Crude politics A broken oil industry is the source of many woes

DEAD fish wash up on the once-fertile shores of creeks around
Bodo, a town in the Niger delta, that are covered with crude oil
more than six years after two massive spills. Locals have only
now received compensation from Shell, the oil firm responsible for
the leaks. For the first time in half a decade, fishermen have cash
to start businesses, repair their houses and send children to
school. But most other villagers in this Ogoniland region of the
delta wish Nigeria had never struck oil at all. “Look,” says the
chief of a tiny town called B-Dere, just a few miles from Bodo. He
gestures to the deathly-black banks still bearing the marks of the
slicks. “There is nothing to drink, nowhere to fish. What good has
come from it?”
As Nigerians head to the polls in presidential elections on March
28th the oil industry—Africa’s largest—will permeate the vote. The
cash it provides has greased Nigerian politics for decades. Gross
mismanagement and corruption in the industry are the causes of
much of the inequality and discontent with the ruling party in an
economy that is not just Africa’s largest but that ought to also be
one of its wealthiest. Fixing Nigeria’s oil industry will have to be
the main priority of whoever wins the election, whether that is the
current president, Goodluck Jonathan, or his main rival,
Muhammadu Buhari.
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Nigeria pumps something like 2m barrels of oil a day. These
account for most of its exports and about 70% of government
revenues. But official figures are as murky as its polluted creeks.
Volumes are recorded only at export terminals rather than at the
wellhead, says Celestine AkpoBari of the Port Harcourt-based
advocacy group, Social Action. Were a proper tally kept, he says,
corruption would be exposed on a scale that would shock even the
most cynical Nigerian.
It seems likely that more than 100,000 barrels of crude are stolen
(or “bunkered” in the local parlance) every day, at a cost to the
state and investors of billions of dollars a year. Politicians, oil
workers and security forces are said to be behind the complex
cartels that steal, illegally refine and sell crude oil. They have
amassed almost unimaginable wealth in a country where poverty
is still rife.
Oil’s taint has seeped into almost all levels of government and
business. Yet the central problem is found in the petroleum
ministry, which wields vast unaccountable power. The Nigerian
National Petroleum Corporation (NNPC), a state-owned behemoth,
is responsible for all aspects of the industry, from exploration to
production and regulation. It is among the most secretive oil
groups in the world, and is “accountable to no one”, says Inemo
Samiama, country head of the Stakeholder Democracy Network, a
non-profit group.
In 2013 the former governor of the central bank, Lamido Sanusi,
alleged that $20 billion in oil revenues was missing from state
coffers. He was fired for his troubles soon after. The government
has since commissioned an investigation by PWC, an auditing
firm. But officials have only released a few pages of the extensive
report and have claimed they show that a mere $1.5 billion was
missing.
Even where cash has not been nicked, it has often been
squandered. Take the Excess Crude Account (ECA), a sovereign-
wealth fund intended to cushion Nigeria’s budget against falling
oil prices. Most of it was spent over the past two years, despite oil
prices being relatively high for most of that period.
The industry itself is in as sorry a state as the government’s
finances. Although oil practically gushes from the ground in parts
of the delta, oil output has been stagnant for years and billions of
dollars of investment are stalled because of uncertainty over a
new law for the industry.
This is holding back Nigeria’s economy almost across the board.
Because the industry has failed to build the infrastructure to pipe
gas to domestic consumers such as power plants, much of it is
simply flared and burned: Britain reckons that some $800m worth
of Nigeria’s gas a year goes up in smoke. The country is also
chronically short of fuel even though it has four state-owned oil
refineries. Because of poor maintenance and ageing equipment
they operate at well below capacity, forcing Nigeria to import
about 70% of the fuel it needs. There is little incentive for reform
since the government pays hefty subsidies to NNPC to keep on
importing.
A new government, whatever its stripes, will have its work cut out
reforming the industry and preventing a revival of militancy in the
delta. But a starting point should be to halt subsidies for fuel
imports. At a stroke that would undercut a major source of
corruption and crime (both on land and at sea) that spills into
neighbouring countries, the destination for smuggled
consignments of cheap Nigerian fuel. It should also take a close
look at NNPC, which should not be allowed both to participate in
the market and regulate it. Some of its assets could be privatised.
The ruling party and opposition are considering both.
With regulatory certainty, local refining would be ready to take off
—it has already attracted investment from Aliko Dangote, a
Nigerian businessman with interests from cement to sugar.
Another business waiting to boom, given the right regulations and
infrastructure, is power generation, which is stymied by a lack of
gas.
For communities in Ogoniland, the most pressing problem is
cleaning up. Shell has promised to mop up the mess around Bodo,
though the process has yet to start. Compensation is one thing,
Bodo residents say, but what they really want is their livelihood

8 Questions That Will Help Set the Right Expectations With Investors

One of the big questions that every entrepreneur
struggles with is how much funding they should request
from investors in the first round. They know from
forums such as Shark Tank on TV that asking for either
too much or too little will derail credibility in the eyes of
the investor, and leave the entrepreneur with no money
and a struggling startup.
Strategies that I do not recommend include opening the
discussion with a big number, hoping to make a more
reasonable value feel like a good deal, or starting with a
tiny number, hoping to entice interest from everyone.
Both of these will brand you as an amateur to avoid,
rather than a savvy business person with an exciting
new opportunity.
Related: Choose an Investor Like You Would a Spouse
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The right answer is to ask for an amount that is just
right , based on your real needs, and consistent with the
capabilities and interests of the investors you are
addressing. Here are eight key questions that will you
get in the right ballpark with the right investors:
1. Who is your investor audience?
Every type of investor has comfortable ranges and
limits. Angels usually won’t consider requests above $1
million. On the other hand, venture capital organizations
typically look for needs that exceed $2 million. If you are
talking to your rich uncle, do your homework to find his
limits before you meet.
2. What business milestones have you
met?
If you have a good idea, but haven’t started yet, only
friends, family and fools will likely be interested. Angel
investors will perk up if you have a prototype or a few
real customers, while venture capitalists will likely
choose to wait until you have achieved several million in
revenue or customer count.
3. How much do you really need for the
next 12 to 18 months?
Here is where projections of cost, pricing, volumes and
cash flow are critical. If your financial model projects a
negative cash flow in this period of $400,000, you should
buffer this amount by 25 percent, and ask for $500,000.
Be prepared to explain your business model.
4. Can you justify your use of funds to this
investor?
Professional investors expect to see your top three use
of funds categories, and how these relate to scaling the
business, rather than initial development. Ancillary
objectives, like retiring existing debt, buying a building or
paying salaries to people with equity ownership will not
get traction.
Related: What Drove 2014's Eye-Popping $44.7 Billion
in VC Fundraising
5. How much equity ownership are you
willing to offer?
This is all about setting a credible current value on your
startup -- not future value. If you ask for more money
than your company is now worth, no investor will bite.
The average valuation for angel investments is $2
million, which will get you $500,000 for 20 percent of
your startup.
6. Are you flexible on the terms of the
investment?
Most professional investors will expect preferred stock, a
board seat, rights to later rounds and perhaps anti-
dilution protection. If you refuse to offer these, or balk at
negotiating even more restrictive terms, the amount of a
viable investment will be compromised.
7. Are you willing to offer milestones for
staged investment delivery?
Many investors like to reduce their risk by delivering
their investment in stages or tranches , based on your
successful achievement of specific milestones during
the period covered. However, this reduces your ability to
plan or pivot quickly based on unforeseen events.
8. Can you project a compelling rate of
investor return?
Equity investors typically look for 10 times return
projections, since they expect many of their investments
to fail totally. The best way to show return on
investment is to declare an exit strategy, such as being
acquired or going public in the next five years, which
allows the investor to cash out.
In fact, the most successful entrepreneur strategy is to
bootstrap or fund your own startup, such that you don’t
need to expect or require any external investor
involvement. Despite all the hype you hear on attracting
investors, more than 90 percent of startups are still self-
funded, and avoid the hassle of dealing with partners
and giving up a portion of the company.
The best and happiest entrepreneurs build a successful
startup that attracts investors, rather than waiting for an
investor to kick-start their success.

