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  • Nigeria optimistic of setting aside 9.6bn judgment debt – Lai Mohammed

    The Minister of Information and Culture, Alhaji Lai Mohammed has expressed optimism that the entire arbitration decisions and judgment debt of N9.6 billion against Nigeria by a UK court over a botched gas contract would be set aside.

    The Minister stated this in London while reacting to Thursday’s ruling by a UK commercial court staying execution of the 9.6 billion dollar judgment debt and granting leave for Nigeria to appeal the decision in the UK appellate court.

    A text of the minister’s reaction was made available to the News Agency of Nigeria (NAN) in Abuja by his media aide.

    Mohammed noted that with the reprieve granted by the court, Nigeria has the opportunity to take appropriate steps to set aside the entire judgment debt in favour of an Irish company, Process and Industrial Developments Ltd (P&ID).

    “We now have a fresh opportunity of arguing our case and even filing separate suit to argue that the entire judgment be set aside.

    “As we have been saying everywhere we go, we have been compiling arguments that will make our case and position to set aside the judgment debt, an easy thing,” he said.

    The minister noted that besides the victory in the court, the federal government delegation to the UK, had succeeded in changing the narratives of the case in favour of Nigeria, in the international community.

    The government delegation included the Minister of Justice and Attorney General of the Federation, Abubakar Malami (SAN) and the Governor of Central Bank of Nigeria, Godwin Emefiele, the Inspector-General of Police, Mohammed Adamu and the Acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu.

    “We came here with the sole purpose of not just winning in court but also winning in the minds of the international community.

    “We started by visiting key media outlets, key business and financial groups such as Bloomberg, Financial Times, the Economists and others.

    “I must say that over 24 major publications that published our stories are from our own viewpoints.

    “What we are saying is that, until now, only the voice of P&ID was heard, only their own side of the story was heard but in the last four days our efforts in visiting the key media outfits and think tanks have paid off in changing the narrative,” he said.

    Mohammed said the meeting with investors and other stakeholders had also helped to change the negative narrative that the case might hamper foreign investments into the country.

    “Many of them at the meeting are investing in Nigeria and holding key positions in the society.

    “By the time we came out of the meeting, they had more empathy for our course and even many of them volunteered to serve our course in a very patriotic manner,” he said.

    The minister recalled that prior to the visit, the plaintiff, armed with the court judgment, had been threatening enforcement by way of attaching financial and associated assets of Nigerian state.

    He said with the relief granted by the court, the harassment by the company and its handlers of compiling the nation’s assets for attachment would stop.

    Read Also: UK court stays execution on P&ID’s $9.6b judgment

    It would be recalled that the UK court had on Aug. 16 authorised P&ID, a little known Irish engineering and project development company to seize the 9.6 billion dollars, about N3.5 trillion in Nigerian assets over a failed contract.

    The court ruling was a fallout of the botched 20-year Gas and Supply Processing Agreement (GSPA) and the subsequent award made in July 2015 in favour of P&ID, by an arbitration panel sitting in London.

    The GSPA was purportedly entered into in 2010 between the Federal Ministry of Petroleum Resources and P&ID.

    In the failed contract, P&ID was to build a gas processing facility to refine associated natural gas into non-associated gas to power the national electric grid.

    On its part, the Ministry was to build pipeline to supply gas to P&ID facility to be located in Adiabo, Odukpani Local Government Area (LGA)of Cross River state.

    The agreement went sour because the company which did not build any facility at the agreed site, blamed the Ministry for not constructing the pipeline for gas supply alleging that it had committed 40 million dollars into the contract.

  • UK court stays execution on P&ID’s $9.6b judgment

    • Fed Govt to deposit $200m
    • Judge okays request to appeal verdict

    Nigeria won the first battle on Thursday in its bid to quash the $9.6 billion arbitral judgment awarded to Process and Industrial Developments (P&ID)

    Justice Butcher of the United Kingdom Commercial Court, sitting in London, ordered a stay of execution of the judgment. The execution of the judgment would have led to the forfeiture of  $9.6 billion Nigerian assets.

    The court also granted Nigeria leave to file an appeal challenging the judgment.

