Nigeria political

US foreclosure filings surge 53 percent in June edited by Femi Aderupatan

WASHINGTON (AP) -- The number of homeowners stung by the rout in the U.S. housing market jumped last month as foreclosure filings grew by more than 50 percent compared with June a year ago, according to data released Thursday.

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Nationwide, 252,363 homes received at least one foreclosure-related notice in June, up 53 percent from the same month last year, but down 3 percent from May, RealtyTrac Inc. said. One in every 501 U.S. households received a foreclosure filing last month.

Foreclosure filings increased from a year earlier in all but 11 states. Nevada, California, Arizona, Florida and Michigan continued to have the highest foreclosure rates.

Irvine, Calif.-based RealtyTrac monitors default notices, auction sale notices and bank repossessions. More than 71,000 properties were repossessed by lenders nationwide in June, the company said.

While foreclosures continue to rise nationwide, efforts in some states to give borrowers more time before losing their homes appear to be working.

In Maryland, where a new law has increased the time to finalize a foreclosure to 150 days from just 15, foreclosure filings dropped by almost 18 percent from last year's levels. In Massachusetts, which last year passed a similar law, filings dropped almost 3 percent.

Still, the combination of weak housing sales, falling home values, tighter mortgage lending criteria and a slowing U.S. economy has left financially strapped homeowners with few options to avoid foreclosure. Many can't find buyers or owe more than their home is worth and can't refinance into an affordable loan.

Economists project 2.5 million homes nationwide will enter the foreclosure process this year, up from about 1.5 million in 2007.

Analysts say the mortgage industry's effort to assist troubled borrowers is being overwhelmed by the magnitude of the foreclosure crisis, and Treasury Secretary Henry Paulson said earlier this week that many foreclosures are "not preventable," citing borrowers who "took out mortgages they can't possibly afford and they will lose their homes."

Lawmakers and government officials have been struggling to come up with a response to soften the blow for the U.S. economy. Congress is working on legislation that would permit the Federal Housing Administration to provide new, cheaper mortgages to distressed homeowners who otherwise would have difficulty refinancing into more secure government-insured loans. Lenders would have to be willing to take a substantial loss by reducing the amount owed on the loan.

The Bush administration announced Tuesday that it would be ready on Monday to implement an FHA expansion that lets borrowers who've fallen behind on their home payments -- because of mortgage rate resets or other economic hardships -- get more affordable loans.

In the RealtyTrac report, metropolitan areas in California and Florida accounted for nine of the top 10 areas with the highest rate of foreclosure for the third-straight month. That list was led by three California cities: Stockton, Merced and Modesto. The Cape Coral-Fort Myers area in Florida was fourth.

In Nevada, one in every 122 households received a foreclosure-related notice last month, more than four times the national rate.

In today's market, about 50 to 60 percent of borrowers nationally who receive foreclosure filings are now likely to lose their homes, said Rick Sharga, RealtyTrac's vice president of marketing, compared with a typical rate of about 40 percent.

"For more and more homeowners who are getting into foreclosure," Sharga said, "there is a much higher likelihood that they are ultimately going to lose the properties to the bank."

RealtyTrac Inc.: http://www.realtytrac.com

CBN raises alarm over rising inflation edited by Femi Aderupatan

THE Central Bank of Nigeria (CBN) has decried the high rate of inflation in the economy as inflation rate peaked at 8.2 per cent in April.

The apex bank’s April 2008 report released at the weekend showed that the 8.2 per cent inflation rate was high compared to 7.8 per cent in the preceding month.

According to the report, inflation on a year-on-year basis showed an increase of 0.3 per cent from 5.8 per cent in March 2007 to 6.1 per cent in April 2008.

The CBN, alarmed by the development, attributed it to the rising cost of food items, household goods, kerosene and building materials.

In the month under review, the CBN said the external reserves stood at $60.82 billion, an increase of 1.8 per cent and 39.7 per cent with the levels of $59.76 billion and $43.5 billion recorded in the preceding month and the corresponding period of 2007.

In the banking sector, credit to the domestic economy rose by 23.9 per cent to N3, 601.86 billion in April 2008 compared with an increase of 3.0 per cent in the preceding month.

