IRST Lady, Hajia Turai Yar’Adua, had to change her plan to travel home from Saudi Arabia at the weekend, when the state of her husband’s health took a turn for the worse.
Turai, who had engineered the return of many of the close aides of the president, who initially accompanied them on the Saudi trip, was billed to return to Nigeria last Saturday.
Sources indicated that when the health of her husband, President Umaru Yar’Adua, improved earlier last week, the decision was taken for her to embark on the trip to Nigeria to fine-tune the wedding plans of her daughter, Aisha, to the wealthy Sokoto businessman, Alhaji Tukur Abubakar (Rahamanniya).
But things changed by midweek, when the president’s condition relapsed and by Thursday, it could not be categorically said that the first lady would embark on the trip.
Sources said that the uncertainty made the Presidency to place its officials on 24-hour alert up till Saturday morning but that the health situation could not really guarantee the trip home.
Sources had said that the president’s family was planning to go ahead with the wedding plans, in spite of the health condition of Yar’Adua. The plan, according to sources, is to ensure the wedding plans are not stalled because of the president’s state of health.
But the wedding originally fixed for late January may have to be shifted, following the relocation of most members of the president’s immediate family to Saudi Arabia at the weekend.
Also on Sunday, the president of the Senate, Mr. David Mark, renewed his call on Nigerians to pray for the health of the president. Mark, in a statement by his Chief Press Secretary, Mr. Paul Mumeh, said that in spite of the anxious moments in the country, Nigerians should stay steadfast and pray for their leader.
The statement quoted Mark as speaking at this year’s thanksgiving service of the St. Mulumba’s Chaplaincy, Apo Legislative Quarters in Abuja. He said: “We are in difficult times in the life and history of our country. We should all continue to pray for the quick recovery of the president for him to return and continue the governance of our nation.
“Tongues are wagging, comments from both sides and across the divide. But whichever position one holds, we must remember that we are all created by God and none of us can claim to have the power to make or unmake another.
“Times like this call for sober reflection; we must pause and ponder on the positive way forward. Above all, we should be rational in our behaviour and utterances; we must remain our brother’s keeper.”
He also stated that inspite of the challenges, Nigerians had every reason to thank God and renew faith in the Almighty. The statement also quoted Reverend Father Paul Zion as saying in a homily that Nigerians must put hope in God.
The clergyman was quoted as saying: “Thanksgiving is the only time when we pay back what God has done or given to us all through the year.
Meanwhile, top traditional rulers and politicians from the North met in Abuja, last week, to discuss the state of health of President Yar'Adua. The well-attended meeting, it was learnt, raised a contact committee that will find out the exact state of health of the president so as to determine the next step to be taken by the region.
The meeting, it was learnt, resolved that the committee should find out if President Yar'Adua could continue till 2011 and if he could, would be backed by the region to do so.
The North, it was however learnt from deliberations at the meeting, would not back him for another term of four years. The rulers and elders, it was gathered, noted that if the contact committee's report said the president's state of health could not carry him till 2011, the meeting would prevail on him to resign and hand over to Vice-President Goodluck Jonathan to complete his term.
They are, however, poised to extract a commitment from the vice-president that he would only complete Yar'Adua's tenure and not become a candidate in 2011. The meeting, it was reliably gathered, said it would not accept any candidate presented by the former president, Chief Olusegun Obasanjo, for the 2011 presidential election.
They are of the belief that it was the former president that brought the North to this sorry pass. Meanwhile, it was learnt that they decided that they would shop for their 2011 presidential candidate themselves and Chief Obasanjo would not be allowed to have any imput because he already caused the problem they are facing at the moment.
Monday, December 14, 2009
Ladoja’s supporters buried amidst wailing
The charred bodies of the 18 loyalists of a former governor of Oyo State, Senator Rashidi Ladoja, were on Sunday buried amidst wailing, just as two women fainted at the graveside.
At exactly 11:55 a.m, the bodies of the deceased arrived in a Toyota truck marked KF 795 KJA amidst wailing and gnashing of teeth, as all people present at the graveside, lost control when they sighted the fire-mutilated bodies of their loved ones.
It was emotion-laden voices at the Sango Cemetery, Ibadan, when the bodies, wrapped in white clothes were brought down to the burial site from Adeoyo State Hospital, Ibadan.
They were given mass entombment. It was a painful experience, as family members waited in turn to hear the terrible news of the involvement of their loved ones in the ill-fated journey leading to wailing when the reality dawned on them.
Shocked by the charred bodies of 18 members of the ruling Peoples Democratic Party (PDP) burnt beyond recognition on their way to Okeho, the headquarters of Kajola Local Government area of Oyo State on Saturday, two women fainted during the mass burial of the deceased.
The unidentified ladies in their 30s were among hundreds of family members, political associates and supporters of former Governor Ladoja, in whose entourage the burnt victims met their waterloo.
Last Saturday, at about 12 noon, the victims, comprising 13 women and five men, all members of the ruling (PDP) and believed to be loyalists of former Governor Ladoja, died when the 18-seater bus they were travelling in had a collision with another vehicle, a Toyota Dyna carrying planks on Ado-Awaye-Okeho road.
The two vehicles caught fire and all those travelling in them were burnt beyond recognition. It was gathered that the other vehicle had five peopl,e including the driver.
The victims were said to be on their way to Okeho to honour one of the top leaders of the group said to be holding the burial ceremony of his immediate brother, an occasion the former governor was also said to have gone ahead of his supporters.
Following the report of the accident on Saturday night, relatives of those that travelled with the former governor besieged his Bodija residence as early as 6.00.a.m. on Sunday morning to ascertain the involvement of their loved ones in the unfortunate incident.
At exactly 11:55 a.m, the bodies of the deceased arrived in a Toyota truck marked KF 795 KJA amidst wailing and gnashing of teeth, as all people present at the graveside, lost control when they sighted the fire-mutilated bodies of their loved ones.
