Tuesday, February 24, 2015
Matured Finishing! Jimi Agbaje Comes For Governor Fashola
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Following the face-off between incumbent Governor of Lagos State, Babatunde Fashola and top contender, Jimi Agbaje, the latter has responded to the outburst of the Senior Advocate in a rather tactical but matured manner...
The Honourable Governor B.R. Fashola (SAN) has lied again and I think it's time to address his repeated blunder.
With regards to my taxes, there is no truth in this latest piece of misinformation that the Honourable Governor has been peddling. Following the repudiation of his initial allegations about JAYKAY PHARMACEUTICALS unpaid taxes, he has lied again, giving the impression that my company has gone to pay money supposedly owed to the government.
JAYKAY PHARMACEUTICALS has not paid a kobo since the day the Honourable Governor launched his initial attack. We stick to the facts contained in our initial publication, which encapsulated the company's reaction to the Governor's initial falsehood. To now insinuate that I have gone behind the curtains to pay N500,000 is clearly political silly season - for lack of a better phrase - and quite frankly, beneath your person.
It's understandable that we've both had our differences in course of this election season, but when the Honorable Governor goes about launching unbridled, flat-out-false attacks at me about something as important as taxes, you leave me no choice but to call you out, Sir.
When I got into this race, I decided to make it about the issues. My opponents? Not so much. They talked about me being inexperienced and at some point they said I was "too old to govern" and we responded with BOLD IDEAS intended to put Lagos on a new trajectory - one that is NOT based on Jagaban's tax-and-spend economics but on a framework that would radically push us to new economic frontiers for some of the most under-developed regions in the state like Epe and Ikorodu. They ridiculed our ideas around government-enabled free wifi hotspots across the city - an idea targeted at widening the reach of a world of knowledge that the Internet offers to our young and aspiring populace - especially in areas of low penetration. They called it bold ignorance and out of touch with reality yet they went on to implement wifi Internet-enabled buses a couple of weeks afterwards. As much as we're glad that our BOLD IDEAS inspire you as much as they do us, one must begin to question the seriousness of the opposition in Lagos to make this election about the issues.
How ever you cut or dissect our success as a state over the last 16-years, the fact is that Lagos in the Economic intelligence Unit (EIU) is still ranked 137th out of 140 cities listed in the liveability index. This means that if you take 140 cities worldwide where people consider good to live in, Lagos is the fourth worst place to live in. Apart from this, a World Bank survey shows that of the 36 states in Nigeria, Lagos is still the worst state in terms of the ease of securing Building Permits. It is still on record too that the party the Honourable Governor represents has delivered less than 5,000 housing units till date. It is still on record that more students in Lagos fail WAEC than those who pass. Even when we consider corruption, we are aware that Honourable Governor Fashola is yet to challenge anyone for corruption at the state level. Or is he saying Lagos is 100 percent corruption-free? Yet he goes about castigating the Federal Government. He should walk his talk and lead by example – expose and prosecute high-ranking corrupt officials in his government and the state civil service. The corruption in the Lekki Toll Plaza will be made public in due cause.
Clearly, we still have a lot of work to do as a state but the Honourable Governor Babatunde Fashola has set out to exploit the commanding heights he occupies in the seat of government to bully us. And quite frankly, we shall stand up to bullies.
I think what Lagosians should begin to ask is what is driving the Honourable Governor Fashola's violent outbursts? What has he got to hide? Other than lay the facts bare to enable the public form an informed opinion.
I refuse to be baited into his self-declared verbal warfare. My politics and campaign will be issues-based and no roforofo badmouthing from anyone, no matter how highly placed, will steer me away from development-based politicking.
There are more pressing issues, more important conversations to have and more problems to solve and the people of Lagos are wondering if their leaders get it. The teachers, the students, the blacksmiths, the bankers, the taxi-man, the small-business owners, they all hope that their leaders understand that the outcome of this election and the future of this state is bigger than any one personality or party. Whatever we do or commit to doing determines whether they have food to put on their tables; whether they can own homes, pay salaries or that their children get to attend schools of their choice. They deserve better.
The people definitely deserve better.
With regards to my taxes, there is no truth in this latest piece of misinformation that the Honourable Governor has been peddling. Following the repudiation of his initial allegations about JAYKAY PHARMACEUTICALS unpaid taxes, he has lied again, giving the impression that my company has gone to pay money supposedly owed to the government.
JAYKAY PHARMACEUTICALS has not paid a kobo since the day the Honourable Governor launched his initial attack. We stick to the facts contained in our initial publication, which encapsulated the company's reaction to the Governor's initial falsehood. To now insinuate that I have gone behind the curtains to pay N500,000 is clearly political silly season - for lack of a better phrase - and quite frankly, beneath your person.
It's understandable that we've both had our differences in course of this election season, but when the Honorable Governor goes about launching unbridled, flat-out-false attacks at me about something as important as taxes, you leave me no choice but to call you out, Sir.
When I got into this race, I decided to make it about the issues. My opponents? Not so much. They talked about me being inexperienced and at some point they said I was "too old to govern" and we responded with BOLD IDEAS intended to put Lagos on a new trajectory - one that is NOT based on Jagaban's tax-and-spend economics but on a framework that would radically push us to new economic frontiers for some of the most under-developed regions in the state like Epe and Ikorodu. They ridiculed our ideas around government-enabled free wifi hotspots across the city - an idea targeted at widening the reach of a world of knowledge that the Internet offers to our young and aspiring populace - especially in areas of low penetration. They called it bold ignorance and out of touch with reality yet they went on to implement wifi Internet-enabled buses a couple of weeks afterwards. As much as we're glad that our BOLD IDEAS inspire you as much as they do us, one must begin to question the seriousness of the opposition in Lagos to make this election about the issues.
