President Barack Obama ribs his own debating; Mitt Romney eyes speech

President Barack Obama ribs his own debating; Mitt Romney eyes speech

BY THE ASSOCIATED PRESS

LOS ANGELES (AP) -- On a last dash for cash in the celebrity scene of California, President Barack Obama on Sunday took a good-natured shot as his own underwhelming debate performance, marveling at how his friends in the entertainment business could turn in flawless showings every time.

"I can't always say the same," Obama told thousands of supporters, who got the joke right away. It was Obama's most direct acknowledgment that his Republican rival, Mitt Romney, thoroughly won their debate Wednesday as a tight race rolled into its last month.

As Romney readied for a major foreign policy speech, Obama spoke at the start of two-day fundraising swing through California, his final one out West, and one that was expected to raise several million dollars for advertising efforts to the finish.

He appeared on stage after comments by actor George Clooney and performances by Katy Perry, Stevie Wonder and Jon Bon Jovi -- and before a night-capping dinner where he told those who had paid $25,000 to see him that he intends to win. "I'm a big believer in closing the deal," Obama said in the dimly lit environs of Wolfgang Puck's WP24 restaurant.

The Republican presidential nominee, meanwhile, sought to build on the momentum from a debate performance last week that even Democrats conceded was "masterful." Campaigning in up-for-grabs Florida, Romney told a crowd of about 12,000 in Port St. Lucie that he had enjoyed himself, ticking off a list of Obama shortcomings he said he had exposed during the first debate.

"Now of course, days later, we're hearing his excuses," Romney said. "And next January we'll be watching him leave the White House for the last time."

As Romney finished speaking, someone in the crowd of supporters behind him held up a giant Israeli flag alongside smaller American flags, underscoring the amplified role that foreign affairs and the Middle East is playing as the presidential race draws to a close. Romney ended his day in Virginia, where on Monday he planned a major foreign policy address in which he will criticize Obama's handling of unrest in Libya and elsewhere.

Obama campaign spokeswoman Jennifer Psaki, dismissing what she called Romney's fourth or fifth attempt to explain his global intentions, said the bar is high for Romney to convince voters he's prepared to be commander in chief.

"We are not going to be lectured by someone who's been an unmitigated disaster on foreign policy every time he sticks his toe in the foreign policy waters," Psaki said aboard Air Force One as Obama made his way to California.

Even as Romney sought to reap further rewards from his debate performance, a string of good news for the president threatened to steal the former Massachusetts governor's spotlight.

A jobs report Friday showing unemployment at the lowest levels of Obama's presidency was quickly followed Saturday by a fundraising report showing Obama and Democrats had raised $181 million in September. It was their best fundraising month of the campaign, but fell short of their record $190 million raised in September 2008 as the president campaigned for his first term.

Romney's campaign has not released its report for the month, and Republicans sought to downplay Obama's financial advantage. The party's national chairman, Reince Priebus, said he had been counting all along on being outraised by Obama and Democrats.

"This isn't going to come down to money. This is going to come down to heart," Priebus said. "We'll beat them on the ground, and we'll have all the money we need to be competitive."

After trailing Romney in the money race for most of the summer, Obama is back on top and pulling out all the stops to keep it that way.

The president told about 6,000 supporters at the Nokia Theatre that he had bad days and made mistakes in the 2008 campaign, too, but nobody remembers that because he won.

"We goofed up. I goofed up," he said of 2008. "But the American people carried us forward."

He then moved onto the late-night soiree at the restaurant, an event expected to rake in $3.75 million. Here, for a second time, he knocked his own performance in the Wednesday debate, reminding donors that it fell on his 20th wedding anniversary and dryly noting there was speculation that had an "impact on my performance."

The president told a story of belatedly celebrating that anniversary with his wife, Michelle, over the weekend at a Washington restaurant. He said at the end, their waiter told him "you saved my mother's life" by signing into law a health care act that allowed her to get insurance coverage after suffering a stroke. Obama said such personal stories remind him what the race is about.

"That's what the next 30 days is about," he said. "And that's why I intend to win."

Former President Bill Clinton joined Obama earlier Sunday for a more intimate gathering with elite, longtime donors at the home of entertainment mogul Jeffrey Katzenberg.

