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VOL. 8, NO. 2636 MONDAY, OCTOBER 14, 2013
TR UTH IN DEFENCE OF FREEDOM TRUTH
N150.00
CBN, NDIC takeover NERFUND over N5.7b loss
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HE Central Bank of Nigeria (CBN) and the Nigeria Deposit Insurance Corporation (NDIC) have taken over the management of the National Economic Reconstruction Fund (NERFUND) after a N5.7 billion loss incurred by the firm. But a source claimed at the weekend that the fund obtained by the body was
By Collins Nweze and Nduka Chiejina, Abuja
not up to N5.7 billion being declared as loss by the Federal Government. The source doubted the sincerity of the figure, saying NERFUND received N2.8 billion in 2010. It received $141 million from the Africa Development Bank (AfDB) in 1991 when the exchange rate for the naira was N9.9 to a
dollar. NERFUND also got N350 million loan from the Federal Government. The source, who pleaded not to be quoted because he is not allowed to talk to the press, said the cumulative fund given NERFUND is below N4 billion, adding that the “government just wants to give a dog a bad name to hang it”. NERFUND was established
by Decree No. 2 of 1989 to provide medium to long-term loans to Participating Banks (PBs) for on-lending to small and medium enterprises (SMEs) for the promotion and acceleration of productive activities in such enterprises. The erstwhile Managing Director of NERFUND, Baba Miana Gimba, once said that NERFUND had funded about Continued on page 2
•CBN WON’T REDUCE INTEREST RATE P56 •OMO OMORUYI IS DEAD P56
PDP crisis: Faction alleges plan to blackmail Jonathan Jonathan’s motives suspect, says Tinubu
Baraje’s group issues 48-hr ultimatum on shut office
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By Emmanuel Oladesu, Group Political Editor
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LL Progressives Congress (APC) leader Asiwaju Bola Tinubu yesterday justified his opposition to the national conference proposed by President Goodluck Jonathan, insisting that the President’s motives are suspect. He said although he is an unrepentant supporter of a Sovereign National Conference, he was wary of a “rushed embrace”, owing to President Jonathan’s antecedent as an antagonist of the idea. The former Lagos State governor opposed the proposed conference when he returned from a medical trip abroad. His comment drew criticisms from some proponents of the conference. Tinubu faulted the proposal, based on its timing,
From Yomi Odunuga and Gbade Ogunwale, Abuja
HE ruling Peoples Democratic Party (PDP) seems to be sinking deeper into trouble, with the Baraje faction giving Federal Capital Territory (FCT) Minister Bala Mohammed 48 hours to reopen the Adamawa State Governor’s Lodge. The building, which was being used as a temporary secretariat of the faction, was sealed off Saturday night on the orders of the minister —an action seen by the Baraje camp as an attempt to blackmail President Goodluck Jonathan. It is situated in highbrow Maitama, Abuja. The faction was forced to relocate to the lodge after the police, on September 1, sealed off a building it acquired for its national secretariat. A statement by the National Publicity Secretary of the New PDP, Chief Chukwuemeka Eze, said yesterday that the minister’s action was informed by his lack of understanding of the building’s status. The party demanded a public apology from the minister to the government and people of Adamawa State. The statement said: “What the minister has brazenly done is to indirectly attack the people and government of Adamawa State in his desperation to impress the PDP tin god, Alhaji Bamanga Tukur. “This unwarranted and rash action by Senator Mohammed can be equated with the recent attack against the Nigerian Embassy in Bissau by the Guinea-Bissau authorities, which sparked outrage and for which that Continued on page 2
Continued on page 2
•VICT OR Y LEAP: Emmanuel Emenike (right) celebrates after scoring during the FIFA 2014 World Cup qualifying match •VICTOR ORY PHOTO: AFP between Ethiopia and Nigeria in Addis Ababa...yesterday. Nigeria won 2-1. STORY ON PAGE 24
•Asiwaju Tinubu
•SPORTS P23 •CEO P28 •JOBS P37 •POLITICS P43 •MOTORING P45