Remy on Rodgers' radar as Liverpool plot spending spree

 

Daniel Agger to leave Liverpool?

Queens Park Rangers striker Loic Remy has emerged as a Liverpool transfer target as manager Brendan Rodgers plans to continue strengthening his squad before a Champions League push.
Remy, 27, scored 14 goals as he spent last season on loan at Newcastle United and Rodgers is weighing up an offer of around £8 million for the France international after backing away from a move for Swansea forward Wilfried Bony, sources have told ESPN.
Liverpool's manager is continuing to chase several other transfer targets too, with Lille's Belgian striker Divock Origi, Southampton centre-half Dejan Lovren and Swansea left-back Ben Davies also on his wanted list.
Rodgers is looking to Davies to challenge Jose Enrique for the left-back spot as hopes fade of agreeing a fee with Sevilla for his first-choice target Alberto Moreno.
Having spent around £57m on four signings so far this summer, Rodgers' outlay could top £100m by the time the transfer window closes at the end of August. Much of that spending will be offset by the £75m sale of striker Luis Suarez to Barcelona, which was concluded this week.
The manager insists that there was always a plan to invest heavily in the squad even before talks to sell Suarez gathered momentum at the start of July. Rodgers said: "The signings we have made have no relation to Luis going, absolutely - these were players that were always earmarked to come in."

 

Murdoch’s $80 billion Time Warner bid rejected

• Mogul’s 21st Century Fox likely to consider renewed offer for owner of CNN, HBO, Warner Bros and other media brands
RUPERT Murdoch’s 21st Century Fox has been rebuffed in an $80 billion (£46.7 billion) bid to buy rival United States media and entertainment giant, Time Warner.
  Together Fox and Time Warner would own a huge range of assets including CNN, Fox News, HBO and movie studios 20th Century Fox and Warner Bros.
  Time Warner rejected the $85-a-share cash and stock offer, a 25 per cent premium on the company’s share price, according to a source familiar with the negotiations.   Murdoch is likely to consider a renewed bid, the New York Times reported.
  The octogenarian has long been keen on securing a final mega-merger before handing the reins of his media empire to the next generation of the Murdoch family.
  The bid, which would create a combined company with total revenues of $65 billion, could prompt a new spate of media consolidation.
  Fox has indicated that to push the deal through regulatory scrutiny it would sell off Time Warner’s CNN, which competes directly with Fox News, with rivals CBS and Disney’s ABC likely suitors, according to the New York Times.
  21st Century Fox said in a statement: “21st Century Fox can confirm that we made a formal proposal to Time Warner last month to combine the two companies.   The Time Warner board of directors declined to pursue our proposal. We are not currently in any discussions with Time Warner.”
  Time Warner issued a robust defence of its rejection of Murdoch’s offer, including questioning Fox’s ability to manage the enlarged business.
  The company also questioned the value to shareholders of the non-voting stock portion of the deal – the cash part of Fox’s offer was $32.42 a share.
  “There is significant risk and uncertainty as to the valuation of 21st Century Fox’s non-voting stock and 21st Century Fox’s ability to govern and manage a combination of the size and scale of 21st Century Fox and Time Warner,” the company said.
  The company’s board said it was “confident” that its own strategic plan was “superior” to any offer Fox could make.
  “The board is confident that continuing to execute its strategic plan will create significantly more value for the company and its stockholders and is superior to any proposal that 21st Century Fox is in a position to offer,” it said. “The unique value of Time Warner’s industry-leading businesses including its portfolio of networks and its film studio and television production business is only going to increase.”
  Claire Enders, founder of media research firm Enders Analysis, said: “Time Warner has been a real laggard in stock market terms for a long time with a lot of great assets that can be plucked like a chicken. Even for 21st Century Fox this is a colossal deal. They are making a big play for more content and Time Warner has some of the best global franchises you could hope to have – look at Harry Potter, Batman and HBO.”
  Time Warner’s lucrative cable channel business includes TNT, TBS and HBO, home to shows including Game of Thrones.
  Murdoch’s TV channel operations include FX and the Fox broadcast network, which airs programmes including The Simpsons and American Idol, until it was cancelled earlier this year.
  Bringing Warner Bros – maker of films including The Hangover, the Batman and Harry Potter franchises, and one of the biggest hits of 2014 The Lego Movie – together with 20th Century Fox, home to Avatar, X-Men and Dawn of the Planet of the Apes, will create a Hollywood studio powerhouse.
  21st Century Fox currently has more than $5billion cash on its balance sheet. The company could also potentially add $10billion-plus more if BSkyB, in which Fox owns a 39 per cent stake, successfully completes a buyout of Fox’s Italian and German pay-TV businesses to create Sky Europe.
  Time Warner rejected the deal over issues that include the stock portion of 21st Century Fox’s offer would only be for non-voting shares, which would keep the enlarged business firmly controlled by the Murdoch family.
  While Murdoch has made numerous audacious “bet the farm” moves to build his media empire over the years, the 83-year-old is determined that his last major deal is capped by a safe transition of power to his sons.
  Earlier this year he laid the groundwork by bringing back eldest son Lachlan, the heir apparent who walked away from the empire almost a decade ago to set up his own investment company and move to Australia.
  The 42-year-old was named as non-executive co-chairman of the entertainment and publishing companies, alongside his father.
  At the same time, younger brother James was also elevated to co-chief operating officer, with direct responsibility for developing Fox’s pay-TV aspirations globally.
  The 41-year-old moved to New York to consolidate his position within the company, but also to distance himself from intense criticism of his handling of phone hacking as executive chairman of News UK.
  Murdoch has been focused on building the scale of 21st Century Fox’s TV and film business, after freeing it from the drag of the publishing assets which were spun off into a separate listed company last year.
  The separation of the businesses has insulated the highly-profitable 21st Century Fox operation from the phone-hacking scandal that has dogged some of his publishing assets.
  The publishing business, News Corp, primarily consists of newspaper assets such as the Sun, Times, Wall Street Journal and the Australian, book firm HarperCollins, and also Murdoch’s Australian pay-TV business.
  Analysts and investors have been tipping wider consolidation among the major U.S. media players following Comcast’s move to take over Time Warner Cable.
  Time Warner has spent years trimming its portfolio – including AOL, Time Warner Cable and, most recently magazine publishing division Time Inc – to focus on TV and film, which has made it an attractive target.
  Time Inc, the largest magazine publisher in the U.S. with titles including Time, Sports Illustrated and Marie Claire, was spun off last month as a corporate manoeuvre to protect Time Warner from the continuing decline in the publishing sector.
    Yet Murdoch, who made his usual star appearance last week at an annual meeting of the moguls hosted by Allen & Co’s investment bank in Sun Valley, Idaho, will not be put off so easily.
  In polo shirt and baggy chinos, the fit and tanned 83-year-old was snapped chatting with his eldest son Lachlan, current heir-apparent in the Murdoch clan’s own version of Game of Thrones, amid a crowd that included the new elite including Facebook’s Mark Zuckerberg, Google chairman Eric Schmidt and Amazon’s Jeff Bezos.
 Murdoch was in many ways the odd man out. Content is no longer king. The cable companies and Internet firms that distributed the products his empire produces have amassed ever-greater control. Now Murdoch appears to have hit upon a solution: create a content company big enough to shift the balance of power and hand his family control of a media empire ready for the battles ahead.
  Time Warner confirms its rejection of the bid in a video to staff David Folkenflik, NPR media correspondent and author of the book Murdoch’s World. He said the deal was driven in part by business logic: Murdoch wants to secure his business as companies like Amazon and Netflix move further into creating content. “At the same time he wants to write enough of a final chapter to take him well beyond the court cases that have wrapped up in London.”
  Folkenflik said the audacious move was also a bid by Murdoch to redefine his image after the hacking scandal, to demonstrate to the world he was “as relentless and as close to immortal as you can be.”
  “He wants it to show that his empire is larger than ever, that he’s undaunted and that people think of him unceasingly growing the family empire and giving James and Lachlan more vineyards to play in,” he said.
  A merger would come as Comcast, the U.S.’s largest cable firm, tries to push through a takeover of Time Warner Cable, the second largest player that has consumer groups, and Murdoch, worrying about the power cable firms will soon exert over the media market.
 Murdoch has been focused on building the scale
  Time Warner’s board said it was “confident” that its own strategic plan was “superior” to any offer Fox could make.
    Keith Rupert Murdoch, born 11 March 1931, is an Australian American business magnate. Murdoch became managing director of Australia’s News Limited, inherited from his father, in 1952. He is the founder, Chairman and CEO of global media holding company News Corporation, the world’s second-largest media conglomerate, and its successors News Corp and 21st Century Fox after the conglomerate split on 28 June 2013.
  In the 1950s and ‘60s, he acquired various newspapers in Australia and New Zealand, before expanding into the United Kingdom in 1969, taking over the News of the World followed closely by The Sun. He moved to New York in 1974 to expand into the US market, but retained interests in Australia and Britain. In 1981, he bought The Times, his first British broadsheet, and became a naturalised U.S. citizen in 1985.
  In 1986, keen on adopting newer electronic publishing technologies, he consolidated his UK printing operations in Wapping, causing bitter industrial disputes. His News Corporation acquired Twentieth Century Fox (1985), HarperCollins (1989) and The Wall Street Journal (2007). He formed BSkyB in 1990 and during the 1990s expanded into Asian networks and South American television. By 2000, Murdoch’s News Corporation owned over 800 companies in more than 50 countries with a net worth of over $5 billion.
  In July 2011, Murdoch faced allegations that his companies, including the News of the World, owned by News Corporation, had been regularly hacking the phones of celebrities, royalty and public citizens. He faces police and government investigations into bribery and corruption by the British government and FBI investigations in the U.S. On 21 July 2012, Murdoch resigned as a director of News International.
  In 2014, Murdoch was inducted into the Television Hall of Fame for his contributions in the field of television.