At the same time, Ann Romney was working to soften her husband's image, a frequent refrain as Romney's campaign seeks to broaden his support among centrist voters in the race's final weeks. Introducing her husband on Sunday, Mrs. Romney called him "a good and decent person" who had helped others throughout his life.

"Now we're going to get a chance for him to really care for others, because we're going to have the chance to see him get people back to work again," she said.

Both campaigns were prepping their running mates for Thursday's vice presidential debate -- and working to keep expectations low lest their candidate underperform.

On Sunday Priebus called Vice President Joe Biden "a gifted orator," while former House Speaker Newt Gingrich, R-Ga., who challenged Romney in the GOP primary, suggested Paul Ryan would hold back on any hostility out of respect for Biden's status as a senior statesman.

Priebus spoke on CNN's "State of the Union." Axelrod spoke on CBS' "Face the Nation" and Gingrich on NBC's "Meet the Press."

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Associated Press writer Josh Lederman contributed to this story from Washington. Peoples reported from Port St. Lucie, Fla.

Olaopa’s reminiscence with Mosaic Art By Yemi Olakitan

Olaopa’s reminiscence with Mosaic Art

By Yemi Olakitan

             Foremost Nigerian Arts promoter and curator, Oladele Olaopa has unveiled fresh ideas aimed at re-energizing Nigerian arts and interior decoration scene. Speaking at an interview, Mr. Olaopa who is well known for its yearly art show, tagged: Experience Nigeria said his organizations’ new focus is Mosaics which he said is very good on buildings as well as portraits. According to him it was necessary for the arts community to continually upgrade its originality in other to move forward to the next level.  He was convinced that Mosaics is the next step in creativity and advancement for his organization. He believed that Mosaic arts offer new paths in arts appreciation and enjoyment. Olaopa said, Mosaic is a highly versatile medium that has the potentials to transform various aspects of building from bathrooms to bedroom with endless colors and durable materials and variety.  ‘Mosaic is perfect for Mural Project, possibilities are only limited to the artist’s imagination. Whole buildings and their interior can be magically transformed and beautified using Mosaic and it is highly durable.’’ He said.

       ‘‘ My interest in Mosaic started in the early 80s while I was in Italy. Italy is home to some of the earliest and finest styles of Mosaic art. I fell in love with it and obtained the necessary training then. On getting back to Nigeria, I focused in contemporary Mosaic arts. Mosaic designs are the perfect complement for various types of buildings such as schools, hospitals, stadiums, theatres, hotels, churches and many more. Mosaic as an art of creating images with an assemblage of small pieces of colored glasses, stone or other materials is a technique of decorative art, an aspect of interior or exterior decoration and flooring that has cultural or spiritual significance. ‘’

     Olaopa said that apart from his work as promoter and curator, contemporary fine art Mosaics are his specialty. He said he was determined to make it available for public art or private commissions as the need may arise.  Speaking further, Olaopa said that Mosaic designs are the perfect complement for various types of buildings including schools, hospitals and others.

     ‘‘ I recently perfected a method of using this medium for portraits which are suitable for monuments, tombstones or wall hangings, whereby the work is fixed on 4ft by 4ft plywood and framed with aluminum. With the portrait one can produce fantastic images. As an artist, I create my custom Mosaic from high quality Italian glass ties witch are durable, resistant to fading, frost, water, and chemicals whether on walls, floors or portraits. The colors also remain vibrant and clear. One advantage of the Mosaic, apart from the aesthetic value, its variety and durability it can stand as long as the building is standing. ‘’

On the subject of exhibition of the works, Olaopa said that he will be unveiling different dates and venues for his exhibitions which will be held in various parts of the country. We want to engage all categories of people In Nigeria to take advantage of the numerous benefits of Mosaic Arts. 

Being handicapped has not stopped me from being an Artist—Wale Balogun

Being physically challenged has not hindered my Artistry—Wale Balogun

By Yemi Olakitan

·        Balogun Mufutau Adewale is a physically challenged and versatile, Nigerian artist. Born in 1972. He was educated in Yaba College of Technology, Lagos where he studied Visual Arts. He has participated in many exhibitions across the country. 

