Blog

NAN-HE-5
Suspension
By Chinyere Joel-Nwokeoma
Lagos, Nov. 15, 2016 (NAN) Some shareholders of Ikeja Hotel Plc, say the decision of Nigerian Stock Exchange (NSE) to place the company’s shares on full suspension after over one year of corporate governance is belated.

The shareholders told the News Agency of Nigeria (NAN) in Lagos on Tuesday that the suspension was uncalled for.

Mr Boniface Okezie, President, Progressive Shareholders Association of Nigeria (PSAN), told NAN that the belated decision was not in the interest of the minority shareholders.

Okezie said that the minority shareholders expected the NSE to act when the shareholders removed Mr Goddie Ibru as the Chairman on Jan. 6, 2015.

He said that the NSE was playing to the gallery and failed to act when it mattered most to protect the minority shareholders of the company.

“We expected the NSE and Security and Exchange Commission (SEC) to act on the matter long before now, especially after the Extra-ordinary General Meeting (EGM) last year.

“We don’t know if NSE is acting now because of Goddie Ibru’s investigation by EFCC,’’ Okezie said.

Mr Godwin Anono, Chairman, Nigeria Professional Shareholders Association, said that stopping trading on the shares now was not good for investors.

Anono said that the company had gone through a lot of litigation in the past; the shareholders expected SEC’s intervention before now.

He said that investor protection was paramount but should be done at the right time.

NAN reports that the NSE on Nov. 10 suspended trading on the shares of Ikeja Hotel in response to the high-stake dispute in the Ibru family.

The Ibru family own the majority shareholdings in the hospitality and tourism company. The SEC has been notified of the suspension.

The SEC noted that the suspension would be in place until further notice.

In a suspension notice, the SEC stated that it has placed full suspension on Ikeja Hotel, implying that no trading will henceforth take place in the shares of the company.

Unlike technical suspension where trading can take place without price movement, full suspension disallows both trading and price movement.

SEC noted that the full suspension was taken “to safeguard the investments of shareholders of Ikeja Hotel Plc following the continued dispute between major shareholders which had negatively impacted on the company’s governance structure”.

The NSE stated that it acted in pursuant to the provisions of rule 15.45: suspension on trading of securities, rulebook of the Exchange, 2015.

The suspension took effect on Nov. 10, 2016.

NAN also reports that the EFCC recently declared Mr Goodie Ibru wanted alleging capital market fraud, stealing and money laundering, among others.

NAN also recalled that the shareholders of Ikeja Hotel Plc, owners of Sheraton, on Jan. 6, 2015, removed Ibru, as the Chairman and Director of the company over corporate governance infractions.

The shareholders unanimously approved the sack of Ibru at an EGM in Lagos.

The shareholders at the meeting appointed Mr Olumide Braithwaite and Mr Tunde Sarumi as directors of the company.

They also appointed KPMG Nigeria Ltd to carry out forensic audit of the management of the company from 1999 to 2014 when Ibru was the chairman. (NAN)

JNC/IKU/MO
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Edited by Tayo Ikujuni/Morayo Omolade

NAN-DS-2

Clash

By Chukwuemeka Opara

Izzi (Ebonyi), Nov.15, 2016 (NAN) Gov. David Umahi of Ebonyi has confirmed the death of three persons in a land dispute involving Onweonweya and Mkpumekweoku communities in Izzi Local Government Area of the state.

The governor gave the confirmation on Tuesday in Abakaliki when he visited the communities.

According to the governor, the loss of lives and the magnitude of property destroyed in the communities, indicated that the perpetrators of the clash were hired.

“We have not witnessed this scale of violence since assuming office and it heightened our belief that mercenaries were hired to unleash mayhem on the people.

“The discovery of one of the dead dressed in camouflage lends credence to this belief and it is not in Ebonyi tradition for a citizen to take the life of another,” he said.

The governor, however, commended government officials who ensured that the situation was brought under control, adding that a Development Centre Management Committee member implicated in the crisis has been suspended.

He stressed that the management committee member and any other government official that might be indicted in the communal clash remained suspended until investigations by security officials were completed.

The governor revoked the disputed land, adding that no farming activity should go on it until peace was restored to the area.

He, however, said that farmers who planted rice on the disputed land should be allowed to harvest their produce.

The governor further announced a donation of N10 million for the reconstruction of destroyed houses in the area, adding that N8 million was for the reconstruction while N2 million was for furnishing.

