Governors call for fuel subsidy removal

•Probe of NNPC N1.15trn subsidy claims

In this season of unusual happenings, governors of the nation’s 36 states voted yesterday to bring an end to the trillion Naira waste better known as fuel subsidy. Believed to be one of the best characterisation of Nigeria’s culture of cronyism, high level corruption and abuse, the fuel subsidy regime which cost taxpayers N1.4 trillion in three years, merely served big shots at the Nigerian National Petroleum Corporation (NNPC) and the presidency along with their well connected business friends and not the nation’s down trodden targeted by the policy.

Rising from the National Economic Council (NEC) meeting, comprising the 36 state governors, cabinet ministers, Central Bank of Nigeria (CBN) governor and special advisers to the president, the governors along with other members of the council called for oil subsidy removal as well as a probe of the N1.15 trillion outstanding claims of subsidy and related expenditures presented to the Federal Government by the NNPC.

The controversial amount of money covered payment for the goods, movement and supply of petroleum products across the country between 2005 and 2010 financial year.

BusinessDay had in early February reported that Nigerians and the nation were losing in the fuel subsidy gambit. Quoting from a document obtained from the presidency, BusinessDay reported: “ In this environment, however, it is the people that suffer. They pay higher prices, usually between N80 and N120 per litre, but have to queue to get that, while the government still pays the subsidy on these fuels”.

A regulated environment ensures that all the risks in the business are transferred to the government and the people of Nigeria, as all the risks in the businesses in the chain make money without sweat. A regulatory environment based on licenses, relationships, and government patronage has made some individuals stupendously rich, leaving the country and its people very poor.

At the end of the over five-hour meeting presided over by the Acting President Goodluck Jonathan, at the Presidential Villa, Abuja, yesterday, Mansur Muhktar minister of finance, joined by Emmanuel Uduaghan, Delta State governor, Gbenga Daniel, governor of Ogun State and Lamido Sanusi, CBN governor, said the council has directed that a thorough probe of the amount of money be carried out to verify the true state of the subsidy before going ahead to make any payment to NNPC.

“Right now, we have an invoice from the NNPC in the amount of N1.15 trillion to the ministry of finance for various expenditures incurred on behalf of the Federal Government, including cost of crude and products lost owing to pipeline vandalism and losses incurred from supplying petroleum products at regulated prices. So this is the size of the hole we are talking about”, Muhktar said.

According to him “there are outstanding claims from the NNPC to the tune of N880billion this dates back to 2005. These are claims that have not been settled. We have been doing the auditing systematically for all payments. We have an independent auditor that audits whenever the Petroleum Product Pricing Regulatory Agency (PPPRA) makes submissions, that is why the payment circle takes over 45 days. We submit it to external auditors and they bring it back to us.

He lamented that despite the N35 per litre subsidy by the Federal Government, the masses who were supposed to be the ultimate beneficiaries of the subsidy end up not enjoying the benefit stressing that “the key thing is as long as you have a distorted price mechanism it really creates all sorts of inefficiencies and leakages”. “And the people that get this money are the very few in the society, so should we continue to enrich certain persons to the detriment of all of us?” Uduaghan asked?

Daniel said “the subsidy has not translated to the benefit of the people on the street because people are still buying it at the free market prices. The issue therefore is where are the subsidies and if the subsidy is running into billions of naira then the NEC feels we do have a responsibility to stop this leakage one way or the other”.

Bailed banks’ return to profitability may take three years - analysts

•Projection contrasts with CBN’s September target

Full recovery to profitability of the embattled banks under the management of the Central Bank of Nigeria (CBN) is likely to take up to three years.

Recent revelations of further abuses by the turn-around managers of the banks and discovery of hidden pockets of toxic assets are seen as factors that may prolong the recovery period well beyond the September 2010 projection of the CBN. Financial experts at the Lagos Business School Breakfast Session where Bismarck Rewane, chief executive of Financial Derivatives Company Limited, presented a report on the bailed out banks said their prospects for recovery is significantly less glittering than the optimism of the apex bank.

Regarding the banks as going through a transitional stage through CBN’s injection of funds and tier two bond issues, the experts, in the March edition of Monthly Economic News and Views, at the session posited that “it is usually a 24 to 36 month painful process with some lumps of non-performing loans to be swallowed.” The report was presented by Rewane.

The revelations are at variance with the position of CBN that all issues related to the troubled banks may be resolved by September. Mohammed Abdullahi, spokesperson for the apex bank, was quoted as saying that the bank is making progress on the final resolution of non-performing loans and recapitalization issues of the banks in the second quarter, while efforts will be made to secure the approvals of the shareholders and regulators in the third quarter. “Our (CBN) estimation is that by September 30, 2010, the CBN would have restored the issue with all banks”, Abdullahi said.

The 10 banks, under the watchful eyes of CBN are Afribank, Finbank, Intercontinental Bank, Oceanic Bank, Union Bank, Bank PHB, Spring Bank,, Equitorial Trust Bank and Wema Bank. The report also quoted Merrill Lynch apocalyptic picture of N9 trillion toxic assets in total with N1.5 trillion taken care of, while also projecting further consolidation for 2010/11 period, adding “that Nigerian banks were slow to recognize and deal with anticipated asset quality problems.”

But the turn-around managers have been battling opposition both from within and outside their institutions, with some opponents accusing them of non performance and in most cases engaging in extravagant expenditure. But, the appointed chief executives have been trying to convince the public that they are capable of returning sanity to the embattled financial institutions.

The experts, in the report, identified some short term challenges to include the risk of policy failure in handling the crisis, particularly, in view of the current political crisis. Besides, both the apex bank and the turn-around managers are saddled with the medium term challenge of building foreign investors’ confidence.

“Further news of abuse of some of the interim managers has thrown more flies into the ointment. Political risk presents a clear and present danger to CBN autonomy and could derail the entire process,” the report said. The report further observed that lending rates will remain high due to banks’ reluctance to lend to the real sector, adding that “inter-bank market will remain relatively liquid, rates is likely to remain low. Increase in banks’ reluctance to lend outside the inter-bank market will keep the market liquid, demand for Federal Government bonds continues to soar as there are no outlets.”

Giving the outlook of the economy, the experts said that higher oil prices will boost accumulation of external reserves, which will be supported by increased sale of forex by oil majors.