According to the CBN, the increase was due to the seven per cent increase in claims to the private sector. In the same vein, banking system credit to the Federal Government rose by 5.2 per cent compared to 3.2 per cent in the preceding month.

The increase, the apex bank said, was attributable to the increase in claims (35.2 per cent) by the Deposit Money Banks. For the private sector, the credit gathered within the period under review stood at N6, 495.8 billion, a five per cent increase compared with the 7.3 per cent in the preceding month

Oil climbs back above $142 on supply worries edited by Femi Aderupatan

Oil climbs above $142 a barrel on concerns about tight global supplies, Mideast conflict

NEW YORK (AP) -- Oil prices pushed back above $142 a barrel Tuesday on worries about tight supply and possible armed conflict between Iran and Israel. In the U.S., gasoline edged to a new record high.

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Prices resumed their advance as the International Energy Agency issued a report cautioning that worldwide crude supplies are unlikely to ease despite record prices and falling demand in industrialized countries. The world is experiencing "the third oil price shock," the head of the Paris-based body said, comparing the effects of today's pricey petroleum to times of soaring prices in the 1970s and 1980s.

"OPEC production is at record highs and non-OPEC producers are working at full throttle, but stocks show no unusual build," IEA chief Nobuo Tanaka said at the report's presentation in Madrid. "These factors demonstrate that it is mainly fundamentals pushing up the price."

U.S. Treasury Secretary Henry Paulson echoed those concerns in Berlin, saying that there were no "obvious short-term solutions" to soaring oil prices.

Light, sweet crude for August delivery rose $2.22 to trade at $142.22 a barrel on the New York Mercantile Exchange.

On Monday, the contract soared to a record $143.67 a barrel. It later fell back to close at $140 as traders took profits and settled their positions at the end of the quarter.

In the U.S., gas station operators nudged the record for a gallon of regular a tenth of a penny higher, to an average of $4.087 a gallon nationwide, according to AAA, the Oil Price Information Service and Wright Express.

Concerns about ongoing tension in the Middle East -- a factor that has helped fuel oil's recent rise -- continued to weigh on traders' minds Tuesday.

ABC News quoted an unnamed senior Pentagon official as saying there is an "increasing likelihood" that Israel will strike Iran's nuclear facilities before the end of the year. Such an attack could prompt Iran to retaliate, potentially disrupting oil supplies in the strategically vital Persian Gulf.

Jim Ritterbusch, president of energy consultancy Ritterbusch and Associates in Galena, Ill., called the report "more of the same" but acknowledged it was having an effect on energy market psychology.

"The market's forced to insert some type of risk premium on geopolitical developments," he said.

Iran is the world's fourth-largest oil producer and OPEC's second-largest exporter. About 40 percent of world oil export tanker traffic passes through the narrow Strait of Hormuz at the mouth of the Gulf.

In its Medium-Term Oil Market Report on Tuesday, the Paris-based IEA said demand would rise most in developing countries, with Asia, the Middle East and Latin America accounting for nearly 90 percent of demand growth over the next five years.

As oil entered the second half of the year just shy of record levels, trader Stephen Schorck and other analysts predicted that prices could soon reach $150 a barrel. Crude shot up nearly 50 percent in the first six months of 2008 in part because investors turned to commodities as a hedge against the falling greenback.

"As we look ahead to the third quarter the story remains, as long as the (dollar) fails to appreciate, energy will fail to depreciate," he wrote in a daily market newsletter.

In other Nymex trading, heating oil futures were up 4.76 cents to $3.9576 a gallon, while gasoline futures rose 3.29 cents to $3.532 a gallon. Natural gas futures jumped 14.2 cents to $13.61 per 1,000 cubic feet.

In London, Brent crude futures rose $2.09 to $141.92 on the ICE Futures exchange.

Associated Press writers George Jahn in Madrid, Spain, and Pablo Gorondi in Budapest, Hungary contributed to this report

Oil slips from record $143 on U.S. demand worries edited by Femi Aderupatan

NEW YORK (Reuters) - Oil slipped from a record high above $143 a barrel on Monday as weak U.S. demand countered mounting tensions between OPEC nation Iran and Israel.

