So far, the Islamic Development Bank Group (IDB) has injected about  $470 million into project and trade financing operations in various sectors of the Nigerian economy. But in the years to come, the bank plans to do far more than this. President of IDB Group, Dr Ahmad Mohamed Ali Al-Madani, stated that IDB is not a religious bank but a development finance institution in the mould of African Development Bank, Asian Development Bank, Inter-American Development Bank, and promised that in the next three years, the bank will extend a total credit of $4 billion to Nigerian businesses, governments and individuals. Clearly, therefore, the IDB presents a huge funding opportunity to Nigerian businesses, individuals and to the different tiers of government in Nigeria. Interestingly, all the lending of the IDB is based on the non-interest or profit-sharing banking model. In other words, beneficiaries of the IDB facilities do not carry the burden of compound interest on the facilities extended to them.

Nigeria’s Golden Jubilee Business Summit and Cultural Gala Dinner organized by BusinessinAfrica Events in London last week brought together Nigerians and friends of Nigeria (individuals and corportates) from far and wide. It was a great opportunity to celebrate Nigeria at 50 from a business perspective. Ray Echebiri who participated in the summit reports that the consensus was that Nigeria has the potential to be a great nation, but has definitely not become great yet.

THE illegality of toll collection was made manifest in a tripartite memorandum of understanding (MoU) signed by three parties in Ifo Local Government Area of Ogun State without the backing of the law and without input of lawyers representing the three parties. The parties are the representatives of the people of Matogun-Olambe, the contractor for a road construction and Mr. Olawale Sikiru Ogundele, chairman of Ifo Local Government Council Area.

LOVERS of the media as channel of communication and mass mobilization have in the last few weeks been appalled by allegations of torture, assault, human degradation and abuse of human rights leveled against the governor of Imo State, His Excellency Chief Ikedi Ohakim by one Mr. Samuelson Iwuoha, a petition writer based in Owerri, the state capital.

THE purpose of budgeting is to provide a forecast of revenues and expenditures, construct a model of how government or a business might perform financially speaking if certain strategies, events and plans are carried out. It enables the actual financial operation to be measured against the forecast.
Budgeting is a veritable instrument for ensuring the judicious allocation of the nation’s scarce resource for development. Unfortunately, in spite of its overarching role as a tool for economic development, Nigerians have regrettably, yet to feel the positive impact of budget.

Many firms have run into trouble due to risk management failures. However, where risk management failures are accompanied by corporate governance failures, the lethal combination has caused swift demise. A good example was Enron, an AAA rated institution.

A New Document in the Battle against HIV/AIDS

A new book has just been added to the growing corpus of materials focusing on the HIV/AIDS pandemic. Written by Florence Uchendu, HIV, All You Must Know, documents a wide sweep of information that touches on all aspects of the subject in one breath. STEPHEN UBIMAGO engages with the thoughts of the author in this piece.

Okon Edem (real names withheld) is from Akwa Ibom State. Only the previous day, his girl friend of nine months, who, for some time, had been down with a strange ailment, broke the mind searing news of her having tested positive to the dreaded Human Immuno deficiency Virus (HIV) that causes AIDS.

Hardly did he imagine a day would come when he would have to subject himself to Voluntary Counseling and Testing (VCT) were it not that doctors had advised his girl friend to quickly bring forward the man in her life for the test. Swiftly, though in dooms-day garb, he had headed for the Nigerian Institute of Medical Research, Yaba, were he underwent the test.