PEOPLES DAILY, Thursday, February 15, 2018
PAGE 14
News
AMCON takes over Daily Times
T
he Asset Management Corporation of Nigeria (AMCON) on Tuesday took over the assets of Daily Times Nigeria Plc, a foremost media establishment in Nigeria, over huge outstanding loan. The corporation in a statement signed by its Head, Corporate Communications, Jude Nwauzor, said the takeover was in continuation of AMCON recovery activities in the new financial year. The statement said AMCON took over the assets on February 13, through Gbenga Fakoya, SAN. It said the takeover followed the Federal High Court ruling on Feb. 1, 2018, in which Justice I.N Buba ordered AMCON to take over the paper. “But having exhausted all avenues of peaceful resolution over the huge outstanding debt owed AMCON by the Daily Times Plc, the Federal High Court on Feb-
ruary 1, 2018, presided over by Honourable Justice I. N Buba ordered AMCON to take over the Daily Times,” it said. The statement said the court by the said order restrained the directors, shareholders, agents, servants, privies and /or employees howsoever described from preventing AMCON from taking possession of the Daily Times. It added that AMCON had complied by effectively taking over the Daily Times on Feb. 13, 2018. The statement said AMCON was interested in the recovery of the debt and not the ownership of the media empire. The Federal Government of Nigeria once held 96.05 percent share in Daily Times through NICON Insurance Plc. The government, during the tenure of former President Olusegun Obasanjo in 2004, called for bids from the general
public as it sought to divest its stake in the oldest newspaper conglomerate. Consequently, Folio Communications Ltd, owned by Fidelis Anosike and his brother Noel Anosike tendered a bid for the said shares and was confirmed by the Bureau for Public Enterprises (BPE), as the most preferred bidder for the shares. The BPE sold to Folio at the cost of N1.25 billion. The statement said since the 2004 privatisation exercise, Folio Communications had been trapped in court cases following a loan of N750 million from Hallmark Bank Plc, which it secured to enable it pay for the newspaper company. “Folio also got DSV Limited promoted by Sen Ikechukwu Obiorah to invest the sum of N500 million in the purchase of the shares with the understanding that upon concluding the transaction, DSV would be enti-
tled to 40 per cent of the shareholding of the media empire. A year after the sale, Hallmark Bank Plc (now defunct), Folio Communications Ltd, promoted by the Anosike brothers/Daily Times of Nigeria Plc and DSV Limited, promoted by Obiorah commenced several legal battles over the real ownership of the newspaper. In 2010, AMCON purchased the loan from the then Afribank Plc, which later became Mainstreet Bank. Consequently, Folio Communications Limited also dragged AMCON to court on several claims while Mr. Obiorah commenced an action against the Corporation in the name of Daily Times Plc at the Federal High Court vide suit no: FHC/L/CS/ 1254 /15 – the Daily Times Nigeria Plc vs AMCON”, it said. The statement said that both suits were, however, struck out by the respective courts. (NAN)
Firm to build rice pyramid in Borno
From Mustapha Isah Kwaru Maiduguri
A
Maiduguri-based private anchor borrowers firm, Walwanne and Sons has announced plans to construct a gigantic rice pyramid in Borno state. The company was among the private anchor borrowers/offtakers engaged by the Federal Government through the Central Bank of Nigeria, (CBN) to coordinate Anchor Borrowers Rice Production Scheme in the state. Managing Director and Chief Executive Officer of the company, Dr. Abiso Kabir dropped the hint yesterday while briefing newsmen on the achievements recorded under the programme. According to Dr. Abiso, the company was mandated to coordinate the cultivation of 13,000 hectres of farmland for rice production in some local government areas of northern and southern parts of the state. He explained that a total of 13,000 farmers have benefitted from the program, with each farmer allocated with a hacter, with sum of N256,563,000 attached to it as cost of production.
Don’t sell Nasarawa properties in Kaduna, Lagos, group urges Al’makura
From Mohammad Ibrahim, Kaduna
P
Catholic faithful receiving Ash to mark the beginning of lent at the St. Luke’s Catholic Church, Kubwa, yesterday in Abuja. Photo: NAN
Enugu Assembly passes 2018 appropriation bill of N103.6bn
T
he Enugu State House of Assembly on Tuesday passed the 2018 appropriation bill of N103.6 billion into law as against N98.5 billion presented by Governor Ifeanyi Ugwuanyi in December, 2017. The passage of the appropriation bill followed the presentation of the report on the budget in a motion by the Leader of the assembly, Ikechukwu Ezeugwu and seconded by his deputy, Onyinye Ugwu. Mr. Ezeugwu said the budget tagged `Budget of sustainable Eco-
nomic Growth’ had an increase of N5 billion due to slight increase in price of crude oil. He explained that the extra N5 billion went to the Ministry of Works and Infrastructure increasing its allocation to N15 billion as against N10 billion earlier proposed. The leader said that increase in the allocation was to accommodate development of more rural roads in the state. Mr. Ezeugwu said that the overall reflections in the budget evidently
showed that the state government had the interest and welfare of its people in mind. “Our governor has sustained regular payment of salaries and on time. This apparent interest by the governor in paying his workers is happily reflected in this year’s budget alongside the other numerous projects. Mr. Ezeugwu said that N60.7 billion was earmarked for recurrent expenditure which indicated 62 per cent of the budget size while N42.8
billion was set aside for capital expenditure indicating 39 per cent of the total budget. The Speaker of the Assembly, Edward Ubosi, thanked his deputy, the Leader and the Chairman Assembly Committee on Appropriation for the wonderful job they did to ensure that the budget saw the light of the day. Mr. Ubosi urged his colleagues to ensure proper monitoring of the budget through oversight functions. The assembly adjourned to February 20.(NAN)
resident of Nasarawa State Youth Forum (NSYF) Kaduna State Chapter, Mr. Danjuma Ewuga has called on Governor Umaru Tanko Al-Makura not to sell the properties of the state located in Kaduna and Lagos States. NSYF President suggested that the properties should be protected and put into use for the benefit of the state. According to him “selling of those properties would amount to a waste of resources, saying that “the properties must be left as a legacy for the generation yet unborn. Mr. Ewuga said “These properties must be left intact and refurbish for the future of the citizens of the state who owns the assets. The group further urged major political parties in Nasarawa State to zone the governorship ticket come 2019 to Akwanga Zone Briefing newsmen in Kaduna, Mr. Ewuga explained that “Keffi and Lafia zones have produced governors, in order to ensure fairness the next governor should come from Akwanga zone”. Mr. Ewuga also called on the people of Nasarawa State to live in peace with one another and to always see themselves as brothers and sisters for the overall development of the state. He appealed to the youths to be Law abiding and to shun any form of violence with a view to achieving permanent peace in Nigeria.