How ever you cut or dissect our success as a state over the last 16-years, the fact is that Lagos in the Economic intelligence Unit (EIU) is still ranked 137th out of 140 cities listed in the liveability index. This means that if you take 140 cities worldwide where people consider good to live in, Lagos is the fourth worst place to live in. Apart from this, a World Bank survey shows that of the 36 states in Nigeria, Lagos is still the worst state in terms of the ease of securing Building Permits. It is still on record too that the party the Honourable Governor represents has delivered less than 5,000 housing units till date. It is still on record that more students in Lagos fail WAEC than those who pass. Even when we consider corruption, we are aware that Honourable Governor Fashola is yet to challenge anyone for corruption at the state level. Or is he saying Lagos is 100 percent corruption-free? Yet he goes about castigating the Federal Government. He should walk his talk and lead by example – expose and prosecute high-ranking corrupt officials in his government and the state civil service. The corruption in the Lekki Toll Plaza will be made public in due cause.
Clearly, we still have a lot of work to do as a state but the Honourable Governor Babatunde Fashola has set out to exploit the commanding heights he occupies in the seat of government to bully us. And quite frankly, we shall stand up to bullies.
I think what Lagosians should begin to ask is what is driving the Honourable Governor Fashola's violent outbursts? What has he got to hide? Other than lay the facts bare to enable the public form an informed opinion.
I refuse to be baited into his self-declared verbal warfare. My politics and campaign will be issues-based and no roforofo badmouthing from anyone, no matter how highly placed, will steer me away from development-based politicking.
There are more pressing issues, more important conversations to have and more problems to solve and the people of Lagos are wondering if their leaders get it. The teachers, the students, the blacksmiths, the bankers, the taxi-man, the small-business owners, they all hope that their leaders understand that the outcome of this election and the future of this state is bigger than any one personality or party. Whatever we do or commit to doing determines whether they have food to put on their tables; whether they can own homes, pay salaries or that their children get to attend schools of their choice. They deserve better.
The people definitely deserve better.
@blackboxupdate
Breaking! Dozens Reported Dead In Kano, Yobe Bomb Attacks
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At least 12 people are feared dead as an explosion went off at one of the busiest motor parks in Kano, police said.
The Kano state Commissioner of Police, Ibrahim Idris, confirmed the death of 12 persons, including two suicide bombers, in the bomb attack.
He did not say how many people were injured.
The blast occurred at Kano Line, located at Naibawa Area, along Zaria Road.
Eye witnesses say the explosion happened around 3:15 PM today(Tuesday 24th of February).
The vicinity of the scene of the incident is now deserted as security agencies and aid workers try to evacuate injured people to hospital
The Kano incident happened hours after a suicide bomber killed over 20 people at a motor park in Potiskum, Yobe State.
An official involved in rescue activities at the scene of the blast also said over 30 others were injured and were being taken to the hospital.
"The bomber disguised as a traveller going to Kano. He even took his seat inside the car before detonating his explosive-laden vest," the aid worker said, preferring anonymity because he is not permitted to talk on the matter.
A female suicide bomber had struck Monday at the GSM market in the town, killing five person and injuring several others.
The Kano state Commissioner of Police, Ibrahim Idris, confirmed the death of 12 persons, including two suicide bombers, in the bomb attack.
He did not say how many people were injured.
The blast occurred at Kano Line, located at Naibawa Area, along Zaria Road.
Eye witnesses say the explosion happened around 3:15 PM today(Tuesday 24th of February).
The vicinity of the scene of the incident is now deserted as security agencies and aid workers try to evacuate injured people to hospital
The Kano incident happened hours after a suicide bomber killed over 20 people at a motor park in Potiskum, Yobe State.
An official involved in rescue activities at the scene of the blast also said over 30 others were injured and were being taken to the hospital.
"The bomber disguised as a traveller going to Kano. He even took his seat inside the car before detonating his explosive-laden vest," the aid worker said, preferring anonymity because he is not permitted to talk on the matter.
A female suicide bomber had struck Monday at the GSM market in the town, killing five person and injuring several others.
@blackboxupdate
Chaiii! Nigerian Army Arrests Fleeing Boko Haram Terrorists Disguised As Women
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The Nigerian director of Defence Information, Chris Olukolade, yesterday stated that the military had arrested Boko Haram terrorists disguised as women in Baga, Borno State.
According to Olukolade, "The cordon and search in Baga has revealed some terrorists disguising as women. The searches are also yielding more discoveries of arms especially bombs hidden in various locations, especially Baga town."
Furthermore, those captured in the course of fighting, many terrorists hiding in the town are being arrested and troops are still busy interrogating the suspects.
In continuance of the mission to clear terrorists from all their enclaves by the military, the Nigerian Air Force has stepped up its air bombardments of identified targets in Gwoza, Bama and Sambisa forest, preparatory to other phases of the mission.
The air strikes have been highly successful as they achieved the aims, hitting vital targets with required precision. Terrorists are now in disarray as they scamper to escape from the impact of air bombardment of their locations in the forest."
According to Olukolade, "The cordon and search in Baga has revealed some terrorists disguising as women. The searches are also yielding more discoveries of arms especially bombs hidden in various locations, especially Baga town."
Furthermore, those captured in the course of fighting, many terrorists hiding in the town are being arrested and troops are still busy interrogating the suspects.
In continuance of the mission to clear terrorists from all their enclaves by the military, the Nigerian Air Force has stepped up its air bombardments of identified targets in Gwoza, Bama and Sambisa forest, preparatory to other phases of the mission.
The air strikes have been highly successful as they achieved the aims, hitting vital targets with required precision. Terrorists are now in disarray as they scamper to escape from the impact of air bombardment of their locations in the forest."
@blackboxupdate
I WILL NEVER CHANGE MY STYLE -Gareth Bale
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Real Madrid forward Gareth Bale has insisted he has not changed his playing style despite receiving criticism from some Madrid supporters after not passing to Cristiano Ronaldo in a Liga game last month.
The Welshman was jeered during the Santiago Bernabeu side's 3-0 win over Espanyol when he went for goal himself rather than pass to his Portuguese team-mate.
Having received backing from Ronaldo and head coach Carlo Ancelotti, Bale has made it clear he has not altered anything in the wake of his side's 2-0 Champions League win over Schalke at the Veltins Arena on Wednesday.
"I haven't really adapted my style of play," the former Tottenham star told Sky Sports . "In certain games, if a sight of goal has opened up I'll take it. But [against Schalke] I think my team-mates were in better positions and I tried to play the ball around."
