The Nation Newspaper

Tag: merger

  • Indian court lifts obstacle to Microsoft-Nokia merger

    Indian court lifts obstacle to Microsoft-Nokia merger

    The Delhi High Court ruled on Thursday that Nokia would be allowed to transfer a phone factory to Microsoft, clearing a major obstacle to Nokia’s $7.4 billion sale of its mobile phone business to Microsoft after the court ordered Nokia to set aside $365 million for potential tax liabilities.

    The factory, in the southern city of Chennai, is one of Nokia’s largest handset manufacturing plants and was seized along with its other Indian assets in September by the Indian tax authorities because of a tax dispute with the government.

    Nokia’s tax battle with India continues, however. In March, the Indian government presented the local unit of Nokia with a bill of about $340 million in back taxes over five fiscal years.

    “It is a positive move forward that Nokia has been allowed to go through with its asset sale,” said Dinesh Kanabar, the deputy chief executive of KPMG India. “It was worrisome that a hypothetical demand from the Indian tax office was becoming a barrier to a global transaction.”

    He added that it was unclear what Nokia’s ultimate tax liability would be, and that the matter would be decided by tax tribunals and the Indian courts.

    Mr. Kanabar, who spoke to a lawyer representing Nokia, said the Delhi High Court asked Nokia Finland to deposit the $365 million with India’s tax department in an escrow account as interim payment. But the court also said the amount could increase if the company’s local assets were assessed to be of a higher value.

    The court clarified that once Nokia completed the sale of the Chennai factory to Microsoft, the new owner would not be liable to pay Nokia’s tax bill; that would fall to what remains of Nokia after the sale of its handset business.

    Officials from the Indian tax department declined to comment on the ruling.

    Nokia, which expects to close the sale of its handset division to Microsoft early next year, said that it was studying the court’s ruling and how it would affect any future tax payment to the Indian government.

    “In recent months we have seen and read about many claims from the tax authorities,” Nokia said in a statement on Thursday. “We feel they are without merit and will defend ourselves vigorously in court.”

    Several foreign companies like Vodafone, Royal Dutch Shell and IBM are also embroiled in tax disputes with the Indian government. The Indian government’s retroactive application of tax laws and efforts to collect back taxes have made foreign companies wary of setting up operations in India.

  • ‘Merger is political revolution’

    ‘Merger is political revolution’

    A chieftain of the All Progressives Congress (APC), Prince Tajudeen Olusi, has hailed the defection of the Alhaji Kawu Baraje-led new Peoples Democratic Party (nPDP) to the APC.

    He described it as the beginning of a political revolution in the country.

    Olusi, a former national vice-chairman (Southwest) of the defunct Action Congress of Nigeria(ACN), said the defection was a step towards political stability.

    The elder statesman and Second Republic House of Representatives member saluted the courage of the governors and principal officers of the nPDP and the perseverance of APC leaders, especially Chief Bisi Akande, Asiwaju Bola Tinubu and Gen. Muhammadu Buhari.

    He said both parties pressed forward, despite the cynicism expressed by the PDP that the alliance will not see the light of the day.

    Urging the new members to support APC leaders, Olusi said the governors would write their names in gold, if their struggles herald the birth of a progressive government at the centre in 2015.

    He said: “The merger of the nPDP and the APC is the beginning of a silent and desirable revolution, a political revolution in Nigeria. It is part of the revolution needed for the effective transformation of this country.

    “Nigeria needs change and progressive forces must come together to move the country forward.”

    A former Rector of the Lagos State Polytechnic, Mr. Olawumi Gasper, said more professionals are joining the APC because it has revived ideological politics.

    Gasper said: “The polity is now set for a titanic struggle between the progressives and forces of conservatism. Nigerians have a choice between a party that has produced failed governments for 14 years and a party of promise with antecedents of good governance in the APC-governed states. 2015 is the year of national liberation by the APC.”

  • 2015: Merger may alter geo-political calculus

    The voting pattern across the six geo-political zones may be altered in the next presidential election by the All Progressives Congress (APC)/New Peoples Democratic Party (PDP) merger. EMMANUEL OLADESU, LEKE SALAUDEEN and MUSA ODOSHIMOKHE report.

