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The Effects of Mergers and Acquisition on Corporate Growth and Profitability
GLOBAL JOURNAL OF BUSINESS RESEARCH ♦ VOLUME 7 ♦ NUMBER 1 ♦ 2013 THE EFFECTS OF MERGERS AND ACQUISITION ON CORPORATE GROWTH AND PROFITABILITY: EVIDENCE FROM NIGERIA Sylvester Feyi Akinbuli, University of Lagos, Distance Learning Institute Ikechukwu Kelilume, Lagos Business School ABSTRACT It is a widely held view that a strategic solution to financial distress in corporate organizations is mergers and acquisitions. This view remains a presumption, which has not been empirically tested through a research study. Corporate organizations facing difficulty have in recent times often followed or are compelled by regulators to follow the path of extensive reconstruction through mergers and acquisitions, apparently as the only option to liquidation. This paper fills a gap in the literature by investigating the effects of mergers and acquisitions on the efficiency, growth and profitability of corporate organizations in the post consolidated environment of the Nigerian banking industry. The methodology used is a survey of companies incorporated in Nigeria under the Companies and Allied Matters Act [1990], which have undergone a merger or an acquisition process. The elements of the survey were selected randomly. A total of ten incorporated banks were selected using simple random sampling technique. The collected data were analyzed using key financial ratios. The results support the idea that mergers and acquisitions are not a prima facie solution to the problem of financial distress in corporate organizations. This is especially so when mergers are regulatory imposed than business environment driven. The study further revealed that while mergers and acquisitions can drive growth and profitability in some organizations, operating efficiency suffers at least in the short-term in the post merger and acquisition corporate entity. -
South Africa and the African Renaissance
South Africa and the African Renaissance PETER VALE* AND SIPHO MASEKO On May , immediately prior to the adoption of South Africa’s new con- stitution,Thabo Mbeki, Nelson Mandela’s chosen successor, opened his address to the country’s Constitutional Assembly with the words ‘I am an African!’. In an inclusionary speech, symptomatic of post-apartheid South Africa, Mbeki drew strands of the country’s many histories together. His words evoked great emotion within the assembly chamber, and later throughout the country: across the political spectrum, South Africans strongly associated themselves with the spirit of reconciliation and outreach caught in his words. South Africa’s reunification with the rest of the continent had been a significant sub-narrative within the processes which led to negotiation over the ending of apartheid. That South Africa would become part of the African community was, of course, beyond doubt; what was at issue was both the sequence of events by which this would happen and the conditionalities attached to its happening.The continent’s enthusiasm for the peace process in South Africa was initially uneven: the Organization of African Unity (OAU) summit in June decided to retain sanctions against South Africa although the Nigerian leader, General Ibrahim Babingida, expressed an interest in meet- ing South Africa’s then President, F.W.de Klerk, if such an occasion ‘would help bring about majority rule.’ The political prize attached to uniting South Africa with the rest of the continent explains why South Africa’s outgoing minority government, despite energetic and expensive diplomatic effort, was unable to deliver its own version of South Africa in Africa. -
Industrial Property and Copyright 36Th Year-No
