Wednesday, 24 November 2021

Buhari Petitioned To Sack Justice Peter-Odili For ‘Serving As Complainant, Prosecutor And Judge In Her Own Case’. BY SAHARAREPORTERS

Odili and his spouse, Justice Mary Peter-Odili reportedly saw Okponipere as the architect behind their loss of the PDP presidential and vice-presidential tickets A lawyer and human rights' activist, Timipa Jenkins Okponipere, has asked President Muhammadu Buhari to sack Supreme Court Judge, Mary Ukaego Peter-Odili over allegations of judicial misconduct and abuse of privilege. SaharaReporters gathered that Okponipere's troubles with the Odilis began sometime in December 2006 when he led his law firm, First Law Solicitors, to conduct a referendum on corruption and politically-motivated killings in Rivers State under the former governor Peter Odili and Justice Mary Peter-Odili as First Lady of the state. Following the widely acclaimed referendum, Odili lost the presidential primary election of the Peoples Democratic Party (PDP) held on December 12, 2006, at the Eagle Square, Abuja. The former governor also lost out in the shadow race for the PDP Vice presidential ticket, as Dr. Goodluck Ebele Jonathan was declared the running mate to Alhaji Umaru Yar'Adua, the eventual winner of the presidential ticket. Odili and his spouse, Justice Mary Peter-Odili reportedly saw Okponipere as the architect behind their loss of the PDP presidential and vice-presidential tickets, and promptly got him arrested and charged before Justice Biobele Georgewill of the Rivers State High Court on January 17, 2007. The matter subsequently progressed from the Rivers State High Court to the Court of Appeal (Port Harcourt Division) and eventually, to the Supreme Court in 2010. By that time, however, Justice Mary Peter-Odili was already a Justice of the apex court, and she eventually sat on the Supreme Court panel which heard and determined the suit on February 8, 2013: a criminal appeal in which her spouse was the Chief Complainant and Prosecutor against Okponipere. The lawyer in a statement made available to SaharaReporters said several petitions he wrote to the National Judicial Council (NJC) against the judge were not acted on. He urged the Nigerian Bar Association to pressure Justice Peter-Odili to submit herself to the disciplinary jurisdiction of the NJC while the commission should redeem its image by standing up to its responsibility. Okponipere called on President Buhari to rescue the situation as the judge “deserves nothing but dismissal from the Supreme Court of Nigeria.” He said, “Justice Mary Peter-Odili abused her position as a Judge of the apex court in the country when she simultaneously became the Complainant, the Prosecutor and the Judge in Criminal Appeal No: SC 250/2010 (TIMIPA OKPONIPERE Vs. STATE) which came before the Supreme Court in 2013. “This unprecedented judicial misconduct is capable of seeing her being dismissed from the Supreme Court bench. In the over 60 years history of the modern Supreme Court of Nigeria, not a single Justice of the revered apex court in the country, apart from Justice Mary Peter-Odili, has been so dragged before the NJC for such an unbefitting judicial conduct. “The legal principle/maxim of NEMO JEDEX IN CAUSA SUA (one cannot be a Judge in his own cause) is an elementary principle of Law. For a Supreme Court Judge of Mary Peter-Odili’s calibre, she rose through the ranks from the Magistracy to fall foul to such an elementary principle, explains her shallow knowledge of Law but deep involvement in judicial corruption. “On January 12, 2007 the Rivers State Government filed an 8 counts Information/Charge known as CHARGE NO: PHC/30CR/2007 (STATE Vs. TIMIPA OKPONIPERE) at a Rivers State High Court sitting at Port Harcourt against TIMIPA JENKINS OKPONIPERE, Port Harcourt lawyer and human rights activist, upon a criminal complaint by the then Governor of the State, His Excellency, Sir (Dr) Peter Odili. Certified true copy of the 8 counts Information/Charge is attached herewith. “All of the 8 counts of the Information/Charge were directly linked or connected with the person of Dr. Peter Odili and his failed 2007 presidential bid. So, under his watch as Governor of Rivers State, vigorous prosecution of the matter commenced before Justice Biobele Georgewill (now of the Court of Appeal). Dr. Peter Odili thus became the Complainant and the Prosecutor in the matter while Mr. Okponipere, being a Legal Practitioner, defended himself in person. “By means of an Interlocutory Appeal, the matter progressed from the Rivers State High Court to the Court of Appeal (Port Harcourt division) and eventually, to the Supreme Court in Abuja as Criminal Appeal No: SC 250/2010 (TIMIPA