3 Must-Haves to Raising Money Without a Product

Sand Hill Road is the birth place of Silicon Valley, and
arguably the most powerful road on the planet. Even
though the world of venture capital has slowly started to
decentralize, it is still home to some of the largest
venture funds on the planet. And there I was, pitching to
a team of high profile investors, without a product,
yet again.
I'm always on Quora and the question, “Is it possible to
raise funding before building the product/app?” was
asked. My short answer is “yes, it's possible.” I know it's
possible because I have first hand experience of
successful raises without a product.
Related: 4 Steps to Beating the Odds and Winning
Startup Capital
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Some of my firsthand experience is as follows: I was
previously involved in a $2.2 million raise that did not
have a product upon funding (mind you, it was an actual
consumer product, not a digital product, which is what I
am actually referring to now). I've personally done it a
handful of times, with my largest raise being a six-figure
investment with no product. Plus, I am confident we will
raise $650,000 for this business, without a product,
based solely on our demo.
From my successful experiences, here are the three
must haves:
1. Team
You ever hear the saying, “we don't bet on the horse, we
bet on the jockey”? It's a mantra for most sophisticated
investors around the world. When working for an angel
investment team in my younger years, we lived by it. In
fact, besides our industry focus and size of deal, that
was our main investment criteria.
For some investors, team is the single most important
factor they consider when placing their capital. Do not
confuse that with previous success as there are plenty
of inexperienced entrepreneurs that get funded. However,
you need to be able to articulate why you are the right
team for this opportunity to accomplish your vision.
Assembling the right team for your mission will be a
testament of your ability to lead, influence and enroll
people into your vision. Don't underestimate the power
of the right team.
2. Demo
If you don't yet have a product, as in our case (we are
still in development), you best have some sort of demo.
Long gone are the days where you could roll up to an
investor meeting with a pitch deck and a dream (well,
anything is possible, but being an entrepreneur is hard
enough).
Related: 8 Questions That Will Help Set the Right
Expectations With Investors
Figure out what that means for your business. For us,
we mocked up some key pages of our platform that
helps portray the vision, and inputted them into the
Invision app, which takes Photoshop files and makes
them clickable via hot buttons that makes it almost feel
like you're clicking through the pages of a website.
Without a product, some sort of demo is mandatory
because it helps portray your vision, and shows anyone
thinking about investing that you're serious enough to
get started.
3. Validation
You need to be able to validate the market opportunity. If
you're developing a mobile app, create a landing page
and run Facebook ads to build an interested list of
people who would sign up for your app. This shows a
demand in the marketplace.
Referring back to the importance of team, sometimes an
effective validation technique is to get someone of
industry importance to join your team in some role. This
can create the subtle notion that, “if this industry expert
is going to be involved (and they obviously know much
more about this space than I do), then this is probably
worth pursuing." Plus, more often than not, that industry
expert can navigate some of the nuisances and pitfalls
of the space.
In our case, we have a number of validation techniques,
with one point being twofold. We've struck a big deal
with a major media company that is going to be our first
customer. There's double validation because it's a well-
known company and they're going to be a customer.
Validation at this point, for those without a product, is
another critical factor that will contribute to your funding
success.
Boom. This should be easy enough, right? Don't be
discouraged if it takes longer than you expect. Capital
raises are tough and always more time consuming than
anyone ever hopes.
In summary, yes, it's possible to raise funds without a
product, but it's also possible to swim the Atlantic,
paint an exact replica of the Mona Lisa and win the
Crossfit Games four years in a row. Good luck, and
happy funding.

10 Behaviors of Genuine People

Whether you’re building a business, a network, or
friendships, you always want to look for people who are
genuine. After all, nobody wants to work or hang out
with a phony. On the flipside, that goes for you, as well.
Bet you never considered that.
In case you're wondering, genuine means actual, real,
sincere, honest. Genuine people are more or less the
same on the inside as their behavior is on the outside.
Unfortunately, it's a tough quality to discern. The problem
is that all human interactions are relative. They’re all a
function of how we perceive each other through our own
subjective lenses.
Being genuine is also a rare quality. In a world full of
phony fads, media hype, virtual personas, positive
thinkers, and personal brands – where everyone wants
what they don’t have, nobody’s content to be who they
are, and, more importantly, nobody’s willing to admit to
any of that – it’s becoming more and more rare all the
time.
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To help you identify this rare breed -- in yourself, as well
-- this is how genuine people behave.
They don’t seek attention. They don’t need constant
reinforcement of their own ego. Where attention seekers
have a hole that constantly needs to be filled, genuine
people are already filled with self-confidence and self-
awareness.
Related: Want to Be Successful? Quit Wasting Your
Brain.
They’re not concerned with being liked. The need to be
liked is born of insecurity and narcissism. It creates a
need to manipulate your own and other’s emotions.
Confident and authentic people are simply themselves. If
you like them, fine. If not, that’s fine, too.
They can tell when others are full of it. Perhaps naïve
folks can be easily fooled, but genuine people are not
naïve. They’re grounded in reality and that gives them a
baseline from which they can tell when things don’t add
up. There’s a big difference.
They are comfortable in their own skin. In his late 70s,
actor Leonard Nimoy said he was closer than ever to
being as comfortable with himself as Spock appeared to
be. Most of us struggle with that. As Henry David
Thoreau observed, “The mass of men lead lives of quiet
desperation.”
They do what they say and say what they mean. They
don’t tend to overreach or exaggerate. They meet their
commitments. And they don’t parse their words
or sugarcoat the truth. If you need to hear it, they’ll tell
you … even if it’s tough for them to say and for you to
hear.
Related: The Truth About 'Fake It 'Til You Make It'
They don’t need a lot of stuff. When you’re comfortable
with whom you are, you don’t need a lot of external stuff
to be happy. You know where to find happiness – inside
yourself, your loved ones, and your work. You find
happiness in the simple things.
They’re not thin-skinned. They don’t take themselves
too seriously so they don’t take offense when none is
intended.
They’re not overly modest or boastful. Since they’re
confident of their strengths, they don’t need to brag
about them. Likewise, they don’t exhibit false modesty.
Humility is a positive trait but it’s even better to just be
straightforward.
They’re consistent. You might describe genuine people
as being weighty, solid, or substantial. Since they know
themselves well and are in touch with their genuine
emotions, they’re more or less predictable ... in a good
way.
They practice what they preach. They’re not likely to
advise people to do something they wouldn’t do
themselves. After all, genuine people know they’re no
better than anyone else so it’s not in their nature to be
self-righteous.
All those seemingly different behaviors have the same
thing at their core: self-awareness that’s consistent with
reality. Genuine people see themselves as others would
if they were objective observers. There’s not a lot of
processing, manipulating, or controlling going on
between what’s in their head and what people see and
hear.
Once you get to know them, genuine people turn out to
be more or less consistent with the way they initially
hold themselves out to be. What you see is what you
get. It's sad that, in today's world, such a positive quality
is at risk of becoming endangered. Not only is it harder
to find in others, it's becoming harder to be genuine
ourselves.

The Remaining States That Will Decide The Winner Of The Presidential Election

APC WINNING WITH 2,032,226 Margin.
STATES LEFT
NORTH CENTRAL: Niger
NORTH EAST: Adamawa, Bauchi, Borno, Gombe, Taraba, Yobe
NORTH WEST: Kebbi, Sokoto, Zamfara
SOUTH EAST: Ebonyi
SOUTH-SOUTH: Bayelsa, Crossriver, Delta, Edo, Rivers
SOUTH WEST: Lagos

Presidential, National Assembly Elections Vicious – Soyinka

Nobel Laureate, Prof. Wole Soyinka, has described the
presidential and National Assembly elections as the most
vicious, unprincipled, vulgar and violent he had ever witnessed.
Soyinka, in an interview with The Guardian UK on Sunday, was
quoted as saying, “We’re talking about a very positive response
by the public in terms of determination to register and vote but,
you know, this has been one of the most vicious, unprincipled,
vulgar and violent exercises I have ever witnessed.
“I just hope we won’t go down as being the incorrigible giant of
Africa.”
According to Soyinka, the stakes appear to be so high that all
scruples have been set aside and it’s very distressing to
compare this election with that of 1993, which was one of the
most orderly, civilised and resolute elections the country ever
had.
He said, “This one was like a no-holds-barred kind of election,
especially, frankly, from the incumbency side. One shouldn’t be
too surprised anyway given the kind of people who are manning
the barricades for the incumbent candidate.
“Most expensive, most prodigal, wasteful, senseless, I mean
really insensitive in terms of what people live on in this country.
“This was the real naira-dollar extravaganza, spent on just
subverting, shall we say, the natural choices of people. Just
money instead of argument, instead of position statements.
“And of course the sponsoring of violence in various places, in
addition to this festive atmosphere in which every corner, every
pillar, every electric pole is adorned with one candidate or the
other, many of them in poses which remind one of Nollywood.”
Soyinka, who told The Guardian how he was recently invited by
President Goodluck Jonathan to discuss various issues, said,
“We even discussed life after power, whenever that takes place.
“It was difficult for me to decide from his side how readily he
might accept defeat. He absolutely swore that if he lost he was
going back to Otuoke village. If I take him literally, I think he will
accept the result, but I’ve learned never to trust any politician
from here to there, even if they’re just coming out of
communion. So I really don’t know.
“I think Nigerians have had a very rough time over the last few
years with Boko Haram and all kinds of insecurity, failure of
governance and so on. I think we deserve to have this period as
a period of comparative tranquillity and peace of mind to
reconstruct and address some really fundamental issues of
society. So I really hope the result, however gracelessly or
grudgingly, will be accepted by the loser.”

Gtbank MD, Segun Agbaje, Withers As The Bank Groans Under Huge Debt Portfolio

Banking without bankruptcy is like Christianity without hell.
This incontestable truth becomes clearer to Segun Agbaje,
MD/CEO Guaranty Trust Bank (GTBank), by the minute. The
GTBank MD has finally burned through his euphoric spells of
fantasy to chance on cold, brutal reality; GTBank is in trouble.
The bank severally touted to be doing very well is actually in
dire straits. Consequently, this has put the bank MD in a bind;
for the first time in his life, Agbaje has seen through the grand
illusions driving his bank to bankruptcy - he has finally gotten
to understand that bankruptcy is a sacred state, a condition
beyond conditions, as theologians might say, and attempts to
investigate it are necessarily cumbersome and tiring, like
spiritualism.
GTBank currently groans under the weight of huge debts
portfolio by its A-list customers. The bank's debtors,
comprising Nigeria's superrich, have failed to refund loans
taken from the bank to the extent that some of the loans have
to be written off as bad debt. Consequently, Agbaje, the
erstwhile sinewy and athletically-built MD is losing sleep over
the huge debts. He has lost so much weight in the last couple
of months, his eyes are sunken and his cheeks have lost their
rosy glow. Although many of his business associates and
subordinates initially passed his weight loss off as a deliberate
effort by the MD to keep fit, now they know better.
Agbaje is troubled by the huge debt portfolio racked up his
bank's A-list customers. Some of the debts however, may
never be repaid again, for instance, among the bank’s biggest
debtors was the late Ibadan-based billionaire businessman,
Alao Arisekola . He is reportedly indebted to the bank. There
are other debtors too and Agbaje is no longer comfortable
with their persistent inability and recalcitrance to repay loans
taken from the bank. The GTBank MD is severely troubled
particularly at this period when the bank's shareholders have
resolved to turn the heat on him. Interestingly, when he
celebrated his birthday in London last year, he could not but
treat some of his bank's debtors like royalty. Agbaje and his
beautiful wife, Derin, treated them (that is, GTBank debtors) to
a great time along with the other guests.
The issue of huge debt portfolio and cumbersome debt
recovery process had always bedeviled GTBank like an
albatross even during the tenure of the bank's former MD, late
Tayo Aderinokun, but the situation has severely worsened
over the years and according to sources within the bank,
Agbaje never understood the extent of the rot until he
assumed position as MD of the bank. As the bank's huge debt
portfolio threatens to sink bank, Agbaje is poised never to go
down without a fight.

