Ibru Family Dispute, Other Reasons Force Sun Int’l out of Nigeria Davidson Iriekpen with agency report The dispute among members of the Ibru family over the ownership of Federal Palace Hotel in Victoria Island, Lagos, was one of the reasons cited by the South Africa’s hotel
and gaming group, Sun International, for pulling out of Nigeria. Reuters reported yesterday that Sun International was the latest South African business to exit Nigeria because of weak economic growth and clashes with regulators and
shareholders. In January, the Economic and Financial Crimes Commission (EFCC) launched a probe into Sun International’s initial investment in Tourist Company of Nigeria (TCN), which owns and operates the five-star Federal Palace Hotel
in Lagos. TCN was founded by the scion of the Ibru clan, Chief Michael Ibru, and his younger brothers – Alex and Goodie Ibru. Sun International then bought a 49-per-cent stake of the Nigerian Stock Exchange
(NSE)-listed TCN in 2006, becoming the largest single shareholder in the company. In recent years, however, Sun has been drawn into a dispute between the family of the late Mr. Alex Ibru, who also founded The Guardian Newspapers, and his younger
brother, Goodie, who was the Chairman of Ikeja Hotels Plc – owner of Sheraton Hotels and Towers in Lagos and Abuja – before he was forced out by its shareholders two years ago. Continued on page 8
MEND Accepts NDA's Ceasefire, Kicks against Clark's Involvement in Peace Negotiations...
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Tuesday 23 August, 2016 Vol 21. No 7788. Price: N250
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CBN Directs Banks to Allocate 60% of FX Sales to Manufacturers ABCON asks central bank to outsource weekly dollar sales to BDCs Oversupply, Nigeria’s ceasefire trigger fall in oil prices
Ejiofor Alike and Obinna Chima with agency report Desirous of stimulating economic activities in the country, the Central Bank
of Nigeria (CBN) yesterday directed commercial banks and other authorised dealers in the foreign exchange (FX) market to ensure that they channel 60 per cent of total
FX purchases from all sources (interbank inclusive) to end users strictly for the purpose of importation of raw materials, plant and machinery. The central bank said it
took the decision following its review of returns on the disbursement of FX and observed that a negligible proportion of FX sales were being channelled towards the
importation of raw materials for the manufacturing sector. The CBN gave the directive in a circular signed by its acting Director, Trade and Exchange Department, Mr.
W.D. Gotring. The letter dated August 22, 2016, was posted on the central bank’s website. It said: “Following the Continued on page 6
DSS Nabs Alleged Mastermind of Yobe Secondary School Killings Uncovers Boko Haram plot to bomb Kogi, Edo States Arrests other key terrorists, criminal gangs Terror sect kills 10, abducts 13 near Chibok
Senator Iroegbu in Abuja with agency report
The spiritual leader of Boko Haram and alleged mastermind of the 2013 terror attack on Government Secondary School, Mamudo in Yobe State has been captured, the Department of State Service (DSS) announced yesterday. A statement signed by its spokesman, Tony Opuiyo, said Mudaisiru Jibrin, the spiritual leader of the Islamist
sect, was arrested in Kano on August 17, three years after he allegedly coordinated the killing of 42 people, mostly students and teachers, of the secondary school. The operation was in furtherance of ongoing tactical and counter-terrorism operations to degrade the capabilities of criminal gangs and syndicates in their hideouts across the federation, Continued on page 6
Eight Burnt to Death in Gusau for Alleged Blasphemy... Page 6
UNENDING TEARS FOR THEIR DAUGHTERS
Co-convener of the Bring Back Our Girls (BBOG) group, Mrs. Oby Ezekwesili (right), consoling one of the mothers of the kidnapped Chibok schoolgirls, Mrs. Mary Abama, during the protest march by the group to the Presidential Villa… yesterday. The march was truncated by security forces deployed by the government to stop the group from gaining access to the Three Arms Zone in Abuja, where the State House is located