    The All Progressives Congress (APC/New Peoples Democratic Party (PDP) merger has continued to generate ripples. The decimation of the ruling Peoples Democratic Party (PDP) is a major burden to its national leader, President Goodluck Jonathan, who is believed to be interested in a second term . But for the APC, it is a bold message that power shift is a priority in the next election.

    It is a tragedy for the party that has prided itself as the acclaimed largest party in Africa. Its leaders had dreamt of a one-party state, boating that PDP will rule for the next 60 years. Ironically, the party will now be struggling to retain federal power in the next presidential poll. Obviously, the APC still anticipates more defections from the PDP, especially during the primaries, which may be marred by acrimony, strife and rancour.

    The opposition is prepared to confront the PDP by mounting a campaign of issues during the electioneering. The campaigns will be hot. The debates by the two presidential candidates will also be interesting, reminiscent of the debate between the proscribed Social Democratic Party (SDP) candidate, the late Chief Moshood Abiola, and the National Republican Convention (NRC) flag bearer, Alhaji Othman Tofa.

    Ahead of 2015, APC and PDP have a lot to do. There are speculations that cross defections are still likely. APC leaders are not likely to relent in wooing more PDP chieftains to the fold. The PDP may also wake up from slumber by giving reconciliation a second thought to prevent more disaster.

    Now, the PDP’s sphere of influence has reduced. Two weeks ago, PDP could boast of 23 governors. Now, it has 18 governors. The APC, which had 11 governors, now has 16. The Labour Party (LP) has one state (Ondo) and the All Progressives Grand Alliance (APGA) has one (Anambra).

    Analysts are predicting a change in geo-political calculus. The in-road by the APC to the PDP’s stronghold has implications for the two parties. Thus, a titanic presidential battle has been predicted in 2015.

    A searchlight is being beamed at some critical states, especially Rivers, Kano, Lagos, Sokoto, and Oyo. The voting population in these states is sophisticated. It is huge. Therefore, they can sway the votes.

    Remarkably, the voting pattern in the poll-confident Northwest geo-political zone cannot be the same again. It is natural that, at every periodic election, PDP presidential candidates often target the zone because they perceive it as a critical factor. The analysis of the voters’ list from the zone also underscores its vibrancy, electoral asset and indispensability. The zone will always be in national reckoning.

    In the last voter’s registration released by the Independent National Electoral Commission (INEC), the total number or registered voters was 73,528,040. Lagos had 6.2 million voters. Trailing it were Northwest states; Kano, which had 5.10 million, Kaduna; 3.5 million and Katsina; 2.9. The zone had 19,803,689 voters. The figures spoke volumes about the potency and electoral numerical strength of the leading zone. This may continue to make it an electorally sought-after region in any critical national contest.

    The Southwest, a stronghold of the APC, had 14,296,163 voters. Oyo State had 2.5 million voters on the register.

    In the Southsouth, Rivers State had over two million voters. In fact, more than two million votes were also cast during the last presidential election. In the Northcentral, Kwara State had 1.1 million voters.

    But there may be a clean break from the past, if the current tempo is sustained. Unlike 2011, the aforementioned states are now under the control of the APC.

    In the Northwest, there will be a show of strength between Vice President Namadi Sambo and Gen. Muhammadu Buhari.

    In the Northeast, the APC can only wax stronger in Adamawa State, Bornu, and Yobe. In Bauchi, Gombe and Taraba states, the PDP may continue to hold sway, unless the APC’s membership drive changes the tide.

    Apart from the executive arms, the decimation in the ranks of the PDP has also hit its parliamentary caucuses. The political stratification is not yet clear in the National Assembly, although all state legislators have gravitated towards the APC in the affected states.

  • Protests in Osun over schools’ merger

    Protests in Osun over schools’ merger

    •Aregbesola: it’s for the best
    •APC appeals for calm

    Muslims in Esa-Oke and Christians in Iwo, Osun State, yesterday protested the state government’s merger of schools.