OKPONIPERE Vs. STATE). At about the same period, Justice Mary Peter-Odili, wife to Dr. Peter Odili (the Complainant and Prosecutor), had also been newly elevated to the Supreme Court bench. “By virtue of her status as wife to Dr. Peter Odili (the Complainant and Prosecutor), Justice Mary Peter-Odili ought to have recused herself from hearing and delivering Judgment in Criminal Appeal No: SC 250/2010 (TIMIPA OKPONIPERE Vs. STATE) when the matter progressed to the Supreme Court. “However, against all known canons of natural justice, equity and good conscience, Justice Mary Peter-Odili shamelessly and brazenly sat on the 5-man panel of Justices of the Supreme Court of Nigeria which heard and delivered Judgment in a Criminal Appeal where her husband, Dr. Peter Odili, was the Complainant and the Prosecutor. Automatically therefore, she simultaneously became the Complainant, the Prosecutor and the Judge, in her own cause. This was a clear and manifest abuse of judicial privilege. “Judgment was delivered in the matter on February 8, 2013 with Justice Olukayode Ariwoola delivering the Lead Judgment. Other members of the 5-man panel of Justices included Ibrahim Tanko Muhammad (the current Chief Justice of Nigeria & Chairman, National Judicial Council); John Afolabi Fabiyi; Mary Ukaego Peter-Odili (delivered Concurring Judgment) and; Kumah Bayang Akaahs. Certified true copy of the Lead Judgment and Justice Mary Odili’s Concurring Judgment are attached herewith. “In a petition on oath filed at the Federal High Court in Abuja on July 17, 2020 (over a year ago!) and submitted same day to the office of the Chief Justice of Nigeria & Chairman of the NJC, Mr. Okponipere urged the NJC to take disciplinary action against Justice Mary Peter-Odili for gross violation of Rules 8 and 12 of the Code of Conduct for Judicial Officers in Nigeria. Copy of Mr. Okponipere’s petition to the NJC is attached herewith. “Rule 8.1 of the Code of Conduct for Judicial Officers in Nigeria states thus: A Judge shall not allow the Judge’s family, social or political relationships improperly to influence the Judge’s judicial conduct and judgment as a Judge. “Rule 8.3 of the Code imposes a duty on Judicial Officers to avoid pursuing self-interest. It states: A Judge who takes advantage of the judicial office for personal gain by his or her relative or relation abuses power. A Judge must avoid all activity that suggests that his or her decisions are affected by self-interest or favoritism, since such abuse of power profoundly violates the public’s trust in the judiciary. “Rule 12 of the Code makes provision for “Disqualification”. Justice Mary Peter-Odili is particularly liable under this Rule. Among others, Rule 12.1 states: A Judge should disqualify himself in a proceeding in which his impartiality may genuinely and reasonably be questioned, including but not limited to the instances where: (a) he has a personal bias or prejudice concerning a party or personal knowledge of facts in dispute; (c) he knows that he individually or as a Judicial Officer or his spouse or child; has a financial or any other interest that could be substantially affected by the outcome of the proceeding. “In a letter with Reference No. NJC/F.1/SC.11/I/241 dated 24th August, 2020 the Honourable Dr. Justice I. T. Muhammad, CFR Chief Justice of Nigeria and Chairman, National Judicial Council acknowledged receipt of Mr. Okponipere’s petition and assured him that action was being taken. Copy of the letter is attached herewith. “However, more than a year after, no action has been taken against Justice Mary Peter-Odili. There seems to be a grand design by the NJC to sweep Mr. Okponipere’s legitimate petition under the carpet. Once Justice Mary Peter-Odili retires from the Supreme Court bench in May, 2022 the petition shall naturally become worthless. “No responsible government would sit idly and watch its Supreme Court being denigrated and ridiculed by the controversial actions of one of the Justices of the same Honourable Court. Accordingly, I call on President Muhammadu Buhari, Africa’s Champion of Anti-Corruption, to rescue the situation. Justice Mary Ukaego Peter-Odili deserves nothing but DISMISSAL from the Supreme Court of Nigeria. “The NBA should be made to call on Justice Mary Peter-Odili to submit herself to the disciplinary jurisdiction of the NJC. 30. The NJC should redeem its image by standing up to its responsibility. Firm and decisive disciplinary action should be taken against Justice Mary Odili, without delay. Finally, the media should jettison all forms of gullibility and display courage and bravery in the overall interest of preserving the integrity and dignity of the Judiciary in the country.”