·     How did you discover your talents?

in the early days as a young man, my initial ambition was to become a Medical Doctor despite the fact that my talent, as an artist was noticeable at a very early age. I was very lucky in the sense that someone advised me to study visual arts instead of Medicine.  He said, God has given me a talent that fits my condition since i am physically challenged, if i am a Medical Doctor, how would i handle the demands of the job. it may even be very challenging to secure employment after school if i had studied Medicine.  It was God sent advice and i took it. Art is something that i have been able to practice without hindrance since i can even be self employed. 
One of whom was Dr. Davide.H.Dale  He developed his own style. Dale was highly influential in my envelopment as an artistes. I would say he contributed a lot. There are several other people who influenced and helped me in my career as an artist.

·     How did you come about your disability?

My condition started long ago when I was younger. According to my parents I was not born with any form of disability. A time came when I became ill and I had to be taken to the hospital for medical treatment. I was 3 yeas old at the time. A Nurse gave me an injection during the course of my treatment. The injection paralyzed my legs. By the time, my parents noticed the problem; it was too late because the Doctor scolds only save one of my legs. The other one could come back to normal. Only one was filly healed.

From the beginning, I knew that there were arts in me. I could draw. I drew my mother at the age of four. I used to draw for fun because I liked it a lot. I used to use my sisters’ lipsticks to paint whatever I drew. Those were my watercolors. It was natural for me to study Art.

·     Why do you choose to work with beads?

People love new things; new creativity and I want my work to stand out. I don’t want to do what everybody is doing. I choose to use beads in my painting because of its durability. If it gets dirty, you ca n cleans it easily. I want to inspire other artistes and make an impact in other peoples’ lives.  If for example, you want to encourage or advice and handicapped person it may not sink well but if you are in the same condition with him as I am and he sees that you are doing what he feels he cannot do, he will listen.  You see, a man may have a bad leg or a bad hand but the worst scenario is to have a bad head, which is terrible. You see in this life, there different types of handicapped and everyone has one or the other. You can be financially handicapped. You can be mentally handicapped. One can be spiritually handicapped. even the President Jonathan is facing its own handicap from Boko Haram.  I however defined my handicapped as handy and Cap.

The evidence that you are living is because of challenges. There are people who cannot feel hunger or pain because they are dead but you are alive. There is nobody without challenges, it may differ.  I have always found very creative ways to live normally and to do my work. My wife, came home, one day and discovered that I have hung al my art works on the wall and she was surprised tat I could do it myself.  She asked who helped me? Actually, I just sat down and think of the various ways by which I should hag the art works and I was able to do it.

·     How were you able to cope with the situation?

There are different types of handicapped people. There are those who were born with it and it affected their minds there those who were not born with it and the mind is not affected. There are those who are not born with it but their mind is still affected. I was not born with my disability nor am I affected mentally or physiologically. When I was younger my parents wanted to send me to school for the handicapped. I refused because my mind is not affected by my disability. There are many things that able-bodied people cannot do that I can do. By the grace of          God, It has not stopped anything-good thing in my life.  Sometimes, it could eve n be a plus, for example, I am public speaker, if stand before people to talk, before I say anything, my appearance alone will challenge them. There was a time, I was going somewhere on the road and someone approached me to give me alms. I have to educate him that I was not a beggar.

I am always working with my hands so I am always improving.  There was a time I went to computer school in order to learn how it could help my work.

When I was younger I never saw my self as handicapped. I played around like any normal kids and I had fun just like them. I crawled for the first six years of my life while playing with my younger ones. Why my younger brother was six, he enrolled in a Primary school and I was eight, at the time so I asked them what about me?  They wanted to send me to a school for the handicapped but I refused. I insisted that I had a normal life to live so I needed to attend a normal school just like any regular kid.

One day, someone organized a party in our streets and everyone was going so I said to myself that why should I be crawling when everyone is walking so I went to the backyard and got myself a burnt wood from the traditional stove (adogon) I used that as crutches stick and helped myself to the party.  When my parents saw that attempt, they decided to get me crutches.  The major challenge is that people never stop treating you as second class and some even go out of their way to put you down.

There are disable people who are not disturbed by their situation and other people try to refer them to it. If you have physical disability and you do not have mental disability, you are fine and you are better off because you can achieve whatever you set you mind to achieve if you work hard enough and with faith in God.