    As early as 6am yesterday, the protesters in Esa-Oke, Obokun Local Government Area, gathered at the market square and prevented their children from going to school.

    They said they would not allow the government to merge the Nawarudeen Primary School on Imesi road with the United Missionary School at Erijiyan Street.

    The Chief Imam of the town, Alhaji Jimoh Gbadegesin, and an indigene, Alhaji Sikiru Akintunde, said the merger would take away the name of the school.

    Around 7:30am, Christians in Iwo, a Muslim dominated town and home of the Secretary to the State Government, Alhaji Moshood Adeoti, stormed the Baptist High School, Adeke, to protest the merger.

    They locked out pupils and teachers posted to the school under the merger policy.

    The protesters, mostly Baptist Church members, said they would not allow the school to be merged with schools where pupils wear hijab, adding that the policy would take away the missionary’s ownership of the schools.

    Some of the protesters carried Bibles and hymn books, mega phones and banners with inscriptions reading: “Baptists say no to merger of schools”; “Baptists say no to wearing of hijab in their schools.

    The protesters turned the school’s gate into a prayer ground, preventing the headteacher, pupils and workers from going in.

    They sang: “The Lord that delivered Daniel from the den of the lion, deliver us from this oppression and humiliation.”

    Pupils roamed the streets and hung around the school.

    Anti-riot policemen were stationed in strategic locations to prevent a break down of law and order.

    Later, some security men in uniforms and plain clothes arrived at the scene in a wine colour Volkswagen Golf car marked AE 969 JER and urged the protesters to allow pupils and workers into the school, but they refused.

    The protesters said they would not compromise the legacy of their forefathers and the missionaries.

    Presiding Minister for the 35 Baptist churches in Iwo land Rev. Dr. Bayo Ademuyiwa said: “Our forefathers and missionaries sacrificed their lives, resources and everything to establish reputable schools with morals and values. We are here to protect our schools.

    “Without any doubt, the Baptists are known for excellence, decorum and dignity. These virtues are highly cherished by the Nigerian Baptist Convention and this is the reason we are saying no to the merger of schools and the use of hijab in Baptist schools.

    “While we welcome genuine efforts to provide modern infrastructure and equipment in schools, the Baptists see the merger of schools as a step in the wrong direction, as it will rob us of our identity and bring more pains to parents and pupils.”

    The Christian Association of Nigeria (CAN), Osun chapter said: “CAN is not against any new educational policy by either the government, but we vehemently kick against any educational programme that would obliterate mission schools and affect our faith.”

    CAN’s State Chairman Rev. Elisha Olukayode Ogundiya said: “We have maintained this stand from inception and we will continue to lawfully defend what belongs to us as Christians.

    “As a major stakeholder in the state, the leadership of CAN expects the state government to invite us to discuss this issue and other related ones without delay. We state clearly that at no time did the new leadership of CAN meet with the state government on the merger of schools. Therefore, the statement that we gave our consent to the state government on this policy is untrue.”

    The Local Government Education Authority chief in Iwo, Mrs. A. Adeoye, urged the protesters to be calm, saying the government would look into their demands.

    Governor Rauf Aregbesola said the merger was to secure the future of children.

    He urged residents to support the government and not allow themselves to be used to slow down the “speedy recovery” of the sector.

    In a statement by his media aide, Mr. Semiu Okanlawon, Aregbesola said: “In this kind of scheme, apprehensions are not unexpected, knowing well that change is the most difficult thing for people to adjust to. Our people long for good education and wish it for their children. However, the hard reality is that these positive changes must involve some alterations in our current depressing system to bring about the new generation of well-educated and trained citizens, who will take our state to higher heights. It is in the light of these that we are resolute in going ahead with the best policy for the future of our children.”

    He said all interests of pupils, parents, teachers and other stateholders were adequately considered before the decision was taken.

    Aregbesola said: “The overall aim of the reforms we are carrying out is to develop the new man intellectually, socially and morally. This new man will view his development as part of and for the development of the society.

    “This is a non-parasitic and non-oppressive man, who views his existence in light of the growth of others. He views whatever he acquired to be subsumed in the overall interest of others. He is a man in himself and a man for the society.

