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16—Vanguard, THURSDAY, SEPTEMBER 11, 2019 From Left: Program Director, Impulse, Adnane Alaoui; Country Manager (Nigeria), OCP Africa, Caleb Usoh; Digital Lead, OCP Africa, Onar Chraibi and Head Supply Chain, OCP Africa, Uma Obasi, during the Impulse UM6P Start-Up Accelerator Information Session in Lagos. PHOTO; Kehinde Gbadamosi Tribunal: My victory call for more service —Sen Alimikhena By Alemma Aliu BENIN CITY— FORMER Deputy Chief Whip of the Senate, Senator Francis Alimikhena has lauded the ruling of the National and State Elections Petitions Tribunal sitting in Benin City Edo State which returned him as the senator representing Edo North Senatorial District. In a statement yesterday issued by his Special Assistant on Media and OGMBA moves to unite stakeholders in energy industry By Gabriel Olawale LAGOS—OIL and Gas Masters’ Ball, Africa, OGMBA has concluded plans to unite stakeholders in the energy industry with aims to enhance business tourism in Nigeria and elevate the economy. Speaking ahead of the maiden edition of Oil and Gas Grand Ball slated for 24th November in Lagos, the founder and CEO of OGMBA, Mr. Oba Osoba, said that the Oil and Gas Masters’ Ball 2019 will identify and honour distinguished players in the energy sector, expand Nigeria’s investment terrain, thus, optimizing the nation’s economy for growth and business tourism. “The Oil and Gas Masters Ball will constitute Tribunal upholds Lagos Rep, Johnson's election By Elizabeth Uwandu LAGOS—THE National Assembly Election Petitions Tribunal sitting in Ikeja, Lagos has affirmed the victory of Hon. Ganiyu Johnson of All Progressives Congress, APC as member representing Oshodi-Isolo 2 Federal Constituency in the House of Representatives, while it dismissed the petition of Emmanuel Nnodim, of the Peoples Democratic Party, Publicity, Benjamin Atu, Alimikhena said his victory which he described as divine was a call for more service to his people He said: "elections are over and all anger must be put behind. I appeal to the good people of Edo North to forgive those who must have wronged them in one way or the other. Let us put away bitterness and enmity. We are stronger when we are together. I call on my opponents who challenged my election at the election a fulcrum of business tourism and investment possibilities as it will attract a gathering of Oil magnates from around Africa as well as potential investors. “This is an opportunity for industry stakeholders, government and the society at large to let their hair down and celebrate significant achievements in a relaxed and absolutely fun-filled, high Okowa's aide tasks political parties' chairmen on unity of purpose A SABA—POLITICAL parties in Delta State have been urged to work with unity of purpose in order not to lose focus on the benefits of the democratic process. The Senior Political Adviser to the Governor of Delta state, Hon. Funkekeme Solomon, who PDP. While delivering his judgment on Tuesday, Justice, S.I Okpara said that the petitioner who in a suit no EPT/LAG/REP/14/2019 had failed to give substantive evidence that the election was marred with irregularities and not conducted under electoral act, as the sole witness of the petitioner, who was neither a party agent nor a collation agent was not an eye witness but relying on evidence given by agents and other members of her party. petition tribunal to come on board let us develop our land. We give glory to God, the tribunal has reaffirmed our mandate there is no need for acrimony.” Meanwhile, some members of the Ikpoba-Okha/Egor Federal Constituency have kicked against the judgment of the Tribunal that struck out the petition filed by Hon Ehiozuwa Agbonyinma for lack of merit. Agbonyinma who the Special Assistant on legislative matters South-South to the Speaker of the House of Representatives networking environment whilst continuing to give back to society. “Scheduled strategically to serve as a prequel to the Abu Dhabi Formula 1 Grand Prix, the Grand Ball will adopt an Arabian theme where over 700 dignitaries across Africa will be treated to an experience of Arabian aesthetics, electrifying ambience, decor and entertainment. Osoba further explained that there will be an ultra modern made the appeal when he met with chairmen of registered political parties in the state, said the parties must de-emphasize groupings or associations that tended to cause division. He, however, reminded the party chairmen that the Inter Party Advisory In his judgment, the Judge maintained that the prayer of the petitioner that he be declared winner and the election of respondent set aside. He maintained that it was not going to be granted since he had challenged the victory on the grounds that Independent National Electoral Commission, INEC, conducted the election with non compliance to the electoral act and corrupt practices. The judge wondered which of the result would be used to declare him (petitioner) winner and since INEC did not have two results the court would not grant his prayer. challenged the election of Jude Ise-Idehen of the Peoples Democratic Party but the tribunal ruled that the case has crumbled