" on nairaland (Source: http://www.nairaland.com/nigeria/topic-195700.0.html ) then I mumbled under my breath (Oro pesi je)?

That article touched my bone marrow to say the least and I retorted "if only we have ears and the minds of a wilful change as a people". But come to think of it what is stopping my bride to dig deep into her conscience to rejuvinate those cultural and morale values taught in the early days. The morale values of my beloved bride have gone to the dogs and we now celebrate superfluous mediocrity in the name of celebrity and overnight get-rich affluence. I am quick to say here that I am not a cynic but a realist and I am one of those to stand up and offer foreigners explanation of the true situation in Nigeria and of most Nigerians in the face of the fact that most foreigners have been fed with news that all Nigerians are "potential" (in the strongest of terms) scammers. I have had to provide non-professional explanation and advice via e-mails and phone to foreigners (mostly Europeans) after posting an article http://www.saharareporters.com/www/letters/detail/?id=349 and another comment on http://www.africanloft.com/can-the-nigerian-mobile-phone-companies-handle-the-46-million-subscribers/

I recall an ensuing discussion with a young Belgian chap after reading one of my articles on scamming and had supposedly been "hypnotised" into thinking he's got a cute Nigerian lady online he intends to marry within months. The lady by the name Stella Gibson (allegedly a "guy") claims to be a Nigerian-American raised in Ashebury in North Caolina and had come to Nigeria to take care of her ill mum. I have had to ping pong e-mail and telephone conversation with the Belgian by arranging a private investigation on the identity, address and location of Stella Gibson. She (allegedly) provided the Belgian with her home address somewhere on Opebi Road Ikeja and I called for a search party of friends and family members in Lagos to verify the identity of this suspect. It will be a disservice to Jean (the Belgian) to outline results of the investigation here in this context. However the taking from these is that there a large number of Nigerians (especially young Nigerians) who engage in nefarious activities in a get-rich quick scam such that there activites tarnish the image of Nigerians at home and abroad.

The yahoo yahoo business has so much grown in the belly of my beloved country and unfortunately among teenagers - the fruit and future of her womb. I am sick to my stomach to see young boys and girls of tender age who can't even make a complete statement in their indigenous language let alone in English spending time in cyber cafes to send scam e-mails. And Oh "yahoo yahoo don pay oo" that is the sort of response you get from these confused teenagers bred by the societal norms they found themselves. If you take time to discuss with any one of them (at least i have on numerous occasion), the general belief among these young chaps is, to put it in their own words, "the are trying to get back all the money the white man has stolen from Africa" (sic). It baffles my imagination that sycophants in the name of popular musicians are now glorifying such nefarious activities in Nigeria as though its a thing of joy. Else how can one explain songs like "yahoozee" by Olu Maintain and "maga don pay" by Kelly Handsome. (Source 1: http://www.youtube.com/watch?v=WQ1YLL9mvBU ), (Source 2: http://www.youtube.com/watch?v=_7iJzgxoFiM )

Basking in the euphoria of my seeming success with a few of those I have advised on the issue of scam, I took a trip to Paris to meet with a friend (I wouldn't want to use the word 'client' as I do not do it for profit) to whom I have been introduced few months back and was subjected to ridicule at the UK airport on the return leg of my trip. My offense (I should have known better) is I carry a green passport. I must quickly add here that I wasn't referring to the "American Green passport" but an official Nigerian passport. I was subjected to "special guest" treatment to put it positively while other passengers walked past giving a deep thorough gaze towards me as if asking rhetorically "what have you done?" To say the least, I was filled with bile but I took the under control, asking another Immigration Officer pertinent questions as to how enjoyable she finds her job (as if I was "toasting" her in my Nigerian parlance), while her colleagues carry out thorough primary and secondary searches on my hand luggage. I played the cool as though I was in the dark as to the motive of the search.

A few days later I read through some Nigerian and International online newspapers as usual to learn of how a renowned Nigerian Pastor was subjected to outright ridicule at an airport abroad (Source: http://www.sunnewsonline.com/webpages/news/national/2008/oct/15/national-15-10-2008-003.htm). Going by the revelation I just had to rest my case that if a man of his status could be suspected a fraudster (until proven otherwise) who am I to complain of my harrowing experience in the hands of those O' level holding Immigration Officers.

