FG Loses Control Of Tourism, Hotel Regulation To States

A PANEL of the Supreme Court of Nigeria has unanimously declared that it is only a state house of assembly that can make laws on tourism or exercise control in the licensing or grading of hotels, restaurants and fast food outlets.

   Dismissing a case filed by Attorney General of the Federation and upholding the contention of that of Lagos State, the Court on Friday held that the Constitution empowers only the National Assembly to regulate tourist traffic, a term which does not extend to hotel registration or licensing.
   The Court also ruled in favour of Lagos State in another case filed on the same subject, which was consolidated with the first one for hearing. In the latter case, the Court declared valid both the Hotel Licensing Law of Lagos State and the Hotel Occupancy and Restaurant Consumption Law of Lagos State. The offending sections of the Nigerian Tourism Development Corporation  (NTDC) Act were, however, declared null and void.

   Represented by the Attorney General, Mr. Ade Ipaye, Lagos State Government had argued during the hearing that the only power reserved to the National Assembly on the Exclusive Legislative List in Schedule 2 to the Constitution was the regulation of tourist traffic, which only pertained to immigrations and the issuance of visas, but Mr. Tunde Busari, representing the Attorney General of the Federation, contended that the phrase was enough to cover all tourism subjects and that the NTDC Act had therefore covered the field. On those grounds, Mr. Busari called on the court to invalidate the Hotel Licensing Law and Hotel Consumption Tax Law of Lagos State. This was rejected by Galadima JSC who read the lead judgment and all other justices in both cases.

   It would be recalled that the Lagos Sate Government and the Federal Government had been embroiled in controversy over the question of proper authority to license and grade hospitality establishments. This had resulted in the NTDC and the State Government setting up parallel registration and regulation structures to the annoyance of businessmen in the industry.  By dismissing the case of the Federal Government, the apex court has put paid to this controversy and paved way for State Governments to take full charge of tourism regulation and development within their respective jurisdictions.

Commenting on the judgment, Mr. Disun Holloway who is the Lagos State Commissioner for Tourism and Intergovernmental Relations, declared it as a landmark and commended the Supreme Court for upholding the tenets of Federalism. He also stated his expectation that this judgment will eradicate multiplicity of taxation and regulation, thereby enabling States to take charge and properly plan for the hospitality industry in their respective territories.

Source

Local News: Real estate lawyers applaud Jonathan around Land Use Behave

Real Property Lawyers Association of Nigeria, RELAN, Thursday, commen-ded President Goodluck Jonathan for contacting for the removal of Land Use Behave from the 1999 Constitution.

RELAN, in a statement by its Vice-President, Procedures, Mr. Adekunle Omotola, observed that Federal Government's commitment was in line with the view of his association during its first national summit on Land Use Behave in Abuja in 2009 and the recent one in Lagos on June 20,2013.

He explained: “RELAN is not ignorant that to eliminate the Land Use Behave, it must evolve with Part 9 of the 1999 Constitution as amended.

“We're also aware that the plenary procedure of the Senate and the House of Representatives are discussing the report of Senator Ike Ekeremadu and Mr. Emeka Ihedioha-led Committees on the amendment of the constitution.

“We're satisfied that President Jonathan freely declared that the Land Use Behave is likely to be removed. It is a proper step in the right direction.

“Certainly, President Jonathan's commitment is an extension of the cement stage taken by his quick predecessor in office, late President Umaru Yar'Adua, who forwarded a bill to the National Assembly for amendment of some chapters of the Behave in 2009.

“It is our view that the realistic strategy by the government to eliminate the Behave is to ensure the it wears a human face and to be consistence with democratic norms and ideals.”

Full Storry: The Urgent Need For Agricultural Development

The annals of agriculture dates back once again to 1000s of years and its development has been driven and defined by greatly different climates, cultures, and technologies. However, all farming generally count on techniques to expand and maintain the land which are suited to raising domesticated species. For plant, this usually requires some irrigation, although, you will find types of dry land farming, pastoral, herding on rangeland which remain the most common methods to raise lives stock. Agriculture in Nigeria falls into two main groups, food crops produced for home consumption and cash crops for export. Cocoa may be the leading non- oil foreign exchange earner but the dominance of smallholders and not enough farm labour as a result of urbanization restrain production.



In 1999 Nigeria produced 145,000 tons cocoa beans but Nigeria has the capability to produce 300,000 per year. Rubber is the second largest non-oil earning foreign exchange earner. Farming in Nigeria suffers plenty of neglect and abandonment from investors who rather devote their finance into oil and other sectors. Majority of people who farm in the country is suffering from not enough finance and man power to understand a large harvest while only a few rich can spend money on commercial farming that may be conveniently useful for export trading.


Agriculture, accounts for 23 percent of Nigeria's GDP and engages 3 percent of the economically active population. Agriculture contributed significantly more than 75 percent of export earnings before 1970. Since then, however, agriculture has deteriorated, partly as a result of government neglect and poor investment, and partly as a result of ecological factors such as for instance drought, disease, and reduction in soil fertility. Agriculture contributed 32% to GDP in 2001. Recently, agriculture's share of exports had declined to less than 10 percent. Once an exporter of food to nearby countries,



Nigeria now must import food to meet up domestic demand. Today's government of Nigeria has made endless promises to revitalize the agricultural sector of the economic which had once fed this nation and nations far and wide with her palms (used to produce palm oil, sesame, cocoa, rubber, cotton, soya beans, plantain, gum Arabic, kola nut, melon sorghum, millet, maize (corn), yams, and cassava which were once exported but are now actually sold mostly locally. Farming is one major aspect that Nigeria can boast of if properly utilised.


The lack of development in agriculture which has been relinquished to the poor has greatly affect, the country's economical progress. Most of our graduates even those specialized in the field of agriculture will rather work in a company than work in a farmland. The thought of “white collar” jobs has eaten deep in to the logical reasoning of Nigerians that farming is regarded as stressful and sometimes dirty. They'd preferred to get money to get food as opposed to produce the meals themselves. The total outcome of this is that, if every Nigerian is in a company and paid huge sums of amount, then you will have not enough food and importation of food stuffs will increase.

Lagos Assembly Approved N7b loan bid

LAGOS State House of Assembly has approved the state government's request of N7 billion loan to address challenges of housing deficit in the state. 

    The Assembly at its'plenary yesterday, adopted recommendations of the House Committee on Economic Planning and Budget on 2013 Appropriation Law with housing budget reviewed upward from N10 billion to N17 billion. 

