N5000 note: Obasanjo is a good farmer but a bad economist – Sanusi

Sanusi Lamido

The governor of the Central Bank of Nigeria (CBN), Sanusi Lamido on Tuesday reacted to a statement credited to a former President, Olusegun Obasanjo, who said that the planned introduction of the N5000 note will increase inflation in the country.

Mr Obasanjo had on Thursday said the introduction of the N5000 note would kill production and affect small businesses negatively.

The former president, who disclosed this at a roundtable advocacy forum organised by the Institute of Directors, in Lagos, said the way, Mr Sanusi, was fighting inflation by removing money from circulation was improper.

However, speaking at the sixth annual conference of the Chartered Institute of Bankers of Nigeria, Mr Sanusi said Mr Obasanjo had introduced more high denomination in Nigeria than any other Head of State.

“General Obasanjo did N20; he did N100, N200, N500 and N1000. He has introduced more higher denomination than any Head of States,” Mr Sanusi said.

The CBN governor said that during the period Mr Obasanjo was introducing high denomination inflation in Nigeria was actually low.

“General Obasanjo did N100 in 1999; then he did N200 in 2000; he did N500 I think two years later; and did N1000. In that period, inflation was coming down because it was accompanied by very tight monetary and fiscal policies during his reforms.

“For somebody who have gone through that to come and stand up and say ‘introducing a higher denomination causes inflation’ I don’t know if somebody wrote his speech. I’m trying to see him or if he was misquoted.

“If he actually said that then he must be the single most important determinant of inflation in our history given the number of notes that he introduced,” he said

Mr Sanusi said printing higher denomination without increasing the money supply in the economy will not increase inflation. “This is simple economics,” he said.

NDLEA intercepts N294 million worth of heroin in carpets

Operatives of the National Drug Law Enforcement Agency (NDLEA) have aborted an attempt by suspected drug syndicate to smuggle 24.5kg of heroin concealed inside carpets into Nigeria.

The consignment described in the airway bill as Pakistani hand-knotted new woollen carpets originated from Lahore, Pakistan. It left Karachi airport in an Emirate flight as unaccompanied cargo and taken to Nigeria Aviation Handling Company (NAHCO) Shed, at the Murtala Mohammed International Airport (MMIA) Lagos.

The estimated value of the drug is N294 million. It is the first discovery of drug inside carpets in the country.

The NDLEA airport Commander, Hamza Umar said the consignment was examined by the Agency when it was abandoned by the importers.

“The suspicious cargo was monitored by undercover operatives for a week after it arrived. We decided to conduct the search when nobody came to claim it. In all, there were twelve pieces of carpets but only six contained heroin. The heroin was prepared into tiny bits inside plastic hollow treads and weaved in a way that makes it difficult to detect unless it is unfastened” Mr Hamza said.

He added that the information on the airway bill was found to be incorrect by investigators.

The Chairman/Chief Executive of the NDLEA, Ahmadu Giade who described the seizure as breath-taking promised to unveil the importers.

“The drug syndicate did their best concealing the drug but it was not good enough to go undetected. If drug barons will not lack concealment methods, we also will not be tired in detecting narcotics. This seizure is unique because it is the least place anyone will go to in search for narcotics. We shall continue with investigation until those behind the illegal shipment are brought to book” Mr Giade said.

FTV FASHION PARTY NIGERIA SET TO LAUNCH SOON

Word reaching us at PassionistaHub has it that Fashion TV team in conjunction with ISIS MODELS and  Studio24 will be having the first ever FTV party in Nigeria. If you’re an adherent of DSTV Channel 184, you will agree with us that any FTV party shown or broadcast is usually topnotch with F Vodka  as the official drink.

Few weeks back, NNSM 2012 Screening took place at the prestigious Best Western Hotel, Victoria Island, a hotel known for its convivial ambience. Twenty-Five (25) models were shortlisted and two more are expected from Canada and the UK.

The official sponsor of NNSM 2012, L’Oreal Paris (with their Dark and Lovely products), Petit Prince, Linda Ikeji, Dr. Vivian Oputa, Remi Diagbare (of Allure Magazine), Bunmi Ademokoya, Aisha Bello, Wave Tek (which will be broadcasting NNSM 2012 live to the world) to name but a few were all present at the screening.

The FTV party which comes up on October 20th, 2012 at Best Western Hotel is a welcome development. This will send signals to all quarters that things are changing for the better in the industry.

The best is yet to be heard regarding the upcoming Nigeria Next Super Model 2012.

Kate Middleton's fashion hits and misses in pictures

Follow the highs and lows of the Duchess of Cambridge's growing wardrobe.

Catherine chose a dress by Singapore-born designer Prabal Gurung to meet Singapore's President Tony Tan at the Istana presidential palace on the first day of her nine-day tour of the Far East. It was a shock choice for the Duchess, who usually goes for less edgy designers, but we think the purple floral mirrored-print dress was just right for the occassion - plus, we love a bit of Prabal.

Ever the intelligent dresser, earlier in the day the Duchess donned a custom-made orchid-print dress by one of her favourite designers, Jenny Packham to visit the Singapore Botanical Gardens where she viewed an orchid that was named in honour of her husband's late mother, Diana. Full marks for forward planning, and for pulling a themed dress off with such aplomb.

I love this dress

New York Fashion Week: Victoria, Victoria Beckham spring/summer 2013

A look from the Victoria, Victoria Beckham spring/summer 2013

Harper Beckham has learned to catwalk. She's a bit bandy-legged, according to her mother Victoria, but she's very eager. "She loves to bomb down it. It's impressive. I had to Tweet her doing it the other day. She was storming".