    “This is the Omoluabi essence. Everything we have done in the school reform is for the building of this man.”

    The governor said the inconveniences that would be caused to parents and pupils by the reform were temporary and pale into insignificance when compared with the “huge” benefits of the new system, both in the short and long terms.

    He said: “As part of the reform, we decided to reorganise the school system into Elementary, Middle and High school categories. The Elementary Level comprises pupils from age six to nine, which corresponds with Primary 1 to 4 pupils under the existing system.

    “The Middle Level is from Primary 4 to Junior Secondary School 3 (JSS 111) for pupils aged between 10 to 14, now classified as Grades 5 to 9. At the High School Level, the age range will be between 15 and 17 years, corresponding with Senior Secondary School (SSS III), to be known as Grades 10-12.”

    Aregbesola assured residents that no group, organisation individual, religious or interest would suffer as a result of the reform.

    The All Progressives Congress (APC) urged the protesters to be calm.

    In a statement by its Publicity Director, Kunle Oyatomi, the party urged the parents and school authorities to be patient with the government.

    It said: “We are aware of the people’s feelings and are doing everything possible to sustain peace across the state. The government means well for the people with the reclassification of schools.

    “The Aregbesola administration has demonstrated in many ways that the state is a reference point in human development. Even the international community cites Osun as a good example of good governance.”

  • Enugu ‘APGA-APC’ members flay Umeh over comments on merger

    A group of the All Progressives Grand Alliance (APGA) has chided the party’s National Chairman, Chief Victor Umeh, for demanding that Governor Babatunde Fashola of Lagos State should retract an advert in which he inserted APGA’s logo in celebrating the registration of All Progressive Congress (APC).

    The aggrieved party members, at a meeting tagged “APGA-APC meeting”  in Enugu at the weekend, described Umeh’s actions and comments as mere politicking, saying, “APGA is part of the merger and Governor Babatunde Fashola should not be held for any lapses on the part of Chief Victor Umeh.”

    Umeh had last week asked Fashola to retract the advert and pay the party N2billion, or risk a lawsuit. He said that APGA was not part of the APC formation, so its logo had no business on the advert.

    The Action Congress of Nigeria, Congress for Progressive Change, All Nigeria Peoples Party, Democratic Peoples Party and a faction of APGA were believed to have merged into the APC.

    Leader of the APGA-APC formation in Enugu State, Mr. Ndubuisi Enechionyia, told reporters that the process of the merger commenced at the point where the other parties were holding congresses to ratify the merger.

    He said, “APGA was in a self induced crisis where courts had sacked the National Executive Committees of both the Governor Peter Obi and Umeh factions. There was no leadership to run the party. One of the two governors, Rochas Okorocha of Imo State, decided to join the merger with a large part of the party.”

    According to him, “In every state, particularly of the South-East, a large chunk of the old pre 2011 APGA are with APC. Even many of those who were misled by the Obi team have their hearts in APC and are beginning to retrace their steps.”

    He said, “We just finished a meeting of the Enugu State APGA – APC and pre 2011 executives of APGA represented in all the local governments.  Anyone who says APGA is not in APC is speaking for himself only.”

    Asked why they were meeting as APGA since they had collapsed into the APC, Enechionyia explained that the reason was to sensitise members on the changes that must happen in APC.

    “One is that now the party is registered, we should know that all the other parties that make up APC, cease to exist and changes must be made to transmit seamlessly,” he said.

    The APC leader in Enugu noted that those changes would affect individual positions already held, modify ambitions and review alliances.

     

     

  • Merger: ANPP sets up committee for key positions in APC

    •PDP will not escape defeat in 2015, says Onu

    The All Nigeria Peoples Party (ANPP) yesterday set up a committee to share nine key positions allotted to it in the merger with other opposition parties under the platform of the All Progressive Congress (APC).

    The committee is headed by the National Chairman of the party, Dr. OgbonnayaOnu

    This was part of the resolution at the National Executive Committee (NEC) meeting of ANPP in Abuja

    National Publicity Secretary of the party, Hon. Emma Eneukwu, who disclosed the outcome of the meeting to newsmen said the nine key positions are: “National Secretary, National Financial Secretary, Deputy National Organising Secretary, National Welfare Secretary, Deputy National Publicity Secretary, two Vice Chairmen and two Ex-officio members.”

