Exit Date the U-Turn LETTERS
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May Day: Labour in Limbo Adolphus Karibi-Whyte Exit Date The U-Turn LETTERS country and the delay by the ministry of obtained approval to pay relevant fées Shabby Treatment external affairs to provide a realistic rate demanded by school authorities based of conversion for expenses incurred in on the practice in Nigeria. This policy Whatever offence General Olusegun the local currency to the Naira for affected the children of all home-based Obasanjo, former head of state and purposes of making returns to officers in Buenos Aires. The officers General Shehu Musa Yar'Adua, his one headquarters. It might interest your concerned of course had to pay all extras time deputy, might have committed, their readers to note that when we first went to outside the approved practice. I wonder manner of arrest, detention and the initial Buenos Aires in 1987, the local currency why the ambassador's daughter is being denial of military authorities that they was exchanging at three to one dollar. By singled out when the practice, which I were aware of the former's arrest goes in 1991, the rate had jumped to ten thousand incidentally inherited, covered all no small way to show that Nigeria, nay Australes to one US dollar. The embassy children of home-based officers. Nigerians do not have any iota of respect still had to file returns up to 1992 using The conference in New York in for their former leaders. (Cover March the conversion rate approved for 1988, August, 1992, was a Nigerian federal 27). thus giving the false impression of over government approved activity under the John A. Iwori, expenditure. auspices of the federal ministry of Port Harcourt. information and culture and the Nigerian Institute of International Affairs. I was I think it is time Nigerians asked to be invited, and obtained the ministry's left alone to think about their problems. permission to attend and deliver two The undue and heavily biased papers on the "Democratic Project in interference of some imperialist powers Africa" and the "African Elements in is getting out of hand. They cause more American Culture". I wonder how I could disaffection thanhelp solve our problems. have gone from Buenos Aires to New We appeal to them to preach peace and York and participated in a government unity and not set Nigerians one against approved activity without using the the other. embassy resources for air ticket and Ben Uwakwe, estacode. Nsukka, Documents on the purchase of the Enugu State. residence should show that the entire transaction and negotiation were handled Whoever wants to be aged should by the relevant officials of the ministry of respect aged, therefore if General Abacha foreign affairs. The property was properly wants to gain world recognition and inspected and chosen from 6 respect like General Olusegun Obasanjo recommended by the embassy and the after he might have retired from public cost of, including approved renovations office, he should release Obasanjo and which were handled by the landlord, other political detainees. was 1.25 million dollars. However, to Oluwatimiro Akindele, Indeed, the embassy never expended ensure faithful implementation of the Akure above its approved budget and amounts renovations and full documentation, remitted to it. Interestingly the embassy payment was broken into 3 installments: My Own Case had no access to overdraft facilities and 700,000 dollars for property as it was; an so could not be said to have made up the advance towards renovation; and 120,000 dollars final payment when all I was both shocked and embarrassed "imaginary" over-expenditure through renovations and documentation had been by parts of your story which appeared in that resource in a "cash and carry" completed. I am proud to say that I your magazine of March 27, most economy like Argentina. The false picture ensured full implementation of the especially as I have received no "audit of over-expenditure is, therefore, an arrangement, despite efforts by the query" from the ministry of foreign affairs "accounting problem" arising from the landlord, now "believe to be a friend of or the office of the auditor-general. inadequacy of the conversion rate for the the ambassador", to wriggle out of it. local currency given to the embassy. This However, pending receipt of such query Incidentally, we had to get the services of is a matter which was the subject of several and in view of the many calls and a lawyer to compel the landlord to fulfil correspondences between the embassy, expressions of disquiet by friends, all his obligationsbefore the finalpayment indeed, sister embassies in Latin America, associates and family members, permit was made. The rationale