    But Justice Butcher ruled that Nigeria should make $200 million Security deposit before the court within 60 days.

    The firm secured the damages against Nigeria following a failed Gas Supply Project Agreement (GSPA) contract signed with the Federal Ministry of Petroleum.

    No due diligence was observed before officials signed the contract. There was no approval by the Federal Executive Council (FEC).

    Read Also: Firms linked to P&ID ‘withdraw $700,000 in cash’

    Attorney-General of the Federation and Minister of Justice, Mr. Abubakar Malami (SAN),  said the country’s lawyers would consider whether to appeal the order to deposit $200 million.

    Reviewing the ruling, Malami said: “Leave to appeal has been granted.  Stay of execution is also granted subject to making $200 million  security payment to court pending the determination of the appeal.

    “The steps we will consider are to study the ruling and act in a way beneficial to the interest of the nation.

    ”We will study the court ruling, exercise the right of appeal and consider the legal options available at our disposal as it relates to the payment of $200m in view of the 60 days window stipulated by the court.”

    He added: “I am pleased with today’s development in the court and I see this as a positive resolution that constitutes an important step in the government‘s efforts to defend itself in a fair and just process.

    “We look forward to challenging the UK Commercial Court’s recognition of the Tribunal’s decision in the UK Court of Appeals, uncovering P&lD’s outrageous approach for what it is: a sham based on fraudulent and criminal activity developed to profit from a developing country.”

    At the hearing, which took place in Court 19, 7 Rolls Building, Fetter Lane London EC4A 1NL, at 10.30am (London time), the judge initially insisted on a $250million security deposit  before granting the stay of execution.

    But Nigeria stick to $100million before the judge settled for $200million.

    One of the lawyers in court said: “Our lawyers did a fantastic job of presenting our case. They were led by Harry Matovu, assisted by others including Timi Balogun.

    “The judge asked us to deposit $250 million  as a condition for granting us a stay of execution, but after a diligent counter argument, during which we argued for the deposit of $100 million, he ruled that we should deposit $200 million as a condition for granting us a stay of execution.”

  • PZ harps on entrepreneurship in food sector

    PZ Wilmar Food Ltd has stressed the need for entrepreneurship in the food sector.

    As a demonstration of its commitment to promoting entrepreneurship Mamador, a brand within the organisation has launched a programme tagged:  Mamador Empowerment Programme. The brand kick-started the initiative by empowering a food hawker in Abuja, the Federal Capital Territory (FCT).

    The food hawker, Josephine Adegahi, who is a university graduate selling food with the aid of a wheelbarrow, went viral on social media.

    She was subsequently contacted by the Mamador team and given a branded Mamador Mobile Kitchen as well as Mamador products ranging from the cooking oil to the recently launched seasoning and spread for bread.

    Speaking during the presentation, Category Development Manager, PZ Wilmar Limited, Toyin Popoola-Dania,  expressed delight at the launch of the empowerment programme.

    “I am particularly excited at the launch of this programme as it presents another opportunity for Mamador to support individuals and families. The mission of the Mamador Empowerment Programme is to provide equipment, products, materials and other supports for entrepreneurs within the food sector to help take their businesses to the next level profitably while improving access to healthy and tasty amongst consumers,” she said.

    Popoola-Dania said the brand was impressed by Josephine’s drive to support herself, her family and also improve her standard of living. She said: “We came across Josephine’s story and were impressed by her resourcefulness and positive personality. As we have done in the past – providing support for small businesses such as hers, we would like to press forward with our empowerment programme. This is in line with Mamador’s purpose to ensure consumers have access to healthy and tasty meals at all times.’’

    reach more people and be more productive. Through her, healthy and tasty made possible by Mamador will be made accessible to more Nigerians.”

    Mamador will continue to provide support for small-scale businesses within the food sector, and will be creating opportunities for deserving candidates nationwide to benefit from the brand.

    Mamador is a premium food brand that guarantees healthy and tasty meals.

  • Ex-NACCIMA chief urges networking in business

    Former National Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) President Iyalode Alaba Lawson has said networking is the bedrock of any economy.

    She spoke at the ongoing Lagos Fashion Exhibition at Eko Hotel and Suites, Victoria Island.

