America’s 400 richest: $1.7 trillion and counting

The United States may be in crisis, but the rich keep getting richer. The net worth of the Forbes 400 richest Americans grew by 13 per cent in the past year to $1.7 trillion, as the gap between rich and poor continues to widen at a staggering rate.
The average net worth of the 400 wealthiest Americans shot up by $400 million to a record $4.2 billion, Forbes said, serving to underscore glaring wealth inequality in America.
Bill Gates, the chairman of Microsoft Corp, is one year shy of topping the list for two decades straight with $66 billion, a massive $7 billion hike from the previous year.
Warren Buffet, the American investor who likely became infamous amidst the uber-rich for proposing a tax hike on the wealthy, somewhat ironically trailed Gates with $46 billion. Larry Ellison, the cofounder and CEO of Oracle, clinched third with $41 billion – up $8 billion from last year. Charles and David Koch, the energy and chemical magnates notorious for bankrolling scores of right-wing advocacy groups, came in fourth and fifth respectively with $31 billion each.
The top five remain unchanged from last year, though collectively they are much richer: all five men are worth $34 billion more than in 2011.
One notable entry on the list – founder and CEO of Facebook Inc Mark Zuckerberg – did not see his fortunes rise, however.The social networking giant’s wealth nearly halved to $9.4 billion after Facebook’s lackluster initial public offering in May. His position dropped from 14 to 36 on the list.

Warren Buffett (Mario Tama / Getty Images / AFP)
The 13 per cent spike in wealth for America’s wealthiest citizens stands in sharp contrast with the overall US economy, as the Federal Reserve recently cut its forecast for economic growth this year to between 1.7 per cent and 2 per cent.
Median workers’ wages meanwhile have been flat over the last forty years. The real minimum wage has also actually declined over the same period from $10.55 (adjusted for inflation) in 1968 to just $7.25 today.
By contrast, the Congressional Budget Office (CBO) estimated that between 1979 and 2007, the top 1 per cent of Americans income grew by 275 per cent. Meanwhile, it is estimated that during the economic expansion between 2002 and 2007, the income of the top 1 per cent grew 10 times faster than the income of the bottom 90 per cent.
The CBO also found that between 1979 and 2005, after-tax income for middle-class Americans (adjusted for inflation) rose by 21 per cent while the richest 0.1 per cent grew by 400 per cent.
Income is the flow of money coming into a household over a year, while wealth or net worth represents the stock assets it has as a result of inheritance and savings.
As America remains embroiled in a jobless recovery, the latest Forbes 400 list confirms a sentiment expressed by Paul Krugman last year. In an op-ed for the New York Times, he said Occupy Wall Street had aimed too low in identifying their enemy, as the movement’s real slogan should read: “we are the 99.9 per cent.”

Teenage Boy Faces Life In Prison For Killing 2-Year-Old Half- Brother

A 13-year-old Florida boy whose life
was plagued with violence and
neglect went from victim to
perpetrator when he allegedly beat
to death his two-year-old half-
brother and sexually assaulted
another sibling.
A year after the vicious attacks,
Cristian Fernandez has been
charged as an adult and is now the
youngest inmate awaiting trial in
Duval County, Florida, reported
WTSP.com, and if convicted, he could face life in prison.
At age two, Fernandez was found unclad and dirty wandering a South Florida street at 4
a.m. while under the 'care' of his grandmother, who had kept him in a dirty, cocaine-
filled motel room. His mother, who was only 14 at the time, was nowhere to be found
and both she and her son ended up being sent into foster care.
Born into violence after being conceived during a sexual assault, life did not get easier
for the boy, who was sexually abused by a cousin at age eight and then severely beaten
by his stepfather, who then committed suicide before the police came to arrest him. His
only defense against the nightmarish childhood was to quash his emotions, "You got to
suck up feelings and get over it," he once told a counsellor.
Other disturbing incidences reported to the Department of Children and Families
included claims that he killed a kitten, simulated sex with classmates and
m*st*u*r*b*a*ted at school.
Now, Judge Mallory Cooper faces a legal and moral dilemma as to whether a child so
young should face life in prison, and whether he can understand the complex issues
surrounding his own case and if he understood his rights during police interrogation.
The defense wants the charges dismissed on the grounds that the U.S. Supreme Court
recently ruled that it is unconstitutional for juvenile offenders to get mandatory life
sentences without parole, and they therefore can't advise their client as to what kind of
sentence he could face.
The controversial case has sparked an outpouring of support from local residents such
as Carol Torres, who has created a Facebook page for him. "He should be rehabilitated
and have a second chance at life," said Torres, 51, whose grandson went to school with
Fernandez.

