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
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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
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