U.S. crude (CLc1) settled 21 cents lower at $140.00 a barrel, after hitting an all-time high of $143.67 earlier. London Brent crude (LCOc1) settled 48 cents lower at $139.83.

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The U.S. Energy Information Administration revised downward U.S. April oil demand by 863,000 barrels per day to 19.77 million bpd -- 3.9 percent below year-ago levels -- as surging fuel costs erode demand in the world's top consumer.

The revision showed April demand was the lowest for the month since April 2002, and came even before gasoline prices scaled to new highs in June. (ID:nWBT009313)

"This revision of the U.S. oil demand for April has certainly put pressure on crude futures. This is demand destruction before our very eyes," said Phil Flynn of Alaron Trading. "This is a huge revision, and it happened when (fuel) prices were still lower, so you can expect that there could be more future downgrades in demand data."

Earlier, crude prices rushed to a fresh high on the weaker dollar and escalating tensions between Iran and Israel over Tehran's nuclear program.

Iran's Revolutionary Guard said Saturday Tehran would impose controls on shipping in the Persian Gulf and Strait of Hormuz, if it were attacked. Roughly 40 percent of the world's traded oil flows though the narrow waterway separating Iran from the Arabian Peninsula.

The U.S. Navy's Fifth Fleet said on Monday the United States and its allies would not allow Iran to hamper shipping in the Gulf. Iran's foreign minister said Sunday he did not believe Israel was in a position to attack.

Tehran's dispute with the West over its nuclear development program has supported the 40 percent rise in oil prices this year, as has an influx of cash from investors seeking to hedge against inflation and the slumping U.S. dollar.

Oil prices have jumped nearly seven-fold since 2002 as part of a broader commodities rally sparked by surging demand from emerging economies like China and India.

Inflation in the euro zone rose to a record high of 4 percent in June, data showed Monday.

High fuel prices have hit the economies of some consuming nations, prompting some countries including the United States to call on OPEC to increase output.

Saudi Oil Minister Ali al-Naimi reiterated his country's position that oil prices were being driven mostly by speculation and said the OPEC kingpin was prepared to supply all the oil its customers needed.

The heads of some of the biggest oil companies, gathered at an oil conference in Madrid, said fundamentals, not investor flows, were the main driver of prices.

"This is a fundamental signal. This is not about speculation," said Tony Hayward, chief executive of BP (LSE:BP.L - News).

A Reuters poll of analysts forecast weekly government data due out on Wednesday will show a drop in U.S. crude inventories and a build in distillates and gasoline for the week ending June

Dangote Cement borrows $1.85 billion from GTB, UBA, edited by Femi Aderupatan

 

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n an audacious move to bridge the supply-gap in cement production in the country, Dangote Cement has obtained $1.85 billion loan to build four cement plants.

A consortium of ten Nigerian banks, led by Guaranty Trust Bank Plc, will provide the loan, whose agreement was signed yesterday.

United Bank for Africa Plc, Zenith Bank Plc, Access Bank Plc, Afribank Plc, Fidelity Bank Plc, PlatinumHabib Bank Plc and Stanbic IBTC Bank Plc, a unit of Johannesburg-based Standard Bank Ltd., are the other banks involved in the deal.

Dangote Cement said in a statement in Lagos that China National Materials Co., or Sinoma, the world’s largest provider of cement-making equipment, would build three of the plants in Nigeria and the fourth in Dakar, the capital of Senegal.

According to the statement, other three facilities to be located at Obajana, in Kogi state, where Dangote already has a plant, and at Ibese and Shagamu in Ogun state will be completed in 26 months.

The plants will complement Dangote’s Obajana and Benue facilities and "provide the company with 26 million tonnes of manufactured cement production in Nigeria, and 2.5 million tonnes in Senegal by 2010," making the company the largest producer of the building material in Africa, the company’s Chairman, Aliko Dangote, was quoted as saying in the statement.

The company said it would, in partnership with Sephaku Holding Ltd.’s Sephaku Cement, establish a new plant in South Africa in 2010.