WOMAN STABS MAN IN THE BELLY FOR REFUSING TO MAKE LOVE TO HER

A heavy-drinking drug user has
been jailed after stabbing a man in
the belly because he refused to
made love with her. Joanne
Buckley, 29, would not let her
victim David Tawes seek medical
help after plunging a knife into his
abdomen and told him she would
say she knifed him because he
tried to molest her.
Teesside Crown Court was told how
the victim would have died had the
blade entered his body millimetres
either side.
Buckley, 29, was jailed for three years for her part in the attack on March 23 this year,
while friend Sophie Borrell, 17, was jailed for six months. The pair came across Mr
Tawes, 20, in Middlesbrough town centre and invited him back to their home in Emerald
Street for a drink.
Shaun Dodds, prosecuting, said each of them tried to instigate sex with him.
Borrell punched him in the back of the head and tried to choke him while Buckley then
went through Mr Tawes’ pockets for his mobile phones and wallet.
The victim was punched again by Buckley, and when he got up and walked towards the
doors asking for his belongings back, she plunged the knife into him.
Mr Dodds said: 'Buckley wiped the blade on a cloth and went to the bathroom to wash
it.
'She was shown the wound and said: “Oh my God” and to her credit, took a cloth to
press on the wound.' But their concern for him appears to have turned to themselves
because they both told him he was going nowhere.
'He said he needed to go to hospital. 'Joanne Buckley said: “I know what, we will all go
to the police station and say he tried to molest us, and that’s why I stabbed him.”
Mr Tawes managed to escape and called police.
Nigel Soppitt, for Buckley, said: “It was another day in her chaotic life - a variety of
drugs and a bottle of vodka each day was completely the norm. The pitiful aspect of the
case is that was everyday for her.
'She would obtain money from wherever and spend it on drink and drugs and be in a
state of oblivion.'
Borrell’s barrister, Joanne Kidd, said she had suffered difficulties that led to her mixing
with older and more sophisticated people and getting

Two Nigerian Students: Victoria Ordu and Ihuoma Amadi Face Deportation for Working Illegally in Canada.