Ronaldo was on target in Madrid's 2-0 win, with Marcelo adding the second to give the defending European champions a commanding
lead in the last-16 tie.
It forms part of a strong recovery following the club's 4-0 derby defeat to Atletico Madrid earlier this month and Bale was delighted with their response.
Yemme_blaq
Real Madrid forward Gareth Bale has insisted he has not changed his playing style despite receiving criticism from some Madrid supporters after not passing to Cristiano Ronaldo in a Liga game last month.
The Welshman was jeered during the Santiago Bernabeu side's 3-0 win over Espanyol when he went for goal himself rather than pass to his Portuguese team-mate.
Having received backing from Ronaldo and head coach Carlo Ancelotti, Bale has made it clear he has not altered anything in the wake of his side's 2-0 Champions League win over Schalke at the Veltins Arena on Wednesday.
"I haven't really adapted my style of play," the former Tottenham star told Sky Sports . "In certain games, if a sight of goal has opened up I'll take it. But [against Schalke] I think my team-mates were in better positions and I tried to play the ball around."
Ronaldo was on target in Madrid's 2-0 win, with Marcelo adding the second to give the defending European champions a commanding
lead in the last-16 tie.
It forms part of a strong recovery following the club's 4-0 derby defeat to Atletico Madrid earlier this month and Bale was delighted with their response.
Yemme_blaq
@blackboxupdate
UNITED MUST QUALIFY FOR CHAMPIONS LEAGUE...
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United mildfieder, Mata has insisted that it is "crucial" for Manchester United to secure a place in next season's Champions League.
The Red Devils currently occupy fourth spot in the Premier League but Tottenham, Liverpool and Southampton are all no more than three points behind Louis van Gaal's side.
There are still a lot of games to go. We are in a race to win the FA Cup so we will try to win it because it's been a long time since the club won it and it's something very important for us.
Obviously it's crucial for us to get into the top four at the end of the Premier League season," Mata told SkySportsNews .
Right now, we are facing a crucial moment in the Premier League. Obviously the last 10 games are very important and we also have the
FA Cup tie against Arsenal.
It will be difficult but I think we have to do it because it is an important moment and we have to perform. United slipped to a 2-1 defeat away to Swansea City last Saturday but Van Gaal's men remain just a point behind Arsenal, who they meet in the FA Cup sixth round on March 9.
"It's true that it wasn't a good game for us, although I think we played in their half and in the second period we were close to scoring the second goal," said the midfielder.
Yemme_blaq
United mildfieder, Mata has insisted that it is "crucial" for Manchester United to secure a place in next season's Champions League.
The Red Devils currently occupy fourth spot in the Premier League but Tottenham, Liverpool and Southampton are all no more than three points behind Louis van Gaal's side.
There are still a lot of games to go. We are in a race to win the FA Cup so we will try to win it because it's been a long time since the club won it and it's something very important for us.
Obviously it's crucial for us to get into the top four at the end of the Premier League season," Mata told SkySportsNews .
Right now, we are facing a crucial moment in the Premier League. Obviously the last 10 games are very important and we also have the
FA Cup tie against Arsenal.
It will be difficult but I think we have to do it because it is an important moment and we have to perform. United slipped to a 2-1 defeat away to Swansea City last Saturday but Van Gaal's men remain just a point behind Arsenal, who they meet in the FA Cup sixth round on March 9.
"It's true that it wasn't a good game for us, although I think we played in their half and in the second period we were close to scoring the second goal," said the midfielder.
Yemme_blaq
@blackboxupdate
HAZARD MOVES TO BORUSSIA MONCHENGLADBACH
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Borussia Monchengladbach have confirmed they have completed a deal to sign Thorgan Hazard from Chelsea.
The 21-year-old joined the club on a season-long loan deal in August and has impressed, prompting the Bundesliga side to thrash out a
permanent deal with the Blues.
Hazard has signed a five-year contract at Borussia-Park, tying him down until 2020, and will play a big role as Gladbach bid to qualify for the Champions League this season.
The attacking midfielder has made 25 appearances in the Bundesliga and Europa League this term, scoring one goal.
Sporting director Max Eberl said: "Thorgan has already shown that he is a huge talent. We're happy we have managed to sign him on a
permanent basis and that he has decided to play for Borussia in the coming years."
Hazard added: "I signed here for four years plus one year optional, because I think Borussia is the right club for me to keep growing. It is too soon for me to play for Chelsea. Borussia is a club that suits me perfectly. Monchengladbach is not far from Belgium and the club has great fans that always support us. They are a good team, have a good coach and it is a good place for me to develop."
He began his career with Lens before joining Chelsea in 2012, but has spent the last two seasons on loan at Belgian club Zulte Waregem, before moving to Germany on loan in August.
Borussia Monchengladbach have confirmed they have completed a deal to sign Thorgan Hazard from Chelsea.
The 21-year-old joined the club on a season-long loan deal in August and has impressed, prompting the Bundesliga side to thrash out a
permanent deal with the Blues.
Hazard has signed a five-year contract at Borussia-Park, tying him down until 2020, and will play a big role as Gladbach bid to qualify for the Champions League this season.
The attacking midfielder has made 25 appearances in the Bundesliga and Europa League this term, scoring one goal.
Sporting director Max Eberl said: "Thorgan has already shown that he is a huge talent. We're happy we have managed to sign him on a
permanent basis and that he has decided to play for Borussia in the coming years."
Hazard added: "I signed here for four years plus one year optional, because I think Borussia is the right club for me to keep growing. It is too soon for me to play for Chelsea. Borussia is a club that suits me perfectly. Monchengladbach is not far from Belgium and the club has great fans that always support us. They are a good team, have a good coach and it is a good place for me to develop."
He began his career with Lens before joining Chelsea in 2012, but has spent the last two seasons on loan at Belgian club Zulte Waregem, before moving to Germany on loan in August.
Source: Goal.com
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Breaking! Lasu Pays Excess School Fees
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Reports reaching BlackBox Nigeria has it that management of the Lagos State University this morning began the disbursement of excess fees to students as instructed by the state government.