It was emotion-laden voices at the Sango Cemetery, Ibadan, when the bodies, wrapped in white clothes were brought down to the burial site from Adeoyo State Hospital, Ibadan.
They were given mass entombment. It was a painful experience, as family members waited in turn to hear the terrible news of the involvement of their loved ones in the ill-fated journey leading to wailing when the reality dawned on them.
Shocked by the charred bodies of 18 members of the ruling Peoples Democratic Party (PDP) burnt beyond recognition on their way to Okeho, the headquarters of Kajola Local Government area of Oyo State on Saturday, two women fainted during the mass burial of the deceased.
The unidentified ladies in their 30s were among hundreds of family members, political associates and supporters of former Governor Ladoja, in whose entourage the burnt victims met their waterloo.
Last Saturday, at about 12 noon, the victims, comprising 13 women and five men, all members of the ruling (PDP) and believed to be loyalists of former Governor Ladoja, died when the 18-seater bus they were travelling in had a collision with another vehicle, a Toyota Dyna carrying planks on Ado-Awaye-Okeho road.
The two vehicles caught fire and all those travelling in them were burnt beyond recognition. It was gathered that the other vehicle had five peopl,e including the driver.
The victims were said to be on their way to Okeho to honour one of the top leaders of the group said to be holding the burial ceremony of his immediate brother, an occasion the former governor was also said to have gone ahead of his supporters.
Following the report of the accident on Saturday night, relatives of those that travelled with the former governor besieged his Bodija residence as early as 6.00.a.m. on Sunday morning to ascertain the involvement of their loved ones in the unfortunate incident.
BANKS’ LOSSES: Shareholders to lose dividends for 5 years - Depositors’ funds safe - CBN
WITH the growing declaration of huge financial losses by some of the rescued banks by the Central Bank of Nigeria (CBN), there were suggestions at the weekend that shareholders of the troubled banks might wait for five years before they could enjoy dividends again.
Nigerian Tribune findings showed that the recent records of losses by the banks presented to the Nigerian Stock Exchange (NSE) for vetting on Friday had virtually eroded both the banks’ shareholders fund and eaten into their operational funds too.
Further investigation revealed that apart from the N620 billion injected into the troubled banks by the CBN, which to them is a far cry from what they needed to run their operations, all the money recovered by the banks from their debtors was not directly remitted to the banks.
Speaking with the Nigerian Tribune, a director of one of the new generation banks, which submitted its scorecard to the NSE, who pleaded for anonymity, said that as a cost-cutting measure, the bank and others had decided to reduce their workforce drastically as well as close down some branches.
He said the money recovered from banks’ debtors were not remitted to the banks directly just as they were not allowed access to it by the apex bank. He noted that this explained why the money recovered by the banks so far was not being disclosed by banks which had made public their financial statement for the December 31 deadline on disclosure of financial positions of banks as directed by the CBN.
Mr. Boniface Okezie, President, Progressive Shareholders Association of Nigeria (PSAN), in his contribution, said the continued losses by the banks were increasing on a daily basis the fears by shareholders that there would not be dividends for sometime to come.
He said the shareholders had, from the time the Economic and Financial Crimes Commission (EFCC) stepped in to help recoup the banks’ exposure to huge loans, been sceptical that the money recovered would not be directly remitted to the banks to aid their operations.
Okezie, who said that they were already in court to challenge the inclusion of the anti-graft agency in the recovery of the banks’ toxic debts explained that losses by the banks had impacted negatively on their finances, and that it was expected that their return on investment would greatly be hampered.
In the results made available to the NSE by six of the nine rescued banks, Intercontinental Bank Plc made a provision of N436 billion and a loss after tax of N328 billion; Bank PHB Plc made a N232 billion loan loss provision and declared a net loss of N338 billion; Oceanic International Bank Plc made loan loss provisions of a whopping N315 billion and a loss after tax of N286 billion; while FinBank Plc wrote off N95 billion in bad loans and declared a net loss of N121 billion.
Also, Spring Bank Plc posted a net loss of N16.3 billion following a loan loss provision of N123.3 billion, while Union Bank of Nigeria Plc made provision of N148 billion and declared a loss of N223 billion. Afribank made a loss after tax and exceptional items stood at N71.2 compared with profit after of N11.9 billion in 2008. The bank provided for risk assets of N647.84 billion and exceptional items of N83.5 billion.
Though banks have turned out an unimpressive third quarter results, the Federal Government has assured depositors of the safety of their funds. The Minister of Finance, Dr. Mansur Muhtar, gave the assurance in a statement.
According to the minister, the government had reviewed the recent financial reports presented by the commercial banks and the associated measures to adjust their balance sheets, in line with the new rules and procedures.
Noting that these might present short term challenges to the banks, the government said they, however, provided an opportunity to draw the line and begin afresh.
“We remain optimistic that steps being taken will put the financial sector on a sounder footing, which is pivotal to strengthening our economy,” Muhtar said. The minister reiterated the government’s commitment to ensuring, along with the Central Bank of Nigeria (CBN), that depositors funds and creditors interests were fully protected in an orderly and sustainable manner.
Dr. Muhtar said the Federal Ministry of Finance and the CBN would continue to work with the National Assembly to secure a speedy passage of the bill establishing an Asset Management Company (AMC).
The bill, he said, would provide a vehicle and suitable framework for addressing the toxic assets of the commercial banks, while helping to restore liquidity and facilitate flow of resources to the real sector.
On the banking sector reform, the Federal Ministry of Finance commended the apex bank for the progress made so far in addressing the challenges facing the sector, stressing that the efforts being made to restore stability to the financial sector and strengthen the banking system were on the right track.
“The ministry is particularly supportive of the improvements being made to the accounting and financial reporting system of the sector, which will enhance transparency and accountability, strengthen corporate governance practices as well as provide a better platform for more effective risk management,” Dr. Muhtar noted.
Meanwhle, the CBN has resolved to inject additional liquidity into the troubled banks. The CBN, in a press statement signed by the Head, Corporate Affairs, Mr. Mohammed Abdu-llahi, said the new management drafted to the troubled banks found more serious situation in the banks than was initially thought.