    Onu told party members that the Peoples Democratic Party (PDP) would be defeated in 2015 election with the formation of APC.

    Though he acknowledged that the process is going to be difficult, he said it is achievable with hard work from the merging opposition parties.

    His words: “This merger has strengthened the hand of our governors. Success, in future elections, can now be better guaranteed.

    “I am confident that with the APC on ground, realising our goal of producing the next president of our country is possible, if elections are free and fair.”

    The Chairman, Board of Trustees (BOT) of ANPP, Senator Ali Modu Sheriff, denied rumours that the sharing formula for positions in APC is causing rifts.

    According to him: “There is no crisis and there will never be. We are united in the merger process. All the opposition parties are united in this major process. People are just insinuating.”

    Delegates from the Independent National Electoral Commission (INEC) were present to observe the proceeding of the NEC meeting.

     

  • Stallion Home, Mutual Alliance in merger talks

    Stallion Home savings & Loan Limited and Mutual Alliance Savings & loans Limited have started merger talks to beat the recapitalisation deadline of the Central Bank of Nigeria (CBN).

    In a statement, the two mortgage banks said they recently signed a Memorandum of Understanding (MoU) on the proposed business combinations that would result into a mega national mortgage bank.

    It said to actualise the proposal, a four-member steering committee, two each from both Primary Mortgage Banks (PMBs), have been inaugurated and saddled with putting together necessary documentations as prescribed by the recapitalisation guidelines for submission to the CBN for approval.

    The committee is expected to conclude its assignment and submit the report by September 30, 2013.

    Managing Director/Chief Executive Officer, Stallion Home Savings and Loan Limited, Johnson Akhidenor, said the emerging entity will be a mega national mortgage bank with over N5 billion capital base.

    Director of Mutual Alliance Savings & Loans Limited, James Taylor, said that the merger will strengthen both firms to enable them address the housing needs of Nigerians.

     

  • ‘PDP plants moles in ANPP to scuttle merger’

    ‘PDP plants moles in ANPP to scuttle merger’

    The All Nigeria Peoples Party (ANPP) governorship candidate in Niger State in the 2011 general elections, Mr. David Umaru, has claimed that he has uncovered plans by the Peoples Democratic Party (PDP) to scuttle the merger of the party with three others to form the All Progressive Congress (APC).

    He alleged that the emergence of the State Interim Management Committee purportedly constituted by the national leadership of the party was not only unconstitutional, but that members of the committee are moles of the PDP planted to scuttle the merger.

    Speaking in an interview in Minna yesterday, Umaru, the party’s leader in the state, alleged that members of the Interim Management Committee are agents of the PDP planted in ANPP to act the script of the PDP to thwart the merger.

    He said some members of the committee were known to be on the payroll of the PDP-led administration of Governor Mu’azu Babangida Aliyu.

    The ANPP leader alleged that the committee was constituted secretly without the knowledge of the constitutionally-recognised leaders and stakeholders, with the intention of scuttling the merger plan by further polarising the party.

    He said Hajiya Mohammed Jumai remained the Chairman of ANPP in the state, adding that his group would not allow the PDP moles to disrupt the merger.

    At the weekend, the Mrs. Afiniki Dauda-led Interim Management Committee, at its inaugural meeting, urged party members to forget their grievances and ensure that ANPP enters into a merger with other parties in the state.

    Mrs. Afiniki said her committee would ensure that aggrieved members were reconciled in keeping with the directive of the national secretariat.

    But Mr. Umaru, a lawyer, said the party was not in a crisis in the state that would warrant a reconciliation committee.

    He added: “These are the same people used by the PDP in 2011 to cause problems in the party.”

     

     

     

     

  • Progressives in UK plan conference on merger in UK June 20

    The United Kingdom (UK) chapter of the Action Congress of Nigeria (ACN), under the umbrella of Progressives Merger Committee (UK), has expressed its readiness to discuss with other progressive groups within and outside the country to make the new progressive party, the All Progressives Congress (APC), a reality.