Malaysia PM Najib: Deep shock over Ukraine plane crash

The wreckage of the Malaysian airliner carrying 295 people from Amsterdam to Kuala Lumpur after it crashed near the town of Shaktarsk in rebel-held east…

MALAYSIA’S leader has called the Malaysia Airlines plane crash in eastern Ukraine "deeply shocking".

Describing the disaster as a "tragic day" in a "tragic year" for Malaysia, Najib Razak said the investigation "must not be hindered in any way".

The plane, carrying 298 people, crashed in rebel-held territory near the Russian border.

Both sides in Ukraine's civil conflict have accused the other of shooting it down with a missile.

The Boeing 777, with the call sign MH17, was flying from Amsterdam to Kuala Lumpur.

It is the second disaster suffered by Malaysia Airlines this year. Flight MH370 disappeared en route from Malaysia to China in March and has still not been found.

In a statement, Malaysia Airlines said MH17 was carrying at least 154 Dutch nationals, 27 Australians, 43 Malaysians (including 15 crew), 12 Indonesians and nine Britons.

Other passengers came from Germany, Belgium, the Philippines and Canada, with the nationalities of 41 people not yet confirmed.

Several of those on board - it is not yet clear how many - were heading for a major international conference on HIV/Aids in Melbourne, Australian officials said.

Other airlines have announced they are now setting flight paths to avoid eastern Ukraine, while Ukraine authorities have declared the area a no-fly zone, according to European flight safety body Eurocontrol.

Multiple reports from Washington cite unnamed US officials as saying they believe the plane, which had reportedly been flying at more than 30,000 feet (10,000m), must have been brought down by a sophisticated surface-to-air missile.

The UN Security Council is to hold an emergency meeting on the disaster on Friday morning in New York.

In his statement, the Malaysian leader said the plane's route had been declared safe by the International Civil Aviation Organisation.

He said the plane had not made a distress call.

"Malaysia is unable to verify the cause of this tragedy. But we must - and we will - find out precisely what happened to this flight," Mr Najib said.

"If it transpires that the plane was indeed shot down, we insist that the perpetrators must swiftly be brought to justice."

Malaysia is sending a team to Ukraine to help with the investigation.

Ukrainian President Petro Poroshenko said it was an "act of terrorism".

Foreign Minister Pavlo Klimkin told the BBC he had intercepted phone conversations that proved the plane was shot down by pro-Russian separatists.