    The Commissioner for Economic Planning and Budget, Ben Akabueze had, in a letter read on the floor of the House a week ago, requested that the budget deficit be risen to the tune of N7 billion to address the problem of “considerable housing deficit” in the state.

    Akabueze had also noted that the proposed amendment would not lead to increase in the budget estimate but the increment will be sourced through loan to construct 600 units of houses.    

  Before the approval of the request, the lawmakers had debated the rationale for the loan and recommendations of the committee.

Lagos actions to guard investors in property market

Plans are underway by the Lagos State government to protect the interest of real-estate investors and everyone through sanitisation and regulation of the actual estate market, Kehinde Abayomi, director of estate in the state ministry of housing, has said.

Abayomi, who represented Bosun Jeje, the state commissioner for housing, at the opening ceremony of the ninth edition of the Luxury Living Africa Property Exhibition, said the move was necessary to help curb the excesses of dubious real-estate agents who defraud investors in the sector.

“Real-estate agents must register with the state before they could be licensed as the sanitisation process may also involve screening and training of accredited estate agents within the metropolis,” he said.

Organised by Campaign Hype, the exhibition created a platform for trade promotions, exploring of investment opportunities, networking and market development for all stakeholders in the actual estate sector.

The expo also afforded property developers opportunity to showcase their recent products to prospective customers. “The aim of the exhibition is to display innovative real-estate products as Nigerians now see real-estate as new hub for investment after the crash of the stock market,” said Ike Steve, head, organising team.

“The growth of Africa's real-estate industry within the last six years has been impressive, signalling that the entranceway for opportunity and innovation has opened right in Africa; the need for a platform where new real-estate products could be showcased is important,” he explained.

The event also provided a platform for stakeholders to go over and chart the way in which forward on what investors can benefit from the mini property boom on the continent at present.

A number of the exhibitors at the expo include Rainbow Town Development Limited, developer of Rainbow Town, Port Harcourt; Vava Furniture, Howard Roark Multi Dynamics Limited, developer of Lakeview Park; Beaufort Properties, developer of Beaufort Ridge, Accra, and Kano Emirate Council, developer of Ado Bayero Royal City, Kano, etc.

CCESSA lauds govt for alliance with investors in infrastructure

Construction & Civil Engineering Senior Team Association (CCESSA) lauds government initiatives to partner with places which can be ready to buy Nigeria, support the infrastructural progress and donate to the development of the economy.

The National Leader of the association, Comrade (Dr.) Augustine Etafo, while commending the Government and the Asian version for the bilateral agreement  and the Memorandum of understanding reached with the China Civil Engineering Construction Firm (CCECC), claimed it's heartwarming to see that the business, as said in one of the Nigerian national dailies, by China's Vice Minister of Foreign Affairs, Mr. U Yucheng, that CCECC is going to be investing enormously in Nigeria, with planned investment in Actual House, concrete manufacturing, Beach Slots, railways, highways progress and the steel market among others.  Mr. Li also added that the Asian Construction big CCECC conducting business in Nigeria has used about 20,000 Nigerians with about 1,000 Expatriates.

CCESSA but note that the Asian construction big unsuccessful to inform people that against 1000 expatriates on history, there are only 35 elderly team in almost all their development in Nigeria. This is certainly indefensible. That is also in comparison variance to the extant law on expatriate quota; and even the labour laws. It's incredible that one of the 20,000 Nigerians used in the entire operations in Nigeria only 35 are elderly staff. It's significant complication for Nigerian graduates.

This indicates very convenient for the Asian multinational organization to utilize 1000 expatriates, and only 35 Nigerians. What goes on to the Nigerian professionals who are likely to perform in the establishments? It indicates the professional like Engineers, accountants, individual resource workers aren't required by the business or what? That leads to motion without development. How do we transfer technology between expatriates and junior team? That trend has identified Asian company in Nigeria. 

If this continues we might be left with no alternative than to end that China doesn't intend to transfer technology to Nigerians. You might have expected that in line with expatriate quota, the type of employees should be such that it may improve transfer of technology to the area populace. That brings us to the 2nd aspect of our fear, which can be; in a desperate effort to have hold on our government they compromise quality, common and choose the best cadre of labour, therefore causing a great space between quality and price.

That 1000 Asian is working wherever only 35 Nigerian graduates are used only leads to conclusion: Nigeria is sinking in to deeper graduate unemployment while Asian is solving their unemployment problems in Nigeria. Again, what is the qualification of the so-called expatriates? A cursory stop by at the internet sites of the corporation display, that individuals have expatriates cooks, expatriate home keepers and expatriate clerks, in the end what they contact expatriates are those who couldn't discover employment in China and are brought to Nigeria.

That brings to problem the type of employment relations such establishment.  Whereas the junior team is wholly Nigerians, and is numerous, the elderly cadre employment is said to be discussed involving the expatriates and the Nigerians.  Expatriates such as the title implies are said to be used wherever the area employees lack capacity however the reverse may be the case.

The Government should take cognizance of the truth that it's inadequate to signal agreements, but that Nigerian personnel interest should also be factored in.  Our trust and need is that Nigerians are experienced to dominate the jobs of expatriates after they have understudied them. 

CCESSA is not advocating that most expatriates should be delivered providing nor is he expressing that Nigerians can handle most of the complexities mixed up in construction industry.  But the idea is that, honestly there are places wherever the presence of experts is imperative.  In many other places, regional team has the capability to control affairs.  Such regional team must get the opportunity to perform, initially beneath the direction of the relevant experts. 

In this market, we have Engineers, Architects, Surveyors, Workers Officers, Accountants e.t.c and we believe if many of these are acknowledged and effectively put, then CCECC Company can not be speaking of less than 2000 elderly team as against the 1000 expatriates they have rightly or wrongly established.

Finally, we but welcome Asian investors in Nigeria, but it should be built to benefit Nigerians and much less a ploy to fix their particular unemployment crisis.

Labour Praises MoU with China

LAGOS - The Construction and Civil Engineering Senior Team Association yesterday recommended the Federal Government's effort to partner with countries prepared to buy Nigeria.

The association built the commendation in a record released in Lagos by their Leader, Mr. Augustine Etafo.
Based on it, the effort may facilitate progress of infrastructure and donate to the growth of the country's economy.

The association hailed the bilateral contract between the Nigerian and Asian governments and the Memorandum of Understanding (MoU) with the China Civil Engineering Construction Business (CCECC).

