ALIYU NAHUCE vs FCTA: Case Adjourned to April 1st
The Industrial High Court, Abuja Adjourns the case of Engr. Aliyu Nahuce with the Federal Capital Development Authority, FCT Water Board and the Honourable Minister of Federal Capital Territory (FCT) to April 1st.
It was an inconclusive deliberation on the case of Engr. Aliyu Nahuce with the Federal Capital Development Authority, FCT Water Board and the Honourable Minister of Federal Capital Territory (FCT) over his suspension from his position as the General Manager of FCT Water Board due to his Alleged fraud case with the Economic and Financial Crimes Commission (EFCC).
According to the last court hearing on the 21st of January, 2020 before the adjournment, we were left with the questions; Who runs the FCT Waterboard? Who has the power to appoint a legal Personnel for the FCT Waterboard? and What is the due procedure for appointing legal personnel? These questions were addressed on 25th Feburary, 2020.
Also Read: ALIYU NAHUCE vs FCTA: Case Adjourned
Appearing before the court were; the Chairman of FCT Water Board ‘Kasim Abdul Ali’, the Legal Adviser/ Secretary to the Board ‘Patience Omadinah’ and the Public Relation Manager ‘Kayode Shegun’. They were all placed as witnesses for the court hearing.
Kasim Ali, the Chairman of FCT Water Board who was appointed on the 27th March, 2018 stated the Administration areas of FCT Water Board. According to him, a board meeting was held on the 19th Feburary, 2020 where the board members reached a resolution on the subject matter. He also made it clear that he is not involved in the day-to-day running of the administration of the FCT Water Board.
Patience Omadinah, the Legal Adviser/Secretary to the Board who was appointed since 2007 stated that all relevant agencies are involved in the appointment of a Legal Solicitor for the FCT Water Board especially the FCT Legal Service Secretariat which is presided by the Solicitor General who makes the final appointment. She also stated that the FCT Water Board is not a subsidiary of FCTA though the FCTA Supersedes over the FCT Water Board and they can also award contracts and procure Legal Services which she is in charge of preparing the documents for the terms of contract.
Kayode Shegun, the Public Relations Manager is the head of the head of the Information Unit and stated that he’s aware that FCT Waterboard can hire Legal Services. He confirms that the staff of the FCT Water Board are being paid by the FCTA and the Procurement Manager is in charge of signing the documents for the appointment of the legal alliance which is usually approved by the General Manger, Engr. Aliyu Nahuce.
Esq. Ogoke, one of the defendant counsels argued on the bases of the evidence provided by the defendant according to the ‘Act of FCT Water Board’ which confirms that the FCT Water Board has the right to appoint an External Legal Solicitor of their choice and it is not subsidiary to FCT therefore it can sue and be sued as well. He also confirmed that according to the Act no. 160201A of the Public Service Rule for all Statutory Board, the Board only gives general policy advice and are not allowed to interfere in the activities of the Administration of FCT Water Board.
Esq. Idumodin Ogumu, one of the State counsels argued on the bases of the representation of the defendant counsel pointing out that the Defendant is also the ‘Plaintiff’ as well as the ‘Claimant’. Healso pointed out that contracts cannot be awarded without the endorsement of the FCT Minister because the FCTA funds the FCT Waterboard.
Having listened to their arguments, the judge adjourns the verdict on this case to April 1st, 2020.
CBN Sells Polaris Bank To SCIL
The Central Bank of Nigeria (CBN) has announced the completion of the sale of shares in Polaris Bank to Strategic Capital Investment Limited (SCIL), a new core investor.
In a statement signed by its Director, Corporate Communications Department, Osita Nwanisobi, the CBN said that SCIL has paid an upfront consideration of N50 billion to acquire 100% of the equity of Polaris Bank and has accepted the terms of the agreement, including the full repayment of the sum of N1.305 trillion, being the value of the bonds, which as part of its intervention, in 2018, to revoke the licence of the former Skye Bank Plc. and establish Polaris Bank to assume its assets and certain liabilities, the banking industry regulator injected into Polaris through the Asset Management Corporation of Nigeria (AMCON) and is to be repaid over a 25-year period.
The statement reads: “The Central Bank of Nigeria (CBN) and the Asset Management Company of Nigeria (AMCON) are pleased to announce the completion of a Share Purchase Agreement (SPA) for the acquisition of 100% of the equity in Polaris Bank by Strategic Capital Investment Limited (‘SCIL’).
“Polaris has been operating as a bridge bank since 2018 when the Central Bank of Nigeria intervened to revoke the licence of the former Skye Bank Plc. and established Polaris Bank to assume its assets and certain liabilities. As part of the CBN intervention, consideration bonds with a face value of N898 billion (future value of N1.305 trillion) was injected into the bridge bank through AMCON, to be repaid over a 25-year period.