But Russian President Vladimir Putin blamed the Ukraine government for restarting military operations in the area, where it is trying to regain control from pro-Russian rebels.

"The country in whose airspace this happened bears responsibility for it," he said.

Separatist leader Alexander Borodai, meanwhile, accused the Ukrainian government of bringing down the airliner.

In a telephone conversation, US President Barack Obama and the Dutch leader, Mark Rutte, "agreed on the need to assure immediate access to the site... to international investigators... to carry out a thorough investigation", the White House said.

A subsequent White House statement said it was "critical that there be a full, credible and unimpeded international investigation as quickly as possible".

The plane fell between Krasni Luch in Luhansk region and Shakhtarsk in the neighbouring region of Donetsk.

The head of the Russian Air Traffic Controllers' Union, Sergei Kovalyov, told BBC Russian that the airspace over eastern Ukraine had remained open during the conflict because the planes previously shot down had tended to be helicopters or low-flying fast jets.

"In order to bring down an airplane from an altitude of 10,000m, you need to have very serious weapons…. missiles," he said. "It's either a mistake or a terrorist act."

Nigeria to adopt genetically modified crops, says agency

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A DISCLOSURE Thursday came from the National Agricultural Biotechnology Development Agency (NABDA) that the Federal Government has put in place necessary regulatory guidelines to fast track the adoption of Genetically Modified Organisms (crops) (GMO).
   Addressing a press conference Thursday in Abuja on the need for a Biosafety law for the  adoption of Biotechnology in the country, NABDA Director General, Prof. Lucy Ogbadu, said the Federal Ministry of Environment has a Biosafety Unit with well trained staff internationally and nationally to manage Biosafety matters.
  She added that the country has also developed a number of regulatory instruments which include biosafety  application administration guidelines, Biosafety bill, policy, guidelines, Biosafety containment facilities guidelines, accreditation of institute application form, certification of biosafety containment facility form, confined field trial monitoring and inspection manual.
  Other regulatory instrument include GMO import and shipment form, National Biosafety Risk Analysis Framework, Nigeria Biosafety Socio-economic consideration guidelines, decision document, draft biosafety regulation on GMOs import and export, draft biosafety Regulation on labeling,  packaging and transport.
  They also include Draft Biosafety Regulation on labelling, packaging and transport, draft biosafety regulation on GMOs commercialisation. She added that a biosafety laboratory has also been established for GMOs detection and analysis.
  Calling for the quick passage of the biosafety bill, Ogbadu noted that the absence of the law has hampered research and development in modern biotechnology in the country and would enable research institutes to carry out their statutory functions.
  She said: “The absence of biosafety law has made it difficult for the agency, research institutes, Federal Ministry of Environment to effectively perform its statutory functions.”
  She warned that the absence of biosafety law might make Nigeria a consumer nation of foreign GMO foods, particularly maize products instead of producer, thereby holding farmers hostage to those of other countries.
  While not denying the presence of GMOs in the country, she said there was little the agency could do to contain the spread of GMOs in the markets.
  She highlighted some of the importance of Biotechnology in the country to include increase in food supply with less farmland requirement; discovery of new medicines and vaccines diagnosis for diseases such as Alzheimer, cystic, fibrosis, cancer, HIV/AIDs and also clean up of oil spills, prevention of deforestation, provision of eco-friendly materials.

Panic in Abuja over fresh threat of B’ Haram attack

Security operatives evacuate plaza occupants 
AN alleged fresh threat by    Boko Haram sect that it will attack the Ambeez shopping plaza in Abuja may have created panic among residents of the city.
   Security operatives Thursday stormed the plaza located in Zone five, Wuse district and ordered the occupants to vacate the premises.
   Meanwhile, gunmen suspected to be  Boko Haram  members on  Wednesday evening  kidnapped two businessmen (names withheld) in Gambouru border town of Ngala Local Council of the state and whisked them away to unknown destination.
  The threat letter, which was obtained by The Guardian, was said to have been written by an insider who claimed he is now a changed man.
  The letter reads in part: “This is to inform all occupants of Ambeez plaza that a threat letter has been sent to this plaza that all occupants should be very careful if possible stay out of the plaza for the next three days starting from Monday to Thursday.”
  The author of the warning letter cautioned the occupants not to treat the letter with levity saying, “please don’t toil with this vital information … like those in Emab plaza that got insight and still stayed until many died.
  In revealing his identity, the writer, who said he is close to the planners of the dastardly act, claimed he is now a child of God.
  He urged occupants of the plaza to call the attention of the police in case they come across bags on the floor, saying that is the means through which the planned attack would be carried out.
  He added: “… because that will be the means of bombing Ambeez plaza. Security should start serious search of lady handbags, cars and pockets of all that come in throughout this period because the information is crucial.      Don’t call this rumour and risk your life please be careful many have gone, don’t be victim of careless acts. … I am talking from inside the house of those making this plan but am now a child of God but am still with them exposing them in secret so l am revealing this to all especially children of God ahead of time for caution to be taken by all that are wise.”
   One of the occupants who spoke to The Guardian on condition of anonymity said: “We got the letter on Monday and that sent jitters down the spine of everybody in the plaza. In fact, some people have even started packing out of the plaza. I think that security authorities are on top of the situation now because some of them came and ordered everybody out of the plaza now. With this evacuation, you can imagine how many people will be thrown into unemployment market. Besides, there are many families that will find survival hard by the reason of suspension of business in this plaza.”
   This comes as security operatives have cordoned off a popular fresh fruits centre popularly called “farmers market”, which is about 500 meters away from the Inspector General of Police residence.
  One of the sellers who called himself Seidu, while lamenting the closure of the market said: “It is very unfortunate that this kind of thing is happening in our country. Most of us selling fruits here are from the North coupled with the fact that this place is not far from the house of the Inspector General of Police, it is a surprise that this kind of thing can happen here. Who is Boko Haram fighting? What do they want? We do not know who Boko Haram is fighting.”
  The action followed a discovery of a rumoured bomb in the area, which was detonated by the police.
  The bomb scare has resulted in panic by most Abuja residents who have resorted to going to shopping centres either in the early hours of the day or early evening when most of the shopping centres are scanty.
  This development is also affecting nightlife as most night clubs are now groaning over poor patronage as most of the residents have chosen  to stay away from fun centres due to fear of by Boko Haram.
  Not only are nightclubs recording low sales, even gardens where workers relax or while away time to evade heavy traffic especially on Nyanyan road, have been abandoned.
   According to an eyewitness in Gambouru, the gunmen stormed a market in Hilux vehicles and bundled  the businessmen into a vehicle and sped off without firing a shot.
  Confirming the incident Thursday in Maiduguri, military sources also said that  there was also an attempt of terrorists’ attacks on Gambouru on Wednesday night.

