OTEDOLA, DANGOTE’S RELATIONSHIP GETTING MESSIER: AP N40BILLION PUBLIC OFFER MONEY TRAPPED IN BANKS

When a very top official of the National Accounting Standard Board told a gathering that a total N40billion being part of the money raised during the public offer of African Petroleum is trapped in some Nigerian banks, then there must be a cause for concern.
The offer which had closed since September last year has […]

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We are the future of television in Nigeria

Tayo Adewusi was right at the heart of the democratic struggle to validate the annulled presidential mandate of Bashorun MKO Abiola after his 1993 presidential election was annulled by the military government of then military president Ibrahim Babangida. But today, he is a wave making TV-preneur, the owner of a TV satellite channel.

In this interview with GOKE OLUWOLE, Tayo recounts his days in the struggle and how that exposure ultimately attracted him to broadcasting.

What prompted you into becoming a TV-Preneur?

Because of my inclination, influence and motivation from the likes of my big brother, Mr. Niyi Akinsiju, whom I met in my formative years and who was always there to encourage me with all his heart; Mr. Niyi Akinsiju is one of Nigeria’s most articulate journalists, who, today, publishes FORTUNE & CLASS magazines, Nigeria’s most authentic and authoritative business journal, and the likes of Mr. Segun Banjo, who also writes for Fortune & Class and Mr. Femi Davies, who currently manages the White House Hotel, Ikeja, Lagos.

But among all these friends, I have in the entertainment and showbiz world, the man, whom I can call my mentor, Bob Dee [Mr. Dele Momodu] the publisher of Ovation, I can’t forget these people. They were there in my trying periods, their words were energizers that kept me going until I arrived here. You know, having been to most of these TV and radio stations for MAVED programme, I was exposed to the power of television which I realized is the most powerful media tool.

But really, it was my brother in-law who introduced me to mainstream broadcasting, he was the one who called me and told me to come and relief him in presenting his Information Technology focused IT TV programme while he was away for just one month as he was relocating his family to Europe then. Can you believe that that one month had become six years as I’ve been producing, directing and presenting the programme since then and I’ve even elevated it to become ICT WATCH on MITV, and MINAJ and some other stations.

However, in the course of doing some ICT public relations jobs for Engineer Banjo, the Chairman and CEO of DISC Communications Ltd. we became very close because he was one of the pioneers of indigenous TV in Nigeria and, of course, I also aired my programme on the platform.

It was in the middle of a discussion with Femi Davies who called me at MITV and said “Tayo, you are very close to Uncle Banjo, why don’t you tell him you want to have a TV channel on his platform,” I said, ‘fine,’ it was this statement that spurred me into the adventure you all are seeing today as FOCUS TV.

I remember that it was in July, 2006 that I first came to see him (Engr. Banjo) and told him my intension to have my own TV channel. Engr. Banjo’s response was, “my friend, do you know what it takes to have a channel?” I said, ‘yes, I’m prepared.’ He then asked if I had the money; naturally, that question was popular with him. He loved to ask anybody who made such a request on him, if they have the money to manage a cable station.

I responded that I was capable, so, I went to the drawing board and between that July in 2006 and April 2007, when we were given the nod to start, we commenced operations inside a very small cubicle, where we started our test transmission that April ending in 2007. Because I knew that every new station that comes up the first thing that they always do to attract viewing is to have a lot of entertainment programmes like film and musicals.

We just had it behind our minds that we were not going to do what other people were already doing, so we remained FOCUSed just like our name and our plan then was to be the channel to beat on this platform in six months, but in just two months of our operations, we became the channel to beat and that again threw up challenges of remaining on top for us.

Was that really your biggest challenge as TV- preneur ?

I would say no, it was just one of the challenges but because we don’t have any bank to support us. Nigerian banks don’t help small customers grow; they prefer to go and sponsor blue chip companies with billions of naira whereas there are entrepreneurs who need only N50,000 to survive. My brother, just like any other business owner in Nigeria today, I still believe power is one of our biggest problems.