·     What are your words of advice to those in similar situation?

My advice is this: Challenges are an evidence to prove that you have a great future and you are going somewhere great. There is no gain without pain. Those who sow in tears shall reap in joy.  My dream in life is to be ahead of the so-called able bodied. I am grateful to God. He has been there for me.

·     You are happily married, you have a family and a thriving career

To the Glory of God, even my four-year-old kid adjusts to the situation. He will even go and bring my crutches for me. God has not allowed it to be a problm that we cannot surmount.

NIPR & Public Relations in Nigeria

            There is a purpose for the emergence of every profession in any given society and environment. So also is the public relations practice in Nigeria, which started before the country’s independence. According to Fassy Yusuf, (2000) public relations practice commenced in the country in the early 1940s as a result of World War II. The country, which was then under the British colony, participated in the execution of the war. Knowing the importance of information to Nigerians on happenings in the war front, the government created a Special Information Centre for that purpose. With this, there was better understanding between the colonialists and the colonised Nigerians, especially, when the citizenry realised the necessity of their independence. The centre later metamorphosed into the Public Relations Department in 1944, when Nigerians were employed to manage it for better and further information dissemination.

             In the private sector, the first company to establish a public relations department was the United African Company, popularly known as UAC. The unit was known in 1949 as Information Department. The Nigerian Railways Corporation, a government parastatal, also established its own unit in 1956 where Dr. Sam Opelle served as the first public relations officer. The Shell Petroleum Development Company, then BP, created its own outfit in 1969.

            It was the effort of people like Sam Opelle, Chief Olu Holloway, Alhaji Ade Thani, Adewale Fashanu and Mr. Malafa that the first umbrella organisation of public relations practitioners was established in1963, known as Public Relations Association of   Nigeria (PRAN). The association was renamed Nigerian Institute of Public Relations (NIPR) in 1969. It was later legally empowered by the Decree 16 of 1990. The decree made NIPR a chartered body and empowered to determine what standards of knowledge and skills are to be attained by all persons seeking to become registered members of the PR profession. The decree was signed through the efforts of past presidents of the institute, which  include Chief Alex Akinyele, Chief Bob Ogbuagu, Mr. Mike Okereke and Alhaji Sabo Mohammed.

CONSULTANCY AFFILIATE

The first known affiliate of Nigerian Institute of Public Relations is the Public Relations Consultancy Association (PRCAN), which according to Cajetan Otuekere-Ubani, was established and inaugurated in 1984 by Major General Tunde Idiagbon, the then Chief of Staff, Supreme Headquarters in General Buhari’s administration. Mr. Toye Ogunmorin was its first president with four consultancy firms as its pioneer members. They are Bloomel Public Relations Practitioners, Progan Promotions, Good Contact Public Relations Services and Philips, Johnson and Associates.

             Some of its aims and objectives are to raise and maintain standards in the practice of the profession; and to provide facilities for government, public bodies, professional associations, industrial concerns, financial institutions, social, cultural and religious organisations. It also aims to improve the relationship of public relations professionals with employers and clients, with government and its agencies, with communications media and their agencies.

             Some names have been mentioned of those personalities who are the doyens of public relations consultancy in Nigeria. Festus Akande confirmed that consultancy commenced in the late sixties and early seventies with the late Ebun Adesioye, Dr. Clarkson Majomi, Chief Dotun Okubajo, Mr. Olu Ademulegu, Otunba Kunle Ojora and Peter Hospdales as the doyens in the practice. He added that all these practitioners were practising their consultancy service individually with no merger between them.
  

FINANCE AFFILIATES                                                                                             

It is said that as the human society becomes more complex and diversified, the professions of man become more specialised. In most developed societies, there are alliances of people of specialised occupation and professions coming together to form associations for the protection of such concerns. Some emerge from already existing unions as affiliates.  For instance the Nigerian Union of Journalists (NUJ) is another compartmentalisation with other affiliates like Correspondents Chapel, Finance Correspondents Association of Nigeria (FICAN), Sports Writers Association of Nigeria (SWAN), National Association of Women Journalists (NAWOJ), etc. In fact, a further scrutiny reveals that the NUJ itself, according to some quarters, is just one of those organisations under the umbrella of Nigeria Press Organisation which includes the Nigerian Guild of Editors and Newspapers Proprietors Association of Nigeria. The same thing applies to advertising where the Advertising Practitioners Council of Nigeria (APCON) regulates the practice of the profession with bodies like Association of Advertising Practitioners of Nigeria (AAPN) and Outdoor Advertising Association of Nigeria (OAAN) carrying out their activities under the umbrella of APCON.

