Catherine Ruelle, World Cinema Expert graces IONIFF Port Harcourt 09

One of the world's most celebrated Cinema expert based in Paris, France Catherine Ruelle is scheduled to be part of IONIFF Port Harcourt 09 as Artistic Director.

Catherine, producer of “Golden Camera” program on Cannes Festival TV, portraits and interviews of young filmmakers from all over the world, is billed to bring her wealth of experience to IONIFF Port Harcourt 09 scheduled to hold in the Rivers State capital between 9^th and 12^th December 2009.

Since 1979, Catherine has been working in various capacities as President, Organizer or Committee Member of International Film Festivals in Paris, Cannes, Milan, and Geneva.

In 1980, she co-organized the first ever festival in Europe to celebrate Independent Black American Filmmakers and in 1984 founded the Association Racines which produced its first edition of Racines International Film Festival at Centre Georges Pompidou, the most prestigious cultural centre in the French capital.

As a result of her interest in black filmmaking, she became a part of the organization of Noir, Black, Negra, an artistic composition of film screenings, tales, music events and creation of an African village at Cannes Festival.

In line with her black cinema knowledge, she created a special category called Raices Negras/ Black Roots at the French cinema festival in Cuba in 1999 and 2000.

Catherine, according to the organizers of IONIFF Port Harcourt 09 is coming to Nigeria with her wealth of experience at the international level to share with participants particularly Nollywood while at the same time learning from Nollywood on how best to tell the Nigerian story.

Catherine also co-founded in partnership with the renowned Senegalese director Mahama Traore the special Djibril Diop Mambety price at Cannes Festival.

In 2008, she was appointed Artistic Director of a Midsummer’s Night Dream Digital Film Festival in Paris till date.

This lady of creativity has also coauthored some great works such as UNSECO report about African cinema, a book about Brazilian Cinema, Cuban Cinema and the list continues…

About IONIFF

ION International Film Festival was established in 2004 by Chris David of Shout Studio and in 2007 it was acquired by the Farmani Group. The Farmani Group is the founder of several charities and art-related business and organization, including the award –winning VUE magazine, The Lucie Award [the Oscars of photography] Design Awards, Green Dot Awards, Hospitality Awards, International Photography Awards, Px3-PRIX DE LA PHOTOGRAPHIE PARIS, London Creative Competition [LICC], Art For New York, Farmani Gallery, aNet Communication, Focus on AIDS, and FYI design
ION International Film Festival is a touring festival that is dedicated to promoting independent films, documentaries, animation, music videos and student films.
Each year ION is held in a different location in an effort to promote global awareness and unity. IONIFF 2007 was hosted in Hollywood; in 2008 it was celebrated in Dubai. This year Port Harcourt will host IONIFF and from there the festival will move to Istanbul in 2010.
ION International Film Festival invites ardent industry professionals, film lovers and audience to experience the art and passion of some of the world’s most talented film makers in one of the world’s most vibrant locations, Port Harcourt. Submissions close on 30th September. For information visit www.omcomm.org

YORUBA ACTRESS, IYABO OJO NEW LOOK!

By Niyi Tabiti

Now if you ask us who has got the swagger at the Encomium/Primetime Entertainment Green and White Party on 1 October 2009, we would gladly write the name of Yoruba actress, Iyabo Ojo across the board. Yeah, the chic look totally repackaged, starting from her make-up and dressing..she looked more covered and guess what, she looked more calm.Those rings that use to dance 'palongo' on her face were also missing.gistmaster.com can possibly tell that someone here has been listening to style advisers. Congrats girl!!!

WITH LOVE FROM GHANA- RENEE Q

We promised that this exhibition will be good to be true Aye? Well to keep to our prise, we have coming all the way from Ghana- Renee Boateng of ReneeQ

Bespoke, our this house fashion line brings you stylish tee shirts infusing the luscious colours and intricate patterns of African fabrics with unique styles that’ll make you feel RenéeQ gorgeous! Their style of Bespoke brings you the evolution of the Afro Diva!

Dont Miss out , BE THERE!!!!

Bkids started in 2002, and today has a retail outlet in GRA Ikeja. Manufacturing and retailing children's clothes, using a lot of our local fabrics (though not exclusively). They cater to both boys and girls from ages 12 months to 12 years, stocking trendy shirts, shorts and trousers for boys, and cute dresses, skirts, tops and trousers for girls. They also stock some imported brands of jeans and t-shirts. 