It expressed pleasure that CCECC might purchase property, concrete production, beach ports, railways and steel market, among others.

It noted that presently CCECC's entry in to Nigeria had triggered the employment of about 20,000 Nigerians.

The association, however, regretted that there were just 35 Nigerian people of their senior staff in the entire Nigeria as against 1000 expatriates.

Based on the body, this really is contrary to the extant law on expatriate quota.

‘' What are the results to Nigerian specialists that are designed to function in the establishment?

“If this remains, we may be left without choice than to end that China does not intend to transfer engineering to Nigerians,” the association said.

It told that the interest of Nigerian employees should be secured in the MOU.

The association expected that Nigerians might dominate the jobs of expatriates in Nigeria after understudying them.

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Part 3: update:$27Million Saga: Senate Never Approved OBJ,GEJ To Purchase And Disburse Nigerian Real Property Qualities In U.S.--Reports

 Part 1, Part 2

Learn more on the $27Million missing Real Estate properties in United States beneath:   New York[RR] ABUJA--Update: Missing $27M: Adefuye, Ashiru, Ogwu And Cronies Sweating Over Looted $27Million Real-Estate Funds, As Senate Investigates, Republic Reporters has learnt. In accordance with Vanguard, investigation to the alleged misappropriation of $27 million realized from the sale of prime properties belonging to the Nigerian Embassy in Washington DC and Maryland in the United States of America (USA), is Onn.  It said: "The probe is being handled by Senate Committee on Foreign Affairs chaired by James Manager (PDP Delta South). The funds were said to be proceeds that accrued from the properties sold between 2004 and 2007.

"Almost immediately, the embassy also allegedly began another sale of a fifth property located in San Francisco, California also in the USA. The embezzlement allegation was found in a three-page petition to Senate President, David Mark, and dated January 21 by an anti-corruption body located in Nigeria – Transform Nigeria Movement. Embattled Nigerian Ambassador to the United States Ade Adefuye, said hours ago: "I have no turn in the missing $23.5Million, I met only $10Million in in account", he said. He said alleged missing $27Million accrued from Real Estate property sales in the United States between 2004 and 2007, is false, "I met $23.5Million..",

when i resumed office, President Jonathan authorized us to utilize the $10Million left for necessary restructuring at the Embassy, in the U.S, without explaining what restructuring took place at Nigerian Embassy in the United States..", he told reporters.

Meanwhile, Nigerian Permanent Ambassador to the United Nations (UN) Professor Joy Ogwu, has disassociated herself from the looted Real Estate funds, that went missing between 2007 to 2012, when it absolutely was revealed the funds placed into special account at Manufacturing And Trading Bank (M & T Bank) in Washington,DC was drawn down with less than 400,000.00 dollars left in the account when it absolutely was closed down by United States banking industry as a result of "money laundering", by Nigerian diplomatic officials at the Nigerian Embassy in Washington, DC, United States.  Ms. Ogwu told reporters, She: "Had to clarify the situation to douse what she called “malicious misinformation” making the rounds in the media.She spoke against the background of  her invitation by the Senate Committee on Foreign Affairs investigating the alleged embezzlement of 23.5 million dollars from the Nigerian embassy in Washington D.C. The funds were considered arises from the sale of three Federal Government houses in Washington D.C. between 2004-2007.

She however, acknowledged that the Senate Committee on Foreign Affairs invited her in link with a petition concerning misappropriation and embezzlement of funds by the Nigerian ambassador to the U.S. and others. Based on the former envoy, she appeared prior to the senate on June 27 and categorically emphasised that she neither received any request nor granted authorisation to any ambassador concerning the sale of Nigerian properties in Washington D.C.“Indeed, projects of such enormity are traditionally for the consideration of the Federal Executive Council.“It's very instructive to note that I was not invited to the Senate within my present capacity as Nigeria's Permanent Representative to the UN, because I'm not under trial.

“I was invited within my capacity as former Minister of Foreign Affairs of Nigeria and the  property and the attendant proceeds come in Washington D.C and I've absolutely nothing regarding it.”She observed that she have been erroneously portrayed as having appeared prior to the Senate in her capacity as Nigeria's Permanent Representative at the UN.Ms. Ogwu fumed that: “Some reports have even labelled me as a former Nigeria ambassador to the U.S., who succeeded Prof.

George Obiozor.“That's wrong because I haven't been Nigerian Ambassador to the U.S,” she stressed. "In a letter dated June 10, I was invited by the Senate Committee on Foreign Affairs on a petition concerning misappropriation and embezzlement of funds by the Nigerian ambassador to the U.S. and others. "Paragraph two of the letter states that I'm invited to the meeting within my capacity as former foreign affairs minister 2006-2007. "In my testimony prior to the senate committee on June 27, it absolutely was categorically emphasised that I neither received any request nor granted authorisation to any ambassador concerning the sale of Nigerian properties in Washington D.C.

"Indeed, projects of such enormity are traditionally for the consideration of the Federal Executive Council." "It is very instructive to see that I wasn't invited to the Senate in my own present capacity as Nigeria's Permanent Representative to the UN, because I'm not under trial. "I was invited in my own capacity as former Minister of Foreign Affairs of Nigeria and the  property and the attendant proceeds are in Washington D.C and I have absolutely nothing regarding it." The former minister noted that the clarification became pertinent following what she called "malicious misinformation" making the rounds in the media. She observed that she have been erroneously portrayed as having appeared prior to the Senate in her capacity as Nigeria's Permanent Representative at the UN. 

"Some reports have even labelled me as a former Nigeria ambassador to the U.S., who succeeded Prof. George Obiozor. "That's wrong because I haven't been Nigerian Ambassador to the U.S," she stressed. -  In another front, the Minister of Foreign Affairs, Amb. Olugbenga Ashiru, curiously stated that $27 Million or $23.5million wasn't missing at the Nigerian Embassy in the United States, without giving details. Ashiru, who had been visibly sweating in Abuja heat told reporters in FCT-Abuja. said the sale of Federal "Government property in Washington DC was duly authorised by ex-President Olusegun Obasanjo, but may not explain how the funds were interested in significantly less than $400,000.00 as M & T Bank closes the Special accounts on allegations of fraud and multiple money laundries. In the statement he explained: “The eye of the Ministry of Foreign Affairs has been interested in the above-mentioned allegation as carried in most national newspapers of Friday, June 28, 2013.