“These actions were taken to prevent the imminent collapse of the bank, enable its stabilisation and recovery, protect depositors’ fund, prevent job losses and preserve systemic financial stability. SCIL has paid an upfront consideration of N50 billion to acquire 100% of the equity of Polaris Bank and has accepted the terms of the agreement which include the full repayment of the sum of N1.305 trillion, being the consideration bonds injected.
“The CBN thus received an immediate return for the value it has created in Polaris Bank during the stabilisation period, as well as ensuring that all funds originally provided to support the intervention are recovered. The sale was coordinated by a Divestment Committee comprising representatives of the CBN and AMCON, and advised by legal and financial consultants. The Committee conducted a sale process by ‘private treaty’, as provided in Section 34(5) of the AMCON Act to avoid negative speculations, retain value and preserve financial system stability.
“In the process, parties who had formally expressed an interest in acquiring Polaris Bank, subsequent to the CBN intervention in 2018, were invited to submit financial and technical proposals. Invitations to submit proposals were sent to 25 pre-qualified interested parties, out of which three parties eventually submitted final purchase proposals following technical evaluation. All submissions were subject to a rigorous transaction process from which SCIL emerged as the preferred bidder having presented the most comprehensive technical/financial purchase proposal as well as the highest rated growth plans for Polaris Bank.”
The CBN Governor, Mr. Godwin Emefiele, was quoted in the statement as saying that: “This sale marks the completion of a landmark intervention in a strategic institution in the Nigerian banking sector by the CBN and AMCON. We commend the outgoing board and management for their vital role since the bridge bank was established; in stabilising the Bank’s operations, its balance sheet and implementing strong governance structures to address the issues that led to the intervention.
“This process has provided the CBN with an unprecedented opportunity to recover its intervention funds in full and promote financial stability and inclusive growth. We wish SCIL well as they implement growth plans to build the bank from the strong foundations that have been established.”
Media Intelligence agency Marks Six years of Operation in Nigeria
Media Intelligence agency Marks Six years of Operation in Nigeria.
P+ Measurement Services, Nigeria’s foremost Independent Public Relations measurement and evaluation agency, celebrates its sixth year of effective operation with qualitative offerings for its numerous clients, as it rebrands with a new business logo, website, and office to deepen penetration.
The leading company has in the past six years engendered the needed growth for its clients, and the rebranding is part of efforts aimed at sustaining its leading position in the sector, having worked with over 47 brands and 17 Public Relations agencies in Africa’s largest economy.
The logo with new colors depicts the innovation and creativity of the brand, as also shown on its new website with the agency service rate, to enable brands and agencies to make faster decisions in budgeting.
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As the only AMEC Member in Nigeria, P+ has strong partnerships with the Nigerian Institute of Public Relations (NIPR) and Reelforge Media Monitoring, the biggest media monitoring agency in the East African region, covering more than five countries.
Speaking on the company’s new development, the Chief Insights Officer, Philip Odiakose, said P+ is strongly positioned to effectively deliver on its offerings, with state-of-the-art structure, process and highly skilled media analysts in an exceptional and value-driven business model in line with global best practices.
“Our Measurement and Evaluation report is in-depth, robust, and flexible to accommodate valid metrics that brands desire to see reflected in their customized reports, and also based on the AMEC Standard in accordance with the Barcelona Principle 3.0. We deploy the P+MCA (media content analysis) methodology for media evaluation and analysis based on qualitative and quantitative metrics in analyzing media exposure,” Odiakose affirmed.
He said the new office would serve as a hub in the country and the West Africa sub-region, where the company will provide media monitoring, measurement, evaluation, and performance audit services for brands, media agencies, government agencies and NGOs.
Also as part of its efficient services, the measurement and evaluation company introduced “Get-Reports,” a novel product that allows the purchase of PR performance audit reports in key sectors.
The “Get-Reports” product spans across different industries which includes the 22 Commercial Nigerian Banks PR Performance Audit Report, Top Nigerian Insurance PR Performance Audit Report, Top Nigerian Digital Banks PR Performance Audit Report, and Top Online Streaming Services PR Performance Audit Report.
It’s not too late for NASS to revisit e-transmission of election results – SAN
By Gistflash News
Sept 26, 2021
The clause 52(2) of the bill gives the Independent National Electoral Commission (INEC) the discretion to determine when, where and how voting and transmission of results will be done.
The Senate had ruled out the possibility of having results transmitted electronically when it voted that the NCC, with the National Assembly’s approval, would determine whether INEC could transmit results electronically or not.
Similarly, the House of Representatives, on July 16, passed the Electoral Act (Amendment) Bill, maintaining the controversial Clause 52(2) as presented amidst protests, especially by members of the minority caucus.
After the passage of the bill, the Speaker, Mr Femi Gbajabiamila, criticised the proposed electronic transmission of election results, saying it was not feasible in the country for now.
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