As a result of this, the statement added that the apex bank would inject additional funds into the affected banks to see that the interests of both their depositors and creditors were safeguarded and to ensure that the banking system ran smoothly.
‘’As part of our mandate of preserving the integrity of the Nigerian banking system, the CBN will continue to support efforts towards restoring good governance, best practice, liquidity and capital in the affected banks. To this end, the Tier 2 capital injected in the banks in August and October to help bolster their capital positions will remain in place. Furthermore, the CBN will continue to stand by its inter-bank guarantee issued in July this year,” the statement added.
To further improve the banks’ situation, the CBN said it was actively supporting management of the banks in their efforts to recover outstanding loans and improve corporate governance in their respective institutions.
The apex bank said “for us at the CBN, it is important that the previous lapses in corporate governance are not allowed to repeat themselves.” Reiterating its determination to transfer the affected banks to institutions and people that will safeguard the interests of depositors, the CBN said it would be placing a great deal of emphasis on the technical capabilities of such interested parties.
Also, the CBN said Nigerian banks, like other banks in countries around the world, had faced a very challenging operating environment this year. Meanwhile, the CBN’s new disclosure standards for banks in the country have begun to have negative impact on government’s revenue and has also been compounding shareholders’ woes.
Investigations by the Nigerian Tribune showed that the tax authorities were greatly miffed by the mind-boggling losses currently being posted by banks, a development that had made their tax remittances to government completely eroded.
The tax authorities are said to be exploring other avenues to make up for the shortfall since the huge remittances from the banks have dwindled greatly. A financial analyst and chief operating officer, Landmark Investments, Mr. Okechukwu Amadi, has predicted that it would take the banks a long time to return to the path of profitability because of provisioning and the consequent huge losses made by the banks in recent times.
“Shareholders expecting dividends, particularly from the rescued banks, should start thinking something else. Unless the banks merge or they are acquired, it would take them a great deal of time to recover from these losses,” he said.
Alluding to this, the chairman, Stanbic IBTC, Mr. Atedo Peterside, said some banks mounted pressure to set aside a strict application of the prudential guidelines with a view to delaying the recognition of the accounting losses on their books, adding that they were also “shooting themselves in the foot” in the process because a failure to recognise losses meant that they were bleeding cash flows by paying taxes and dividends on non-existent profits, thereby compounding their liquidity woes.
Peterside observed that the level of non-existent profits the various banks would have continued to declare through 2009 and into 2010 in the absence of the regulators’ audit examination would have been mind-boggling, adding that the compulsory stress tests saved the industry from collapse.
He made a case for a financial system that has the ability to withstand exogenous shocks to the system, stating that only financial institutions that had in-built checks and balances would have the ability to withstand the shocks.
He charged the monetary authorities to use the opportunity presented by the ongoing domestic banking crisis to immediately put in place, the building blocks that would enable them to structure a coherent approach to systemic risk management in order to reduce financial instability; and institutionalise a strategy to respond promptly and efficiently to a future financial crisis.
In a related development, the raging feud between the two major professional accounting bodies in the country, the Association of National Accountants of Nigeria (ANAN) and the Institute of Accountants of Nigeria (ICAN) was re-ignited at the weekend over who is responsible for the current crisis in the banking sector.
Speaking at the sixth annual corporate financial reporting summit and dinner in Lagos last week, a former national president of ANAN, Dr. Samuel Nzekwe, noted that the current banking sector crisis had exposed ICAN, stating that its members were involved in the various misdemeanours in banks.
Apparently reacting to an earlier statement at the event by the second Vice President of ICAN, Mr. Dotun Owolabi, that the body had all it took to discipline any of its erring members, as its disciplinary tribunal had the status of a federal court, Nzekwe described it as a hoax, stressing that they were not capable of doing so.
The former ANAN boss regretted that none of the auditors that falsified the various accounts had been prosecuted, stating that calls for new rules to curb the excesses of the banks’ officials and external auditors were unnecessary, as the prudential guidelines had always been there.
“I am surprised that nothing has happened to the auditors which are part of the problem in the banks. What we see today is that individuals are becoming larger than institutions,” he said.
He called for the adoption and implementation of the International Financial Reporting Standards (IFRS) as it would enhance accounting standards in the country.
Nigerian Tribune findings showed that the recent records of losses by the banks presented to the Nigerian Stock Exchange (NSE) for vetting on Friday had virtually eroded both the banks’ shareholders fund and eaten into their operational funds too.
Further investigation revealed that apart from the N620 billion injected into the troubled banks by the CBN, which to them is a far cry from what they needed to run their operations, all the money recovered by the banks from their debtors was not directly remitted to the banks.
Speaking with the Nigerian Tribune, a director of one of the new generation banks, which submitted its scorecard to the NSE, who pleaded for anonymity, said that as a cost-cutting measure, the bank and others had decided to reduce their workforce drastically as well as close down some branches.
He said the money recovered from banks’ debtors were not remitted to the banks directly just as they were not allowed access to it by the apex bank. He noted that this explained why the money recovered by the banks so far was not being disclosed by banks which had made public their financial statement for the December 31 deadline on disclosure of financial positions of banks as directed by the CBN.
Mr. Boniface Okezie, President, Progressive Shareholders Association of Nigeria (PSAN), in his contribution, said the continued losses by the banks were increasing on a daily basis the fears by shareholders that there would not be dividends for sometime to come.
He said the shareholders had, from the time the Economic and Financial Crimes Commission (EFCC) stepped in to help recoup the banks’ exposure to huge loans, been sceptical that the money recovered would not be directly remitted to the banks to aid their operations.
Okezie, who said that they were already in court to challenge the inclusion of the anti-graft agency in the recovery of the banks’ toxic debts explained that losses by the banks had impacted negatively on their finances, and that it was expected that their return on investment would greatly be hampered.