Sitting inside a church, University
of Regina students Victoria Ordu
and Ihuoma Amadi start as a
prairie wind rattles the front door.
Ordu glances over, eyes wary,
before flicking toward the window
at the back of the church she now
calls home.
Sunshine streams through the
glass, but that's the only taste of
the outside world the two girls
have been able to get since June 19, when they opted to seek sanctuary in the church.
The fear of being found by the Canada Border Services Agency and deported back home
to Nigeria hangs over their heads - all because they worked for two weeks at Walmart.
They have spent each day hoping Canadian Federal Citizenship and Immigration
Minister Jason Kenney - the only one who can change their fate - will grant them pardon.
The daily stress of it has, they say, been "hell."
U of R President Vianne Timmons has visited them at the church and the school has
contacted the federal government, throwing its support behind the students' plea to
stay in Canada and complete their education.
Amadi and Ordu have also written letters to Kenney, but no one has had a response.
And so, they wait.
"This is a small mistake we made, and now everything is at risk," Ordu says, clasping
her shaking hands in her lap.
"It doesn't make any sense. They're looking for us like we've killed someone. We're just
students at university ... but it's like we're running away and living in fear every day."
As part of their visas, international students like Ordu - who is studying theatre arts -
and Amadi - international studies - are able to work on campus.
Both in Canada on full scholarships paid for by their government, Ordu and Amadi went
to Service Canada and got their Social Insurance Numbers when they arrived in 2010,
ending up working at the university.
Last year, Amadi found a parttime job at Walmart and Ordu at an agency that does
demonstrations at the store.
Both were under the misapprehension their SINs allowed them to work outside U of R.
Ordu quit after two weeks, as soon as she found out that wasn't the case.
Amadi discovered her mistake during her second week on the job - and was led away
from her till in handcuffs by two CBSA agents.
"They led me through the store, in front of everyone, and all the customers were looking
at me like 'What have you done?'" she recalls, looking at the floor.
"I just felt so embarrassed."
Kay Adebogun is a Regina immigration consultant who has taken on their case pro
bono.
"Why go to that level of force?" he says.
"Why parade her out of there like she's a criminal?"
Barb Pollock, U of R spokeswoman, says while the school respects the fact laws have to
be upheld, it is trying to advocate for a reconsideration of the girls' case.
"We think that the penalty, perhaps, is a bit severe for the crime," she says.
"Albeit that laws have been contravened, in light of what they have done to contravene
the law, we would like them to have an opportunity to complete their education with
us ... (and) we think it is a harsh penalty to be deported."
Pollock says the university has written to Kenney but is yet to receive an indication
when it might receive a decision from the minister.
Both students say they admitted their mistake right away, but think the CBSA's decision
to deport them - which went to an admissibility hearing - is an over-reaction.
"It's a huge deal to finish school, come back (to Nigeria) and help the country," Amadi
says.
"Now to think we lose three years of our lives because of a small mistake? If there was a
fine, a warning, that would be more reasonable. I just wish they could look at this from a
human point of view."
Pollock agrees the case demonstrates how important it is for international students to
understand Canadian laws.
"We have to make sure our students really understand what it means to come here and
go to school - what the opportunities are and, at the same time, what the limits are,"
she says.
"The fact something may not have been clear, you can be assured we're making that
very clear with our incoming students now."
Adebogun would like to see a reversal in the decision to deport Ordu and Amadi, but he
also thinks there are bigger issues at play with how the two were treated.
Of particular concern, he says, is the fact both students were asked by CBSA workers for
names of other Nigerian students who were working and even if they knew anybody in a
gang.
"They agree they did something wrong, but they should have a second chance,"
Adebogun says.
CBSA could not provide a comment on Tuesday but is expected to provide information
on the case today.

Lagos Chief Judge frees 233 inmates from Kirikiri prison

The Chief Judge of Lagos, Justice Ayotunde Phillips on Tuesday granted freedom to 233 prisoners, most of who have been awaiting trials for upwards of twelve years as part of the activities marking the beginning of a new Legal Year in the state.


Prison inmates; 33,692 out of 42,124 inmates across the country are awaiting trial.
130 inmates were released from prison custody at the Kirikiri Maximum Security Prison while another 103 from the Kirikiri Medium Security Prison.

Justice Phillips who ordered their release during a visit to the Kirikiri prison said that the exercise was “in pursuant of the powers conferred on her under Section 1 (1) of the Criminal Justice Release from Custody Act, Laws of the Federation of Nigeria 2007″ and as part of the activities marking the 2012/2013 Legal Year.

She said ” there is a saying in the legal circle that it is better for 10 guilty persons to be free than for one innocent person to be incarcerated.

“We have gone through the list of those recommended for release. So for those of you qualified to be released, you are very lucky that your name has come up. So, go and sin no more”.

Justice Phillips counselled all those who regained freedom on Tuesday to turn a new leaf and go out to contribute their quota to the society.

She recalled that during her swearing in ceremony, she made a promise to decongest the prisons.

Towards this end, she promised that prison visits would not be confined to Legal year activity alone during her tenure.

She said that she intend to pay more regular visit to the prisons during her tenure than what obtained during the previous administrations.

Justice Phillips who noted that there has been a lot of human cry about prison congestion said that all those who qualified under the new criminal administration law would be granted freedom.