 “The newspapers reported a public hearing conducted by the Senate Committee on Foreign Relations, where Nigeria's former Ambassador to the United States, Prof. George Obiozor, Nigeria's current Ambassador to the same Mission, Prof. Ade Adefuye, and Nigeria's current Permanent Representative to the United Nations in New York, Prof. Joy Ogwu appeared. “The Committee was meeting to investigate allegations of the embezzlement of $27 million, being arises from the sale of Federal Government properties in Washington DC. The Ministry, however, wishes to share with the general public as follows:That monies involved in the sale of Federal Government properties were duly and completely accounted for..

." he said, but by who? Embattled Ambassador Adefuye was reportedly left his Ambassadorial post in Washington,DC, and was "virtually sleeping at EFCC's office FCT-Abuja", anonymous FCT-Abuja eyewitnesses told Republic Reporters. Ashiru added: ""The human body requested the Senate to probe how the said funds disappeared between 2004 and 2007."During the sale of the properties, the Nigerian government, through the embassy in Washington, engaged the services of ECULAW Law firm which handled the sales and lodged the proceeds with respect to the embassy in to a special account with the Washington DC based M & T Bank. The bank was speculated to be holding deposits of huge proceeds from the property sales until George Obiozor who was then Nigeria's Ambassador to the U.S. returned to Nigeria after completing his service in Washington.

The funds which allegedly yielded substantial monthly curiosity about the M & T Bank remained in the special accounts throughout the tenure of Obiozor's successor, Oluwole Rotimi. Daily Independent newspaper reported that the petitioners said: the funds “mysteriously disappeared” once the incumbent envoy, Adebowale Adefuye, took over from Rotimi, who was fired by late Yar'Adua for insubordination to then Foreign Affairs Minister Ojo Maduekwe, whom he called "Biafran Ragtag, he defeated during Biafran-Nigerian hostilities between 1967 to 1970.

 The disappearance of the funds, based on the petition, became evident when M & T Bank was forced to turn off the accounts of the embassy and subsequently terminated all banking relations with the embassy in early 2012. According to the petition, all the three accounts owned by the Nigerian Embassy in the custody of M & T Bank, like the $27 million proceeds from property sales were allegedly drawn right down to barely $400,000 at the time the accounts were closed. Since March 2012, there has not been any explanation of the whereabouts of the money that was alleged to stay the lender at the time Adefuye assumed office as Nigeria's envoy.

In 2009, about $3 million realised from a similar transaction was directly used on the purchase of a house in Russia. The National Assembly reportedly held a public hearing about the misapplied funds. "The petitioners are worried that the Federal Government hasn't done anything to trace the funds before anti-corruption body allegedly petitioned the Senate. Even Adefuye who is thought to will be in Abuja for quite a long time before time for Washington recently, was allegedly not quizzed by government or the Foreign Affairs Ministry.

The group, therefore, urged the Senate to investigate the case with a view to recovering the missing funds. Senate also at plenary on Thursday approved the nomination of Emmanuel Adegboyega Aremo as new Secretary of the Economic and Financial Crimes Commission (EFCC). Meanwhile, key witness to the sales of the Real Estate property Ephraim Emeka Ugwuonye a US-based lawyer during whose tenure since the Emassy's attorney the said $27 million was realized from property sales, is scheduled to testify prior to the Nigerian Senate Committee investigating the looted funds tomorrow, Monday, July 1, 2013, prior to the Senate Foreign Affairs Committee tomorrow in an in depth door exercise.  Ugwuonye said: "

“I look forward to it, really. But everbody knows, it is quite a serious business. I wish to also add that I would be busy staying alive and unharmed till that moment,” Ugwuonye, who is currently in fee dispute with the Embassy, said today on his Facebook wall. He also alleged that he was trailed by possibly attackers. "“Well, I don't want to panic anybody, but yesterday evening, my car was followed. It had been too obvious my car had been followed. I won't discuss the important points without exposing how and why there was no incident in the end. But when I get the ability to right a memoir, I will disclose the drama of yesterday's evening. Because of this incident, I'd either not step out today or I'd follow a different route if I do.” More update later...

Part 2: update:$27Million Saga: Senate Never Approved OBJ,GEJ To Purchase And Disburse Nigerian Real Property Qualities In U.S.--Reports

 Part 1, Part 3

"he explained, but by who? Embattled Ambassador Adefuye was reportedly left his Ambassadorial post in Washington,DC, and was "virtually sleeping at EFCC's office FCT-Abuja", anonymous FCT-Abuja eyewitnesses told Republic Reporters. Ashiru added: ""The body requested the Senate to probe how the said funds disappeared between 2004 and 2007."Through the sale of the properties, the Nigerian government, through the embassy in Washington, engaged the services of ECULAW Law firm which handled the sales and lodged the proceeds on behalf of the embassy right into a special account with the Washington DC based M & T Bank. The lender was speculated to be holding deposits of huge arises from the property sales until George Obiozor who was then Nigeria's Ambassador to the U.S. returned to Nigeria after completing his service in Washington.

The funds which allegedly yielded substantial monthly curiosity about the M & T Bank remained in the special accounts through the entire tenure of Obiozor's successor, Oluwole Rotimi. Daily Independent newspaper reported that the petitioners said: the funds “mysteriously disappeared” when the incumbent envoy, Adebowale Adefuye, took over from Rotimi, who was fired by late Yar'Adua for insubordination to then Foreign Affairs Minister Ojo Maduekwe, whom he called "Biafran Ragtag, he defeated during Biafran-Nigerian hostilities between 1967 to 1970.

The disappearance of the funds, according to the petition, became evident when M & T Bank was forced to power down the accounts of the embassy and subsequently terminated all banking relations with the embassy in early 2012. According to the petition, all of the three accounts belonging to the Nigerian Embassy in the custody of M & T Bank, such as the $27 million arises from property sales were allegedly drawn down to barely $400,000 during the time the accounts were closed. Since March 2012, there's not been any explanation of the whereabouts of the amount of money which was alleged to be in the bank during the time Adefuye assumed office as Nigeria's envoy. In 2009, about $3 million realized from the same transaction was directly spent on the purchase of a property in Russia. The National Assembly reportedly held a public hearing regarding the misapplied funds. Reports say:"

