Almsgiving...

Is it true that your left hand shouldn't know what your right hand is doing? Do you donate to buy influence? What if you just want to influence other people to give? I can say I've been inspired by friends who do something good to help others, say by volunteering in a Motherless Babies' Home or something, and wouldn't get that inspiration if they didn't tell me...
I was thinking of giving money for something at school and I'd want people to know about it but I also feel it's more stylish to donate anonymously. I probably will end up not making this donation at all, I'll save the money and give moral support, really...but the questions stand...if anyone is not too shy to write back.

Update: Mad Money Challenge...Any news?

It will be interesting of participants can gist us of their returns in the Jim Cramer mad money challenge..Kindly give us your biggest winner and losers and lessons learnt. Even though I didn't participate because I already run another virtual mutual fund where I practice my stock picking skills (believe me you will be rich if you invested with me early this year-laughs), where I am up 10% plus to date, you can also check my little fund out on (You will need to paste this one at a time) . http://www.marketocracy.com/cgi-
bin/WebObjects/Portfolio.woa/ps/FundPublicPage/source=
ImAbAgLjEcGiBnCdMaKiAbDd

Renewable energy for Africa?

As posted here before, electricity availability is spotty in most of Africa, due to underinvestment in infrastructure and ineffective government ministries. Developing pipelines, big power plants, and an electric grid on the US/European model is very expensive and out of reach of villages or small companies, providing a strong incentive for local energy solutions, which are likely not to be based on fossil or nuclear fuel (except for those people who live on top of oil wells or uranium ore [the latter would be unhealthy]). My friend Adrian, who does solar energy research at USC, has going a volunteer project to provide solar panels for villages in Mali. A conference of west African governments recently published a plan for accelerating electrification using government funds, and hopefully using some renewable sources. One would imagine that a private-sector initiative could likely provide electricity faster and to more people than either a government or a volunteer effort. What do you think?

the agent has an agent

------------------
an ad in craigslist attracts a response from this person whose client is interested, then an email from me to say call me
then...
------------------
From: ???
To: me

My client was much impressed with the condition of your car,
He can't wait to see the car parked in his garage.Send pics
(interior and exterior) if any for my client's veiwing.
However,he would like to know your last price for onward
transaction immediately.
Have a wonderful day.
-------------------
then i email all the pictures i have then
--------------------
From: ???
To: me
Subject: shipping,and payment....

My client has finally accepted your price,he hopes the engine is
serviced and oil changed too .He cant wait to see the car parked
in his garage.
However,My client made out a certified cashiers check of($16,000)
before he travelled to japan on a business trip,for a previous car
and its shipment charges etc,but it was unfortunately sold.The
amount on the check he deposited for the car is bigger than what
should be paid to you now, so the check is now meant for the total
expenses which includes the purchase of your car,the pick up of the
car from its present location and the shipping charges/other necessary
shipping arrangements. However he has instructed us to carry on with
this transaction. So you're required to deduct the cost of your car
($9,000)and send the balance of($7,000) to my client via western union
money transfer to enable him offsett shipping charges/arrangements.
once the transaction is concluded,My agent will be coming for the pick
up of the car from its present location, on an open vehicle and then
drive to a pre paid shipper for shipment,and also conclude other
necessary shipping arrangements.so you dont have to bother yourself
about the pick up and shipping arrangements,while title papers and
other necessary documets will be sent by you via fedex courier to my
customer.

Please Confirm this and provide name,address and phone
number for check payment to be delivered to you via
fedex courier .
Thanks and God bless,
Regards,
----------------------------------
Hello ???:
Why does this sound just like one of the scams that everyone talks about?
Let's keep it simple - give me $9,000 or if you like give me $16,000 (I could really use the extra money) and the jeep will be available to you or your client.
Thanks.
----------------------------------
Scam artists must have a very cruel sense of humour - not only does ??? (fake name withheld) want to steal my money and my car, it wants the added pleasure of having me run around like a fool to service and oil it first!

Intro: new contributor

Thanks for the advertising, t. I'm also at Caltech, where I'm doing dissertation work on emissions and uptake of carbon dioxide in the air by plants and the oceans. My occasional musings on various environemnt-related matters can be read here. I've studied engineering too, and I manage the website of the campus chapter of Engineers for a Sustainable World, which is working on several interesting projects. I'll post here when business and/or Africa topics suggest themselves. Cheers.

Blockbuster lectures

Engineers for a Sustainable World at Caltech (ESW-CIT) just hosted the second in a series of really cool lectures.

Today, Joel Segre talked about developing Foldable Intraocular Lens, about partnering with Indian Eye Care experts, Aravind, and about partnering with Indian Manufacturing.
Having come from California, he had funny stories about the how the Indian way diverged from his expectations. Energetic young man.