Beckham was discussing her daughter's perambulatory development after the early presentation of her second line, Victoria, Victoria Beckham in the Meatpacking district this morning.

Harper was expected to arrive with Victoria's mother at a presentation later in the day - perhaps she doesn't get out of bed before 10am. Beckham however, had been up for hours seeing to last minute details - i.e. the music. "It's 80s hip hop, remixed. I kept thinking, who is this girl, the Victoria, Victoria Beckham girl? What does she listen to and what does she do?"

In the end she decided the VVB girl is in the art world and blogs a bit on the side. "She's very cool. I want to be her, and if I can't be her, I want to hang out with her".

In truth, Victoria, Victoria Beckham, which launched a year ago and repeatedly sells out, is another aspect of Beckham herself: the more youthful, kicked back version. "This isn't the usual second line," she says. "I never wanted to compromise on the quality. It's more a case that this line is focussed on daywear, which means I can put more evening looks in the Victoria Beckham range. Because it's more day wear, prices are more accessible".

Let's be clear, accessibility in this context, is a relative concept. Prices start at around £465 for a thigh skimming khaki fit and flare cotton-canvas dress like the one Beckham herself was wearing, and go up to around £960 for more complicated silk pieces. But the quality is faultless. And for most of us, these "day" dresses - and it was all dresses - would easily segue into night time for cocktails and parties.

And while it's dispiriting to have to repeat myself, it was another hit for her, with a succession of dresses that, though youthful, were also more than one season wonders. Some were sleeveless block coloured shifts in lemon and taupe, others featured palm trees, or a beautiful elongated bird, all developed in-house. Others had contrasting bodices: long sleeved lace or translucent, pin-tucked gazaar bodices with silk skirts.

Personally I'm hoping they come up a bit longer than on the catwalk, because these dresses are too good to be the preserve of leggy gallerists.

Meanwhile, Beckham confirmed she is not planning a children's collection any time soon. "There are so many people doing it so well. I like to go where I think I can bring something extra." That included the Closing Ceremony of the Olympics, which, she said, she found "amazingly enjoyable."

Beckham has sometimes sought to distance herself slightly from her Spice Girl past, keen, perhaps to posit herself as a serious designer. But now she seems ready to embrace her back catalogue, in all its guises.

"I'm very proud to be British, so it was an honour". Come on then Victoria, how about taking the next logical step and showing in London?

UK banks could be shut down or forced into bail-outs by Brussels

The EBA's panel of European officials would be given new powers to stamp its authority on potential disputes between both eurozone and non-eurozone countries, including Britain

Banks in London could be shut down or forced into taxpayer-funded bail-outs against the wishes of the British authorities under controversial "banking union" proposals from Brussels, it can be disclosed.

A panel of European officials would be given sweeping new powers to police the financial sector across the continent but also in the City of London.

They would be given "full decision making powers" to impose EU law and to arbitrate disputes between Britain and the eurozone over the risks posed by British banks, according to the proposals being tabled on Wednesday at the European Commission. Decisions taken by the powerful body would be automatically binding unless Britain was able to win the unlikely backing of a majority and overturn them.

Rulings by the panel could create huge costs for the British government and banks if they were ordered to bail out a struggling institution, contribute to cross-border bail-out funds, or allow the EU to rule over breaches of European law.

The moves stem from proposals for a eurozone "banking union". The radical new EC blueprint for banking regulation at the EU level is focused on giving the European Central Bank new powers to supervise the eurozone's banks, in order to shore up struggling financial institutions in southern European countries such as Spain.

But the ECB's new role would see the existing European Banking Authority (EBA) - the current pan-European bank regulator that has its headquarters in London - being radically overhauled and strengthened. Its panel of European officials would be given new powers to stamp its authority on potential disputes between both eurozone and non-eurozone countries, including Britain.

Uduaghan demands 50 percent oil derivation revenue for Niger Delta states

Delta State governor Emmanuel Oduaghan

The Delta State governor, Emmanuel Uduaghan has called on the Revenue Mobilization, Allocation and Fiscal Commission to design fresh ways of addressing the problems associated with the impact of oil exploration, which has become a challenge in states in the Niger Delta Region.

Mr Uduaghan made this call during the Zonal Advocacy Workshop on Economic Diversification and Enhanced Revenue Generation (South-South Zone) held in Asaba.

He said his administration has mapped out strategies to build a state beyond oil explaining that he was already using oil revenue to develop other sectors of the economy.

The governor specifically demanded for 50 percent oil derivation revenue which he explained will be used to heal the wounds inflicted on the environment of the Niger Delta region.

The two-day advocacy workshop was attended by delegates and stakeholders drawn from the South-South region.

The Chairman of the Revenue Mobilization Allocation and Fiscal Commission (RMFAC), Elias Mbam said the aim of the workshop was to map out strategies on how to diversify the nation’s economy so that the actualization of the vision 20.2020 will be guaranteed.

Mr Mbam promised that the commission was committed to the campaign and expressed the hope that in the long run, the revenue profile of the nation will increase.

In his goodwill message, the deputy governor of Edo state, Pius Odubu advocated for the development of the agricultural sector as an alternative source of revenue in the Niger Delta zones, adding that the regions should pay more attention to the solid mineral deposits in the region.

The Governor of Akwa-Ibom state, Godswill Akpabio called on the Commission to look critically on oil exploration and compensate the Niger Delta region, since the issue of onshore/offshore dichotomy has been settled by the National Assembly and the Judiciary.

The on-going Zonal Advocacy Workshop on Economic Diversification and Enhanced Revenue Generation (South-South Zone) holding in Government House, Asaba has therefore been given a task on the need to draw-up modalities for effective diversification of the nation’s economy.