Dtn 18 5 15

Page 1

NSE GAINERS AND LOSERS AS AT 15th May 2015.

EXCHANGE RATES Currency

Buying(NGN)

Central (NGN)

GAINERS

Selling(NGN)

LOSERS

US DOLLAR

196

196.5

197

FO

173.23

13.63

7.87%

TOTAL

150

-5.00

-3.33%

POUNDS STERLING

309.8368

310.6272

311.4176

NB

155.18

1.18

0.76%

GUINNESS

155

-5.00

-3.23%

35

-1.20

-3.43%

29.5

-0.50

-1.69%

EURO

223.9692

224.5406

225.1119

PZ

29

0.60

2.07%

FLOURMILL

SWISS FRANC

215.5741

216.1241

216.674

CHAMPION

7.09

0.34

4.80%

GUARANTY

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NIGERIA

dailytimesng

MONDAY, MAY 18, 2015 VOL. 1. NO.108

ABUJA Low 25°C High 39°C

ENUGU Low 26°C High 35°C

KANO Low 26°C High 44°C

LAGOS Low 27°C High 36°C

MAIDUGURI Low 29°C High 44°C

N150

P/HARCOURT Low 24°C High 32°C

Jang faction to boycott NGF parley Segun Adio Group News Editor

ÏÏÏEleven days to hando-

ver, the rank of the Nigerian Governors Forum (NGF) remains divided, the Daily Times can authoritatively report. A unified meeting of the Governors, scheduled for 8p.m. on Monday (today) at the Transcorp Hilton Hotel, Abuja, will be boycotted by the Jonah Jang faction of the body, it was learnt last night. The meeting was confirmed by the Director General of the Rotimi Amaechi

President Jonathan and Dame Patience at their valedictory service at the Aso Rock villa chapel... on Sunday

CONTINUED ON PAGE 4

INSIDE Daily Times Nigeria Monday, May 18, 2015

1 Business Extra

For AMCON, it’s a brand new day Ï MƆƓ ƌƆ ƗƌƆ Ɛ Ɗ ƕ ƇƈƗƑƅƈ Əƕ Ə ƋƆ Ƈ Ə ƏƆƅƆƈƒƆƏéƌ ƆƏ Ï `ƆƋ Ɣ L ƏƑƋƆ ƗƆƄƐ ƌ ƆƌƆ Ɛ Sunday Isuwa Abuja

R

eceiver-managers will henceforth have fiduciary relationship with debtor companies, according to the new amendment of the Asset Management Corporation of Nigeria (AMCON) Act 2010 passed penultimate Thursday by the Senate, the Daily Times has learnt. In executing the mandate, the receivermanager will not be required to strictly adhere to the debt priority ranking of the debtor-company as prescribed in section 494 of the Companies and Allied Matters Act (CAMA). The amendment has also barred the staff and board members from acquiring the assets of the corporation. While passing the amendments, the chairman of the Senate Committee on Banking, Insurance and other Financial Institutions, Bassey Otu said that the decision was to not only correct the defects in the extant Act but also strengthen the banking system for enhanced performance. A receiver managing the affairs of a debtor company or debtor entity in pursuance of the provisions of this section shall be deemed to be a fiduciary of the debtor company or debtor entity and all its creditors; and shall not in paying- off any debts owed by the debtor- company or debtor entity strictly adhere to debt priority ranking prescribed under Section 494 of the Companies and Allied Matters Act.

In the amendments, made available to the Daily Times, the Senate inserted some new subsections into the Act. These are (3), (4), (5), (6), (7), (8), (9), and (10). A fiduciary holds a legal or ethical relationship of trust with another party and is expected to prudently takes care of money for that other party. He acts at all times for the sole benefit and interest of the party and there must be no conflict of interest between duty to self and the party. Section (6) of the insertion reads: (6) “A receiver managing the affairs of a debtor company or debtor entity in pursuance of the provisions of this section shall be deemed to be a fiduciary of the debtor company or debtor entity and all its creditors; and shall not in paying- off any debts owed by the debtor- company or debtor entity strictly adhere to debt priority ranking prescribed under Section 494 of the Companies and Allied Matters Act.” s.494 of CAMA reads: (4) The foregoing debts shall(a)

rank equally among themselves

and be paid in full, unless the assets are insufficient to meet them, in which case they shall abate in equal proportions; and (b) so far as the assets of the company available for payment of general creditors are insufficient to meet them, have priority over the claims of holders of debentures under any floating charge created by the company and be paid accordingly out of any property comprised in or subject to that charge. Apparently in a bid to prevent insiderdeals, Section 16(5) of the amended Act states: “A member of the board or any employee of the corporation shall not either directly or indirectly be involved in the purchase of the asset acquired by the corporation as part of, or in pursuant of the acquisition of an eligible bank asset or enforcement or realisation of any right relating to an eligible bank asset acquired by the corporation.” In Section 34 (1), the words “and subject the provisions of this Act” become “subject to all of the obligations” appearing after the word “rights” in the last line; (b) inserting a new paragraph (c) to

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GEJ: Forgive me if I’ve offended you

Troops g6 Ï I concealed illness for presidential campaign – Patience destroy more terror Ï Osinbajo absent at Aso Rock chapel handover g4 camps in UK slave case: Judge aborts trial, sets new date for Octoberg4 Sambisa


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