even though he struck out the reply of respondents in the suit for filing out of time. The Ikpoba-Okha/Egor constituents who spoke under the auspices of Democratic Restoration said members of the Peoples Democratic Party were already congratulating the All Progressives Congress after the tribunal stuck out seven applications filed by the respondents but were shocked at the final decision of the tribunal . exhibition centre at the waterfront concourse of the venue where partner companies, sponsors and other brands would showcase their products and services to guests. The Oil and Gas Masters Ball will pave way for other activities lined up by the parent company (Oil and Gas Grand Ball Africa), such as the “Women in Oil and Gas Mentorship Brunch” and the “Oil and Gas Scholars Academy.” Council, IPAC, was a statutory body to which they must all belong, but clarified that welfare issues would be on political party basis, advising IPAC to remain non partisan and not interfere with internal affairs of the political parties. Solomon said he was holding the Senior POLAD position on trust and would not do anything that would undermine the integrity of the office or betray the confidence reposed in him by the Governor. The senior political adviser assured the party chairmen of the readiness of government to partner with them, pointing out the need to sanitize the system to make it beneficial to all critical stakeholders in the democratic process. He said the Office of the Senior POLAD would soon embark on the verification of political parties in the state for the purpose of authentication, and would do so without fear or favour to ensure things were done right. U.S. corporate bond, IPO markets heat up as recession fears persist CORPORATE America appears to be rushing to get the most out of the decade-long bull market in stocks and bonds before a possible recession and election-year stock market volatility slam the IPO and credit windows shut. Approximately 70 companies have registered with the U.S. Securities and Exchange Commission to go public, according to estimates from Renaissance Capital, while $72 billion in investment-grade corporate debt – a figure nearly as large as the total issuance in August - was issued last week, according to data from Dealogic. The rash of new deals comes as the U.S.-China trade war weighs on the global economy, helping push 30-year Treasury yields to record lows and increasing fears of a global economic slowdown. U.S. manufacturing activity contracted for the first time in three years in August, while construction spending barely rose in July, helping send business confidence lower, according to the Institute for Supply Management. Wall Street opens higher on upbeat trade move U .S. stocks opened higher yesterday as China’s move to ease tensions with the United States assuaged some concerns about the ongoing trade war between the world’s two largest economies. The Dow Jones Industrial Average .DJI rose 18.62 points, or 0.07%, at the open to 26,928.05. The S&P 500 .SPX opened higher by 2.02 points, or 0.07%, at 2,981.41. The Nasdaq Composite .IXIC gained 7.53 points, or 0.09%, to 8,091.68 at the opening bell. Africa: Investors must come to Africa on our terms HOPES for Africa's economy have been raised be fore, particularly when the continent enjoyed boom times prior to the financial crash of 2008, much in part to a commodities "super cycle" that saw sustained high prices for its raw materials. However, prices for Africa's minerals are well down on those heady days while few countries have yet to escape the extractive model by managing to add value to their commodities. Now, however, there is a growing determination to achieve this, with Zimbabwe's President Emmerson Mnangagwa and Namibian President Hage Geingob last week calling for value to be added to their countries' minerals before they are exported. "The problem of investors or foreigners who come to Africa is that they come on their own terms. From now on, Africa must tell investors when they come, they come on our terms," said Geingob, speaking at the World Economic Forum (WEF) on Africa that ended in Cape Town on Friday. "Why should my diamonds go out in raw form?" Geingob questioned. Mnangagwa, who said he is striving to rebuild Zimbabwe's "collapsed economy", said it is vital to understand the needs of the private sector for investment in technology that could add value locally. The over-arching requirement is for African countries to reassure their own populations and investors that they can offer a framework for stable growth, said Seychelles President Danny Faure. SA economy not out of the woods yet - RB GENERAL Electric (GE.N) is looking to raise up to $3 billion in sale of majority-owned Baker Hughes (BHGE.N) shares, resulting in a reduction of the U.S industrial conglomerate’s stake in the oilfield services provider to less than 50%, Baker Hughes has said. Shares of Baker Hughes, in which GE owned an about 50.4% stake as of June 30, fell 3.7% to $23.20 in after hours trading, while GE’s were marginally up at $9.15. GE had long planned to sell down its stake in Baker Hughes Ḃut the issue came under scrutiny last month when Madoff whistleblower Harry Markopolos issued a lengthy report that alleged in part that GE was improperly counting Baker Hughes’ income, capital and cash in GE’s financial statements. GE has said its accounting was appropriate since it is the majority shareholder. Baker Hughes said GE would sell up to 120.75 million shares, including over-allotment option, of Baker Hughes’ Class A common in a secondary offering. Stories credited to Reuters & BCC