PIB: No further investment in Nigeria, say IOCs

•Call for balance between government’s desire and providing reasonable returns for shareholders

The controversy surrounding the Petroleum Industry Bill (PIB) currently under consideration by the National Assembly once again reverberated at the ongoing Offshore West Africa Conference holding in Accra, Ghana with the International oil companies (IOCs) operating in the country unequivocally stating that the country should forget about new investments for now.

They stated that already they have put on hold some expansion programmes on some of the projects that are already on because of the uncertainties surrounding the bill. The oil companies which said they align with view expressed by the outgoing Shell vice president, Ann Pickard, confirmed that there would be no further investment in the Nigeria’s upstream sub-sector until the government allows investors to know the terms and conditions for investing.

The managing director of Shell Nigeria Exploration and Production Company (SNEPCo), Chike Onyejekwe, who spoke on “Nigeria’s deep water journey and the challenges ahead”, confirmed that government’s position on the bill is already impacting negatively on further expansion in ongoing projects.

He said the bill must find a fair balance to allow the government derive optimum value during good times and ensure continued investment during tougher times. “The PIB proposes multiple increased royalties and fiscal terms that will slow down new investments in deep water considerably. It will also exclude a number of legitimate costs from being recovered. Uncertainties around these issues are already stalling development of major discovered resources and discouraging companies from undertaking the aggressive exploration programmes they launched under the 1993 provisional Sharing Contracts (PSC’s)”, Onyejekwe said.

Endorsing Onyejekwe’s stance, the chairman/managing director, ExxonMobil companies in Nigeria, Mark Ward, stated that oil companies have decided to harmonise their position in their opposition to the PIB. According to him, the deepwater province in Nigeria is very rich in hydrocarbon and requires lots of work to be harnessed, but that may be very difficult to realize until the issues surrounding the PIB are resolved.

“The industry is aligned in terms of our perspective on the bill. We have some significant concerns about how the bill might ultimately be finalized. It is still very much in process and we as industry operators support the basic principles and objectives as my fellow speaker from Shell pointed out in his speech. We are still looking to provide impute to make sure that our voice is heard and is considered in the ultimate development of the bill,” Ward said. “Deepwater is still a very immature exploration province and there are lots of work that could be done but I think until the issues associated with the PIB are resolved and its firmly in place and the industry understands exactly what the conditions are going to be for future investments, it could be difficult to project such.

“But offshore Nigeria has a lot of hydrocarbon potentials and we hope that there would be a good balance between what the government wants to achieve and providing a reasonable return for our shareholders,” he stated. On the bill that has been passed by the House of Representatives, the Mobil boss said that the company prides itself with what it has been able to do in terms of local content development.

“You may be aware that last year we won the Petroleum Technicians Association of Nigeria (PETANS’s) national content company of the year award. We are very proud of that as it speaks volume of what we stand for and what we do. With respect to the bill itself its obviously making its way through the legislative process. As with any piece of legislation, there are things that you like and don’t like.

“We’re hoping there is going to be an opportunity to provide more inputs. We do have concerns about how it may ultimately be finalized, we’ve expressed those concerns through various industry organizations, the Oil Producing Trade Section (OPTS) in particular working with fellow companies in the industry to make sure that our input is received. At the end of the day, obviously it’s the government’s decision on what to do. But we’re hopeful that they’ll take our input into account and find ways to modify the bill to make it acceptable to all stakeholders,” Ward said.

On the ability of the banking sector to finance oil ventures, the ExxonMobil boss said “right now, the banking industry is going through an evolution in terms of availability to financing, but we’re hopeful that if there are future opportunities we can tap into the local capital market again in conjunction with the international financial institutions. I can also tell you that the capacity is there. ExxonMobil would find a way to utilise it.”

FG assures deregulation will eliminate cartel’s control

...reveals ongoing plans to strengthen PPPRA

The deregulation policy is the best way to break up the cartel that is said to currently control the oil industry and its elements, the minister of petroleum resources, Odein Ajumogobia, has said. He made this declaration on Monday while being hosted by the management of the Petroleum Equalisation Fund (PEF) at its head office in Abuja.

Council asks Accenture to hunt for new NSE CEO

…selection process to be open, competitive

The Council of the Nigerian Stock Exchange (NSE) has finally decided to adopt an open and competitive process in selecting a new director-general who will succeed the incumbent, Ndi Okereke-Onyiuke. It has asked Accenture to handle the selection process.

A source close to the meeting which dragged late into the night on Monday disclosed that the Council formally decided to jettison the idea of selecting a new DG from the crop of senior management staff of the Exchange after a review of various reports on the controversy that had trailed the succession programme. According to the source, the hunt for the DG position would be handled by Accenture, the foremost management consultancy firm.

“The new helmsman, who would however, be a chief executive officer (CEO) rather than a DG is expected to emerge from an open and competitive selection process. Indeed, the Council also agreed that members of staff who feel they have what it takes to lead the management of the Exchange are also free to apply,” said the source.

Also in the new dispensation, the CEO would be assisted by three executive directors, who according to the source, could emerge from those who are currently serving as general mangers.

According to the source, “the arrangement would be so tidy that even former members of staff who think he or she has a deeper knowledge of the place are free to come for interview. That way, they would have done a transparent process.” Analysts who spoke to BusinessDay on Tuesday commended the Council for the initiative. They were of the view that the Council’s decision would further encourage confidence in a market that has rather been in topsy-turvy.

A senior stockbroker who craved anonymity said: “The negative reports on the market had not been in the best interest of both operators and investors in the market. It is good that the issue has been resolved by the Council and now we can all move forward.”

Okereke-Onyiuke had announced that she would be retiring from the NSE on November 2, 2010, when she would be 60 years old. Before then, the assistant director general, Lance Musa Elakama would retire on March 31, 2010.

There was indeed an arrangement that some of the senior staff would have to retire in the process of demutualising the NSE and its eventual listing as a public quoted company. Under the arrangement, two general managers, Yinka Idowu (Corporate Affairs) and Henry Onyekwuru (Emerging Markets) retired from the Exchange, last year.

US, rights group urge FG to investigate Jos killings

…ask Plateau government to ensure citizens feel respected, protected

The U.S. government and human rights activists called Tuesday for Nigeria to investigate and prosecute those responsible for the deaths of more than 500 unarmed people in renewed violence between Christians and Muslims in Jos. Acting President Goodluck Jonathan had promised that the fighting would stop after more than 300 people were slain in January. Jonathan fired his national security adviser late Monday night following the weekend violence. “After the January killings, the villages should have been properly protected,” U.N. High Commissioner for Human Rights, Navi Pillay, said. “Clearly, previous efforts to tackle the underlying causes have been inadequate, and in the meantime the wounds have festered and grown deeper.”