Dangote Cement, from its plants at Obajana and Benue Cement Plc, currently produces 8 million metric tonnes per annum. The cement group, however, is planning to expand capacity from both plants to 9.5 million metric tonnes per annum by 2009.

Dangote had earlier said the aim of the cement group was to ensure the price of cement, which has peaked at N2,000 a bag in spite of the provisional licences awarded 13 firms by the Federal Government to import bulk cement early this year, come down to less than N1,000 per bag by the time the new plants start production in 2010.

Dangote Group also controls Dangote Sugar Refining Co. Plc, the country’s sole sugar refiner, and Dangote Flour Mills Plc, which produces flour, pasta and polypropylene bags

Femi Aderupatan:US Mortgage Rate Edge Down Slightly

WASHINGTON (AP) -- Mortgage rates around the country edged down this week, with rates on 30-year home loans sinking to their lowest point in a month, good news for prospective buyers.

Freddie Mac, the mortgage company, reported Thursday that 30-year, fixed-rate mortgages averaged 6.68 percent. That was down slightly from 6.69 percent last week and was the lowest since early July, when rates stood at 6.63 percent.

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The moderation is welcome for people in the market to buy a home. In mid-June, rates on 30-year mortgages had climbed to 6.74 percent, an 11-month high.

Rates on mortgages are ebbing as recent stock market turbulence has prompted investors to plow money into bonds, driving down rates on bonds. That, in turn, has pushed down rates on mortgages.

"Market investors seeking safety from the subprime fallout bought Treasury securities, pushing bond yields down and allowing mortgage rates to drift a bit lower," explained Frank Nothaft, Freddie Mac's chief economist.

Rates on 15-year fixed-rate mortgages, a popular choice for refinancing, also moved lower this week. They dropped to 6.32 percent from 6.37 percent last week.

For five-year adjustable-rate mortgages, rates dipped to 6.29 percent this week. That was down a bit from 6.30 percent last week. Rates on one-year adjustable-rate mortgages sank to 5.59 percent this week, compared with 5.69 percent last week.

The mortgage rates do not include add-on fees known as points. Thirty-year and 15-year mortgages each carried a nationwide average fee of 0.3 point. Five-year and one-year ARMs each carried an average fee of 0.5 point.

A year ago, rates on 30-year mortgages stood at 6.63 percent, 15-year mortgages were at 6.27 percent, five-year adjustable-rate mortgages also averaged 6.27 percent and one-year ARMs were at 5.69 percent.

After a five-year boom, the housing market fell into a slump last year. Sales turned weak as did home prices. The slump is expected to drag on probably through the rest of this year.

Worries about the sour housing market along with fears that problems with higher-risk subprime mortgages will spread, caused stocks to crater last week. The carnage left the Dow Jones industrials down more than 585 points, its worst week in five years. Stocks have gyrated since then, reflecting lingering anxiety among investors.