He also directed that all elected and government appointees from the area should contribute 50 per cent of their monthly entitlements toward the reconstruction.

“I will personally head the contribution committee.

“The disobedience of some people in intruding in the land should not warrant death because when people are killed, sides are taken,’’ Umahi said.

Mr Francis Nwifuru, Speaker of the State House of Assembly who hails from the area, apologised to the governor for the embarrassment caused by the clash, promising that it would not re-occur.

“I warned inhabitants of the area not to cultivate rice in the disputed land but those who violated the directive suffered the highest casualty.

“I have been dialoguing with stakeholders of the area since the incident occurred and I assure that permanent peace would soon be achieved,” he said.

Mr Richard Idike, Caretaker Chairman of the council, said that the dead persons were covered with grasses while one of them was seen wearing a camouflage.

According to him, the dispute between the two communities has spanned over 30 years while efforts by community stakeholders to settle it had proved abortive.

He said the area covered over 20km land for rice cultivation, adding that most of the community’s inhabitants had been displaced and were seeking refuge in neighbouring communities.

Mrs Mgbokwor Mbam, a native of the area, described the incident as unfortunate, saying that her house was razed during the incident.

“I thank the government and security agencies for their prompt intervention as the situation could had been worse if not for their efforts,” Mbam said (NAN)
RCO/EEM/AMY

Edited by Emmanuel Mogbede and Abdullahi Yusuf

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NAN-S-12

Taekwondo

By Kemi Ajayi
Lagos, Nov. 1 5, 2016 (NAN) Former President Olusegun Obasanjo, Minister of Youth and Sports, Solomon Dalung and retired Lt.-Gen. Inuwa Wushishi are to be honoured by the Nigeria Taekwondo Federation.

The award is part of activities lined up by the federation to mark the 2016 edition of the annual Korean Ambassador’s Taekwondo Championship, slated for Dec. 8 to Dec. 10 in Lagos.

The President the federation, George Ashiru, said in a statement on Tuesday that the championship would be used to mark the 30th anniversary of the body.

He said that the recipients were being honoured for their immense contributions to the growth of the federation.

Ashiru said that the event, sponsored by the Korean Cultural Centre, would hold at the Molade Okoya Thomas Hall at the Teslim Balogun Stadium, Surulere.

According to him, the event is geared toward boosting sports development and bilateral relations between Nigeria and South Korea.

“It is noteworthy that this is the 30th year of establishing the Taekwondo Federation in Nigeria. It was formed in 1986 and inaugurated in 1987.

“We are giving out awards in recognition of the people who have in one way or the other supported the Nigeria Taekwondo Federation tactically, politically and materially.

“These Nigerians will be honoured during the competition holding between Dec.8 and Dec. 10 for uplifting the sport in Nigeria.

“Former President Olusegun Obasanjo incepted the training of taekwondo in the National Library, he personally supports, visits and enrolled his grand children.

“The minister for sports for second time in a row will be physically present at the event and deserves special recognition.”

Ashiru explained that the history of taekwondo would never be complete without the mention of Inuwa Wushishi, who used his good office as the Chief of Army staff to propagate taekwondo in the Nigerian Army.

“We will like to honour the gentleman, who signed the bilateral agreement that brought in the first set of Korean instructors officially to Nigeria when he was the chief of army staff.

“One of the two instructors brought in by Wushishi later became the first national coach, who took the pioneer national team to the All Africa Games in 1987 which I was part of.

“We think it’s time, 30 years after, for the federation to remember the man that started taekwondo in the Nigerian Army, which the army is now benefiting from.”

Ashiru disclosed that all the awardees had confirmed that they would be present to receive their awards. (NAN)
KOA/ENN/SN
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Edited by Edwin Nwachukwu/Silas Nwoha

NAN-H-71

Demolition

Lagos, Nov. 15, 2016 (NAN) The National Conscience Party (NCP) has urged the Lagos State Government to stop the demolition exercise it was carrying out in some parts of the state and compensate the affected people.

Mr Fatai Ibuowo, the Lagos State Chairman of NCP, said in a statement in Lagos that the exercise came at a time when the country’s economy was not favourable to the people.

He advised the government to come up with programmes that would be of benefit to the poor, and to provide alternatives for those displaced by the demolition exercise.

“To us, what will benefit the people today are pro-masses programmes aimed at getting people to work and end poverty.