Don’t Blame Me If My Clothes Do Not Cover My Chest — Actress, Yvonne Jegede

Nollywood actress, Yvonne Jegede who recently landed in a messy
chest surgery scandal upon her return to the movie industry in a
recent interview talks about her selling point, ideal man. Yvonne
Jegede who featured in Tuface Idibia’s “African Queen” video
made a stunning comeback to acting after several years of being
away to study abroad in University in Cyprus. Her ideal man I don’t
even know what it is any more. But I think people at different ages
have different perspection in respect of what an ideal man is. He
should be more intelligent than myself. I need somebody I can
learn from him. He should also be able to take care of himself.
That’s an ideal man for me. He should not be ugly. On her selling
point I think it is my brain. Talking about the physical things that
attracts men to me, it depends. Some people say, it’s my eyes,
others prefer my lips and my b**bs. So, I do not know. When I love
into the mirror, I love everything about myself. On revealing some
part of your body, her b**bs Well, it depends on the clothes. I have
big b**bs, so, if the clothes are not big enough to cover my b**bs
you would not blame me for that. I am not the person who made
my clothes . I just put the clothes on. On her passion for revealing
some part of your body It depends on my mood. If I want to
expose my back, I will do that. It goes with my mood. Plans on
geting marriage When the time comes, I will get married. I have
never given it a thought. It’s not about thinking, it is about the right
person coming my way. Many ladies have been thinking about
settling down for years now, but Mr. right has not come their way.
On acting unclad No, I cannot for no reason. I have people I am
answerable to. On s*xual harassement in the industry s*xual
harassment in the industry have to do with what you want. If you
want to be sexually harassed, you will be. I am saying that
because, even when I am walking on the road, or in the banking
hall, I usually get passes. But it depends on what you want. I do
not think every director would want to sleep with every girl he
comes across. Maybe, I am wrong but, I don’t think it is possible. I
have had the experience where a produced would refused to
feature me in his movie because I did not sleep with him. They
might make their advances to me.

Labourer Kills Civil Servant Three Days To Retirement

Culled From Punch ; The Emereonye family has been thrown into
mourning over the gruesome murder of one of its sons, Mr.
Emmanuel Emereonye, a federal civil servant. It was gathered that
Emmanuel was killed three days to his retirement from the service.
Emmanuel, an administrative officer at the Federal Government
Girls College, Umuahia, was on Tuesday, March 17, 2015,
butchered by a labourer he hired to work for him in his hometown
at Dioka Nzerem village, in the Ehime Mbano Local Government
Area of Imo State. It was gathered that Emmanuel had decided to
build a befitting country house where he hoped to relocate to after
his retirement. He was said to have contracted some labourers to
lay the foundation of the building. The labourers included one of his
godson, Samuel Edomobi. After the day’s job on the fateful day,
for which he had given the labourers their daily wages, it was
learnt that Emmanuel was informed later in the day that Edomobi
had gone to his (Emmanuel) farm to harvest palm fruits. He rushed
to his farm and found Edomobi on a palm tree, harvesting palm
fruits. Emmanuel was said to have ordered Edomobi to get down
from the tree, telling him that harvesting fruits from his farm was
not part of the job he paid him for. An argument ensued and in the
process, Edomobi allegedly used the machete he was using to
harvest the palm fruits on Emmanuel. Emmanuel was said to have
taken to his heels, while Edomobi followed in hot pursuit. He was
said to have caught up with him (Emmanuel) and hit him in the
neck with the machete. Edomobi was said to have left Emmanuel
in a pool of blood. The neighbour that alerted Emmanuel to the fact
that Edomobi was harvesting from his farm escaped from the
scene and raised the alarm. By the time the villagers reportedly
arrived at the scene, Emmanuel had bled to death, while Edomobi
had escaped from the scene. It was gathered that policemen
arrested Edomobi’s mother, which forced the suspect to turn
himself in. Punch Metro learnt that the suspect had been
transferred to the state Criminal Investigations Department, Owerri,
while the body of the deceased had been deposited in a morgue.
Emmanuel’s first child, Chidimma, told our correspondent on
Thursday, during a visit the Emereonyes, that the family had
planned to celebrate its father’s birthday ,which was to be a day
after his retirement, before the incident. Chidimma, who is a
second year political science student of Alvan Ikoku College of
Education, said, “My father was killed three days to his retirement
and four days to his birthday. He was supposed to be 60 by
Saturday, March 21, 2015. We had made plans to celebrate his
birthday and retirement, but all that was not to be.” The brother-in-
law to the deceased, Izuchukwu Ohiaeriaku, said the family
suspected conspiracy in Emmanuel’s death. According to him,
there had been issues on the land where Emmanuel was building
his country home, which was resolved only recently. He said the
house would have been completed, but for the dispute. “Maybe
Edomobi was used to perfect a plot orchestrated somewhere. The
family suspects that what killed Emmanuel may not be far from
the land issue,” he said. Widow of the deceased, Ngozi Emereonye,
said, “I am a housewife with six children. Where do I start from?
His death is a big blow to the family and I cannot recover from it
for the rest of my life.” Meanwhile, a family source, who spoke on
the condition of anonymity, lamented that policemen from the state
CID had been extorting the family under the guise of investigation.
“The police asked us to pay N120,000 for autopsy. That was after
collecting N10,000 for “police photographs”, which is just to take
pictures of the deceased in the mortuary,” he said. The Imo State
Police Public Relations Officer, DSP Andrew Enwerem, confirmed
the incident, saying the suspect would be taken to court once
investigation was completed. On the alleged extortion, Enwerem
said, “The police does not pay for autopsy. Where do you expect
the police to get that kind of money from? “If the family can get
any medical doctor that will charge them less than that amount,
they should bring the person and the police will work with him. The
crime is not bailable, so the suspect will remain in custody until
investigation is completed.”