Olufemi Aderupatan: Analysts offer mixed reactions to key ministry appointments

The president swore in the 39 ministers by promising that a "comprehensive reform process is on course." The swearing-in effectively signals the formation of the president’s government following his election on April 21 and 58 days after his inauguration on May 29. Government’s business and the entire economy had been tittering on the border of indirection for much of two months as stakeholders and policy analysts waited for the cabinet to be constituted. Analysts were particularly interested to see the calibre and quality of personnel the president would appoint to the nation’s key economic ministries and foreign affairs, responsible for dealing with the outside world. But they rose yesterday reacting variously to the president’s decision to oversee the very significant energy portfolio and the appointment of three junior ministers to oversee power, oil and gas respectively. The nation has suffered for many years under the weight of epileptic power supply, crippled refineries, recurring scarcity in the supply of fuel and cooking gas and an uncoordinated policy for the harnessing of its rich gas reserves. Analysts who spoke to Business Day said the appointment of three ministers of state for the energy the sector would make the whole process of administration too bureaucratic and cumbersome. Most of them said they do not have problems  with President Yar’Adua being the energy minister, stressing that what  is important  is  making  the major organs of the petroleum industry  such as   the Department of Petroleum Resources ( DPR ) and the  Nigerian National Petroleum Corporation (NNPC) , operational and perform  their respective  functions well. They stated that most often when politicians are appointed as ministers for energy they end up stifling these departments. By   reserving the position of the minister of energy for himself, it means that  the president wants to supervise  the  activities of the ministers of state. They also consider the arrangement as creating opportunities for the various heads of parastatals to get across to the president in case they have any disagreement with any of the ministers of state they would go the president for a possible resolution. The DPR and NNPC would contend with dealing with different personalities on issues that would ordinarily have been dealt with by one minister. Gas and petroleum are taken as one entity by industry operators while the mode of development is different. Austin Avuru, managing director of Platform Energy Resources, said what he is interested in is what programme  the government has for the industry. Reacting to the appointment of Shamsuddeen Usman as the finance minister, Bismark Rewane, a financial analyst submitted that the choice of an economist for the office was a good one. His words: "He is coming from a monetary background, but the job a finance minister is mostly fiscal. All the same I do not think he will have any problem doing his job, afterall Ngozi Okonjo-Iweala had a monetary background but did well as a finance minister. Since he read economics, he should not have problems doing the job." Shamsuddin’s choice for the finance ministry is a welcome development, says Anthony Owuye, an economist and executive chairman, Personal Trust Savings and Loans. Owuye said he was optimistic that the new minister would be able to contribute to the financial policies of the government, adding that "he is a technocrat and should be able to do well in the ministry." Speaking further, he said that the economist would have to manage what is on the ground. "The effort of the past government led to the good image the country is now enjoying in the financial world. And who else to continue this but somebody from the CBN which has been part of the process? "Any body with a finance background will do well in the ministry. Also, it will all depend on the policy outlook of the government." Meanwhile some diplomats who spoke to BusinessDay yesterday stated that they are ready to work with the new foreign minister, Ojo Maduekwe, so long as he is the "choice of the people of Nigeria". However a Western diplomat said under condition of anonymity that they have to watch to see the direction in which the new minister would go, describing him as a first rate intellectual but without a clear ideological bent, having served in different administrations.  