In the results made available to the NSE by six of the nine rescued banks, Intercontinental Bank Plc made a provision of N436 billion and a loss after tax of N328 billion; Bank PHB Plc made a N232 billion loan loss provision and declared a net loss of N338 billion; Oceanic International Bank Plc made loan loss provisions of a whopping N315 billion and a loss after tax of N286 billion; while FinBank Plc wrote off N95 billion in bad loans and declared a net loss of N121 billion.
Also, Spring Bank Plc posted a net loss of N16.3 billion following a loan loss provision of N123.3 billion, while Union Bank of Nigeria Plc made provision of N148 billion and declared a loss of N223 billion. Afribank made a loss after tax and exceptional items stood at N71.2 compared with profit after of N11.9 billion in 2008. The bank provided for risk assets of N647.84 billion and exceptional items of N83.5 billion.
Though banks have turned out an unimpressive third quarter results, the Federal Government has assured depositors of the safety of their funds. The Minister of Finance, Dr. Mansur Muhtar, gave the assurance in a statement.
According to the minister, the government had reviewed the recent financial reports presented by the commercial banks and the associated measures to adjust their balance sheets, in line with the new rules and procedures.
Noting that these might present short term challenges to the banks, the government said they, however, provided an opportunity to draw the line and begin afresh.
“We remain optimistic that steps being taken will put the financial sector on a sounder footing, which is pivotal to strengthening our economy,” Muhtar said. The minister reiterated the government’s commitment to ensuring, along with the Central Bank of Nigeria (CBN), that depositors funds and creditors interests were fully protected in an orderly and sustainable manner.
Dr. Muhtar said the Federal Ministry of Finance and the CBN would continue to work with the National Assembly to secure a speedy passage of the bill establishing an Asset Management Company (AMC).
The bill, he said, would provide a vehicle and suitable framework for addressing the toxic assets of the commercial banks, while helping to restore liquidity and facilitate flow of resources to the real sector.
On the banking sector reform, the Federal Ministry of Finance commended the apex bank for the progress made so far in addressing the challenges facing the sector, stressing that the efforts being made to restore stability to the financial sector and strengthen the banking system were on the right track.
“The ministry is particularly supportive of the improvements being made to the accounting and financial reporting system of the sector, which will enhance transparency and accountability, strengthen corporate governance practices as well as provide a better platform for more effective risk management,” Dr. Muhtar noted.
Meanwhle, the CBN has resolved to inject additional liquidity into the troubled banks. The CBN, in a press statement signed by the Head, Corporate Affairs, Mr. Mohammed Abdu-llahi, said the new management drafted to the troubled banks found more serious situation in the banks than was initially thought.
As a result of this, the statement added that the apex bank would inject additional funds into the affected banks to see that the interests of both their depositors and creditors were safeguarded and to ensure that the banking system ran smoothly.
‘’As part of our mandate of preserving the integrity of the Nigerian banking system, the CBN will continue to support efforts towards restoring good governance, best practice, liquidity and capital in the affected banks. To this end, the Tier 2 capital injected in the banks in August and October to help bolster their capital positions will remain in place. Furthermore, the CBN will continue to stand by its inter-bank guarantee issued in July this year,” the statement added.
To further improve the banks’ situation, the CBN said it was actively supporting management of the banks in their efforts to recover outstanding loans and improve corporate governance in their respective institutions.
The apex bank said “for us at the CBN, it is important that the previous lapses in corporate governance are not allowed to repeat themselves.” Reiterating its determination to transfer the affected banks to institutions and people that will safeguard the interests of depositors, the CBN said it would be placing a great deal of emphasis on the technical capabilities of such interested parties.
Also, the CBN said Nigerian banks, like other banks in countries around the world, had faced a very challenging operating environment this year. Meanwhile, the CBN’s new disclosure standards for banks in the country have begun to have negative impact on government’s revenue and has also been compounding shareholders’ woes.
Investigations by the Nigerian Tribune showed that the tax authorities were greatly miffed by the mind-boggling losses currently being posted by banks, a development that had made their tax remittances to government completely eroded.
The tax authorities are said to be exploring other avenues to make up for the shortfall since the huge remittances from the banks have dwindled greatly. A financial analyst and chief operating officer, Landmark Investments, Mr. Okechukwu Amadi, has predicted that it would take the banks a long time to return to the path of profitability because of provisioning and the consequent huge losses made by the banks in recent times.
“Shareholders expecting dividends, particularly from the rescued banks, should start thinking something else. Unless the banks merge or they are acquired, it would take them a great deal of time to recover from these losses,” he said.
Alluding to this, the chairman, Stanbic IBTC, Mr. Atedo Peterside, said some banks mounted pressure to set aside a strict application of the prudential guidelines with a view to delaying the recognition of the accounting losses on their books, adding that they were also “shooting themselves in the foot” in the process because a failure to recognise losses meant that they were bleeding cash flows by paying taxes and dividends on non-existent profits, thereby compounding their liquidity woes.
Peterside observed that the level of non-existent profits the various banks would have continued to declare through 2009 and into 2010 in the absence of the regulators’ audit examination would have been mind-boggling, adding that the compulsory stress tests saved the industry from collapse.
He made a case for a financial system that has the ability to withstand exogenous shocks to the system, stating that only financial institutions that had in-built checks and balances would have the ability to withstand the shocks.
He charged the monetary authorities to use the opportunity presented by the ongoing domestic banking crisis to immediately put in place, the building blocks that would enable them to structure a coherent approach to systemic risk management in order to reduce financial instability; and institutionalise a strategy to respond promptly and efficiently to a future financial crisis.
In a related development, the raging feud between the two major professional accounting bodies in the country, the Association of National Accountants of Nigeria (ANAN) and the Institute of Accountants of Nigeria (ICAN) was re-ignited at the weekend over who is responsible for the current crisis in the banking sector.