If I tell you how much it is costing us to fuel our three stand-by generators in a month, now, if that same amount is injected into our operations, our production quality will be better and tighter and that means more income for us. Despite the fact that we are in an industrial neighbourhood, we at times, don’t have power from NEPA or PHCN as they call them, for hundreds of hours in a month. It is annoying when they prefer to supply power in the thick of the night while everyone was asleep and then switch it off before day break. If government can listen to me, let them forget other infrastructure and face power supply, every other thing will fall in place.

How have you been able to manage your business related challenges?

Till date I cannot tell you I’ve conquered my challenges because they are still there. There are some I cannot conquer, so what I did was to find a means of living with them like the alternative power supply. These are some of the challenges that as an individual I cannot conquer. We are barely floating, I tell you, since the day we commissioned our live studio in October 2008, if I show you the bill we’ve paid on fuel alone you’ll marvel, but I can tell you we are still not close to our target. The dream is big, we are not even close yet. It is just a dream coming true, but we are not yet there.

How would you describe the impact of regulations in your industry of choice compared to other sectors?

What I can say about the ICT sector of the economy is that we once clapped our hands for increasing telephone subscriber base from NITEL’s 400,000 to the 62 million lines we have now. But looking at it critically, a lot of people carry an average of two to three phones, so don’t let us look at the specific number but the service delivered. It would have been okay if we all carry one phone and we are satisfied with the services. The issue is that I want to call Mr. A and I want to reach him on time and spend my normal time but you’ll see that before I can reach him I will have to spend some additional time and when you even make the calls, they are not going and you have drop them.

Even at that, the GSM service providers are better than the CDMA phone service providers. The moment you started dialing their computer will start counting on your charges between the time you started dialing and the time your receiver picked up his phone, you are already being charged for time spent calling. Why can’t they configure their lines just like the GSM service providers, the quality of services rendered by all the networks are very poor and that had been our campaign for a very long time; the regulators, in fairness to them, one should say they’ve done a good job, but when we look at the quality of services by these providers, it leaves much to be concerned about.

Does this have direct negative or positive impact on your operations?

Yes, because we are still under the same ministry, the current challenges those of us in the broadcast sector are having with the National Communication Commission is that while we are trying to better the quality of our services, the frequency we transmit from, the NCC is planning to auction it. We are talking of people who had secured their licences for the past 15 years; the frequency had been allocated in the past 15 years, why are you now opting to sell it while these people have their renewal in the last five years still in tact.

I think that there are duplications of roles by the regulators; we are under BON [Broadcasting Organisations of Nigeria] and if there is any erring broadcaster or operator, he should be disciplined by the NBC [Nigerian Broadcasting Commission] but the NCC is usurping that role of overseeing the frequency band. According to Engr. Banjo, the power of broadcasting cannot be compared to the power of communications, the two are far apart, the industry needs more regulatory framework that will help drive and develop the sector.

How would you compare the impact of the new minister on the sector with that of the former minister?

I think the background of the new Information Minister, Prof. Dora Akunyili as a renowned regulator has certain implications. Being in the kind of the country we are, she should be in the real sense of it the Minister of Information and Communications and not the Minister of NCC as she is now inclined to be. I say this because there has been a tendency in Nigeria’s government where ministers appointed to oversee different aspects of a ministry ended up just concentrating on one aspects of the responsibility of the ministry.

We have had sports ministers that performed more or less as ministers for football, while ministers for mines and power have only concerned themselves with electric power, leaving the mines aspect of the ministry. Now, since Prof. Akunyili does her things with passion, we are expecting her to use the same passion to drive the general information sector.

For now it will be unfair for me to start comparing her with her predecessors, all I know is that the sector needs someone who will help nurture and tend it.

What is the capital base or worth of FOCUS TV?