FIFA Lifts Ban On Nigeria

The crisis that has rocked the Nigeria Football Federation since the Aminu Maigari-led board was sacked on July 6 is to be resolved today in line with FIFA's deadline for suspension lifting.

The development is as a result of the vacation of a suit in High Court Jos, which had earlier granted restraining order against Maigari's board thus preventing him and his board from administering Nigerian football.

FIFA demanded for the withdrawal of the case as well as the reinstatement of the Maigari-led board of the NFF as conditions before lifting the suspension placed on the country since last week.
Nigeria was lucky to have the world football governing body extend the deadline for compliance to today due to the judicial workers strike which prevented the court to sit on the earlier fixed July 15.

The Amos Adamu-led lobby team sent to FIFA by sports minister Dr. Tammy Danagogo to intimate FIFA on issues that necessitated Maigari's removal returned to the country yesterday and has submitted its report, which hasn't been made public.

The latest development has saved Nigeria bid to participate in the U-20 FIFA Women's World Cup, as well as the male African U-17 Championship qualifier this weekend.

Maigari and his board will resume their duties today and continue their normal functions until next month's elections when they could be sacked through the ballot, in line with FIFA's statuses.

Strategic Offshore Placement Ltd Entrance Exams holds tomorrow

 

Strategic Offshore Placement Ltd will be holding Entrance Examinations for entry into Global International College in September 2014 across the West, South-South and the North of Nigeria.

The Entrance Examination is scheduled to hold on Saturday the 19th of July 2014 at Lagos, Ibadan, Warri, Port-Harcourt, Enugu & Abuja. University Placement processing will also be available for Post-Graduate applicants. Read more...

Link: http://www.giss.com.ng/pre-register/

Venues: 

Lagos: Global International College, Plot 12 Block 26 Admiralty Way Lekki Phase 1 Lagos. 08055461116

Ibadan: 18 Oba Akenzua Avenue, off Oshuntokun Avenue, Old Bodija, Ibadan. 08036706483

Warri: Mom Civic Centre, Airport Road Opposite D- Range Restaurant By Greener Line Motors, Warri. 07037232816

Port Harcourt: No 61 Olu Obasanjo Way, Port Harcourt, 08084182246

Enugu: Kidsville, 15 Ituku Street, Upper Chime Street, New Haven, Enugu.07083797961, 0802455454, 09092155493, 08097914171

Abuja: Global International College, Plot 111, EbituUkiwe Street, Near Chida Hotel off Mike Akhigbe street Jabi district Abuja. 08038905205

Target applicants to this event includes: Students who have completed SS3/Year 11, Postgraduate applicants.

Interested applicants are to come to the venue with their credentials as on the spot admission into Global International College to undergo your Foundation Programme will be given to Eligible Students.

Post graduate students will also have their applications processed into the following universities

UK

University of Essex, University of Kent, University of Exeter, University of Northumbria, University of Surrey, Swansea University, University of Newcastle, St. Georges’ University, London.

Canada

Carleton University, University of Manitoba, Brandon University, St Francis Xavier, University of Alberta, University of Winnipeg, University of Ontario

US

Suffolk University, Boston, Oregon State University, University of South Florida, University of Massachusetts (5 Campuses), Abilene Christian University, Dallas Baptist University, Le Totrneau University, Texas University

Hungary

University of Szeged, University of Pecs, Semmelweis University, University Budapest, University of Debrecen

Dubai

Gulf Medical University, Institute of Petroleum, SAE Institute, American University of Emirate, Michigan State University, American University of Dubai, American University of Shajar.

Caribbean

University of the West Indies

  

 

 

Mente de Moda Fashion & Art Festival: August 2014

Mente de Moda was created to give new brands a rare opportunity to get their products onto the fashion high street. It gives labels the opportunity to experiment with physical retail, get face-to-face consumer feedback, and test the market.

This August sees the return of the Fashion&Art showcase with bigger and more eccentric brands, the time has come to expose underrated talent, trailblazers, pacesetters and truly gifted minds within the fashion and art sphere. Continue...

Since inception the Mente de Moda franchise has been known to cater to a wide demographic of buyers and sellers, not just within the Lagos district but from other cities across the country. Making networking at the festival equally as important as making a sale. With side attractions like live poetry, smooth acoustic performances from underground music acts, candy floss, slush, happy hour discounts on selected items at the festival and more, all set in a youthful and energetic environment in the Victoria Island area every first Sunday of the month.

Not to mention the level of exposure our kind media partners provide during the festival; Mente de Moda is a great avenue to take your first step out of many in making your brand a household name.

The August edition of this lifestyle festival is set to hold on Sunday 3rd of August 2014 at Maddox, 82 Adetokunbo Ademola street Victoria Island, Lagos featuring all the usual deals, steals, fab fashion accessories, menswear, womenswear, live paintings, spoken word sets and more.

FIFA Ranking: Super Eagles ranked third in Africa ‪#‎Nigeria‬ ‪#‎SuperEagles‬ FIFA World Cup FIFA FC Naija

FIFA Ranking: Super Eagles ranked third in Africa

Super Eagles second round showing at the just concluded 2014 FIFA World Cup has not gone unnoticed as the team moved up ten places on the latest FIFA ranking

fcnaija.com|By Shehu Bello

Pension Regulation Finally Comes of Age

Legal Eagle By May Agbamuche-Mbu, Email: may.mbu@thisdaylive.com


On 1st July 2014 President Goodluck Jonathan signed the Pension Reform Bill into law. The new law which is meant to govern and regulate the administration of the uniform pension scheme for both public and private sectors in Nigeria, repeals the Pension Reform Act No. 2, 2004. The 2014 Act empowers the National Pension Commission (PenCom) subject to the fiat of the Attorney General of the Federation, to institute criminal proceedings against employers who persistently fail to deduct and or remit pension contributions of their employees within the stipulated time. The new law also reviewed upwardly the penalties and sanctions as the old law did not serve as a sufficient deterrent against infractions of it Furthermore, PenCom can revoke the license of erring pension operators whose actions or inactions jeopardise the safety of pension assets.