Human Rights Watch also urged Jonathan to provide protection for those in the small villages surrounding Jos that has become the fault line for religious violence in the region. Those who survived attacks Sunday in three mostly Christian villages said security forces never provided them any guards, even though Jos itself has remained under a dusk-till-dawn curfew since January’s fighting. “It’s time to draw a line in the sand,” Human Rights Watch researcher, Corinne Dufka, said in a statement on Tuesday. “The authorities need to protect these communities, bring the perpetrators to book and address the root causes of violence.”

Police say they have arrested more than 90 people suspected of inciting the violence. Some described it as a reprisal attack for Muslim deaths in January, while others said Fulani cattlemen wanted to take over land on the dusty plateau.

The U.S. Embassy in Abuja issued a statement calling on the Federal Government to seek justice “under the rule of law and in a transparent manner”.

The U.S. also asked the state government “to ensure that all people and citizens in the Jos area feel that they are respected and protected.”

Jonathan said security forces would lock down the borders of Plateau State to stop weapons and potential fighters from infiltrating the region. But on Monday, an Associated Press reporter passed through seven supposed checkpoints where searches should have been conducted and none were there. Some posts were unmanned, while police and soldiers at others merely watched a line of cars pass by without stopping them.

The killings Sunday add to the tally of thousands who have already perished in the last decade due to religious and political frictions. Rioting in September 2001 killed more than 1,000 people. Muslim-Christian battles killed up to 700 people in 2004. And more than 300 residents died during a similar uprising in 2008.

Lukman links fuel scarcity to legislative deficiencies

…says deregulation is panacea

Rilwanu Lukman, minister of petroleum resources, on Tuesday, disclosed that previous efforts by the immediate past administration to address the problem of fuel scarcity in the country by issuing 18 licenses for private refineries was frustrated by legislative deficiencies.

To solve the problem, Lukman who appeared before members of the House of Representatives Committee on Petroleum (downstream) headed by Clever Ikisikpo, tasked the leadership of the National Assembly to expedite action in the passage of the Petroleum Industry Bill (PIB) in order to address the problem and encourage investment into the sector. He said “nobody will come and invest his money in a regulatory environment where he would find it difficult to make profit; no one would invest his funds on refineries only to be told how much he would sell his products.

“I am afraid the problem of fuel scarcity would continue. It is unfortunate that the four refineries which were commissioned in the 1980s were still being operated even when they are poorly maintained, they are now over aged and even with all the turn around maintenances, they could never produce the number of barrels they produced when they were commissioned”, he said.

Lukman explained that a temporary measure to ease the scarcity of petroleum products is for Nigerians to continue with the payment of petroleum support fund and subsidise the price of the products, a measure, he said would be very expensive.

On the issue of the aging refineries, the minister regretted that Nigeria lacked maintenance culture, citing the example of Kaduna Refinery and Petrochemical Company which had its last turn around maintenance in 1998, explaining that nowhere in the world can you turn around a refinery like that without total break down.

Asked a member of the committee if in 1986 when he was petroleum minister he had a long term plan for the four refineries, Lukman responded that three of the refineries produced at full capacity with few vehicles on the road, adding that the production was surplus that the Port Harcourt refinery was reserved for exportation purposes.

Senate, Reps urge probe of renewed Jos crisis

•Lawmakers shut down imposition of emergency •AC blames FG over insincerity

The Sunday mayhem in Jos, Plateau State that claimed hundreds of lives on Tuesday attracted the attention of the National Assembly with the House of Representatives asking the Federal Government to set up a truth and reconciliation committee to investigate the crisis. The Senate on its part after over two hours closed door session commended Acting President Goodluck Jonathan for the actions taken so far on the crisis and asked the Federal Government to publish and implement all previous recommendations of Jos crisis.

It also urged the government to take urgent action to arrest and prosecute all those that perpetrated the atrocities and appealed to leaders to remain calm and not say anything that would further aggravate the current crisis. It was, however, learnt that the issue of imposition of state of emergency in Plateau State was raised but this was quickly shut down in both chambers especially by lawmakers from the state.

Anthony Manzo, vice chairman, Senate Committee on Information who was called by the Senate President David Mark to read the seven-point resolutions of the Senate after the gallery was opened, said the Senate noted that the crisis was not religious and that “Nigerians should resist any attempt to give any religious colouration to the crisis”. The Senate also appealed to Nigerians to demonstrate sanctity for human lives while appealing to security agencies to take seriously intelligence gathering.

The House of Representatives at its closed door session occasioned by a point of order on matters of urgent importance by Halims Agoda, chairman Airforce Committee asked all security agencies to investigate and identify the perpetrators of the crime.

Opposition Action Congress (AC) however accused the Federal Government of hypocrisy in its reaction to the crisis, saying concrete action would end the blood letting.

AC speaking through its national publicity secretary, Lai Mohammed, maintained that anything short of arrest and bringing perpetrators of the heinous killings to justice and ensuring respect for human rights will not end the recurring violence that has claimed 5,000 lives in Jos since 2001, according to official figures. The party said the perpetrators of the killings knew that once the government and all concerned make all the usual noise, the whole issue will die down until the next round of violence, adding: “This is what has emboldened them to continue to kill and maim innocent people.

“With the mass burial of the victims, the issue is buried until the violence flares up again. That is why the perpetrators are encouraged to continue their dastardly act. Of course, a few scallywags will be arrested and paraded, only to be let off the hook a few days later.

“The government is the problem. It has the power of arrest and prosecution. It has the ability and resources to gather intelligence. If it (government) were hunting the opposition now, it will be more efficient. They know what to do to stop the violence but will not do it.

“That is why we have always said the killings are more political than religious. A few security agencies may be involved in shooting some innocent people, but the real perpetrators are far away, pulling the strings. At the end, only the common man dies, either the low and poor Christians or the low and poor Muslims,” AC said. The party warned that unless something urgent is done to stop the cycle of violence in the country, it may assume a more dangerous dimension if it triggers reprisal attacks which can set the nation on fire.