This is following the payment of two hundred and nine million naira (209M) by the government into the coffers of the school.
BBN was notified by some excited students who acknowledged receipt of the refund saying they just got indications via bank alerts.
The President of the Lagos State University Student Union, Com. Nurudeen Yusuf who was unavailable as at the time of publishing this update had last week commended the state Governor, Barr Babatunde Fashola for keeping to his promise.
The school management in a Special Bulletine had also thanked the LASG while also appreciating the students, parents and guidance for their support.
Reports reaching BlackBox Nigeria has it that management of the Lagos State University this morning began the disbursement of excess fees to students as instructed by the state government.
This is following the payment of two hundred and nine million naira (209M) by the government into the coffers of the school.
BBN was notified by some excited students who acknowledged receipt of the refund saying they just got indications via bank alerts.
The President of the Lagos State University Student Union, Com. Nurudeen Yusuf who was unavailable as at the time of publishing this update had last week commended the state Governor, Barr Babatunde Fashola for keeping to his promise.
The school management in a Special Bulletine had also thanked the LASG while also appreciating the students, parents and guidance for their support.
@blackboxupdate
Politicians Now Forcing People To Swear In Coffins -Governor Amosu Alleges
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The Ogun State Governor, Ibikunle Amosun, on Monday alleged the influx of ritualists in the state politics with the elections fast approaching.
He stated this during his meeting with various associations and professional bodies in the state, which took place at the June 12 Cultural Centre, Abeokuta.
The governor accused one of the opposition parties, which he did not mention, as responsible for the acts.
He said one of the stock in trade was forcing electorates and party members to take oaths inside a coffin.
Mr. Amosun, who just returned from London, having accompanied the Presidential Candidate of All Progressives Congress, Muhammed Buhari, there, drove straight from the airport to the venue of the meeting.
He cautioned residents and electorates to be wary of the ritualists. He said he was baffled that some politicians could descend so low to engage in rituals in the name of power seeking
"I can tell you that the era of rituals is back in our state. Ritualists have started again, all in the name of election. They take oath inside the coffin. For those who engaged in such in the last administration, where are they today," Mr. Amosun said.
The governor encouraged his supporters to rely on God, and shun any attempt to be deceived into rituals.
"For me, I will continue to approach God for my needs," he said.
The governor cursed those behind the rituals, calling on God to dismantle their evil plans, which he pointed out, are meant to draw back the state from development.
The Ogun State Governor, Ibikunle Amosun, on Monday alleged the influx of ritualists in the state politics with the elections fast approaching.
He stated this during his meeting with various associations and professional bodies in the state, which took place at the June 12 Cultural Centre, Abeokuta.
The governor accused one of the opposition parties, which he did not mention, as responsible for the acts.
He said one of the stock in trade was forcing electorates and party members to take oaths inside a coffin.
Mr. Amosun, who just returned from London, having accompanied the Presidential Candidate of All Progressives Congress, Muhammed Buhari, there, drove straight from the airport to the venue of the meeting.
He cautioned residents and electorates to be wary of the ritualists. He said he was baffled that some politicians could descend so low to engage in rituals in the name of power seeking
"I can tell you that the era of rituals is back in our state. Ritualists have started again, all in the name of election. They take oath inside the coffin. For those who engaged in such in the last administration, where are they today," Mr. Amosun said.
The governor encouraged his supporters to rely on God, and shun any attempt to be deceived into rituals.
"For me, I will continue to approach God for my needs," he said.
The governor cursed those behind the rituals, calling on God to dismantle their evil plans, which he pointed out, are meant to draw back the state from development.
@blackboxupdate
Africa's Richest Man, Dangote Is Bigggest Loser As Naira Plunges...loses $7.8billion
A few weeks ago, Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, announced a nearly 10 per cent devaluation of the naira, Nigeria's currency, after admitting that a plunge in world oil prices and dwindling dollar reserves were making it difficult to defend the value of the currency. The naira is now trading at N187 to $1 officially, compared to N165 in November. In the parallel market, the naira traded at N218 for a dollar Monday. In dollar terms, the devaluation has knocked more than $40 billion off the value of Nigeria's economy.
Aliko Dangote, Africa's richest man, is the biggest loser among Nigeria's richest people as the Naira's slump, coupled with falling stock prices, have erased more than $7.8 billion of his fortune since February, when FORBES locked in the values for its annual ranking of the world's billionaires. Dangote was worth $25 billion at the time; but at the close of market last Tuesday, his networth had dropped to $17.2 billion. More than half of the drop in his fortune has happened since early November. As of November 7, Dangote was worth $21.6 billion, $4.4 billion more than now.
This is because the last few weeks have been a bit of a disaster for many companies listed on the Nigerian Stock Exchange (NSE). Several blue-chip stocks such as Dangote Cement, Zenith Bank, Transcorp and United Bank for Africa among several others have hit one-year-lows as a result of the fall in oil prices, a general uncertainty regarding the 2015 general election, Central Bank regulatory headwinds, and weak earnings from large cap companies. These have all contributed towards putting naira-denominated assets including equities at risk.
Speaking on the fall in the networth of stocks, a financial analyst, Ugodre Obi-Chukwu, noted that, "This is whipping up negative market sentiments as foreign and institutional investors such as pension funds who hold equity stakes in companies (due to their large cap and liquidity status) have mostly fled their positions". Obi-Chukwu is also the publisher of Nairametrics <http://nairametrics.com/>, a website that provides analysis and opinion about Nigerian stocks, investing, personal finance and the economy.
Dangote Cement, Africa's largest manufacturer of cement, has shed close to 40 per cent of its market value between the beginning of November and now. The company's stock, which was trading at N215 ($1.15) at the beginning of November, is now valued at N165 (88 cents) as at yesterday. At the beginning of November, Dangote's stake in the cement manufacturer was valued at more than $18 billion. It is now valued at $13.2 billion.
Dangote has also lost more than $230 million in paper value within the same period on his stakes in publicly-traded Dangote Sugar, Dangote Flour, and National Salt Company of Nigeria.
Between November (when FORBES published the list of Africa's 50 richest people and today) Dangote has lost more than $4 billion in his net worth.