A few days after the Pension Reform Bill was signed, the 1st edition of the World Pension Summit Africa Special was held in Abuja, organised jointly with PenCom. The summit focused on key lessons learned amongst African nations on pension investments, risk management and fund management, amongst many other relevant areas of importance in pension administration.

PenCom is a public institution established to regulate, supervise and ensure effective administration of pension matters in Nigeria. It was established following the takeoff of pension reform in 2004 which culminated in a paradigm shift in Nigeria’s pension system from the existing Defined Benefits Scheme to a Contributory Pension Scheme (CPS).

It is encouraging to know that pension issues are being brought to the front burner. To work and receive a pension is a source of pride more so if you have served your country. It is not the amount that matters, it is that at the end of years of labour you stand to receive money that you have earned. In a country such as ours with no social security scheme, exiting employment can fill one with trepidation. Some have manipulated their date of birth in order to remain at work for as long as possible but one day the inevitable must surely come to pass: time to retire - and for civil servants all over Nigeria the nightmare has only just begun.

I remember clearly some years ago on the streets of Ikoyi, Lagos retired civil servants in their hundreds and thousands day in day out waiting for their pension or some form of verification exercise to be first conducted that somehow appeared to be lasting forever. You could not miss the pensioners’ dejection as you could see frustration written all over their faces.

Embezzlement of pension funds has been the order of the day in this country. For example the Police Pension Fund has a history of fraud associated with it and some years ago the fund was practically cleaned out. So often when a fraud of this magnitude occurs the sums involved are truly astronomical, running to billions of naira. The perpetrators not only take the cream on top, they also take the entire milk, including even the glass bottle. Recently, the Federal Government approved a new Pension Fund Administrator to manage the pension of the Nigerian Police under the Contributory Pension Scheme. Not surprisingly retired police officers in Imo state have already called for the removal of the Nigerian Police from the Contributory Pension Scheme, asking to be treated like the Nigerian Army and Navy. At the moment Police Pension Fund stands at over N305 billion. You can but imagine how some people are licking their lips, waiting for any opportunity to feast on it.

After much deliberation between PenCom and the Nigeria Police Force (NPF) the NPF decided to incorporate NPF Pensions Limited and only recently, applied to the commission to operate as a PFA exclusively for police personnel in order to address their peculiar concerns. However this proposed NPF Pension is generating heated criticism as it may be illegal as currently structured.

In a pension fraud matter involving N18.3billion brought before Justice Adeniyi Ademola of the Federal High Court, Abuja by the Economic and Financial Crimes Commission (EFCC), a hotel was forfeited to the Federal Government in consonance with the provisions of Section 204 of the Criminal Procedure Act, Section 34(1) of the EFCC Act and the rules of the Federal High Court as the property was bought with proceeds of the crime.

According to PenCom, assets under management in the CPS have risen to N4.3trn. The new law provides a 10 year jail term as penalty for any pension administrator who misappropriates or diverts pension funds. It also provides that anyone found guilty of embezzling pension funds would pay thrice the value of what has been stolen. It further stipulates a fine of N500, 000 daily for any agency administering pension affairs which fails to abide by any provision of the Act. There is hope in sight where pension funds are concerned as PenCom has a strict regime, which include daily monitoring of the investment activities of PFAs and the institution of rigid payout authorisation requirements, all to ensure that the PFAs are not reckless in their investment decisions, while also providing that only the right beneficiaries would have access to pension funds.

Some other measures include the guarantee of the full sum and value of the pension fund and assets held by Pension Fund Custodians on behalf of the PFAs, as mandated by the regulator, as well as risk ratings for instruments that pension funds can be invested in. In addition to the engagement of a Compliance Officer (CO) who is to ensure compliance with the provisions of the law regarding pension matters as well as the internal rules and regulations of any operator,every PFA is also required to maintain a Statutory Reserve Fund into which shall be credited annually 12.5% of the net profit after tax of their investment or as stipulated by PenCom to meet claims. Corporate governance must be strictly adhered to by the PFAs both to buttress the regulatory work of PenCom and because of the massive value of funds under administration.

As at June this year, over N4.3 trillion has been accumulated for the benefit of almost 6 million Nigerians currently registered in the scheme. PFAs have become the centre of great attention by Corporations, State and Federal government who are keen to access part of the funds towards developing our infrastructure which is in a sorry state e.g. most especially roads and electricity. Whichever way you slice it investment of pension fund must be safe.

No doubt we Nigerians want implementation of high impact infrastructure projects accelerated and with these huge sums of accumulated pension funds available, how then can these sums be guaranteed to be there if and when the beneficiaries retire and need their money?

The time has most certainly come for the Government to be directly accountable to the people especially if they are going to dip into their pension funds. They need to know which projects are being funded and for how much.

All in all the new Act has sincerely paved the way for a better pension regime and as we go along further reviews may be required as Section 173 (3) of the 1999 Constitution provides for pension review every five years.

Arsenal must not waste World Cup momentum

 

Alexis Sanchez has been added to Arsenal's German ranks.

A trio of Arsenal players became world champions on Sunday night.
In the wake of Germany's victory over Argentina, joyous scenes unfolded in the middle of the Maracana pitch; Per Mertesacker, a late substitute, danced with surprising dexterity to the sounds of Daft Punk's 'Get Lucky'. Mesut Ozil, who had produced his best display of the competition, had his shirt nabbed by a starstruck Michel Platini. Lukas Podolski, meanwhile, let his young son take penalties in front of the cavorting German fans (see below). The next generation is already being groomed for success.

In France 16 years ago, a flowing move saw Patrick Vieira provide the pass for Emmanuel Petit to score the third goal in Les Bleus' World Cup final victory over Brazil. The next morning, the Daily Mirror ran with the unforgettable headline, "Arsenal win the World Cup".
There will be no such bold claim this time around but the Gunners certainly made their presence felt. The success of Arsenal's German contingent merely adds to the optimistic mood around the club.