Well, I may not be able to tell you how big we are or how rich we are, but I know we are still acquiring equipment and expanding our frontiers, so the only thing I know is that to have a local channel on our platform, you’ll need to build your own studio from the scratch like I did, costing you millions of naira; but what I know is that you must be a millionaire to run or own a TV station in Nigeria, because we have over head very close to what obtain in banks, because we burn our generators 24/7, so when you add that alone to the cost, it is very heavy. What I’ve learnt over the years, running this business, is that every business has a gestation period and it must be clearly defined at the inception. What we are doing now is to plough back all our returns to the business, and to remain focused.

What are the future expectations of focus TV?

By the special grace of God we know that FOCUS CABLE Channel will be transforming to terrestrial television, but we are also looking at the possibility of kicking off with our own private owned radio station and our area of coverage is Lagos zone though we have our footprints in all the South West states of Nigeria, at times we stray into the Midwestern states.

You know, the Federal Government has declared that by 2011 every broadcast establishment must go digital that means that AIT, GALAXY, MITV,etc; will be satellite stations and you can only watch them via cable network system, that is the future of television broadcasting.

We hope advertisers can see the quality of our programmes, like some of our superb programmes that can stand shoulder to shoulder with some premium TV programmes on our local stations. We have a popular breakfast talk-show running from Monday through Saturday, ICT programme runs from Monday to Saturday, Lalale Friday is an entertainment programme that showcases spots for fun seeking viewers to know what is happening around town and where they are happening. Our presenters are seasoned professionals with track records in the industry.

Our Celebrities Hangout programme over the last three months had showcased and featured top celebrities including the likes of Evangelist Ebenezer Obey, Sammie Okposo, Adewale Ayuba, Wale Thompson while we have lined up artistes of the likes of KWAM 1, Lanre Teriba Atorise, Evag. Dunni Olanrewaju Opelope Annointing, as our next set of guests.

We have a review of 10 top movies in English and Yoruba home videos; there are a lot of programmes on the terrestrial TV that are also on our channel, both local and foreign. Really, FOCUS TV is a must watch channel for everyone.

What does it take to get FOCUS TV to our homes?

All you need to do if you reside in Lagos State or its neighbouring towns or cities, is to buy the old antenna and a decoder, this will cost you about N300, but if you preferred the bundle, it is going to cost you N11,500 plus one month free subscription. And you are likely to watch about 60 channels, you are even permitted to watch about 16 foreign channels, and 20 indigenous channels including FOCUS TV when you are not able to pay your monthly subscription. The bundle subscription is family channel including CNN, Al jazerah, Christian Channel, Cartoon Tv, Sports, Music Channel, Movie Channel and many more. You cannot compare FOCUS TV with all these regular TV stations, our programmes are packaged with the niche viewers in mind and the maturity in our production is of world class standard.

Who is Tayo Adewusi?

I was born 40 years ago in Ilorin, Kwara State to Owu parents, which means I’m an Owu person. I started my primary education in Ile-Ife, Osun State, but I completed it in Lagos, I was at the Methodist Boys High School, Lagos and thereafter at the Lagos State School of Basic Studies, on Agidingbi Road, Ikeja, now converted to the Lagos State Technical College, Ikeja.

After my studies at the Lagos State School of Basic Studies, I did not get into a higher institution straight away because I wasn’t able to secure admission for the course of my interest so this delayed me a bit because I told myself that once I did not secure admission for the course of my interest I will not go for any other course. My intention then was to study Computer Science but I invariably went into the Lagos State Polytechnic to study accounting.

Again, though I had the goal to get to the top of my accounting career, to be a Chattered Accountant, due to my inclination for the democratic struggle in Nigeria during the heady days of the military era, I was more or less distracted.