Speaking at the sixth annual corporate financial reporting summit and dinner in Lagos last week, a former national president of ANAN, Dr. Samuel Nzekwe, noted that the current banking sector crisis had exposed ICAN, stating that its members were involved in the various misdemeanours in banks.
Apparently reacting to an earlier statement at the event by the second Vice President of ICAN, Mr. Dotun Owolabi, that the body had all it took to discipline any of its erring members, as its disciplinary tribunal had the status of a federal court, Nzekwe described it as a hoax, stressing that they were not capable of doing so.
The former ANAN boss regretted that none of the auditors that falsified the various accounts had been prosecuted, stating that calls for new rules to curb the excesses of the banks’ officials and external auditors were unnecessary, as the prudential guidelines had always been there.
“I am surprised that nothing has happened to the auditors which are part of the problem in the banks. What we see today is that individuals are becoming larger than institutions,” he said.
He called for the adoption and implementation of the International Financial Reporting Standards (IFRS) as it would enhance accounting standards in the country.
Plot to impeach David Mark unfolds
INDICATIONS have emerged in Abuja that some forces are pushing for the impeachment of the Senate President, David Mark, as fallout of the prolonged stay abroad of President Umaru Yar’Adua, who is receiving treatment in Saudi Arabia.
It was learnt in Abuja that some forces who were constantly strategising on the likely fallout of the president’s sickness had been tinkering with options, including the bid to get the Senate President out of the way.
A source told the Nigerian Tribune that the forces, including a top leader of the Peoples Democratic Party (PDP), and two Northern governors, had been strategising on the likely political scenario in the event that President Yar’Adua could not continue in office as a result of his illness.
It was also gathered that the group, after a series of meetings in Abuja and a North-Central state, decided that Senator Mark could be a stumbling block to their machinations and that he should be cut down.
The source further said that Mark was seen as an experienced politician who could not be manipulated and that the group believed that the Senate President had his own agenda on all national issues.
It was further gathered that the group believed that in the event that Vice-President Goodluck Jonathan takes over from his boss as a result of the President’s medical condition, a combination of Jonathan and the Senate president could be difficult to contain as number one and number three.
According to sources, the duo are seen as loyalists of former President Olusegun Obasanjo and that the former president could have a way of influencing them if they were allowed to hold the executive and legislative positions.
The group is also said to be scared that those silently pushing for Jonathan’s resignation could have their way and ensure the emergence of Mark as acting President.
“They feared that Mark may be difficult to control if that happens and as the head of the National Assembly, there could be a conspiracy of the lawmakers to extend his tenure,” a source said on Thursday.
But one of the governors, who is said to be strategising to take over from President Yar’Adua in 2011, is said to be supporting the plot, on the notion that Mark’s continued occupation of the number three seat could be injurious to his ambition.
The governor is said to be plotting to ensure that he weeds out as many of his likely contenders as possible out of the way before the 2011 presidential campaigns gets underway.
Although the governor is said to be placing his own agenda on the hope that President Yar’Adua would soon return to the country to continue his term in office, he is said to have been convinced that Yar’Adua would not be able to contest the 2011 elections.
The said governor is said to have adopted a former South-South governor as his running mate for the 2011 election. The choice of the South South governor is also said to have been supported by the top PDP leader, who is said to be quite afraid of the possible emergence of Jonathan as President and even his continuation as Vice-President after 2011.
Said the source: “The PDP leader is afraid that the vice -president could emerge a force to reckon with in the South-South and the entire South if he remains in office beyond 2011 and that is why he has been supporting the subtle attempts to have him replaced even before President Yar’Adua took ill.”
The calculations by the PDP big gun, according to sources, are that his political structure could suffer if Jonathan gains ascendancy and he is said to be supportive of measures that could ensure the emergence of his political son as the nation’s number two in 2011.
It was learnt in Abuja that some forces who were constantly strategising on the likely fallout of the president’s sickness had been tinkering with options, including the bid to get the Senate President out of the way.
A source told the Nigerian Tribune that the forces, including a top leader of the Peoples Democratic Party (PDP), and two Northern governors, had been strategising on the likely political scenario in the event that President Yar’Adua could not continue in office as a result of his illness.
It was also gathered that the group, after a series of meetings in Abuja and a North-Central state, decided that Senator Mark could be a stumbling block to their machinations and that he should be cut down.
The source further said that Mark was seen as an experienced politician who could not be manipulated and that the group believed that the Senate President had his own agenda on all national issues.
It was further gathered that the group believed that in the event that Vice-President Goodluck Jonathan takes over from his boss as a result of the President’s medical condition, a combination of Jonathan and the Senate president could be difficult to contain as number one and number three.
According to sources, the duo are seen as loyalists of former President Olusegun Obasanjo and that the former president could have a way of influencing them if they were allowed to hold the executive and legislative positions.
The group is also said to be scared that those silently pushing for Jonathan’s resignation could have their way and ensure the emergence of Mark as acting President.
“They feared that Mark may be difficult to control if that happens and as the head of the National Assembly, there could be a conspiracy of the lawmakers to extend his tenure,” a source said on Thursday.
But one of the governors, who is said to be strategising to take over from President Yar’Adua in 2011, is said to be supporting the plot, on the notion that Mark’s continued occupation of the number three seat could be injurious to his ambition.
The governor is said to be plotting to ensure that he weeds out as many of his likely contenders as possible out of the way before the 2011 presidential campaigns gets underway.
Although the governor is said to be placing his own agenda on the hope that President Yar’Adua would soon return to the country to continue his term in office, he is said to have been convinced that Yar’Adua would not be able to contest the 2011 elections.
The said governor is said to have adopted a former South-South governor as his running mate for the 2011 election. The choice of the South South governor is also said to have been supported by the top PDP leader, who is said to be quite afraid of the possible emergence of Jonathan as President and even his continuation as Vice-President after 2011.
Said the source: “The PDP leader is afraid that the vice -president could emerge a force to reckon with in the South-South and the entire South if he remains in office beyond 2011 and that is why he has been supporting the subtle attempts to have him replaced even before President Yar’Adua took ill.”