Ali Baba:Comedian says Nollywood was started with 419 money

According to Ali Baba, what funded the initial boom of the home
video was the proceeds from crime, just like organized crime and
the mafia did for Hollywood. Read full article. Popular comedian,
Ali Baba, is popular for airing his views on entertainment matters
on social media. The veteran recently took to his Instagram and
Facebook page to address the issue of funding Nollywood.
According to him, many actors don’t know the real reason
Nollywood grew to where it is at the moment. He went on to state
advance fee fraud (419) as the reason. Read excerpts from his
article; “Not many know that the real reason Nollywood grew and
became what it is today, was because of advance fee fraud. Yes.
419. Yes go call police. What single HANDEDLY funded the initial
boom of the home video was the proceeds from crime. Just like
Organized crime and the mafia did for Hollywood. I will explain.”
“Remember I told you of how everyone waited to be on television
soaps or be a part of a stage production or just hung around
waiting for something to happen. There were many people with
scripts and the only thing that held their dreams down was funds.”
“The funds were not going to come from government or any
individual. The only Bank that sponsored stage plays at the time
was NIB (Nigerian international Bank) they always went all alone to
sponsor or in conjunction with the USIS. That source of funding
later was to dry up because certain people did not deliver. “But
that will be a story for another day. Anyway SHA, in the midst of all
that not knowing where funds will come from, Nnneka, The Pretty
Serpent came out. Many more home videos were to follow. Guess
who were the guys doling out money for the home videos? “These
419 guys had so much money, they built palaces as houses and
malls as country home mansions. And how best could they show
off the houses, cars, clothes, furniture and money? If you guessed,
In home videos, you are absolutely correct. Now, don’t forget that
these were proceeds from crime. “The 419ers were not
accountable to anyone. So, they were not looking for Return on
Investment. All they wanted was for their friends who saw the
video to know that that was one of their houses in different parts of
the country. They also wanted their fleet of cars to be used by the
actors and actresses. Some of whom also benefited from their
generosity. With such free funds flowing in, the actors who had
been dormant woke up. “In fact the 419 funds triggered a whole lot
of allied businesses. Make up, camera rentals, audio experts,
generator rentals, VHS and pneumatic tape dealers, editors,
producers, scriptwriters, screenplay writers, soundtrack makers,
special effects, drivers, welfare, costumier, continuity, graphics,…
Most of them funded by advance fee fraud proceeds.
“Undoubtedly, the monies were proceeds from crime. The
investors, or better put, financier, did not look forward to their
monies coming back. So, return on investment was impossible.
“They only wanted to have everyone see their cars, clothes (often
used by lead characters) and houses . And as time went on they
demanded that they were thanked SPECIALLY immediately after
TO GOD BE THE GLORY “It will be grossly unfair to history if I
failed to mention that these 419ers were making things happen,
pulling their weight in gold and even benefited in kind from some
movies they sponsored… As they were known to have married
some of the actresses. “From then on, sponsors were falling over
themselves to sponsor movies. Some of the 419 guys even
appeared in the movies they sponsored. The actors and actresses
started to command very interesting fees to act in home videos.
Then gradually, they (419ers) started to dictate who appeared in
their movies. As this was happening in the home video space,
musical artistes were also benefiting from the proceeds as well as
they were being invited to perform for very tidy sums. “The home
video industry was agog. Things were happening. Lifestyles of
actors changed. Better fees were charged, depending on how good
your negotiation skills were. Many more 419 guys saw it as a PR
arm of their business. “It’s important to note that with time, as
expected, some producers, directors, actors and actresses at this
time had gotten so popular, that they were beginning to dictate
what happened in the market. The new cartel that had been
formed, who were the financiers of the home video industry, now
called the marketers, decided to seize back the controls of the
growing industry. A case of who pays the piper dictates the tune.
Some were banned and others whipped into line. “Years on, the
heat started to be unbearable for the 419 king pins. Maga was not
even paying as they used to, yet, the authorities, through the Police
Special Fraud Unit (SFU) were hot of their tails. Many were picked
to explain the source of their wealth. Some Lilly livered ones
spilled and the people they mentioned were promptly picked. Their
houses were seized, cars confiscated and accounts frozen.
“Account officers in banks who were the people helping to launder
the funds were picked up as well. It was very common back then,
to see that the advance fee fraudsters, had married their account
officers. So, when the bubble burst and the poo hit the fan, some of
these account officers, now wives, were thinking of how to hide
what they could, protect their children and families, still maintain
the lifestyle, pay lawyers, get their 419 husbands bail every now
and then, depending on when a new reported case fingered them.
“Some wise 419ers, especially the educated ones, who had made
good money, invested in some other businesses and cleaned up
their businesses and tracks. Some not so smart ones, were selling
off properties and cars and running out of Nigeria to Ghana or
other neighbouring countries. Some unfortunate ones were
swindled or blackmailed by the police to quietly forfeit their
proceeds of crime. And others just went underground totally. “The
consequence of these happenings was the dearth of the Home
video business. Funds were hard to come by. Stars had been made
and they needed to be paid to maintain the glamour and assumed
high life style of the rich and famous. The seasoned professionals,
who were shut out from the 419 windfall, and had not been
benefiting from the free funds, had overtime, sourced funds from
legitimate sources to shoot their own movies. These professionals,
many of whom had come from thespian backgrounds, also had
been making money from producing, directing, scripting and acting
in the home video sectors and allied businesses. They now
became the fall back for many 419 dependent actors and
producers. “The funding of the home video industry was now a
case of who can bring the needed funds. Many repented 419ers
still had money, but were no more interested in showing off their
houses, cars and wealth. They just wanted to stay clear of the
home video business. But good enough for the young industry, the
hunger for the movies had been created. The market was waiting
for movies, and anyone who had a story and could assemble a
cast put it out in the market. The marketers of the movies had
made stupid money in the home video boom and now started
funding movie productions.
Interestingly, many of the born again 419ers, joined politics and
became power brokers. And knowing how NIGERIANS had taken to
home videos, they started to use their offices to support the
industry and expected to also benefit from the fame that the
stakeholders enjoyed. My conclusion. Owing to the fact that the
initial funds that kicked off the home video business, were not
expected back by the people (419ers) who funded the business,
some of the actors and actresses, plus producer and directors,
were more concerned about the creatives. They did not pay
attention to the distribution of movies and how to roll over the
proceeds from one movie into the next one. They were already
now used to lau lau money. It became a problem when they got
monies from individuals for a movie and years after, have not
been able to recoup money spent on the movie, not to mention
paying back. No one even dared to mention interest or profit.
“From the above you will agree with me that Government had no
role to play in the funding of the movie industry as we know it. It
had always been through the efforts of stakeholders and the funds
from the MAGA who paid. “Credit at this time must be given to
professional players in the industry who in spite of those free
funds, continued to legitimately source funds, produce quality
home videos, though they did not pay as much as the free-fund
movies did. They were the ones that kept Nollywood alive. “I had a
stint in Nollywood, thanks to BASORGE TARIAH jnr. (It’s at this
point that I mention that it was my debut in the movie industry.
That same movie, started, Rita Dominic’s career). I saw what
Basorge went through, to get the movie MY GUY out. It was a
combination of a lot of support here and there. Still can not stay he
made enough to compensate for the energy and resources that
that movie consumed. “Like I said, I had a stint inNollywood. I was
on set for My Guy for a week. The money that I made back then as
Mc or comedian, in a week was more the total cost of shooting that
movie. I then decided that, I was not going to be that patient. To be
part of a production that will take a month and yet the money was
not commensurate with the work. “I therefore, find myself being
worked up, when I see people in the movie industry, failing to get
the point. If it requires me saying it over and over again, I will. Till
those that did not get it get it. Piracy is the problem. It is not
government intervention. It is also not loans or alternative funding.
Piracy is the only problem. The sooner stake holders know that,
the better for them. “Thank God for Amaka Igwe of blessed
memory, who came to my rescue when she said, the pirate only
needs a copy, and all your investment, creativity and distribution
channels will come to nothing. I was practically threatened and
told to keep quiet by the people in NOLLYWOOD, who saw $200m,
and that was all they saw. “I have said severally on many
platforms, arresting pirates is not the first line of attack. Go after
their foot soldiers. Set up an ANTI PIRACY SQUAD, headed by an
AIG, with a law degree. Set up Zonal office. Empower them with
patrol vehicles and trained and armed mobile policemen. Get
corporate bodies to donate vehicles and properties. Arrest the
people who sell them on the streets and charge them for economic
crimes. “Then let them go serve the jail term. No option of fine.
While this is on, start awareness on the evil called piracy. Then
start pushing for stronger laws to punish offenders. Gradually, the
foot soldier who spent one month in a cell for selling pirated
products, will avoid that line of business. He will however have a
choice of going to legitimate shops that will now be licensed to sell
the products. “Decorum will not return immediately, but as the anti
piracy message continue to reach out, people will begin to adjust
to the changes. That is when cinemas will fill out. Thus warranting
the building new ones. “Finally, there is no more 419. There are no
more proceeds from crime that will be given to the entertainment
industry as free funds. Anyone who gives money to the industry
now will expect return on investment (ROI). This is why it’s hard
for banks to give loans for movie productions. Because the bank
will ask how you plan to pay it back.they know the Pirates are out
there. They know there is no legislation protecting your work. So,
you have to do more to convince them to fund you. “Let’s just
hope that Mr President is not advised again, to share the money
again, instead of setting up a lasting structure that will protect
intellectual property and help regenerate our entertainment
industry, to a point where it can contribute 20% to the GDP. And it
can! “What do I know sef? Shebi I am just a comedian”.

THE TRUTH ABOUT T.B JOSHUA - DADDY SHOWKEY

There was a time artiste, Daddy Showkey, was among the top
musicians in Nigeria. But Showkey came and reigned and
somehow, faded; nothing much was heard about him again. But in
recent times, the singer, who became famous especially with his
galala dance moves, has somewhat come to the limelight again.
And as he has made this come-back, some rumour mongers went
to town with the gist that the singer visited popular Lagos pastor,
T.B Joshua, to revive his career. Those who claim to know alleged
that Daddy Showkey became a regular visitor to the church, hoping
and praying the pastor would help revive his career. But in an
exclusive chat with Saturday Beats, Showkey dispelled rumours
that Prophet T.B Joshua is his spiritual father. He claimed that it is
not TB Joshua’s prayers that shot him back into limelight. He
however, admitted that they are good friends. He acknowledged
that he is good friends with the prophet and he often goes to pay
him a visit. “It is God that has been helping me since I got back
into the music industry. I don’t go to T.B Joshua’s church to
worship. He is my friend. When people saw me with him, it’s either
when I went to greet him on his birthday or when his building
collapsed. Sometimes, I just go to greet him but I don’t worship in
his church. “T.B Joshua prays for people but my success comes
from God and the good people that I know and they brought me
back to the limelight and not just one person. T.B Joshua is a
good man and that’s all I can say,” he said.

Six villages burnt, Corps members injured in Imo State over missing card readers

A source, who is one of the Corps members working for INEC in
that region and who would not like to be named, told our
correspondent that villagers from the six villages in Oru-East Local
Government burnt buses and polling units. The villages include;
Awo-Ommama, Akuma, Amagu, Akatta, Amiri, Omuma. They also
attacked police officers and soldiers. The source said trouble
started in the towns when "some men came to the LG council from
Awo-Ommama, saying they heard that ten card readers and report
sheets were missing. They started disrupting the peace saying no
election." The fracas started since morning till around 2.30pm
when the DSS were deployed to restore order to the affected areas,
the insider told Pulse. The Corpers and other presiding officers
were escorted to their Polling Units afterwards, but the bus they
were transported in was smashed on their way and about four
Corpers were injured. "It's major. Several Corpers in the village
have had their phones smashed so that very few info/pictures
leaves the village," said the source. The police in the state could
not be reached for comment as at the time of filing this report.
However, it was gathered that some youths in the village said it in
November last year that they were already paid to disrupt the
March 28 election. There was a high rate of PVC robbery and
"forced selling." Awo-Ommama is the only stronghold of the All
Progressives Congress (APC) of the six villages. Most of the
destructions happened only in the APC stronghold.