From the ESW-CIT website:
Speaker Bios
Schedule
October 27 Dr. Paul Polak from International Development Enterprises
November 3 Joel Segre from Project Impact
November 10 Amy Smith from MIT
November 17 Michael Rosberg from the University of Belize
December 1 Ben Linder.

From the advertising for today's talk:
" Engineers for a Sustainable World @ Caltech (ESW-CIT) presents:
Dr. Joel Segre, Project Impact
Medical Device Development for the Developing World: One Recent Grad's Experience
Joel Segre will share how he strayed from the for-profit path and found himself working as an engineer and project manager at a nonprofit focusing on medical device development for poverty alleviation. Over the past three years, Joel has worked to develop a sight-restoring intraocular lens for manufacturing and distribution in India. While much of the development work was done in Berkeley, CA, the product is now manufactured across the street from the highest volume cataract surgery center in the world, the Aravind Eye Care System. Aravind performs over 200,000 cataract surgeries annually, two thirds of which are done below cost. Despite taking a loss on over 145,000 patients every year, Aravind is financially self-sustaining. Joel's talk will focus on his current job, and the unexpected challenges he faces in his work both at home and abroad.
This talk is presented in collaboration with Prof. Ken Pickar and E/ME 105."

News: A certain parent ;) of ESW-CIT will soon join in Money Talk.

Inter-African Trade

After reading the global trade perspectives of both madam T and Nir I was just wondering what you peeps think of trading between African nations. As Nir posited in his post, it is probably a very good springboard for continental prosperity. Presently only 1-5% (can u imagine?) of trade is done between African nation. Imagine raising this to 25-35% in five to seven years. The continent is diverse enough to form a formidable mosaic of interconnected markets like NAFTA, ECC or Mercosur (with Venezuela, Argentina, Bolivia and Brazil at its heart). Me think the first hurdle to overcome is infrastructure the biggest being transportation and electricity. I think an intercontinental free way that have been proposed from Johannesburg to Tripoli is one way, while a connection of existing national railway lines to facilitate freight will go a considerable way in eliminating the artificial trade barriers we have erected against ourselves. Perhaps a common import tariff, encouraging education across African borders (one is presently flourishing between Ghana and Nigeria albeit grudgingly since it is condition that is driving Nigerian students to Ghanaian Universities) are some other measures..What do u think? Please share your thoughts with us ..thanks!

Free trade?

EU Trade Barriers Kill
This is a very long pdf paper, 14 pages, and is about International Trade, mostly it argues that trade barriers are bad. If you have any responses / thoughts, let's hear them...thanks. I found it here.

Test Trading

I remember a while back a posting on what will you do with $2000. And I think a couple of people mentioned investing. What will you do with $100,000?
Which lead me to this post, I do tivo Jim Cramer's mad money, although I usually end up seeing one or two episodes per week. Anyways, there is this new competition that let you match your wits with other traders with play money at - http://www.madmoneychallenge.com

Here is my proposition - if you are interested, why don't you register
More importantly why don't you post your rationale for your trades here on this blog.

I think this would be fun, just to 1) Improve knowledge of investing and trading 2) Learn about your investment style and personality 3) Risk taker or risk averse etc. and 4) just fun.

Games start Oct 6th. Happy Trading

Re: keeping the discussion going

Sure, rule of law and security of life and property cannot be ignored towards creating a successful commercial enterprise, nevertheless why is there break of law and insecurity of life and property?

Right, where are the goods(I’d also have it represent services for many reasons)that are going to be used to “create” this commerce or market for capital(ism) to venture on.Indeed there has to be the “compellation” or “realization” of existing financial system on the need for low interest loans, yea.

Now, I feel what is needed is not only technology that will leave the pages of doctoral thesis to the silicon-valley like Basement that churned the kind of Larry Elison, Bill Gates and various technology and bio-tech moguls of the 90s but indeed also technology that would leave the pages of ordinary lecture scripts or common textbooks in every common library to Obosi like “hut” that churned the kind of Friedrich Krupp, Henry Ford and various Engineering Moguls in the 19th Century!

India, China and Brazil as mentioned should only not be seen from the way they appear on the surface, these are countries that got themselves grounded in the so called old economy (Steel, Automobile, Railways, Chemicals, Pharmaceuticals, and Agriculture).
A Larry Elison or Bill Gates as was rightly stated, started to exist big time in the 1990’s almost a century after the Fords e.t.c. I mean such Larrys and Bills won’t have existed at any time without a solid Manufacturing backup.

As for entrepreneurs, they’ll exist where there is an enterprise. There’s enterprise where there’s goods. There’s goods where there’s manufacturing. There’s manufacturing where there’s man(female/male) and functional machines.

See where I’m driving at, nobody should think of escaping building engines and equipments and I don’t just mean prototypes, they must be rolling past factory band lines in its tens, hundreds and possibly thousands
Right and I’d like to know which entrepreneurs we mean here, do we mean international investors coming with capital, technology and every other resource?-that alone wouldn’t get any developing society to the desired economic zenith.
Or international investors coming with capital only? because there’s a developed intellectual society to invest in? – The developed intellectual society doesn’t exist and such investors are not coming- I submit.