The petitioners are involved that the Federal Government hasn't done anything to trace the funds before anti-corruption body allegedly petitioned the Senate. Even Adefuye who's believed to have been in Abuja for quite a long time before time for Washington recently, was allegedly not quizzed by government or the Foreign Affairs Ministry. The group, therefore, urged the Senate to investigate the case with a view to recovering the missing funds. Nebukadineze Adiele reacting to Rotimi Osunsanya remarks beneath: "n addition we must demand the source of the Authority to offer and dispose the property of the Government! By my experience, the President does not have the statutory responsibility to procure, sell and dispose any Government property at will. That's against the law and it's an impeachable criminality..", Mr. Rotimi Osunsanya said. Has this to express:

"Whenever I curse out many people on these forums, its is mainly because I haven't any tolerance for falsehood peddling, especially senseless ones. Whenever such senseless falsehoods are peddle by supposedly educated adult Nigerians, nothing short of cursing them out suffices as the peddlers of falsehood are shameless liars and annoyingly impervious to correction or reason.   "What could be more despicable and inviting of a cursing out compared to the brainless falsity peddled by Rotimi Osunsanya, as excerpted above? He shamelessly claims that the president of Nigeria does not have the authority the dispose of property owned by the government of Nigeria.   "But section 130(2) of the constitution of the Federal Republic of Nigeria, 1999 says this:   

The President shall be the Head of State, the Chief Executive of the Federation and Commander-in-Chief of the Armed Forces of the Federation.   He added: "How could a Chief Executive of the Federation not have authority to direct the selling from property belonging to the government, especially ones on this kind of low level scale? How can a leader run a government if he's so statutorily incapacitated? If the president couldn't direct the selling from government property or the procurement of new ones for the government, then who has that authority, the legislature? No, you idiot, these are functions statutorily assigned to the executive branch of the government headed by the president. 

"I agree with Ojo Maduekwe that the legislature was overreaching with your investigations (the Senate has authorization to investigate any allegation of missing money belonging to the government, however the House's prior investigation, as to who authorized the sell of the property, was extra constitutional).   "Rotimi Osunsanya, if I recall correctly, was the fellow who lost his ward and deposit as a PDP candidate for a seat at the House of Representatives from Lagos state. Fellow Nigerians, just imagine this for a second. A person who not even know the functions constitutionally assigned to the president of Nigeria was almost certainly one of your law makers. Can there be any longer wondering as to the reasons Nigeria is a big for nothing country?..", he fumed.

Part 1: update:$27Million Saga: Senate Never Approved OBJ,GEJ To Purchase And Disburse Nigerian Real Property Qualities In U.S.--Reports

Part 2, Part 3

New York[RR] New York--Update:$27Million Tale: Senate Never Licensed OBJ,GEJ To Sale And Disburse Nigerian Real Property Houses In U.S.--Reports. Following constant analysis by Nigerian Senate Committee on International Affairs on $27Million accruing from Real Property Houses revenue in the United Claims, sitting at the Federal Capital Place (FCT) Abuja, indicate clinically distinct that Nigerian National Assembly/and the Nigerian Senate never whenever approved the former Leader Obasanjo (1999 to 2007) to get the sale of the Real Property properties, neither achieved it authorize recent administration led by Leader Goodluck Jonathan to issue presidential authorization to Nigerian Ambassador Ade Adefuye, Nigerian International Affairs Minister, Olugbenga Ashiru to disburse now lacking $27Million gathered from illegal revenue of Nigerian Real Property Houses in the United States.

Republic Reporters investigations revealed. Signs display that the $27Million which, has curiously disappeared from the unique banking account at Manufacturing And Trading Bank (M&T Bank) in Washington,DC, and attracted down seriously to less than $400,000 was misappropriated, clearly makes Senate investigations really necessary. Curiously experts and international political analysts are questioning employing techniques of Nigerian Embassy legal Counsel whether it following principle of law. Rotimi Osunsan in Massanutten Hills Resort,Virginia, wondered: "I when requested but never got an answer: were the employing of the Embassy lawyers, including Emeka Ugwuonye and the young Aluko in submission with the established fair, competitive, process?

 Was the Embassy clear with the employing techniques of the lawyers and any one of their team for instance?\ Enormous recurring allegations of financial improprieties at the Nigerian Embassy in Washington,DC, and corruption by Nigerian diplomatic officials all over the world is heart-breaking. The embattled Nigerian Ambassador to the United Claims Ade Adefuye feeling the warmth from Senate Committee on International Affairs, said: "I have no submit the lacking $27Million accruing from revenue of Nigerian Real Property properties in the United States. He said: "The claim that I used $23.5Million was high since what I met in the bill of the embassy when I resumed whilst the Ambassador of Nigeria to the United Claims was only $10Million...", he said. Adding that:"Operations at the embassy in Washington,DC was poorly financed since it was getting only $200,000 of their monthly entitlement of their $600,000... to meet up financial obligations, I obtained presidential authorizations to make up for the shortfall from the $10million in their account..",

he informed reporters in Washington,DC, Republic Reporters communication in Washington,DC confirmed. Curiously, Minister of International Affairs, Olugbenga Ashiru, stated that $27 Million or $23.5million was not lacking at the Nigerian Embassy in the United Claims, without providing details. Ashiru, who was simply clearly sweating in Abuja heat informed reporters in FCT-Abuja. said the sale of Federal "Government house in Washington DC was properly authorised by ex-President Olusegun Obasanjo, but could not explain how the funds were attracted to less than $400,000.00 as M & T Bank closes the Particular records on allegations of fraud and multiple income laundries. In the record he said: “The eye of the Ministry of International Affairs has been attracted to the above-mentioned allegation as moved in many national magazines of Friday, August 28, 2013.

“The magazines reported a public hearing done by the Senate Committee on International Relations, at which Nigeria's former Ambassador to the United Claims, Prof. George Obiozor, Nigeria's recent Ambassador to the same Goal, Prof. Ade Adefuye, and Nigeria's recent Permanent Representative to the United Countries in New York, Prof. Delight Ogwu appeared. “The Committee was meeting to examine allegations of the embezzlement of $27 million, being proceeds from the sale of Federal Government properties in Washington DC. The Ministry, however, wishes to share with most people the following:That all charges active in the sale of Federal Government properties were properly and completely accounted for..."

Nigeria: N5 Billion Pension Fraud - Ex-Director Protects N500m Bail

Having spent thirty nine days at Kuje Maximum prison, a Federal High Court in Abuja, yesterday, granted bail to the former Director of Pension Accounts in the Office of the Head of Civil Service of the Federation, OHCSF, Dr Sani Teidi Shaibu, to the tune of N500 million.