Jonathan’s onslaught: Treading the minefield of an unholy alliance

Events in the last one week have shown that an alliance of forces has been formed to derail the machinery of government in Nigeria. But the sacking on Monday of Sarki Muhktar as National Security Adviser by Acting President Goodluck Jonathan is also an indication that there is a will to confront the forces that are bent on profiting from the illness of President Umaru Yar’Adua and in the process sustain a climate of uncertainty in Nigeria. The memo by a group of 12 members of the Federal Executive Council (FEC), who called themselves ‘12 wise men’ to Jonathan in which they cautioned the acting president against taking any step that will change the status quo is the most recent of the desperate measures the cabal holding Yar’Adua has been pulling to ensure that power does not slip out of its hands.

The ministers are Adamu Aliero, minister of the Federal Capital Territory; Rilwanu Lukman, minister of Petroleum; Ufot Ekaette, minister of the Niger Delta and Shamsudeen Usman, minister of finance. Others are Sam Egwu, minister of education; Abba Ruma, minister of agriculture and water resources, Babatunde Osotimehin, minister of health; Godwin Abbe, minister of defence; Ibrahim Lame, Demola Seriki, Shetimma Mustapha and Tanimu Yakubu Kurfi, chief economic adviser to the president.

Investigations by BusinessDay show that what is going on is an unholy alliance involving a group in the Federal Executive Council, the Governors’ Forum and the leadership of the People’s Democratic Party (PDP). Among the 12 ‘wise men’ that sent the obnoxious memo to the acting president are people who owe their appointment to Turai; others are those who profit from Yar’Adua’s continued absence. All of them constitute the kitchen cabinet that is presided over Turai.

It has been a battle of wits between Yar’Adua’s loyalists and Jonathan. What are the options before Jonathan? Osita Okechukwu, publicity secretary of the Conference of Nigerian Political Parties (CNPP), said the acting president should have courage, focus and vision. He added that Jonathan needed to have political will and not just memo.

Jonathan has already heeded Okechukwu’s advice with the removal of Mukhtar and his replacement with Aliyu Gusau, who held that position under ex-President Olusegun Obasanjo. On his part, Buba Galadima, presidential campaign secretary of the All Nigeria People’s Party (ANPP) told BusinessDay that the 12 ministers are not wise men. “If they are wise men they should have known that constitutionally, an acting president can carry out all the duties of a substantive president, which include dissolution of FEC and constitution of a new executive council.

Jonathan began to reach out to people across all political spectrums with the aim of achieving full presidential powers. “But the groups he consulted had conflicting interests that shaped their response to him,” said one of one source. He said Jonathan’s “limited experience, his lack of clear ideas about what to do with power, left him indecisive.” The inauguration of the Presidential Advisory Council (PAC) led by Theophilus Danjuma is one move by the acting president to get hold on power

Jonathan’s advisors sought to secure Yar’adua’s medical records and exact health condition, since Turai Yar’adua and the cabal in Jeddah was highly secretive. An online source said Jonathan’s people used Israeli intelligence contractors to get the information on Yar’adua, but the Israelis ripped them off, providing only artistic composites of what they thought Yar’Adua looked like on his hospital bed in Jeddah. To complicate matters, members of Yar’adua’s kitchen cabinet refused to give up. From beside her husband’s sick bed in Saudi Arabia, Turai Yar’adua and her key loyalists – including economic adviser Tanimu Kurfi; former Governor James Ibori, former Attorney General Michael Aondoakaa, and Agriculture Minister Abba Ruma , manipulated the country and worked the lines with politicians, sowing the deception that Yar’adua was improving and regaining strength. They also engaged elements in the security forces to control everything that moves. The sacked National Security Adviser (NSA), Sarki Mukhtar, was used to bombard Jonathan with daily security reports “showing that Jonathan’s life was in great danger,” said a source in the NSA’s office. Yar’adua’s agents routinely harassed federal ministers whom they suspected of flagging loyalty or disloyalty.

The brinkmanship came to a head two weeks ago when it became clear that Yar’Adua was likely to be removed at the Federal Executive Council meeting. Turai and her cronies then made a desperate decision to pack Yar’Adua onto an air-ambulance and have him to flown into Abuja in the wee hours of February 24. Facing mounting pressure eight days after Yar’adua was holed up in the villa, unseen, his wife and her cronies feared that the mounting opposition could jeopardize their hold on power. Their dramatic arrival and the illicit use of military muscle had failed to do the trick.

To device new strategies, elements of the Yar’Adua group gathered last week in Edo State, in a meeting summoned by former Governor James Ibori of Delta State. Adams Oshiomhole, governor of Edo provided logistical support for the meeting. The Edo meeting, chaired by Ibori, agreed to explore several options to emasculate Jonathan before he fully consolidates his hold on power. The memo by the 12 ministers appears to be one of the options.Ibori, who still nurses an ambition to become the PDP’s vice presidential candidate in next year’s presidential election, is “very concerned that a powerful Jonathan could take over the party machinery and give it back to the Obasanjo faction of the party,” said a source who talks with Ibori. While Ibori eyes the VP spot, Oshiomhole is reported to be interested in running for the presidency in 2015.

“Oshiomhole has emerged as one of the strongest attackers of Jonathan,” revealed one source. He said the Edo governor was one of the most vocal voices during the governors’ meeting with Jonathan. The Edo meeting decided that the Yar’Adua team should offer all eligible state governors, whether PDP or not, the promise of “automatic second terms if they would pledge loyalty to Turai and her group,” a source briefed about the meeting revealed to us. The group also commissioned members of the Yar’Adua team to step up the campaign to portray Jonathan as anti-North.

To enlist the Speaker of the House of Representatives, Dimeji Bankole, the Yar’Adua-Ibori team assured him of their support for his ambition to capture the governorship seat in Ogun State. They also told him that they had credible intelligence report that Jonathan wanted to dig up the Rural Electrification Agency scandal which involves Bankole’s father and two siblings but which Yar’Adua had ordered the EFCC to bury.

Jonathan seeks Senate nod to appoint five advisers, fear grips ministers

•SNG holds rally to make him substantive president

By seeking the endorsement of the Senate to appoint five senior advisers, indications are that more aides appointed by ailing President Umaru Yar’Adua may lose their jobs as Acting President Goodluck Jonathan moves to strengthen his group of advisers in line with his enlarged responsibilities.

Subsequently, fear, it was learnt, has gripped ministers and special advisers on the next move of the acting president who on Monday sacked the former National Security Adviser (NSA) Sarki Muhktar and in his stead appointed Mohammed Aliyu Gusau.