Is my bride on the way to creating a healthy and wealthy nation or she is head-rolling down the hill to self ruin, I wonder. Nigeria can be and will be great, my heart resounds, but the question that beats my guts out is WHEN? We have all collectively in one way or the other seek untenable alibi as a nation in letting our beloved nation stoop so low into a state of despondency. Someone once retorted, "Starve the people of information and you'll be able to take them captive" I stand to be corrected on my next statement and unapologetically so (at least at the time of writing this article from a hurtful heart); the Nigerian system has systematically withdrew valuable information from its citizens in order to impoverish her 150 million population. Nigerians have been starved of quality education and the void has been replaced with the belief that one can only get rich by cheating the system.

Few years back, I learnt among other things the famous Karl Marx's statement that "religion is the opium of the masses". Having been born and bred in Nigeria before striving hard to top my education with a Masters studies in the UK, I began to carry out societal and cultural comparison between Nigeria and other countries. The religious clout on the psyche of Nigerians is so powerful that we all (annoyingly so) attribute our collective failures to the will of God. While engaging in a discussion with a friend recently, I mentioned that wouldn't it be good for Nigeria to assess the level of poverty vis-a-vis the population and promulgate a law to limit the number of birth per family to, say x-number of children. True to my pessimism in asking the question, I got varied answers, a lot of which has religious intonnation from both christians and muslims alike. I began to question my sanity at that moment - Do I think differently from these chaps and if in the affirmative, WHY? Why can't we look at facts and figures of the population vis-avis the poverty level and take a positive approach (although may seem radical) to stem the skyrocketing population growth, which should benefit every Nigerian in the next 20 - 50 years, for example. We are so enmeshed in our religious clout and fail to take hard-decisions as a nation to better future generations. We (both christians and muslims) are culprits in this crime - Do we continue to quote religious verses in support of "staying glued to old norms, bearing children like guinea pigs without adequate plan for those children?"

I sometimes laugh my head off when Nigerians (in our show of undeserved pride) refer to ourselves as the giant of Africa. I would gladly support the notion that we are potentially a great African nation but not the empty, undeserved and unsubstantiated claim of being the supposedly "Power House of Africa". Are we a happy nation? Yes. Do we have a military power house to be reckoned with in Africa and the world? Yes of course, we do and I pay my respect to the men and women in the Forces who put their lives on the line for the good course of stabilising other nation in Africa. Oh the Nigerian military? No, no, no, that is a monstrous national cult and a law unto itself. I will leave the Nigerian military to another article premise. I must not however fail to give a hint of some nefarious activities of the men in "kaki" uniform. Some senior army officers wilfully deduct from the salaries of junior officers right before the monthly salary payment, or is it the usual "take this money to buy plantain in the market, take it to my house to cook" statement from male senior officers to junior female soldiers in the rank and file of the Force - the Army being a major culprit.

Can someone answer a painstaking question: Is it in the Armed Forces Decree for senior officers to treat junior officers like a piece of trash? Is it in the Forces decree for a male officer to issue command (sic) to a female officer to go and cook in his house or that she should be remanded by a "red neck" (those in Nigerian military circuit will understand this term) in a guardroom for disobeying that order. My heart bleeds for a structured, institutionalised, corrupt and morally bankrupt Nigerian military. The canker of corruption has eaten deep into the fabric of the military to an extent they parade themselves as gods. For those who may be seeking for evidence of my allegation, I must state clearly that I am a son of a retired officer and was partly raised in the barracks. I have friends, some of whom have served and are still serving in the Force - both the military and the Police. Ah The Nigeria Police keh!! "That one na another case". Just a hint here on the extent of canibalism of this monstrous institution called the Nigerian Police: It is on record that NPF is the least paid Force in West Africa let alone comparing with other Forces in the whole of Africa. Again this is not surprising to me given the extent of canibalism in the Force to such an extent retiring Police Officers cannot and will never get their gratuity and pension claims unless they pay "egunje" and guess who they have to make such payments to? Colleagues in various Departments of the Police Force of course (Source 1: Close confidants whose parents have served Nigeria only to be trapped in the cabal called the Police), (Source 2: http://www.thenationonlineng.com/dynamicpage.asp?id=70001 )