Shamsuddeen Usman (Finance) Shamsuddeen Usman, the new finance minister could be described as a round peg in a round hole. He was until his appointment the deputy governor the Central Bank of Nigeria, in charge of Financial Sector Surveillance. Before then he had held several key postions in different banks and financial institutions in the country. He was born on September 18, 1949 in Dala local government area of Kano State and educated at Ahmadu Bello University, Zaria (1970–73); London School of Economics and Political Science, (1974–76) and University of London, 1977–80. Careerwise he had served as Planning Officer, Kano State Ministry of Economic Planning 1974 – 76; Lecturer, Ahmadu Bello University, Zaria, 1976 – 81; Controller, Nigerian Industrial Development Bank, 1981 – 85; Director, Budget/Special Economic Adviser, Kano State Government, 1981 – 83; General Manager, Corporate Banking Division, NAL Bank plc, 1985 – 1988; Director-general, Technical Committee on Privatisation and Commercialisation, 1991; Executive Director, United Bank for Africa plc, 1992 – 1993; Union Bank of Nigeria plc 1993 – 1994; he became managing director/chief executive, NAL Bank plc, in 1994, and Deputy Governor, Central Bank of Nigeria since 1999. Odein Ajumogobia (Petroleum) was until his appointment the current Rivers commissioner for justice. He read law at the University of Lagos and went further to obtain a Masters degree in Law (LL.M) in 1988 from Harvard Law School, Cambridge, Massachusetts, United States. Ajumogobia, a senior Advocate of Nigeria (SAN) has over 25 years of experience in commercial litigation and arbitration. Ajumogobia has been a partner at Ajumogobia & Okeke since 1984.; President, Nigerian Economic Society, 1986 – 87; Chairman, Board of UBA Trustees Limited, Lagos, 1992 – 93, Dandala Community Bank, Kano1993; Abuja Stock Exchange Steering Committee, 1999 – 2004; Nigeria Export-Import Bank plc 2000 – 2004; Nigeria Security Printing and Minting since 2004; Board member NEITAL, Maiduguri, 1983 -85; Zaranda Hotel, Bauchi, 1983 – 85; Faro Bottling Company, Yola, 1986 – 88; Kano State Investment and Properties Limited, 1986 – 88; Naira Properties Limited, 1987 – 89; Nigerian Stockbrokers Limited, Lagos, Textiles Limited Aba, 1990-91; Highland Bank Yola, 1992-93; Union Trustees, Lagos, 1993; African Export Import Bank, Cairo, Egypt, since 1999, African Economic Research Consortium, Kano State Agricultural and Rural Development Authority, 1981-83; Federal Government’s Technical Committee on restructuring the Nigerian economy, 1982; Council Bagauda University of Science and Technology, Kano, 1992; Fellow: Nigerian Economic Society; Academic Honour: 3rd Place National Winner, John F. Kennedy Essay Competition, 1969; National Honour: Officer of the Order of the Federal Republic (OFR), 2003 Hobby: Squash, football, swimming, reading. Ministry ---------------------------Portfolio                                                                         1.   Attorney-General/Minister of Justice    Mr Michael Aondoakaa (SAN) 2.   Agriculture/Water Resources             Abba Sayyadi Ruma 3.   Agriculture/Water Resources(State 1)    Adamu Maina Waziri 4.   Commerce/Industry                       Chief Charles Ugwu 5.   Commerce/Industry (State)               Ahmed Garba Bichi 6.   Culture/Tourism                         Adetokunbo  Kayode 7.   Culture/Tourism (State)                 Aliyu Idi Hong 8.   Defence                                 Yayale Ahmed 9.   Defence (State)                         Mrs Fidelia Njeze 10.  Education                               Igwe Aja-Nwachukwu 11.  Education (State 1)                     Agada Anthony Jerry 12.  Education (State 2)                     Mrs Aishatu Jibril Dukku 13.  Energy (State) Power                    Mrs Fatima Ibrahim 14.  Energy (State) Petroleum                Henry Odein Ajumogobia 15.  Energy (State) Gas                      Odusina Emmanuel 16.  Environment/Housing                     Mrs Halima Alao 17.  FCT                                     Dr Aliyu Modibbo Umar 18.  FCT (State)                             Sen.John Akpanudoedehe 19.  Finance                                 Dr Shamsuddeen Usman 20.  Finance (State)                         Aderemi Babalola 21.  Foreign Affairs                         Ojo Maduekwe 22.  Foreign Affairs (State 1)               Tijjani yahaya Kaura 23.  Foreign Affairs (State 2)               Amb.Bagudu Hirse 24.  Health                                  Prof. Adenike Grange 25.  Health (State)                          Gabriel Aduku 26.  Information/Communication               John Odey 27.  Information/Communication (State)       Ibrahim Nakande 28.  Interior                                Maj.-Gen. Godwin Abbe(Rtd) 29.  Interior (State)                        Hassan Alhaji Haruna 31.  Mines/Steel Development                 Chief Sarafa Tunji Isola 32.  Mines/Steel Development (State)         Ahmed Moh’d Gusau 33.  Transportation                          Mrs Diezani Alison-Madueke 34.  Transportation (State)                  John Okechukwu Emeka 35.  Science/Technology                     Mrs Grace Ekpiwhre 36.  Youth Development                       Sen. Akinlabi Olasunkanmi 37.  Women Affairs                           Saudatu Usman Bungudu 38.  Minister/Deputy Chairman National Planning Commission      Sen. Sanusi Daggash 39.  Minister/Chairman, National Sports Commission  Abdulrahman Gimba.