There was palpable fear yesterday within the circle of ministers in Abuja as many of them, according to people close to their aides are either “lobbying or putting their records straight” in the event that they are asked to quit. The position of the “12-wise minister” is even more precarious as the former NSA who used to be their source of courage and assurance that ailing President Umaru Yar’Adua is in charge has been sacked and not available to fight for them, an analyst who pleaded anonymity told BusinessDay last night.

“It’s obvious that more heads will roll as Jonathan cannot add more senior advisers without reducing the current number which is more than 78”, another source volunteered. Yesterday, Jonathan formally sought the nod of the Senate to appoint five senior advisers to assist him to be fully in charge.

His action is coming on the heels of a planned mass rally by the Save Nigeria Group (SNG) to force government to impeach Yar’Adua and make Jonathan a substantive president.

Jonathan had on Monday after a meeting of security chiefs announced the sack of the NSA and replaced him with Aliyu Gusau who performed a similar role during the administration of former President Olusegun Obasanjo. Ordinarily, Jonathan was not expected to send names of the special advisers unlike in the case of appointment of ministers where names of all the nominees and their states of origin are to be supplied.

The practice had always been for the president and now acting president to seek the Senate approval in the appointment of special advisers and after the approval; he would then be at liberty to appoint the special advisers. In the letter sent to the Senate and read by the Senate President David Mark, Jonathan said he needed the approval because “the responsibility of my office has increased tremendously and for me to cope effectively, I seek the senate’s approval to appoint five special advisers”.

Senate is expected to formally slate the request of the acting president on the order paper this morning and the approval is expected to be given without any objection. There are already indications that the seeking of approval of the acting president to appoint five special advisers may be a prelude to the expected dissolution of the executive council which meets today amidst a planned rally by the Save Nigeria Group.

Expected at today’s rally that will take off from Unity Square by Transcorp Hotel, Abuja, about two kilometers to the seat of power, Aso Villa where the Executive Council of the Federation will be meeting today are Nobel Laureate Wole Soyinka, Tunde Bakare, Alani Akinrinade, among others.

It was however learnt that the rally may terminate at the Federal Secretariat, less than a kilometre to the Square where they will present their request to the office of the Secretary to the Government of the Federation, Yayale Ahmed.

Press Release On CBN Banking Reforms Get A Boost: Reps Pass AMCON Bill, Scales Second Reading at the Senate - 10th March 2010

The on-going banking reforms have received a significant boost with two key developments in the National Assembly on Wednesday 10/3/10. The Asset Management Corporation of Nigeria (AMCON) Bill scaled the second reading at the Senate following presentation of the required financial compendium on AMCON. The Bill has thus been referred to the Senate Committee on Banking, Insurance and other Financial Institutions.... Click here for more details.

Revised Microfinance Banks' Returns Template - 8th March, 2010
Following series of complaints on the Revised Microfinance Banks' returns template from the operators, a new version has been produced to ease the difficulties experienced by the institutions. Click here to download the new version of the Returns Template.

Press Release: Update on Establishment of Assets Management Corporation of Nigeria(AMCON)
It will be recalled that the Central Bank of Nigeria through the Executive had sent a draft Bill for the establishment of AMCON to the National Assembly for consideration and passage into law. The AMCON as a resolution vehicle is expected to soak the toxic assets of the CBN-intervened banks and provide liquidity to them as well as assist in their recapitalization.. Click here for more.

Press Release On MPC Boosts Real Sector: Stresses Need To Unlock the Credit Market - 2nd March 2010
In tandem with the desire of the Central Bank of Nigeria at ensuring that the financial sector contributes to the real economy as enunciated under the four pillars of the banking reforms, the Monetary Policy Committee (MPC) has taken far reaching decisions aimed at channeling credit to the real sector. Click here for more.

Central Bank of Nigeria Communiqué No. 68 of the 213th Monetary Policy Committee Meeting, March 1-2, 2010
The Monetary Policy Committee (MPC) met on 1st and 2nd March, 2010 to review domestic economic conditions for the first two months of 2010 and the challenges faced by the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to chart the course for monetary and financial sector policies for the remainder of the year. Click here for more.

CBN Restructures into 25 Departments
As part of the ongoing efforts aimed at improving Accountability, Communication and Efficiency as well as Effectiveness in actualising CBN's strategic objectives (ACE), the Board of CBN has approved a new organisation structure for the Bank, effective March 1st, 2010.
Click here for summary of structure changes , Click here for the new Organisation Structure
Click here for more.

Central Bank Of Nigeria Help Desk For Complaints On ATM Transactions

The Central Bank of Nigeria (CBN) has noted with serious concern the growing complaints by the customers and the general public on ATM transactions and the inability of banks to resolve them within a reasonable time frame. In order to sustain public confidence in the Nigerian Payment System, the CBN has directed that henceforth all complaints on card transactions should be treated and responded to within 72 hours of receipt of the complaints by banks. Click here for more.

Re- Alleged limit to loan approval and five percent equity holding in banks
The attention of the Central Bank of Nigeria has been drawn to two publications, the first in the Vanguard Newspaper of January 28, 2010 titled: CBN to ensure 5% Equity Holding in Banks-Sanusi and the second on the front page of the Vanguard Newspaper of February 1, 2010,titled: CBN limits bank MDs, boards' loan approval. Click here for more.

Re- Alleged limit to loan approval and five percent equity holding in banks

The attention of the Central Bank of Nigeria has been drawn to two publications, the first in the Vanguard Newspaper of January 28, 2010 titled: CBN to ensure 5% Equity Holding in Banks-Sanusi and the second on the front page of the Vanguard Newspaper of February 1, 2010,titled: CBN limits bank MDs, boards' loan approval. Click here for more.

Brief On Guidelines For Tenure Of Managing Directors Of Deposit Money Banks And Related Matters
In furtherance of the on-going banking reforms, the Central Bank of Nigeria pursuant to the powers conferred on it by Banks and Other Financial Institutions Act (BOFIA), Laws of the Federation of Nigeria, (LFN), 2004 has issued the following guidelines to address some corporate governance issues in the deposit money banks: Click here for more.

New Monetary Policy Committee (MPC) Members
Click here for the new members of the Monetary Policy Committee.