"Giant of Africa we are", someone retorted in order to bring out a serial dose of venom in me. Right to his thinking I snapped - Yes we are giant of Africa when it comes to epileptic roads and electricity, non-functional education and health care system and institutionalised corruption, Giant of Africa when it comes to looting public coffers in broad day light and using same proceed to oppress the same people that elected (sorry, selected) politicians into offices. We are giant of Africa when it comes to putting perfection to silencing journalists for raising the power of their pen against the power that be. I think I should allow Sahara Reporters to put flesh on this bone (http://www.saharareporters.com). What a show of shame to be called "The Gaint of Africa".

We are, as a nation, going the way of self-ruin either as result of blatant denial of the complexity of our problem or in submission to the same religious creed we have always retorted to in the phrase "one day, one day e go better by the grace of God". Do not get me wrong, I do not in anyway suggest religion to be taken out of the equation. Far from it, the clime is we have bastardised religious belief in Nigeria to such an unprecedented scale that we now attribute everything that we ought to sort out by careful and purposeful planning to God. We seize every opportunity to add religious undertone to common sense issues we ought to sort out as any sane being. Pastors and Imams in churches and mosques have not helped matters as well. So many have led their followers to debacle of misguided religious ideologies, withdrawing vital information to set them free while feeding them with radical and obsessive religious doctrines that "keep them (the followers) coming for more" while they surfer in penury at the expense of affluent "bigmanism" lifestyle of the Pastors/Imam.

Let's take a critical long-overdue assessment the "Bride (or is it the Giant) of Africa" and let each one of us ask him/herself "Are my actions or inaction putting my beloved Nigeria on the way to self-ruin?" As my mum will always say, he who has ears let him take heed.


Roy
aderoy01@yahoo.co.uk

Only The Best Is Good Enough For Us

Only the best is good enough for us.
~ Bishop Samuel Adjai (Ajayi) Crowther (c. 1807 – December 31, 1891)

I doubt if you and I would have been here if Bishop Samuel Ajayi Crowther had not been kidnapped by Muslim Fulani Slave hunters at the age of 12 in 1821. If Bishop Samuel Ajayi Crowther had not been exchanged for a horse in a slave trade by barter and later sold to the Portuguese slave traders, Providence would not have rescued him from the Portuguese slave ship, the Esperanza Felix, through the British anti-slavery warships, the Myrmidon and Iphigenia. Bishop Samuel Jayi Crowther would not have been the translator of the Holy Bible into the Yoruba language and compiled a Yoruba dictionary with a grammar book between 1843 and 1850.
Most Igbos are ignorant of the historical fact that the first book in Igbo, Isoama-Ibo, a primer, was written in 1857 by Bishop Samuel Ajayi Crowther. Then, Bishop Ajayi Crowther wrote a primer in the Nupe language in 1860, and a full grammar book with vocabulary of the Nupe in 1864.
Nigeria has not appreciated the great legacy of Bishop Ajayi Crowther in the history of modern civilization and the nation building of Nigeria.

The legacy of knowledge is the greatest heritage to bequeathe to every age.
The ignorance of the lessons of history is often responsible for the prevalence of decadence in the society, because we have failed to learn the lessons of life from the tragic mistakes of the past.

How do we learn from the lessons of history when most of us are non-literates or intellectual illiterates and intellectual hypocrites?

Those who cannot read and write are over 76 million in Nigeria and those who can read and write, but fail to learn the vital lessons of life from reading and writing have worsened the calamity of the Nigerian society by being bad examples for the illiterate majority. The so called Nigerian elites are the intellectual illiterates and intellectual hypocrites. They are mostly graduates of the tertiary schools, but they behave like primitive natives. Like a bank manager whose unhygenic manners are so repulsive that you wonder if he ever saw the four walls of a university. Many of them have very dirty toilets that you cannot feel comfortable whenever you visit them. Others cannot converse in English without making you question their knowledge of the language.

I know one man who is 25 years old and a student in one of the Nigerian polytechnics, but he could not read the essay I wrote when I was only 13.
The appalling state of Nigeria is caused by the prevalence of academic decadence, intellectual ignorance or what I prefer to call intellectual illiteracy.

