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Nigerian Drug Enforcement Agents Intercepts 56Kg of Heroine
Narcotics Consignment Was From Pakistan
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The Nigerian National Drug Law Enforcement Agency (NDLEA) has intercepted 56.25 kg of heroin concealed inside car shock absorbers at the Murtala Mohammed International Airport in Lagos, from a consignment which originating from Pakistan.The materials were discovered by the custom search at the Cargo section of the airport.
Mitchell Ofoyeju, the agency head of public affairs, said in the statement that a clearing and forwarding agent, Yekini Shittu, was currently been interrogated on details of the consignment and an airport taxi driver, Kamoru Gbadamosi, had been declared wanted in connection with the unlawful importation of the substance. The narcotic seizure is the single largest catch of heroin made in 2009. The statement credit the cooperation and assistance of the UK drug fight efforts with the Nigerian Drug Enforment Agency for the scores of recent successes in tracking and neutralizing further attempts to use Nigeria as a transit point or trading post for narcotic traffing.
Dubai Shops Traced to Sacked Nigerian Bank Executive
Abuja, Nigeria
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Nigerian Financial Crimes investigations have traced about 60 shops in Dubai to one of the sacked bank chief executive officers. Mr. Sanusi disclosed this in his presentation at the ninth meeting of the Honorary International Investor Council (HIIC) at the Banquet Hall of the Presidential Villa, Abuja. He said that efforts are on to recover the property. "As at this morning, we have been able to trace 45 to 60 shops in Dubai belonging to one of the sacked bank CEOs.
"We are not just following the money, we are also following the property and we are going to pursue everything and bring it back to the country with the support of the international community," Sanusi said.
The CBN governor also disclosed that the Economic and Financial Crimes Commission (EFCC) will, this week, arraign former Chief Executive Officer of Intercontinental Bank, Erastus Akingbola, who has been on the run. "We have filed the charges in the court and we have also prepared charges against one or two of the management staff of the bank; they will be brought to the court,
Online Shopping Launched By Spring Bank and Lagos Megaplaza
Aviod Lagos Traffic and Shop Online
Spring Bank, Mega plaza collaborates, launches online shopping
Business Nov 17, 2009
Spring bank in collaboration with Mega plaza has launched an online shopping solution. The online shopping at Mega Plaza enables customers of the superstore to log on to a site select desired items, pay for them via an Interswitch or e_transact payment card and have their d goods delivered to their doorsteps, anywhere in the country, within 72 hours.
Speaking during the event at the premises of the Mega Plaza Mall, the Group Managing Director/Chief Executive Officer of Spring Bank Plc, Mrs. Sola Ayodele, said that in keeping with the bank's mission statement, which says, "to build a global retail brand by delivering with passion innovative financial solutions in every neighborhood," Spring Bank is introducing this e_Commerce solution in our society so as to delight Nigerians through our world_class products and services.
U.K. Rated Below Nigeria in Financial Stability
World Economic Forum Report Ranks U.K. 37th, USA 38th
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THE United Kingdom has been hit so hard by the recession that it now ranks below developing countries like Nigeria and Panama in the financial stability rankings, says a report by the World Economic Forum.
Out of 55 global economies, the UK ranks 37th for financial stability, just above the US at 38th, according to the Forum's second annual Financial Development Report.
Overall, the UK claimed the top spot as the world's leading financial system, displacing the US, which dropped below Australia to third place, hampered by dire economic stability scores and a weak banking sector.
Kevin Steinberg, Chief Operating Officer at the World Economic Forum, warns that stability is the key issue, not overall scores:
"The United Kingdom and US may still show leadership in the rankings, but their significant drops in score show increasing weakness and imply their leadership may be in jeopardy."
Germany and France suffered a heavy fall in overall scores that pulled them out of the top 10.
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West Africa
Nigeria
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Both countries slumped in the rankings, but held fast in terms of financial stability, achieving scores significantly higher than the UK and US, the report says.
Nigeria had recently embarked on a banking reform programme that necessitated the sack and replacement of the Chief Executive Officers of eight banks by the Central Bank of Nigeria (CBN). In a bid to save these institutions, which were said to be in "grave situation" liquidity wise, the banking watchdog also had to inject a total of N620 billion into them.All the 24 banks in the country underwent an audit text of which 14 passed, eight out rightly failed, while two others were asked to recapitalise by June next year.
Ethiopia and Star Buck Coffee Reach Agreement
TTimes World Report
Starbucks strikes Ethiopia deal
Ethiopia prides itself as the home of coffee bean cultivation
Starbucks and the Ethiopian government have reached an agreement which could help end a dispute over trademarks.
The two sides agreed in principle to sign a licensing and marketing deal which recognises the importance of Ethiopia's speciality coffee beans.
Cultivation of the coffee bean first began in Ethiopia, and the country has been seeking to trademark its best-known coffee beans.
However, US officials have argued that the plan is not economically viable.
Ethiopia and UK charity Oxfam claimed Starbucks was attempting to block plans by the African nation to trademark its Sidamo, Harar and Yirgacheffe coffee beans.
But the coffee chain giant denied initiating opposition to the trademark application, insisting the decision to do so was taken by the US National Coffee Association (NCA).
The NCA had warned that if Ethiopia succeeded in obtaining the trademarks, it may price its coffee beans uncompetitively high.
'Positive change'
Ethiopia hopes to substantially lift the income of its coffee farmers through the trademarking plan.
The eyes of Africa will be on this agreement, which could even set a precedent for further deals beyond Ethiopia in the future
Oxfam
The poverty stricken country is heavily reliant on coffee bean exports, and about a quarter of its 80 million people are involved in the industry.
Oxfam welcomed news of the licensing agreement between Ethiopia and Starbucks, adding it could add momentum to the country's trademarking project.
"This action by Starbucks could represent a huge step towards a real positive change for the 15 million Ethiopians who depend on coffee for their livelihood," the charity said.
"The eyes of Africa will be on this agreement, which could even set a precedent for further deals beyond Ethiopia in the future."
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