INEC Extends Voting In 300 Polling Units Out 150,000

Voting in ongoing general election has been extended to Sunday
in 300 out of 150,000 polling stations, the electoral commission
said, after technical glitches marred polling nationwide.
“Just about 300 polling units out of about 150,000,” spokesman
for the Independent National Electoral Commission (INEC),
Kayode Idowu, told reporters, when asked about the number of
polling station affected by the extension.
Hand-held card readers which scan voter’s biometric data
malfunctioned or failed at various polling stations across Africa’s
most populous country.
Kayode said there were 109 polling stations where “cards were
not read” at all, another 100 stations where there were “issues”
with biometric data, while card readers in other areas had battery
problems.
The commission had earlier said that given the widespread
malfunctioning of card readers, electoral officers had been
empowered to manually check voter cards against a hard copy of
the electoral roll.
During the election campaign, President Goodluck Jonathan’s
Peoples Democratic Party (PDP) repeatedly criticised the
technology, which is designed to “read” fingerprints and other
personal data in 10 seconds.
The main opposition All Progressives Congress (APC) backed the
use of the devices as a way of combating widespread vote-
rigging in previous elections.

10 Classes Of Christians That Make God Weep

1. Unforgiving Christians
Unforgiveness has gradually pitched its tent in the heart of some
Christians. Jesus commanded us to forgive 70×7 times if hurt. I
can't forget the day I saw a friend in hell because she locked
someone up in her heart. I told her, she wept and went to the
person for forgiveness. God forgave our sins so we are
mandated to forgive others also.
2. Complaining Christians
The Israelites complained and God didn't get busy. No! He got
angry. Serpents bit them and a lot of them died in the wilderness.
Stop complaining. Start thanking!
3. Stingy Christians
They give to everyone (doctors, traders etc) with ease except to
God! So pious yet so poor. How pathetic! God wants to lavish His
greatest wealth on them but they're not operating on the
covenant of seedtime and harvest so they're not close!
4. Unbelieving Christians
These folks are often quick to doubt the testimonies of others in
church. They attribute it to "luck" or "work". Hmm! The "
Supernatural", they doubt. It hurts God. Heb. 11:6. It is only Faith
that puts a smile on God's face
5. Ignorant Christians
Nothing hurts God the most than to watch His people perish for
"lack of knowledge ". They rather pray for weeks but can't really
sit to hear the Word of God or perhaps THINK on It. God is a God
of knowledge, you also should be.
6. Hypocritical Christians
Isaiah likened them to a disturbing smoke before God. They
consciously do the wrong they scold others about. Their motto is,
" Do as I say and not as I preach". They judge others like they are
the Chief Judge. OK.
7. Lying Christians.
Ps.101:7, God said "He that tell lies shall not tarry in My sight".
That tells you how much God hates lies. The Devil is called the
"father of liars" in John 8:44. If you are lying (white, blue, green
etc), whose offspring are you?
8. Dormant Christians
Also known as Unfruitful ones. They are so "heavenly" minded
that they ignore their God-given potentials. They live on people
even when they have in them great potentials that could make a
star outa them. So blind! So wasteful! Will they die with all of
these talents in them?
9. Proud Christians
James 4:6- God resists the proud. To resist means to push aside,
fight against...and other unbelievable synonyms. How does God
spot pride? Prayerlessness, snubbing potential suitors,
selfishness etc. Yoruba calls it "egberaga". Humble yourself
before God Himself sits on your matter ni. "Pride goes before a
fall" can be found twice verbatim in the book of Proverbs. A
proud person is simply testing God. Lucifer did and was not.
Don't dare.
10. Worldly Christians
Worldliness is the pursuit of worldly things at the expense of
God's presence. It could be career, fashion, fame, success in
marriage etc.
Indecency in all its dimension is a minute fragment to what that
monster called worldliness is. It is a system. It is in power (the
power that be). It is an authority. It HAS invaded the world
already especially in this last days.
That's why as a child of God, you must know the Word for
yourself. You must know God.
Not every church goer is going to Heaven or even believe in it the
least. Spotting a lady dressing Unclad and calling it fashion, a
guy drinking beer, a child fussing and cursing aren't all there is to
Worldliness. These are all evidences to its existence.
Finally, I beseech brethren, be strong in the Lord and in the power
of His might. Put on the whole armour of God so you CAN BE
ABLE TO STAND THE WILES OF THE DEVIL.

Jonathan’s Exit Seen As Spark Needed To Ignite Markets

President Goodluck Jonathan left the floor of the Nigerian Stock
Exchange after a visit two weeks ago to traders singing “For
He’s a Jolly Good Fellow”. Some investors would prefer that he
keeps walking.
According to Bloombery since rising to a five-year high in July,
Nigeria’s benchmark stock index has plummeted 30 per cent
and is now only 11 per cent higher than when Jonathan took
office in May 2010. Stocks in South Africa and Kenya rallied 90
per cent in the period, while those in Zambia and Ghana more
than doubled. The naira fell to a record in February and
domestic government bond yields of almost 16 per cent are the
highest among 31 emerging markets monitored by Bloomberg
indexes.
“It’s been horrible,” Ayodele Salami, who oversees $200 million
of Nigerian assets as chief investment officer of Duet Asset
Management, said by phone from London on February 23.
“Foreigners have been getting out of equities and fixed income.
Bond yields in Nigeria are now astronomically high.”
Jonathan’s failure to wean Nigeria off its reliance on oil and
save surplus revenue when crude prices were trading at record
highs, is coming back to haunt his campaign for a second term
in office. A plunge in crude of almost 50 per cent since June
risks slowing economic growth in 2015 to half the pace set over
the past 15 years. A win for his opponent, Muhammadu Buhari
of the All Progressives Congress (APC), may tempt foreign
investors back to Africa’s biggest economy and spur a rally in
Nigerian assets, according to Holger Siebrecht at Boston-based
Acadian Asset Management.
The election was delayed by six weeks after security forces said
they needed more time to defeat an insurgency by Islamist
militant group Boko Haram, which killed 4,700 people last year,
according to UK-based risk consultancy Verisk Maplecroft. With
lower oil prices slashing export revenues, the International
Monetary Fund forecasts growth of 4.8 per cent this year, about
half the average of the past 15 years.
Buhari, a 72-year-old former military ruler, is seeking to unseat
Jonathan, 57, in what is set to be the nation’s closest election
since Nigeria ended military rule in 1999.
Standard & Poor’s downgraded the West African country on
March 20 to B+, four levels below investment grade, citing loss
of income from oil and rising political risks. Nigeria, which has
long had a reputation for endemic graft, ranked 136 of 175
countries in Transparency International’s 2014 Corruption
Perceptions Index, level with Russia and Iran.
Buhari’s APC aims to boost economic growth to 10 per cent and
increase employment by providing cheap loans to small
businesses, according to a manifesto on its website. Jonathan
said on March 12 he will sell more state companies to the
private sector if he wins and encourage oil, power and
telecommunications firms to list on the stock exchange. His
spokesman, Doyin Okupe, didn’t respond to Bloomberg’s
telephone calls and text messages seeking comment.
“We think the market may welcome a win by General Buhari,”
Siebrecht, who helps oversee $360 million of emerging-market
debt at Acadian, said in an e-mailed response to questions on
Tuesday. “Buhari is likely to be more effective than Jonathan”
at tackling corruption and Boko Haram, and managing the
government’s finances amid falling earnings from oil, he said.
Acadian joined investors including Morgan Stanley and TCW
Group Inc. in cutting exposure to Nigerian assets in the last
quarter of 2014. Foreign investors have reduced their holdings
of naira government bonds to 14 per cent of the total from as
much as 27 per cent in 2012, according to Standard Chartered
Plc. Outflows from the equity market were the highest in
November since at least 2012.
“If the government had saved substantially during the period of
high oil prices, the nation would have had buffers to cushion the
slide in the naira and by extension the stock market,” Sewa
Wusu, head of research at Sterling Capital Markets Ltd, said by
phone from Lagos on March 20.
The main problem for investors remains the naira, which has
weakened 18 per cent against the dollar in the past six months.
While the currency rebounded 1.9 percent this month to 199.05
per dollar as of 12:50 p.m. in Lagos, trading restrictions
imposed by the central bank mean it is overvalued and will
probably weaken after the election, according to Investec Asset
Management.
“Investors are waiting for the election to pass, and they’re also
waiting for the naira to devalue,” Joseph Rohm, a money
manager at Investec, which oversees $107 billion, said by
phone from Cape Town on March 20. “Once you see the naira
devalue further, you’ll see foreign portfolio flows back into
Nigeria again.”
Forward prices imply the naira will weaken to 244 against the
dollar in six months and 261 in a year, according to data
compiled by Bloomberg.
Nigerian stocks trade at 7.9 times forward earnings, the lowest
level among African bourses tracked by Bloomberg. They will
probably rally whoever wins the election, but will be more
buoyant if Jonathan is voted out, according to Lanre Buluro,
head of research at Lagos-based Primera Africa.
“If Buhari comes in we believe the rally will be much more
sustained,” said Buluro. “It would be a breath of fresh air. The
country’s been ruled by the same party for 16 years.”