“ The interests of the masses who constitute the overwhelming majority and produce the wealth of the society must always come first. This is what democracy is all about,’’ Ibuowo said.

The party chieftain said that the ongoing demolition had taken its toll on scores of people who had been left with no support from government.

He urged the government to listen to the cry of the people and act on the protest letters before the State Assembly, submitted by some of the victims and non-governmental organisations against the demolition.

The party chairman urged the government not to let the people down.

The News Agency of Nigeria (NAN) reports that the Lagos State Government in October commenced the demolition of shanties and slums in riverine areas across the state.

Some groups of affected persons, in the wake of the exercise, have staged protests at the state house of assembly, seeking the lawmakers’ intervention and suspension of the demolition.

The Lagos State House of Assembly had appealed to Gov. Akinwunmi Ambode to consider relocation of the people in some of the affected areas, so that they would not be left on the streets.

The appeal followed the presentation of a report by the Assembly’s ad hoc committee on the matter led by Mrs Adefunmilayo Tejuosho, the Chairman, House Committee on Judiciary, Human Rights, and Petitions. (NAN)

LED/SOA

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Edited by Oluwole Sogunle

NAN-H-81
Tributes
By Aminu Ahmed Garko
Minna, Nov. 16,2016 ( NAN) Malam Bashir Yankuzo, the Chief Imam of Federal University of Technology Minna Central Mosque, has advised Nigerian leaders to emulate the leadership qualities of the late Sultan of Sokoto, Ibrahim Dasuki .

“Dasuki has left a wide vacuum in the administrative system of Nigeria,’’ Yankuzo told the News Agency of Nigeria (NAN) in Minna on Tuesday.

He said Dasuki had served the country to the best of his ability in different capacities and he ensured the unity of Muslims.

” Some people can live for 1,000 years without being remembered while others can live for a very short time and would be remembered.

” Dasuki spent a very short period as Sultan but his contributions to the development of the Sultanate Council and Nigeria as a nation cannot be over emphasised, ” he said.

Dasuki died on Monday night and was  aged 93. (NAN)
AAG/OJO
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NAN-S-13
Murray
London, Nov. 15, 2016 (Reuters/NAN) If Andy Murray was grateful to Marin Cilic for facilitating his rise to the summit this month it was not evident when they met again.

As he added the Croatian to his lengthening list of victims at the ATP World Tour Finals on Monday.

It was Cilic’s defeat of Novak Djokovic at the Paris Masters that opened the door for Murray to seize the number one ranking he had spent his whole career pursuing.

Murray repaid the favour with a 6-3 6-2 win — his 20th in succession — although it was far from a drubbing as Cilic tried his utmost to ruin the Scot’s homecoming.

Four more performances like that at the O2 Arena this week should guarantee the 29-year-old will end 2016 leading the pack.

Murray had lost his most recent meeting with Cilic, the Cincinnati Masters final in August.

On Wednesday he will face Japan’s Kei Nishikori who stopped him in the U.S. Open quarter-finals — Murray’s last Tour level defeat.

Nishikori had earlier beaten Swiss Stan Wawrinka 6-2 6-3 in the John McEnroe group — although that match was as one-sided as the scoreline suggested with Wawrinka badly off key.

Murray has been handed a tougher-looking group than Novak Djokovic, the man he deposed and who could still snatch back the top ranking.

But he cleared the first hurdle in style in front of a near full house who welcomed him home like a returning hero.

“It was a great reception,’’ Murray, Britain’s first ATP singles world number one, told reporters. (Reuters/NAN)
ERO/PDE
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(Edited by Emmanuel Okara/Peter Ejiofor)

NAN-HE-11
Projects
By Cecilia Ologunagba
Abuja, Nov. 15, 2016 (NAN) The Federal Ministry on Tuesday built the capacity of staff in some key Ministries, Departments and Agencies (MDAs) on how to package bankable infrastructure Public Private Partnership (PPP) projects.

The Minister of Budget and National Planning, Sen. Udoma Udo Udoma at the Capacity Workshop for the MDAs in Abuja, said PPP financing was a dependable option for government to develop infrastructure.

Udoma, who was represented by the Director, Administration, Mr Christian Ezeilo said it was clear that one of the fundamental responsibilities of the government was to provide adequate infrastructure.

He said that the dwindling revenues and increasing competing demands made it difficult for government to meet its responsibilities.