             The Nigerian Institute of Public Relations too witnessed the same situation where affiliates like the Public Relations Consultants Association of Nigeria (PRCAN), and Association of Corporate Affairs Managers in Banks (ACAMB), emerged in 1996 and as the case with the latter has the objective of evolving and implementing strategies to improve and sustain a good image for the nation’s banking industry.

             One notable researcher who has successfully identified the problems of financial public relations in reference to the distress in the banking sector is Abubakar Alhassan who states that the idea behind the emergence of ACAMB was first mooted by the corporate affairs managers at the 1992 Bank Directors Seminar organised by Financial Institute Training Center in Abuja. Subsequently, discussions were made informally among some of the Banks’ Public Relations managers in Lagos. He continued that the machinery for formal discussion of the idea was set in motion after a media management seminar held at Badagry also in Lagos in 1996 at which suggestion for the formation of the   body was extensively discussed. Subsequently, a series of meeting were held at Eko Hotel, Lagos, during which the PR managers of banks agreed to have an association. They set out the association’s aims and objectives and also laid conditions for membership.

             Membership of the association is open to all Heads of PR in the banking sub-sector. In addition, all members of the association must have been duly registered with the NIPR as required by decree 16 of 1990. A member who ceases to be a PR manager in the banking industry, has automatically relinquishes the right to membership but may be considered for Associate membership. There is also the Code of Conduct for membership, which states, among others, that erring members whose acts contravene any rule or regulation of the association will be reprimanded.

             The first Annual General Assembly of ACAMB was held in September 1996, during which elections were held into offices of the association’s Executive Committee. The Executives were sworn in during the Committee’s inauguration on 3rd December, 1996. Those sworn in were Kabir Dangogo,as President; Tunde Thomas, Vice President; Waheed Olagunju, Secretary General; Aduke Gomez (Ms), Financial Secretary; Steve Osuji, Publicity Secretary; and Emeka Adio,as Assistant Secretary General; and five EX-officio members are Abubakar Minjibir, Tony Ede, Toyin Abayomi-Banjo, Gbade A. Zanda and Ogie Eboigbe.

             Since every serious body must have a legal framework, which is to guide it in its operation, ACAMB has its constitution and Code of Conduct. As a non-profit making body established to foster interaction among PR managers of the banking sub-sector and advise the leadership of the sub-sector on the PR implications of policies and development, the association is registered under the Companies and Allied Matters Decree of 1990.

             Some of the objectives of the association include to evolve and implement strategies to improve and sustain a good image for the nation’s banking industry; educate the public on relevant banking laws and policies; represent the industry as a group on public relations matters; promote and protect the interest of the banking industry as well as carrying out public enlightenment campaigns on behalf of the industry. It is also intended to promote continuous public confidence and trust in the nation’s banking industry and to promote facilities for training the members of the association on banking practice and other related matters.
 

CODE OF ETHICS OF NIPR

Professionals in Nigeria belong not only to some international professional bodies optionally, they also belong compulsorily to the local professional body known as the Nigerian Institute of Public Relations (NIPR), one of the few in the world backed by a state statutory instrument in Decree 16 of 1990. The institute’s codes of practice has 12 articles which include the following:

Every member of the Nigerian Institute of Public Relations shall:

a. respect the moral principles of the “Universal Declaration of Human Rights” and the freedoms entrenched in the constitution of the Federal Republic of Nigeria in the performance of his/her own duties;

b. recognise that each person has the right to reach his own judgement by himself;

c. respect the right of parties in a dispute to explain their respective points of view;

d. encourage the free circulation of public information and preserve the integrity of channels of communication;

e. put trust and honesty of purpose before all other considerations;

f. safeguard the confidences of his present/previous employers or clients;

g. represent interests which are not in conflict;

h. refuse to enter into any agreement which requires the attainment of certain results before the payment of professional fees;

i. protect the professional reputation or practice of another member, but make it his duty to report unethical behaviour on the part of any member of the institute;

j. not seek to displace any other member with his employer or client, except with the mutual agreement of all the parties concerned;

k. Not operate any front organisation;

l. Co-operate with any other members in upholding and enforcing this code.