Published monthly Annual subscription: 190 Swiss francs Each monthly issue: Industrial 24 Swiss francs Geneva Property 3rd Year - No. 6 June 1997 (Industrial Property and Copyright 36th Year-No. 6) (Copyright Monthly Review of the 33rd Year-No. 6) World Intellectual Property Organization Contents GOVERNING BODIES OF WIPO WIPO Budget Committee. Sixteenth Session; WTPO Premises Committee. Seventh Session (Geneva, April 14 and 15,1997) 210 WIPO Budget Committee. Seventeenth Session (Geneva, April 16 and 18,1997) 210 NOTIFICATIONS CONCERNING TREATIES ADMINISTERED BY WIPO Berne Convention. Withdrawal of Notification Concerning Mongolia 211 Rome Convention I. Accession: Cape Verde 212 IL Ratification: Lebanon 212 Phonograms Convention. Accession: Latvia 212 Budapest Treaty. Termination of the Status of International Depositary Authority Under Article 8(2): National Collection of Food Bacteria (NCFB) (United Kingdom). 212 Trademark Law Treaty. Accession: Burkina Faso 213 NORMATIVE ACTIVITIES OF WTPO UNESCO-WIPO World Forum on the Protection of Folklore (Phuket, April 8 to 10,1997) 213 WIPO World Symposium on Broadcasting, New Communication Technologies and Intellectual Property (Manila, April 28 to 30,1997) 214 INTERNATIONAL CLASSIFICATION AND STANDARDIZATION AC- TIVITIES International Patent Classification (IPC) Union. Committee of Experts. Twenty-Fifth Session (Geneva, March 10 to 14,1997) 216 [Continued overleaf] WIPO 1997 Any reproduction of official notes or reports and translations of laws or agreements published in this ISSN 1020-2196 -
7.14 Nigeria Capital City Abuja Population (2005 Est.) 141,400,000 (2.2% Growth)
The Ocean Data and Information Network of Africa 7.14 Nigeria Capital city Abuja Population (2005 est.) 141,400,000 (2.2% growth) GDP per capita (USD 2005 est.) $1 128 Life expectancy at birth (2005 est.) 46.5 years (male - 46.0, female - 47.1) Land and water area 923,768 km2 (land - 910 768, water - 13 000) Length of coastline 853 km Dr. Larry Awosika, Dr. Regina Folorunsho* ---------------------------------- Highest point of elevation Mount Chappei Waddi 2 419 m Nigerian Institute for Oceanography and Marine Research P.M.B. 12729 Victoria Island Coral reef area (2001 est.) 0 km Lagos *Corresponding author E-mail: [email protected] Mangrove area (2005 est.) 997,000 ha Marine protected areas (2007 est.) 0 km2 (0% of total territorial waters) Capture fisheries prod. (2006 est.) 552,323 metric tones N Aquaculture fisheries prod. (2006 est.) 84,578 metric tones NIGER CHAD Sokoto Chad Katsina Yobe Sokoto Jigawa Rivers to the Country’s Coast: The river catchment basins in the Katagum Kano Borno coastal zone consist of the western Nigeria catchment basin, the Niger Kebbi Benue catchment basin, and the south-eastern catchment basin. The major rivers in the western Nigerian catchment basin consist of Kaduna Ogun, Owena, Osun and Shasha which are sourced from the Yoruba Bauchi BENIN Niger highlands and drain the landmass in the south western part of Nigeria. Kaduna These rivers empty into the Lagos lagoon. Kwara Niger Adamwa Plateau Ogun ABUJA The Niger Benue catchment basin is dominated by the Niger and Benue Banua Oyo rivers. The Niger River flowing over coarse, crystalline, Cretaceous Kogi Taraba CAMEROON and Cenozoic base complex enter the country in the west, and has Osun Niger Benus Chappai Waddi a total length of 4 123 km - making it the eleventh longest river in Endo Ogun 2419m the world. -
A Socio- Economic History of Alcohol in Southeastern Nigeria Since 1890
CHAPTER ONE INTRODUCTION Background to the Study Alcohol has various socio-economic and cultural functions among the people of southeastern Nigeria. It is used in rituals, marriages, oath taking, festivals and entertainment. It is presented as a mark of respect and dignity. The basic alcoholic beverage produced and consumed in the area was palm -wine tapped from the oil palm tree or from the raffia- palm. Korieh notes that, from the fifteenth century contacts between the Europeans and peoples of eastern Nigeria especially during the Atlantic slave trade era, brought new varieties of alcoholic beverages primarily, gin and whisky.1 Thus, beginning from this period, gins especially schnapps from Holland became integrated in local culture of the peoples of Eastern Nigeria and even assumed ritual position.2 From the 1880s, alcohol became accepted as a medium of exchange for goods and services and a store of wealth.3 By the early twentieth century, alcohol played a major role in the Nigerian economy as one third of Nigeria‘s income was derived from import duties on liquor.4 Nevertheless, prior to the contact of the people of Southern Nigeria with the Europeans, alcohol was derived mainly from the oil palm and raffia palm trees which were numerous in the area. These palms were tapped and the sap collected and drunk at various occasions. From the era of the Trans- Atlantic slave trade, the import of gin, rum and whisky became prevalent.These were used in ex-change for slaves and to pay comey – a type of gratification to the chiefs. Even with the rise of legitimate trade in the 19th century alcoholic beverages of various sorts continued to play important roles in international trade.5 Centuries of importation of gin into the area led to the entrenchment of imported gin in the culture of the people. -