Essentially the Bkids label is about children being themselves, hence the inspiration for the name ‘BE-KIDS. Their clothes are all about simplicity, practicability , comfort, durablility & at the same time trendy, colourful & stylish. Also incorporating an ethnic touch to some of their lines & calling it "African Fusion", where foreign styles meet local flavours- A place where denim meets adire & mass-produced garments meet hand-made & hand-dyed fabrics. It incorporates the best of all worlds, mixing global concepts to create a style that is uniquely Bkids.

MTN PROJECT FAME WINNER IYANYA TELLS US HIS STORY WITH LYRICS!!!

Story and photos by Niyi Tabiti

Iyanya, the winner of the first MTN West Africa Project Fame reality show winner proved the has a deserving role to play in the Nigerian music industry on Sunday 4 October 2009 as he unveiled the his debut album.Tagged "Symphony of Iyanya", the ceremony had the cuts of a glam and history in the making for the Cross River state born star.
Iyanya music videos shot in Nigeria and Johannesburg were also on the big screen for personalities gathered at Ultima studio,Omole (venue of the unveiling of the album).Comedians such as Seyi Law and M & M also gave us good dosage of humour.Those who worked on the album include Ty Mix,K-solo,OJB and Wazbeat.

Top journalists from various media houses, Ayo Animashaun of HIPONTV,Ayeni Adekunkle of A.Y.E.N.I Entertainment,Timaya,MI (Whose birthday happens to be that same day), Sound Sultan,Kingsley of KC Presh,Charles O'Tudor of Adstrat and several others came to the event

AGAIN CELEBRITIES STORM FINGURINE PREMIERE IN LAGOS...TRAIN MOVES TO LONDON ON 31 OCTOBER

Story and photos by Niyi Tabiti
Chief Reporter

The public screening of Figurine, a movie by talented producer and actor, Kunle Afolayan took place on Saturday 3 October 2009 at Genesis Delux cinema in Lekki.Celebrities such as Wale Adebayo (Sango),Ramsey Nouah,Omoni Oboli,Kate Henshaw, Catherina Bortolussi,Kunle Faloye of GSK,Rita Dominic,Tunde Kelani and several others stormed the event.Reliable information at the disposal of www.niyitabiti.blogspot.com indicates that the train would be moving to other cities in Nigeria and outside the shores of the country.On 31 October 2009,Fingurine would be come up for screening at Odeon Cinema in the UK.

AGAIN CBN SACK BANK CHIEFS...THIS TIME ADENUGA,ATUCHE OTHERS INVOLVED

•Removes Spring Bank directors •Pumps in N200bn loans
The Central Bank of Nigeria (CBN) announced the result of the audit of another 14 banks, sacking the chief executives of three banks; namely Bank PHB, Equitorial Trust Bank and Spring Bank. The CBN also sacked business mogul and chairman, Globacom, Chief Mike Adenuga from the board of Equatorial Trust Bank as well as all the non executive directors of Spring Bank.

The affected chief executives are Mr. Francis Atuche (Bank PHB), Mr. Ike Oraekwuotu (ETB), and Charles Ojo (Spring Bank)

The CBN also announced the appointment of new chief executives for the three banks; namely Mr. Cyril Chukwumah for Bank PHB Plc; Mr. G.O. Folayan for Equitorial Trust Bank Plc; and Mrs. Sola Ayodele for Spring Bank Plc.

The new chief executive officers resumed duties at the banks yesterday.
However, hours before the CBN hammer, former MD of Bank PHB, Mr. Francis Atuche, was said to have “resigned” his position and disappeared. The Central Bank was said to have offered the board of Bank PHB a chance to replace Mr. Atuche with an executive of their choice. But Mr. Atuche refused to resign thereby forcing the CBN’s hand.

In a press statement issued yesterday, the CBN said the special examination conducted on 14 banks indicated that Bank PHB, Spring Bank, Equitorial Trust Bank and Wema Bank were in grave condition.

The statement said, “In furtherance of the Central Bank of Nigeria’s statutory duty to ensure a sound financial system in the country, the Governor of the Central Bank of Nigeria (CBN) ordered the Special Examination of all the 24 banks operating in Nigeria.

The result of the Special Examination of the first set of 10 banks was made known on 14 August 2009. The CBN wishes to announce that the joint CBN-NDIC examination teams have completed the Special Examination of the remaining 14 banks — and as such, the books and affairs of all 24 banks in the Nigerian banking system have now been examined.