The Hunger Republic of Nigeria, By Dakuku Peterside

The rising cases of hunger and malnutrition is a ticking time bomb waiting to explode. …food inflation is part of poverty and is at the root of the current ravaging hunger level. Tackling the supply side of food will help not only to make food available but will also force the prices down. The rising cases of hunger and malnutrition is a ticking time bomb waiting to explode. Now is the time to tackle this head-on and avert a crisis waiting to happen. A stitch in time saves nine. Every day, ordinary Nigerians from Maiduguri to Oyorokoto-Andoni in Rivers State, Okerenkoko in Delta State, to Wamako in Sokoto State make difficult decisions. They are forced to choose between having a meal or paying essential life-sustaining bills. This anomaly does not affect the people at the lowest rung of the economic ladder alone, but also the middle class. The cliché, the rich also cry, is truer now than ever in our country. The increases in the prices of food and essential items are not abating. The proverbial ‘three square meals’ that serve as evidence of good living and the conquest of hunger is gradually becoming a mirage. This basic feeding pattern has been replaced with various feed patterns that guarantee only one or maybe two meals a day – the quality of which is not even considered in this equation. The goal is often to put food in the stomach. The above is the reality of millions of families in Nigeria. Hunger is in the land, and there is no denying this. Many families have gone into survival mode, and food is a trade-off with other essential necessities like medication and school fees. Children are the most hit. They lack the necessary nutrients they need to grow and develop physically and emotionally, due to the lack of nutritious food. Two statistics in recent times drive home the point that Nigerians are facing the reality of hunger. The Global Hunger Index report ranks Nigeria as the 103rd of 116 countries, indicating that hunger is severe in the country and may become alarming if nothing is done about this urgently. As if that report is not indicative enough, the World Bank, in a new report titled, “COVID-19 in Nigeria: Frontline Data and Pathways for Policy” posits that an additional six million Nigerians may be pushed into extreme poverty and hunger by the end of 2021 due to food inflation. These damming reports call for urgent actions before many Nigerians face an existential threat. One may be inclined to dismissing these reports as being just alarmist. However, the reality on the ground is evident for all to see. If the fortunate wealthy few are also feeling the pinch of hyperinflation in Nigeria, one can only imagine how the over 80 million Nigerians earning below one dollar, ninety cents per day survive. Consider how a family man who makes the minimum wage (N30,000 per month) will feed his family and pay all his bills when a bag of beans is almost N100,000 – three times the salary – and a bag of rice is over N30,000, which is equivalent to his monthly salary. A pack of spaghetti is now N350, from N200 a few months ago. All these increases in prices are simultaneously happening as income is static or falling, and many are losing their jobs due to the COVID–19 induced economic crises. Hunger fuels criminality and crime; it affects education and school enrolment, alongside quality healthcare. Most importantly, hunger affects political choices. Politicians are already using it as a weapon, as we march towards the 2023 general election. From the prevailing situation, it will be a significant weapon available to politicians to influence voters. One cannot blame voters entirely if they fall to the weapon of hunger, because a hungry man cannot reason objectively; neither would he worry about the future, when all he is struggling to do is to feed himself and his family at the present moment. It is dangerous for our democracy to allow the weaponisation of hunger and the proverbial call for ‘stomach infrastructure. The implications of these on Nigerian development are dire. There is a nexus between hunger and unemployment, increased poverty, food inflation, the widespread loss of income and low productivity. How can we fuel our economy to grow to greater heights when most of the consumers are hungry and cannot afford to participate effectively in the economy? Granted, this administration is doing all it can to tackle hunger and poverty in various parts of Nigeria, and through various interventions. Nevertheless, for every recipient of poverty and hunger palliatives, many are left out. And more people are joining the ranks of the poor and hungry in their millions. The government should rethink its hunger and poverty alleviation policies and approaches and make them fit for purpose, given the current realities. For instance, it is surprising that the government, through the Central Bank of Nigeria (CBN), is giving out more loans and grants to the agriculture sector, but their impacts are minimal or not felt on the dinning table of families. Data from the Ministry of Agriculture suggest that we are producing more rice in the country, but the price of rice is yet skyrocketing and beyond the reach of ordinary people. One would expect that there should be a corresponding increase in food self-sufficiency in Nigeria with such CBN interventions. Besides, it is either that the money from CBN is not getting to the actual farmers or it is not being used for farming purposes. We cannot pretend not to know that the prevailing insecurity makes it almost impossible to farm in most parts of the country. The other issue is that most of the investment in the agriculture sector goes to subsistence farming and not mechanised and large-scale agriculture. Subsistence farming cannot help Nigeria address the problem of hunger and food inflation. Recently, the Central Bank posited that its various interventions in agriculture have led to the food import bill dropping from $3.4billon in 2014 to U$0.56 billion in 2020, representing a drop of over 80 per cent. However, this does not reflect on the affordability or availability of food in the market and homes. Statistically, our bill for food import has