Stakeholders of Bailed-Out Banks Agree To Work With CBN On Recapitalization Process
The Central Bank of Nigeria held an interactive meeting with stakeholders of ten affected banks comprising their directors and principal shareholders on Friday, January 15, 2010. The objective of the meeting was to inform the stakeholders on plans for the implementation of the second phase of the on-going banking sector reforms. Click here for more.

Disclaimer On CBN Involvement In ATM Upgrade
This is to notify the general public that the Central bank of Nigeria is not involved in any on-going Automated Teller Machines upgrade or any related activity that may require banking customers' pin code/password.
Click here for more.

CBN Appoints Executive Directors for Three Banks
The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEO's of the affected banks and their replacement with new ones. Click here for more.

Brief On Guidelines For Tenure Of Managing Directors Of Deposit Money Banks And Related Matters

In furtherance of the on-going banking reforms, the Central Bank of Nigeria pursuant to the powers conferred on it by Banks and Other Financial Institutions Act (BOFIA), Laws of the Federation of Nigeria, (LFN), 2004 has issued the following guidelines to address some corporate governance issues in the deposit money banks: Click here for more.

New Monetary Policy Committee (MPC) Members
Click here for the new members of the Monetary Policy Committee.

Stakeholders of Bailed-Out Banks Agree To Work With CBN On Recapitalization Process
The Central Bank of Nigeria held an interactive meeting with stakeholders of ten affected banks comprising their directors and principal shareholders on Friday, January 15, 2010. The objective of the meeting was to inform the stakeholders on plans for the implementation of the second phase of the on-going banking sector reforms. Click here for more.

Disclaimer On CBN Involvement In ATM Upgrade
This is to notify the general public that the Central bank of Nigeria is not involved in any on-going Automated Teller Machines upgrade or any related activity that may require banking customers' pin code/password.
Click here for more.

CBN Appoints Executive Directors for Three Banks
The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEO's of the affected banks and their replacement with new ones. Click here for more.

Re: Central Bank Guarantee Of Foreign Credits and Interbank Lending
Following the release of the communiqué of the 212th MPC Meeting on January 5, 2010, the Central Bank hereby provides the following additional clarification with respect to the guarantee of Inter-bank and foreign credit lines.Click here for more.

New Monetary Policy Committee (MPC) Members

Click here for the new members of the Monetary Policy Committee.

Stakeholders of Bailed-Out Banks Agree To Work With CBN On Recapitalization Process
The Central Bank of Nigeria held an interactive meeting with stakeholders of ten affected banks comprising their directors and principal shareholders on Friday, January 15, 2010. The objective of the meeting was to inform the stakeholders on plans for the implementation of the second phase of the on-going banking sector reforms. Click here for more.

Disclaimer On CBN Involvement In ATM Upgrade

This is to notify the general public that the Central bank of Nigeria is not involved in any on-going Automated Teller Machines upgrade or any related activity that may require banking customers' pin code/password.
Click here for more.

CBN Appoints Executive Directors for Three Banks
The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEO's of the affected banks and their replacement with new ones. Click here for more.

Re: Central Bank Guarantee Of Foreign Credits and Interbank Lending
Following the release of the communiqué of the 212th MPC Meeting on January 5, 2010, the Central Bank hereby provides the following additional clarification with respect to the guarantee of Inter-bank and foreign credit lines.Click here for more.

Central Bank of Nigeria Communiqué No. 67 of the 212th Monetary Policy Committee Meeting, January 4-5, 2010
The Monetary Policy Committee (MPC) met on 4th and 5th January, 2010 to review domestic economic conditions in 2009 and the challenges faced by the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to chart the course for monetary and financial sector policies for 2010.
Click here for more.

CBN Appoints Executive Directors for Three Banks

The Central Bank of Nigeria wishes to announce the appointment of new Executive Directors for Bank PHB, Spring Bank Plc and Equitorial Trust Bank Limited respectively. This follows the removal of the CEO's of the affected banks and their replacement with new ones.
Click here for more.
Re: Central Bank Guarantee Of Foreign Credits and Interbank Lending
Following the release of the communiqué of the 212th MPC Meeting on January 5, 2010, the Central Bank hereby provides the following additional clarification with respect to the guarantee of Inter-bank and foreign credit lines.
Click here for more.

Central Bank of Nigeria Communiqué No. 67 of the 212th Monetary Policy Committee Meeting, January 4-5, 2010
The Monetary Policy Committee (MPC) met on 4th and 5th January, 2010 to review domestic economic conditions in 2009 and the challenges faced by the Nigerian economy against the backdrop of developments in the international economic and financial environments in order to chart the course for monetary and financial sector policies for 2010.
Click here for more.

Re: Publication Of Interest Rates
In line with the CBN policy to ensure that Transparency and Accountability are entrenched in the banking sector, banks are henceforth required to submit on weekly basis to the CBN their average deposit and lending rates in line with our previous circulars numbers BSD/DIR/GEN/CIR/02/019 dated January 29, 2009 and BSD/DIR/GEN/CIR/01/023 dated October 14, 2009.
Click here for more.

Press Statement On The CBN and Disengagement of Bank's Workers
The Central Bank of Nigeria has noted with dismay, several untrue reports in the media alleging that the Central Bank of Nigeria ordered the mass sack of Deposit Money Banks' staff and rationalization of their branches.
Click here for more.

Federal High Court Grants Mareva Injunction On Akingbola's Assets Worldwide - 31st Dec. 2009

A Federal High Court sitting in Lagos, on Thursday, December 31, 2009 has granted a freezing injunction and attachment worldwide on all assets of Dr. Erastus B. O. Akingbola, former Managing Director of Intercontinental Bank PLC, for total offences amounting to the tune of N346,185,841,243.75 and GBP Sterling 1,085,515.00.Click here for more.

Press Release On Third Quarter (Q3) Results Released By Deposit Money Banks - 11th Dec. 2009

In line with the Central Bank of Nigeria's new disclosure standards which are central to the Bank's ongoing banking sector reforms, all deposit money banks (DMBs) in Nigeria have announced financial results for the third quarter 2009 in line with clearly defined and transparent reporting requirements.
Click here for more.

Press Statement On Update on Banking Reforms 13th November, 2009

In furtherance of the banking reforms exercise aimed at ensuring the stability and soundness of Nigeria's banking industry, the Central Bank of Nigeria, (CBN), has appointed advisers that will work with the ten deposit money banks - Afribank Plc, Finbank Plc, Intercontinental Bank Plc, Oceanic International Bank Plc, Union Bank of Nigeria Plc, Bank PHB Plc Equatorial Trust Bank Limited and Spring Bank Plc - whose management were recently replaced, as well as Wema Bank Plc and Unity Bank Plc.
Click here for more.

