FG Takes over Troubled Arik, AMCON Says Airline Too Important to Fail Carrier vows to challenge court-ordered take over
Chinedu Eze After months of uncertainty over the fate of Nigeria’s largest carrier, the federal government yesterday finally
took over the management of Arik Air, stating that the decision had become necessary to save the distressed airline, which it said was “too important to fail”.
A statement by the Asset Management Corporation of Nigeria (AMCON), which obtained a court order to take over the airline, said Arik will now be managed by Captain
Roy Ukpebo Ilegbodu, a veteran aviation expert, under the receivership of Mr. Oluseye Opasanya (SAN). In justifying the take over of the airline’s management,
AMCON said the action was taken to save the airline, which accounts for about 55 per cent of domestic passenger traffic. It said its grounding would have caused a major
catastrophe in the aviation sector and the Nigerian economy at large. “The development will Continued on page 10
Establishment of Beneficial Ownership Register in the Offing to Unmask Real Owners of Companies ...
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After Phone Calls, Saraki, Dogara Assure Nigerians Buhari is in Top Form IBB also speaks to the president, photos of Tinubu, Akande’s London visit released Fayose wishes him quick recovery, CAN demands full updates
Tobi Soniyi, Omololu Ogunmade, Senator Iroegbu, Damilola Oyedele in Abuja and Victor Ogunje in Ekiti The efforts to douse concerns over the health of President
Muhammadu Buhari was taken up a notch yesterday by the leadership of the National Assembly, as they all fell over themselves to relay their phone conversations with the president. The presidency also
remained unrelenting in its efforts to convince Nigerians that all was well with Buhari, when it posted two photographs on the president’s official twitter handle of the National Leader of the APC, Chief Bola Tinubu, and the
former National Chairman of the ruling party, Chief Bisi Akande, visiting the president in London. The president, according to a presidency source, was also believed to have spoken on the phone to former military
president, General Ibrahim Babangida. Buhari, on the advise of his doctors, has been on an extended vacation in the United Kingdom, fuelling speculations about the status of his health.
Joining the bandwagon yesterday, Senate President, Bukola Saraki and the Speaker of the House of Representatives, Hon. Yakubu Dogara eagerly sent out tweets Continued on page 11
Nigeria’s $1bn Eurobond Records Eight Times Oversubscription, Signposting Investor Confidence
Shames analysts talking down the economy Obinna Chima The federal government yesterday announced that its US$1 billion Eurobond was 780 per cent oversubscribed, demonstrating a strong market appetite for Nigeria. The government also revealed that the newly established US$1 billion Global Medium Term Note programme will bear interest at a rate of 7.875 per cent and will mature on 16th February 2032, with a bullet repayment of the principal. The success of the Eurobond is bound to put a lot of analysts, who had expressed concerns that Nigeria’s recent
downgrade by ratings agencies and uncertainty over oil output and currency controls might dampen investor appetite, to shame. Nonetheless, the yield of 7.875 per cent on the $1 billion Eurobond showed that investors priced in the risk of the credit downgrade by Fitch recently. Nigeria intends to use the proceeds of the notes to fund capital expenditure in the 2016 budget. A statement signed by the Director Information in the Ministry of Finance, Mr. Salisu Na’inna Dambatta said: “The Continued on page 11
Buhari Replaces Soldiers with DSS Operatives as Body Guards in Aso Rock... Page 12
ANOTHER PROOF OF LIFE PHOTO... L-R: Former Chairman of the All Progressives Congress (APC), Chief Bisi Akande; President Muhammadu Buhari; and the National Leader of APC, Chief Bola Tinubu, standing at the entrance of Abuja House, London, when the APC chieftains visited the president in London