NAIJAFEED

Tuesday, April 3, 2012

Judge dismisses charges against former bank CEO Erastus Akingbola

A Federal High Court sitting in Lagos, yesterday, discharged former Managing Director of Intercontinental Bank Plc, Mr Erastus Akingbola, who is standing trial on a 26-count amended charge of financial impropriety and alleged stealing of N364 billion preferred against him by the Federal Government.

Trial judge, Justice Charles Archibong, also dismissed the charges against him.
The court further barred the prosecution from appearing before the court or another judge of the Federal High on the matter, over what it called “serious and professional incompetence” of the prosecution team made up of five Senior Advocates of Nigeria, SANs.

The court also ordered the Attorney General of the Federation and Minister of Justice, Mr Mohamemd Adoke, SAN, to disband the team of the five SANs prosecuting the case for the Economic and Financial Crimes Commission, EFCC.
Justice Archibong said he would forward the court’s ruling to the Legal Practitioners Privileges Committee, LPPC, to sanction the senior lawyers.

When the matter came up, yesterday, prosecuting counsel, which had in a sister case against Akingbola before the Ikeja High Court, Lagos, opposed an application for stay of proceeding, told the court that it had an application for stay of proceeding.

But when the judge said the application should be argued, the prosecution said it wanted to finish its compilation of record of proceeding which it would transmit to the appellate court and then file a further affidavit before moving the application for stay of proceeding.

The judge, who was not comfortable with the prosecution’s attitude, more so, as it (prosecution) had petitioned the National Judicial Council, NJC, against the judge, though the judge was cleared, directed “the Attorney General of the Federation to disband/sack/debrief the present prosecution team, comprising of five SANs and their respective firms from handling the matter for serious abuse of court process and incompetence in their prosecution of the charges against Akingbola.”

Professional incompetence

The judge said the prosecution team was “a drain to the public purse, a fact the AGF should be mindful of now if he was not before. This prosecution team has chosen to pursue a campaign to scandalise the court, which amounts to serious and professional incompetence in the prosecution of the accused.

“This prosecution team or any part of it shall not be given further audience in this court in relation to the charges against the accused either before this presiding judge or any other judge of the Federal High Court, for the reason I have given in the foregoing.

“Furthermore, I take judicial notice that the accused (Akingbola) herein is presently facing charges before a Lagos High Court emanating from his tenure as the managing director and chief executive officer of the Intercontinental Bank Plc, the AGF may wish to regain control of this process and his untrammeled right to prosecute the accused in another charge he chooses before any appropriate court, as he can of course do so at any time of his choosing.

“Meanwhile, the prosecuting team presently employed, indulging in professional incompetence to the extreme, had been unmindful of the accused right to have the case against him clearly stated. They have been dismissive of his right to a ‘speedy’ trial, which in reality should be the credible procedure.

“I, therefore, dismiss the charges amended or otherwise for this incompetent and abusive prosecuting team. I discharge the accused accordingly and leave the AGF to consider his options. This enrolled order shall be served to the AGF and the prosecution team.

To forward record of proceeding to LLPC

“I shall be referring the conduct of the learned senior advocates that led the prosecuting team to the Legal Practitioners Privileges Committee for further consideration and determination of the issues raised.

“The record of this proceeding shall be forwarded to the AGF and the LLPC and this proceeding is at its end.”

Before dismissing the charge, the court had agreed to the EFCC amending its charge against Akingbola, even though his (Akingbola) counsel had earlier argued that the prosecution was employing a piece meal approach in its prosecution of the charge to delay the matter.

The judge had noted that prosecution was not willing to commence trial, hence the several applications at the detriment of the accused right for speedy trial.

Vanguard

Former Delta state governor James Ibori pleads guilty to money laundering

New York Times supports Ngozi Okonjo-Iweala for World Bank president

The influential New York Times, perhaps, has picked Nigeria's Ngozi Okonjo-Iweala over US President Barack Obama's nominee for the World Bank presidency, Jim Yong Kim.

Comentators on the paper said: "Whereas Okonjo-Iweala has already attracted strong endorsements from publications at the cutting edge of global financial journalism like The Economist, and The Financial Times, this new endorsement enhances the profile of Okonjo Iweala."

Conventional qualities

The New York Times is unequivocal in its support saying as an "economist, diplomat and former World Bank managing director, she offers many conventional qualities of bank presidents" adding, "she breaks the mould as a woman from an African country where she fought to reduce the country's debt, gain greater access to international credit markets and battle corruption."

Advancing merit over politics, and given the current global economic and social challenges, Okonjo-Iweala, is the best fit for the presidency of the World Bank, the paper said, even as the influential newspaper praised Obama's choice as an "inspired choice."

Ngozi Okonjo-Iweala

More importantly also, argues the paper, the tradition that allows all presidents of the World Bank to be American, just as the headship of the International Monetary Fund traditionally goes to Europeans is antiquated and needs be replaced by a merit-centred consideration.

The New York Times noted, however, that what the bank needed was "a president with experience beyond Washington's narrow political and economic circles." It posited that although "Dr. Kim has worked on development in the poorest countries, one major success: leading a World Health Organization initiative that provided access to H.I.V. treatment to millions of people, the new president must also tackle broader issues of economics and growth, and manage the prickly political leaders who are the bank's overseers. That is why the bank board must take a serious look at Dr. Kim's strongest challenger, Okonjo-Iweala, Nigeria's finance minister."