Or is it indigenous Entrepreneurs we mean here ? then I’d say developing society is not devoid of entrepreneurs.. but as was rightly stated the kinds that set India, China and Brazil on the path of rapid economic development and stability is what is needed.

That/those kind(s) of entrepreneur(s) as I’d understand would have been and should be

1. yea, indigenous (one way or the other but at least one way) .

2. assured of a developed intellectual society to invest in.
or
1. and 3. confident of developing a developed intellectual team/group/society.

You see, developing society has wise, intelligent, clever and brilliant people, however all these attributes becomes developed with education(formal, informal, both) and discipline.

When I hear entrepreneurs I get the impression one can actually come with all the capital in the world to a Zimbabwe or an Angola or any country out here or in there, to manufacture (not assembly) automobiles and really would set up, it won’t because it can’t.

Those with ideas and academic qualification in developing society, there’d better be loads of them (it can only improve things).
t. rightly mentioned somewhere the importance of mass education. I’d want to mention there’d better be someone who had done, doing or wants to do something or with academic qualification in Manufacturing Engre-Tech, Specialist Welding Engre-Tech (with ones idea on welding as just roadsidewelding we’d possibly understand better when one tries to weld stainless steel or Aluminum)Casting and Foundry Engre-Tech. Plastic injection-Tech, Metallurgy (heat treatment Processes), Materials-Surface Engre-Tech and Design Engre.At least these key areas just have to be there.

You see, my vision is "a people" who have taken their development and taken their destiny in their heads; then possibly in their hearts and if it’s fine in their hands as well. I tell people "jokingly" that taking it in the hands is risky because the day the hands are gone yea, development and destiny vanishes and one is there to see and live in underdevelopment and without destiny, however when the head is gone then yea, underdevelopment or development, with or without destiny isn’t less important.

I have singled out automobile as a source which is one of the surest way to economic development(industrialization) and the Asian tigers realized this, so did India, Brazil and China(the other day I read that Chinese cars are gradually taking space around Victoria Island).An Automobile has hundreds of parts with each of them requiring its own Factory band lines for production.

Those Factories and band lines would provide the necessary development of any other industry that requires machines or mechanization, and then one can talk about industrialization. After now one can get to see why I earlier posted that there has to be focus on Engineering now specifically mechanical engineering and its specialist/diversified fields.

Build engines, mechanize and our agricultural problem are largely solved. Ogo rightly emphasized the need to put some focus on agriculture, correct, in my opinion it has to be mechanized agriculture that is the only agriculture I understand.
t. asked for the state of agriculture in naija; In my opinion the state of agriculture mirrors the state of mechanical engineering, if there are no engines, there’s no manufacturing, no steel mill after 30 years and $10Billion of effort, no turbines built, no basic industry (by my own terms) then that’s the state of mechanical engineering.

Mechanical Engineers have to seek and tell themselves the empirical truth. Then we’d require in every engineering field to do the same if they are haven’t. True is, mechanical engineering education “naija style” is not broad, complete, pure or empowering for any serious industrialization.

You see, I see three ways to start approaching the economic development (industrialization).

1. Top-Down approach: Some visionary, focused, intelligent, wise and disciplined leadership from the top government that’ll realize the need and how to achieve productivity, sadly the leadership has been… well let’s not discuss politics here, we’d possibly require t. to launch another Blog for that.But the mentality is that politicians see these things as “technology don go far, man no go ever fitcatchup or even get any levels”. That’s half truth and the rest is simply naive.

2. Bottom-Up Approach: A team/group or one person getting the knowledge or acquiring technology, source capital and every other key resource somewhere + the attributes as mentioned in 1. to get the ball rolling or rolling faster.

The third approach is obviously both, which would possibly see any society on rapid economic development.

I have specifically mentioned these 3 approaches to highlight the statement that FG doesn’t patronize or encourage Engr’s in naija may be true, however another statement I'd make is that the Engr’s have not made themselves patronized may also be true.


To address any 4.points summarized by t.

1. Affordable Universities- Right, affordability the way I understand means comfort in the fund-cost relationship (ya’ll know I ain’t an economist but let’s go ahead); fund(on the students part) and cost( On part of Uni(I’d include living expenses generally) ) Let’s assume cost is fixed at it’s maximum, the funds has to have a fixed point at a minimum that assures comfort (affordability).

Yea I’d just have to analyze it right here.The equilibrium basically shouldn’t be distorted irrespective of whether the two fixed points are varied or not. At best is to see how to ensure that the “cost maximum” is lowest and the “fund minimum” is highest.

a. The FG, StateG and Uni’s have to know who is and should be in charge of the Uni, who’s generating revenue and who’s disbursing and at which formula.

b. Students can go into some sponsorship agreement with Uni’s and vice-versa (this way Uni becomes readily affordable).

c. I’m aware students get stipends from them home state governors through them student associations (this can be encouraged).