dropped, but it has not bridged the gap in food self-sufficiency. Conversely, CBN may have inadvertently imposed suffering on the people or denied access to food stock by 80 per cent. A country that works is not necessarily about statistics alone but the everyday experience of ordinary people. Food is not there, but the little available is beyond the reach of the common person. The government should explore a strategy that combines incentives for the mass production of food and stimulus for influencing the supply chain to make sure that food is available and affordable. The sooner government tackled the insecurity situation in the food corridors of Nigeria, the better for everyone. Farmers should be encouraged and protected from attacks when they go back to their farms. The infrastructure needed for the movement of food and services allied to the food industry must be improved as a national urgency. We must equally strengthen the supply end of food security. Food security must be at the heart of national security, and a rethink of the existing national food security strategy is needed. We want a situation in which economic growth aligns with the alleviation of hunger. As such, collaboration is required among relevant government agencies to address hunger and poverty. The present hunger ravaging Nigerians is precarious because many other factors are pushing Nigerians to the brim. The fragile and perilous state of our polity is marked by heightened insecurity, divisiveness, and ethnic agitations. Therefore, I call for a declaration of a national state of emergency against hunger by the Federal Government. It is anathema for a hard-working citizen of Nigeria to go to bed without food, not out of choice but out of lack. The sooner government tackled the insecurity situation in the food corridors of Nigeria, the better for everyone. Farmers should be encouraged and protected from attacks when they go back to their farms. The infrastructure needed for the movement of food and services allied to the food industry must be improved as a national urgency. We must equally strengthen the supply end of food security. Food processing is also crucial. Not only is demand outstripping supply, leading to demand-pulled food inflation in Nigeria, but supply is not being strengthened due to the waste that occurs, especially with seasonal food. The government should encourage the food processing and storage industry to thrive in Nigeria, with the aim of making Nigeria a net exporter of food on the long run. We know that farmers need a moderate increase in food prices to make the food business economically viable. The effective synergy between farmers and the food processing and storage industry may help control and stabilise prices for the benefit of both farmers and consumers. The demand for food in Nigeria will continue to increase. Not only is our population growing daily, but we also are at the centre of the supply chain for smaller neighbouring African countries. At present, the demand pressure may not come down, and policies to achieve a reduction will only work in the short to medium long term. Therefore, I implore the government to focus on immediate remedial actions to salvage the situation. Unfortunately, on the broad sectoral performance, agriculture grew by 1.22 per cent in real terms during the third quarter of 2021, lower than the third quarter of 2020, which recorded 1.39 per cent. This is worrisome. How can the agriculture sector grow less in 2021 in comparison to 2020, when the COVID-19 pandemic was at its worst state? One explanation may be that insecurity in food corridors has had a more negative impact on agriculture than COVID-19. Also, the medium-term effect of insecurity and COVID-19 on agriculture may have started to show by the third quarter of 2021. Whatever may be the case, the government should strive to turn this trend around. As a temporary stop-gap measure, the government can allow for the importation of selected food items to cushion the impact of food inflation and gradually phase them out as food security is achieved and things stabilise. It is also not unreasonable to argue that the food inflation Nigeria is facing now may have been caused partly by the devaluation of the naira, which has increased the prices of food and other goods… There is need to collaborate with international organisations dealing with the food crisis to alleviate the impact of the lack of food or the high cost of food on poor people in Nigeria. We do not have to wait until hunger overwhelms our system before looking for international collaborations to ameliorate the problem. The implication may be too challenging to contemplate. As a matter of urgency, Nigeria should revisit the policy of reducing the importation of food, especially now. There is no prescription that every nation has to meet its food self sufficiency needs from domestic production. What nations must not fail to do is to identify their competitive advantages in terms of agricultural production for domestic consumption and export. The economic theory of specialisation and international trade provides that countries should import what they do not have competitive advantage in producing, while they export what they produce competitively. As a temporary stop-gap measure, the government can allow for the importation of selected food items to cushion the impact of food inflation and gradually phase them out as food security is achieved and things stabilise. It is also not unreasonable to argue that the food inflation Nigeria is facing now may have been caused partly by the devaluation of the naira, which has increased the prices of food and other goods imported from abroad at the new exchange rate. In conclusion, it is our contention that food inflation is part of poverty and is at the root of the current ravaging hunger level. Tackling the supply side of food will help not only to make food available but will also force the prices down. The rising cases of hunger and malnutrition is a ticking time bomb waiting to explode. Now is the time to tackle this head-on and avert a crisis waiting to happen. A stitch in time saves nine. Dakuku Peterside is a policy and leadership expert.