    The group plans to organise a conference in the UK on June 20.

    Former Head of State, Gen. Muhammadu Buhari; former Lagos State Governor, Asiwaju Bola Tinubu; former Kano State Governor Ibrahim Shekarau; renowned economist, Prof Pat Utomi; former Federal Capital Territory (FCT) Minister, Mallam Nasir el-Rufai; for Lagos State Information Commissioner Dele Alake; wife of Ekiti State governor, Erelu Bisi Fayemi; Dr. Garba Abari and APC governors are expected to speak at the event.

    Other guests include parliamentarians from the UK who have expertise and interest in Nigeria and Africa.

    A statement by a member of the committee, Dr. Ibrahim Emokpaire, said the conference will consolidate the outcome of the merger negotiations in Nigeria; look at the practical levels from other countries’ examples on the road map to a successful progressive governance; provide the opportunity for the progressives to showcase the credibility and seriousness as an alternative government in waiting and build international consensus around the progressives’ merger agenda.

     

  • Merger: ACN notifies INEC on April 18 convention

    •APC harmonises manifesto, constitution

    The Action Congress of Nigeria (ACN) yesterday said it has notified the Independent National Electoral Commission (INEC) on plans to hold its National Convention in Lagos on April 18.

    ACN Publicity Secretary Alhaji Lai Mohammed told reporters in Abuja that the party had spelt out in its notification letter to INEC that the merger of progressive parties into the All Progressives Congress (APC) is part of the agenda for the convention.

    The party’s spokesman explained that INEC had also accepted to witness the convention.

    Asked whether the APC was considering a change of name, following the recent altercations on the acronym by other groups that applied to INEC for the registration, Mohammed said the party would not change its acronym.

    INEC had written to deny the registration of a group, African People’s Congress, which shares the same acronym with APC.

    But the merged parties comprising the ACN, the Congress for Progressive Change (CPC) and the All Nigeria Peoples Party (ANPP), described the acronym as their intellectual property.

    Mohammed explained yesterday that if the All Progressives Congress followed the agitation of other groups on the registration of the acronym, it would have become confusing now that another group has registered APCN, an acronym the merged party was initially advised to adopt.

    The ACN spokesman said following the realisation that some interest groups and political parties were planning to ambush APC, the constituent parties decided to play safe to avoid any loopholes in its merging procedures.

    He said: “I think you are all under this misconception. I keep saying that the process for registration is different from the process for merger. Now, what are the loopholes that we should look for? When somebody wants to ambush you, he would try his best to ambush you. You are the one that should ensure staying on the straight path.

    “As far as we are concerned, regarding merger parties, we are following the rule, the law to the letter. And not once did INEC ever say that we ought to have done something and we did not do it. As of today, ACN has given a letter – a notice of convention – to INEC for its National Convention on April 18 in Lagos. INEC has replied that it will witness it.

    “They know that at that convention we are going to discuss, among other things, merging and becoming APC. As far as we are concerned, we have done all these things. You see, some people are behind these controversies. They say, ‘Why don’t you change your name to APCN of ACP. Yesterday (Sunday), we heard that some people had gone again to register APCN.

    “So, if we had not stood our ground to say that we were going to follow the law and the constitution, we would just be jumping from place to place and we would not be doing anything. As far as we are concerned, we are following the law.

    “As I am speaking to you, CPC is also to hold its convention and it will now pass a resolution to become APC. The same applies to ANPP. As I am speaking to you now, everybody is in this meeting. We are fine-tuning our constitution and manifesto because before you write a letter to INEC, you must be ready with the manifesto, constitution, slogan and logo of the party. These must be attached to the letter.”

    Asked why members of ANPP were rejecting APC, Mohammed explained that it was ANPP members who were sponsored by the Peoples Democratic Party (PDP) that denied the APC.

    He added that the political heavyweights in the ANPP were present at yesterday’s meeting where the merging parties harmonised the drafts of APC manifesto and constitution.

    The harmonised documents, said the ACN scribe, would be presented to the party leadership for ratification.