Justice Adeniyi Ademola further directed the ex-pension boss who was simply said to own connived with a former manager with the defunct Oceanic Bank Plc, Mr Udusegbe Omoefe Eric, and diverted about N5 billion designed for pensioners across the federation, to make two sureties in like sum..

Likewise, the court also released his alleged accomplice, Eric, on a single bail terms, stressing that the sureties should be owners of landed property with the jurisdiction of the court. Besides, the sureties are to deposit the title deeds of the property with the Deputy Chief Registrar of the court.

Based on the judge, "The accused persons should equally deposit their travelling documents with the court registrar and mustn't travel without the permission of the court. If the travelling passports already are with the court, they must be used in the registrar with this court."

Before adjourning hearing on the substantive case against them till October 23, Justice Adeniyi directed that in the case the accused persons fail to meet up the conditions upon which these were granted bail yesterday, they must be returned to Kuje prison.

It is going to be recalled that the court had earlier suspended ruling on the bail application indefinitely sequel to a petition the ex-pension boss wrote from the presiding judge.  Teidi, who was simply said to own acted without the consent of his lawyer, wrote the Chief Judge of the High Court, Justice Ibrahim Auta, accusing the trial judge of deliberately allowing him to stay in prison custody despite he had filed his application for bail.

It had been the contention of the accused individual that the judge had on several occasions thwarted efforts by his legal team to secure his release.

Consequent upon the petition, Justice Adeniyi adjourned the case in order to answer to react to the petition as he was directed to do by the CJ.

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Part 2 Nigeria: N5 Billion Pension Fraud - Ex-Director Protects N500m Bail

 Part 1
The duo who are answering to a 22-count criminal charge bordering on conspiracy, fraud, breach of public trust and obtaining by false pretense, were on June 7, arraigned before the high court by the Economic and Financial Crimes Commission, EFCC. EFCC had maintained that the accused persons used nine companies and siphoned pension funds.

It gave names of the businesses accused of complicity in the pension scam as Gozinda Enterprises, Bashinta Nigeria Ltd, Haleath Enterprises, Uthatak Nigeria Ltd, Krasiva Nig Ltd, Badawulu Ventures Limited, Ebunu Attah Investment, Muha Millennium Motors Limited, Ribaile Petroleum Ltd.

EFCC had earlier revealed before the court how the accused persons used seven Bureau De Change operators and stole pension funds, adding that throughout the investigation process, one Mohammed Muhamud, owner of Muha Motors, who it said volunteered statements on 16/2/2011 and 31/5/2011, confessed that Dr Shaibu, at various times, used his bank accounts to transfer huge sums of money to another account operated by one Chief Anthony Azewaputa, who EFCC said facilitated the purchase of "Brifina Hotel", for the 1staccused person.

The agency told the court that the offence which it said ran unlike sections 1(1) (a), 7(1) (b) (i), 8(a) of the Advance Fee Fraud and Other Related Offences Act, 2006 and punishable under sections 1(3), 7(2) (b) (i) of the exact same Act, was committed between 2009 and 15 March 2010.

Much more, EFCC, alleged that the remanded pension boss, siphoned money from the pensions department and purchased plot B59 Dawaki Extension Layout in Abuja in one Stanley Obioma Iwu, with the intent to disguise the ownership of the proceeds of the illegal transaction, along with, looted monies and purchased 100 units of Lifetime 32-LCD Television, 100 units of Samsung Refrigerators, 70 units of Samsung 1.5 HP Air-Conditioners, 30 units of Samsung Split unit 1.5 HP Air Conditioners, 15 units of 3HP Package unit Air-Conditioners from Iwu, Chikwado Ezenwoye and Essential Gadgets Ventures

Lagos flags-off certification of house agents

AS section of its decision to wash up the rot in the estate organization area, the Lagos State through its True House Purchase Regulatory Power, a week ago revealed that it had started issuance of validation permits to customers of Lagos State part of House Rent and Commission Agents Association of Nigeria (ERCAAN).

The shift came almost a year following the team began procedures to checkmate the activities of some estate brokers who often gather income from simple customers beneath the guise of having accommodation for them.

  Talking at the unveiling of a taskforce group and one year anniversary of the ERCAAN professionals, the agency's Assistant Common Manager and Mind, Control Tracking and Administration, Mrs. Linda Patunola-Ajayi, disclosed that the organization has already began supplying permits to brokers even while it would soon start enforcement.

Patunola-Ajayi further stated that ministries and agencies in Lagos had recently been given directives never to patronize unregistered brokers putting that the human body would start enforcing the laws with special help from enforcement officers drafted to the agency.

According to her, high property demand in their state has created the field vunerable to punishment by people who take part in a number of un-salutary practices to the detriment of the citizens.

  A source hinted that the enforcement group would move into the area in September.

Earlier in the day, Chairman of ECRAAN Lagos section, Mr. Godwin Alenkne, said the association is a key supporter for regulation of the real estate profession in Lagos State even while the association had received the highest amount of forms.

Alenkne also referred to as on the Lagos state organization to speed up the process of certification to ensure that enforcement can start immediately. 

He explained that the create of the taskforce was to spot fake real estate brokers and enforce standards.

He explained, “For people discipline must begin within and our customers must attain the highest level of discipline before the typical public. The marshals are to coordinate and pronounce our signal of perform as within the structure of the association at all times&rdquo ;.

 According to Alenkhe, ERCAAN customers across their state have initiated subscription in 42 areas in 52 Local Council Growth Region and happen to be obtaining LASRETRAD subscription forms.

The procedure of pinpointing people suitable to be licensed as estate brokers involves creating a repository that may metamorphose in to a special House Representative identification quantity (EAIN) in the State.

The Database Administration may ultimately result in issuance of permits to apply as House Agents in the State through an automation process.

A compendium of principles and regulations has been created to guide the practice of True House in Lagos State, while preliminary information regarding practicing estate brokers, licensees and different applicable companies can be tested on the Office internet website which is start soon. 

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New Nigerian Actual Estate Internet site eCalabash Announces Beta

Per day in front of the convergence of several local and international organizations for the Luxurious Living Africa Property Exhibition in Lagos, eCalabash has introduced the beta discharge of their new Nigerian Actual Property site, nigeria. ecalabash.com, which will be centered on giving a solid international advertising platform for Nigerian Actual Property in the top of advanced category.

With a growing international interest in African and Nigerian Actual Property, eCalabash aims with the new site, to provide Actual Property firms that have a viable portfolio of primary Actual Property, and who are intent on advertising their portfolio globally, with the opportunity and instruments to make this happen goal.