Religious violations: Presidency knocks Kukah, others ‘feeding US with incorrect positions’. by Kayode Oyero

Bishop Matthew Kukah and the President, Major General Muhammadu Buhari (retd.) The Presidency on Monday knocked the Bishop of the Catholic Diocese of Sokoto, Matthew Hassan-Kukah, and other Nigerians “going to America, going to feed them with incorrect positions about what is happening in the country.” Presidential spokesman, Femi Adesina, made this known on Channels Television’s ‘Sunrise Daily’ breakfast programme monitored by The PUNCH. Adesina made the comment when he hailed the United States for removing Nigeria from its 2021 list of religious violators. US Secretary of State Antony Blinken, in a statement last Wednesday, had blacklisted Russia, China and eight other countries as religious violators, leaving out Nigeria which was placed on the same list of ‘Countries of Particular Concern’ on the issue of freedom of religion in 2020. Blinken, who was later in Abuja last Thursday and Friday, reportedly told the Nigerian President, Major General Muhammadu Buhari (retd.), that the delisting of Nigeria from the list of religious violators was based on facts. Many Nigerians and groups including the Christian Association of Nigeria, have since faulted the removal of Nigeria from the list, insisting that Christians are still being persecuted in the country amid an alleged plot to Islamise Nigeria. However, speaking on the television programme on Monday, Adesina said Nigeria has no business being on the list in the first instance but blamed some individuals for running to the US to state “incorrect positions”. The presidential aide, who did not mention the names of Nigerians “feeding” the US with “incorrect positions”, made a veiled reference to Kukah, and other critics of his principal who have cried out to the US for help in recent times. Kukah, a fiery critic of the Buhari regime, had in a virtual appearance before the US Congress in July 2021, accused Buhari of nepotism and of making key appointments that favoured individuals of his faith (Islam), an allegation the Presidency had denied. Speaking on the removal of Nigeria from the watchlist, Adesina said, “Nigeria being taken off the watchlist of countries that repress religion. Very good, the Secretary (Blinken) spoke about it: he said America did it when they found out that putting Nigeria on the watchlist was not based on facts and we know the things that happened; Nigerians themselves going to America, going to feed them with incorrect positions about what is happening in the country. That was why Nigeria was put on that watchlist but when America discovered that it was not based on facts, Nigeria was removed from the watchlist. It is a very good development for us.” When contacted for comments, Rev. Fr Christopher Omotosho, the Director, Social Communications of the Catholic Diocese of Sokoto told The PUNCH on Monday that the Adesina does not deserve a response. Omotosho also told our correspondent that at the appropriate time, Kukah would speak on the removal of Nigeria from the list of religious violators. The respected Christian cleric and unsparing critic of the Buhari regime has been having a running battle with the current government which came into power in 2015. PUNCH.

APC Leader, Bola Tinubu’s 2023 Presidential Manifesto Leaks. By Opeyemi Damilare

While speculations about Asiwaju Bola Ahmed Tinubu’s interest in the 2023 presidential election have been rife for months, the leak of the former Lagos State governor’s manifesto has put to rest any doubts about whether the All Progressives Congress (APC) chieftain would run for the country’s top job. According to Naija News, Tinubu got a leaked manifesto over the weekend, indicating that it is just a matter of time before he declares his candidacy for the presidency. The manifesto, titled “Seven Point Agenda: The Rebirth Manifesto,” outlined Tinubu’s vision for Nigeria if he were elected president. Education, technology, infrastructure, domestic enterprise, leadership, true federalism, and democratic process were among the seven essential issues included in the campaign master plan. Leadership Provide transformational leadership that has the ability to unify all of Nigeria and lead us to the attainment of shared goals and vision. Technology Leverage modern technology for digital transformation and economic growth. Security Create conditions that allow citizens move and transact freely across the Nation. Infrastructure Commence extensive infrastructural development by building basic foundational services (24 hrs access to electricity, roads, bridges e.t.c) that connect (power) people and businesses ultimately improving the quality of living. Homegrown Businesses Build platforms that enable and empower homegrown businesses to scale and compete favourably in the global market. Education Deploy initiatives targeted at promoting knowledge and equipping learners of all age groups with the skills and values needed to address modern-day challenges globally. Propagate and activate strategies that also promote a sense of pride and awakening amongst all Nigerian citizens to the extent that people feel extremely patriotic and ecstatic to be Nigerians. True Federalism and Democratic Processes Promote democracy, realize human potential and create conditions for prosperity and progress. Sources disclosed to Naija News that Tinubu, a former Lagos State governor, would declare his presidential ambition officially. “Our leader (Tinubu) would declare interest in the presidency very soon. We are confident he is the man to take Nigeria forward if you look at what he has been able to achieve both in government and privately,” the source said. Bola Tinubu has remained silent about his interest in the role despite the rumors and speculations. Several organizations, including the South West Agenda for Asiwaju (SWAGA), have instead taken it upon themselves to rally support for Tinubu’s candidacy. Tinubu’s latest moves, which included a visit to Kano State earlier this year, have given his presidential ambitions even more legitimacy. According to observers, the visit was designed at bolstering connections with the north ahead of the next election. Orji Uzor Kalu, a former governor of Abia State, recently paid Tinubu a visit, sparking rumors about his bid to succeed Buhari. Despite the allure of presidential authority and his influence in Nigeria’s political environment, particularly his role in President Muhammadu Buhari’s ascent in 2015, many experts say the former Action Congress leader should be a kingmaker rather than a king.