Vanguard, THURSDAY, SEPTEMBER 12, 2019 — 17 :Vanguard News :@vanguardnews :@vanguardnews NEWS HOTLINES: 08052867023, 08052867058 INNOVATIVE CHALLENGE: From left: Divisional Head, Transaction Banking, First City Monument Bank (FCMB), Mrs. Rolayo Akhigbe; Leader of Team Solution and winner of the first prize of the Professor Ogundipe Innovative Challenge, Augustine Udeolisa and Vice Chancellor, University of Lagos, Professor Oluwatoyin Ogundipe, during the competition, sponsored by FCMB, held at the University campus, Akoka, Lagos. ILLEGAL EMERGENCE OF HoR MINORITY LEADER: Wike blasts PDP investigative committee O R T P HARCOURT— GOVERNOR Nyesom Wike of Rivers State has lambasted the Committee set up by the Peoples Democratic Party, PDP, to investigate the alleged illegal emergence of Ndudi Elumelu as the Minority Leader of the House of Representatives, describing the committee as the most corrupt in the BAYELSA GUBER: Alaibe denies defecting from PDP By Samuel Oyadongha Y ENAGOA— F O R M E R Managing Director of the Niger Delta Development Commission, NDDC, Chief Timi Alaibe has disowned claims by some politicians in Bayelsa State that he has defected from the Peoples Democratic Party, PDP, over alleged unfavourable outcome of the last governorship primaries of the party in the state. NDDC board in order, NASS must amend Act to reposition commission, says ex-Minister By Soni Daniel FORMER member of the House of Representatives, Chief Nduese Essien, has said that the appointments made by the Presidency into the board of the Niger Delta Development Commission Board, NDDC, are in line with the extant law establishing the agency and should not cause any disagreement in the region. It will be recalled that governors in the region and some groups had raised issues with the composition of the board history of the party. Speaking in Port Harcourt, yesterday, Wike thanked former Deputy Speaker of the House of Representatives, Mr Austin Opara, for withdrawing from the committee by not allowing himself to be entangled in the illegal outcome of the committee’s activities. He said: “The Committee set up by PDP on the illegal According to Alaibe, he has not joined any political party as being bandied in the media as he is a loyal member of the PDP despite being bombarded by requests and offers of opportunities by other political parties. Alaibe, in a statement yesterday, by his campaign organisation and signed by the Administrative Secretary, Professor Seiyefa Brisibe, said no decision has been taken on his next move. The statement reads, and called for the immediate reversal as they did not meet their expectations. But Essien, who was part of the team that drafted the NDDC Act, in a statement in Abuja, yesterday, said that the confusion, claims and counter claims of ownership of the key posts in the agency were either borne out of mischief or ignorance or both and were unnecessary since the right thing had been done by the government. Essien, a former Housing Minister, drew attention to the fact that under the law establishing the ccommission, the post of the emergence of Elumelu is the most corrupt committee ever set up by the party. “We thank our worthy son, Austin Opara for withdrawing from that committee, so that he is not entangled in the illegal activities of the tainted committee.” Wike warned the party not to toy with Rivers State as it was not in the interest of the party to do so. “The Timi Alaibe Campaign Organisation observed that since the declaration of the results of the PDP primary election for the governorship of Bayelsa State, our teeming supporters have been left without clear and precise information as to the next step to be taken by our principal, Chief Alaibe, in search of justice in what was generally seen as a deliberate adulteration of due process in the conduct of the primary election. “We thank our supporters chairman is to rotate among the nine-member states in alphabetical order starting with Abia, Akwa Ibom, Bayelsa, Cross River and now the turn of Delta State. Essien said: “But as would be seen, the post of the Managing Director also falls for Delta State at the same time with that of the Chairman. The positions of the Managing Director and those of the Executive Directors of Finance and Administration and Projects rotate among the major oilproducing states of Akwa Ibom, Bayelsa, Delta and Rivers states according to the quantum of oil producion.'' He said: “We are warning PDP to be careful not to toy with Rivers State. Rivers State has all it takes to withstand the PDP and fight the party to a standstill. “The Rivers State governor is not one of those governors that anyone can cajole. The Rivers State governor is not one of those governors that will kowtow