Owned by eCalabash Enterprises, eCalabash is in a sealed spouse beta, just before a full community release in the near future.

ppw_insight_3

The Nigerian property industry has been warming up recently, Germany's Vamido presented their property site in the location earlier in 2010, and therefore have PrivateProperty. com.ng, PropertyIndex. com.ng, NigeriaPropertyCentre.com, OLX.com.ng, and Property24; eCalabash will soon be in strong competition with them.

Nigeria's company of offering and hiring homes on the web is definately not clear at provide sate, and it is in need of structure. With phantom results extremely frequent, Nigerians are over all skeptical about trusting the validity of on the web property results, therefore a considerable problem for any company looking to establish itself in the market.

Nigeria Hotels for Sale: 21 rooms luxury hotel sitting on 4000sqms for sale at Osborne Estate, Ikoyi - Photos

21 rooms luxury hotel sitting on 4000sqms for sale at Osborne Estate, Ikoyi

21 Luxury rooms
Located in a quite environment
Sitting on total size of 4000sqm
Located in Highbrow area of Osborne Phase 1, Ikoyi
Good Title: Lagos State Governor's consent

Contact:
Accryda Associates
7, Oluwaleimu Street
Off Toyin Street
Ikeja, Lagos.
Tel. 234 805 8021 495, 234 809 4025 634

Other Details: Number of Bedrooms: 15+, Number of Bathrooms: 15+

* Price: 6,173,420 USD

Nigeria, China Sign pacts on financial ties

Nigeria's Leader Goodluck Jonathan and Leader Xi Jinping of China Wednesday in Beijing presided over the signing of five agreements to enhance financial, deal, financial, complex and ethnic relations between Nigeria and China.

The agreements of closed after bilateral talks between the 2 leaders and their delegations range from the Structure Contract on Comprehensive Economic Cooperation In Help of Nigeria's Economic Growth and a Preferential Customer Credit Contract for Nigeria's Four Airports Growth Project.

The others were a new Contract on Economic and Technical Cooperation between Nigeria and China, an Contract on Good Credit Exemption for slots of diplomatic and standard passports from equally nations and an Contract for the Reduction of the Theft, Illicit Transfer and Move of Social Property.


OFFICIAL WELCOMING CEREMONY OF PRESIDENT GOODLUCK JONATHAN TO BEIJIN BY PRESIDENT XI JINPING. Photo State House



Talking ahead of the commencement of the talks, Leader Jonathan thanked Leader Jinping and the folks of China for the warm reception accorded him and the First Woman, Dame Persistence Jonathan because their birth in Beijing yesterday.

The Leader confident Leader Jinping that the Federal Government is completely committed to sustaining and establishing the strategic collaboration between Nigeria and China for the shared benefit of the 2 nations and their people.

He explained that in spite of the numerous positive developments in bilateral relations involving the nations in recent years, there clearly was however sufficient scope for increased deal and strong expense from China in Nigeria.
Leader Jinping confident Leader Jonathan that China can keep on to work with Nigeria in every probable areas in furtherance of the progress agenda of equally countries.

Earlier in the day in the day, Leader Jonathan met and asked Senior Executives of a few Chinese conglomerates to begin fresh opportunities in Nigeria or improve existing types, expressing that the Federal Government was committed to performing all within their powers to grow Nigeria's domestic production capacity.

Those the Leader met with included prime professionals of Huawei Systems Confined, China Great Wall Industries, ZTE Business, the State Grid Business of China, the NIC/SINOPEC/CGC Consortium, the China Railway Structure Business and the China Harbour Design Corporation.

At a morning meal ending up in African Ambassadors to China, Leader Jonathan reaffirmed his certainty that African nations needed to enhance their institutions of democratic governance to guarantee political stability and maintained development.

He explained that democratic governance should really be nurtured and inspired till it requires harder origin over the continent, adding that the African Union must continue steadily to stand against unconstitutional changes of government in member-states.

The Leader regretted recent political developments in Egypt and called for a rapid return by the united states to constitutional buy and governance.

Noting that the Forum on China-Africa Cooperation has become a useful framework for wedding between Africa and China, Leader Jonathan said that the African Union might consider the establishment of a representative office in Beijing to aid deeper connections involving the Asian financial giant and African nations.

Leader Jonathan can meet with Premier Li Keqiang and the Chairman of the Ranking Committee of the National Peoples Congress, Mr. Zhang Dejiang tomorrow for further bilateral talks.

He may also handle Chinese investors and their Nigerian alternatives at a business community in the China Earth Industry Centre in continuation of his state stop by at the united states

Nigeria: Farmers/Herdsmen Situations - 3,000 Lives Missing, Still Number Result in Sight

FOURTEEN decades after the nasty kill of Zaki Iyordye Akaahena, a famous paramount leader in Guma Local Government Area of Benue State along side his two sons who were theoretically beheaded by rampaging Fulani herdsmen in 1989, around 3,000 lives have been lost to the unending sour fight.

Actually, the partnership between many Benue farmers and herdsmen has been shrouded in suspicion and deep rooted abhorrence for every single other. Probably, this might take into account the consistent bloodbaths between the 2 in several communities and villages about Agatu, Guma, Gwer West, Makurdi and Gwer local government areas of the state.

There's number gainsaying that the situation has, like before, centered on dispute around grazing avenues and allegations and counter-accusations by the feuding parties that the other had trespassed beyond bounds. That only implies that since the Tiv man places so much premium on his facilities, likewise the herdsman who can kill his fellow man for tampering with his cattle, any effort by the pair to cohabit might generally lead to bloodbath.

That certainly can be responsible for the consistent issues between Tiv farmers and Fulani herdsmen across the Benue pit wherever lots of farming actions take position, but wherever herdsmen have also found ideal for grazing.

Actually, within the last few 14 decades hardly might any month go by without described cases of situations involving the farmers and herdsmen, ultimately causing deaths and destruction of property.

Actually, between last Friday and Saturday, close to 60 persons were killed, while scores were hurt and others still lacking in one of many bloodiest situation between Tiv farmers of Guma and Fulani herdsmen.

The most recent situation has established a massive refugee condition in Guma with well over 7,000 displaced persons, mostly girls and kids, now camped in Gbajimba, the local government headquarters; the fight still raging in the distant villages.

Speaking on the new situation, chairman of Guma local government council, Mr. Joe Us Adii, lamented ergo: "Lives are being lost on a typical foundation in the hinterlands whilst the recurring situation can be taking their cost on the finances of the council. Like I told you, the problem is poor because we already have a significant refugee condition inside our fingers right now considering that around 7,000 persons have been displaced by this situation; we've been able to camp them at Gbajimba.