    Mrs Lawson, who was the chairperson at the event, said when people interact, they would make progress, noting that Nigerians are not lazy.

    She said: ”When we interact with each other, we will make progress. We will learn from each other.”

    She said in an exhibition, people should be ready to learn, for knowledge is power anywhere, including fashion. She added that the exhibition, which ends today would go a long way in improving the economy.

    Cote D’Iviore Ambassador to Nigeria Mrs Toure Maman also harped on interaction among people, noting that apart from the fact that it would promote business, it is also good for neighbourliness, especially in the West African sub-region.  She also noted that many women were at the fair, saying this suggests that more women were into the sector.

    Atlantic Exhibition Limited Managing Director Ayo Olugbade said the exhibition was aimed at providing an enabling platform for networking among businessmen and women, and not just for sales. More importantly, he said, it is to promote entrepreneurship in the fashion industry. He said he expected his colleagues in the industry to make good deals during the three-day event. He thanked his partners in the exhibition, citing Fashion Designers Association of Nigeria (FADAN) for special mention.

  • How AfCFTA will transform Nigeria’s economy, by Osinbajo

    The Federal Government has assured all that the African Continental Free Trade Area (AfCFTA), which Nigeria recently signed on to, will transform the nation’s economy and create jobs for millions of people.

    Vice-President Prof. Yemi Osinbajo gave the assurance at the opening session of this year’s annual directors’ conference of the Institute of Directors (IoD) Nigeria in Abuja.

    Osinbajo, who was represented by the Special Adviser (SA) to the President on Ease of Doing Business, Dr. Jumoke Oduwole, noted that though the country only recently signed the AfCFTA, there are many initiatives that had been put in place by the government.

    To show that Nigeria stands to gain a lot from the free trade pact, the Vice-President argued that “at $35.45 billion, Nigeria’s manufacturing value-added is about seven times more than the current average for the top 20 African countries”.

    Read Also: ‘Slandering Osinbajo won’t stop the will of God’

    He added: “Based on projections by the United Nations Economic Commission for Africa (UNECA), the agreement is expected to boost intra-African trade by between by $50 billion to $70 billion in monetary terms, with a 40 per cent to 50 per cent increase over the first 20 years of its implementation.”

    Osinbajo described the AfCFTA as “a laudable development that builds on existing regional initiatives and presents opportunities for increased collaboration and economic integration among African economies”.

    He said: “These are the early days of the trade agreement. There is no doubt that Nigeria would enjoy significant benefits from the agreement. AfCFTA will promote a vibrant and competitive industrial sector that is central to job creation and income growth.”

    Osinbajo said at $35.45 billion, Nigeria’s manufacturing value-added is about seven times more than the current average for top 20 African countries.

    But he said the government was aware that there would be more work to be done.

  • Firm seeks policy on used cars

    The Chief Executive Officer of CARS45, Mr Etop Ikpe has urged the Federal Government to formulate a policy that will make used cars available for purchase.

    Ikpe spoke when he led the management team of the firm a visit to The Nation’s Head Office in Lagos.

    The team was received by Editor,  Mr. Adeniyi Adesina

    According to him, many automobile users prefer used cars due to economic factors.

    He added that only one per cent of car buyers buy brand news cars. He said any policy on automobile that is directed at only new cars will not serve the interest of the generality of the people.

    Read Also: Cars45 gives boost to Reality Tv Show

    According to him, the government’s policy on automobile should be tailored to the larger percentage of the citizens.

    He said CARS45 was out to bring transparency and consistency into the automobile sector.

    He noted that the thrust of the business is hinged on three principles – pricing, speed and safety and transparency.

    According to him, over 3,000 vehicles can be accessed on the firm’s online platform.

    Within three years of operation, Ikpe said CARS45 had become the largest online car sales firm in the country.

    “We have 90 retail points across the country with over 400 employees. We have outlets in Abuja, Lagos, Ibadan, Port Harcourt, Benin, among others. We also have over 1000 dealers,” he said.

    He said the firm has introduced an emergency service to fix cars that develop a fault on the road.