Germany's Arsenal contingent of Per Mertesacker, Lukas Podolski and Mesut Ozil pose with the World Cup trophy © Getty Images

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It began with the FA Cup win in May. That victory snatched away the albatross that had hung around Arsenal's neck for nine years. As Mikel Arteta said at Arsenal's recent kit launch: "It's a different summer when you win something." Players were able to head off on their holidays with a medal in their cabinet and a spring in their step.
The exceptions, of course, were those players who had business to attend to in Brazil. Jack Wilshere and Alex Oxlade-Chamberlain's FA Cup-high might have been somewhat dampened by England's poor showing this summer. However, most of the Arsenal players involved enjoyed positive tournaments. Olivier Giroud contributed well to the French cause, starring in a resounding victory over Switzerland during the group stage, while Joel Campbell impressed for the Costa Rican upstarts.
And then the Germans. Podolski, Mertesacker and Ozil return to London with another medal for the collection. Winning is a habit and these boys are getting in to the groove. Once they've rested their weary limbs, their return to training will see the scent of triumph continue to linger over London Colney.
Ozil must be particularly delighted. His decision to move from Real Madrid to Arsenal was widely questioned but less than a year later he has won both the FA Cup and the World Cup. It's inevitable that a player with his price-tag and reputation will attract scrutiny, even criticism. However, it's far easier to deflect that carping when you can point to a healthy collection of silverware.
For Ozil and Arsenal, it's very much a case of 'so far, so good' - but it ought to get better. Arsenal fans will hope that next season he takes to the field with the swagger befitting a World Cup winner.
The good mood around Arsenal has been reinforced by the acquisition of another World Cup star, Alexis Sanchez of Chile. A year after Ozil's arrival, the signing of Sanchez signals Arsenal's intention to kick on again. The FA Cup is not enough for this illustrious club. They want to challenge for the Premier League and Champions League and are finally both prepared and permitted to spend big money to do so.
Arsenal are a club with momentum. With Arsene Wenger now due to return from his sojourn in Rio, preparations for the new season will begin to ramp up. Despite the inevitably glowing atmosphere at the training ground, Arsenal still require further reinforcements ahead of the new season. The club must act decisively to ensure that the summer of 2014 is remembered as the start of a glorious era rather than a brief window of respite.

Is Podolski the German John Terry?

Lukas Podolski holds the World Cup aloft after contributing all of 55 minutes to Germany's success © Getty Images

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Former England captain John Terry might have been missing from the World Cup in Brazil, but one man was there to channel his spirit - Lukas Podolski.
Terry was widely ridiculed for appearing in full kit, including shinpads, as his Chelsea team-mates lifted the Champions League trophy in 2012, despite the fact he was unable to play in the final due to suspension.
And while the defender, who retired from international football two years ago, played no part in England's abject display in Brazil, Podolski was on hand to reignite memories of Terry's embarrassing celebration.
The forward was an unused substitute in Sunday's final, which saw his Germany team-mates overcome Argentina 1-0 in a nail-biting extra-time victory.
In Terry's defence, he was at least an integral part of the Chelsea side that reached the Champions League final before his suspension. Podolski, on the other hand, appears to have occupied the role of Joker-in-Chief for the Germans in Brazil.
The forward started just one game - against the USA in the group stage - and was an 82nd-minute substitute in the 4-0 rout of Portugal. In fairness, he did suffer a niggling injury in the knockout stage, but it was on social media that Podolski really shone for the Germans.
He put plenty of effort into his Twitter and Instagram feeds, even taking time out of (supposedly) flying the team home to post this picture:
He also shared kisses with Rihanna:
And German chancellor Angela Merkel:
But of course this wasn't just a triumph for Podolski and Germany, it was a World Cup won by Arsenal:

Terry was mocked on social media for his Champions League celebration © Twitter

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Mourinho faces hard yards after World Cup joy

The World Cup has been kind to Jose Mourinho © Getty Images

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There was a popular joke that did the rounds throughout the final week of the World Cup.
"What's that scrabbling sound?"
"It's PSG's owners trying to find the receipt for David Luiz."
After a Titanic-like captaincy of a 7-1 defeat to Germany, Luiz's tears in a clown's wig in Belo Horizonte recalled that PSG just spent £50 million on him. Much mirth ensued, while Chelsea fans exhaled in satisfied relief at getting the deal done before the tournament.
On re-arrival at Chelsea a year ago, one of Jose Mourinho's first media leaks signalled a desire to cash in Luiz, as well as Juan Mata. He has his wish, and the World Cup made it look like he had pulled off the deal of the century.
However, the month in Brazil has given Mourinho plenty to deal with when his players return to the Cobham training ground and for their short series of preparation matches against European opposition.

Mourinho will be delighted to have offloaded David Luiz © Getty Images

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Mourinho was supportive of Luiz in the aftermath of the semi-final. "I don't think it is fair to separate a player from the team, because the team was very bad," Mourinho told Yahoo, for whom he is a World Cup ambassador. "Did David make mistakes? Yes, he did, but Dante made mistakes, Marcelo made mistakes, Fernandinho made mistakes. The team as a team made mistakes." A propensity to make such mistakes was the reason Luiz was rarely trusted at centre-half and grudgingly played as a midfield anchor. Now, Luiz is someone else's expensive problem, and the money hauled in for him helped pay for Cesc Fabregas, Diego Costa and Kurt Zouma, with the hope that the French defender is far less flighty than his Brazilian predecessor.
That Fabregas and Costa suffered in Spain's disastrous defence of the title may have slightly muffled the impact of those deals, though Mourinho will be glad they will get an almost full summer's rest.
Spain's fall will have brought him undoubted enjoyment in other regards. Iker Casillas and Sergio Ramos were leaders in the revolt that deposed him from Real Madrid; both led the list of culprits in that 5-1 opening defeat by the Dutch.
Other Mourinho foes took serious falls too.
He has often had a testy relationship with Luiz Felipe Scolari, who tried and failed to succeed him at Stamford Bridge. Lionel Messi, to whom Mourinho could only rarely find a solution, stopped short of achieving true greatness on a night when Andre Schuerrle, a Chelsea charge who is the willing type the manager likes, supplied the assist for the winner in the final.
Having a player hit such heights might be a boon to Mourinho's Chelsea, though he could also be glad that not too many of his players were involved in the showpiece. Players who win World Cups have not always gone on to enjoy successful Premier League campaigns in the following season.
France '98 winners Patrick Vieira and Emmanuel Petit ended the 1998-99 season potless at Arsenal, while Gilberto Silva struggled in the 2002-03 campaign for the same club. Spain's 2010 winners featured Fabregas and Fernando Torres, who both endured hugely disappointing campaigns in 2010-11.

