PDP Chairmanship Battle Begins, APC Govs Seek Backing for Buhari Secondus, Bode George, Adeniran, others enter PDP race as Obaseki gets APC guber flag in Edo
Onyebuchi Ezigbo in Abuja and Adibe Emenyonu in Benin City As the Peoples Democratic Party prepares for a fresh national convention in Port Harcourt on August 17, some leaders of the party have indicated
their willingness to vie for its national chairmanship position. Prominent among them are former deputy national chairman, Prince Uche Secondus, a member of the Board of Trustees, Chief Bode George, and Professor Tunde Adeniran.
But there are others who are also believed to be nursing the ambition of becoming the next national chairman of the opposition party. They include, chairman of Daar Communications Plc, owners of African Independent Television,
Chief Raymond Dokpesi, Chief Bode Olajumoke, Chief Shuaib Oyedokun and Mr. Jimi Agbaje. In another development, governors elected on the platform of the ruling All Progressives Congress yesterday in Benin City rallied behind President
Muhammadu Buhari in his effort to better the lot of the country. It was at a ceremony where the APC candidate ahead of the forthcoming governorship election in Edo State, Mr. Godwin Obaseki, was officially given the party’s governorship
flag by the national leadership. Meeting under the aegis of Progressive Governors' Forum as a gesture of solidarity with Obaseki, the governors called on Nigerians to support Buhari.
With Support of the People, Erdogan Remains in Power ...Page 6
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Electricity Tariff Judgement Threatens N300bn Banking Loans Kunle Aderinokun in Lagos and Chineme Okafor in Abuja Palpable anxiety appeared to have pervaded the financial sector following the judgement of the Federal High Court in Lagos, which annulled the recent increase in electricity tariff. At over N300 billion, the total banking sector loan exposure to the power sector is at high
risk as deals and contracts predicated on the new tariff regime are now seriously threatened. A Federal High Court sitting in Lagos had last Wednesday gave a ruling which proscribed the existing tariff structure used by the 11 electricity distribution companies (Discos) to bill their consumers for electricity services to them. Though Nigerian Electric-
ity Regulatory Commission (NERC) has appealed the ruling and filed for stay of execution, fears have gripped operators in the financial sector and the power sector as a result of the judgement, which would also adversely affect electricity supply to residential and industrial consumers. While the figures for the banking loan facilities extended to the power sector
as at the 2015 financial year were not readily available, some of the banks’ 2014 full year results showed that a significant portion of their loan portfolios was offered to the electricity operators. THISDAY checks revealed that United Bank for Africa Plc's audited results for 2014 showed that lending to the power sector stood at N83.601 billion in 2014 while First City Monument Bank's full year
results for 2014 revealed that its lending to the power and energy sector in the year was N25 billion. Besides, in same year, Fidelity Bank Plc's lending to the power sector gulped N58 billion in the bank's loan book whereas Skye Bank Plc's loan book showed that it lent N19.358 billion to the power sector. Also, Sterling Bank’s full year results for 2014 showed that the bank committed
N13.743 billion as loans to the power sector even as Union Bank Plc and Diamond Bank Plc granted a total of N23 billion and N50.8 billion, respectively to the power sector. Apart from the foregoing, THISDAY checks also revealed that local and international investors that participated in the string of Continued on page 6
THE BANKING SERIES (I) Dozie, Diamond Bank's Chief Sparkling Officer, Speaks to THISDAY
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WEEKLY PULL-OUT
17.07.2016
STEP ASIDE FEMI FALANA... HERE COMES FOLARIN FALANA