    “Once we receive a call, we send our mechanic to go and fix it immediately. if it can’t be fixed on the spot, it would be towed to the workshop,” he said.

  • Anchor Borrowers Programme creates 132,260 jobs, says CBN

    The Central Bank of Nigeria (CBN) has said 255 private and 14 state government anchors have so far participated in Anchor Borrowers’ Programme as at June, this year. This is in addition to 1,140,854 farmers producing 17 different agricultural commodities.

    Its Director, Corporate Communications Department, Isaac Okorafor who spoke in Abuja on Thursday during the bank’s special day at the on-going Abuja International Trade Fair, said the CBN has 29 intervention programes targeted at various stakeholders groups, such as framers, women, youth, and Small and Medium Scale Enterprises (SMEs).

    “Some of these interventions, which had contributed significantly in driving Nigeria’s economic growth and development include, the Micro, Small and Medium Enterprises Development Fund designed to chanel low interest funds to the NSMEs  sub- sector to enhance access by entrepreneurs, especially women and people living with disability,” he explained.

    Read Also: No more non-performing loans, CBN warns banks

    Other interventions of the apex bank, Okorafor said include Commercial Agricultural Credit Scheme which commenced in 2009 to fast track development of agric sector.

    He said a total of 132,260 jobs have been created along the various agricultural value chains through the Commercial Agricultural Credit Sheme of the Central Bank of Nigeria.

    The jobs were created through the bank’s Commercial Agricultural Credit Scheme that commenced in 2009 to fast-track the development of the agricultural sector. the scheme provides credit facilities to commercial agricultural enterprises at a single digit interest rate.

    He said the figure was compiled since the inception of the project in 2015 to June 2019.

  • ‘MDAs not patronising made-in-Nigeria goods’

    The National Agency for Science and Engineering Infrastructure (NASENI) has decried the low level of patronage from government Ministries, Departments and Agencies (MDAs) in the country.

    Its Executive Vice-Chairman, Prof Mohammed Haruna said despite an existing law by the president on the patronage of made-in-Nigeria products, the agency only enjoys patronage from the private sector.

    He said it has been the culture of the agency to ensure that they come up with new inventions which they display at trade fairs for prospective investors.

    Prof. Haruna spoke in Abuja, while presenting the new innovations of the agency at the stand at the ongoing Abuja International Trade Fair.

    He said: “It has been in our culture to ensure that each year we come with new innovations, what we usually do at the end of each trade fair is to task ourselves to collaborate and come up with new inventions before the next trade fair, this year we have a lot of automation devices, smart metering devices and oil extraction machines that was not seen last year.

    “Finance has always been a challenge, the amount of profitability you can harvest is dependant on how much is invested, funding to the agency is not adequate but we are happier now because the new products that we are having is as a result of small attention that we have been recieving.

    “In NASENI, we are happy to have the patronage of the private sector, we are not having the patronage that we should be receiving from MDAs which us why we do all we can despite lack of resources to be at trade fairs because our partners are here. Nigerians need to learn to look inwards, we bring outsiders to build our solar systems but we have a solar manufacturing plant that belongs to the government, so we should patronise our own first, the instructions has been there by government that should be complied with and more is needed to guarantee adherence to it. Their is an existing order by the President on the patronage of local products.

    “Unfortunately, a typical Nigerian entrepreneur prefers trading than long term investment and if you look for partnership with a typical investor in Nigeria he would not want to invest but to go and see some products that have matured outside that he can be guaranteed but we are grateful for the Executive Order 5 that discourages trading and encourages local manufacturing.

  • Alleged $8.4m, N4b fraud: Court insists Pinnick, others must appear

    A Federal High Court in Abuja has insisted on the appearance of the President of the Nigeria Football Federation (NFF), Amaju Pinnick and four others to answer to a pending criminal charge against them.

    Justice Ijeoma Ojukwu gave the order yesterday  at the resumed hearing in the charge brought against them by the Federal Government, through the now disbanded Special Presidential Investigation Panel (SPIP) on the recovery of public property.

    Those charged with Pinnick are NFF Secretary, Sanusi Mohammed; the 1st Vice-President, Seyi Akinwumi; the 2nd Vice-President, Shehu Dikko and an Executive member, Yusuff Fresh.