Can Van Gaal work with Rooney?

 

Van Gaal attends United training

Manchester United have a manager again.
Louis van Gaal touched down in Manchester on Wednesday and headed straight toward his first training session and meetings with his new staff. You have to admire the guts of a man who has taken his nation to third place in the World Cup denying himself even a day off before taking on his next job.
The fervour behind Van Gaal's arrival is perhaps an indication of the enormous void left by the end of the World Cup, but also of the expectation his exploits in that competition have created. Manchester United fans are expecting the world from the Dutchman before he has even taken charge in a single game. The pressure is on.
On Wednesday afternoon, he was given a brief tour of United's training complex, and cheesy photos of him smiling alongside assistant manager Ryan Giggs and club executive vice chairman Ed Woodward were soon circling on the club's website. After the embarrassment that was caused by the photo of a toothy David Moyes with a "Manchester United mouse-mat" last year, you would think the club might be more cautious.
However, people are excited. Nobody expected the Netherlands to do quite as well as they did in Brazil, thumping both the hosts and holders on their way to an impressive third-place finish. In the meantime, Van Gaal has proven himself to be eminently quotable and unafraid of making tough calls under pressure. He will need to be.
There is work to do at Old Trafford. Moyes was certainly handed a poisoned chalice by taking over for Sir Alex Ferguson, but nonetheless, the squad is imbalanced and short of confidence. Several players need a stern kick on the rear end.
Van Gaal is said to be running the rule over six players who are nearing the end of their contracts. That may be the case, but it is more likely that he will pay only cursory glances over the performances of Darren Fletcher, Shinji Kagawa, Chris Smalling, Tom Cleverley, Javier Hernandez and Ashley Young. He has a bigger fish to fry, and he knows it.
What Van Gaal wants to know, and what everyone connected to the club wants to know, is can he work with Wayne Rooney? That is the key question. It has already been confirmed that United's England contingent are not getting any extra time off after the showpiece in Brazil. That can only be a good thing; they all need to get it out of their systems.
The attitude of United's No.10 contains the key to many of the team's conundrums. If Rooney can be squeezed into the same team as Robin van Persie, then the formation of Van Gaal's best XI starts to take shape. If he can't, then the new man will have an extremely well-paid and disgruntled personality which would be self-defeating to sell.
That Rubicon might not be crossed this week, but make no mistake, Van Gaal is thinking about it as is Rooney and Van Persie. You can expect some full-blooded performances and meaty tackles from the Englishman as the club embark on their US tour. He won't be giving up a starting spot without a fight.
Twelve months and two weeks ago, Moyes chose to move from the club's academy building for his first Manchester United news conference. He knew the questions about Rooney would be coming.
Wherever Van Gaal faces the press at 2.45pm on Thursday, he can expect a similar line of queries. Just what exactly is he going to do with Wayne Rooney? How can he get this club back on its feet again?
Because that is what the Manchester United manager needs to do.

 

Pellegrini 'turns down Brazil job'

 

Brazil coach Scolari resigns

Manchester City manager Manuel Pellegrini has reportedly rejected the chance to succeed Luiz Felipe Scolari as Brazil boss.

Manuel Pellegrini guided Manchester City to the Premier League title in his first season © Getty Images

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Pellegrini is said to have been approached on Sunday, just 24 hours after Scolari quit following Brazil's embarrassing World Cup defeats to Germany and the Netherlands on home soil.
Scolari's Brazil were hammered 7-1 by eventual champions Germany in the semi-finals before losing their third-place play-off with Louis van Gaal's Netherlands 3-0.
According to reports from El Mercurio in Pellegrini's native Chile, the City manager refused to enter into negotiations with the Brazilian FA and plans to see out his three-year deal with the Premier League champions.
Pellegrini, who also won the League Cup during his first season in England, is with his City squad for a training camp at St Andrews in Scotland ahead of their second pre-season friendly against Hearts on Friday.

Read more at http://www.espn.co.uk/football/sport/story/324483.html#xWZs6wGci3QcItw3.99

Ownership complications in Markovic deal

 

Markovic targets Premier League title

Liverpool were reportedly forced to deal with third party ownership issues of when completing the signing of Lazar Markovic from Benfica for £20 million.
Markovic joined the club on Tuesday, but the Daily Telegraph claims that Liverpool had to "complex discussions with Benfica" when attempting complete the transfer.

Lazar Markovic met Chelsea officials in 2013 © Getty Images

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The claim that Markovic was only partly owned by Benfica when he signed from Partizan Belgrade last summer might explain why a deal that appeared virtually done more than a week ago ahs only just been sealed. Superagent Pini Zahavi reportedly had connections with a players' investment fund which half-owned Markovic.
Liverpool now have full ownership of Markovic as such third party ownership is banned in the Premier League following the Carlos Tevez affair at West Ham in 2007.
The Telegraph also suggests that Chelsea were going to make a move for Markovic while Liverpool were locked in negotiations with Benfica.
Chelsea reportedly had an option to sign Markovic for £12m and The Telegraph suggests they were going to make a move while Liverpool were locked in discussions with Benfica.
Markovic spent time in London in 2013 meeting Chelsea officials and toured Stamford Bridge ahead of a proposed transfer. It was reported twice that Chelsea would complete a deal but the player denied any contract or pre-contract was agreed.

Read more at http://www.espn.co.uk/football/sport/story/324533.html#kUDphlEKl0LqfAmb.99

Barcelona claim they can handle Suarez 'imperfections'

Barcelona's director of football Andoni Zubizarreta says they can handle Luis Suarez's "imperfections" after claiming the striker is "100 per cent" part of the club.