These articles are a superb adaptation of some international codes and the British codes of ethics to suit the Nigerian institution. The extra-ordinary general meeting of the institute held at the Bristol Hotel in Lagos on January 30, 1981 approved the Nigerian codes.

N5,000 Naira Notes causes controversy in Nigeria

N5,000 Naira Notes causes controversy in Nigeria

The new N5,000 note just approved by President Goodluck Jonathan will end the use of $100 notes now in vogue among looters, industrialist-businessman Atedo Peterside told journalists yesterday while supporting the introduction of the new currency.

The Central Bank's proposal to launch the new note has met with widespread criticism from the general public as many feared inflation and corruption as likely consequences. The president's approval announced yesterday by minister of national planning Shamsudeen Usman in Abuja at the end of a meeting of the Economic Management Team (EMT) put paid to the controversy.

Mr Peterside, a member of the team, rose in defence of the introduction of the new currency by giving it a bizarre twist.

"Money is a store of value. All these thieves, rogues and vagabonds running around various states and all over the country when they steal money will want to keep it outside the banking system, so they need higher denomination notes," he said.

"Right now they are using $100 notes all over Nigeria because they are the best store of value for them. If you give them a better store of value in Nigeria, they will move away from those dollars and move into our own currency as opposed to the use of $100 to hide their loot," the businessman added.

Mr Atedo Peterside said if he were the CBN governor he would have preferred to introduce a N10,000 note instead of N5,000 "Right now the country is losing by importing massive US dollars to finance the activities of all these rogues because the US dollars offer the higher store of value for them and also by squandering resources to print large volumes of worthless notes."

In another twist to the issue, however national planning minister Shamsudeen Usman, who claimed to know nothing about the link between the new note and corruption, declared: "I think people alleged that part of that corruption is being done in dollars but a $100 is N16,000 and N5,000 will be $30; so which one is bigger to carry if you are doing corruption?"

He argued that the new note will not necessarily increase the level of corruption as "those doing corruption will probably find it too small".

Business mogul Alhaji Aliko Dangote argued that the introduction of the N5000 note had nothing to do with inflation. He told State House correspondents after the Economic Management Team meeting, "I think it is even to protect the economy. The cost of printing is not anything different from the amount they are using in printing any other note. It is the same cost."

The only difference is the design and the figure printed on them. Sometimes, minting the coins can even help. If I have a product which I am selling for N5 and I want to raise the price to N6, I won't be able to do that. It is either I swallow the bullet and take it to N10 or I don't increase it at all. "A lot of companies have not been able to increase their prices even though they are losing money."

On the cost of printing the new note said to be at a cost of N40 billion, Dangote said last year the CBN spent N47billion to print currencies, it is not different at all," he said.

Managing director of Access Bank Mr. Aig-Imoukhuede Aigbojie, who also lent his support, said the reactions by Nigerians were rather unfortunate.

He said, "I have tried to analyse the cause for these reactions. Legal tender and restructuring of currency are normal parts of the Central Bank's functions. It is very rare for you to have a central bank that does not look at the issue of currency management and issue new notes from time to time based on the reality of the economy.

"In the case of Nigeria, our economy is such that a N5,000 note, which is in effect a $30 note, is not strange. The greatest argument I have heard about is causing of inflation; the other argument is that it will cost money to introduce the new note. There is no relationship between the issuance of higher legal tender and inflation. It is unfortunate that some have misled people into thinking that it will lead into higher inflation."

He also explained: You are introducing the N5000 note, you print less of N1000 and N500 notes. It is not going to add to the cost of printing. It is going to basically fall into your normal annual budget for printing. What you should also understand is that, with less notes in circulation, it is cheaper in the long run based on quantities ordered to print N5000 denomination than lower denominations."

Peterside continued: "Right now, the country is losing in two ways: one, we are importing massive US dollars to finance the activities of all these rogues, because the US dollars offered the higher store of value for them and, two, we squander our resources printing large volumes of worthless notes.