Nigeria today is a nation of intellectual illiterates and intellectual hypocrites.

How do we define intellectual illiteracy?
As described by Christopher Lasch in The New Illiteracy,
“Mass education, which began as a promising attempt to democratize the higher culture of the privileged classes, has ended by stupefying the privileged themselves. Modern society has achieved unprecedented rates of formal literacy, but at the same time it has produced new forms of illiteracy.”

Christopher Lasch was addressing a similar problem in America.
He noted that the standards of academic education have been deteriorating even at the Ivy League universities. He made references to falling standards in Harvard, Yale, Princeton and Columbia, while the undergraduates and graduates of these highly esteemed universities are still posing and posturing as status symbols of privilege and prestige in the hypocritical American society and the less privileged are being fooled by their conceit and deceit, because they cannot tell the difference. An illiterate or semi-literate cannot tell the difference between the literati and dilettanti.
Mr. Lasch mentioned said a faculty committee at Harvard reported:
"The Harvard faculty does not care about teaching”. According to a study of general education at Columbia, teachers have lost "their common sense of what kind of ignorance is unacceptable”. As a result, "Students reading Rabelais's description of civil disturbances ascribe them to the French Revolution. A class of twenty-five had never heard of the Oedipus complex --or of Oedipus. Only one student in a class of fifteen could date the Russian Revolution within a decade.”"
~ Christoher Lasch / The New Illiteracy

The situation in Nigeria is worse.
The terrible state of Nigerian universities can be traced to the ignorance of previous leaders who misappropriated the revenue allocations meant for the sustainable development of higher institutions in Nigeria and neglected the welfare of the Academic Staff Union of Universities (ASUU) and the students.
Nigerian universities have been relegated to the bottom of the accredited universities in the world. No Nigerian university is even rated among the best 1, 000 universities in the world and only one Nigerian university ranked among the top 50 universities in Africa at the 44th position.

Nigerian administrators neglected Nigerian universities, sent their children to the best colleges and universities in America and the UK, and then misappropriated revenue allocations to establish their own private universities. But none of their private universities even made the list of the best universities in the world in the latest global rankings. One of the best private universities in Nigeria, the Christian Covenant University is at the bottom of the rungs in Africa at the 98th Position,

Establishing private colleges and universities is not the solution to the falling standards of education in Nigeria, but making sure that the public colleges and universities are well equipped with the basic facilities and utilities, such as modern classes, laboratories, hostels with clean toilets and qualified academic staff. Most of the teachers and lecturers in Nigerian secondary schools, colleges and universities are not certified teachers. Having a degree is not enough qualification to teach. The teachers must be certified like the graduates of accountancy who must be certifed by the Institute of Chartered Accountants of Nigeria (ICAN) before they can become competent professional accountants.

When the academic faculty is already faulty, then the quality of education will not be up to the required global standards. Poor teachers will produce poor students.

Before anyone can teach, you must have a bachelor's degree from an accredited college or university. You must have completed teacher training through an approved program and you must have successfully completed the appropriate teacher certification tests for the subject and grade level you wish to teach

Investigations have shown that many of the teachers in Nigeria cheated to pass their exams and dubbed projects to earn their diplomas and degrees. When they fail to get the dream jobs in banks or oil companies, they turn to the private schools, colleges and universities springing up daily and they are often employed by these insitutions that are in desperate need for tutors to teach the thousands of boys and girls already given admission. These private institutions have already charged exorbitant school fees in thousands of naira like the so called elitist schools charging over a million naira per session for a single pupil in Nigeria!

The private schools are all over the place, competing with the churches for every available space in the towns and cities in Nigeria. To know how phony they are, you can hardly find them in the rural areas where education is needed most. They are all after the money.

Opening private schools and churches are the fastest get-rich quick schemes in Nigeria today.

To find out the truth, cross check the academic qualifications of the teaching staff and compare them with the standard criteria for teachers in America and the UK. Many of them will fail the common examination for the certification of teachers.