Press Statement On Deregulation 4th November, 2009
The Central Bank of Nigeria (CBN) has noted reports in some sections of the press alleging in screaming headlines that the CBN is against the Federal Government's policy of deregulation of the downstream sector of the petroleum industry. These press reports arose from the Monetary Policy Committee, MPC briefing by the CBN Governor on Tuesday, 3 November 2009.Click here for details

Press Statement On Equatorial Trust Bank Limited 4th November, 2009
Following the Special Examination of all banks operating in the country, and the subsequent actions by the CBN, the shareholders of Equitorial Trust Bank Limited requested the permission of the Central Bank of Nigeria to be allowed to rectify lapses identified in the bank. In pursuance to that, the shareholders executed a Deed of Covenant, the specific terms and conditions of which included the following:Click here for details

Central Bank of Nigeria Communiqué No. 66 of the Monetary Policy Committee Meeting, November 03, 2009
The Monetary Policy Committee (MPC) at its meeting today reviewed the domestic and external economic and financial developments for the year so far. The international economic scene, in the Committee's view, has turned out to be better than was projected about six months ago Click here for details

Central Bank of Nigeria Communiqué No. 66 of the Monetary Policy Committee Meeting, November 03, 2009

The Monetary Policy Committee (MPC) at its meeting today reviewed the domestic and external economic and financial developments for the year so far. The international economic scene, in the Committee's view, has turned out to be better than was projected about six months ago Click here for details

Central Bank Of Nigeria Invitation For The Submission Of Quotations For The Supply Of Cybex Gym Equipment
The Central Bank of Nigeria requires the supply of Cybex Gym Equipment to the Bank under the Year 2009 Budget. Consequently, the Bank wishes to invite ONLY ACCREDITED MANUFACTURERS REPRESENTATIVES of Cybex Gym Equipment to submit quotations for the supply Click here for details

Central Bank Of Nigeria Invitation For The Pre-qualification Of Contractors For The Execution Of Capital Development Projects Under 2009 Budget
The Central Bank of Nigeria is desirous to undertake a pre-qualification exercise for the Refurbishment of the Burnt CBN Kano old Branch Building/Development of a Learning Centre (Ref No CBN/CDP2009/03). Consequently, the Bank wishes to invite reputable contractors to indicate interest to prequalify for the Project.Click here for details

Press Statement 23rd October, 2009
The Central Bank of Nigeria (CBN) has noted a story on the back cover of the Guardian Newspaper of Thursday, 22nd October 2009 alleging that the CBN has directed commercial banks "to place a lid on the loans they offer airlines in the country, which has put the airlines on the edge as they are finding it difficult to source funds to run their operations"Click here for details

Revised Microfinance Banks' Returns Template
For the benefits of all microfinance banks that attended the Workshop on Returns Rendition recently organized across three locations in the Country and those that could not attend, a revised template is now available Click here for details


Job Opportunities At The International Monetary Fund (IMF)
The International Monetary Fund (IMF) is planning a Recruitment Mission to Nigeria on
November 10, 2009. The Mission will identify suitable candidates for mid-carrier
economist pipeline in the Economist Program for recent PhD graduates and other
specialist positions. The Federal Ministry of Finance and the Central Bank of Nigeria are
coordinating the recruitment exercise on behalf of the IMF.Click here for details

Public Statement 17th Oct. 2009
The Central Bank of Nigeria (CBN) has noted the front page story of the Champion Newspaper of Friday 16th, October 2009 with the above caption alleging that the CBN Governor, Sanusi Lamido Sanusi had told the Senate that his life was in danger. The paper also attributed to the Governor "how a business associate of one of the sacked bank Managing Directors gave out loans in two separate payments to two of his friends, (and that) the bank chief had given out the loans to a friend who said he would refund it in less than one week".
Click here for details


Public Statement 16th Oct. 2009
Further to the recent regulatory action taken by the Central Bank of Nigeria (CBN) in respect of Bank PHB Plc, Spring Bank Plc, Unity Bank Plc, Wema Bank Plc and Equitorial Trust Bank Ltd, the CBN wishes to make these clarifications:Click here for details

Press Statement on the Outcome of Special Examination of 14 Banks

In furtherance of the Central Bank of Nigeria's statutory duty to ensure a sound financial system in the country, the Governor of the Central Bank of Nigeria (CBN) ordered the Special Examination of all the 24 banks operating in Nigeria. The result of the Special Examination of the first set of 10 banks was made known on 14 August 2009. The CBN wishes to announce that the joint CBN-NDIC examination teams have completed the Special Examination of the remaining 14 banks- and as such the books and affairs of all 24 banks in the Nigerian banking system have now been examined.
Click here for more details

Questions and Answers on The Examination of 14 Banks

FAQ on the recent CBN intervention involving 5 banks

Mexican shakes up world rich list

Mexican Carlos Slim overtakes Bill Gates as the world's richest man, according to the Forbes "rich list", with a fortune of $53.5bn.

US reports record budget deficit

The US government records a budget deficit of $221bn (�147.6bn) in February - the largest monthly deficit in its history.

BA strike talks end without deal

Talks between British Airways and Unite aimed at averting strike action by cabin crew break down without agreement.

UK snow insurance claims at £650m

Insurers paid out �650m from 335,000 claims made as a result of damage caused by the wintry weather in the UK.

China denies World Cup sweatshop

A Shanghai company denies it used sweatshop labour to produce World Cup mascots, as Fifa suspends its manufacturing contract.

China's exports see big increase

China's exports surged 46% in February, figures show, raising hopes of a strong recovery in global trade.

Insurers 'face $7bn Chile bill'

The earthquake in Chile may cost the global insurance industry as much as $7bn (�4.7bn), Swiss Re estimates.

Airlines offer to give up slots

British Airways, American Airlines and Iberia offer to give up take off and landing slots in London and New York, say EU watchdogs.

EU rule change 'may cut red tape'

Small firms may be exempted from having to draw up and lodge annual accounts, after MEPs approve changes to European Union rules.

China to build Sri Lanka airport

China is to lend Sri Lanka just under $200m to build a second international airport in the south of the island.