"There is no inflationary impact that is voodoo economics. Let me tell you one thing: if you know that printing N5000 notes will create more inflation, why don't you reduce the value of your notes and see whether you will not experience inflation in the process. This is simple logic."

National Planning, Dr. Usman disclosed to State House correspondents after a meeting of the Economic Management Team (EMT) that the endorsement of the N5000 note by the team followed approval by President Goodluck Jonathan.

"Obviously, the discussion today was basically to endorse. The president had already approved; that is the only requirement by law. The CBN is to propose and Mr. President is to approve. And since Mr. President has approved, really what is important is to just explain. I personally had some concerns about the coins but, since some discussions with the CBN governor, he has actually clarified that even the media didn't get it," the minister said.

Arguing that the N5,000 note, contrary to public perception was not going to lead to higher inflation, Shamsudeen hinted that CBN was going to explain to Nigerians that the coins will run concurrently with the naira notes they are replacing as a test-run for Nigerians to accept them first.

He said, "There is absolutely no link. I am an economist. I have been deputy governor, operations, of the Central Bank. In the last review of the introduction of N1000 note and the various coins I was deeply involved, it was my responsibility at the Central Bank. There is absolutely no link between inflation and the currency denomination.

On whether the N5000 note was at variance with the cashless policy, the minister explained: "It is not at variance. In most of the economies you look at, the Euro has the €500 note. If you go to the countries where Euro is in use, you will not get the €500 note in normal circulation. But it is used by the banks and a few other heavy cash users to store higher value. I have been in parts of the United States where you draw the $100 bill and give it to somebody and they start looking at it as if it is something strange. They probably have not seen it before." He said that higher denominations are there to create higher value and will not be in the widest of circulation.

A civil society organisation, the Anti-Corruption Network, yesterday stormed the CBN head office in Abuja, protesting the proposed restructuring exercise, particularly the introduction of the N5,000 notes, and asked the Federal Government and the regulatory banking institution to stop forthwith arrangements on the exercise in view of what it termed the likely negative socio-economic impact on ordinary Nigerians.

Organised private sector said the introduction of N5, 000 notes in the planned restructuring of the nation's currency, saying it will aid corruption. Director General, Lagos Chamber of Commerce and Industry, Muda Yusuf in his comment said although the idea of restructuring the currency is a welcome development, "there is a flip side to the policy."

The Nigeria Labour Congress (NLC) also described as unfortunate the fact the President Goodluck Jonathan would approve the proposed N5,000 note despite intervention by the House of Representatives to halt the process.

Mr. Bayo Babatunde, Managing Director, Avscon Nigeria Ltd said, " I think it is an improvised vessel for corruption and goes counter to the cashless policy of the Central Bank of Nigeria (CBN). It will facilitate easier exchange of bribes and reduce the quantity of Ghana must go bags required" he said.

On its part, the Director General of the National Association of Chambers of Commerce Industry, Mines and Agriculture (NACCIMA) Mr John Isemede, said he was more concerned about what the project would cost the Nigeria economy.

According to him "we want to know what the printing would cost the taxpayers." He also raised concerns on what benefit the currency restructuring would have for Nigerians stressing that there is a need to improve on the export capacity of the country.

He also noted that NACCIMA is watching the moves of the CBN as well as the stand of the lawmakers on the issue, stating that it is would be on the look-out for the process of the award of the contract.

Managing Director and Chief Executive of APT Securities and Funds Limited Mallam Garba Kurfi on the other hand said he is not as bothered about the introduction of the N5000 note as that of the conversion of the N20, N10 and N5 notes to coins.

In his reaction, Mr Lanre Ajayi, President of Association of Telecommunications Companies of Nigeria (ATCON) said "It doesn't look consistent with the cashless policy. My own understanding is that cashless policy is meant to reduce cash in circulation. I am not an economist but from the layman's perspective it doesn't augur well, while Mr Tim Akano, vice chairman, Wini Group, an IT security company said the introduction of the N5000 note will definitely have a negative impact on the economy. "The concept of cashless is to take cash away from people.

"Increasing currency to N5000 note is an indirect way of CBN telling people to dump cashless policy. To every discerning analyst, it is more political than economic. It is going to drive inflation up and support corruption. The money being used to print the N5000 notes could have been deployed to improve the standard of education", said Ajayi.