Panel fails to quiz Bala-Usman six months after suspension as NPA boss. by Eniola Akinkuotu

Hadiza-Bala-Usman Managing Director, Nigerian Ports Authority, Hadiza Bala-Usman The panel inaugurated by the Minister of Transportation, Rotimi Amaechi, to probe the suspended Managing Director of the Nigerian Ports Authority, Hadiza Bala-Usman, has failed to quiz her over six months after she was suspended, The PUNCH has learnt. Bala-Usman, a former Chief of Staff to Governor Nasir El-Rufai of Kaduna State, had been suspended by the President, Major General Muhammadu Buhari (retd.), on May 6, 2021. Following a publicised feud with Amaechi, Bala-Usman was accused of breaching some unspecified rules and was suspended pending the outcome of investigations, while an NPA Director and close ally of the minister, Mohammed Koko, was asked to resume as acting managing director of the agency. On May 11, barely six days after her suspension, Amaechi set up an 11-member committee to investigate the activities of NPA dating back to 2016 when Bala-Usman was first appointed. The committee’s terms of reference, Amaechi said, included examining and investigating the administrative policies and strategies adopted by Bala-Usman and confirm compliance with extant laws and rules from 2016 till date. The panel was also empowered to examine and investigate issues leading to the termination of other contracts of the NPA and confirm compliance with the terms of the respective contracts, court ruling and presidential directives. However, it was given no deadline on when to submit its report. In July, the President, while responding to a suit instituted by a group, which challenged the premature re-appointment of Bala-Usman in January, said she had been sacked already even though no letter of termination had been handed over to her. Documents sighted by The PUNCH showed that seven months after her suspension, the panel had not quizzed Bala-Usman. A document conveying an invitation to the suspended NPA boss showed that she had been invited twice, but the invitations were later withdrawn by the panel. A letter dated September 23, 2021 marked T0160/S221/Vol 1, which was signed by the Assistant Secretary of the panel of inquiry, Mrs Balaraba Wali, asked Bala-Usman not to appear before the panel anymore. In the letter titled, ‘Re: Invitation to Appear before the Administrative Panel of Inquiry on the Management of the Nigerian Ports Authority’, the suspended NPA boss was informed that she would be invited at a later date. It read in part, “I am directed by the chairman to inform you that the panel will not be able to take you on September 28 and 29, 2021 as earlier scheduled due to unforeseen circumstances. In (the) light of the above, kindly note that a new date will be communicated to you in due course; the panel regrets any inconvenience this postponement may cause to you.” The spokesman for the Federal Ministry of Transportation, Eric Ojiekwe, said he had no update on the matter when he was contacted by our correspondent. PUNCH.

Tuesday, 23 November 2021

Otedola gains as PenCom rejects FBN Holding’s claim on shares controversy By Ronald Adamolekun

