Transcorp Group Announces New Executive, Non-executive Appointments Ugo Aliogo The Transnational Corporation of Nigeria Plc (Transcorp), Nigeria’s leading diversified listed conglomerate has announced new appointments to its board and executive management. A statement from the
corporation disclosed that Valentine Ozigbo has been appointed the President/CEO of Transcorp. His appointment becomes effective from January 1, 2019. He will succeed Mr. Adim Jibunoh, who is retiring on December 31, 2018. Ozigbo, currently the MD/
CEO of Transcorp Hotels Plc, owner of the prestigious Transcorp Hilton Abuja, will bring over 20 years’ experience in banking, business development, hospitality and corporate transformation. A multiple award winner, Ozigbo holds an M.Sc. Finance from Lancaster University, UK;
an MBA in Banking & Finance and a B.Sc. in Accounting from the University of Nigeria. He is a Fellow of the Institute of Chartered Accountants of Nigeria. Also, Owen Omogiafo, has been appointed MD/CEO of Continued on page 8
Omogiafo
Ozigbo
APC, PDP, Others Race to Beat INEC's Deadline … Page 8 Thursday 18 October, 2018 Vol 23. No 8583. Price: N250
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S’Court Orders FG to Adjust Oil Proceeds Sharing Formula When Price Exceeds $20 It’s victory for rule of law, says Dickson Alex Enumah in Abuja The Supreme Court in a landmark judgment yesterday ordered the federal government to adjust its share of proceeds from the sale of crude oil whenever the price
exceeds $20 per barrel. This, according to industry expert, means more money for the federation in its production sharing contract with its joint venture contract multinational oil companies partners, a development they
said would translate to extra funds for states, particularly the littoral states. The order, which was made in a ruling in a suit filed by the Attorneys-General of Rivers, Bayelsa and Akwa Ibom States, is a fall out
of the terms of settlement between the Attorney General of the Federation (AGF) and the plaintiffs. The seven-man panel of the Supreme Court, which included the Chief Justice of the Federation, Justice Walter
Onnoghen, in a unanimous ruling, ordered that the 13 per cent derivation that is due to the oil producing states be paid upon recovery, in accordance with Section 162 of the 1999 Constitution (as amended).
The plaintiffs, the Attorneys-General of Akwa Ibom State, Mr Uwemedimo Nwoko; Bayelsa State, Mr. Wodu Kemasukde; and the Rivers State, Emmanuel Continued on page 9
Senate Approves $2.786bn Eurobond to Finance 2018 Budget Upper chamber condemns excessive bank charges Deji Elumoye and Omololu Ogunmade in Abuja The Senate yesterday approved the issuance of $2.786 billion from the International Capital Market to part finance the 2018 budget. The Senate also approved the issuance of $82.54 million to refinance the balance of $500 million matured Eurobond in the International Capital Market. This is sequel to the
presentation at plenary of the report on the implementation of the new external capital raising of $2.786 billion from the International Capital Market approved in the 2018 Act by the Chairman of the Senate Committee on Local and Foreign Debts, Senator Shehu Sani. In his five-page presentation, Sani said the committee emphasised the urgent need Continued on page 8
Atiku Promises Women, Youth 40% of Cabinet Positions … Page 9
HEART OF THE MATTER… L-R: Chief of Staff to the President, Alhaji Abba Kyari; Minister of Power, Works and Housing, Mr. Babatunde Fashola; and Minister of Communications, Mr. Adebayo Shittu, during the Federal Executive Council (FEC) meeting at the Presidential Villa, Abuja ...yesterday GODWIN OMOIGUI