Post-Suarez era begins with defeat

Brendan Rodgers watches on from the dugout © Getty Images

• A Liverpool side shorn of its World Cup stars and featuring several young prospects lost out to a 91st minute winner from Ferhan Hasani, after Kristoffer Peterson had cancelled out Christian Norgaard's opener for the
• Liverpool began life after Luis Suarez with a 2-1 pre-season defeat to Brondby in Denmark.
• hosts.

Suarez arrived in Spain on Tuesday to complete the formalities of his £75 million move from Liverpool after both parties reached an agreement last week. However, the striker's four month ban imposed by FIFA has prevented Barcelona publicly unveiling him as their player and Zubizarreta's statement is the first official word that the deal is complete.
"He is 100% a member of the club," Zubizarreta said. "Luis Suarez is a Barca player to all extents and purposes. It is fact but the recommendation from our lawyers has been to remain discreet.
"Our lawyers tell us that we should be very prudent with what we say and your question is asking about something that could only happen after certain verdicts have been reached.
"Then we'll be able to explain things better. We're speaking to our lawyers to find out the best way of defending his rights but at the moment there's nothing I can say about that."
Barcelona may still lodge an appeal to the Court of Arbitration for Sport (CAS) over the severity of Suarez's ban, which is from all football-related activity after he bit Italy's Giorgio Chiellini during last month's World Cup.
At present, he is unable to train with his new teammates, who began their pre-season preparations under new manager Luis Enrique yesterday. Zubizarreta insists, however, that Suarez will be a positive player for the club despite the added baggage he brings after a career littered with controversy.

Why Eco launch has been shifted to 2020, by CBN, WAMI

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THE inability of Economic Community of West African States (ECOWAS) to, again, implement a single monetary union next year as earlier planned, has been attributed to the failure of  member nations to meet the convergence criteria, which has necessitated the ECOWAS  Authority Commission to once again shift the new implementation timeline to year 2020.
  The Governor of the Central Bank of Nigeria ( CBN) , Godwin Emefiele and the Director General of the West African Monetary Institute ( WAMI) , Dr. Abwakwu Englama, both declared this yesterday in Abuja, while addressing the 31st Meeting of the Committee of Governors of Central Banks ECOWAS member states that have been attempting to establish a single monetary union, known as the West African Monetary Zone ( WAMZ)  since 1990.
  In fact, they both revealed that it has been difficult for up to two member states meeting the criteria and sustaining them for two years.
  Disturbed by the repeated failure to meet implementation criteria by member states, as well as to  fast– track economic  integration, the sub-regional  authority has among other initiatives, abolished with immediate effect, the   ‘residence permit’ requirement, which inhibits  the free movement of citizens within the sub - region.
  The abolition, announced by the ECOWAS  Commission President, Dr. Kadre Desire Quedraogo on Monday, is to foster the free movement of citizens to upscale the level of intra-trade within the sub-region, as part of measures to fast-track the elusive monetary union, which has remained on the drawing board for more than three decades when the idea was first muted.
  Kadreago,  who spoke when he addressed the WAMZ Technical  Committee mid year meeting in Abuja, declared that the landmark decision was adopted on July 10 in Accra, Ghana, at the last ordinary session of the ECOWAS  authority of Heads of  States  and Governments, aimed at accelerating the establishment of the single monetary zone in ECOWAS by 2020.
  In addition to the abolition of the residence permit , he said the authority also adopted “ the creation of a fiscal union to complement the monetary union and reduction of macroeconomic convergence criteria from 11 criteria [ four primary and seven secondary criteria ] to six criteria [ three primary and three secondary criteria].
  The three primary criteria are budget deficit [ including grants and on commitment basis] / GDP not more than three per cent ; average annual inflation  not more than  10 per cent with a long term goal of plus or minus five per cent by 2019; and gross reserves of not less than  three  months of imports.
  The three secondary convergence criteria adopted by the authority are  public debt/GDP  of not more than 70 per cent; central bank financing of budget deficit  of not more than 10 per cent of previous year’s tax revenue ; and nominal exchange rate variation plus or minus 10 per cent.”
   Emefiele who explained that the governors’s meeting was to for a  comprehensive review of the economic conditions of member states to ascertain the levels of their  preparedness for the establishment of a sustainable monetary union in the zone, said though there have been modest efforts but regretted that there still exist a lot of challenges .
  The CBN Governor said : “It is gratifying to note that the Zone is making significant progress; especially in terms of building the necessary infrastructure and institutional capacity to support the establishment of a sound monetary union. Amongst these milestones is the progress made in the integration of national payment systems in the WAMZ; establishment of the College of Supervisors of the West African Monetary Zone (CSWAMZ); formation of Ministers of Trade Forum and the ratification of Protocols on the ECOWAS Trade Liberalisation Scheme (ETLS).
  “Let me at this juncture, share with you the results of the state of preparedness study commissioned by the 32nd meeting of the Convergence Council. The study showed that the performance of Member States’ on the convergence scale relative to that required for the establishment of a monetary union is still inadequate.
  “Also, member countries’ business cycle synchronization in terms of real GDP, inflation, broad money and interest rates remained weak, and their level of institutional preparedness for the monetary union remain inadequate.
  “On a positive note, the study, noted that member countries continued to make remarkable progress towards the establishment of a common market and the implementation of the ECOWAS Trade Integration Protocols and Convention as well as significant progress towards the reforms of their financial systems.”
  In his own report, Englama  dimensioned the challenge  further to state that only Nigeria has remained consistent, while other countries have been slipping off the requirement.
  His words : “ On member states’ status of compliance, with macroeconomic convergence criteria, Nigeria was the only country that satisfied all four primary criteria , while Liberia and Sierra Leone satisfied three each. Sierra Leone narrowly missed the fiscal deficit criterion with 4.07 per cent indicating a significant decline compared with the 8.1 per cent in 2012.
  “At this rate , Sierra Leone will achieve full compliance with the primary convergence criteria by the next review. Liberia slipped on the gross reserves criterion. The Gambia slipped on fiscal deficit and central bank financing criteria , while Ghana and Guinea breached the inflation and fiscal deficit criteria. Inflation and fiscal deficit continued to be the more challenging criteria for Member States to  comply with , while central bank financing and gross external reserves were the more frequently satisfied criteria.”