SUNDAY 19TH MAY 2019

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NPA Terminates Intels Pilotage Contract over Failure to Remit $145.84m Eromosele Abiodun After about two years of bickering, the Nigerian Ports Authority (NPA) has terminated its boats pilotage monitoring and supervision agreement with Intels Nigeria Limited. Intels is a leading integrated logistics and

facilities services provider in the maritime and oil and gas logistics sectors of the economy. In a letter dated March 29, 2019, addressed to the Managing Director of Intels, which was obtained by THISDAY, NPA said the decision to revoke the contract

was taken in line with Article 8 (C) of its agreement with Intels, dated February 11, 2011. The letter signed by NPA’s Assistant General Manager, Legal Services, read in part, “We refer to the agreement dated 11th February, 2011 and 24th August, 2018 between the NPA and Intels Nigeria

Limited for the monitoring and supervision of oil industry related activities in the compulsory pilotage districts of the authority (service boat operator). “The NPA (the principal ) hereby serves on you Intels Nigeria Limited, (the Managing agent) notice of

termination in line with article 8 (C) of its agreement with Intels, dated 11th February, 2011, which said notice shall expire three months from the date of this notice of termination.” In a letter dated March 27, 2019, addressed to the Managing Director of NPA,

Hadiza Bala-Usman, NPA’s Executive Director, Finance and Administration, Mohammed Bello-Koko, had accused Intels of non-compliance with the presidential directive and circular on implementation of Treasury Single Account Continued on page 7

Nigeria Heading Towards Self-destruction, Ex-President Obasanjo Warns… Page 7 Sunday 19 May, 2019 Vol 24. No 8805

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FG: We Have Credible Evidence Atiku, PDP Want to Subvert Nigeria Former Vice President: Substantiate your claim

Hammed Shittu in Ilorin The federal government on Saturday claimed there was credible proof that the

main opposition Peoples Democratic Party (PDP) and its presidential candidate, Alhaji Atiku Abubakar, were planning to subvert

the power of the state, attack the economy, and unleash mayhem on the polity. In a swift reaction, former Vice President challenged

Information Minister, Lai Mohammed to come up with evidence if he has any, to back his claim that he (Atiku) and the PDP were planning to

overthrow the government of the All Progressives Congress, APC. The government said the security agencies must be alive

to their responsibilities to stop any plan to reverse the gains of the country's democracy. Continued on page 7

Concern Mounts Over Possible Share Manipulation in MTN’s NSE Listing Some 700 Shareholders profiting from massive demand and piecemeal supply intended to jack up value Share price jumps 21% in 2 days of trading Kunle Aderinokun, Obinna Chima, Goddy Egene and Bamidele Famofoo Investors on the Nigerian Stock Exchange (NSE) and stakeholders waiting to purchase the shares of MTN Nigeria Communications Plc through an initial public offering (IPO) may do so at a very high premium whenever the telco decides to float the IPO. This is because of the free float accommodation MTN Nigeria was granted by the capital market regulators to pave the way for its listing last Thursday, even as MTN exercised its option on preference shares worth N145 billion a day after the listing and went ahead to borrow a further N200 billion from Nigerian banks, to pay off the preference shareholders at the listing price of N90 per share, a source revealed.

These developments are already creating illiquidity and driving MTN Nigeria’s share price, which gained 21 per cent in just two trading sessions, from the N90 per share it was listed last Thursday, to the N108.90 per share it closed on Friday. In fact, analysts told THISDAY that the intention of the pentup demand on MTN Nigeria’s shares was to drive the price of the stock very high before any share offering through an IPO. In addition, one analyst said the IPO may take a longer time to come, as the telco is said to be hiding under the alleged $2 billion tax liabilities slapped on them by the Office of The Attorney General ( AGF) instead of the Federal Inland Revenue Service( FIRS) to delay the public Continued on page 7

BANKER… UK Court Asks Shell to Pay EXTRAORDINARY L-R: Gombe State Governor, Ibrahim Dankwambo; Group Managing Director/CEO, Guaranty Trust Bank and CIBN Fellowship Awardee, Segun Agbaje; Chairman of the occasion, Gen. Yakubu Gowon; and President/Chairman of Council, Chartered Institute of Bankers Ogoni Community N183bn… Page 86 Mr. of Nigeria (CIBN), Dr. Uche Olowu, at the CIBN Extraordinary Fellowship Investiture held in Lagos… recently etop ukutt

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