“Therefore, exploring alternative options became inevitable and PPP is one of the reliable options.

“It reduces financial burden in government and enable it to free up scarce resources to be allocated to other spending priorities,’’ the minister said.

Udoma, however, said that one major challenge to optimise PPP financing option was inadequate capacity in the MDAs to package potential bankable infrastructure projects.

He said that bankable projects needed to be prepared and packaged to attract private investment.

According to him, to develop bankable projects requires time, money and technical know-how.

He said that the government would build the capacity of MDAs to possess adequate knowledge and skills set in different areas of PPP competencies.

The minister said that the government had developed the National Integrated Infrastructure Master (NIIMP), a 30-year plan aimed at increasing infrastructure stock to 70 per cent of Gross Domestic Product by 2043.

In his address, the Deputy Director/ Head of Infrastructure Unit in the ministry, Mr David Adeosun said that the private sector was expected to collaborate with the government to implement the NIIMP.

“Nigeria will require 3.5 trillion dollars to implement the plan for 30 years and private sector is expected to account for 48 per cent of the investment.

“We need to promote PPP to achieve the investment and government is providing enabling environment to involve the private sector,’’ he said.

The director said that the hosting of the workshop was a practical demonstration of the PPP between the ministry and the Infrastructure Bank (TIB).

In his address, the Managing Director of TIB Plc, Mr Adekunle Oyinloye said that the private sector remained willing to work with the government in strategic ways to fund infrastructure deficit.

Oyinloye said that private sector would work with the government through adroit transaction structuring that comprehensively addressed the projects risks faced by project promoters as well as assuring the return on and of capital invested.

“PPP is a very potent tool for channelling investment into infrastructure space.

“ Clearly, the decision by the three tiers of government on which project to select for development by way of PPP is critical and vital to the success of such projects as investors’ risk appetite at any given time is finite.

“As such, the bank is keen to empower, sensitise and educate decision makers within infrastructure-focused MDAs on how to identify, prioritise and select candidate PPP projects to be implemented in the short and medium term,’’ he said.

The News Agency of Nigeria (NAN) reports that the Capacity Building Workshop for the implementation of the NIIMP was organised by the Ministry of Budget and National Planning in collaboration with TIB Plc. (NAN)
CIA/GY
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Edited by Grace Yussuf

NAN-S-10
Cricket
Hobart (Australia), Nov. 15, 2016 (Reuters/NAN) Australia Captain Steven Smith said he was embarrassed by his team’s performance against South Africa and accused his players of lacking pride in their wickets.

This was after another batting collapse paved the way to a crushing 2-0 series defeat.

Having resumed on 121 for two on day four in Hobart, Australia lost eight wickets for 40 runs before lunch to crumble to an innings and 80-run loss, the team’s fifth successive defeat in tests.

Australia head to Adelaide for the series finale under lights next week with confidence at rock-bottom; and pundits demanding wholesale changes to the team’s roster and staff.

While giving credit to South Africa’s outstanding pace attack, Smith offered no defence for his batsmen and slammed them for failing to live up to the demands of international cricket.

“It’s not working.

“Obviously on the back of five losses there’s going to be a lot talked about in regards to selection and things like that,” the 27-year-old said at a candid post-match media conference.

“We’re not digging in enough; we’re not having the pride in our wicket…

“Something’s got to change and we’ve got to play a lot better than we have been if we’re going to beat any opposition around the world at the moment.

“I need players that are willing to get in the contest and get in the battle and have some pride in playing for Australia and pride in the baggy green (cap).

“I’m quite sick of saying it.

“We’ve lost five times in a row and for an Australian cricket team that’s humiliating and I’m embarrassed to be sitting here in this position, to be honest with you.”

Trounced by 177 runs in Perth, Australia brought a re-tooled lineup to Hobart.

With Joe Burns replacing injured opener Shaun Marsh and specialist number six batsman Callum Ferguson debuting in place of all-rounder Mitchell Marsh.(Reuters/NAN)
ERO/PDE
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(Edited by Emmanuel Okara/Peter Ejiofor)

NAN-H-69
Clash
by Kola Adeyemi
Lokoja, Nov. 15, 2016 ( NAN) A member of the Kogi State House of Assembly, Mr Idris Idako has called on the Police to immediately halt the incessant Fulani herdsmen and farmers clashes in some parts of Lokoja Local Government.