Dr. Suleiman Kano, ASUU President, in a news report by the Nigerian Tribune on June 17, 2007, said:
“I think we should ask ourselves this pertinent question. Do we want to produce graduates for the sake of doing so or we want to produce quality graduates? In the latest ranking of world universities, no Nigerian university made the list of the first 1,000 in the world. This is because of the rot in the system. The government should address the issue and rid the system of the rot. Proscribing ASUU will not solve the problem.”

“This is a country where the government itself says we need 47,000 university lecturers, now we have 16,000. What are we doing about getting the balance? Good students do not want to join academic staff, they prefer to work elsewhere. Many medical students do not get to see, let alone use, the equipment they will need when they start practice. What kind of graduates are we producing?”

The rot in Nigerian education did not start yesterday, but decades ago. The falling standards can be traced to the late 1970s as chronicled by Professor Vincent Chukwuemeka Ike in his novel, Expo’ 77 published in 1981.
I am afraid that the same Nigerian secondary school pupils who engaged in the scandalous examination malpractices of the late 1970s and were never prosecuted are now the masterminds of electoral malpractices and perpetrators of other horrible and terrible crimes of corruption, the plague of the nation.

As Jesus Christ said, by their fruits you shall know them.
Millions of Nigerians have been studying and graduating from Nigerian colleges and universities and yet most of them are still intellectual illiterates and intellectual hypocrites, because most of them have been going to school for the wrong reasons. The first reason is for the mere acquisition of paper qualification for the sole purpose of social class struggle in their pursuit of titular status symbols of the social class hierarchy. To secure a dream job, earn a seven-digit salary, acquire a dream house, a dream car and to crown it all, acquire a dream wife or simply marry a woman to bear children who will bear their name and survive them when then die. Finis. Most of them are not thinking of how the acquisition of modern academic or professional education can be the best application for the advancement of modern civilization and as a vital tool for the nation building of a New Nigeria in the leadership of Africa among the comity of nations in the world.

We have over 20 million graduates of Nigerian colleges and universities who can boast of having first and second degrees and that they have written excellent papers, but they cannot boast of other practical achievements we can actually use as indices of sustainable human development in Nigeria. Most of them leave no other legacies than their domestic liabilities.

The majority of Nigerian contributing more to the GDP and GNP are those without any academic qualification. The Nigerian farmers, traders and artisans and not the Nigerian bankers, lawyers, engineers and their fellow so-called educated elites.

The majority of these so-called educated elites are also the leading intellectual illiterates and intellectual hypocrites posing and posturing with false airs and graces, because most of them cannot tell the difference between Chris Abani and Helon Habila or even tell us what makes Chimamanda Ngozi Adichie different from Sefi Atta in contemporary Nigerian literature. Do not waste your time asking them why nobody won the last Nigeria LNG Prize for Science, because they will disappoint you. Yet, they can tell you the names of all the players in the first team of Arsenal Football Club or Manchester United Football Club of England. They can also tell you the full details of bizarre pornographic scenarios of the last Big Brother Africa on cable TV and their fellow intellectual illiterates aping American Pop Idols on Sound City and Channel O and corrupting the ignorant and naïve Nigerian teenage boys and girls with their psychedelic and pornographic songs and musical videos.

The National Broadcasting Commission (NBC) has failed to regulate what to broadcast and what should not even be authorized on any radio or television in Nigeria.

The Nigerian lawmakers are busy fighting and slumping over contracts on how to embezzle the revenue allocations and other public funds, so they are still confused about how to address the problems of governance in Nigeria.

The same intellectual illiterates and intellectual hypocrites are in the Nigerian banks, oil companies, insurance companies, and other corporations, so they cannot address the decadence in Nigerian education and social infrastructures. In fact, they are exploiting the situation like the capitalists fishing in the troubled waters in the Niger Delta.

The banks employ the prettiest female graduates to be trained and used as marketing executives and sent on the mission to hook millionaires to deposit their millions of naira and dollars in their banks. They do not care if the monies were stolen or not. One of these hot legs employed by one of the banks at the zenith of Nigerian banking met me in the office of a young millionaire and was shocked at first sight. Why was she shocked? I knew her as the first daughter of strict Christian parents and here she was soliciting for the favour of a young millionaire who was happily married. She was already willing to date and mate with him. He confided in me that she was sexually harassing him and guess what? She was already engaged to be married to a man who thought he was lucky to have found such a young woman as his fiancée. What an unforeseen romantic tragedy.