Another approach is if one has to work, then focus on work for a year or thereabout, save up money then focus on Uni.


2. Cutting edge Vocational studies t. rightly asked if “vocational studies in secondary school are useful in practice, they're supposed to accomplish just this”
The truth is that I don’t know what the 3 inbetween the 6-3- and 4 educational system means and I will not know because I don’t want to know. In my opinion there should be a system that is channeled through to SS3 without break.
Infact I hear it’s now smooth ride from 6 to JSS1 so more like 9-3-4 or so anyway, In my opinion any vocational study that makes sense to me has to start after SS3, I mean there has to be a sort of yea as it is with jamb, polyjamb, college of education entrance exam, theeeeeen there has to be an entrance exam into vocational studies (depending on which one) as well, infact even trading should have entrance exam and traders should have trading qualification certificates, yeees (that would keep some people out of there and in somewhere they should/could be).

Other vocational studies one should remember are formally trained electonics technicians, machinist, welders (stainless steel and alluminum), fitters, and every other technician required to get grounded in the key areas of manufacturing engineering.
Many other vocations including hairdressing, barbing, capentery, sowing, name them... they must all begin after SS3.

Robotic technicians (automatisierungstechniker) has it’s market in any serious manufacturing, shippbuilding and any other serious welding construction project. There’s also market for Biotech technicians in national and multinational research organization, there shall be more market when there is manufacturing somewhere, however bio-tech exports to Europe is coool. Dr. Kiran Mazumdar-Shaw is doing fine, she got India on bio-tech map.

I guess points 3. 4. and 5. have been responded to however I want to highlight on 4. A key educational investment is to get well grounded in mechanical engineering education including its diversified/specialists fields.Engineering qualification or not, I believe it’s only when one engineers or is engineering that technology is born. The transformation of science to technology is engineering.

As I gradually wind up this post, people, get me right; remember or go through the statement on my vision, understand what I understand as the entrepreneur one requires or should be and realize why I’m driving on every mechanical engineering.
The day indigenous driven quality products starts to be churned out in that country, economists would have a larger economy, business administrators would have larger businesses, accountants would have larger accounts to keep, people would enjoy good music, there would be many very healthy people and they would pass on to their eternal/new life haven lived!

Re: Recipes for Economic Development

Anonymous, t and Ogo, you’ve raised interesting points there. Education is key. I believe though that the society has to be science oriented in it's education. The science of now is the technology of tomorrow or after now. Nevertheless, in having a science oriented educated society, very special focus has to be on engineering education, because it's when one engineers or is engineering that technology is born. Technology is the bedrock of any economically developed society.

The Big Easy is not Easy

I know this is kinda off topic, but i have been pondering for a week , dismayed by the turn of events in New Orleans in the wake of this disaster. I have some thoughs on my blog..kindly check it out , what do u think? leave some comments

May-August 2005

Greetings. I promised to write occasional summaries/letters. I'll use this space, then, to highlight a few threads that a new user may use to sample the site.
1. Concepts in finance, notably Shola's post on corporate finance and Ogo on how to invest.
2. The people on Money Talk (write about yourself here, and see here), and some of their thoughts on money.
3. News about Nigeria's debt relief, and an independent power plant.
4. Economic Development (let's keep the discussion going), and a movie showcasing African entrepreneural life.
5. Stock mania: Google, the Nigerian Stock Exchange, and Jim Cramer the maniac.
6. Plus links on etiquette, Lagos for tourists, Iraq banking; announced my car for sale.
That's what we've talked about in less than three months. Sweet! Thanks to all. Let's keep talking.
Peace. Tosin.

Additional announcements:
If you'll like to have a link to your site included, please let me know, and please post or email me feedback about the format or usability or content.
Finally, I know we're here to "...get and share ideas and support on money, career, business, and economic development" but permit me to link for your enjoyment a purely abstract essay on globalization (Adedayo! and I have been emailing about language and language conservation recently; this essay is related.)

The Love of Hip Hop

My favorite moment in "South Park: Bigger, Longer, Uncut" this black chef in the army says "Have you ever heard of the Emancipation Proclamation?", and the General snaps back "err, I don't listen to Hip Hop."
I love it. I love it. Anyway, I don't listen to hip hop. For the most part. But I think these people are at least entertaining. Forgive me if you hate the site, say something if you like it...have a nice day. Peace.