I started out my democratic struggle while in school as a student activist, I was the public relations officer of the Student Union Government – Lagos State Polytechnic, and later, the Director of Travels & Exchange of the National Association of Nigerian Students [NANS] Under Dennis leadership. These were some of the things I engaged in between 1992-1996,and thereafter, by the time I was probably leaving the school, my encounter with the likes of Chief Gani Fawehinmi, Olisa Agbakoba, Ayo Obe, Femi Falana, Festus Keyamo had influenced my decision to go into a full time activism which made me to pitch my tenth with the Civil Liberties Organisations [CLO] I use to have my desk at the CLO’s office.

This was at the height of the June 12 crisis, of course, we formed the Moshood Abiola Vanguard For Democracy [MAVFD] I was the founding and still the Secretary General. It was a trying period for all of us in the struggle between 1993-1999, it was evident that we weren’t looking beyond 1999 when we had democracy. Even Baba Abraham Adesanya, the leader of the Afenifere then, now of blessed memory, was not looking beyond 1999.

We were short sighted in the contemplation of what those that struggled for democracy should do when the military returned power to civilians in 1999. That is why, today, most of us that were in the struggle were not really part of the team running the country now. A lot of us were not just prepared for that, none of us was preparing to become even a councillor or hold any political position.

But in the course of our struggles, two organizations really supported and funded us, they gave financial backing to MAVFD programmes, these were the Democratic Department of the United States Embassy, and the Dutch Embassy. They were very supportive of our advocacy programmes. I can recall that we went into a relationship with MITV, RayPower 100.1FM, and MINAJ TV. We aired a programme called “Democratic Values” on all these stations between 1999 and 2001.

In the course of your activism which singular event would you say influenced you greatly?

One of such event as an activist was that I was privileged to be one of the few people that spoke with late Alhaja Kudirat Abiola, wife of the winner of June 12 election, Bashorun MKO Abiola, before she was shot dead. She had a brief meeting with our group, the Moshood Abiola Vanguard For Democracy [MAVFD] which I was the General Secretary at their home before she was shot and killed less than an hour later.

The Consultant

Please, there has been so much noise about market-makers, how will they operate to stabilise the capital market. + 44 7957110056

The term market makers is the latest terminology in the Nigerian Capital Market and the way they are going they make it look as if all the  solutions to the problems in the Nigerian capital market will be solved with the appointment of market markers.

A market marker can be described as a person or company registered by the appropriate agencies to play an intermediary role in the capital market.

They can be described as the discount house of the capital market, they are expected to acquired shares of a quoted company on the floor of the stock exchange when their is surplus of the target stock and to sell / release stock of quoted companies in their possession to the market in period of scarcities, i.e they are to provide a balance in the market.

The use of market markers had always been controversial as they are generally seen as an artificial means of market control.

Looking at the Nigeria environment, my fear is the likely possible abuse of the roles and mandate of the market markers

I took my e-dividend form sent to me by the Registrar of a company in which I have shares to my bank for stamping etc, I was surprised when my bank told me that I had to pay =N=1,000.00 just for them to do the needed things. I think this is exploitative – Wale, OOU

Dear Wale,

You are right, it is not only exploitative it is symptomatic of the illegal and exorbitant charges Nigeria Banks charge their customers. Well, don’t be surprised because some Nigerian Banks now charge customers for depositing money into their account; meanwhile don’t forget that these are the same banks killing themselves and their marketers over deposit.

In the first place, I do not think that there’s need for the form in the first instance, what should have been required is for the mandate to be part of the CSCS procedure.

Also, it’s a process that could have been run through the stockbrokers.

Please where is the office of Wema Registrars – Toyin, ikeja

Wema Registrars is at OLD LEVENTIS BUILDING , MARINA, SECOND FLOOR

As published in Issue 48 and uploaded on http://www.fnc0486.wordpress.com

INVESTMENT EXPERT SAYS BANKS EXPANSION TO OTHER AFRICAN COUNTRIES IS ANOTHER RAT-RACE

An investment expert, Mr. Jide Ogunleye, has questioned the rationale of Nigerian banks newly found fervor for expanding their operations into African countries with low economic generation capacity. Ogunleye, who is the Chief Executive Officer of Denaro Capitals, said the acquisition and establishment of Nigerian banking brands in countries in West and East Africa lacks appropriate investment judgment.