6 Ways to Be More Productive by Working Less

1. Get outside.
Even if you’re just going out to grab coffee or tea in the
afternoon, make it a point to stretch your legs and
breathe in some fresh air. You'll have a daily excuse to
step away from your desk and give a boon to your
productivity. A recent experiment using the productivity
app DeskTime found that the most productive employees
in the study took 17-minute breaks for every 52 minutes
of work.
2. Schedule short walks.
Exercise is important, but not always easy to fit into a
busy day. Schedule a walk, putting it on your calendar,
the same way you would a meeting, even if your stroll is
just a few minutes long. A recent study found that
creative thinking improves during and shortly after a
walk.
Related: 4 Ways Startup Employers Fail at Work-Life
Balance
3. Eat lunch with coworkers.
Avoid the temptation to chow down in front of your
laptop. Eating lunch at your desk is a surefire way to get
less satisfaction out of your mealtime. One study
suggests that skipping a proper lunch break may
increase fatigue and decrease productivity. Schedule
lunch with your coworkers, either in or out of the office,
but away from your computers, to connect with office
mates and unplug.
4. There's an app for that.
Apps like Workrave and Big Stretch Reminder force you
to take breaks from staring at your screen, and can
prompt you to step away from the computer when you’re
tempted to keep your nose to the grindstone.
5. Reach out.
Get in touch with a friend, relative or other loved one for
a brief chat and an important reminder of your life
outside of the office. Research indicates that people who
feel more connected to others have lower rates of
anxiety and depression. A quick call can help you feel
supported, and boost morale.
6. Write it out.
It’s hard to remember to be mindful during a busy day,
but taking a few minutes to jot down your feelings may
help alleviate some stress and keep you grounded.
Research has shown that expressive writing can improve
mood disorders and even boost memory .

10 Free Online Courses That Can Benefit Every Entrepreneur

1. 21 Critical Lessons for Entrepreneurs
This two-hour video course by Docstoc CEO Jason
Nazar takes his real-world experience and breaks it into
several video lessons that discuss all the important
steps of running a successful business, from vetting an
idea and raising money from investors to scaling and
growth strategies.
There are a lot of coaching and training programs online
that are put together by individuals that don’t have real
business experience. They make their money by
teaching and not by doing. Nazar’s insight is truly
valuable because he has been there. He has used the
information he is sharing to grow Docstoc into a
successful business.
More information about this course can be found here.
Related: 5 Podcasts That Will Get You Hooked on
Digital Audio Content
2. New Venture Finance: Startup Funding
for Entrepreneurs
Some entrepreneurs prefer not to seek outside funding,
opting to bootstrap -- but the majority of startups would
welcome funding with open arms if they knew how to
secure it. This is what this online course from the
University of Maryland covers, as professor Michael R.
Pratt explains what you need to do in the early stages of
your business to prepare for funding, where to source
funding, how to pitch investors and venture capitalists,
as well as how to close funding.
There is a lot more to the process than putting together
a business plan and a pitch deck and firing it off to any
investors or VC that you can find. Part of being
successful is being prepared -- and this course helps
entrepreneurs be prepared before going after funding.
More information about this course can be found here.
3. Introduction to Web Development: HTML
Every business has an online presence these days,
meaning every business has a website. Some tech
startup founders are very computer savvy and can write
code in their sleep. Other business owners, such as a
restaurateurs or retailers, might not have the same
knowledge and experience. So what do entrepreneurs do
that don’t have a coding or programming expert on their
team? They pay ridiculously high rates to companies to
make simple website changes.
A lot of the small changes and tasks can be completed
in-house with just a little HTML knowledge -- exactly
what this course delivers. You aren’t going to become a
world-class developer after taking this, but you will have
a thorough understanding of how to create HTML web
pages and make changes and edits to existing pages.
More information about this course can be found here.
4. Scaling Operations: Linking Strategy and
Execution
This course from the Kellogg School of Management at
Northwestern University is a five-week lesson that shows
you how to correctly build an operation that is both
stable and scalable. There isn’t a single entrepreneur
that starts a business hoping to stay small.
The two professors, Gad Allon and Jan Van Mieghem,
cover everything from the correct framework, marketing,
outsourcing and strategy required to scale efficiently and
successfully.
More information about this course can be found here.
5. How to Make Money Online: The Passive
Income Business Plan
My company brokers the sale of online businesses, so I
understand firsthand how lucrative online-based
businesses can be. This course lays out a simple, yet
effective, way to make money online. The goal of the 12-
hour video course is to explain how to execute a plan to
make $5,000 in monthly passive income by creating 10
websites that each produce $500 in monthly revenue.
While this is a basic introduction to online business, it
does provide helpful information for entrepreneurs that
have contemplated starting an online business but
weren’t sure how to start. It’s a good first step for those
interested in making money online -- as are these online
business models.
More information about this course can be found here.
Related: 4 Ways Technology Is Making Education More
Affordable and Available
6. Successful Negotiation: Essential
Strategies and Skills
Being able to negotiate is a skill that every entrepreneur
should master. Business contracts, vendor contracts,
lease agreements and employee contracts all require
negotiation. George Siedel and the University of
Michigan have put together a video course that consists
of more than eight hours of practical education that
breaks down the negotiation process into four parts.
This is also a great course to have your sales team
complete -- there isn’t a single sales professional that
cannot benefit from additional negotiation education. The
fundamentals taught in this course can be applied to
virtually any sales scenario.
More information about this course can be found here.
7. Foundations of Business Strategy
Think you would gain a competitive advantage if you
understood how to position your company to maximize
your value creation? Professor Michael Lenox, from the
University of Virginia’s Darden School of Business, has
created a seven-hour video course designed to help
entrepreneurs understand competitive markets, analyze
structure and capabilities, as well as how to determine
competitive positioning.
More information about this course can be found here.
8. Fundamentals of Project Planning and
Management
Look back at the last project you completed -- did it go
as smoothly as you would have liked? You could have
the best plan but if it isn’t executed properly you could
potentially miss a deadline or fail entirely. Not only does
this course put together by the University of Virginia
explain how to properly plan a project, but it also
explains what to do when things don’t go as planned.
Understanding how to react when things go wrong is
equally as important as understanding how to execute a
project that is going to plan. Have your project manager
or department heads take this course with you and really
increase your company’s effectiveness.
More information about this course can be found here.
9. Entrepreneurship -- From Idea to Launch
If you are just starting a business or are thinking about
becoming an entrepreneur, this course is for you. With
nearly 40,000 individuals already completing this course,
Dr. Jeff Cornwall explains practical steps to take an idea
and turn it into a successful business.
Currently a professor of entrepreneurship at Belmont
University in Nashville, Tenn., Cornwall walks the talk.
He took a nine-year break from the education world to
co-found Atlantic Behavioral Health Systems. This
course is a great introduction to the world of
entrepreneurship that is taught by someone who has
actually launched a company.
More information about this course can be found here.
10. Marketing in a Digital World
Every single business needs to have a digital footprint
these days -- there are no exceptions. While you can
always just hire a digital marketing firm to handle
everything it is a good idea to have a full understanding
of what a digital marketing campaign consists of.
Along with discussing digital promotion, this course also
dives into the creation of digital products. Many
businesses -- the publishing industry for example -- are
converting to digital products. This is a four-week course
by Aric Rindfleisch of the University of Illinois at Urbana-
Champaign that is a must for new entrepreneurs as well
as seasoned business owners that haven’t quite grasped
digital promotion.
More information about this course can be found here.
Bonus: Guide to Buying an Online Business
Buying a business can be a shortcut to success online.
Why start something from scratch when someone else
has done all of the hard work for you?

Before You Decide to Jump Into Entrepreneurship, Do These 4 Steps

1. Determine what you are passionate
about in life.
What is the one thing, career or business, you really
want? If you know what you are goals are in life, you
can plan by setting time-bound, realistic and measurable
objectives to achieve it. Don't keep these passions it in
your head. Write it down. Give yourself time. Make a
decision to start somewhere. Once you begin to put
things on paper, every other idea about the resources
needed to make your dream happen will begin pouring
out of you.
2. Don't just think about it, act on it.
Action begets outcome. Outcome begets more action.
You can only build when you make a move, as
momentum builds through action. So act! You can't see
the results until you overcome your fear of starting
something and then begin to take the first step at
actually creating a new business, project or building the
life you want. The only thing worse than failure is not
starting.
There are too many people out there who want to stay in
their comfort zone and take no action but still complain
of their current life. Don't be one of these people. A
single step gets you closer to your dream career. So,
don't discount the power of action no matter how small.
And keep in mind, you don't have to quit your current job
to act on your ideas. Figure out the best time outside
your normal work hours to get something done. You
don't even have to do most things yourself. You could
outsource or get someone else involved.
Related: Study: It's Better to Start a Business While
You're Still Employed Elsewhere
3. Set clear boundaries.
Try and make sure your job and personal passion
project don't overlap. It can become a problem when you
use your company's resources to kick start your new
side project – and your bosses won't tolerate it.
Separate the two to make things easier for yourself.
4. Plan your transition.
Once you have decided to start a side project to build
your dream business, you will at some point make that
bold decision to do it full time. Make sure you have
planned for it before you make that all important move.
Most people will keep postponing that decision for a
long time, often due to financial security reasons. It's
understandable, especially when you have bills to pay
and a family to support.
So, the important point here is that the decision to quit
should not be taken lightly. Carefully monitor the
progress of your project. Have you made significant
contacts who could be clients or support you when you
start? How soon can your launch? What is your single
most important success factor? And do you have that in
your control?
There won't be a clear indication when to go into your
project full time. But sooner or later you will have to
transition out of your current position to build the life
you want.