The so-called Nigerian elites are the most selfish citizens in Nigeria. Their foolish pride is awesome. As Professor Pat Utomi noted in an interview on the Centre for Values in Leadership (CVL) published in The Guardian on Sunday of February 3, 2008, that we cannot make a sustained progress, because of the following problems:
§ The Average Nigerian Has Entitlement Mentality
§ We Have No Respect For Dignity Of Human Person
§ We Neglect Culture As A Critical Factor To Progress
§ We Have No Work Ethic and
§ We Mouth Rule of Law, but Operate “Bigmanism”

The last problem, “Bigmanism”, is in fact the worst, because it is the rat race for “Bigmanism” that makes Nigerians to become corrupt, from the Ivory Towers to the Corridors of Power and from the street to the pulpit. The lust for perishable social status symbols drives most Nigerians to exploit all means possible to acquire their dream cars, dream houses, dream wives and other highly coveted trophies of vain glory at all costs, without respect for the rule of law and without scruples.

From the social anomie of intellectual illiteracy and intellectual hypocrisy, let us address the spiritual anomie of spiritual hypocrisy as demonstrated and exhibited in the Christian churches and Muslim mosques.

Hypocrisy is simply fooling yourself while thinking you are fooling others.
The spiritual hypocrites use religion as the camouflage of their dubious lives. They pay lip service and eye service to God, but are incorrigible cheats, liars, crooks, rogues, prostitutes, and other evil fringe elements.

How would you describe the politicians who claim to be Christians and Muslims, but engage in rigging elections and the misappropriations of revenue allocations?
How would you describe a woman who claimed to be a Christian and swore in her oath of office to abide by the Federal Constitution of Nigeria, but within 100 days in office, she was already engaged in corrupt practices?

Are these Nigerians cursed to do evil?
How can anyone who claims to be a Christian or Muslim pay an adult employee N7, 000 (seven thousand naira) only monthly in the present harsh economic realities in Nigeria?
N7, 000 is less than N300 per day.
Can any adult live on N300 per day in Nigeria?
For feeding, housing, clothing, transportation, health care and water supply?

The same so called Christian or Muslim employer will later go to the church or mosque to thank God with a N500, 000 (five hundred thousand naira) donation to the pastor or Imam.

Some are even reluctant to pay their poor workers the monthly salaries, but they are praised in churches or mosques as generous and pious members?

How can a Christian or Muslim maltreat the employees and underpay them, so that they would remain poor and underpaid and cannot even improve their living standards?
A true Christian and Muslim will treat the employees as God commanded us to love our neighbours as we love ourselves.

I cannot send my children to one of the best schools and deprive my employee of the means to do the same for his or her children.
A true God fearing wealthy employer will sponsor the children of the poor employee and treat them, as you would want your children to be treated and not treating them like sub humans or even like those Frantz Fanon called The Wretched of the Earth.

What the spiritual hypocrites call class struggle or the rat race is nothing more than intellectual arrogance and ignorance.

I have seen the parade of ignorance
In the masquerade of arrogance.

Look at the life of Jesus Christ and emulate him or stop pretending to be a Christian when God knows that you are not.

Ninety-nine percent of those who claim to be “Christians” in Nigeria live unchristian lives shamelessly. There is nothing Christ-like about them, they have contravened every command Jesus Christ gave those who believe in him, and how they should live their lives after him.

I have seen childish and foolish mannerisms among those who claim to be educated Christians in their daily lives.
They do not even respect their elders and cannot even pick up the broom to sweep their surroundings clean, but when they go to church, they are genuflecting and prostrating before the pastor and rushing to clean the pews all in their childish and foolish conceit and deceit. What they would not do in their foolish pride at home, they pretend to do in the office or church to curry favour or to impress those they think will never know or see their true colours.