A Mountain Still to Climb
A Mountain Still to Climb Censorship and democratic transition in Nigeria ARTICLE 19 ARTICLE 19, London ISBN 1 902598 09 1 June 1999 Censorship and democratic transition in Nigeria CONTENTS INTRODUCTION AND RECOMMENDATIONS .................................................. 1 1 ASSESSING THE CREDIBILITY OF THE TRANSITION TO CIVILIAN RULE: A BENCHMARKS APPROACH .................................... 5 2 TOWARDS A POST-TRANSITION AGENDA FOR REFORM .................. 8 3 THE OTA PLATFORM OF ACTION ON MEDIA LAW REFORM IN NIGERIA .............................................................................................. 10 4 HARASSMENT OF JOURNALISTS AND TRADE UNIONISTS ................ 18 5 THE CRISIS IN THE NIGER DELTA......................................................... 19 6 OBSERVATIONS ON THE ROLE OF THE INTERNATIONAL COMMUNITY IN BUILDING A DEMOCRATIC TRANSITION IN NIGERIA ............................................................................................. 30 CONCLUSIONS .................................................................................................. 32 APPENDIX ......................................................................................................... 33 1 A Mountain Still to Climb INTRODUCTION AND RECOMMENDATIONS The handover of power by the Nigerian military to a new civilian government, headed by President Olusegun Obasanjo, on 29 May 1999 marks a potentially pivotal moment in Nigeria’s history. Hopes are being expressed in many quarters that the new civilian government will be able to -
The Nexus Between the Increasing Involvement of Youth in Betting Games and Unemployment from the Nigerian Perspective
The current issue and full text archive of this journal is available on Emerald Insight at: https://www.emerald.com/insight/2632-279X.htm Increasing The nexus between the increasing involvement of involvement of youth in betting youth games and unemployment: the Nigerian perspective 163 Gbemi Oladipo Olaore Received 12 February 2020 Revised 23 April 2020 Department of Management, Atilim University, Ankara, Turkey, and 16 June 2020 18 June 2020 Bimbo Onaolapo Adejare and Ekpenyong Ekpenyong Udofia Accepted 18 June 2020 Department of Business Administration, Faculty of Management Science, University of Lagos, Akoka-Yaba, Nigeria Abstract Purpose – Betting games have become a global industry worth billions of dollars providing employment to millions and contributing to the gross domestic product (GDP) of several countries. While there are debates and controversies surrounding betting games discourse, a growing body of literature shows that it has been exacerbated by growing unemployment rates. This paper aims to examine the nexus between the increasing involvement of youth in betting games and unemployment from the Nigerian perspective. Design/methodology/approach – The study adopts simple random and stratified sampling techniques to select participants for the study. Three hypotheses were tested for this study and confirmatory factor analysis (CFA) and structural equation model (SEM) was used to test the hypotheses. Findings – The three hypotheses tested in this study were coined from previous literature. The study established a direct link between technology advancement, promises of winning big coupled with bonuses while unemployment was not significant to youth involvement in betting games. The study also showed that playing betting games provides another source of income to the youth, who are already engaged in one form of work or another. -
The Prevalence and Plasmid Profile of Non-Typhoidal Salmonellosis in Children in Lagos Metropolis, South-Western Nigeria
