Tuesday 12th July 2016

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Court Vacates Order to Take over Jimoh Ibrahim’s Companies AMCON, businessman to explore amicable settlement

Davidson Iriekpen Justice Abdulazeez Anka of the Federal High Court in Lagos yesterday vacated the interim order granted to the Assets

T H I S D AY S P E C I A L R E L E A S E Management Corporation of Nigeria (AMCON) to take over some assets belonging to businessman,

Mr. Jimoh Ibrahim, over his alleged indebtedness to the corporation. The judge set aside the

ex-parte order following an application by AMCON’s lawyer, Mr. Yusuf Ali (SAN) that the parties in the suit had decided to explore an amicable settlement of the dispute.

Justice Saliu Saidu had on June 14, 2016, granted AMCON an interim injunction against NICON Investment Limited, Global Fleet Oil & Gas Limited and Ibrahim.

But NICON Insurance Limited, Nigeria Re-Insurance Hotels Limited, Abuja International Hotels Limited Continued on page 6

Theresa May to Step in as Britain’s New Iron Lady Tomorrow...

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Tuesday 12 July, 2016 Vol 21. No 7747. Price: N250

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IMF: Nigeria’s Economy Likely to Contract This Year Country moves up to 169 in World Bank Doing Business ranking Five ministers head for investment roadshow in London

Obinna Chima with agency reports

Nigeria’s economy will probably contract this year as energy shortages and the delayed budget weigh on output, according to the

International Monetary Fund (IMF). “I think there is a high likelihood that the year 2016 as a whole will be a contractionary year,” Gene Leon, the fund’s resident representative in Nigeria,

said in an interview with Bloomberg in Abuja recently. While the economy should look better in the second half of the year, growth will probably not be sufficiently fast, sufficiently rapid to be able to negate the outcome of

the first and second quarters, he said. Africa’s largest economy shrunk by 0.36 per cent in the three months through March, the first contraction in more than a decade, as oil output and prices slumped and the

approval of spending plans for 2016 were delayed. A currency peg and foreignexchange trading restrictions, which were removed last month after more than a year, led to shortages of goods from gasoline to milk and

contributed to the contraction in the first quarter. While conditions that impeded growth in the first half of the year, including shortages of power, fuel, and Continued on page 6

Buhari Considers Hadiza Bala Usman as Head of NPA

If appointed, she will be the first female to head the authority Abiodun Eromosele In a bid to inject a fresh pair of hands to run the Nigerian Ports Authority (NPA), the Minister of Transportation, Mr. Chibuike Amaechi, has submitted Ms. Hadiza Bala Usman’s name to President Muhammadu Buhari to take over as the new managing director of NPA, THISDAY has learnt. Should Buhari approve the recommendation, Ms. Bala Usman, 40, will become the first female chief executive of a top tier federal government

agency and of the NPA. She shall take over from Alhaji Habib Abdullahi, who was reinstated by Buhari in August 2015 as the managing director of NPA, after he had been shown the exit by former President Goodluck Jonathan in April 2015. Sources in the presidency, who confirmed that Ms. Bala Usman’s name had been sent to the president, said Amaechi had decided to make the changes in order to overhaul the NPA. Continued on page 8

Sex Scandal: US Envoy to Provide Video Evidence against LawmakersThursday… Page9

Senate President Abubakar Bukola Saraki (left), during a courtesy visit to the Sultan of Sokoto, Alhaji Muhammad Sa'ad Abubakar III, when he was in Sokoto State to commiserate with the family of the former Director General of the Nigerian Security Organisation (NSO), the late Alhaji Umaru Ali Shinkafi… yesterday


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Tuesday 12th July 2016 by THISDAY Newspapers Ltd - Issuu