“I believe that the establishment or acquisition of Nigerian bank brands in these countries is simply an ego tripping by most of Nigerian banks that want to join in the feel of internationalizing their operations. It’s like another rat race to determine which of the banks can boast of establishing its brand outside the country.” Ogunleye said.

“But sincerely, I don’t think it makes investment sense to spend so much money to construct a bank branch in a country where the Gross Domestic Product is not up to that of Lagos State. This is beside the fact that most of the citizens of these countries have been shown by reports to prefer their own banks. I can tell you that a new branch in any urban centre in Nigeria will yield better returns for the banking brand than those outposts they are establishing in the other countries.”

“I am not saying that there is something generically wrong with establishing branches in other countries, but in the case of most Nigerian banks, I feel the choice of those countries do not make a good investment decision. I do not know how the Nigerian bank brands want to take on the indigenous financial institutions in those countries with their solitary single branch. This is beside the regulatory hurdles and fees they have to pay to get the branches established.

“Now, if the argument is to serve the needs of Nigerians resident in those countries, we would need to know the population of Nigerians in the countries, and I can tell you that with the exception of neighbouring Benin Republic and to a little extent, Ghana, the population of Nigerian residents in these countries does not provide for a flourishing bank branch.

“If a Nigerian bank opens a branch in London, South Africa or in the United States of America I think that would be understandable because of the obvious dynamics available in these countries. The population of resident Nigerians are not only appreciable but given the natural inclination for Nigerians to identify with their home brands when they are in the diaspora one can easily conclude that such branches in these countries would be beneficial to shareholders of the banks and Nigerians in those countries.” Ogunleye argued.

FINANCIALBRIDGE: HOW TO DO BUSINESS WITH THE AMERICAN INVESTMENT COMPANY THAT FACILITATES OFFSHORE FUNDING FOR NIGERIAN BUSINESSES

When Patrick Fournie, Senior Advisor with FinancialBridge, Inc. made his presentation on the “Private Ownership of Modular Refineries in Nigeria: The New Trend in Building Petroleum Refining Capacity: The Financialbridge Experience” at a seminar organized by the Energy Industry Development Initiative at the Federal Palace Hotel, Victoria Island, Lagos State, this past Tuesday, 11 November, 2008, seminar participants listened with rapt attention.

Fournie presentation, was for the Nigerian and other foreign participants at the seminar, a revelation of a new vista in financing strategies on the pivot of offshore financing, he informed the seminar of how FinancialBridge is facilitating funding for a Pharmaceutical Project in Abuja, at a cost of $12.2 million and an aluminum roofing sheet & allied project at Onna in Akwa Ibom State at a cost of $6.6million. FinancialBridge, he said, is also involved in funding for an amusement park project at Isheri, Ogun State, at a projected cost of $22.3 Million, a pit quarry mining project at Oyebiyi, Oyo State at a projected cost of $7.5 million and a 5-Star luxury hotel in Abuja at a projected cost of $55.8 million.

Other projects FinancialBridge had been engaged to facilitate funding for by Nigerian entrepreneurs are the phase one of the 12,000Barrels per day modular refinery project at Eket in Akwa Ibom State at a cost of $43.7 million and the 12,000Barrels Per Day modular refinery project at Kolo Creek in Yenagoa, Bayelsa State at a projected cost of $121.3 million. A $197.5 million 18,000Barrels Per Day modular refinery project in Edo State is also one of the projects FinancialBridge is facilitating offshore funding for.