The pension regulator says investments by Leadway Pensure Limited in FBN Holdings Plc belong to pension contributors. The National Pension Commission (PenCom) has said funds invested by Leadway Pensure Limited in the shares of FBN Holdings Plc belong to Retirement Savings Account holders, and not a third party as FBN Holdings recently claimed. PenCom dismissed the claim, basing its position on the fact that the equity investments in the parent company of First Bank had been made from a pool of contributors’ funds under management. The pension office made the assertion in a statement issued on Friday, which followed a claim by FBN Holdings in a letter to the Nigerian Exchange Limited, dated October 26 and signed by Company Secretary, Seye Kosoko, that 1.05 per cent Leadway Pensure PFA’s holdings in the holdco had been ascribed to Tunde Hassan-Odukale, chairman FirstBank of Nigeria Limited “due to his influence and having significant control.” Mr Hassan-Odukale had come to lay claim to a 5.36 per cent interest in the group in what the FBN Holdings hierarchy called “cumulative equity stake” through direct and indirect shareholding days after billionaire Femi Otedola openly declared his holding of 5.07 per cent. The move was queried by the Nigerian Stock Exchange. Mr Otedola had quietly been amassing shares in the bank, and his move to be declared the biggest individual shareholder in First Bank Holding Company has met with opposition from the bank’s top hierarchy. “The equity investments in FBN Holdings made by Leadway Pensure Ltd on behalf of the pension funds under its management are in the name of the pension fund and belong to the RSA holders,” the regulator said in a statement Friday. “Therefore, the equity investments in FBN Holdings Plc as stated in (1) above, cannot be appropriated or classified as shareholdings of any related party to the PFA.” The position of the pension regulator means that Mr Hassan-Odukale would be having less than 5 per cent stake in the nation’s oldest lender, possibly clearing the way for Mr Otedola as the biggest individual shareholder in the bank. Here is the full statement from PenCom: CLARIFICATION ON ALLEGED BREACH OF THE REGULATIONS ON INVESTMENT OF PENSION FUND ASSETS IN THE EQUITIES OF FBN HOLDING PLC BY LEADWAY PENSURE LTD The Commission’s attention has been drawn to several publications in the media alleging breach of its Regulation on investment of pension fund assets by Leadway Pensure Ltd, a licensed Pension Fund Administrator (PFA), in the equities of FBN Holdings Plc. The Commission categorically states that the allegations are NOT correct and must have been made based on the lack of understanding of the Investment Regulation issued by the Commission. For the avoidance of doubt, the Commission wishes to clarify as follows: 1. The equity investments in FBN Holdings made by Leadway Pensure Ltd on behalf of the pension funds under its management are in the name of the pension fund and belong to the RSA holders. 2. Therefore, the equity investments in FBN Holdings Plc as stated in (1) above, cannot be appropriated or classified as shareholdings of any related party to the PFA. 3. Leadway Pensure Ltd is not in breach of the Investment Regulation by investing pension funds in the equities of FBN Holding Plc. 4. Records which can be confirmed from the Securities and Exchange Commission show that the equity investments in FBN Holdings Plc are in the name of the Pension Fund on behalf of the RSA holders. 5. For further clarification please note that: a. Pension fund assets are managed by licensed PFAs and held in custody by Pension Fund Custodians (PFCs) on behalf of Retirement Savings Account holders and other beneficiaries of the Contributory Pension scheme (CPS), in line with the provisions of the Pension Reform Act 2014 (PRA 2014). b. Section 69 (b) of PRA 2014 stipulates that the PFA and PFC shall take reasonable care that the management or custody of the pension funds is carried out in the best interest of the retirement savings account holders. Therefore, all investments made by licensed PFAs in eligible securities and corporate entities are “ring-fenced” and belong to the RSA holders and other pension beneficiaries. Accordingly, these pension assets cannot be appropriated directly or indirectly to any individual or related party of the PFA. c. The provisions of Section 6.1(iii) of the Investment Regulation dealing with conflict of interest, stipulate that: “The PFA or any of its agents are prohibited from investing Pension Fund Assets in the shares or any other securities, issued through public or private placement arrangements, by related party/person of any shareholder of the PFA”. Related persons/party as defined in Section 1.10 of the Investment Regulation “includes natural persons related by blood, adoption or marriage; legal entities one of which has control or significant influence over the other, or both of which are controlled by some other person or entity; a corporate entity where any of the aforementioned holds 5% or more beneficial interest; and any other relationship that can be reasonably construed as related persons or parties”. 6. In view of the foregoing, the Commission reiterates that there was no breach of its Investment Regulation whatsoever and invites the general public to be guided accordingly. 7. The Commission restates its commitment to fulfilling its regulatory and supervisory functions as well as ensuring the safety of pension assets and the soundness of the Pension Industry.