Open Access Research The prevalence and plasmid profile of non-typhoidal salmonellosis in children in Lagos metropolis, South-western Nigeria Ajoke Olutola Adagbada1,&, Akitoye Olusegun Coker1, Stella Ifeanyi Smith2, Solayide Abosede Adesida3 1Department of Medical Microbiology and Parasitology, College of Medicine, University of Lagos, Lagos, Nigeria, 2Molecular Biology and Biotechnology Division, Nigerian Institute of Medical Research, Yaba, Lagos, Nigeria, 3Department of Microbiology, Faculty of Science, University of Lagos, Akoka, Lagos, Nigeria &Corresponding author: Ajoke Olutola Adagbada, Department of Medical Microbiology and Parasitology, College of Medicine, University of Lagos, Lagos, Nigeria Key words: Prevalence, plasmid, salmonellosis, children Received: 29/12/2012 - Accepted: 17/11/2014 - Published: 09/12/2014 Abstract Introduction: Non-typhoidal Salmonella is the causative agent of gastroenteritis, a food-borne and zoonotic infection which is a major cause of high morbidity and death among children under 5 years of age especially from resource poor settings like the developing countries. Methods: This study was carried out for 6 months to determine the prevalence and plasmid profile of non-typhoidal salmonellosis in children in Lagos metropolis. A total of 105 stool samples were collected from diarrheal children aged 3 months to 12 years and processed during this period. The isolates were identified using Selenite F Broth, Salmonella-Shigella Agar, Kligler Iron Agar, and Motility-indole-Urea medium, citrate and sugar utilization tests. Results: A total number of 127 isolates were identified, 2 of which are Salmonella enteritidis (1.6%). The non-typhoidal Salmonellae were sensitive to ciprofloxacin, cetotaxime, streptomycin, cotrimxazole and tetracycline. Only one of the 2 isolates (50%) was sensitive to amoxillin and sulphonamide while none of them (0%) was sensitive to cefuroxime. -
The State and Nation-Building in Nigeria, 1967 – 2007: A
THE STATE AND NATION-BUILDING IN NIGERIA, 1967 – 2007: A HISTORICAL ANALYSIS BY FALODE ADEWUNMI JAMES MATRICULATION NUMBER: 069015028 A THESIS IN PARTIAL FULFILLMENT OF THE REQUIREMENTS FOR THE AWARD OF THE DEGREE OF DOCTOR OF PHILOSOPHY (PhD) IN THE DEPARTMENT OF HISTORY AND STRATEGIC STUDIES UNIVERSITY OF LAGOS MAY, 2012 i THE STATE AND NATION-BUILDING IN NIGERIA, 1967 – 2007: A HISTORICAL ANALYSIS BY FALODE ADEWUNMI JAMES MATRICULATION NUMBER: 069015028 SCHOOL OF POSTGRADUATE STUDIES, UNIVERSITY OF LAGOS. ii CERTIFICATION This is to certify that the thesis submitted to the School of Postgraduate Studies, University of Lagos for the Award of the Degree of Doctor of Philosophy (PhD) in History and Strategic Studies is a record of original research carried out by FALODE ADEWUNMI JAMES, MATRICULATION NUMBER: 069015028 ____________________ _______________ __________ AUTHOR’S NAME SIGNATURE DATE ____________________ _______________ __________ 1ST SUPERVISOR’S NAME SIGNATURE DATE ____________________ _______________ __________ 2ND SUPERVISOR’S NAME SIGNATURE DATE ____________________ _______________ __________ 1ST INTERNAL EXAMINER’S NAME SIGNATURE DATE ____________________ _______________ __________ 2ND INTERNAL EXAMINER’S NAME SIGNATURE DATE ____________________ _______________ __________ EXTERNAL EXAMINER’S NAME SIGNATURE DATE ____________________ _______________ __________ SCHOOL OF POSTGRADUATE SIGNATURE DATE STUDIES’ REPRESENTATIVE iii DEDICATION This work is dedicated to the good Lord Jesus Christ and to my parents, Elder and Mrs. Joseph Idowu Falode. iv ACKNOWLEDGEMENT In writing this thesis, I am indebted to many. First, I wish to thank my primary supervisor, Dr. Ademola Adeleke, for his invaluable guidance, criticisms and suggestions. His enthusiastic encouragement and support provided the necessary stimulus that helped me complete this dissertation. I am immensely indebted to him for being a constant source of inspiration and encouragement. -
Exploring Diplomatic Crisis of Nigeria and South Africa Between 1994 and 2013
E-ISSN 2281-4612 Academic Journal of Interdisciplinary Studies Vol 4 No 1 ISSN 2281-3993 MCSER Publishing, Rome-Italy March 2015 Exploring Diplomatic Crisis of Nigeria and South Africa between 1994 and 2013 Samuel Augustine Umezurike Department of Politics and International Studies (POLIS), University of Zululand, KwaDlangezwa, South Africa [email protected] or [email protected] Dr Asuelime E Lucky Department of Politics and International Studies (POLIS), University of Zululand, KwaDlangezwa, 3886, South Africa Email: [email protected] Doi:10.5901/ajis.2015.v4n1p65 Abstract Nigeria’s relations with South Africa were of double standard during the apartheid era. The post-independence Nigeria and the apartheid regime in Pretoria relations