The calculations by the PDP big gun, according to sources, are that his political structure could suffer if Jonathan gains ascendancy and he is said to be supportive of measures that could ensure the emergence of his political son as the nation’s number two in 2011.
How pumpkins, squash pigment boost health benefits
CAROTENOIDS, the family of yellow to red pigments responsible for the striking orange hues of pumpkins and the familiar red color of vine-ripe tomatoes, play an important role in human health by acting as sources of provitamin A or as protective antioxidants.
Pumpkins and squash, available in a wide range of white, yellow, and orange colors, are excellent sources of dietary carotenoids, particularly lutein, alpha-carotene, and betacarotene.
The colors of these nutritional vegetables are determined by their genetic makeup, the concentration and type of carotenoids they contain, which are influenced by both genetic and environmental factors.
The good news: This wide range of carotenoids in pumpkins and squash provides fertile ground for genetic improvement. When breeders have reliable information about carotenoid types and concentrations, they can work to improve the vegetables' nutritional value and create new varieties of antioxidant-packed offerings for consumers.
But identifying and quantifying carotenoids hasn't been simple; scientists traditionally use a method called "high-performance liquid chromatography," or HPLC. HPLC is highly sensitive and reproducible, but can be expensive and time-consuming. To determine if carotenoid content of Pumpkin and squash could be accurately measured using a less-expensive and simpler method, Rachel A. ItIe and Eileen A. Kabelka from the University of Florida's Horticultural Sciences Department designed a research study using colorimetric analysis to correlate colour space values with carotenoid content in pumpkins and squash. The study appeared in a recent issue of HortScience.
Pumpkins and squash with white, yellow, and orange flesh colour were grown at multiple locations for the study. The flesh of each specimen was evaluated using both HPLC and colorimetric analysis. According to the research, "strong correlations between colorimetric values and carotenoid content were identified."
Interestingly, the researchers found a "nine-fold increase in total carotenoids provided within orange-red and yellow-orange colored cultigens versus yellow coloured cultigens."
The research determined that colormetric analysis can aid breeders interested in increasing carotenoid content in pumpkins and squash. The method, Kabelka concluded, "will be successful, easy to implement, and inexpensive."
Pumpkins and squash, available in a wide range of white, yellow, and orange colors, are excellent sources of dietary carotenoids, particularly lutein, alpha-carotene, and betacarotene.
The colors of these nutritional vegetables are determined by their genetic makeup, the concentration and type of carotenoids they contain, which are influenced by both genetic and environmental factors.
The good news: This wide range of carotenoids in pumpkins and squash provides fertile ground for genetic improvement. When breeders have reliable information about carotenoid types and concentrations, they can work to improve the vegetables' nutritional value and create new varieties of antioxidant-packed offerings for consumers.
But identifying and quantifying carotenoids hasn't been simple; scientists traditionally use a method called "high-performance liquid chromatography," or HPLC. HPLC is highly sensitive and reproducible, but can be expensive and time-consuming. To determine if carotenoid content of Pumpkin and squash could be accurately measured using a less-expensive and simpler method, Rachel A. ItIe and Eileen A. Kabelka from the University of Florida's Horticultural Sciences Department designed a research study using colorimetric analysis to correlate colour space values with carotenoid content in pumpkins and squash. The study appeared in a recent issue of HortScience.
Pumpkins and squash with white, yellow, and orange flesh colour were grown at multiple locations for the study. The flesh of each specimen was evaluated using both HPLC and colorimetric analysis. According to the research, "strong correlations between colorimetric values and carotenoid content were identified."
Interestingly, the researchers found a "nine-fold increase in total carotenoids provided within orange-red and yellow-orange colored cultigens versus yellow coloured cultigens."
The research determined that colormetric analysis can aid breeders interested in increasing carotenoid content in pumpkins and squash. The method, Kabelka concluded, "will be successful, easy to implement, and inexpensive."
How local spices halt breast cancer spread
Thursday, December 10, 2009
How local spices halt breast cancer spread
Can having a meal rich in local spices like turmeric and black pepper stop the spread of breast cancer? CHUKWUMA MUANYA examines the possibilities.
A NEW United States study has found that compounds derived from the spices turmeric and pepper could help prevent breast cancer by limiting the growth of stem cells, the small number of cells that fuel a tumor's growth.
Researchers at the University of Michigan Comprehensive Cancer Centre, United States have found that when the dietary compounds curcumin, which is derived from the Indian spice turmeric, and piperine, derived from black peppers, were applied to breast cells in culture, they decreased the number of stem cells while having no effect on normal differentiated cells.
Curcumin and piperine have been explored by other researchers as a potential cancer treatment. But this paper, published online in the journal Breast Cancer Research and Treatment, is the first to suggest these dietary compounds could prevent cancer by targeting stem cells.
Earlier medical researches indicate that a regular diet including spices such as garlic and turmeric, reduces breast cancer risk in women.
Turmeric is a spice that comes from the root of Curcuma longa, a member of the ginger family, Zingaberaceae. In traditional medicine, turmeric has been used for its medicinal properties for various indications and through different routes of administration, including topically, orally, and by inhalation.
In Nigeria, it is called atale pupa in Yoruba; gangamau in Hausa; nwandumo in Ebonyi; ohu boboch in Enugu (Nkanu East); gigir in Tiv; magina in Kaduna; turi in Niger State; onjonigho in Cross River (Meo tribe).
Turmeric, also known as curcuma, produces a root that is used to produce the vibrant yellow spice used as a culinary spice so often used in curry dishes.
One of turmeric's components is curcumin, a type of phytochemical known as a polyphenol. Research findings suggest that phytochemicals, which are the chemicals found in plants, appear to help prevent disease. As the bioactive component of turmeric, curcumin is readily absorbed for use by the body.
Botanically called Piper nigrum (uziza in Ibo) is of plant family Piperaceae. The fruits and seeds are used to cure dyspepsia (indigestion), diarrhoea, cholera, piles, urinary problems, boils, rheumatism, toothaches and headaches. Black pepper is also used to stabilise the womb in women after birth.