The Special Examination primarily focussed on assessing the health of the banks with particular focus on liquidity, capital adequacy and corporate governance.

After a review of the findings of the Special Examination report in respect of these 14 banks, the CBN said it came the following conclusions:

“The following 9 banks were found to have adequate capital and liquidity to support the level of their current operations and future growth: Access Bank Plc, Citibank Nigeria Limited Ecobank Nigeria Plc, Fidelity Bank Plc, First City Monument Bank Plc, Skye Bank Plc, Stanbic IBTC Bank Plc, Standard Chartered Bank Limited and Zenith Bank Plc.

The 10th bank — which is Unity Bank — was adjudged to have insufficient capital but not in grave situation because it has a healthy liquidity position.

The remaining four banks were found to be in a grave situation: Bank PHB Plc; Equitorial Trust Bank Plc; Spring Bank Plc; and Wema Bank Plc.

“After a careful consideration of the matter, and in exercise of the powers conferred on him by Sections 33 and 35 of the Banks and Other Financial Institutions Act 2004, the Governor of the CBN, by order in writing, has taken a number of measures aimed at arresting the grave situation of these four banks. The measures are:

a)The removal of the Managing Directors of Bank PHB Plc, Equitorial Trust Bank Plc and Spring Bank Plc and the appointment of new Managing Directors for these three banks, namely: Mr. Cyril Chukwumah for Bank PHB Plc; Mr. G.O. Folayan for Equitorial Trust Bank Plc; and Mrs. Sola Ayodele for Spring Bank Plc.

b) The removal of all Executive Directors in Bank PHB Plc, Equitorial Trust Bank Plc and Spring Bank Plc. New Executive Directors will be appointed for these banks in due course.

c) The removal of all Non-Executive Directors in Spring Bank Plc.

d) The removal of Dr. Mike Adenuga, jnr., CON, as a Non-Executive Director of Equitorial Trust Bank Plc.

e) The order to the board of Wema Bank Plc to recapitalise by 30 June 2010. It is noted that Wema Bank Plc came under new ownership and management in June 2009 who took over a bank already in a grave situation and should not be held responsible for the present condition of the bank.

The CBN will work with the Bank to ensure a successful completion of the recapitalisation exercise.

f) he provision of a total of N200 billion by the CBN as liquidity support and long term loans for the four banks adjudged to be in a grave situation to enable them continue normal business, while pursuing recapitalisation options.

g) The order to the board of Unity Bank Plc. to recapitalise by 30 June 2010. It is noted that Unity Bank Plc was adjudged to have insufficient capital for its current level of operations but was adjudged to have a healthy liquidity position and with no indication of poor corporate governance practices.

The CBN has therefore exercised its powers under Section 13.3 of BOFIA to order the Board of Unity Bank Plc to recapitalise by the said date and the CBN will continue to monitor this situation.

“In addition, the CBN will assist the five banks with insufficient capital in their loan recovery efforts, just as it did with the previous five.

The CBN is happy to report that as at 25 September 2009, the five banks had recovered more than N110 billion of previously non-performing loans.

“The CBN reiterates its commitment to stand by all Nigerian banks and work with their respective boards, management and other stakeholders to restore the stability of the financial system and thus ensure that our banks are able to effectively play their role in economic growth and development.”

In furtherance of the commitment of the Federal Government to the growth and stability of the financial system, His Excellency the President of the Federal Republic, President Umaru Musa Yar’ Adua has directed the Minister of Finance and the CBN governor to liaise with the Attorney General of the Federation, the National Assembly and other relevant stakeholders with a view to fast_tracking the process of establishing an Asset Management Company.

The formation of this company should facilitate an improvement in banking sector liquidity, protection of the earnings of banks from further erosion and a reduction of the debt overhang on the capital market and its participants.

This should provide a much-needed fillip for the revival of the Nigerian Capital Market.

“With the conclusion of the bank audit exercise, we have come to the end of the first phase of the process of restoring financial sector stability.

Ongoing action will focus on building capacity within the regulatory regime; fast-tracking the implementation of risk-based, consolidated and cross border supervision frameworks; easing the flow of credit, particularly to the real sector of the economy; improving governance structures and practices in the financial services sector; and improving confidence in the economy in general,” the CBN said.

CULLED FROM VANGUARD