The paper argued that nevertheless, a merit-based consideration should not exclude qualified Americans, the paper said, but even as much, "neither should it guarantee them a job" in a world where emerging economies contribute a significant share to global growth, and are "rightly demanding a greater say in decision-making."

Global health expert

Yong Kim is a South Korean-born medical doctor and president of Ivy League Dartmouth College of whom the paper admits," has a stellar reputation as a global health expert."

Of the third candidate, José Antonio Ocampo, a Professor at Columbia University in New York, and who is the former Colombian finance minister and high-ranking United Nations official, the paper said "he, too, is a credible contender with long experience in development and international policy." However, with regards to Dr. Kim, the paper said: "The bank will almost certainly do well under his leadership. But it would do even better if the process for choosing the next president were truly competitive and fully transparent."

Vanguard

Nigeria's finance minister Ngozi Okonjo-Iweala in the running for chief of World Bank

Video - Newly appointed Finance Minister Okonjo-Iweala focuses on creating jobs

President Goodluck Jonathan fires PHCN boss

President Goodluck Jonathan yesterday ordered the removal of the managing director of the Transmission Company of Nigeria (TCN), Mr. Akinwumi Bada the market operator, Uzoma Achinanya; and the executive director, human resources of the Power Holding Company of Nigeria (PHCN), Mr Olushoga Muyiwa, for their failure to prevent what the minister of power, Prof. Barth Nnaji, described as "controllable impediment" to supply power to Nigerians.

Announcing the sacking yesterday in Abuja, Nnaji, in an extraordinary meeting held with all chief executives of the transmission, distribution companies and other agencies under the Ministry of Power, said the trio were to proceed on retirement. Mr. Shola Akinniranye was appointed to head the TCN, and Mr. Evarestus Mogbo named the new market operator.

He said the issue of sabotage has to be addressed by the CEOs, noting that there was need for predictability in power supply. "Professional management is required from all CEOs to ensure that things work well. We need to roll our sleeves and get to work to ensure that power supply improves," the minister stated.

Nnaji, who frowned at the decline in power supply over the last three weeks, said the changes became necessary as part of renewed efforts towards achieving adequate and effective power supply in the country.

He, however, noted that while some of the issues are within management's capacity to control, some were caused by nature, which is beyond human control.

Informing that water flow has been a challenge to the operational capacity of Kainji, Jeba and Shiroro power plants, he said "gas supply and transmission management needs to improve. We are not going to allow any controllable impediment to stop the supply of power to Nigerians".

He also stated that there would be an inter-ministerial meeting with the ministry of Petroleum Resources with a view to resolving gas supply-based issues, even as he charged the new appointees to brace up in meeting the energy requirements and avoiding the disruptions in power generation.

A source who confided in LEADERSHIP said the government had to take the hard decision in order to make things right. "Just these past days that the minister was out of the country, the system went down. In fact, the minister was even summoned by the president over the power situation upon his return," the source said.

Leadership

Canada to invest in Nigeria's power sector

Aliko Dangote's cement company to be listed in London Stock Exchange

Aliko Dangote has commenced plans to list his N1.76 trillion ($11 billion) cement business, Dangote Cement Plc, on the London Stock Exchange next year.

Africa's richest man foresees a boom afterwards. He said: "We want to list in London next year. By then the upside to our business will be much bigger than today."

The Nigerian industrialist, who has capitalised on the continent's booming demand for building materials, told The Financial Times he intends to free-float a 20 per cent stake in Dangote Cement to finance its rapid expansion. It will be the first listing of one of Dangote's companies outside Nigeria.

Morgan Stanley and JPMorgan have been appointed as co-leads for the London share issue. Dangote said the company was on track to meet the stringent corporate governance requirements for a premium listing, and that he would give up his current role as chairman.

He said: "My plan is to have different faces (on the board). The face of the chairman will not be Aliko Dangote, it will be somebody else, a professional who is well-respected within investment circles."

Already the largest cement producer in sub-Saharan Africa, Dangote Cement is more than doubling capacity this year to 21m metric tonnes, and wants to reach 43m tonnes in 2015. Besides Nigeria, where it has three plants and 70 per cent market share, the company has contracts to construct factories in eight African countries, from Senegal to South Africa to Ethiopia.

Dangote Cement's net profit in 2011 is expected to be $790m on revenues of $1.5bn, according to guidance filed at the Nigerian Stock Exchange. Dangote, whose net worth is $12bn according to Forbes, said he wanted to quadruple profits within four years and turn the business into the world's most profitable cement company.

At the same time, the conglomerate, Dangote Group, is changing focus. It plans to sell 80 per cent stakes in its food business, which include salt, sugar, flour, rice and pasta.

Besides cement, the group will concentrate on three other main sectors, Dangote said. The mining arm will focus on coal, iron and bitumen. The petrochemical business will produce methanol, polyethylene, and fertiliser.

Vanguard

Aliko Dangote makes Forbes rich men's list

Monday, April 2, 2012

Video - Occupy Nigeria in retrospect

A look back at the national protests across Nigeria tagged 'Occupy Nigeria'. The people of Nigeria were sparked into action when the government decided remove fuel subsidies, which subsequently more than doubled the price of fuel overnight.

Video - Fuel subsidy protests turn violent in Nigeria

President Goodluck Jonathan attacked on facebook over fuel subsidy