I have traveled and stayed in four regions of Nigeria and I have been active in Christian evangelism since my childhood. I have worked for both Christian employers and Muslim employers for years. I see little or no differences in the characters of these so-called Christians and pagans in Nigeria. The only difference I have seen is the different places of their religious worship, but as the so-called Christians leave their church and the pagans leave their shrine, they end up in the same company of partners in crime in the public sector and private sector. In fact, the pagans fear their juju more than the so-called Christians fear the Almighty God.
Pagans who swear on their juju hardly break their vows, but the so-called Christians break their vows even before the sunset.

Who is fooling whom?
The fools who think they are fooling others.

Personally, I would be pleased to make a public display of such spiritual hypocrites as Jesus Christ did. but by their fruits, you shall know them.

Christianity is not by force.
The churches and mosques are more interested in the members who can give them more offerings and tithes and other donations.

The fact is, most Nigerians judge themselves by the amount of money or status symbols they have been able to acquire or steal.
The moneybags of the rat race and the title chasers are often eulogized and honoured with chieftaincy titles and other awards, while in most cases they have contributed little or nothing to the development of the Nigerian society, besides the donations they made to the church or mosque.
How many Nigerian Christian or Muslim millionaires or billionaires have built free homes for the poor and needy Nigerians who need comfortable accommodation? But the same Nigerians gape and mope at wealthy Americans building and giving free homes and vehicles to their poor and needy Americans in the Extreme Makeover, Home Edition on ABC TV. But how many of them are emulating such good charities? What are they copying? They are busy aping Big Brother House where a young Nigerian woman shamelessly exhibited her naked body to the whole universe in her desperation to win $100, 000 (one hundred thousand dollars) only, but did not win in the end. Tomorrow, a man would be proud to marry her?
Or the Nigerians aping the epileptic dancers on American musical videos, but do not know how to emulate the young Americans inventing technological wonders online and offline.

Is it not a great shame that Nigerians know how to copy all the bad things in America, but fail to copy the good ones?

Now the Nigerian apes are calling every occasion red carpet event, without any clue of the history of laying red carpet for dignitaries. Dummies are walking on the red carpet in Nigeria.

What awards have we given the most brilliant graduates from Nigerian colleges and universities?
What is wrong in giving $100, 000 (one hundred thousand dollars) only, to the most outstanding Nigerian student every year?
Must they strip and bathe naked on TV before we can call them stars and reward them?
Must they ape American musicians and singers and lip-sync to computerized music before we can applaud them and give them awards?

We prefer to celebrate Reality TV prostitutes, gigolos, musical illiterates, and other fringe elements than celebrate Nigerian geniuses in colleges and universities and the unsung geniuses on the streets.

The list of the agonies of the ironies of the anomie plaguing Nigeria is longer, but the solution is quite simple and short.

We must celebrate our geniuses, not intellectual illiterates, and intellectual hypocrites.

We must celebrate meritocracy and not mediocrity.

We must stop wasting over $70 million daily on recharge cards for the GSM phones in useless and unproductive conversations and imagine what would happen to Nigeria if we spend only half of $70 million on buying the works of remarkable Nigerian writers, composers and inventors monthly.

The best way we can appreciate God is by the appreciation of the wonders of His creation in humans.

The developed countries are rich, because they have been appreciating themselves more than the underdeveloped countries.
What you sow is what you are going to reap eventually.

Our banks and other corporations must stop wasting millions of naira on the sponsorships of immoral and non-intellectual TV shows and other extravagant events and spend the money on seed grants for Nigerians who can start cottage industries to boost the Nigerian economy.

Dr. Pat Utomi has many success stories of how charity transformed the lives of many poor widows in Lagos and helped them to educate and train their children to overcome their poverty and become living testimonies of prosperity through wealth creation projects.

We must be honest, transparent, and stop paying eye service and lip service to the best practices of work ethics, values, and virtues of a better Nigerian society.

Leadership is best by example.
We must not compromise with bad people or bad leaders.
We must reject bad people and bad leaders.

God said as written in the Holy Bible, that we must not accept the persons of the wicked.But ironically, wicked people have become the best friends and business partners of most of the so-called Christians and Muslims in Nigeria.

We all know the truth, so let us stop all these nonsense in Nigeria and do the right thing always and do that which is best for Nigeria and Nigerians, because as Bishop Ajayi Crowther said, only the best is good enough for us, so we should not settle for less.

God bless Nigeria.


N.B:
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