Welcoming the Chief Judge, the Deputy Comptroller of the Kirikiri Maximum Prison, Olu Tinuoye said that it is very unusual for chief judges of Lagos state to visit the prisons.

“By this visit, a lot of them expect freedom. It is a matter of regret that Judges in the state have not being visiting the prison regularly. This is why their expectation is very high” he said.

Mr Tinuoye said a lot of the inmates awaiting trials have not found life easy behind the bars especially because they are in custody for petty offences.

His counterpart at the Medium Security Prison, Tunde Ladipo commended the efforts of the Lagos state government for taking care of the prisons.

Mr Ladipo however pleaded with government for the release of more awaiting trials in order to reduce the congestion in the prison.

Nollywood Actor Arrested For Armed Robbery

A Nollywood actor, Rasaki Olaniyi, 45, was on Tuesday arraigned before an Igbosere Magistrates’ Court, Lagos, for allegedly robbing, Abayomi Arinde, of N2.6 million. Olaniyi of No. 7, Aduke Salako St., Agbado, Lagos, was arraigned on four-count charges of robbery, stealing, conspiracy and impersonation.

Prosecutor Sunday Aggoi said that the accused had on Sept. 5 at Oriental Hotel, Victoria Island, robbed Arinde of N500, 000, $10,000, three gold jewelries valued at N150, 000.  Aggoi said that the accused also unlawfully locked up the complainant in one of the hotel rooms after robbing him. The prosecutor said that the accused was apprehended by the hotel securities following alarm raised by the complainant.




He said that the complainant was robbed of cash and goods totaling N2.6 million.

The accused pleaded not guilty to the charges.

Aggoi said that the offences contravened Sections 297, 296, 299, 270 and 378 of the Criminal Code, Laws of Lagos State, 2011.

The counsel to the accused, Mr Olusegun Ajanaku, urged the court to grant bail to the accused.

The Magistrate, Mr Jacob Adegun, granted bail to the accused in the sum of N1million with two sureties in like sum.

Adegun said that the sureties must reside in Lagos State and be employees of the State Government.

The case was adjourned to Oct. 5, for mention.

Nollywood Star Actress Omotola Jalade Denies Butt Implant

Nollywood diva, Omotola Jalade-
Ekeinde has debunked the news
going rounds that she did surgery
to lift her butt, a special cosmetic
surgery procedure to lift bum
thereby making it fuller and sexier.
“The Omotola we used to know
was shapely not as Donklicious as
this. But the dimension of her bum
today is just awesome! Look at
how flat her tummy is. Combine
that with the size of her hips and
…. It all suggests that she must have had a bum lift. What we are seeing today is the
product of cosmetic surgery; bum enhancement. There is no way she can deny it; she’s
definitely had a bum lift,”
However, a close insider begged to differ;
“Omotola didn’t get any bum lift procedure, it’s just her natural physique as a result of
weight gain. She is a callipygian by nature. That is her real physique. What makes it so
obvious now is that she has added a little weight. People should stop spreading rumors.
Okay, if she could do a bum lift, why not breast enlargement as well because we all
know she has rather small boobs. That tells you it’s all rumors.”


What do you think?

Peter of Psquare almost unclad in new photoshoot - Photos

Peter, One Half of Psquare shows
abs, loads of skin and is almost
unclad in New Photos emerging
from SquareVille from an apparent
Photoshoot session. Dude is seen
in smooches with a female
character with just a Boxer on.

Was Messiah married? 'The Gospel of Jesus' Wife' suggests Christ tied the knot...rt.com