    Pinnick and others are, in the charge 17-count charge, marked FHC/ABJ/CR/93/2019,  accused among others, of misappropriation of $8,400,000 belonging to the football body.

    The money was said to have been paid by the Federation Internationale de Football Association (FIFA) to the NFF as appearance fees in the group state of the Russia 2018 World Cup.

    They are also accused of “moving dishonestly and intentionally the sum of about N4bn” belonging to the NFF without the consent of the NFF.

    When the case was called on Thursday, the defendants were absent, despite the court’s order of July 1, 2019 for bench warrant compelling the defendants to appear on the next adjourned date.

    SPIP’s lawyer,  Celsius Ukpong drew the court’s attention to the fact that his agency, (the SPIP)  has been shut down  on the directive of President Muhammadu Buhari.

    Read Also: Alleged $8.4m, N4bn fraud: NFF President Pinnick, others shun court

    Ukpong said, because of the development and subsequent directive by the President, SPIP’s activities and functions  have been transferred to the office of the Attorney-General of the Federation (AGF).

    He added that part  of the SPIP’s activities transferred to the AGF was the case file containing the Pinnick and others’ charge and related processes.

    Ukpong said: “It was the panel that file the charges. But, we have been disbanded and President Buhari directed us to handover all our activities to the office of the AGF.

    ” In view of the new development, we believe that the office of the AGF will do justice to this matter.”

    A lawyer, who said he was from the AGF’s office, Abubakar Musa confirmed Ukpong’s explanation, but said he believed the case file was in transition to the office of the AGF, following the closure of the SPIP by the President.

    After listening to the lawyers, Justice Ojukwu expressed displeasure at the defendants’ absence.

    She noted that it was a slight on the court for its order to be ignored by the defendants, and threatened to excuse herself from the case.

    The judge noted that had the defendants been in court, she would have excused them in view of the absence of a competent prosecution counsel before the court.

    The judge thereafter, adjourned until November 5, 2019, but insisted that the defendants must attend court.

  • NDIC pays N116.258b to customers of dead banks

    The Nigeria Deposit Insurance Corporation (NDIC) on Thursday said it has paid a total sum of N116.258billion to depositors and customers of defunct banks last year.

    Its Managing Director/CEO, Alhaji Umaru Ibrahim, spoke at the 14th International Trade Fair in Abuja, said the payment comprised insured and uninsured deposits of N108.641 billion,  N2.973 billion, and N70.53 million to depositors of defunct deposit money banks (DMBs), micro finance banks (MfBs) and primary mortgage banks (PMBs).

    Represented by the Director of Research of the Corporation, Dr. Muhammed Ibrahim, the CEO said as at  June 30, this year, the number of subscribers to Mobile Money Operators (MMO) stood at 9,249,265.

    “As it stands, the number of licensed MMOs by the CBN is  23, with eight being ‘Bank-Led’ and the remaining  15 ‘Non-Bank Led’.

    “In the last quarter of 2018, the CBN revoked the licenses of 154 MfBs and six PMBs due to their insolvency, corporate governance issues, etc. Hence, the Corporation successfully liquidated the failed banks and has commenced payment to the depositors of the affected banks.

    “As at 30th June, 2019, the Corporation received a total number of 35 petitions/complaints from banks customers on various issues such as ATM frauds, unauthorised funds transfers, cheque related issues and much more. Investigations and mediation were carried out where necessary and customers were appropriately reprieved.

    “Recently, in collaboration with the CBN, the Corporation adopted a ’bridge bank’ resolution option in the resolution of Skye Bank Plc and the establishment of Polaris Bank Ltd.

    “Consequently, Polaris Bank Ltd was able to continue banking operations in the 277 branches of the defunct Skye Bank, over 6,000 jobs were saved and depositors have unhindered access to their deposits in excess of N949.60 billion as at June 2018.”

    The President, Abuja Chamber of Commerce and Industry (ABUCCIMA), Prince Adetokunbo Kayode, in his remarks commended the NDIC for its very important role in the economy, and urged the Corporation to continue its public awareness campaign to further strengthen public confidence in the banking sector.