Tuesday 20th February 2018

Page 1

FG, Discos on Collision Course over Appointment of Non-Executive Directors Ejiofor Alike The federal government and the 11 electricity distribution companies are heading for a collision over the plan by the Federal Ministry of Power, Works and Housing to inaugurate and appoint two Non-Executive Directors for each of the 11 Discos, THISDAY

has learnt. THISDAY gathered that the planned inauguration, which the discos have described as illegal, was supposed to take place on Monday at the Transmission Company of Nigeria (TCN) Building

in Abuja but the event was abruptly cancelled at the venue and suspended indefinitely. A chief executive officer of one of the Discos told THISDAY yesterday on condition of anonymity that the planned inauguration was an act of

illegality and not consistent with extant regulations. He said the federal government might have cancelled the event when it realised its illegality at the last minute. “The appointment of non-

executive directors violates the Companies and Allied Matters Act (CAMA); Memorandum of Association and Articles of Association of the Discos; and the acquisition and privatisation documents executed by the Discos, the investors and the

PDP Blasts Buhari over Fresh N10bn NHIS Scam‌

Page 35

Bureau of Public Enterprise, that is, the shareholders' agreements,� he said. The CEO argued that CAMA is the principal statute regulating companies in Nigeria, stressing that CAMA specifies who has the power to appoint directors Continued on page 6

Tuesday 20 February, 2018 Vol 23. No 8342. Price: N250

www.thisdaylive.com TR

TODAY'S WEATHER

ABUJA 16°C-33°C

MAIDUGURI 15°C-35°C

UT H

& RE A S O

ENUGU 22°C-34°C

N

KANO 11°C-33°C

LAGOS 23C-31°C

PORT HARCOURT 20°C-30°C

Kachikwu: Nigeria Targets 50% Local Shareholding in Oil Industry in 10 Years To compel multinationals to build local refineries OPEC records 133% production cut compliance in January 2018 Chineme Okafor in Abuja Nigeria will grow local investments and shareholdings of its oil and gas industry to 50 per cent within the next 10 years, the Minister of State for Petroleum, Dr. Ibe Kachikwu, said on Monday in Abuja. Speaking just before

President Muhammadu Buhari, declared open the inaugural Nigerian International Petroleum Summit (NIPS), which kicked off yesterday and would last until Thursday, the minister explained that current realities in Continued on page 10

Adeosun Appeals for Global Cooperation against Tax-evading Multinationals Ndubuisi Francis in Abuja The Minister of Finance, Mrs. Kemi Adeosun, has called for the designation of tax malpractices by multinational corporations in Nigeria and other developing countries as ‘foreign corrupt practices’. She called on global organisations including the Organisation for

Economic Cooperation and Development (OECD), World Bank Group, International Monetary Fund (IMF) and the United Nations (UN) to see the tax avoidance actions of multinational companies as corrupt practices The minister made the call at the Platform for Continued on page 6

Discord in Corruption War as Malami Queries Magu FOR THE LOVE OF SOCCER‌ President, Nigeria Football Federation (NFF), Mr. Amaju Pinnick; FIFA President, Mr. Gianni Infantino; and Lagos State Governor, over CCT Chairman, Umar’s Prosecution‌ Page 6 L-R: Mr. Akinwunmi Ambode; during the FIFA president’s courtesy visit to the governor at the Lagos House, Alausa, Ikeja‌ yesterday

<285 6$9,1*6 &$1 /,*+7 83 <285 :25/'

:LWK D IDPLO\ RI \RX KDYH WKH RSSRUWXQLW\ WR JHW D EUDQG QHZ JHQHUDWRU D FDU D VHW RI IXUQLWXUH VFKRODUVKLSV ZDVKLQJ PDFKLQH IDPLO\ YDFDWLRQV GHHS IUHH]HU DQG D EUDQG QHZ KRXVH ZKHQ \RX VDYH LQ WKH $FFHVV %DQN )DPLO\ 6DYLQJV 6FKHPH 9LVLW ZZZ DFFHVVEDQNSOF FRP VDYHWRGD\ RU WKH QHDUHVW EUDQFK WR JHW VWDUWHG

ZZZ DFFHVVEDQNSOF FRP VDYHWRGD\


Turn static files into dynamic content formats.

Create a flipbook
Issuu converts static files into: digital portfolios, online yearbooks, online catalogs, digital photo albums and more. Sign up and create your flipbook.
Tuesday 20th February 2018 by THISDAY Newspapers Ltd - Issuu