A newly-discovered ancient text labeled "The Gospel of Jesus' Wife” could prove Jesus and Mary Magdalene were married. The Fourth-century papyrus challenges one of the cornerstones of Christian religion: that Jesus was celibate.
The discovery was made by Harvard Divinity School Professor Karen L. King, who specializes in Coptic literature, Gnosticism and women in the Bible. King made a presentation of her research on Tuesday evening in Rome.
The Vatican has not yet commented on King’s finding and suggestions.
The papyrus’s authenticity and date have yet to be confirmed; however King and other scholars are pretty sure they are dealing with a real historic gem.
Text written on an 8cm by 4cm piece of papyrus has Jesus speaking to his disciples saying 'my wife' in the Coptic language, most likely referring to Mary Magdalene. The text is written in the old Coptic language on both sides of the papyrus. The inscription on one side is badly damaged and the test is undecipherable. Only two words – 'my mother' and 'three' – could be identified. However it’s the other side that has sparked the interest.
The phrase ‘my wife’ challenges the settled portrayal of Mary Magdalene as a whore and the Christian concept of abstinence. It casts doubt “on the whole Catholic claim of a celibate priesthood based on Jesus’ celibacy,” King told Smithsonian Magazine.
"Christian tradition has long held that Jesus was not married, even though no reliable historical evidence exists to support that claim," King said at a conference in Rome on Tuesday.

NEW LOOK; Basket Mouth Trims Off His Trademark Locks

Bright Ekpocha popularly known as Basket Mouth, has joined the fray. Recently, Timaya also changed his looks by having his trademark locks chopped off.
Eralier today,Tuesday 18th September 2012, the A-class comedian, Globacom brand ambassador and host of the MTV Base Big Friday show, chopped up his famous locks. The  exclusive scoop and photos are courtesy of BellaNaija.
Speaking with BellaNaija.com exclusively on his decision to wear a new look, the superstar comedian said “I didn’t decide to cut it [His famous locks] due to only re-branding purpose, I have had it for close to 9 years and in as much as it is now part of my brand – if not my main feature on physical brand outlook, I felt a bit static mentally with reference to the hair style. In these 9 years, a lot has changed except my looks, which was why I decided to engage my hair stylist this morning.”

30 killed as Truck Crashes Into Commuter Bus in Ogun ...Vanguard

Tragedy struck at Mobalufun junction in Odogbolu Local Government Area of Ogun State on Tuesday late evening when 30 persons were feared dead in an auto crash.
Vanguard gathered that, a truck loaded with flour rammed into a commuter bus heading to Lagos killing all the passengers on spot.

It was further gathered that, traders and some commuters standing by the road side, begging for free ride to their destinations, were part of the victims.
According to sources, scores of people sustained serious injuries in the incident.
The injured,Vanguard gathered have been been taken to General Hospital, Ijebu-Ode and the Olabisi Onabanjo University Teaching Hospital (OOUTH), Sagamu,for treatment.
The remains of the dead persons including a pregnant woman were also reportedly taken to the hospital morgue.


Vanguard learnt that as at 8.00pm, officials of the Federal Road Safety Corps(FRSC), the Police and the Ogun State Traffic Compliance and Enforcement Agency(TRACE) were at the scene making frantic effort to save lives and at the same time evacuate the dead.
The Ogun State Police Command Public Relations Officer, (PPRO), Olumuyiwa Adejobi could not be reached.

England Winger,Raheem Sterling is a Father at the age of 17

Soccer wonderkid Raheem Sterling is the dad of a baby girl — conceived when he was 16.
Sterling, now 17, has caught the eye after breaking into the Liverpool first team this season and was called up to the last Three Lions squad. He has already played for England youth teams.
Yesterday the mite’s mum, 23-year-old Melissa Clarke, from the Toxteth area, confirmed: “Yes, he’s fathered my child.”

Melissa had already posted snaps of the baby on Twitter.
She wrote a message for the winger — who wears the No 31 shirt — on the website saying: “Thanks for making me a mummy to this beautiful little girl @sterling31.”
And after one game she posted: “@sterling31 melody said well done daddy.”
Sterling arrived in the country from Jamaica aged five.
He grew up on a tough housing estate in Wembley, North West London, and joined QPR.
Liverpool signed him from them at just 15 in February 2010 for £600,000 — which could rise to £5million depending on appearances.

Happy Birthday to Linda Ikeji

Nigeria's foremost blogger and former model,Linda Ikeji is a year older today.
Have a nice one girl and send some bubbly my way while at it.