Monday, 22 November 2021

Why Innoson can’t takeover GT Bank. by Analysts Nairametrics

Innocent Chukwuma, CEO, Innoson Motors Nigeria Limited The founder and Chairman of the Innoson Vehicle Manufacturing Limited (IVM), Mr. Innocent Chukwuma, has said he will takeover GT Bank. He made this remark in a chat with a selection of media and financial reporters at his home in Nnewi during the week. Nairametrics attended the interview where the charismatic vehicle manufacturer responded to a cross-section of questions. However, one of the most remarkable statements made by Mr. Chukwuma was his envisaged (from his point of view) takeover of one of Nigeria’s largest banks, GT Bank. According to him, he will fund the takeover of the bank from the money owed to him by GTB (which is now GT HoldCo) inclusive of accrued interest. Recall, Innoson has been in a legal battle with GTB in recent years over claims and counterclaims of loans between his company and the bank. The statement, while off the cuff in response to the question he was asked, made a splash in the media and has also sparked concerns for shareholders of the bank. While we do not wish to prejudice the outcome of the court or assuage his claims (of which Mr Innocent has a right to make), it is important that we also address it from our perspective and also as part of our investor advocacy objective. We will attempt to explain why is implausible to take over the bank on the basis of a judgement debt. But first, what he said. Reporters: “For some years now, you have been having a running issue with Guaranty Trust Bank. What is the current situation right now?” Read: Government of Sierra Leone purchases Innoson Vehicles for military use “You know I’m one of their best customers in the entire Southeast, especially when the former MD, Olutayo Aderinokun was alive. Because of me, they opened a branch in Nnewi. But after the demise of Aderinokun, the new MD took over. I do not know him but only met him for the first time last year. I’m not sure exactly why he is fighting me but I think it has to do with tribe. But finally, I have proved him wrong in everything he is doing. I have defeated him in all the courts he went to. It remains for him to pay me what he owes me because he can’t just go to my account and take money anyhow, which I discovered, took him to court over and won. Up till this moment, he has not paid and we had gone up to the Supreme Court. Maybe he wants Nigeria to change its law because of him. But the beauty of it all is that the money has been attracting the interest of 22% for 11 years now. I’m waiting for the interest to grow beyond their capacity, and then I would takeover the bank. I’m not disturbing them anymore, but I’m assuring all the customers of the bank that if I take over, I will still run it well. Let them not have any fear. I haven’t done any business that has failed. I will run it better than them. If the interest on my money is above the capacity of the bank, I’d have no choice but to take over the management,” – Innocent Chukuwma Read: We will produce electric cars when Nigeria is ready – Innocent Chukwuma, Chairman, Innoson Vehicles Is this even possible? Assuming Mr. Chukwuma’s claims that GTB does owe him money (that is if he does win at the Supreme court) and that the interest of 22% per annum does accumulate to such an astronomical proportion that it is more than the market capitalization or the net assets of GTB, it will still not mean that he takes over the bank that easily, if at all he could. Here is why; GTB factor Also to add that GTB (as with other public companies) does disclose the cases they have in court and the financial implications. As part of its disclosure, they also make provisions in their books for these cases in the event that they lose. Here is how GTB reported it in its 2020 audited report under “Claims and litigation”. “The Bank, in its ordinary course of business, is presently involved in 507 cases as a defendant (31 December 2019: 512) and 415 cases as a plaintiff (31 December 2019: 436). The total amount claimed in the 507 cases against the Bank is estimated at N440.83 Billion and $32.60 Million (31 December 2019: N462.09 Billion and $39.03 Million) while the total amount claimed in the 415 cases instituted by the Bank is N180.48 Billion (31 December 2019: N109.30 Billion). However, the solicitors of the Bank are of the view that the probable liability which may arise from the cases pending against the Bank is not likely to exceed N190.20 Million (31 December 2019: N189.87 Million). This probable liability has been fully provided for by the Bank (please refer to Note 38)” This means GTB has court cases amounting to N440 billion against it but does not expect to incur more than N190 million liability assuming they lose the case. Assuming the claims as depicted by Innocent Chukwuma does crystallize, all GTB will need to do is enter a payment plan for the loan which will allow it to repay its profits over a protracted period. It could also call on its existing shareholders to embark on a rights issue or public offer or even seek external funding to raise money to repay the loan. Other factors Judgment debts are also carried out with the interest of the public at the center of decision-making. GTB is a quoted company with over 327k shareholders of the bank. We don’t see how investments of thousands of people will be eroded on the back of a judgment debt. The Central Bank will as expected have the ultimate say who owns the bank. CBN approves ownership of banks especially for takeovers and it is unlikely that the apex bank will allow judgment debts to determine who owns a bank or not. Worst case, the CBN will bail out the bank and retain shareholdings rather than hand it over to Mr. Innoson if it doesn’t want to. There are also political connotations that can also affect how the judgment will be interpreted and treated assuming it goes in the favour of Innoson. Thus, we do not see how this is possible. Finally, the claims by Mr. Innoson at least keeps him on the headlines and piles pressure on GT Holdco to put out a response in this ongoing court and media battle over a banking giant and vehicle manufacturing giant. It appears Mr. Chukwuma has the media vibes at the moment. Read the full interview with Innocent Chukwuma here