After Dangote, the second biggest loser among Nigeria's ultra-rich is Tony Elumelu, the Chairman of Heirs Holdings, an investment company. Heirs Holdings, which is wholly-owned by Elumelu, is the controlling shareholder in Transcorp, a publicly-listed conglomerate with interests in power production, hotels and agriculture. Transcorp's current market capitalisation is now $700 million, down from $1.4 billion at the beginning of November. Heirs Holdings has lost an estimated $345 million in paper value on Transcorp, and its stake in the company as at yesterday is now worth roughly $400 million, down from $700 million.
Elumelu's investments in other listed companies like UBA, Africa Prudential PLC and UBA Capital have shed a little over $27 million in value.
Other big losers include Nigerian multi-millionaire banker Jim Ovia, a co-founder of Zenith Bank. The value of his stake in the financial services provider is $240 million as of late yesterday, down from more than $350 million last month. He owns a 9 per cent stake in the bank.
Aliko Dangote, Africa's richest man, is the biggest loser among Nigeria's richest people as the Naira's slump, coupled with falling stock prices, have erased more than $7.8 billion of his fortune since February, when FORBES locked in the values for its annual ranking of the world's billionaires. Dangote was worth $25 billion at the time; but at the close of market last Tuesday, his networth had dropped to $17.2 billion. More than half of the drop in his fortune has happened since early November. As of November 7, Dangote was worth $21.6 billion, $4.4 billion more than now.
This is because the last few weeks have been a bit of a disaster for many companies listed on the Nigerian Stock Exchange (NSE). Several blue-chip stocks such as Dangote Cement, Zenith Bank, Transcorp and United Bank for Africa among several others have hit one-year-lows as a result of the fall in oil prices, a general uncertainty regarding the 2015 general election, Central Bank regulatory headwinds, and weak earnings from large cap companies. These have all contributed towards putting naira-denominated assets including equities at risk.
Speaking on the fall in the networth of stocks, a financial analyst, Ugodre Obi-Chukwu, noted that, "This is whipping up negative market sentiments as foreign and institutional investors such as pension funds who hold equity stakes in companies (due to their large cap and liquidity status) have mostly fled their positions". Obi-Chukwu is also the publisher of Nairametrics <http://nairametrics.com/>, a website that provides analysis and opinion about Nigerian stocks, investing, personal finance and the economy.
Dangote Cement, Africa's largest manufacturer of cement, has shed close to 40 per cent of its market value between the beginning of November and now. The company's stock, which was trading at N215 ($1.15) at the beginning of November, is now valued at N165 (88 cents) as at yesterday. At the beginning of November, Dangote's stake in the cement manufacturer was valued at more than $18 billion. It is now valued at $13.2 billion.
Dangote has also lost more than $230 million in paper value within the same period on his stakes in publicly-traded Dangote Sugar, Dangote Flour, and National Salt Company of Nigeria.
Between November (when FORBES published the list of Africa's 50 richest people and today) Dangote has lost more than $4 billion in his net worth.
After Dangote, the second biggest loser among Nigeria's ultra-rich is Tony Elumelu, the Chairman of Heirs Holdings, an investment company. Heirs Holdings, which is wholly-owned by Elumelu, is the controlling shareholder in Transcorp, a publicly-listed conglomerate with interests in power production, hotels and agriculture. Transcorp's current market capitalisation is now $700 million, down from $1.4 billion at the beginning of November. Heirs Holdings has lost an estimated $345 million in paper value on Transcorp, and its stake in the company as at yesterday is now worth roughly $400 million, down from $700 million.
Elumelu's investments in other listed companies like UBA, Africa Prudential PLC and UBA Capital have shed a little over $27 million in value.
Other big losers include Nigerian multi-millionaire banker Jim Ovia, a co-founder of Zenith Bank. The value of his stake in the financial services provider is $240 million as of late yesterday, down from more than $350 million last month. He owns a 9 per cent stake in the bank.
@blackboxupdate
Jonathan Wants To Create A Fake Shekau -APC alleges
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The APC Presidential Campaign Organization, APCPCO, has alleged that the Presidency is planning to present before Nigerians a fake Boko Haram leader in its effort to show Nigerians they are winning the war against terrorism.
The party also alleged that credible sources have alerted APC that the fake Shekau might become a tool to blackmail members of the opposition by coaching the phantom terror Boko Haram leader to say he is working for General Muhammadu Buhari (rtd).
In a statement by the Director of Media and Publicity of APCPCO, Mallam Garba Shehu, he wondered where the 'new Shekau' will come from after government at several times in the past announced that they had killed the insurgents' leader.
Boko Haram leader Abubakar Shekau vowed in a new video released on January 9, 2015 that the group would defeat a regional force fighting the militants in Nigeria's far northeast, Niger and Cameroon."
The party also alleged that credible sources have alerted APC that the fake Shekau might become a tool to blackmail members of the opposition by coaching the phantom terror Boko Haram leader to say he is working for General Muhammadu Buhari (rtd).
In a statement by the Director of Media and Publicity of APCPCO, Mallam Garba Shehu, he wondered where the 'new Shekau' will come from after government at several times in the past announced that they had killed the insurgents' leader.
Boko Haram leader Abubakar Shekau vowed in a new video released on January 9, 2015 that the group would defeat a regional force fighting the militants in Nigeria's far northeast, Niger and Cameroon."
He said: "The charge to the military that they should catch Shekau alive by the President in the last 24 hours lends credence to the report that indeed a fake Shekau is about being created and we want to assert that the profile of the leader of the insurgents presupposes that the man is not likely to allow himself to be caught alive.
"APCPCO recalled that the attack on General Muhammadu Buhari in Kaduna was seen and believed by most Nigerians that it was perpetrated by the Boko Haram and the police that is constitutionally empowered to investigate such incidents has not contradicted the widespread belief that this was a Boko Haram attack.
"The view of APC is that it does not make sense for Buhari to be in league with or be associated in any way with people who have set out to kill him.
"Unfounded allegations linking the opposition to insurgency amounts to leaving the issues to pursue personal attacks as warned against barely 24 hours ago by leaders of the Catholic community in the country through Arch. Bishop John Onaiyekan."