to their illicit activities,” he added. and the good people of Bayelsa State for their unprecedented support evidenced by dead silence in the state on Wednesday September 4, 2019, over peaceful conduct and patience since the unacceptable election result was announced last week. We apologise for the vacuum created by our silence which had given rise to various speculations planted in the media by those who masterminded the injustice in order to confuse the people. “As it is traditional in matters of this kind, we needed to carry out due consultation across board with our supporters; particularly the stakeholders — including our vibrant youths and women before taking any step or embarking on any decision in search of redress or alternatives. We are almost at the end of the necessary consultations. “However, let it be stated that Chief Alaibe has not joined any political party as bandied in the media. He is still a loyal PDP member despite being bombarded by requests and offers of opportunities by other political parties. That decision has not been taken. Any speculation to the contrary remains what it is — mere speculation.'' A’Ibom bank moves to recover verified debts •Publishes names of debtors By Harris Emmanuel UYO—IN an attempt to regain its position as a leading primary mortgage institution, Akwa Ibom Loans and Savings Ltd, has launched moves to recover its verified debts estimated at over N1.2 billion. The move is coming barely a week after staffers of the organisation took to the streets over nonpayment of salaries running into millions of Naira covering several months. The management of the bank said it was relying on relevant sections of the Central Bank of Nigeria, CBN, guidelines in publishing the names of its debtors. “Pursuant to and in compliance with the circular issued by the Central Bank of Nigeria in April 2015, Akwa Savings and Loans Limited hereby publishes the list of 56 top delinquent debtors,” the bank said in a statement. According to the bank, the publication had become necessary as all avenues by the bank to propose acceptable terms of resolution had failed. The bank said that it was open to amicable settlement of the debts within a reasonable timeframe falling which it would exercise its legal powers to recovery, which may include the sale of collateral used to secure these facilities. Among the top loan defaulters are a school in the state said to be owing the bank N152,436,185, a company with a debt of N74.9 million and another construction company owing N68.991 million. Other top defaulters include politicians and individuals as well small business operators with the least being N3.8 million. Okowa seeks support to redress Egbema environmental challenges By Jimitota Onoyume W A R R I — GOVERNOR Ifeanyi Okowa has assured people of Egbema , Warri North Local Government Area of Delta State that his government was working to address environmental challenges in the area, urging them to continue to support the good intentions of the administration. Senior Special Assistant to the governor on Security, Mr Daniel Ezekiel, who spoke at a Town Hall meeting he convened in Opuama and Sekelewu communities in the council enjoined the people to continue to remain peaceful. “I assure you that Governor Okowa will make life more meaningful for Egbema people once again. Above all, we must remain peaceful, and ensure that we channel our grievances to the state governor through lawful means because development cannot strive in a situation of chaos,” he said. He further urged youths to shun sea piracy, oil thefts, cultism and related criminal activities. He also warned cultists in Ovwian and Udu communities to turn a new leaf or be ready to face the wrath of the law when caught. Speaking when he visited the Burutu Area Command of the Police and Ovwian community, he urged residents of Ovwian and environs to assist the Police to effectively rid the areas of criminal elements. OIL PIPELINE EXPLOSION: Come to victims' aide, Oyibode tells relevant authorities By Festus Ahon Aby SABA—WORRIED the effect of the recent pipeline explosion, the Commissioner representing Udu, Uvwie, Ughelli South and Urhobos of Warri South on the Board of Delta State Oil Producing Areas Development Commission, DESOPADEC, Chief Vincent Oyibode has called on the relevant authorities to take urgent action to alleviate the pains of the people. Inspecting the explosion site in Otu-Jeremi, Ughelli South, Oyibode said international best practice should be observed, especially in situations that have to do with the environment once there was an explosion. Expressing concern over the havoc caused by the explosion in terms of destruction of the ecosystem, water and the environment, he called on relevant authorities to take urgent steps to alleviate the pains of those affected by the explosion. Speaking further, he said a clean-up exercise should be undertaken immediately to avert fire outbreak, complaining that the youths of Ughelli South and Udu who are host to OML 30 have been deprived of the surveillance job. He commended the community for its efforts at safeguarding the affected area.
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