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Femi Aderupatan: US leads waves of FDI inflow into Nigeria with $11.2 billion: Olufemi Aderupatan

The United States, the world’s largest economy, continues to take a commanding position in Nigeria’s gradually stabilising economy, leading the pack of countries in the vanguard of a wave of inflow of foreign direct investments (FDI) into the country. An analysis of a seven-year period along regional lines indicates that out of a total of $21.149-billion (N2.7-trillion) that came into the country in the form of FDI, North America, largely made up of the United States, contributed $11.227-billion (N1.43-trillion) to the nation’s economy between 1999 and 2006. The US contribution represented 53.09 percent of the total and indicated a growing appetite by US companies and investors for investment opportunities in the country. The breakdown of the figures with no sectoral details, made available by the Nigeria Investment Promotion Council (NIPC), may also point to an increasing level of investment by North American companies, which are involved in the oil and gas sector where oil giants, ExxonMobil and ChevronTexaco, continue to invest. The FDI captured during the period under review represented financial resources that were invested directly by investors in various sectors of the economy. But the total sum of $21.149-billion that came in the last seven years did not include other financial inflows that came through portfolio investments. Official sources at the NIPC told NAN in Lagos yesterday that the bulk of the inflow came in from North America and was followed by Europe, Asia and the Pacific as well as South America. About $11.227-billion came in from North American countries; $9.044-billion (N1.15-trillion) was from European countries; $139-million (N1.41-billion) was from Asian and Pacific countries, while $108-million (N13.82-billion) was invested by South American countries. A total of $16.74-billion from the FDI was invested in the oil and gas sector; $4.404-billion (N2-trillion) was invested in the non-oil and other sectors; $1.723-billion (N221-billion) in infrastructural development, and $1.197-billion in the services sector. The inflow peaked in 2005 when about $8.573-billion (N1.1-trillion) was brought into the country and was followed by 2004 and 2006 figures when the country received $7.257-billion (N928.9-billion) and $4.163-billion (N533-billion) respectively. The lowest amounts of FDI were recorded in the early days of former president Olusegun Obasanjo’s administration. About $190.59-million (N244-billion) was invested in 1999, while $167.39-million (N214-billion) came in 2000 and $13.96-million (N17.9-billion) in 2001.

Aderupatan a Nigeria Journalist turned Venture Capitalist

Femi Aderupatan is a Venture Capitalist, Marketing, and a Real Estate Investment Consultant. Mr Aderupatan who is also a Ph.D Candidacy at the Northcentral University in Arizona holds an MBA from North Park University in Chicago. A one time Nigerian journalist, Mr Aderupatan is a highly qualified International Business and Investment Consultant, who assists successful individuals, firms and corporations to enter intelligently into lucrative international markets, which would otherwise be impossible to approach. Mr Aderupatan assists American interest in expansion abroad, and foreign investment in the United States. His innovative approach to merging ideas and people translates into real achievement and high profits.
Femi Aderupatan, who is also the President of Strategic Business Solutions, in chicago, United States has a strong business foundation and business instincts that enable him to understand the needs of a company and make accurate assessments and reliable recommendations.
His business background also translates to Personal Financial management for those who have difficulty or are unable to manage their day to day finances.
The key to Strategic Business Solutions is that Femi Aderupatan uses his experience and knowledge of business, marketing,communication and internatinal business to identify issues and resolve them. He brings a fresh and independent view, and will look at your company from all sides to see what needs to be done to achieve growth and profitability. Strategic Business Solutions is an exceptional resource for special projects, planning, and support to executives consumed by day to day operations

Femi Aderupatan a Nigeria Venture capitalist in Chicago

Femi Aderupatan is a Venture Capitalist, Marketing, and a Real Estate Investment Consultant. Mr Aderupatan who is also a Ph.D Candidacy at the Northcentral University in Arizona holds an MBA from North Park University in Chicago. A one time Nigerian journalist, Mr Aderupatan is a highly qualified International Business and Investment Consultant, who assists successful individuals, firms and corporations to enter intelligently into lucrative international markets, which would otherwise be impossible to approach. Mr Aderupatan assists American interest in expansion abroad, and foreign investment in the United States. His innovative approach to merging ideas and people translates into real achievement and high profits.
Femi Aderupatan, who is also the President of Strategic Business Solutions, in chicago, United States has a strong business foundation and business instincts that enable him to understand the needs of a company and make accurate assessments and reliable recommendations.
His business background also translates to Personal Financial management for those who have difficulty or are unable to manage their day to day finances.
The key to Strategic Business Solutions is that Femi Aderupatan uses his experience and knowledge of business, marketing,communication and internatinal business to identify issues and resolve them. He brings a fresh and independent view, and will look at your company from all sides to see what needs to be done to achieve growth and profitability. Strategic Business Solutions is an exceptional resource for special projects, planning, and support to executives consumed by day to day operations