"Bulk of these displaced persons are girls, kids and seniors; but luckily, as I talk to you, soldiers have moved directly into Gbajimba, the local government headquarters, and happen to be mobilizing to move to the situation parts in order to always check more eliminating ".

Also speaking, former Benue State Mind of Service, Mike Iyordye, who lost his father to the situation 14 years ago and whose house was burned down in last week's situation, pleaded with the authorities to take steps to test the situation " before it snowballs into anything else."

Unfortunately, despite the recurring dislike that remains to greet these unending situations and the resultant massacres, there seems to be number end in sight to the wanton killings and destruction of house between these feuding parties.

Probably government can offer a considered to the panacea set forward by the Paramount Ruler of Nagi Empire, HRH, Daniel Abomste who recently implored the Federal Government to urgently produce grazing avenues around the world for herdsmen in order to base the consistent situations taking place about Benue State.

Kenya Plans Derivatives to REITs to Increase Trading Volumes

Kenya's bourse, East Africa's largest, plans to introduce derivatives and property investment trusts after equity trading volumes declined, based on the financial-markets regulator.

The Capital Markets Authority will probably approve the introduction of futures products, with a focus on interest-rate and foreign-exchange derivatives, and asset-backed securities by December, Paul Muthaura, the regulator's acting chief executive officer, said. Exchange-traded funds might be started next year, he said. The FTSE NSE Kenya 25 index has gained 23 percent this year, with the nation's main stocks assess the third-best performing in Africa after Ghana and Nigeria.

“The newest array of products will deepen the marketplace,” he explained in an interview in Nairobi, the capital, July 8. “Providing new investment opportunities will attract more foreign investors buying a variety of investment options and allow local investors to spread their investment and tap into new sources of raising capital for projects.”

Kenya's Nairobi (NSEASI) Securities Exchange, which trades stocks and bonds, is sub-Saharan Africa's third-biggest bourse and its market capitalization is less when compared to a 20th how big South Africa and about a quarter of Nigeria.

The amount of stocks traded in Nairobi fell to 5.46 billion in 2012 weighed against an archive 7.55 billion in 2010 and 5.72 billion in 2011, data supplied by the exchange show. Almost 46 billion shares were traded on South Africa's FTSE/JSE Africa All Share index this past year, in accordance with data compiled by Bloomberg.

‘High Potential'

The sum total value of bonds traded in Kenya this past year was 1.14 trillion shillings ($13 billion), based on the exchange. That compares with 2.18 trillion rand ($216 billion) in South Africa, in accordance with Bloomberg calculations based on data supplied by the Johannesburg Stock Exchange.

“There is high potential in raising funds from institutional investors, foreign investors and high net worth individuals through the introduction of the new services,” Kenneth Kaniu, chief investment officer at Nairobi-based Stanlib Kenya Ltd., a system of Standard Bank Group Ltd., with 170 billion shillings under management, said by phone.

Three investment funds have put on list REITs, Muthaura said, without identifying the companies. REITs are companies which have property-linked assets and spend most of the income to investors through distributions. The South African REIT Association was started in May after six years of talks to generate regulations for a, which will be set to end up being the world's eighth largest REIT market with 26 companies, in accordance with its website.

Institutional Investors

“The REITs will target institutional investors and high-net-worth individuals with a minimum of 5 million shillings per unit to make certain sufficient funds are raised within the shortest time,” Muthaura said.

Housing Financing Co. Ltd., Kenya's just publicly dealt mortgage lender, claimed last week it wants the us government to exempt REITs from spending duty on capital gains. Housing Financing plans to really have a share in REITs as a supervisor, land manager and property builder as well as trustee, offering as a custodian of resources held by way of a trust. Centum Expense Co., Kenya's biggest publicly dealt expense party, can also number a real-estate project as a REIT, Nairobi-based Company Daily newspaper reported last year.

The trade can present two lessons of REITs. One can concentrate on present commercial properties making hire income and minimum fund measurement of 300 million shillings. Another can goal properties under development with more than 100 million shillings in capital, Muthaura said.
Commodity Instruments

The planned futures and derivatives trade will even contain commodity devices, Muthaura said. Rules for the market is likely to be prepared by the following month, he said.

The introduction of asset-backed securities will help fund energy, water, train and street projects in Kenya, Muthaura claimed, without giving details. Kenya's government has budgeted to pay 442 million shillings on infrastructure in the fiscal year to August 30, 2014.

The regulator claimed July 8 it plans to present exchange-traded funds and is seeking a specialist to produce regulations. Unlike a good fund, the shares which are priced day-to-day after the end of every trading program, an ETF is stated on a change where it's bought and sold throughout the day.

“The brand new expense devices will give you a way to diversify expense portfolios,” Vimal Parmar, the Nairobi-based head of research for Burbidge Capital, claimed by telephone yesterday.
Regional Platform

The authority can also be in talks with Tanzania, Uganda and Rwanda, who are customers of the five-nation East African-american Neighborhood, about giving a system for firms to raise capital in various markets simultaneously, Muthaura said. Burundi, the sixth member, does not have a capital market.

“We are preparing to co-ordinate approval method allowing firms to issue multi-currency debt devices,” with one software already being prepared, Muthaura said.

The FTSE NSE Kenya 25 List received for a sixth day recently, hiking 0.6 percent to 157.91. The measure has advanced 23 percent so far this year.

Access Bank Aum Hits 200 % Development

 Local news:
Access Bank UK Limited, the wholly-owned subsidiary of Access Bank Plc, has declared that its Assets Under Management, AUM, in the private banking and asset management business has increased by over 200 percent to US$18.5 million by the conclusion of 2012. The bank, in a statement, said AUM had continued to grow and now stand at US$66 million. Based on the statement, "the upsurge in AUM has been driven by the ability of Access Bank UK to deepen its client relationships by expanding its product portfolio to its clients beyond its traditional give attention to banking and asset management services. "Buy-to-let property loans, investor visa and discretionary portfolio lending provide new routes for customers to access hard currency outside Africa. "The bank provides private banking services to African/Nigerian Ultra High Net Worth Individuals, UHNWIs, in the UK and sub-Saharan Africa. "Services provided include traditional private banking services, property and discretionary portfolio lending." The statement said the amount of customers had grown because the launch of the Private Bank in 2009.