Banks say no issue with indemnity over 9mobile transaction ... sale in final stages, will be concluded soon – NCC
JUMOKE Akiyode-Lawanson
T
he consortium of Nigerian banks running 9mobile have refuted claims of issues with indemnity which is suppos-
edly halting the finalization of the deal to transfer the telecommunications firm to Teleology Holdings Limited, the preferred bidder as new owners of the telecommunications company.
See BusinessDay Market Monitor on page 2
An indemnity clause essentially involves parties to commercial contracts having to compensate the other (or each other) in case of any liability or loss arising out the signed contract. The formula to compute Continues on page 42
news you can trust I **WEDNESDAY 15 AUGUST 2018 I vol. 15, no 118 I N300
@
L-R: Saheed Lasisi, general manager, business development, SIFAX Group; Taiwo Afolabi, group executive vice chairman, SIFAX Group; Adama Barrow, President, Republic of Gambia, and John Jenkins, group managing director, SIFAX Group, during the signing of the MoU for SIFAX Group to build and operate a multi-million dollar dry port in the Gambia.
g
Time running out for petroleum industry bills, analysts warn E
Italy’s Morandi Bridge collapse foretells the danger that awaits Apapa CHUKA UROKO
End of current National Assembly signals wasted efforts on bills Estimated N3trn annual loss from non-passage to continue
ISAAC ANYAOGU
Bank Eurobonds selloff as Turkish meltdown sinks EM assets
N
igeria risks losing a pile of money spent on international consultants, organising public hearings and thousands of hours work on the Petroleum Industry Bills (PIB) as the race for 2019 elections takes the shine away from important legislations that will stop an estimated $15billion annual investment loss to the economy. According to Nigeria’s legislative practice, the onset of a new parliament triggers the end of all pending bills regardless of time and money spent on developing them, hence stakeholders are calling on the lawmakers to pass Continues on page 42
arly Tuesday morning, tragedy struck in Italy, the largest city in Rome, as a highway bridge, the Morandi Bridge, collapsed over Genoa, causing people, cars and huge slabs of concrete to fall hundreds Continues on page 42
... First Bank, Diamond hold firm DAVID IBIDAPO & EMEKA UCHEAGA
D
ollar denominated bonds issued by Nigerian Banks have sold off as investors turn risk averse Continues on page 42
Simbi Kesiye Wabote (m), executive secretary, Nigerian Content Development and Monitoring Board (NCDMB) sounding the closing gong at the Nigerian Stock Exchange (NSE). With him are: Isaac Yalah (l), director of finance and personnel management, NCDMB; Tinuade Awe (2nd l), executive director, regulations, NSE; Rose Chukwuonwe (2nd r), coordinator, legal services, NCDMB, and Abayomi Bamidele, general manager strategy, NCDMB, during NCDMB’s official visit to the NSE in Lagos, yesterday.
FG redeems N639bn T-Bills with $2.5bn Eurobond proceeds P. 2