Corporate Finance in a Nutshell

This is the best summary of corporate finance that I have ever seen, hence I want to share it with you. While you might not agree with the relevance, let me start by saying a lot of the underlying effect of what we see in the stock market is influenced by the principles of corporate finance. And individuals can do well for their own financial well being by understanding the interrelationships between their

1. Investment decisions
2. Financing decisions and
3. Dividend decisions

Everyday na for the thief, one day na for the owner

A CNN Technology article on those internet thieves. Thanks, Alex, for this link.
"...Nuhu Ribadu, head of the Economic and Financial Crimes Commission, says cash and assets worth more than $700 million were recovered from suspects between May 2003 and June 2004. More than 500 suspects have been arrested, more than 100 cases are before the courts and 500 others are under investigation, he said.
The agency won its first big court victory in May when Mike Amadi was sentenced to 16 years in prison for setting up a Web site that offered juicy but phoney procurement contracts. Amadi cheekily posed as Ribadu himself and used the agency's name. He was caught by an undercover agent posing as an Italian businessman..."
Read more

Urban Hospitality in 1983, or Hit the Road, Jack

I just found a most vivid and enjoyable description of Lagos, Nigeria. It was written by a guy who visited in 1983 from the States with the goal of filming Fela Anikulapo Kuti. He also has pictures that I really like. Read the journal. Warning: This is a long piece that takes about a half hour to read.

Prof Nnaji Leads IPP Project for Aba

The article below is about the Independent Power Project designed to supply uninterrupted power supply to Aba , the heart of Nigeria's creativity..indeed our own Taiwan..may be China. The project is privately funded and managed by Prof Nnaji former head of the US national science foundation and former science and technology minister. This is a very good idea,me thinks it need to be replicated in rural areas (in forms of renewble energy sources e..g solar, wind etc.) and urban areas to solve our chronic energy problems (estimated at 20MW per day while we currently produce 4.5 and transmit 3.5- seems hopeless unh?). Hopefully with the 10MW due to come onstream in 2007, these IPPs would go a long way in cushioning the shortfalls..what do u think?

____

For Aba Industries, Light At End Of Tunnel By C.Don Adinuba
ABA, the leading commercial city in Abia State, is one of the leading manufacturing centres in Nigeria. It also shares with Nnewi in Anambra State the distinction of being the home of indigenous technology. Aba has, alas, been for some years in a state of arrested development. The principal reason: poor electricity. Some sections of the city do not have electricity for days; and when power is eventually restored, the voltage is too insufficient to power a four feet fluorescent tube.
" Inadequate electricity is one of the most critical problems we have been experiencing", complains Onwuka Kalu, chairman of the Onwuka Hi- Tek Industries Plc which produces vehicle and industrial machine parts and tools as well as nails. "In the last one year, we have spent over 20 million naira on a new set of generators to revive production. Still, we produce only skeletal services largely because of energy to power our heavy duty machines".
The good news is that there is now light at the end of the tunnel. Bart Nnaji, one of the world's leading authorities in industrial engineering, is now working assiduously to end the energy crisis by building a 105 megawatt power generating station in Aba at over 100 million dollars. "As a committed campaigner for indigenous technology, one is appalled at the power situation in Aba. Instead of just criticizing the government relentlessly, I took up the gauntlet as an engineer and got cracking. The government is not in any way involved in this project. All I wanted-which is what I have got-- was the permission to build an independent power station to serve the promising industries; and now commercial concerns and residential houses have been added to the list.. For granting this permission, I am grateful to the president, the Ministry of Power and Steel, and the National Electric Power Authority. I am also grateful to the Abia State government for its enthusiasm, and to our host community for being very development conscious."
Nnaji has considerable experience in independent power generation business. Vice President Atiku Abubakar commissioned in December,2001, the 15 MW Abuja Emergency Power Project built by Geometric Power Renatech Ltd, a special purpose vehiclespv, of which he was the chairman. The SPV provided the national headquarters of the Nigerian National Petroleum Corporation, Aso Rock, the International Conference Centre and other places with uninterrupted electricity till last March when the project ended.
Geometric Power is guaranteeing 90 per cent supply efficiency when the Aba project is completed in 2006. Why not 100 per cent guarantee? "It is technically improper for anyone in the world to make that kind of guarantee", explains the William Kepler Professor of Engineering at the University of Pittsburgh on a leave of absence from the University of Massachusetts as the first black Distinguished Professor of engineering
American history and Director of the Robotics and Automation Laboratory. " Once in a while we may shut down supply for one hour to carry out scheduled maintenance. The off-takers, that is our customers, will, of course, be informed in advance. We are going to achieve 90 per cent efficiency, but we are deliberately guaranteeing the conservative 90 per cent efficiency level."
Nnaji assures that the Aba project will be world class. The three turbines are coming from General Electric, the world's greatest electric company. Each turbine has a capacity of 35 megawatts in simple cycle at the Aba ambient conditions. Shell is providing the gas, but there is a provision in the power plant for diesel in case there is a disruption in gas supply. Much of the financing is coming from the World Bank. KPMG is the financial adviser. The Paul Usoro chambers which is fast acquiring the reputation of being Nigeria's leading telecommunications and power law firm is the legal adviser. The Nigerian technical team of Geometric is led by Ben Caven widely regarded as probably NEPA's best design engineer ever. Caven was until 1999 NEPA's executive director in charge of engineering, transmission and generation.
Aba is estimated to require 90 MWhour, with industries accounting for two thirds. But this is suppressed demand arising out of the state power utility's inefficiency. In order not to take chances with their machines and production schedules, some industries in Aba have little or nothing to do with NEPA. An example is the Nigerian Breweries Plc which relies absolutely on its own 5,000 KVA generators. Geometric will provide Aba with 105 MW right from the first year;there is provision for expansion as demand is expected to climb to 125 MW soon.
Geometric Power is building its own 33 KVA distribution line to Owerrinta, Ogbor Hill, Factory Road and Port Harcourt Road from Osisioma , where the power station will be located. "Except for Owerrinta where the industry off-takers will take power directly from the 33KV line," explains Caven, "Geometric Power will build 3311 KV substations at Osisioma, Ogbor Hill Factory Road and Port Harcourt".
Industrial establishments in Aba will pay eight cents or 11 naira for every kilowatt per hour. A company like Nigerian Breweries currently spends 18 naira for the same amount of energy from its generators which consume 12,000 litres of diesel daily. Like the Star Paper Mill which is going to take 9MW per hour,the NB Plc has already signed a letter of intent with Geometric Power for the purchase of 3 MW/hr, though current maximum supply for its plant in Aba is 2.5 MW/hr. Said Festus Odimegwu, the brilliant, ebullient and energetic NB Plc Managing Director at the signing ceremony in Lagos: "Power supply from Geometric will translate to considerable reduction in energy cost. What is more, our generators will last longer, as they will now be used sparingly. Geometric is guaranteeing us 90 per cent supply efficiency....In other words, we shall be spending less resources on operations and maintenance."
Manufacturers in Aba could not have asked for a better present from any quarters, observes Ugochukwu Okorafor, until recently a top official of Afribank Plc. Okarafor has evaluated the project in his capacity as a leader of the Abia State Think Tank, alongside some stakeholders.
Odimegwu says the relationship between his company and Geometric Power is market-determined. "So long as Professor Nnaji and his international group provide us quality and reliable electricity at a competitive rate, we shall remain with them", he adds. He expects the relationship to last long " because of Nnaji's experience in building and running an IPP in Nigeria. He also has a reputation to protect. He is the first and only black director of the United States National Science Foundation and he heads the Centre for e-design and the engineering of new products at the University of Pittsburgh."