Nahhh..Tonto Is Not My Kind Of Girl -- Kas

In 2011, Tonto Dikeh announced that she was in the studio with top music artiste and producer, Kas of Kas Beats.

 At the album launch of the artiste in November 2011, Tonto was physically present at the event to support Kas. Soon after, there were rumour that both entertainers were dating.

 Though the rumour didn't last, but some believed they must have 'crossed' each other. While a guest on an Eko FM radio programme on Wednesday, September 12, 2012, Kas disclosed that he never at any time dated the controversial actress.

 He told the show presenter that Tonto is not his kind of girl just as he is also not the kind of guy for the pretty Petro-Chemical graduate of Rivers State University of Science and Technology (RSUTH).

 He also stated that the two of them are just friends and nothing more. Meanwhile, Kas is now set to launch his album come October 1, 2012. The album is titled '@IAMKASBEATS'. It would be the second album the singer is launching in 12 months.

Pastor sentenced to jail for stealing sheep

An Ilorin Magistrate’s Court, Kwara State, on Monday sentenced a pastor, Oloruntoba Ibitoye, to nine months imprisonment for stealing a sheep.
According to the prosecution, the complainant, Mrs. Florence Adebiyi, reported at the police station in Ganmo, near Ilorin, that the convict stole her sheep valued at N3,000 in front of her residence at Amoyo area of Ilorin.
The prosecution said the sheep was recovered from the convict by the police.
The New Agency of Nigeria reports that the convict pleaded guilty to the offence and begged for leniency.
Police prosecutor, Insp. Mojisola Olamokun, applied for summary trial, which was granted by the court.
The Magistrate, Mrs. Mariam Qudus-Salahu, sentenced him to nine months imprisonment without an option of fine.

Osezua Elvis Osolas, Nigerian Man Smuggled Children To Britain For Prostitution

A Nigerian recycling worker smuggled young children into Britain before brainwashing them with witchcraft to try and force them into prostitution.

Osezua Elvis Osolase, 42, is accused of 13 offences of trafficking, Molestation, false imprisonment and intimate activity with a child.

He allegedly cast spells over his three victims, all originally from Nigeria, using juju magic rituals in order to stop them from running away, a court has heard.

He is also alleged to have sexually assaulted the girls - who are now aged 15, 17 and 18 - and it is believed he has many more victims.

Juju refers to traditional West African religions involving objects of superstition and witchcraft.

In one case, the court heard, Osolase took the 17-year-old-girl to a place of 'witchcraft' in April last year and forced her to bathe using a red cloth and blood.

The girl then had her armpit hair cut, toe and finger nails cut and blood was taken from her right hand before she was told the spell would kill her if she tried to run away.

During the opening of the eight week trial today, Canterbury Crown Court heard the three girls were shipped to the UK from Nigeria in preparation for being sold as LovePeddlers in Italy.

Sara Ellis, prosecuting, said: 'This case involves allegations in respect of three young Nigerian girls who were trafficked from Nigeria into the UK in order to traffic them out of the UK and to Europe for the purposes of prostitution.

The court heard Osolase, who lives with a German woman in Gravesend, Kent, had found his alleged 17-year-old victim begging on the streets of Nigeria.

The former security guard told her would take her to Britain to help her get an education.
Canterbury Crown Court heard how three girls were shipped to Britain from Nigeria in preparation for being sold as LovePeddlers in Italy

Canterbury Crown Court heard how three girls were shipped to Britain from Nigeria in preparation for being sold as LovePeddlers in Italy

Ms Ellis said: 'He called himself ‘Victor’ and took her to a large house - a place she described as a "place of witchcraft".

'There she was given what she described as "native port", a mixture which looked like blood and a red cloth.

'She was told to use this liquid to bathe and to tie a cloth around herself after doing so.

'A man came and cut hair under her armpits and finger and toenails and blood from her right hand.

'She was told this was to ensure she did not run away and would repay Victor.

'She said it was an "oath" and if she ran away the charm would find her.

'She was told that if she ran away or didn’t pay that she would die. She believed it.'