Fournie who flew into Nigeria to make further revealed how his company had structured funding and project implementation procedures for the soon to be streamed 12,000 Barrels Per Day Amakpe Refinery Project at Ikot Usekong – Eket in Akwa Ibom State and the Rehoboth Refinery, also a 12,000 Barrels Per Day Refinery Project in Yenagoa, Bayelsa State.

Fournie, who, on behalf of Financialbridge, signed a Memorandum of Understanding (MoU) appointing Energy Industry Development Initiative as its representative in Nigeria, explained that FinancialBridge is an export finance and business credit consulting firm:

“We work with U.S. and international financial institutions to provide innovative funding solutions to private companies and government agencies, including: export trade finance, project finance, public sector financing and export working capital. We are also involved in equity financing and facilitation of bridging loans” Fournie said.

“We cooperate with Project Implementation and Management Companies in ensuring effective utilization of procured funds for successful planning and execution of related projects and trade transactions.”

Highlighting its primary sources of export funding in the United States financial market, Fournie said his company’s sources include: Export-Import Bank of the United States (U.S. Ex-Im), Overseas Private Investment Corporation (OPIC) and the Export Finance Banks and Credit Insurance Companies, among others:

“Ex-Im Bank is the official Export-Credit Agency of the United States that helps create and maintain U.S. jobs by financing the sale of U.S. Exports, primarily to emerging markets throughout the world. Ex-Im Bank provides Loan Guarantees, Export-Credit Insurance and Direct Loans, in fiscal year 2007, Ex-Im Bank authorized $12.6 billion in financing to support an estimated $16 billion of U.S. exports worldwide.” Fournie said.

Perhaps, of importance to Nigerian entrepreneurs, is the revelation by Fournie that the Ex- Im Bank has approved a $1.0 billion facility to guarantee Nigerian Projects (of which $800 million is still available) despite the global financial melt down.

Explaining the process for securing offshore funding for projects in Nigeria, Fournie said:

“Under the Ex-Im Bank Guarantee Program, the Promoter is required to provide Statutory Equity Contribution of 15% of U.S. Cost Content, while the U.S. Lender funds 85% of the U.S. Cost Content utilizing the Comprehensive Credit Guarantee of Ex-Im Bank. The Project Promoter is further required to provide Local Bank Guarantee to support the 85% portion of the U.S. Loan as well as finance local In-Country Costs requirements within the overall Project Cost.The U.S. Ex-Im Guaranteed Loans have Medium Term Tenure of 5 to 7 years at Interest Rates of +/- 2% above Six Months Floating LIBOR (London Interbank Offered Rate).

Some of the projects funding prospects of FinancialBridge include Oil and Gas (Modular Oil Refineries, Gas Gathering & Processing Plants, Downstream Petrochemical Projects, Pipelines, etc.), Energy (Gas Turbines and Diesel Powered Plants), Communications (Wireless VSAT Network VoIP Telephone, Fax, High Speed Broadband Internet Systems, Cable TV, etc.) and Solid Mineral (Quarrying & Processing).

Other funding prospects are: Manufacturing and Assembly (Small and Medium Scale Plants), Construction (Pre-engineered Buildings & Facilities, Stadiums & Arenas, Industrial Parks, etc.) Agro-Business (Farming & Food Processing), Medical (Pharmaceutical Projects, Supplies & Clinics), Tourism (Amusement Parks, Hotels/Resorts, etc) and Aviation (Used & New Passenger & Cargo Aircrafts, Helicopters, Airport Development & Expansion, Avionics & Spare Parts, etc.)

Highlighting the milestones already attained with the 12,000 Barrels Per Day (BPD) Amakpe Refinery as a case study, Fournie said:

“The Amakpe Refinery is being implemented in two phases, with Phase 1 – 6000BPD Refinery Plant originally estimated to cost about $36.5 million and now revised to cost $43.7 million, including Escalation, and revised Field Erection Costs. Construction of 12KM Dual Steel Pipeline connecting Exxon/Mobile QIT and Amakpe Tank Farm is estimated at $10 million of Additional Cost. The Project is expected to start production by October 2009. Out of the current revised Project cost of $43.7 million, $26.2 million has been expended while $17.5 million is outstanding to complete full funding of the Project.