Odimegwu's interest in the Aba power project is not confined to the reduction of his company's production costs . A great believer in market forces, the corporate executive is excited anytime the Nigerian private sector extends its participation in the economy. He is delighted that the performance of Geometric Power will go a long way to influence the course of NEPA's privatization . "The government has no business being in business," he declares in a voice showing strong conviction about "private sector efficiency, as opposed to the corruption and politics of the public sector which reflect in the comatose condition of state-owned enterprises".
Odimegwu is certain that once Geometric Power comes on stream, manufacturing companies in Aba will start to do much better. "The improved performance," he argues, "will show in the enhanced prices of shares of the companies quoted on the stock exchange. The companies which are not yet quoted will be encouraged to go to the stock market. We really look forward to seeing the Geometric Power stock traded on the stock exchange."

Most chief executives of parastatals are known to be fiercely opposed to moves to privatize their companies or break their monopolies. So, when Nnaji applied to the Federal Government for permission to establish an IPP to sell power directly to the public, rather than sell through NEPA, some people expected NEPA authorities to forcefully kick against it. But this did not surprisingly happen. If anything, NEPA chief executive Joseph Makoju has been a strong advocate of greater private sector participation in the electricity sector. When he got to know of Geometric's application, he was practically over the moon. His reason was the imperative to meet the national target of generating 10,000 MW by 2007.

"The government cannot provide the 700 billion naira required to meet the national electricity needs", observes Kola Oni, NEPA's chief operating officer in the Lagos zone who represented the NEPA managing director at the letter of intent signing ceremony in Lagos between Nigerian Breweries and Geometric Power; Makoju could not attend in person because of the nationwide workers strike against the recent increases in prices of petroleum products which prevented him from leaving Abuja. Power generation, according to Oni, would not have been a severe problem in Nigeria if between 1990 2003 fresh facilities were built . To ensure that the nation meets the 10, 000 MW target in the next three years, Oni wants big private organizations to follow the Geometric Power example by investing in the power sector.

Nnaji is already thinking ahead of the Aba power project. He has accepted in principle the invitations from Governor Chris Ngige of Anambra State and the Chamber of Commerce, Industry and Agriculture in the state to build at least one big power station to supply electricity to Onitsha and Nnewi, two major commercial places in dire need of improved power supply. "I am keenly interested in helping to transform Nigeria's technological and economic landscape, beginning with the areas which most promote indigenous technology. Nigeria cannot take off industrially until the power problem is resolved substantially. There is no country I can call mine other than Nigeria."