Quoting President Jonathan's recent confession that he under-estimated Boko Haram, the APC presidential campaign said the admission was a direct evidence that President Jonathan had nothing to offer and must bow to the wind of change.
He said: "President Jonathan is out of touch with the realities of the lethal challenges posed by global terrorism including Boko Haram, which is affiliated to Al-Qaeda global terror network.
"For any President to under-estimate terrorism, it means that he does not take any national challenges seriously, including health, poverty, unemployment, power, education, infrastructure."
The APC presidential campaign organization said President Jonathan had passed a vote of no confidence on himself and his government.
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We would nab Shekau before elections -President Jonathan Insists
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President Goodluck Jonathan has said that he believes the leader of the insurgent group, Boko Haram, Abubakar Shekau, responsible for thousands of deaths, will be apprehended by government forces before Nigeria's elections starting March 28.
Mr. Jonathan disclosed this in an interview with Thisday newspaper on Friday.
"God willing we will catch Shekau before the elections," Mr. Jonathan said in response to a question on what his government is doing about Mr. Shekau's threat to disrupt the elections.
Mr. Shekau, whose group has killed over 15,000 Nigerians, has remained elusive since the sect launched its series of deadly attacks in 2009.
Mr. Jonathan disclosed this in an interview with Thisday newspaper on Friday.
"God willing we will catch Shekau before the elections," Mr. Jonathan said in response to a question on what his government is doing about Mr. Shekau's threat to disrupt the elections.
Mr. Shekau, whose group has killed over 15,000 Nigerians, has remained elusive since the sect launched its series of deadly attacks in 2009.
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Shocking Revelation..."my parents knew I was a robber"
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A suspected member of an armed robbery gang, Mutiu Rasheed, who was arrested by the Lagos State Police Command, has said his parents were aware that he was an armed robber.
It was learnt that Rasheed, along with two others ─ Ahmed Musiliu and Sodiq Dada ─ were nabbed by operatives of the Special Anti-Robbery Squad on February 5.
Our correspondent gathered that the three suspects were rounded up by the police in the Isheri Berger area ─ a boundary area between Lagos and Ogun states.
The police said the suspects, who had confessed to the crime, made use of four locally-made guns, two of which had reportedly been recovered.
Our correspondent learnt that Musiliu was first arrested by the police before he led detectives to apprehend the others.
The police added, however, that the gang had other members who were still at large.
During interrogation, the suspects were said to have confessed to have organised robberies during which many vehicles were stolen, including a Toyota Highlander, a Toyota Camry and a Toyota Sienna.
Speaking with this reporter, 22-year-old Rasheed said his parents, who knew about his robbery operations, had warned him to return the guns in his possession, but he refused.
He said, "I stayed in Ketu with my parents where I worked in an aluminium company before joining the gang.
"My mother first knew about this when other gang members came to our house to report to her that I had fled with their guns to Ijebu-Ode, Ogun State.
"She then called me on the phone to return the guns, but I did not listen. I was using the guns to go on operations in the Ijebu Ode area.
"When we went out as a gang, we snatched vehicles which were usually Toyota products.
"We sold them, but the gang did not give me my correct share. Since the police arrested me, my parents have not come to check on me because they are aware of all my activities."
Also, Musiliu, 23, who had served a one-year jail term at the Ikoyi Prison, said he had been going out with robbery gangs for over six years.
He said, "In 2008, I was arrested for armed robbery. We were five members in that gang. I was sent to the Ikoyi Prison where I served one-year jail term. We had robbed in the Ikorodu, Oshodi, Ketu and Ijebu Ode areas.
"When I came out of prison, I joined another gang. The gang leader provided the guns. I was part of the gang that robbed a Toyota Camry vehicle in Ikorodu area. We sold the vehicle at a giveaway price and I was given N100, 000."
Dada, the third suspect, said he was formerly working as a commercial bus driver before he was lured to join the gang.
He added that he had also gone on several operations.
The Police Public Relations Officer, DSP Kenneth Nwosu, confirmed the arrest.
He added that investigations were ongoing into the matter.
He said, "They have made useful statements and investigations into their activities are ongoing."
It was learnt that Rasheed, along with two others ─ Ahmed Musiliu and Sodiq Dada ─ were nabbed by operatives of the Special Anti-Robbery Squad on February 5.
Our correspondent gathered that the three suspects were rounded up by the police in the Isheri Berger area ─ a boundary area between Lagos and Ogun states.
The police said the suspects, who had confessed to the crime, made use of four locally-made guns, two of which had reportedly been recovered.
Our correspondent learnt that Musiliu was first arrested by the police before he led detectives to apprehend the others.
The police added, however, that the gang had other members who were still at large.
During interrogation, the suspects were said to have confessed to have organised robberies during which many vehicles were stolen, including a Toyota Highlander, a Toyota Camry and a Toyota Sienna.
Speaking with this reporter, 22-year-old Rasheed said his parents, who knew about his robbery operations, had warned him to return the guns in his possession, but he refused.
He said, "I stayed in Ketu with my parents where I worked in an aluminium company before joining the gang.
"My mother first knew about this when other gang members came to our house to report to her that I had fled with their guns to Ijebu-Ode, Ogun State.
"She then called me on the phone to return the guns, but I did not listen. I was using the guns to go on operations in the Ijebu Ode area.
"When we went out as a gang, we snatched vehicles which were usually Toyota products.
"We sold them, but the gang did not give me my correct share. Since the police arrested me, my parents have not come to check on me because they are aware of all my activities."
Also, Musiliu, 23, who had served a one-year jail term at the Ikoyi Prison, said he had been going out with robbery gangs for over six years.
He said, "In 2008, I was arrested for armed robbery. We were five members in that gang. I was sent to the Ikoyi Prison where I served one-year jail term. We had robbed in the Ikorodu, Oshodi, Ketu and Ijebu Ode areas.
"When I came out of prison, I joined another gang. The gang leader provided the guns. I was part of the gang that robbed a Toyota Camry vehicle in Ikorodu area. We sold the vehicle at a giveaway price and I was given N100, 000."