Nigeria Ranks 4th On Interpol's African Wanted List -

Nigeria ranks fourth of the 54 countries in Africa with the highest
number of citizens on the Interpol wanted list, Saturday PUNCH
has gathered.
Interpol is the International Criminal Police Organisation that
facilitates international police cooperation, with global membership
of 190 countries, spread across four continents.
According to the data on Interpol’s website, 63 Nigerians
comprising 56 males and seven females have been declared
wanted by the organisation for various offences.
Nigeria trails Libya with 90 persons; Egypt, 156; and Rwanda, 160.
Other African countries that rank next to Nigeria are South Africa,
Zimbabwe and Sudan, making them fifth, sixth and seventh
positions with 41, 38, 25 persons respectively, while countries like
Cameroon, Niger and Chad rank as the 27th, 28th and 36th, with
eight, seven and two persons respectively.
Only 43 of the 54 African countries have their citizens on the
wanted list, leaving out 11 countries with no citizen in the
document. They are Madagascar, Cote d’Ivoire, Burkina Faso,
Gabon and Lesotho, among others.
The Nigerians on the list, whose ages range between 26 and 72,
were declared wanted for various offences by the judicial
authorities of both Nigeria and some foreign countries for
prosecution and to serve a sentence.
The countries include South Africa, United States of America,
China, India, Brazil, Canada, Argentina, Botswana and Norway,
with India, US and Brazil having the highest numbers of Nigerians
on their list.
The offences include fraud, criminal conspiracy, cheating, drug
trafficking, theft, customs crimes like smuggling, rape/aggravated
sexual assault, stealing, escape from lawful custody, abduction
and threat to life.
Interpol had stated on its website that its crime areas include
corruption, crimes against children, cybercrime, drugs,
environmental crime, financial crime, firearms, fugitive
investigations, integrity in sport and maritime piracy.
Others are organised crime, pharmaceutical crime, terrorism,
trafficking in human beings, trafficking in illicit goods and
counterfeiting, vehicle crime, war crimes and works of arts.
Seventy-two-year-old Nigerian, Emejulu Herbert, is the oldest
person on the list. He was declared wanted by the judicial
authorities of United States of America for conspiracy to commit
health care fraud, aggravated identity theft and conspiracy to
distribute drugs.
Nkem Butchang, 26, who is the youngest, was also declared
wanted by the judicial authorities of Canada for sexual assault and
failure to comply with condition of recognisance.
In the same vein, Itumo Anthony, 36, male, was declared wanted
by the judicial authorities of Nigeria for prosecution and to serve a
sentence for committing fraud, theft, terrorist finance and
conversion.
Also, a 41-year-old woman, Esther Florence, has been declared by
the judicial authorities of India for prosecution and to serve a
sentence for criminal conspiracy, while 59-year-old Akinwale
Olufunke, female was also on the wanted list on the request of the
United States for prosecution and to serve a sentence for
conspiracy and attempt to possess with intent to distribute a
controlled substance.
Other persons on the list include Disu Oluwadamilare, Opara John,
Ohai Harrison, Costa Austine, Okromi Austine, Onyegbu Florence,
Ilechukwu Osita, Opadeyi Moses, Agbakoba Chiwoh, Adebowale
Abiodun, among others. Also, five persons including a seven-year-
old girl, Ndudi Olivia, have been declared missing by the Interpol.

7 Powerful Public Speaking Tips From One of the Most-Watched TED Talks Speakers

1. Don’t talk right away.
Sinek says you should never talk as you walk out on
stage. “A lot of people start talking right away, and it’s
out of nerves,” Sinek says. “That communicates a little
bit of insecurity and fear.”
Instead, quietly walk out on stage. Then take a deep
breath, find your place, wait a few seconds and begin. “I
know it sounds long and tedious and it feels
excruciatingly awkward when you do it,” Sinek says, “but
it shows the audience you’re totally confident and in
charge of the situation.”
Related: Why Entrepreneurs Love Steve Jobs
2. Show up to give, not to take.
Often people give presentations to sell products or ideas,
to get people to follow them on social media, buy their
books or even just to like them. Sinek calls these kinds
of speakers “takers,” and he says audiences can see
through these people right away. And, when they do,
they disengage.
“We are highly social animals," says Sinek. "Even at a
distance on stage, we can tell if you’re a giver or a taker,
and people are more likely to trust a giver -- a speaker
that gives them value, that teaches them something new,
that inspires them -- than a taker.”
3. Make eye contact with audience
members one by one.
Scanning and panning is your worst enemy, says Sinek.
“While it looks like you’re looking at everyone, it actually
disconnects you from your audience.”
Related: 5 TED Talks That May Change Your View on
Life
It’s much easier and effective, he says, if you directly
look at specific audience members throughout your
speech. If you can, give each person that you intently
look at an entire sentence or thought, without breaking
your gaze. When you finish a sentence, move on to
another person and keep connecting with individual
people until you’re done speaking.
“It’s like you’re having a conversation with your
audience," says Sinek. "You’re not speaking at them,
you’re speaking with them."
This tactic not only creates a deeper connection with
individuals but the entire audience can feel it.
4. Speak unusually slowly.
When you get nervous, it’s not just your heart beat that
quickens. Your words also tend to speed up. Luckily
Sinek says audiences are more patient and forgiving
than we know.
“They want you to succeed up there, but the more you
rush, the more you turn them off," he says. "If you just
go quiet for a moment and take a long, deep breath,
they’ll wait for you. It’s kind of amazing.”
Related: 5 Must-Read Books For Every Entrepreneur
Sinek believes it’s impossible to speak too slowly on
stage. “It’s incredible that you can stand on stage and
speak so slowly that there are several seconds between
each of your words and people… will… hang… on… your…
every… word. It really works.”
5. Ignore the naysayers.
Dismiss the people furrowing their brows, crossing their
arms or shaking their heads “no.” Instead, focus only on
your supporters -- the people who are visibly engaged,
enjoying your presentation and nodding “yes.” If you find
the audience members who are positively interacting
with you, you’ll be much more confident and relaxed
than if you try to convince the naysayers.
6. Turn nervousness into excitement.
Sinek learned this trick from watching the Olympics. A
few years ago he noticed that reporters interviewing
Olympic athletes before and after competing were all
asking the same question. "Were you nervous?” And all
of the athletes gave the same answer: "No, I was
excited." These competitors were taking the body’s signs
of nervousness -- clammy hands, pounding heart and
tense nerves -- and reinterpreting them as side effects of
excitement and exhilaration.
Related: 4 Motivating TED Talks to Help You Bounce
Back From Failure
When you’re up on stage you will likely go through the
same thing. That’s when Sinek says you should say to
yourself out loud, “I’m not nervous, I’m excited!”
“When you do, it really has a miraculous impact in
helping you change your attitude to what you’re about to
do," Sinek says.
7. Say thank you when you’re done.
Applause is a gift, and when you receive a gift, it’s only
right to express how grateful you are for it. This is why
Sinek always closes out his presentations with these
two simple yet powerful words: thank you.
"They gave you their time, and they’re giving you their
applause." Says Sinek. "That’s a gift, and you have to be
grateful."

The 5 Most Popular TED Talks of All Time

1. Ken Robinson: How Schools Kill
Creativity
Children are naturally creative, right up until we educate
the raw spark of wonder out of them. In his witty, 18-
minute takedown of the talent-squandering treadmill that
is the traditional public education system, Sir Kenneth
Robinson challenges us to “radically rethink” the way we
teach our children. He invites educators to encourage
kids to dance, experiment and make mistakes.
Related: 7 Public Speaking Tips From One of the Most-
Watched TED Speakers
Business leaders can apply Robinson’s outlier theories
to inspire their teams in much the same way. Start by
allowing your employees to make mistakes. They’re not
bad. They’re gateways to innovation.
2. Amy Cuddy: Your Body Language
Shapes Who You Are
If you’re a habitual arm crosser, watching Amy Cuddy’s
body language 101 might convince you to drop the habit
-- and your arms -- right away. The social scientist, who
kicks off her speech with a “free no-tech life hack” that
will probably turn your frown upside down, says our
body language speaks loud and clear to those around us.
And it might just have a lot to do with our success. One
thing’s for sure: You’ll walk a little taller and sit up a little
straighter after you take Cuddy’s 20-minute “power
posing” crash course. Remember, “Tiny tweaks can lead
to big changes.”
Related: Inspiring TED Talks Every Entrepreneur Should
Watch
3. Simon Sinek: How Great Leaders Inspire
Action
Extolling the trailblazing, renegade spirit of iconic
historical figures like Martin Luther King, Jr. and the
Wright brothers, ethnographer Simon Sinek dares people
be rebels, to “think, act and communicate” in ways that
are “the complete opposite of everyone else.” In his talk,
the author of the motivational classic Start With Why
(Portfolio Trade, 2011) describes what he calls the
“golden circle.” It’s a means of communicating “from the
outside in,” a way to passionately talk about what you
care about and believe. He says Apple does it --
obviously to great success -- and your company can,
too.
Related: Why TED Talks Are Impossible to Resist
4. Brené Brown: The Power of Vulnerability
Humiliation, embarrassment and shame are the fields of
study that Brené Brown specializes in. Not many people
talk openly about those kinds of feelings, let alone in
front of thousands. In her touching, often funny speech,
the University of Houston research professor and author
of five bestselling self-empowerment books , reminds us
to be true to ourselves. How? By embracing our
imperfections, something society pressures us not to do,
at home and at work. Instead, Brown asks you to be you,
to be real and really vulnerable. When you are, you’re
kinder to yourself and to others. It’s not easy, but once
you accept who you are -- not who you think should be --
flaws and all, Brown says you’ll connect with others in
deeper, more meaningful ways. And P.S. -- Stop beating
yourself up already. You are enough.
Related: An Oft Unspoken Key to Success: Put Aside
Your Ego and Be Vulnerable
5. Jill Bolte Taylor: My Stroke of Insight
When Harvard-trained brain researcher Dr. Jill Bolte says
she had a stroke of insight, she means it literally. One
morning, at the age of 37, she suffered a devastating
cerebrovascular accident. A blood vessel in her brain
suddenly burst. She could only speak “like a Golden
Retriever” when calling for help. Her right arm “went
totally paralyzed” and her world came crashing down.
You won’t believe Taylor’s first thoughts upon realizing
she was suffering a stroke: “Wow! This is so cool! How
many brain scientists have the opportunity to study their
own brain from the inside out?" Amazing, right?
Related: 4 Motivating TED Talks to Help You Bounce
Back From Failure
In her deeply personal talk, Taylor pulls us into her eight-
year recovery journey. She describes learning to walk,
talk and think again -- from scratch. And, of course, she
also reveals her biggest “stroke of insight” as a brain
hemorrhage survivor. It’s simple but so complex: our
right minds can be gateways to nirvana, but only if we
choose to step out of them.