Among the over 30 major industrial establishments in Aba which have expressed interest in subscribing to Geometric Power are Guinness, PZ, Aba Textile Mill, Glass Force, Nigerian Bottling Company, and Onwuka Hi Tek. Meanwhile, Sam Ohuabunwa, executive chairman of Neimeth Pharmaceuticals Plc, has disclosed that his company will soon open a factory in Aba in response to the establishment of a new power station dedicated to the bustling place fondly called Enyimba City.

hello

Don't know whosee on here, but if you want to learn a little about what I am trying to do: www.coalcleaners.com

Duh

It just occured to me to post this here. I'm selling my car. Wanna buy, or know someone who needs a seriously loveable jeep? Check here.

Nigerian Stock Exchange- Put Your Money Where Your Mouth IS

Your Word is Your Bond
Anyone who understands the workings of a capital market would realize that in course of any transaction, a lot is riding on the trust between the customer and the service-provider, be it a Stock Broker, Advisor or Banker. Just observe the frenzied pace of activities and rapid sign language in any trading pit at the New York Stock Exchange (NYSE) or Chicago Commodities Exchange and you wonder how the market thrives under such chaos.
Read more at:
http://nigeriaworld.com/feature/publication/peterside/052805.html

Annoying talk

Just a (nonessential) MSNmoney article on etiquette in talking about money.

"Q: Most people are uncomfortable or embarrassed when the talk turns to money.
Post: Yes. Some people like to talk about money all the time and brag about how much money they have, and especially in the social world, that turns a lot of people off...

Q: The rules don't really apply among sport shoppers though, right?
Post: If someone wants to say, "Look at this new jacket, it was a bargain, I got 50% off and paid $60," you'll hear that a lot just because that's our retail system, there are so many sales. That's kind of like a quest, going out hunting. And that's OK; among really good friends, that's fine..."
Read the article

Crisis in Desert Africa- What about this?

Hungry people flee Niger to Nigeria

HUNDREDS of hungry people are fleeing Niger Republic to Nigeria following failure of the Nigerien government to distribute free food to those hit by food crisis.
According to report, some 150,000 children are already malnourished while many others have been starved to death after poor rains and locust invasion devastated last year's harvest.
The chairman of the Food Crisis Committee, Seydou Bakary who said it was hard to identify those who really needed food, warned of a "nation-wide catastrophe" if this year's harvests are even slightly deficient.
Donors have largely ignored a United Nations (UN) appeal for funds to help the 3.5 million people going hungry in Niger.
Nigerian immigration officials say there has been a "substantial" increase in the number of people crossing from Niger.
"They are fleeing from the famine facing them," said Hassan Suleiman Kangiwa, head of the Nigeria Immigration Service in Katsina State.
He said that security had been beefed up at border post and that those without valid documents would be sent home.
Bakary, however, told journalists that the issue was being "politicised" and that the people always went hungry in one of the world's poorest countries.
"We should be cautious not to exaggerate the situation - there is chronic malnutrition throughout the country, even during the most productive harvests," he said.
According to the committee chairman, people are only eating once a day in some parts of Niger, and have started to eat wild plants because nothing else is available.
"It is almost impossible to identify with certainty the most vulnerable families in an area plagued by poor crops and food insecurity, which is why we will avoid free distribution of food until the situation demands it," Bakary said.
There have been protests in the capital, Niamey, of people who accused the government of ignoring the problems.
The Niger government had earlier said it would be "foolish" to distribute free food, as demanded by some 2,000 protesters recently in the capital.
More than 3.5 million people need food aid after poor rains and a locust invasion and some accuse the government of ignoring the crisis.
But a government spokesman, Mohamed Ben Omar said that its food stocks could not be handed out for free. The UN says it has not had a single pledge for money for its Niger appeal. Its Office for the Co-ordination of Humanitarian Affairs has called for $16.2 million to buy food for those suffering from recurring drought and a locust infestation.
"What civil society is asking is poorly conceived and irrational. The state of Niger cannot engage in such a foolish adventure," Omar told journalists.
He said Niger's emergency food stocks had been built up carefully and would need to be replaced if they were given out.
Recently, some 2,000 people marched through, Niamey demanding immediate food aid.
One of the rally's organisers, Amadou Bello, said rice and millet were needed now because international aid would take too long to arrive.
"We are hungry" and "give us food", they shouted in front of parliament.
The organisers of the march, the Democratic Co-ordination of Niger Civil Society (CDSN), accuse the government of not doing enough to prepare for the "hungry season," which was bound to follow a poor rainy season last year.
The rainy season finished last October and it was obvious that supplies would not last through until the next harvest, they say.
Some children have already starved to death.