were sour and confrontational, while it was friendly between Nigeria and the liberation movements in South Africa, especially with the African National Congress (ANC). It was more so because Nigeria adopted Africa as the centerpiece of its foreign policy, and committed itself to the total liberation of the African continent from colonialism and racism. Nigeria staged untiring opposition to colonialism on the African continent, and the racism that existed in South Africa before 1994. The beginning of a new era started in the final days of apartheid in South Africa when President de Klerk visited Nigeria in April 1992 to discuss bilateral issues, mostly trade relations. The paper examines, however, Nigeria and South Africa’s diplomatic fluidity since re-establishing formal relations in 1994 in order to understand the causes of the misunderstanding and the effect on both countries’ relations and suggest better ways to foster their relations. -
AFR 44/15/93 Distr: UA/SC 3 September
EXTERNAL (for general distribution) AI Index: AFR 44/15/93 Distr: UA/SC 3 September 1993 Further information on UA 258/93 (AFR 44/10/93, 6 August 1993) - Legal Concern NIGERIA:Wale Shittu, 24 protocol officer, Civil Liberties Organization (CLO) Femi Adenuga, 25, documentation officer, CLO Emmanuel Nweke, 26, staff member, CLO Wale Shittu, Femi Adenuga and Emmanuel Nweke were released on bail in early August 1993. Wale Shittu, Femi Adenuga and Emmanuel Nweke all work for the Civil Liberties Organization (CLO), a non-governmental human rights organization. They were arrested by police on 2 July apparently for being in possession of leaflets issued by the CLO and the Campaign for Democracy calling for an end to military rule in Nigeria. They were held without charge or trial at the State Investigation and Intelligence Bureau (SIIB), Alagbon Close, in Lagos but were reportedly later charged with sedition. Amnesty International believes that Wale Shittu, Femi Adenuga and Emmanuel Nweke were arrested because of their peaceful political activities and is now calling for all charges against them to be dropped. BACKGROUND INFORMATION 0n 26 August 1993 General Ibrahim Babangida resigned as President and Commander-in-Chief of the Armed Forces and installed a non-elected interim government. The new interim government is headed by Chief Ernest Shonekan, a civilian who was also the Chairman of the Transitional Council set up in January 1993 to run the day-to-day affairs of the country until a return to civilian rule scheduled for August 1993. Several former officials retain their position in the new 32-member Interim Federal Executive Council, including General Sani Abacha who remains in charge of the Defence Ministry. -
The Military and the Challenge of Democratic Consolidation in Nigeria: Positive Skepticism and Negative Optimism
Journal of Military and Strategic VOLUME 15, ISSUE 4, 2014 Studies The Military And The Challenge Of Democratic Consolidation In Nigeria: Positive Skepticism And Negative Optimism Emmanuel O. Ojo Introduction This paper is an attempt to consider the role of the military in Nigeria’s democratic transitions. The paper has one major thrust – an in-depth analysis of military role in democratic transitions in Nigeria - the fundamental question, however, is: can the military ever be expected or assumed to play any major role in building democracy? The reality on the ground in Africa is that the military as an institution has never been completely immune from politics and the role of nation-building. However, whether they have been doing that perfectly or not is another question entirely which this paper shall address. The extant literature on civil-military relations generally is far from being optimistic that the military can discharge that kind of function creditably. Nonetheless, perhaps by sheer providence, they have been prominent both in political transitions and nation-building in Africa. It is against this backdrop of both pessimism and optimism that necessitated this caption an ‘oxymoron’- a figure of speech which depicts the contradictory compatibility in terms of civil-military relations in Nigeria. It is important to note that Nigeria’s democratization march has been a chequered one. Ben Nwabueze identified five different phases of Nigeria’s ©Centre of Military and Strategic Studies, 2014 ISSN : 1488-559X JOURNAL OF MILITARY AND