Citi, AIG, Fannie and Freddie: The Not Fab 4

Investors had a funny way of commemorating the first anniversary of the market's bottom on Tuesday. They rewarded some of the stocks responsible for most of the problems in the first place.

Stocks post modest gains

Stocks posted modest gains Wednesday, with the Nasdaq ending at its highest level in more than 18 months, as investors weighed falling oil prices against strength in the financial services sector and an upbeat report on wholesale inventories.

Airline stocks take off

Airline stocks rallied Wednesday, riding a wave of investor sentiment that 2010 is shaping into a profitable year for the industry, experts say.

Treasurys dip as $21B auction sees big demand

Treasurys traded lower Wednesday as stocks advanced slightly and a government auction of $21 billion in 10-year notes generated strong demand.

Dollar seesaws

The dollar was mixed against major currencies Wednesday, rising against the yen and pound but giving up gains versus the euro.

Oil rises after inventory report

Oil prices rose Wednesday as the government's weekly inventory report showed a smaller than expected increase in oil supplies and a dip in gasoline inventory.

The Dow's best performer is ...

The hottest blue chip stock this year isn't what you think. It's not a big bank on the mend, a gadget maker with a hot new product, or a retailer with soaring sales.

Oil falls as the dollar firms

Oil prices fell Tuesday as a stronger dollar overshadowed a modest advance on Wall Street.

Treasurys inch up amid strong demand for 3-year notes

Treasurys inched slightly higher Tuesday, in the midst of the government's $40 billion auction of 3-year notes -- the first of several multibillion-dollar note and bond offerings in the coming days.

Dollar mixed in quiet trading

The dollar recovered losses versus the euro and rose against the pound, but fell versus the yen in quiet trading Tuesday.

Markets Flat- Euro Consolidates

3/10/2010 06:15 am : EUR/$..1.3585 $/JPY..90.38 GBP/$..1.4892 $/CHF..1.0760 AUD/$..0.9153 $/CAD..1.0260 Markets Flat- Euro Consolidates Asian markets were relatively flat today after a lackluster performance in US equities. Greek Prime Minister George Papandreou met with President Obama in Washington yesterday to discuss efforts to fight speculation. Papandreou blames speculators for fueling the fire and accelerating the debt crisis in Greece which has been the center of so much attention.

Another strong auction keeps bears away

Low yields don't seem to be a concern for investors as the government's auction of historically large amounts of debt continue to be met with strong demand. The Treasury issued $21 billion in re-opened 10-year notes to a draw of 3.735% and a bid to cover of 3.45. The indirect bidder participation was a bit low relative to much of 2009 but better than the previous two at 35.1%. Remember, indirect bidders are believed to primarily be foreign central banks. Tomorrow the Treasury will auction $13

Dollar unchanged, Yen depreciates on China's exports

Investors are bullish on the Dollar where expectations show that the Dollar will rise over the upcoming six months on speculations that the U.S economy will recover over a faster pace than Europe and Japan, despite the fact that the outlook for global growth declined for the second consecutive month. The Dollar continues to benefit from Greece’s debt problems as it surged to its highest levels since May against the 16-nation currency as the high deficit Greece is facing will affect the GDP for

TraderPlanet Daily Currency Analysis

Continuing lack of confidence in the Euro-zone economy EUR/USD The Euro was unable to make any headway in early European trading on Tuesday and there was a renewed test of support close to the 1.36 level. The Euro was subjected to further selling pressure during the Europeans session with a low close to 1.3535. There was a continuing lack of confidence in the Euro-zone economy with fears that tensions surrounding Greece would spread to Portugal and Spain. Ratings agency Fitch was cautious over

Why will the euro eventually go to par or beyond? Basic macroeconomics!

Key News • German exports posted their biggest drop in a year in January, throwing the economy's main growth engine into reverse at the start of 2010, but a surge in orders suggests the decline will be temporary. (Reuters) • Australian home loans fell the most in nearly eight years in January. (Reuters) Quotable – Sums up European Government Propaganda on Greece (PIGS) Crisis “I had therefore to remove knowledge, in order to make room for belief.” — Immanuel Kant FX Trading – Why will the euro

Currencies trade in overbought area

The dollar resumes its climb as major currencies clear the way, therefore boosting the federal currency, from the mixed data in the markets. Investors are avoiding higher-yielding assets as the outlook for major economies remains threatened, especially by the swelling budget deficit in Europe. The Dollar Index, which measures strength of the dollar versus six major currencies, is currently traded at 80.59 while recording a high of 80.85 and a low of 80.51.  Today, from the euro zone we

USD mixed, GBP lower on weak UK industrial production

FX Highlights The USD is trading mixed with JPY pressured by BOJ ease speculation, GBP trades lower in reaction to report of weaker than expected UK industrial production, EUR edged higher supported by gains in cross to the JPY and GBP, EUR gains were limited by report of a sharp drop in German exports, China reports strong trade data with exports up 45.7% in February, commodity currencies trade higher in reaction to strong Chinese trade data Focus turns to today’s US wholesale inventories and

US Morning Briefing

Overnight News Asia: At 0607 GMT JGB's were trading at 140.31 (+0.05) as the Nikkei fluctuated around the unchanged mark overnight and the latest January machine orders came in at -3.7% slightly worse than the expected -3.5%. BOJ is leading towards easing monetary policy next week, but it is not a done deal, according to sources. In other news, Japanese finance minister Kan said he saw no immediate need to have a more formal policy pact with the Bank of Japan as the government and the central

Dollar is the big winner while pound is the big Loser

The U.S. dollar advanced today against a basket of major currencies where the dollar index rose to 80.75 from the day's opening at 80.54. On the other hand, the main loser in market is the sterling which dropped versus all majors after the downbeat report released today. As for the sterling-dollar pair, it is showing decline on the daily and 4-hour charts, but stopped its losses when it hit support at 1.4857. Today's decline was spurred by the unexpected drop in manufacturing and industrial

China Import/Export Data Improves

Market Brief Australia Westpac Consumer Confidence printed at 0.2% vs. -2.6% exp Australia Jan owner-occupied housing finance -7.9% m/m vs.-2.0% exp investment finance +0.9% In Australia RBA AsstGov Lowe sounded very optimistic stating that growth was at or above average for the next couple of yrs, while labor market are strong and inflation consistent with medium-term target, challenge to expand supply to satisfy demand without inflation. Japans Machine Orders came in lower then expected at