Iraq banking

Non-essential story links...
"Changes are coming fast and furious in the Iraqi banking sector, where investor confidence appears high despite the lack of any end in sight to the rebellion and lawlessness that has prevailed in much of the country for the past two years." More...
"Shoppers in Baghdad no longer need to carry plastic bags full of cash, as they did after years of international sanctions reduced the value of a 10,000-dinar note with Saddam Hussein's likeness to less than $5. " More...

Breaking News! Nigeria Gets 60-70% Debt Relief

This huge..Nigeria gets a 60-70% debt relief worth 18-24 billion dollars from the Paris Club and gets to exit the authoritarian and I contend a neo-colonialist debtor nations group to this creditor nation cartel. Additional 1 billions dollars are specifically freed from debt servicing and would be spent on social programs - i.e. education, health, social amenities. This is by far the greatest achievement of the Obasanjo's administration and is indeed a great thing for Nigeria. Nigeria would further pay of 6 billion dollars from our 23 billion dollars foreign reserve -which stood at a meagre 3 billion dollars at the inception of this adminstration if you believe the most optimistic figure(to avoid future interest accumulation) and would buy back the rest of the foreign debt by using local bonds further deepening our local capital market. As a vociferous critic of this administration especially of the frequent penchant of the foreign travels of Mr. President, I can say we are proud of you Mr. President and I am glad it panned well afterall. Let the critics come around and join all Nigerians to congratulate our indefatigable economic team led by a true Nigeria woman -Dr. Okonjo Iweala - this shows the quality of our women and that the future of our nation trruly lies in them. Congrats to all members of the economic team from Mallam El Rufai, to Dr. Soludo (CBN Chief), to Mr. Ekindayo head of Debt Management Organization in the Presidency, to the lady who heads the Due Process Office that cuts government waste even to Dr. Akunyili the head of NAFDAC that have made us proud. Last but not the last to the head of EFCC Mr. Ribadu- these young and courgeous Nigerians have given us a new image and a new lease of life- we are turning around an image of corruption to that efficency through a dedicated and purposeful government of 2 years.For an overview of the works of these youngs guys , read up on their institution of change at http://www.nigeriafirst.org/institutional_profiles.shtml . Indeed to read the address of the president on this matter click this link(http://www.nigeriafirst.org/article_4345.shtml).what do U think? New news..Russia just cancelled 2.5 bln dollars owed by Africa..it is in addition to to 40 bln cancelled by the G8 , congrats to the Live 8 organizers and the world agencies that have sought to eliminate our continent's debt..May it never happen again!

Recipes for Economic Development

While the rest of the world is growing in leaps and bounds the continent of Africa is bogged down by debt, poverty and economic slow down. Outside the recommended solutions of good governance, conflict resolution and democracy,what economic policies makes sense. Your opinions is elicited. Please bear in mind the non-indutrilaized economy, low export profile, high illiteracy rate, low economic activities between African economies, lack of transportation to connect the continent and the vaibility of any suggestions made in this respect.

A good nose for business

Does anyone have any tips that might help the 'average' business-clueless dummy develop their business 'nose' (or snout)? When it comes to investing my hard-earned cash, what would you consider to be the top 3 things I need to remember? Apart from hiring someone else to make sense of it all for me....of course!

Introductions

Some introductions would help get the mix-and-mingle process started...I think I should introduce everybody? At least to get things started? Sorry, people, I didn't do this earlier...

Africa: Open for Business

Thanks to rweba for referencing this article (about the importance of not overdoing the negative images of poor, suffering African people) on his blog.
The movie/documentary Africa: Open for Business has a really cool site, with things like a five-minute preview, info on the 10 entrepreneurs/businesses featured in the movie, including a Congolese cell phone company, a Somali airline company, a Zambian adventure/tourism company, a Ugandan coffee house, an ANIMATION HOUSE in Senegal, a *bling* factory in Botswana, a textile company in Lesotho, a farm in Kenya (that exports roses to the UK, among other things), Ghanian home builders, and a Nigerian who makes children's clothes (her name is kinda familiar, Adenike Ogunlesi)
Now, that's exciting! What do you think?

Need hot stocks..what about GOOG

This looks like a pretty good idea. ARe you an active investor out there..a show u might not want to miss is Mad Money by Jim Cramer on CNBC. He has been vaunting GOOG since..i caught it at 170 it is now at 281..where do u think it is going...i think 320 ...it would be down a little bit to 270 and then pick up...buy a little on the way down..avergae close to 270 and ring the register at 320..that is some cool profit..at least from me..I have averaged at about 230 up to this point..so i can bear down to 260..hey make money!

About yourself...

What would you do

If you suddenly received $2000 (or its equivalent) what would you do?
What if the $2000 had to be spent on a business, what would you do?

Welcome

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EDITING, September 07, 2015:  Welcome to UpNaira / Money Talk, the hub for money, career, business, and economic development.  Go ahead, read, comment, and share.  Enjoy responsibly :)