Wednesday, May 30, 2012

OTC Market: NASD Finalises Trading Rules


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Trading session at NSE


By Goddy Egene

The NASD Limited, which was has been granted an Approval-in-Principle (AIP) by the Securities and Exchange Commission (SEC) to operate Over-the-Counter (OTC) market in Nigeria, is finalising its trading rules and is targeting the last quarter of this year to commence operations.

NASD Limited was formed in 1998 to promote and operate an OTC market open to all interested registered securities dealers in Nigeria. It has been working towards putting in place an organised OTC market in place. SEC gave its approval last year.

It had planned to commence operations late last year but that was not possible as it was sourcing for funds and how to get a trading platform among other issues.

However, the Chairman of Technical Committee of NASD Limited, Mr. Victor Ogienwonyi, told THISDAY last Monday that the trading rules were being finalised and operations would likely begin in the last quarter of the year after getting the final approval of SEC.
According to him, since getting the AIP of SEC, the promoters of the project had been working round the clock to ensure a smooth take-off of operations.

According to him, N500 million had been raised by the company from 51 operators while vendors for the trading platform had been streamlined to three from the 11 that applied to supply the platform.

He disclosed that a permanent office had been secured for the company on Marina, Lagos, while key staff members had been recruited.

“We are finalising our trading rules and hope to take off fully by last quarter of this year after getting approval from SEC. We intend to have an all-asset trading platform that will trade from simple money market instruments like commercial paper through equities to bonds, including simple derivatives like foreign exchange options and futures.

“Our intention is to trade all non listed Public Liabilities companies (PLCs) in a very transparent manner; thereby expanding the market for securities and complementing the Nigerian Stock Exchange (NSE)”, he added.

Before now, Chairman of NASD Limited, Mr. Tola Mobolurin, had said that the NASD would provide capital raising windows to all qualified public sector and corporate entities especially small-to-medium sized companies seeking to raise capital and for investors seeking to trade existing securities on a transparent platform.

“It would also provide a liquidity window for investors and fund managers who invested in public unquoted companies and expand opportunities for Pension Fund Administrators who are required to invest only in publicly traded securities,” he said.

Kudos, Knocks as FG Re-names UNILAG After MKO Abiola



Kudos, Knocks as FG Re-names UNILAG After MKO Abiola

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 Late Chief Moshood Kashimawo Olwale (MKO) Abiola

By  Chuks Okocha  , Adibe Emenyonu, Linda Eroke, Funmi Ogundare, Chiemelie Ezeobi   and Sheriff Balogun 
Many have read several meanings into the presidential gesture of re-naming the 50-year old University of Lagos, after the late Chief Moshood Kashimawo Olwale (MKO) Abiola, fondly regarded as the June 12 hero and democracy icon, which many believe prefaced the birth of the nation’s  democracy.
While some think it is a political masterstroke to break into the South west political bloc, others see it as playing to the gallery, as it upturns the trend in the past where the Federal Government shied away from discussing the Abiola phenomenon in the Nigerian political space. Yet, others think it is mere red herring tactic to divert attention from the core issues of governance.
But more curiously, the gesture seems to have provoked avalanche of mixed reactions, many of which are condemnatory of the Federal Government .
The first kick came from the students of the University of Lagos (UNILAG), Akoka,  who, yesterday, trooped out to protest the renaming of the institution after the  Chief Abiola.
The students who defied the early morning rain, marched from the gate of the institution through the Yaba neighbourhood and back to the school protesting the change of name.
Although the protest was peaceful, it almost turned violent when one of Unilag security officers, arrested one of the protesting students and took him into custody. A full riot was however averted when the security officer was arrested and handcuffed to a burglary proof.
The protest was quickly and effectively managed by DECOMPOL Operations Nine as aggrieved protesters at Yaba, Shomolu and Ikorodu Roads were pacified and persuaded to return to campus and embrace dialogue.”
The acting president of the students union, Mr Idowu Odumose, described the name change as an act of injustice.
“It is an injustice to the institution. The change cannot be done unilaterally without amending the act setting up the university,’’ he told NAN.
In the same vein, the Acting Vice Chancellor, University of Lagos, Prof. Rahmon Bello described as a surprise the Federal Government’s decision to rename the institution.
Bello made the remark while addressing protesting students. 
A Professor of Law and Jurisprudence of the institution, Akin Oyebode who has taught in the institution for 40 years,  queried the timing of the action, saying that the presidency cannot just change it now when UNILAG is planning to bury its late Vice Chancellor, Prof. Babatunde Olatokunbo Sofoluwe.
Chairman of the Academic Staff of Universities (ASUU) of the  institution, Dr. Karo Moses Igbinaka calmed the students, stressing that UNILAG is a brand that has been built over the last 50 years. .
“The decision to rename the UNILAG was mainly PDP. UNILAG is a university established by an act of parliament and you cannot just wake up one day to say you want to rename it.  The President recently established nine new university in the country, he can afford to rename those ones if he so wishes. UNILAG is not what you can just change overnight.”
But expectedly, the President’s announcement excited the Abiola family which, yesterday, said they were ecstatic over the renaming of the University of Lagos (UNILAG) as the Moshood Abiola University.
In a telephone interview with the News Agency of Nigeria (NAN), Mr Abdul Abiola, son of the late politician said there was nothing wrong with the naming of the university after his father.
``We are shocked by the reactions trailing this development. My late father believed so much in education.”
Abiola’s first child, Lola Abiola-Edewor and Hafsat Abiola-Costello said that the Federal Government should be commended for recognizing the contribution of the late politician to the return of democracy in the  country.
Abiola-Edewor however condemned the protest by some students  saying that the gesture was long overdue.
Like her brother, she said: “I really do not understand all of the hues and cries. Nigerians had demanded severally that MKO be immortalised and asked why nothing had been done till date. What I cannot understand though is how renaming of UNILAG has degenerated into such a controversy. University of Ife was renamed Obafemi Awolowo University  and it has remained,” Abiola-Edewor said.
Abiola-Costello however tasked the Federal Government on the alleviation of poverty amongst Nigerians.
In the same vein, the Save Nigeria Group (SNG) has said Abiola deserved the highest honour in the land.
“While acknowledging the place of Abiola in the political history of Nigeria, we deplore the renaming of the University of Lagos after him,’’the SNG said.
But according to a former special assistant to the late Chief M.K.O. Abiola, Lisa Olu Akerele, the gesture is not even enough to honour the late politician, describing it as "mere tokenism and not far-reaching enough."
A constitutional lawyer, Prof. Itse Sagay (SAN), said the president should be praised for his effort to immortalise Abiola, adding that he, however, made a wrong choice in choosing UNILAG.
Sagay said: “The president should be praised for his effort to immortalise Abiola. It was done out of good intention but he chose the wrong institution.
Mr Bamidele Aturu, a human rights activist, said the president had the power to change the name of the institution¸ stressing that nothing was actually wrong with the name change.
He said: “The renaming itself is not the problem it is was a populist gesture. This must not been seen as a way to garner the sympathy of the people of the South West.
Yet, Mr Wale Ogunade, President, Voters Awareness Initiative, said the proper way to honour Abiola would have been to recognise June 12 as a national holiday.
“MKO Abiola is not known to be an educationist. The best way to have honoured him is for the Federal Government to recognise June 12 as a national public holiday”, he said.
Also, the Edo Consultative Forum (ECF), Tuesday, commended the Federal Government for the gesture.
In a statement signed by its Director of Media and Publicity, Mr Matthew Aramunde, it said the honour was overdue, stressing that the history of Nigeria democracy would not be complete without noting Abiola's contributions.
It questioned the protest against the gesture, asking, “How would the re-naming of UNILAG after M.K.O. Abiola affect the results and grades of the students? 
“UNILAG is the property of the Federal Government of Nigeria, it can change the name as it pleases any time.
“The students should protest against the killings in the north. They should protest against those mentioned for corruption and not the change in the name of their school,’’ 
But tailing off into the political, former President, Academic Staff Union of University [ASUU] Prof. Festus Iyayi argued that the best way to immortalise Abiola was to concentrate on development and for President Jonathan not to contest the 2015 election, but focus on raising the living standard of Nigerians in all aspect of life.