Presidential candidates deliver final messages

Abuja - Campaigning wound to a close in Nigeria's presidential
elections on Thursday, with the two leading candidates
delivering their final messages to supporters before the crunch
vote.hey p challenge from former military ruler Muhammadu
Buhari.
Land and sea borders were shut at midnight on Wednesday
(2300 GMT) as part of stringent security measures that also
include an eight-hour restriction on movement when polling
stations are open.
Nigeria has a history of election-related unrest and both
candidates appeared keen to prevent a repeat of 2011, when
1,000 people were killed in clashes after the results were
announced.
This time round, fears of Boko Haram suicide attacks and
bombings at vulnerable targets, including polling stations, have
seen unprecedented calls for vigilance from the security
services.
'Peace deal'
Jonathan and Buhari signed a pledge of non-violence in
January and on Thursday repeated their commitment to
peaceful elections, with the campaign due to formally end at
midnight.
"Now that the campaigns have come to an end, we meet to
renew our pledge for peaceful elections," read a document
signed by the two men at a hotel in Abuja and made available
to reporters.
"We therefore call on all fellow citizens of our dear country and
our party supporters to refrain from violence or any acts that
may in any way jeopardise our collective vision of a free, fair
and credible election."
The country is almost evenly split between a Muslim-majority
north and largely Christian south, with Buhari and Jonathan
traditionally pulling support from their respective regions.
Acceptance of the result is seen as key to preventing violence
and the Independent National Electoral Commission said it had
been working with the parties to tone down often violent
rhetoric.
"All this will add up when the elections are through and the
results are announced and we see that they conduct
themselves in accordance with the pledges and promises that
have been made," INEC spokesman Kayode Idowu told AFP.
Final messages
Jonathan published a "thank you" message to Nigerians on the
front page of many national newspapers, with a 40-page
colour pull-out detailing his claimed achievements.
But the president recognised the challenge from Buhari and his
All Progressives Congress (APC) which could see his ruling
party defeated for the first time since the end of military rule in
1999.
"Right now there are only a few more hours to the election. I
cannot recall an election more important than this in the
history of our nation and I need your support," the 57-year-old
wrote.
"I need you to vote for me in this election, not just because of
me, but so that we consolidate on the progress we have
made."
Jonathan is campaigning for continuity and has vowed to
complete the work he has started in his first four years in
office.
Buhari, 72, who headed a military government in the 1980s
and describes himself as a "converted democrat", has for his
part pushed an agenda of "change".
He criticised "insecurity, broken infrastructure and growing
inequality", vowing action against Boko Haram and corruption,
which he said had made Nigeria "a laughing stock of the
world".
"Rebuilding the army and other security agencies will... be a
top priority of my government. I will ensure that never again
will terrorists find a safe haven in Nigeria," he added.
He said he would also reunite the more than 200 schoolgirls
kidnapped by the group in April last year with their families.
INEC on track
The electoral commission charged with organising the election
in Africa's most populous nation meanwhile said it was on
track for a smooth operation.
Some 68.8 million voters out of a total population of some 173
million are registered to vote in Nigeria, which is also Africa's
leading economy and top oil producer.
Ballot papers and election materials, including for the first time
handheld readers to scan biometric voter identity cards, had
been sent to the country's 36 states and capital territory.
"Everything is in place," said INEC's Idowu.
INEC has come under scrutiny for its preparedness, even after
the initial February 14 vote was postponed because of military
operations against Boko Haram in the northeast.
Jonathan's PDP voiced concern about the distribution of voter
cards and the card-reading technology.
But Idowu said the election "will be as flawless as humanly
possible" and that results would be announced within 48 hours
of polls closing on Saturday.

APC supporters dare police in Rivers over members’ arrest

Lagos - Unrest is brewing in the Rivers State where the All
Progressives Congress (APC) alleged plans by the People’s
Democratic Party (PDP) to annihilate and eliminate the former.
Ibim Semenitari, APC state spokesperson, blamed President
Goodluck Jonathan and his wife, Patience, whose party had
not commented on the allegations.
The opposition alleged its leaders had been victimized ahead
of polls.
“We also wish to inform Rivers people and indeed all Nigerians
that as members of the APC we will ensure that we will use all
legal instruments and ways to protect our rights to free and
fair elections,” said Semenitari.
Also Read: Ikanya refutes PDP defection reports
“We also wish to notify the Rivers State police command to be
ready to arrest all of us as we will demand to be arrested
alongside any of our members arrested by the police in any of
our communities. The APC in Rivers State can no longer stand
idly by while the PDP and its police continue to indiscriminately
arrest our members and lock them up.”
He nonetheless appealed for calm.
“We ask all our members or remain calm. This one too shall
pass. Nigeria isn’t any one person’s property and Rivers State
belongs to all of us,” Semenitari said.
“While we condemn this rape of democracy and the refusal of
the Peoples Democratic Party to submit itself to free and fair
election, the APC in Rivers State wishes to request it
supporters not to be intimidated by the ridiculous attempt of
the PDP to scare its opponents, especially APC. It is certain
that the PDP is unable to come to terms with the fact that the
party and its candidates have been roundly rejected by Rivers
people.”

Election Spending Fuels Cash Shortage In Banks -

The massive withdrawal of cash from Deposit Money Banks by
politicians and their associates in preparation for the general
elections has led to shortage of cash across bank branches in
the country.
It was gathered on Thursday that several billions of naira had
left the banking system between December last year and this
month as different political parties spent huge amounts on their
campaigns.
“Many banks are having it rough in terms of liquidity. Huge
deposits running into several billions of naira have been
withdrawn for election campaigns by politicians. This has
affected some of the banks. So, liquidity issue is of utmost
concern right now,” a top official of a tier one bank told our
correspondent.
According to other sources close to the situation, some lenders
have had to postpone some obligations due to liquidity
problems.
“Banks have been calling and pleading with some investors not
to terminate maturing fixed-income debts as a result of liquidity
problems; some bankers are also not lending not necessarily
because of uncertainties in the economy, but due to lack of
liquidity,” a banker added.
A number of politicians, he said, had also sold their properties
below the real values in a bid to raising funds for campaigns.
Our correspondent, who visited some bank branches in Lagos
and Ogun states on Wednesday and Thursday, observed that
hundreds of customers came to withdraw money from their
accounts more in anticipation of problems during and after the
presidential election on Saturday.
However, many of the customers were disappointed because
they could not get the amounts they requested across the
counter and Automated Teller Machines.
Bank officials said some customers were making panicky cash
withdrawals to make provision for their families in case of
security problems after the elections.
A bank official told our correspondent that it was a sign of
liquidity problem for banks to keep giving excuses of network
breakdown and employ delay tactics to force some of their
customers to leave in frustration without being unable to make
withdrawals.
The Managing Director, Afrinvest Asset Management Company
Limited, the research and investment arm of Afrinvest West
Africa Limited, Mr. Ola Belgore, said political spending in the run
up to elections usually affected the banking system and the
economy in general, citing the examples of what happened in
previous polls.
Belgore is of the opinion that some banks are currently
experiencing liquidity problems because a significant part of the
huge funds leaving the banking system for election campaigns
is currently held in the informal sector.
This, he said, was so because a major part of the population
was still unbanked.
“Even though there is a lot of outflow out of the banking
system, the bulk of it is being stored in the informal sector at
the moment because a large number of Nigerians are still
unbanked,” he noted.
The Managing Director, Dunn Loren Merrifield Asset
Management Limited, Mr. Tola Odukoya, who stated that the
relationship between political spending and the banking system
was usually an inverse one, noted that the onset of the general
elections had had serious adverse effects on the financial
system.
According to him, beyond the political spending, the increased
risks occasioned by the general elections have also made
several foreign portfolio investors to hold back from investing in
the country.
This, he said, had led to major drawbacks in economic
activities, adding that “the effect of the onset of the general
elections on the financial system has not been palatable.”
Outlining other factors that had compounded the banks’ liquidity
problems, the investment expert said, “The effects of monetary
and fiscal policies in the last several months have also
impacted negatively on banks’ liquidity. The effects of the lower
crude oil prices on the economy means the federal and state
governments now have less money to share.
“We also see the increase in the Cash Reserve Ratio of public
sector deposits to 75 per cent as a factor. On the back of this,
we also see the implementation of the Treasury Single Account;
this means banks do not have access to funds belonging to the
Ministries, Departments and Agencies of government. From
these, a lot of liquidity has been sucked out of the banking
system.
“The adverse effect of the not-too-favourable economic
conditions in the last six months and the inflationary effects of
the devaluation of the naira have reduced the income of the
average household; this has also led to reduction in household
savings. So, it will be difficult for banks to be very liquid in the
face of all these factors. Some banks may be more liquid that
the others.”