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PhotoNews
Tuesday, April 23, 2013
President Goodluck Jonathan (right), congratulating Chairman, Heirs Holdings and Transcorp Plc, Mr. Tony Elumelu, the preferred bidder for Ughelli Power Plc, during the Presidential Power Reform Transaction Signing Ceremony held at the Presidential Villa, Abuja, yesterday.
L-R: Senior Advisor for Women and Technology United State, Ms Ann Mec Chang; Minister of Women Affairs and Social Development, Hajia Zainab Maina and Deputy Chief of Mission, US Embassy, Mr. Jim Anulty, during a working visit of US Delegates to the Office of the Minister of Women Affairs and Social Development in Abuja, PHOTO: ROTIMI OSASONA yesterday.
National Mirror www.nationalmirroronline.net
L-R: Lagos State Governor, Babatunde Fashola; National Leader of Action Congress of Nigeria, Bola Ahmed Tinubu; former Head of State and Chairman, Board of Trustees Congress for Political Change (CPC), General Muhammadu Buhari; Niger State Governor and Chairman of the occasion, Dr. Mu’azu Babangida Aliyu and the author of the book, Alhaji Lai Mohammed, during the public presentation of the book “Witness To History: Action Congress of Nigeria and the Struggle for Democracy, Liberty and Justice” in Lagos, yesterday.
L-R: Head of Gloworld, Mrs. Titi Ebinisi members of the Glo MNP Team, Mr. Issac Thomas; Dammy Olarinde; Femi Steve and Chairman, Senate Committee on Communication, Senator Tony Adeniyi, during the launch of mobile number portability by the Nigeria Communications Commission in Lagos, yesterday.
NationalNews
Newswatch: Petitioners fail to produce witness in court K AYODE KETEFE
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he case instituted by two minority shareholders of the Newswatch Communications Ltd, NCL, Mr. NuhuWada Aruda and Prof. Jibril Aminu against the company and its new management was stalled yesterday as the petitioners failed to produce their third witness in court. The petitioners, who had earlier called two witnesses in the case, were scheduled to bring in another one whom they had designated as financial expert. However, at the resumed hearing of the case yesterday, they apologised to the court and the respondents through their lawyer, Mr. Adekunle Oyesanya, SAN, for their failure to produce the witness. Oyesanya attributed the absence of the witness to circumstances beyond the control of the petitioners, stressing that he would ensure that the witness attend the court at the next court sitting which had earlier been scheduled for April 26, 2013.
Oyesanya said: “We did our best, but it is unfortunate that the witness is not here today. He will hopefully be here at the next adjourned date. We are very sorry about this. I have also apologised to my learned friend on the other side. We shall be asking for an adjournment today.” Reacting, the respondents’ lawyer, Chief Bolaji Ayorinde, SAN, said: “It is true my learned friend has spoken to me about the nonavailability of their witness, although I would have loved the matter to continue today as I am fully prepared to crush their witness during cross-examination. “Nonetheless, I will concede to them and I will not ask for cost.” The presiding judge, Justice Ibrahim Buba, consequently adjourned the matter till April 26, 2013. The two petitioners had filed the substantive petition, accusing the new management team of Newswatch led by Dr. Jimoh Ibrahim, OFR, of assuming control of the company “illegally”, even though they admitted that majority of the company’s shares had been legally transferred to
Ibrahim via a Share Purchase Agreement, SPA, signed by all the parties. The petitioners are therefore, praying the court to quash the powers of the current management elected by the majority of the shareholders. In their petition No. FHC/L/CP/1367/2012 brought pursuant to sections 310 (a), (b) and (c) and 311 (1), (2) (a) and (b) of the Companies and Allied Matters Act, the ap-
plicants are also praying the court to, among others, set aside the SPA on the basis of which Dr. Ibrahim assumed majority shareholding in the company. Joined as respondents in the matter are; Newswatch Communications Ltd and Global Media Mirror Ltd. At the last adjourned date, the second petitioners’ witness, who is also one of the former directors of NCL, Mr. Ray Ekpu, had created a mild drama when
he rejected a document earlier tendered before the court by one of the petitioners, Mr. Nuhu Wada Aruda. The document in question, a statement of account of Newswatch Communications Ltd, prepared for the company by its financial specialist, Marino and Partners had been tendered by Aruda, to prove the petitioners’ case against the new management. In his testimony as the second petitioner’s witness,
Ekpu said he had absolutely no knowledge of the documents and could not therefore vouch for its accuracy. It will be recalled that on February, 4, 2013, Justice Buba had dismissed the interlocutory application of Aruda and Aminu, seeking to stop the operations of Newswatch pending the determination of their substantive suit. Justice Buba had dismissed the application for lacking in merit.
World Bank, others sign $145m deal to boost gas supply, electricity TOLA AKINMUTIMI ABUJA
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he World Bank yesterday signed Partial Risk Guarantee, PRG, with the Power Holding Company of Nigeria, PHCN, Egbin Power PLC, Chevron Nigeria Ltd, and Deutsche Bank for a $145 million loan to support Nigeria’s gas sector and bring more electricity to Nigerian consumers. The PRG agreements were in support of a Gas Supply and Aggregation Agreement, GSAA. According to a statement issued by the Bank
in Abuja, under the 10year GSAA, which is based on the industry template developed by Nigeria National Petroleum Corporation, NNPC, Chevron Nigeria Ltd will provide gas to Egbin power plant. This is the first time that Egbin power plant will be able to procure gas under long-term arrangements. Speaking at the occasion, the World Bank Country Director for Nigeria, Marie Francoise Marie-Nelly, said the PRG agreements were essential in enabling long-term gas supply arrangements for
the various power plants in the country. She said: “With over 75 per cent of Nigeria’s power generation depending on natural gas, assuring the availability and reliability of gas supply is a critical step in realising the goal of un-interrupted electricity supply to Nigerian consumers.” PRGs are used to cover private lenders against the risk of a public entity failing to perform its payment or contractual obligations. The NEGIP PRG was instrumental in achieving financial closure of the Egbin GSAA trans-
action, by providing payment security for Chevron Nigeria Ltd for the supply of gas. The payment security instrument used was a 10year Letter of Credit (L/C) issued by Deutsche Bank. The Breton Woods institution noted that the absence of long-term gas supply arrangements has been one of the main causes of power shortages in Nigeria, as gas had to be procured on a ‘best endeavor’ basis, which often was of low quality and insufficient quantity, resulting in poor performance of the power plants.