But former Edo State governor, Chief John Oyegun said “for me it is very good. It is high time a major national monument is named after Abiola.

Tuesday, May 29, 2012

NTA Newsline TV Broadcaster Sele Eradiri Dead At 57

Sele Eradiri
By SaharaReporters, New York
Sele Eradiri, the Nigeria Television Authority broadcaster who featured on a weekly popular program "Newsline" is dead. Ms. Eradiri died at the Lagos University Teaching Hospital early this morning according to former colleagues.
A former colleague who did not want to be named told Saharareporters that Eradiri had been laying sick at LUTH after her condition deteriorated shortly after returning from a successful surgery in India a few months ago.
Born on March 13, 1955, Ms. Eradiri attended the Florida Atlantic University in Boca Raton from where she graduated in 1983

University Of Lagos Students Protest "Democracy Day" Name Change By President Jonathan


By Saharareporters, New York
 A decision announced earlier today by President Goodluck Jonathan of Nigeria to rename one of Nigeria's most prestigious universities after deceased politician, Moshood Kashimawo Abiola has backfired as students on the institution engaged in mass protests in Lagos to resist the name change.
The students shut down the school’s entrance gate, preventing vehicles from entering the campus as they gather in numbers to march on campus protesting the change of the institution’s name from  University in Lagos, University of Lagos [UNILAG] to Moshood Abiola University of Lagos [MAU]
By the early morning Democracy Day broadcast by President Goodluck Jonathan today,  University of Lagos popularly known as [UNILAG]  will now change to Moshood Abiola University of Lagos [MAU].

UNILAG Students Protest School's Change of Name

29 May 2012
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University of Lagos, Akoka
Students of the University of Lagos, have embarked on a protest march to kick against the Federal Government's decision to rename the institution after the late politician,Chief MKO Abiola, the presumed winner of the June 12, 1993 election.
The name change was announced by President Goodluck Jonathan during his nationwide Democracy Day speach Tuesday morning.
Angry UNILAG students have taken to the streets to protest the name change and are heading towards Alausa, the seat of the Lagos State goverment to express their displeasure with the development.
Details to follow...

Monday, May 28, 2012

Rihanna's topless moments

It is safe to say that this delectable star has had quite a number of topless moments and from the looks of things, she actually enjoys them.
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Ukraine’s Parliamentarians Fighting 28 May, 2012


It is now certain that it is not only in Nigeria that we have fighting lawmakers. Here is a glimpse of Ukrainian parliamentarians battling it out.
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