4 BUSINESS DAY C002D5556 Tuesday <strong>03</strong> <strong>Apr</strong>il <strong>2018</strong> NEWS Winnie Mandela, South African freedom icon, dies at 81 DAVID IBEMERE Winnie Madikizela- Mandela‚ a stalwart in the fight against apartheid in South Africa‚ has died at the age of 81 after a battle with kidney infection which became severe since January. While her hallowed place in the pantheon of South Africa’s liberators is unquestionable, and one of Africa’s most revered daughter, it was however tainted by scandal over corruption, kidnapping, murder and the implosion of her marriage to Nelson Mandela. In a statement issued by the family, confirming her death at Netcare Milpark Hospital‚ Johannesburg‚ South Africa, she was said to have died surrounded by her family and loved ones. A report by the South African Broadcasting Corporation said she had been in admission at the hospital over the weekend, complaining of the flu after she attended a church service on Friday while also undergoing treatment for diabetes and major surgeries. Born in Bizana in the Eastern Cape, South Africa in 1936‚ she later moved to Johannesburg to study social work, where she eventually met lawyer and anti-apartheid ac- Nigerian Stock Exchange... Continued from page 1 gerian bourse has commenced investigation into the likes of Japaul oil servicing company and Resort Savings, both of which are listed and have dealings with Milost, as announced by the purported Private Equity firm. Culpable parties will face steep regulatory sanctions, according to an inside source. “None of the parties in the transaction chain is left out of the wide sweeping investigation that would involve the EFCC,” the source added. Barely a year ago, the EFCC activated its partnership on market surveillance with the NSE to put an end to increased infractions in the capital market. This was in furtherance to the Memorandum of Understanding (MoU) signed between both parties in 2013 towards tackling market infractions and abuse. Amid investigations, Milost continues to claim that its Equity Subscription Agreement (MESA) is not for pump and dump. The MESA instrument, according to Milost, is aimed at funding “undervalued publicly quoted companies all around the world and is a hybrid of debt and equity.” “In any investigation you don’t go with a closed, mind. It will definitely be a thorough one,” another source close to the NSE council members said. US-based Milost has made the rounds in the past month over a number of high profile announcements to invest some $3 billion in Nigerian companies, a strategy that has put retail investors on the receiving end of movement in stock tivist Nelson Mandela in 1957 and they were married a year later. However‚ her marriage to Mandela was short-lived‚ after Mandela was arrested in 1963 and sentenced to life imprisonment for treason. Mandela was eventually released in 1990. During Mandela’s time in prison‚ Winne was not spared the reach of the apartheid forces. She was placed under house arrest and at one time banished to Brandfort‚ a town in the Free State. According to the statement of her death by the family, “Winne kept the memory of her imprisoned husband Nelson Mandela alive during his years on Robben Island and helped give the struggle for justice in South Africa one its most recognisable faces, dedicating most of her adult life to the cause of the people which gave her the name Mother of the Nation.” But for Madikizela-Mandela, the end of apartheid marked the start of a string of legal and political troubles that, accompanied by tales of her glamorous living, kept her in the spotlight for all the wrong reasons. As evidence emerged in the dying years of apartheid of the brutality of her Soweto enforcers, the “Mandela United Football Club” (MUFC), her nickname switched from “Mother of the Nation” to “Mugger”. Blamed for the killing of activist prices of the firms in the news. The private equity firm threatened to file a $500 million (N180 billion) lawsuit against <strong>BusinessDay</strong> and two of its journalists, for publishing what it called false information. Leading up to Milost’s threat to file a lawsuit against <strong>BusinessDay</strong>, the latter published two separate articles on the private equity firm and its planned investments in a number of Nigerian companies. The first of these articles was published March 12 and titled “The Math doesn’t add up with Milost” with the second being “Milost sued in New York for fraud, violating US securities exchange law.” Milost did not fault the court Stompie Seipei, who was found near her Soweto home with his throat cut, she was convicted in 1991 of kidnapping and assaulting the 14-year-old because he was suspected of being an informer. Her six-year jail term was reduced on appeal to a fine. Her marriage to Mandela began to flounder a few years after his release. A letter she purportedly wrote to her young lover found its way into the newspapers. In his book Odyssey to Freedom‚ veteran advocate George Bizos described how Mandela would not attend legal consultations Bizos had with Madikizela-Mandela during the Seipei trial. “He drew the line at attending our consultations‚ primarily because these meetings were also attended by the young lawyer … her lover during the latter part of Nelson’s imprisonment and after he was released‚” Bizos wrote in his book. The couple divorced in 1996‚ 37 years after their marriage. After the first democratic election in 1994‚ Madikizela-Mandela became an MP and was appointed deputy minister of arts and culture. She was fired by Mandela after an