and wisdom of me to comment as follows: and headquarters. investing 1.2 million dollars to own a The claim that the embassy in Buenos The claim that the ambassador property on which the embassy was Aires overspent its approved budget in exceeded the approved limit of fees for paying an annual rent of about 100,000.00 1991 and 1992, when I was in charge, can his daughter is also misplaced. As a result dollars should be clear. only arise from lack of appreciation of the of the escalating cost of school fees in Okon E. Uya, turbulent currency fluctuation in host Argentina, the embassy sought and Calabar. Typed reactions to the contents of Newswatch, should be addressed to Newswatch Letters, 3 Billings Way (Off Secretariat Road), Oregun Industrial Estate, P.M.B. 21499, Ikeja, Nigeria. All letters must bear the correct names, addresses and signatures of the writers. Newswatch reserves the right to edit letters for clarity and brevity. Newswatch, May 8,1995 3 EQUITORIAL TRUST BANK LIMITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER, 1994 BALANCE SHEET PROFIT AND LOSS _________________ ASSETS 1994 1993 1994 1993 N’000 N’000 N’000 N’000 Cash and short term funds- 541,536 495,945 Gross earnings 595,090 475,669 Balances with other banks 595,563 183,193 Profit before provisions for Treasury bills 603,000 640,000 bad and doubtful accounts. 151,648 86,011 Investment 2,000 2,000 Provision for bad and Loans and advances 957,859 504,378 doubtful accounts. (36,976) (21,270) Other assets 269,003 118,396 PROFIT BEFORE TAXATION 114,672 64,741 Equipment on Lease 9,414 13,436 Fixed assets 136,875 67,650 Taxation (25,495) (13,275) 3,115,250 2,024,998 PROFIT AFTER TAXATION 89,177 51,466 LIABILITIES APPROPRIATED AS FOLLOWS: Transfer to statutory reserves 26,753 15,440 Deposits and other accounts 1,443,546 1,192,598 Dividend 20,000 — Due to other banks 250,000 107,424 Retained profit for the year 42,424 36,026 Taxation 26,118 14,304 Other liabilities 1,164,491 548,754 89,177 51,466 2,884,155 1,863,080 Earnings per share 89k 51k CAPITAL AND RESERVES Share capital 100,000 100,000 AUDITORS’ REPORT Statutory reserves 52,112 25,359 TO THE MEMBERS OF Retained profits 78,983 36,559 EQUITORIAL TRUST BANK LIMITED SHAREHOLDERS’ FUNDS 231,095 161,918 We have audited the above financial statements and have obtained all the information and explanations, which, to the best of our knowledge and belief, were 3,115,250 2,024,998 necessary for the purposes of our audit. In our opinion, proper books of account have been kept at Head office and at each of the branches which accord with generally accepted accounting principles and CONTRA ACCOUNTS comply with the requirements of the Companies and Allied Matters Decree 1990 Acceptances, Guarantees and other in such a form as to explain and give a true and fair view of all transactions. We have examined the books at Head office and have received returns adequate for obligations on behalf of customers our audit from the branches not visited by us. and customers’ liability thereon 370,765 685,878 During the period covered by these accounts, the bank contravened Section 20(1 ) (a) of the Banks and Other Financial Institutions Decree 25 of 1991. This has been reported to the Central Bank of Nigeria and the particulars thereof and the penalty paid are set out in the detailed accounts. The financial statements were To the best of our knowledge and belief, there was no other contravention of the Banks and Other Financial Institutions Decree, 1991 and all relevant circulars of approved by the Board of the Central Bank of Nigeria during the year ended December 31,1994. Directors on the 5th of April 1995 In our opinion the assets have been properly valued and adequate provision has and signed on its behalf by: been made for any losses or diminution in the value thereof. To the best of our knowledge and belief, the company complied with the guidelines of the Productivity, Prices and Incomes Board during the period covered by these accounts. In our opinion, to the best of our information and having regard to the explanations Otunba Y. Adegbola (Mrs.) given to us, the accounts which comply with the requirements of the relevant Chairman Statements of Accounting Standard so far issued, have been prepared on the basis of the accounting policies of the Bank and give the information required by the Banks and Other Financial Institutions Decree 25 of 1991 in the manner so Mr. A. A. Atekoja required, and give a true and fair view of the state of the bank’s financial affairs at December 31,1994 and of the profit for the year ended on that date. Managing Director Adetona laichei & Co. Chartered Accountants Lagos: April 5,1995 ICL ccpn/0051 °utiine Newswatch MAY 8, 1995 NIGERIA’S WEEKLY NEWSMAGAZINE VOL.