THURSDAY 14TH MARCH 2019

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Court Orders Ecobank to Forfeit N22.5bn over Airtel Shares

Davidson Iriekpen

A Federal High Court in Lagos has ordered O & O Networks Limited, a special purpose vehicle owned by Ecobank Transnational Incorporated, to pay the sum of N22.5billion, being proceeds

of the wrongful sale of shares in Airtel Networks Limited by Ecobank to Bharti Airtel, into the court’s account. The decision is a fallout from the long-standing legal dispute between Mr. Oba Otudeko, a founding shareholder and former Chairman of Airtel

Nigeria; his company, Broad Communications Limited; another founding shareholder of the company and O & O Networks now owned by Ecobank Transnational Incorporated. Otudeko and Broad Communications Limited

had instituted a legal action in 2006 challenging Delta State Government’s acquisition of O & O network’s shares in Airtel Networks (formerly Econet Wireless Nigeria). From the facts of the case, Broad Communication’s main contention is that the

transaction was unlawful and a breach of the Shareholders’ Agreement executed by the shareholders of Airtel Networks. According to the said Shareholder’s Agreement, the shares should have been offered to the existing

shareholders first as their right of “First Refusal” (preemptive right), as mandated by Clause 17.2.1 of the Shareholders’ Agreement, before being offered to Delta State Government Continued on page 8

Nigeria’s Air Passenger Traffic Drops in Four Years... Page 8 Thursday 14 March, 2019 Vol 24. No 8739. Price: N250

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Buhari Expresses Sadness as Lagos Building Collapse Kills Nine, Injures 64 Ambode commiserates with families of victims Omololu Ogunmade in Abuja, Chiemelie Ezeobi and Sunday Ehigiator in Lagos President Muhammadu Buhari yesterday expressed sadness over the collapse of a three-storey residential

building housing Baden Private Primary School at No. 14 Massey Street, Ita-Faji area of Lagos Island, which killed nine people, injured 64 and trapped several others. The president sympathised with the families of the victims,

saying he was extremely saddened by the accident and wishing them God’s comfort. Buhari made his feeling known in a statement by his media aide, Mr. Femi Adesina, in Abuja. He also wished those injured

speedy and complete recovery. President Buhari commiserated with the government and people of Lagos State and pledged assistance of the federal government as may be required by the state.

“It touches one to lose precious lives in any kind of mishap, particularly, those so young and tender,” he said, adding: “May God grant everyone affected by this sad incident fortitude and succour.’’

The president charged the Lagos State Government to do “all that is needful, so that such tragic developments do not recur in future’.’ The three-storey residential Continued on page 6

President Revokes OML 11 Licence, Transfers Operatorship to NNPC Ejiofor Alike Exactly 26 years after the people of Ogoniland in Rivers State sacked Shell Petroleum Development Company (SPDC) following the killing of Dr. Ken Saro-Wiwa, President Muhammadu Buhari has revoked the operating licence granted the oil giant for Oil Mining Lease (OML) 11, located in the area, THISDAY’s investigation has revealed. OML 11, one of the most important oil blocks in Nigeria, in terms of oil and gas production, lies in the south eastern Niger Delta and contains 33 oil and gas fields, including Bodo, Bodo West and Yorla fields. THISDAY gathered that the operatorship of the plum asset has been transferred to the Nigerian National Petroleum Corporation (NNPC) and its upstream subsidiary, the Nigerian Petroleum

Development Company (NPDC). According to a reliable presidency source, a letter dated, March 1, 2019, with Reference Number: SH/ COS/A/8540, signed by Chief of Staff to President Muhammadu Buhari, Malam Abba Kyari, to the Group Managing Director of the NNPC, said the president had directed the corporation and its upstream subsidiary, the NPDC, to take over the operatorship of the entire asset. THISDAY gathered that SPDC had operated the block until 1995 when Ken Saro-Wiwa was hanged by the military regime of the late Gen. Sani Abacha. Following the execution of the environmental activist, the Ogoni people, who had sacked Shell from Ogoni since 1993, also denied the oil giant access Continued on page 8

UK Reviews General Election to Determine Visa Ban... Page 6

ANOTHER SAD DAY... L-R: General Manager, Lagos State Emergency Management Agency, Mr. Tiamiyu Adesina; Lagos State Governor, Mr. Akinwunmi Ambode; and Chairman, Lagos State Neighbourhood Safety Corps, A.I.G Israel Ajao (rtd), during the governor’s visit to the scene of the building collapse at Massey Street, Ita-Faaji, Lagos… yesterday


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THURSDAY 14TH MARCH 2019 by THISDAY Newspapers Ltd - Issuu