Indeed, ground black pepper is one of the most commonly consumed spices. Black pepper has been shown to have antioxidant, anti-inflammatory, antibacterial and antimutagenic properties and helps improve digestion. Black pepper is a dietary source of vitamin C, vitamin K and manganese. The spiciness of black pepper is due to its piperine content. Piperine has been shown to significantly increase the bioavailability of selenium and beta-carotene, among other nutrients. Black pepper and piperine have been shown to inhibit the development of carcinogen-induced colon and lung cancers in laboratory animals.
Piperine has been shown to enhance breast stem cell sensitivity to curcumin, a component of the spice turmeric. Curcumin may decrease breast cancer risk in part by reducing breast stem cell self-renewal and enhancing differentiation of breast stem cells
Lead author Dr. Madhuri Kakarala, clinical lecturer in internal medicine at the U-M Medical School and a research investigator at the VA Ann Arbor Healthcare System said: "If we can limit the number of stem cells, we can limit the number of cells with potential to form tumors."
Cancer stem cells are the small number of cells within a tumor that fuel the tumor's growth. Current chemotherapies do not work against these cells, which is why cancer recurs and spreads.
Researchers believe that eliminating the cancer stem cells is key to controlling cancer. In addition, decreasing the number of normal stem cells, unspecialised cells that can give rise to any type of cell in that organ, can decrease the risk of cancer.
In this study, a solution of curcumin and piperine was applied to the cell cultures at the equivalent of about 20 times the potency of what could be consumed through diet. The compounds are available at this potency in a capsule form that could be taken by mouth.
Note: This work has not been tested in patients, and patients are not encouraged to add curcumin or piperine supplements to their diet at this time.
The researchers applied a series of tests to the cells, looking at markers for breast stem cells and the effects of curcumin and piperine, both alone and combined, on the stem cell levels. They found that piperine enhanced the effects of curcumin, and that the compounds interrupted the self-renewal process that is the hallmark of cancer-initiating stem cells. At the same time, the compounds had no affect on cell differentiation, which is the normal process of cell development.
Kakarala said: "This shows that these compounds are not toxic to normal breast tissue. Women at high risk of breast cancer right now can choose to take the drugs tamoxifen or raloxifene for prevention, but most women won't take these drugs because there is too much toxicity. The concept that dietary compounds can help is attractive, and curcumin and piperine appear to have very low toxicity."
In addition, tamoxifen or raloxifene are designed to affect estrogen, which is a factor in most, but not all breast cancers. In fact, the aggressive tumors that tend to occur more often in women with a family history or genetic susceptibility are typically not affected by estrogen. Because curcumin and piperine limit the self renewal of stem cells, they would impact cancers that are not estrogen sensitive as well as those that are.
Researchers are planning an initial Phase I clinical trial to determine what dose of curcumin or piperine can be tolerated in people. The trial is not expected to begin accruing participants until spring.
Previous studies have shown that people whose diets are rich in turmeric have lower rates of breast cancer as well as prostate, lung and colon cancers. Research at the M.D. Anderson Cancer Centre in Houston, United States suggested that curcumin, an active component in turmeric, may help prevent the spread of breast cancer. In studies of mice, researchers found that curcumin helped stop the metastasis of breast cancer cells to the lung. Human studies following up on this finding are now in progress.
In the M.D. Anderson study, researchers injected mice with breast cancer cells from a woman whose disease had spread to her lungs. The cells began to grow in the mice and then were surgically removed. The mice then were divided into four groups: one got no treatment, one got curcumin, one got the cancer drug Taxol and the fourth group got curcumin plus Taxol. Cancer spread to the lungs among half the mice in the curcumin-only group and 22 per cent of those in the curcumin/Taxol group. The other groups fared far worse: among the mice that received Taxol alone 75 per cent developed lung tumors; and the cancer spread to the lungs among 95 per cent of the mice who were given no treatment.
While these results are exciting, we do not know yet if curcumin plus Taxol will be as effective in humans. However, the researchers were impressed enough to suggest that it might be worthwhile to give curcumin to women at high risk of breast cancer because of a family history of the disease.
Meanwhile, previous laboratory studies indicate that black pepper may also be beneficial in pain and Alzheimer's disease. In clinical trials, inhalation of black pepper oil improved withdrawal symptoms of cigarette smoking and the ability to swallow in post-stroke patients.
Ingestion of black pepper may cause dyspepsia (upset stomach) and other gastrointestinal adverse effects. Inhalation of black pepper has caused respiratory irritation, edema, and even respiratory arrest, severe anoxia, and death. There may also be a link between ingestion of black pepper and nasopharyngeal or esophageal cancer.
The United States Food and Drug Administration (FDA) has approved black pepper, black pepper oil, black pepper oleoresin, piperidine, and piperine as Generally Recognized as Safe (GRAS) for use in foods in the United States.
How local spices halt breast cancer spread
Can having a meal rich in local spices like turmeric and black pepper stop the spread of breast cancer? CHUKWUMA MUANYA examines the possibilities.
A NEW United States study has found that compounds derived from the spices turmeric and pepper could help prevent breast cancer by limiting the growth of stem cells, the small number of cells that fuel a tumor's growth.
Researchers at the University of Michigan Comprehensive Cancer Centre, United States have found that when the dietary compounds curcumin, which is derived from the Indian spice turmeric, and piperine, derived from black peppers, were applied to breast cells in culture, they decreased the number of stem cells while having no effect on normal differentiated cells.
Curcumin and piperine have been explored by other researchers as a potential cancer treatment. But this paper, published online in the journal Breast Cancer Research and Treatment, is the first to suggest these dietary compounds could prevent cancer by targeting stem cells.
Earlier medical researches indicate that a regular diet including spices such as garlic and turmeric, reduces breast cancer risk in women.