Ms Ellis told the court the 17-year-old was then given a passport - which had been lost by its genuine owner some years earlier - and flown to the UK then Italy.

However, when she reached the airport she refused to go through customs and begged Italian officials for help, the court heard.

Forget About It For Now: Reps order CBN to withhold introduction of N5000 note

The House of Representatives in
a unanimous resolution on
Tuesady, ordered the Central
bank of Nigeria (CBN) to hold on
the proposed introduction of the
N5000 note.
The lawmakers in their first session
after a long recess ordered the apex
bank to withhold the planned
release of the N5,000 pending the
outcome of the investigation of the
House Committee on Banking and
Finance.
The House resolved that the
committee will investigate the
planned introduction of the N5,000
note and redesigning of the N10,
N20 and N50 into coins.
The resolution followed a motion
moved by the minority leader, Femi
Gbajabiamila, who called on the
National Assembly to ‘urgently’
reform the CBN Act to curtail the
expenditure of the apex bank which
is carried out without any
appropriation by the lawmakers.
Mr Gbajabiamila said the CBN is
proceeding with the policy due to
the Act establishing the institution
which allows the bank to expend
money without the National
Assembly’s appropriation.
Illegal reinstatement of Oteh
The members also resolved that the
reinstatement of Aruma Oteh as the
Director General of the Security and
Exchanges Commission (SEC) is
illegal following the
recommendation of the House of
Representatives adhoc committee
which investigated the near collapse
of the capital market.
The Committee had called for the
removal of Ms Oteh noting that she
is unqualified to serve as the head
of the SEC.
The Federal Government had in July
recalled Ms Oteh, who was sent on
compulsory leave in June by the
board of SEC in the wake of an
investigation into the near-collapse
of the capital market launched by
the House of Representatives.
Following Oteh’s suspension, the
commission’s board had engaged
the services of Price Water Coopers
Limited, a audit firm to examine the
records of the commission’s
transaction covering the SEC project
50 which Oteh had supervised.