Dada, the third suspect, said he was formerly working as a commercial bus driver before he was lured to join the gang.
He added that he had also gone on several operations.
The Police Public Relations Officer, DSP Kenneth Nwosu, confirmed the arrest.
He added that investigations were ongoing into the matter.
He said, "They have made useful statements and investigations into their activities are ongoing."
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Fashola Accuses President Jonathan Of Using Dollars To Cajole People In Lagos
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Lagos State Governor, Mr. Babatunde Fashola, on Sunday alleged that President Goodluck Jonathan had spent five days in the state, holding meetings with different people and doling out monies in hard currencies them.
Consequently, the governor described the president's alleged outreach to different groups including traditional rulers, cooperative societies and market women among others as an act of desperation.
Fashola, who spoke after inspecting some ongoing projects in Ibeju-Lekki and on Lagos Island yesterday, expressed disappointment at some statements credited to the president at meetings with the interest groups at the State House, Marina.
He said: "I want to assume that he did not make a statement that he would deliver Lagos residents from bondage. The question to ask Mr. President is whether he had come to free them from bondage.
"He was here for five days meeting with different people and groups, distributing money in dollars. It is an un-presidential statement made in an act of desperation. That means he lived in bondage in five days if he had come into the state to free people.
"If he can live here for five days moving with patrol vehicles that we paid for, let him go and spend five days in Chibok and he will know what bondage is," the governor said while reacting to statements credited to the president.
While inspecting a new cemetery in Ibeju-Lekki, the governor openly disclosed that he bought his own vault where his remains would be buried when he joined his ancestors more than four years ago.
He observed that death "is a necessary end that will come when it will come", quoting Shakespeare, saying there is need for people to prepare for it. "We are here to inspect a cemetery. We often do not like to talk about, but there is a need for it because the population continue to expand and the Lekki sub- region is growing very fast.
"If you look at Ikoyi Cemetery, Abari Cemetery and all of that are more than 100 years old, they were built by colonialists and left behind for us. When you look at the way they have also managed them, many families cannot even visit the vaults where their loved ones are resting.
"We have this strategic partnership now with private sector. The investors are going to deliver a cemetery like no other. They will manage it and make the cost also competitive. There will be high, medium and low density vaults for people who really want to make a statement at their exit.
"It is the truism of life that everyone who comes must go so as we are building hospitals, roads, schools imbibing survival strategy we must also plan for the end. This sounds as something people do not want to discuss. I have bought my vault. It surprises people. I paid for it four years ago. As I always tell people if you come here for life you must plan to go. Those who do not want to go should not come."
At the inspection of Lagos Court of Arbitration, the governor noted that plans had been concluded by his administration to unveil the first international arbitration court in West Africa sub- region, saying the compelling need to resolve trade disputes locally rather than travelling to London and Paris informed the setting up of the centre in the state.
According to him, "this is the place for dispute resolution. It is the Lagos Arbitration centre. We could save a lot of money and create employment through this court. We have lost a lot of funds to other countries in terms of arbitration in the past. When dispute arise in Nigeria, the preferred place is either Paris, France or London, United Kingdom."
He, therefore, observed that the centre "is nothing special there. All we need is to create a centre that will have the necessary reputation. We have the personnel because some of the best arbitrators in the continent are Nigerians. We also have the economy for the arbitration because a lot of construction, development and Public Private Partnership (PPP) projects are ongoing. Dispute from there could be resolved here."
Consequently, the governor described the president's alleged outreach to different groups including traditional rulers, cooperative societies and market women among others as an act of desperation.
Fashola, who spoke after inspecting some ongoing projects in Ibeju-Lekki and on Lagos Island yesterday, expressed disappointment at some statements credited to the president at meetings with the interest groups at the State House, Marina.
He said: "I want to assume that he did not make a statement that he would deliver Lagos residents from bondage. The question to ask Mr. President is whether he had come to free them from bondage.
"He was here for five days meeting with different people and groups, distributing money in dollars. It is an un-presidential statement made in an act of desperation. That means he lived in bondage in five days if he had come into the state to free people.
"If he can live here for five days moving with patrol vehicles that we paid for, let him go and spend five days in Chibok and he will know what bondage is," the governor said while reacting to statements credited to the president.
While inspecting a new cemetery in Ibeju-Lekki, the governor openly disclosed that he bought his own vault where his remains would be buried when he joined his ancestors more than four years ago.
He observed that death "is a necessary end that will come when it will come", quoting Shakespeare, saying there is need for people to prepare for it. "We are here to inspect a cemetery. We often do not like to talk about, but there is a need for it because the population continue to expand and the Lekki sub- region is growing very fast.
"If you look at Ikoyi Cemetery, Abari Cemetery and all of that are more than 100 years old, they were built by colonialists and left behind for us. When you look at the way they have also managed them, many families cannot even visit the vaults where their loved ones are resting.
"We have this strategic partnership now with private sector. The investors are going to deliver a cemetery like no other. They will manage it and make the cost also competitive. There will be high, medium and low density vaults for people who really want to make a statement at their exit.
"It is the truism of life that everyone who comes must go so as we are building hospitals, roads, schools imbibing survival strategy we must also plan for the end. This sounds as something people do not want to discuss. I have bought my vault. It surprises people. I paid for it four years ago. As I always tell people if you come here for life you must plan to go. Those who do not want to go should not come."
At the inspection of Lagos Court of Arbitration, the governor noted that plans had been concluded by his administration to unveil the first international arbitration court in West Africa sub- region, saying the compelling need to resolve trade disputes locally rather than travelling to London and Paris informed the setting up of the centre in the state.
According to him, "this is the place for dispute resolution. It is the Lagos Arbitration centre. We could save a lot of money and create employment through this court. We have lost a lot of funds to other countries in terms of arbitration in the past. When dispute arise in Nigeria, the preferred place is either Paris, France or London, United Kingdom."
He, therefore, observed that the centre "is nothing special there. All we need is to create a centre that will have the necessary reputation. We have the personnel because some of the best arbitrators in the continent are Nigerians. We also have the economy for the arbitration because a lot of construction, development and Public Private Partnership (PPP) projects are ongoing. Dispute from there could be resolved here."