“UPS Capital/Ex-Im Bank Loan of $10.3 milion is being disbursed to Ventech, based on P&M Construction Progress Payment while Amakpe Refinery has fully paid required statutory Equity Contribution and continues to pay the Counterpart Funds. Akwa Ibom State Government Investment of $8.5 million has also been applied to the Project

“As at June 27, 2008, Ventech achieved 50% Mechanical Completion of the Refinery Plants and Machinery Fabrication, which was certified by visiting representatives of the Department of Petroleum Resources, including Mr. M.D.B. Ladan-Head Downstream, Mr. O.A. Adeleke- Assistant Director, Dr. D.M.E. Eradiri- Chief Environmental Officer, Mr. Oyedele Sangobowale and Mr. Hussaini Basaka-Site Representatives. Based on this development, Amakpe Refinery has qualified to receive $1.2million Security Deposit earlier paid to DPR as a requirement for revalidation of related Refinery Construction License.

“Sterling Bank has approved additional $9.3 million Loan Facility for the Project. Amakpe Refinery is planning to issue 15,000,000 Shares of Common Stock of the Company for sale to Private Investors. The Private Placement is being packaged by Financialbridge and Sterling Bank for issuance by Sterling Capital Markets (Issuing House).

To start -up the process of obtaining required funding, a Company is required to retain the services of Financialbridge which will develop a Bankable Business Plan that will satisfy U.S. Export Financial Market requirements and procure the Project Loan.

The retainership will further cover service coordination of Project Loan Packaging and Procurement that will involve the Borrower and the U.S. Lender. The U.S. Lender will underwrite the submitted statutory documentation leading to Loan approval, following which the Lender will request the U.S. Ex-Im Bank for issuance of Political Risk and Medium-Term Insurance/ Comprehensive Credit Guarantee before disbursement of related Loan. The process of underwriting the Loan through approval and disbursement could be concluded within 45-90 days after the U.S. Lender receives the complete statutory documentation as outlined.

Financialbridge be responsible in carrying out tasks that will result in the successful procurement of U.S. Loan for the implementation of the project which include: Conduct of Feasibility Study and preparation of Bankable Business Plan that will satisfy U.S. Export Financial Market requirements. The Business Plan will be concluded within 30-45 days from receipt of Engagement Fee, Data from Market Research as well as Borrowers information. The draft of the Business Plan will be forwarded to the Company for approval and possible input before production of final Document.

FinancialBridge also processes Due Diligence, Approval and Disbursement of Project Loan within 45-90 days of the U.S. Financial Institutions receiving and underwriting complete statutory documentation from the Nigerian company.

If required, Financialbridge can also be engaged to Package and Instrument Private Placement of Shares of Common Stock of the company to raise additional funds through Private Equity Investment, utilizing a local Nigerian Bank as Issuing House.

The Funds raised through the Private Placement could be applied to fund Local Project Site Development and In-Country Costs as well as required Equity Contribution, etc.

The Nigerian company shall be responsible for the following within the requirements for successful Loan Procurement, including: Obtaining Nigerian Bank Guarantee for 85% or 75% of the total U.S. Loan amount to fund the Project, depending on the Ex-Im Bank or OPIC requirement.

Securing all required Permits and Licenses from Nigerian Regulatory Authorities, submission of three years audited financial statements of the Nigerian bank as certified by a renowned accounting firm. Provision of Equity Contribution of 15% of total U.S. costs content within the overall Project cost for U.S. Ex-Im Bank Guaranteed Loan to be added to 85% of total U.S. cost content as Loan, or 25% as statutory Equity contribution of total Project

Confirming Energy Industry Development Initiative’s (EIDI) relationship with FinancialBridge, the organisation’s Chief Executive Officer, Mr. Tom Obaseki said FinancialBridge has already shown interest in facilitating funding for some project ideas it had forwarded to FinancialBridge.