Too Much Money: Nigerians are 4th biggest foreign spenders in UK

Nigerian shoppers are reported
to be the fourth biggest foreign
spenders in the United
Kingdom. A report by the UK’s
Guardian has revealed.
According to the report “Visitors
from the west African nation are the
UK’s fourth biggest foreign
spenders, ringing up an average
£500 in each shop where they
make purchases – four times what
the average UK shopper spends.”
One of the Nigerians interviewed in
the report, Victoria Appiah disclosed
that she stocks up on everything
she needs for the next six months
in Nigeria whenever she visits the
United Kingdom.
“I basically only do food shopping
back home. It’s not that you can’t
get these things in Lagos, but
everything here is much more
reasonably priced. If you want
cheap products, Chinese-made have
taken over in Nigeria, and you can’t
always vouch for quality” she said.
Holidaying or visiting relatives
abroad is increasingly open to
millions of middle class Nigerians,
with the number of visitors to the
UK increasing by more than 50% to
142,000 a year in the decade
ending 2011, according to the
Office for National Statistics.
In a country projected to become
Africa’s biggest economy next year,
and the world’s fifth most populous
by 2050, businesses at home and
abroad are cashing in.
In Debenhams’ Oxford Street
branch, signs in Hausa-one of the
official Nigerian languages in the
country’s largely impoverished
north-direct shoppers to items on
sale.
This year, the shop said that
Nigerian customers were its biggest
overseas spenders.
Daily flights plying the lucrative
route between Nigeria and the UK
have ballooned in the last decade.
British Airways permits almost
double the normal baggage
allowance for the six-hour haul.
In some cases, Nigerians are literally
using their deeper pockets on
sprees.
Shola Obadeyu wore a heavy duffel
coat while queuing in Heathrow for
a flight back to her sweltering home
city of Abuja.
“I can save [airline] baggage space
by putting small things like vest
tops and underwear in the
pockets,” she said as she queued
with other passengers, almost all
struggling with bulging suitcases.
Back in Abuja, Obadeyu sells wares
bought in London “at prices that
don’t kill you”.
Others are tapping the market. A
mushrooming middle class snapped
up 10m microwaves last year. Big
name brands from Apple to Zara
have sprung up to feed those
aspirations.
The African-based discount
supermarket giant Shoprite is
pouring $205million into its current
three outlets in Nigeria, while the
US hypermarket Walmart sees
scope for 50 outlets in the country.
On a recent trip back from Europe,
Marie Claire Lienou lugged 50kg of
frozen meat in a freezer bag back to
Nigeria. “You can’t compare
[Shoprite's] prices here with their
prices in Europe. For 10 steaks
there I can buy two here. You just
pay what you have to for the
convenience and guarantees,” she
said, pushing a trolley laden with
relative luxuries such as bagged
salads.
“Nigeria is very crowded, traffic is
terrible, fakes [wares] are
everywhere. The only thing I’ll buy
from the market is fresh bulk
vegetables, because there are no
fake tomatoes,” she added.
Being middle class in Nigeria isn’t
cheap. In a brightly lit KFC across
the shopping centre, Taiwo Edun,
an engineer, treated his girlfriend to
crispy chicken and chips, a luxury
beyond the reach of many at $20
(£13) a pop.”I don’t consider myself
in the super-rich class, I’m not
chartering flights for my friends to
go on holiday like some Nigerians
can. But I can come here maybe
once a month,” he said.
The widespread corruption and
infrastructure woes that plague
Nigeria – including daily power
blackouts that are smoothed over
by millions of generators–push up
the costs of running businesses
here, keeping most dependent on
informal, market-style retail.
Abrupt plans to introduce a new
N5,000 (£20) note worth five times
the current highest bill have caused
an outcry, with market sellers
saying it would drive up prices.
On the back of one of the notes will
be Funmilayo Ransome-Kuti, mother
of the Afrobeat singer Fela Kuti.
Ransome-Kuti made her name as an
activist with a mass protest against
policies that increased prices for
market women.
Meanwhile, those who can afford it
continue to see a better deal
abroad. The country’s central bank
throws billions of dollars into
propping up the Naira at artificially
high rates, hurting millions of local
exporters and encouraging Nigeria’s
shopping exodus.
Indicating her clutch of M&S carrier
bags, Appiah said it was her five-
year-old grandson’s favourite shop.
“As long as the weather is not too
cold, Nigerians will be shopping in
London,” she said.

Jim Carrey Hits the Beach With Bikini-Wearing Mystery Woman

Jim Carrey is enjoying the dawg days of summer. The Mr. Popper's Penguins star was spotted on the beach in Malibu yesterday with a striking, bikini-clad brunette, the pair of them walking in the surf and snapping photos not far from one of Carrey's homes, which he put on the market in June for $13.5 million. Do you think he's having second thoughts about letting go of such a prime location? It's a great spot to entertain... Anyway, while the mystery woman hasn't been identified (and Carrey's rep hasn't returned a request for comment), we'll just venture that she isn't quite in the same age demo as the 50-year-old actor--who's looking good in the abs department, we might add! Since splitting up with McCarthy in 2010 after five years together, Carrey has filmed a creeptastic ode to Emma Stone that she found most flattering, and was most recently linked to 23-year-old Anastasia Vitkina.

Jim Carrey Hits the Beach With Bikini-Wearing Mystery Woman

Jim Carrey is enjoying the dawg days of summer. The Mr. Popper's Penguins star was spotted on the beach in Malibu yesterday with a striking, bikini-clad brunette, the pair of them walking in the surf and snapping photos not far from one of Carrey's homes, which he put on the market in June for $13.5 million. Do you think he's having second thoughts about letting go of such a prime location? It's a great spot to entertain... Anyway, while the mystery woman hasn't been identified (and Carrey's rep hasn't returned a request for comment), we'll just venture that she isn't quite in the same age demo as the 50-year-old actor--who's looking good in the abs department, we might add! Since splitting up with McCarthy in 2010 after five years together, Carrey has filmed a creeptastic ode to Emma Stone that she found most flattering, and was most recently linked to 23-year-old Anastasia Vitkina.