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Reps To Debate On Use Of Military For Elections Today
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The House of Representatives will on Tuesday (today) re-visit the plan to involve the military in the general elections, rescheduled for March 28 and April 11.
The official notice of the House for the week obtained in Abuja on Monday, showed that the use of the military in election monitoring would be one of the key motions to be debated by the lawmakers on Tuesday (today).
The motion entitled, "Unconstitutional Deployment of Military Personnel for Election Purposes," is sponsored by the House Minority Leader, Mr. Femi Gbajabiamila of the All Progressives Congress.
An attempt to debate the same motion on Thursday last week had seen the APC members of the House squaring up with their Peoples Democratic Party counterparts.
While the APC members backed the motion, the PDP opposed it.
One PDP member from Kogi State, Mr. Sunday Karimi, successfully led an opposition that stalled the motion last week.
Karimi had argued that the issue was the subject matter in a number of unresolved suits filed before some courts in the country.
The Speaker, Mr. Aminu Tambuwal, in a bid to douse tension, had stopped the debate and referred the motion to the joint Committees on Rules/Business, Justice and Judiciary for advice.
Investigations by our correspondent indicated that the three chairmen of the committee- Messrs Albert Sam-Tsokwa, Aminu Shagari and Ali Ahmad- had already held a "preliminary" meeting on the referral and were set to conclude deliberations early on Tuesday (today) before the start of sitting by 11am.
Findings showed that the chairmen would likely advise the House to continue with Gbajabiamila's motion.
One official said, "The meeting will likely support the House continuing with the debate.
"The court processes some members talked about were not served on the House. The whole of the matter will be resolved today."
However, it was further learnt that the motion would still cause tension in the House since most PDP members had been against it.
"Anyhow they want us to go about it, the issue of security during elections is very serious.
"We will need the military to assist the police and other regular law enforcement personnel," one PDP member argued on Monday.
But, with a numerical strength of about 180 to PDP's 161, a voice vote on the controversial matter might be won by the APC lawmakers.
The official notice of the House for the week obtained in Abuja on Monday, showed that the use of the military in election monitoring would be one of the key motions to be debated by the lawmakers on Tuesday (today).
The motion entitled, "Unconstitutional Deployment of Military Personnel for Election Purposes," is sponsored by the House Minority Leader, Mr. Femi Gbajabiamila of the All Progressives Congress.
An attempt to debate the same motion on Thursday last week had seen the APC members of the House squaring up with their Peoples Democratic Party counterparts.
While the APC members backed the motion, the PDP opposed it.
One PDP member from Kogi State, Mr. Sunday Karimi, successfully led an opposition that stalled the motion last week.
Karimi had argued that the issue was the subject matter in a number of unresolved suits filed before some courts in the country.
The Speaker, Mr. Aminu Tambuwal, in a bid to douse tension, had stopped the debate and referred the motion to the joint Committees on Rules/Business, Justice and Judiciary for advice.
Investigations by our correspondent indicated that the three chairmen of the committee- Messrs Albert Sam-Tsokwa, Aminu Shagari and Ali Ahmad- had already held a "preliminary" meeting on the referral and were set to conclude deliberations early on Tuesday (today) before the start of sitting by 11am.
Findings showed that the chairmen would likely advise the House to continue with Gbajabiamila's motion.
One official said, "The meeting will likely support the House continuing with the debate.
"The court processes some members talked about were not served on the House. The whole of the matter will be resolved today."
However, it was further learnt that the motion would still cause tension in the House since most PDP members had been against it.
"Anyhow they want us to go about it, the issue of security during elections is very serious.
"We will need the military to assist the police and other regular law enforcement personnel," one PDP member argued on Monday.
But, with a numerical strength of about 180 to PDP's 161, a voice vote on the controversial matter might be won by the APC lawmakers.
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I don't have a social media account, I never dissed Fani-Kayode -Former President Obasanjo Discloses
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Former President, Chief Olusegun Obasanjo, has said he does not have any official account on any social media network.
He said this in Abeokuta on Monday.
The former President was reacting to a twitter account, @newsvergeonline, which had posted a tweet on Sunday, claiming that Obasanjo had described the Director of Media and Publicity of the Peoples Democratic Party Presidential Campaign Organisation, Femi Fani-Kayode, as a "democracy wrecker."
He said the fake tweet account with his name, Olusegun A. Obasanjo posted the story with the caption, "Fani-Kayode is a democracy wrecker, who's very fluent in stupidity. Give him food, and he will sing and do "shoki" dance for you."
Dismissing the twitter account, he explained that all his previous accounts on either Facebook or Twitter had long been blocked.
Obasanjo said, "I don't know where this comes from. I don't have any account on either the Facebook or Twitter again. Go and block it."
Obasanjo, used the opportunity to caution those using his name to operate illegal social media accounts, adding that the security agencies had been placed on alert to fish out the perpetrators.
He said, "Let me say that, nemesis will catch up with anyone doing this. It is illegal and criminal. If I have to pass any message to the good people of Nigeria, I know how to go about it with no controversy."
He said this in Abeokuta on Monday.
The former President was reacting to a twitter account, @newsvergeonline, which had posted a tweet on Sunday, claiming that Obasanjo had described the Director of Media and Publicity of the Peoples Democratic Party Presidential Campaign Organisation, Femi Fani-Kayode, as a "democracy wrecker."
He said the fake tweet account with his name, Olusegun A. Obasanjo posted the story with the caption, "Fani-Kayode is a democracy wrecker, who's very fluent in stupidity. Give him food, and he will sing and do "shoki" dance for you."
Dismissing the twitter account, he explained that all his previous accounts on either Facebook or Twitter had long been blocked.
Obasanjo said, "I don't know where this comes from. I don't have any account on either the Facebook or Twitter again. Go and block it."
Obasanjo, used the opportunity to caution those using his name to operate illegal social media accounts, adding that the security agencies had been placed on alert to fish out the perpetrators.
He said, "Let me say that, nemesis will catch up with anyone doing this. It is illegal and criminal. If I have to pass any message to the good people of Nigeria, I know how to go about it with no controversy."
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