Turmeric is a spice that comes from the root of Curcuma longa, a member of the ginger family, Zingaberaceae. In traditional medicine, turmeric has been used for its medicinal properties for various indications and through different routes of administration, including topically, orally, and by inhalation.
In Nigeria, it is called atale pupa in Yoruba; gangamau in Hausa; nwandumo in Ebonyi; ohu boboch in Enugu (Nkanu East); gigir in Tiv; magina in Kaduna; turi in Niger State; onjonigho in Cross River (Meo tribe).
Turmeric, also known as curcuma, produces a root that is used to produce the vibrant yellow spice used as a culinary spice so often used in curry dishes.
One of turmeric's components is curcumin, a type of phytochemical known as a polyphenol. Research findings suggest that phytochemicals, which are the chemicals found in plants, appear to help prevent disease. As the bioactive component of turmeric, curcumin is readily absorbed for use by the body.
Botanically called Piper nigrum (uziza in Ibo) is of plant family Piperaceae. The fruits and seeds are used to cure dyspepsia (indigestion), diarrhoea, cholera, piles, urinary problems, boils, rheumatism, toothaches and headaches. Black pepper is also used to stabilise the womb in women after birth.
Indeed, ground black pepper is one of the most commonly consumed spices. Black pepper has been shown to have antioxidant, anti-inflammatory, antibacterial and antimutagenic properties and helps improve digestion. Black pepper is a dietary source of vitamin C, vitamin K and manganese. The spiciness of black pepper is due to its piperine content. Piperine has been shown to significantly increase the bioavailability of selenium and beta-carotene, among other nutrients. Black pepper and piperine have been shown to inhibit the development of carcinogen-induced colon and lung cancers in laboratory animals.
Piperine has been shown to enhance breast stem cell sensitivity to curcumin, a component of the spice turmeric. Curcumin may decrease breast cancer risk in part by reducing breast stem cell self-renewal and enhancing differentiation of breast stem cells
Lead author Dr. Madhuri Kakarala, clinical lecturer in internal medicine at the U-M Medical School and a research investigator at the VA Ann Arbor Healthcare System said: "If we can limit the number of stem cells, we can limit the number of cells with potential to form tumors."
Cancer stem cells are the small number of cells within a tumor that fuel the tumor's growth. Current chemotherapies do not work against these cells, which is why cancer recurs and spreads.
Researchers believe that eliminating the cancer stem cells is key to controlling cancer. In addition, decreasing the number of normal stem cells, unspecialised cells that can give rise to any type of cell in that organ, can decrease the risk of cancer.
In this study, a solution of curcumin and piperine was applied to the cell cultures at the equivalent of about 20 times the potency of what could be consumed through diet. The compounds are available at this potency in a capsule form that could be taken by mouth.
Note: This work has not been tested in patients, and patients are not encouraged to add curcumin or piperine supplements to their diet at this time.
The researchers applied a series of tests to the cells, looking at markers for breast stem cells and the effects of curcumin and piperine, both alone and combined, on the stem cell levels. They found that piperine enhanced the effects of curcumin, and that the compounds interrupted the self-renewal process that is the hallmark of cancer-initiating stem cells. At the same time, the compounds had no affect on cell differentiation, which is the normal process of cell development.
Kakarala said: "This shows that these compounds are not toxic to normal breast tissue. Women at high risk of breast cancer right now can choose to take the drugs tamoxifen or raloxifene for prevention, but most women won't take these drugs because there is too much toxicity. The concept that dietary compounds can help is attractive, and curcumin and piperine appear to have very low toxicity."
In addition, tamoxifen or raloxifene are designed to affect estrogen, which is a factor in most, but not all breast cancers. In fact, the aggressive tumors that tend to occur more often in women with a family history or genetic susceptibility are typically not affected by estrogen. Because curcumin and piperine limit the self renewal of stem cells, they would impact cancers that are not estrogen sensitive as well as those that are.
Researchers are planning an initial Phase I clinical trial to determine what dose of curcumin or piperine can be tolerated in people. The trial is not expected to begin accruing participants until spring.
Previous studies have shown that people whose diets are rich in turmeric have lower rates of breast cancer as well as prostate, lung and colon cancers. Research at the M.D. Anderson Cancer Centre in Houston, United States suggested that curcumin, an active component in turmeric, may help prevent the spread of breast cancer. In studies of mice, researchers found that curcumin helped stop the metastasis of breast cancer cells to the lung. Human studies following up on this finding are now in progress.
In the M.D. Anderson study, researchers injected mice with breast cancer cells from a woman whose disease had spread to her lungs. The cells began to grow in the mice and then were surgically removed. The mice then were divided into four groups: one got no treatment, one got curcumin, one got the cancer drug Taxol and the fourth group got curcumin plus Taxol. Cancer spread to the lungs among half the mice in the curcumin-only group and 22 per cent of those in the curcumin/Taxol group. The other groups fared far worse: among the mice that received Taxol alone 75 per cent developed lung tumors; and the cancer spread to the lungs among 95 per cent of the mice who were given no treatment.
While these results are exciting, we do not know yet if curcumin plus Taxol will be as effective in humans. However, the researchers were impressed enough to suggest that it might be worthwhile to give curcumin to women at high risk of breast cancer because of a family history of the disease.
Meanwhile, previous laboratory studies indicate that black pepper may also be beneficial in pain and Alzheimer's disease. In clinical trials, inhalation of black pepper oil improved withdrawal symptoms of cigarette smoking and the ability to swallow in post-stroke patients.
Ingestion of black pepper may cause dyspepsia (upset stomach) and other gastrointestinal adverse effects. Inhalation of black pepper has caused respiratory irritation, edema, and even respiratory arrest, severe anoxia, and death. There may also be a link between ingestion of black pepper and nasopharyngeal or esophageal cancer.
The United States Food and Drug Administration (FDA) has approved black pepper, black pepper oil, black pepper oleoresin, piperidine, and piperine as Generally Recognized as Safe (GRAS) for use in foods in the United States.
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