Idako, who made the call on Tuesday in a statement in Lokoja, said that the crises should be nipped in the bud to prevent its escalation.

He particularly called on Gov. Yahaya Bello to act fast, saying that the recent killing of a farmer, Malam Kachalu, on his farm at Kupa village, could lead to reprisal attacks by villagers.

“Security agents should move in quickly as reports reaching me suggested that Fulani herdsmen are planning to ransack more villages,’’ the lawmaker said.

Idako, who is representing Lokoja Constituency 11 in the State House of Assembly, promised to sponsor a cattle grazing bill as a lasting solution to the problem.

He urged the Federal Government to work with other stakeholders to arrest the worsening Fulani/ farmers clashes across the country.

“I must say that the incessant attacks by herdsmen on communities across the Lokoja Constituency 11, has brought a lot of anxiety.

“Government needs to act fast. I am surprised that security agencies have not been able to arrest killings in Kupa, Egan and other communities in the constituency,” the lawmaker said.

Idako expressed his heartfelt condolence to the family members and traditional leaders of Kupa village over the killing of Kachalu.

He appealed to them to remain calm and allow security agents to get to the roots of the matter. (NAN)
KKA/AJA
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(Edited by Adeleye Ajayi)

NAN-H-79

ASUU

By Chinyere Nwachukwu

Lagos, Nov. 15, 2016 (NAN) The Academic Staff Union of Universities (ASUU) says there is no going back on its one-week warning strike scheduled to begin on Wednesday, Nov. 16.

Prof. Biodun Ogunyemi, the union’s National President, told the News Agency of Nigeria (NAN) on telephone on Tuesday in Lagos that the strike would be total.

NAN reports that the union leadership, after its emergency executive committee meeting, declared the warning strike at a news conference on Monday in Abuja.

Ogunyemi said chronic under-funding of the sector through low budgetary allocation, which went from 11 per cent in 2015 to eight per cent in 2016, did not go down well with the union.

He pointed out the failure of government to implement the 2009 agreement and the 2013 Memorandum of Understanding (MoU) as some of the reasons for embarking on the warning strike.

The president said that its members were tired of what they described as “government’s empty promises’’ in setting up its negotiation team for the review of agreement as consistently requested by ASUU since 2012.

“There shall be no teaching, no examination and no attendance of statutory meetings of any kind in any of our branches while the strike lasts.’’

According to him, the union will put machinery in place to ensure that there is total compliance during the strike.

He explained that the essence of the warning strike was to draw attention of concern stakeholders and the general public to the challenges that the unions, universities and other stakeholders in the sector were facing.

“Nobody will say before we exhaust the warning strike some issues cannot be addressed if government want to be sincere with our cause.

“We are doing this because we want Nigerians to come into the matter and ensure that these issues are given adequate attention they deserve.

“Our lecturers are given 40 per cent of their salaries, which is just not encouraging, as this will lead to poor commitment in carrying out their jobs.

“I am sure nobody will like a 40 per cent university education or 40 per cent teaching of various courses including research development and output.

“That is why we have to take the matter before the National Assembly, which we believe, will come into the matter just like the Nigerian parents.’’

Reacting to the impending strike, the National Parent Teacher Association of Nigeria (NAPTAN), said that ASUU was right and that it must be supported.

Chief Adeolu Ogunbanjo, the association’s 2nd Deputy National President, told NAN that it was time the government take the country’s education seriously, especially in the face of the technology age.

“ASUU has done well by giving warning, considering the patience its members have shown in these whole issues.

“At least it is good for them to feel the pulse of Nigerians and other key stakeholders on the matter.

“However, because Nigeria is struggling with recession presently, we, on behalf of Nigerian parents are begging them not to down tool totally.

“They have made their points and we thank them for creating the awareness but we are begging them to shelve the looming strike to sometimes next year, when the recession might have been abated.

“Government too should seize the opportunity to listen to the union and see what can be done concerning all the issues it has raised.

“It will be a total disaster if government should allow ASUU to down tool indefinitely, considering the hardship that is currently taking its toll on every sector of the nation’s economy.’’

Ogunbanjo said that a full-fledged strike would not be welcomed by majority of Nigerians in the current situation.

He said the strike would only add more grief to the suffering masses. (NAN)

CCN/AIB/MO

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Edited by Abdulfatah Babatunde/Morayo Omolade