unauthorised trip to Ghana. She had been an MP ever since‚ despite limited appearances in Parliament in the past few years. L-R: Emmanuel Emefienim, executive director, institutional banking, Sterling Bank; Ibikunle Amosun, governor, Ogun State; Abubakar Suleiman, managing director/CEO, Sterling Bank, and Rasaq Aboyeji, regional business executive, Sterling Bank, during the Ogun State Investment Summit in Abeokuta. document which showed it was facing six different charges bothering on fraud at the New York Southern District Court. Up until the time of filing this report, no such lawsuit has been filed against <strong>BusinessDay</strong> by Milost. Another source close to the development said the NSE will this week tell investors the direction of its investigation. The investigation will not exclude stock broking firms, said another insider source close to the brokerdealers regulation department. “The sanctions will be massive and the investigation will cut across even those that had anything with Milost before now. It is just that the In 2016‚ she was conferred an Order of Luthuli in Silver during the National Orders Awards ceremony for her excellent contribution to the fight for the liberation of the people of South Africa. As news of Winnie Madikizela- Mandela’s death spread on Monday afternoon, South Africans inundated social media with tributes to the political stalwart with many describing her as the true hero after Nelson for her role on ending apartheid. “We will never forget your role in changing our future we are forever grateful to you” a South African @Jonson wrote on his twitter handle. @akaworldwide added RIP in peace Mama South Africa. “You were strong when we couldn’t be. You were a rage that sometimes burned too brightly and you showed us how to be brave and be our fearsome best. Lion, Warrior, Mother,” said @ Sisonkemsimang. Others felt she has not been properly respected for her efforts in ending apartheid in the country, “She sacrificed her family, raising her children, her health, her marriage, her career, her education, her community ... only to be shunned we will NEVER forget you Mama. Our true liberator,” @VusiThembekwayo wrote. exchange does not give awards, but <strong>BusinessDay</strong> efforts in the whole process deserve an award,” our source added. <strong>BusinessDay</strong> investigations show that Milost Global Inc, office address stated on its website as 48 Wall Street, 11th Floor New York, NY 10005 USA, is a virtual office or Business Centre owned by the Rockefeller Group. According to information from the Rockefeller Group website “Enjoy the benefits of a prominent business address, without the expense of a physical office space. •Continues online at www.businessdayonline.com Oilnears $70 on lower US rig count, geopolitical tension DIPO OLADEHINDE Oil rose towards $70 a barrel on Monday, boosted by a fall in drilling activity in the United States and the risk of an intensifying global trade war sparked by President Donald Trump. U.S. drillers cut seven oil rigs in the week to March 29, bringing the total down to 797, the first decline in three weeks. The rig count is closely watched as an indicator of future U.S. oil output. Prices also found support amid prospects of a harder U.S. line against Iran following recent criticism by Trump who threatened to pull out of a 2015 international nuclear deal with Tehran under which Iranian oil exports have risen. Luqman Agboola head of energy and infrastructure at Sofidam Capital Ltd said the implication of the lower rig counts is reduction in supply which will increase the demand for oil and higher oil price although it’s not sustainable. Agboola added, “Irrespective of what caused the decrease in rig count the market will react, however what is driving the oil price which is not visible is the Iran nuclear deal.” “By next month, the US is expected to revalidate the deal but Trump has vowed not to revalidate and is currently consulting with the European superpowers majority of which are the highest consumer of Iran’s oil.” Trump has given the European signatories a May 12 time limit to “fix the terrible flaws” of the deal. If the U.S. were to pull out of the deal and re-impose economic sanctions on Iran it could impact the oil output of one of OPEC’s largest members. Abayomi Fawehinmi an energy expert says all the current scenarios will lead to a short run increase in oil prices. Oil has risen from a multi-year low near $27 in January 2016, helped by production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and Russia, which started in 2017 and is due to run until the end of <strong>2018</strong>. The revival in prices has helped to support a surge in U.S. drilling, which has boosted U.S. production to a record 10.43 million barrels per day (bpd), taking it past top global exporter Saudi Arabia. Russian oil output rose in March despite the output deal, to 10.97 million bpd from 10.95 million bpd in February, Russian Energy Ministry data showed, putting Russia ahead of the United States as the world’s biggest crude producer. Also potentially weighing on markets were rising trade tensions between the United States and China. “The current US and china trade war will cause distortion if it persists for a long period of time which will overtime lead to reduction in oil price,” Agboola said. “If America continues with its imposition of tariff; Chinese output will reduce which will reduce the demand for energy,” Agboola Continues on page 38
Tuesday <strong>03</strong> <strong>Apr</strong>il <strong>2018</strong> C002D5556 BUSINESS DAY 5