“As we speak, we have forwarded project proposals for the establishment of 5-7 MMSCFD Modular Gas Gathering, LPG and Lean Gas Production Plant in Nigeria, the establishment of Integrated 55MW Power Plant, Natural Gas Gathering and LPG Processing Project in Nigeria and for Development of Pre-engineered Medical Clinic & Diagnostic Centers, Pharmaceutical Project and Customized Medical Trailers & Boat Clinics, complete with Outreach Medical Technicians Training Support.” Obaseki explained.

NIGERIAN FOREIGN BASED PROFESSIONALS RUSH BACK HOME FOR JOBS

At about this time last year, the average American based Nigerian professional would not give much thought to a proposition for him to come back to Nigeria and pick up a job. The scenario has, however, changed over the last six months. With massive jobs losses arising from an inclement economic storm that suddenly came upon countries in the highest hierarchy of development, foreign based Nigerian professionals are now becoming more receptive to overtures made to them by Nigerian companies to come back home to work.

The option to come back home has actually been embraced by these foreign based Nigerian that have become victims of massive layoffs in the United States of America especially or are being threatened to be laid off.

The job loss statistics don’t seem to favour Nigerians, the Labour Department had announced that this past October was the tenth straight month of job losses with another 240,000 lost in the preceding month.

Companies that once were the stars of the business firmament were losing their shines and declaring losses. Citigroup announced last month it cut 11,000 jobs in the third quarter, bringing the total number of job cuts in 2008 to 23,000. According to Bloomberg, Citigroup aims to shrink its workforce to about 290,000 employees by next year from 352,000 as of Sept. 30.

Fidelity and Mattel have also announced 1,300 and 1,000 job cuts, respectively just as Ford had said it would cut its North American salaried workforce by an additional 10 percent. General Motors Corp., has also reported big losses and figured to be announcing even more job cuts before long.

Regulators, meanwhile, shut down Houston-based Franklin Bank and Security Pacific Bank in Los Angeles, bringing the number of failures of federally insured banks this year to 19. DHL has also said it would significantly reduce its air and ground operations in the United States and cut 9,500 jobs within the country

Still, the Labor Department’s unemployment report provided stark evidence that the economy’s health was deteriorating at an alarmingly rapid pace. The jobless rate was 4.8 percent just one year ago.

About 10.1 million people were unemployed in October, the most since the fall of 1983. With employers slashing jobs every month so far this year, some 1.2 million positions have disappeared, over half in the past three months alone. Factories, including auto makers, construction companies, especially home builders, retailers, mortgage bankers, securities firms, hotels and motels and educational services, all cut jobs. Private companies cut 263,000 jobs, the most since the country was beginning to emerge from the 2001 recession. It marked the 11th straight month of such reductions.

All the economy’s woes — a housing collapse, mounting foreclosures, hard-to-get credit and financial market may have set a new tone for Nigeria’s gain as some banks and other corporate organizations feverishly woo the foreign based Nigerian professionals.

Just last week, one of the many foreign based that are taking positions in Nigerian banks and other companies resumed at a new generation bank head office in Lagos. He had opted out of Arthur Anderson’s Illinois office for the new job in Nigeria. His reasoning is that business was shrinking for the audit practice of the company because most of the companies on the audit list of Arthur Anderson were more or less folding up.

Another returnee told FORTUNE&CLASS that there is a resurgence of hope in the economic development of Nigeria in the rank and file of Nigerian communities abroad. For this returnee, like another one that spoke with FORTUNE&CLASS the remuneration offered foreign based Nigerian professional to move back to the country are quite better than what their total package in the USA for instance.

Another attraction for Nigerian based foreign professional to start heading back home is the contemplation of his freedom to interact with his or her kith and kinsmen back home in Nigeria.