Leading about 300 hundred youths on the protest which was being closely monitored by the security agencies in the front of the CBN Headquarters, Abuja, a former Legislator and Executive Secretary of the Network, Otunba Dino Melaye, described the proposed measure which, he said, his group was prepared to mobilise millions of ordinary Nigerians to frustrate the plans as a proof of government's insensitivity to the plight of millions of poor Nigerians who, he said, were already over-burdened economically as a result of the partial withdrawal of fuel subsidy in January this year.

Also, President of the Chartered Insurance Institute of Nigeria (CIIN), Dr. Wole Adetimehin, said the introduction of N5, 000 note by the CBN would adversely affect insurance business in the country.

Melaye, who spoke with the media on why the protest was organised said it was to show to the CBN authorities and government that sovereignty resides with the people and that it was regrettable that despite the National Assembly's directive that the apex bank should suspend the plan, the Governor of the CBN, Mallam Sanusi Lamido Sanusi, was hell-bent at carrying out the plan in furtherance of his Islamisation agenda for the country.

According to him, the planned introduction of the N5,000 clearly contradicted the policy stance of the apex bank on cashless and electronic banking, pointing out that it would further devaluate the national currency with the attendant negative implications on efforts to make the economy's growth more inclusive and globally competitive.

He explained: "We want to say that the CBN Governor and indeed the Federal Government had proven that they are not a responsible and responsive government. This government is not equally sick but also suffering from what I call a dreadful continental abnormality. We suffered during the fuel subsidy and we are yet to recover form that pain. We have long discovered that N277 billion was budgeted for subsidy in 2011 budget and government went ahead to spend N2.3 trillion. "For now, I believe the idea should give room to other major issues that are paramount to our country's growth, " he said.

"Our points is, instead of the government to attack this key issue and fight, arrest and prosecute those who are stealing our commonwealth, they want to inflict further pains and injury on Nigerians that are already suffering from perilous and times of opprobrium. What I am saying in essence is that the Anti-Corruption Network is mobilising Nigerians to say No to this N5,000 haram. We are still praying to God to conquer Boko Haram but Sanusi Lamido Sanusi is introducing N5,000 haram. We will reject, we will renounce, we will rebuke, we will pray it out of order", Melaye said.

CBN deputy governor Mr Tunde Lemo, who received the protest letter from the group on behalf of CBN management, however reassured Nigerians that the currency restructuring exercise would not worsen the socio-economic hardship of ordinary Nigerians as being speculated by a broad section of the public.

Meanwhile, CIIN boss Adetimehin said yesterday in Lagos that the currency reform would cause huge claim costs to insurance companies.

He said the proposal had the prospects of raising the amount of money in circulation at a given time.

"The N5,000 note will aggravate the quantum of costs to be incurred by the industry on money insurance policy management.

"What this means is that people will indulge in carrying huge amount of money that may run into millions without anyone noticing.

"Meaning that any loss of a bundle of N5,000 notes will amount to huge claim costs and compensation on the insurance company in a given money insurance policy," he said.

The CIIN president advised that the proposal should be suspended by the apex bank for now.

While describing the restructuring agenda as satanic in intents and purposes, he advised Nigerians to join forces with the group in its ongoing war against the measure, querying that "we graduated from N20 to N50, from N50 to N100, from N100 to N200, from N200 to N500 and from N500 to N1,000. What has that done to inflation? What has that done to the economy? What has that done to unemployment? What has that done to the provision of pipe borne water? What has that done to the provision of electricity? Has that one given us good roads or good hospitals?

On the current procedures being adopted by government to recover money in the fuel subsidy payments from indicted marketers, he pointed out that the entire process was too secretive since government had failed to let Nigerians know who is making refunds and of what amount and denominations such refunds are being made, adding that his group is already warming up to lead another national protest to the National Assembly as soon as it reconvened with a view to demanding for publication of recoveries made so far on the fuel subsidy scam.

Viewers at Ground zero digital amusement Center, cemetary street, Ebute Metta, Lagos

Photo Speaks

Chika with Yemi Olakitan at Ground Zero Digital Entertainment Center in Lagos