Budget: Fashola’s Allegation Stirs up Executive/Legislature Spat Senate says minister ‘spreading half-truth’ James Emejo and Damilola Oyedele in Abuja The National Assembly yesterday denied that it underhandedly injected extraneous items into this year’s budget of the Ministry of Works, Housing
and Power. The Senate accused the works, housing and power minister, Babatunde Fashola, who made the allegation, of “spreading wrong information and half-truth,” and the House of Representatives labelled his allegation “very misleading and
House: It’s ‘calculated mischief’
calculated mischief.” Fashola had alleged on Thursday in Abuja that the National Assembly inserted into his ministry’s budget projects outside its purview after the financial plan submitted by the presidency had undergone public hearing
and defence by the executive. He said projects such as primary healthcare centres and boreholes had been unfairly introduced into the ministry’s budget. The minister also alleged that the legislators had cut funds from major projects, like the Lagos-
Ibadan expressway, Second Niger Bridge, Okene-Lokoja-Abuja road, Manbila power project, and the Bodo bridge, which links the Nigeria Liquefied Natural Gas station, without due process, and diverted to their constituency projects.
But in their separate responses yesterday, the two chambers of the National Assembly said they merely ensured the equitable distribution of projects across the country, and insisted that Continued on page 9
Anambra Election: We’ve Taken Note of Kanu's Threat, Says IGP ...Page 15 Sunday 25 June, 2017 Vol 22. No 8102
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Mubadala, Etisalat Foreign Directors May Face Criminal Charges over Unpaid Loans NCC, CBN scramble to save situation, as Vodacom SA, Orange, among others, eye network Kunle Aderinokun and Emma Okonji It emerged at the weekend that the banking consortium owed by Mubadala Group and Etisalat Group may be planning to press criminal charges of reckless and fraudulent trading in Nigeria, United Kingdom and some
other places where Mubadala and Etisalat operate, owing to their failure to meet their obligation and pay their debt. According to inside sources, the charges stem from the fact that they borrowed money from Nigerian banks, gave guarantees as foreign directors of Etisalat Nigeria, obtained facilities when
they knew they had no intention of paying following their decision to pull out of Nigeria altogether, leaving the banks, suppliers, vendors and service providers in the lurch. This comes as Vodacom Group of South Africa and Orange Telecoms of France were moving to take up the 45 per cent share
owned by Etisalat Group and 40 per cent owned by Mubadala in Etisalat Nigeria. There had been protracted issues arising from Etisalat Nigeria’s repayment of $1.2 billion loan involving 13 local banks, including Access Bank, Guaranty Trust Bank and Zenith Bank over settlement of outstanding obligations on the
loan. Subsequently, one of the core investors, Etisalat Group, last Tuesday, announced at the Abu Dhabi Securities Exchange in Abu Dhabi, United Arab Emirates, its intention to pull out of the Etisalat Nigeria structure, and approved transfer of its entire 45 per cent shares in Etisalat to the United Capital Trustees Limited,
the legal representative to the consortium of banks. United Capital is the security trustee, which is the vehicle employed by the banks to hold the shares on behalf of the consortium. The decision of the core investor to pull out of Etisalat Continued on page 9
At Eid-el-Fitr, Buhari Preaches Peace, Warns against Reckless Statements Olawale Olaleye in Lagos and Omololu Ogunmade in Abuja President Muhammadu Buhari, yesterday, felicitated with Muslim faithful in Nigeria on the occasion of eid-el-fitri, the end of Ramadan fast, which is being marked today. He used the occasion to preach peace and unity in the country, and warned against reckless statements capable of causing disaffection in the country. The president, in his message made available to journalists by Senior Special Assistant to the President on Media and Publicity, Malam Garba Shehu, in Abuja, said he was grateful to God for the successful completion of the Ramadan fast and prayed for the long lasting effect of Ramadan lessons, urging the citizens to live in unity and peace.
Today was declared as the eid-el-fitri following the sighting of the moon yesterday in Saudi Arabia, Oman, Malaysia and some other Arab countries. Although India, Pakistan and Bangladesh might be sighting the moon on Sunday, according to an Aljazeera report, they commenced Ramadan on May 28, and as a result, Sunday would be the 29th of Ramadan for them. But Turkey and Muslim communities in North America, Europe and Australia had previously announced they would celebrate Eid al-Fitr from Sunday June 25, based on astronomical calculations. Eid al-Fitr simply refers to “festival of breaking the fast”, marking the end of the Muslim Continued on page 9
WELCOME ON BOARD ... L-R: President/Chairman of Council, Nigerian-British Chamber of Commerce, Prince Dapo Adelegun; President/CEO, Dangote Group, Alh. Aliko Dangote; and Past President, NBCC, Mr. Akinola Akintunde, during the decoration of Dangote as patron of ETOP UKUTT Nigeria-British Chamber of Commerce by the chamber in Lagos ....yesterday