DAY ww w. bu s ID css d ayo nlin t.co m
NEWS YOU CAN TRUST
200-unit First Home Estate enters martet with mortgage fucility
Dongote Sugar realigns stralegy amid (o,,-!pelifion
p. 26
Govt to build Reports expose culture abuse two emergency plants in defunct IBPLC, Oceanic inpower Lagos
• Observers question Akingbola's roles in deals
_-A! PHilLIP ISAKPA
bout Ulree years
....
afll~ r
1hab-!fI by the ~ and eq:oswe 01 a 0Ji1llJ'll! faq)oxate ~ abuses by ftJSJJI'! blnkeu In the blS· ness. a number sIgni8canr <b;:u.
or
~ lin dl:taBspeciflcC8S1C50Ch0w
d'lfl aI:Aftes\W!recanied outhiM! now - - . " , ......... Doy. Thedocumcnlssbowspcdflcand gmphic C8SIC5 oIlmpuniry and a pasIIml ofbehaviour that mirror globally c:elct.ntcdfmudaJSeSsumasthoset:J BemantMildo(lhefh .. dct whoopernted • .!II:heme that bier turnI!d OUI
10 be Ihe biggest fraud in the hisrofyof
the UniIrd SCafes. and Fred Goodwin, former Royal nank of 5a:Jd;md dtief t!XeClItM. who led the bank to col· lapsr. ~ it 10 ~ the Imp ~balIoutfn the Uniled Kingdom. Both men suIien:d .seYereIy &om their roles in the
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Bul the documenlS now In the possession of BuslnessDay show that questk:Ins wiD ~ be a9zd about I,\ilether an the perpetralOlS of these iICl!I have fully answered for their actions. established In imemat and e%1ema1 audits, as weU lIS forensk reporu thai &how what had gone Continues on Page ..
JOSHUA BASSEY, PATRICK ATUANYA & PYEMOAFEGO
e Federal Go~mmenl on Monday said it would build ~ emergency power plants In Lagos 10 ~ adequate JlOW':f supply In the stale Pre5ident Goodluc:k Jonathan saki !his al the opening of the 6th Lagos Economic Swnmil tagged,
TI
.. Ehingbct.l2012' ••
Jonathan also pledged the resolYe or the Federal Government 10 pa~ state governmenlS and the privale sector IOWards sustainable powu/energy development, in what he beIleves would ga}vani3e the eoxxxnic and Industrial growth
ofthecuuooy. The preside nt. n:presenled by
0IU5C:gW1 Agansa. Min1steI'oCTrade
Adams 0shlom1Oie (r). governor. Edo State, with Adewunml Ade:sIna, mlnistef of agnculture and rural development. al the one-da'l Agribusrness and In¥eSlmdl'll Summrt Ofgltmsed by the Edo State government In Benin Cil'l. yesterday
and Inw:sIment. at the Swnmit wilb thetheme, ~ 8R1CSI08RINCS: L.agos Hokill ibe Key': wbIch commerad at the au Hold and SuiIeS, abo 5laIed the delerminadon of hls administratio n 10 pursue ilS tmns· formarion agenda 10 full realisuion, with focus on power; transportation and agriculture. a5 key areas. He said plans were abo in placz 10 build a worki-dassttlfTIll1Odityer:dmnge. in onIet'lOencouragefmoestmeI1linawiculturethrougheff1Cient pricing of agriruInual commodities and higher incomes 10 fanners. 1he president noted thai given the OI!fllmlity of J...asos 10 the overall economk: prosperity of NIgeria. his adminisIrntion was paying particu. lar attmOOn 10 the Slale, in ImnS of ~ generation. ard in this regan1. plans wereongoing 10 raievelop ~ Con1ill~ 011
Page ..
ic plan includes marketing corporation to help farmers on ~~ The~UXI"'''''''V.tlkiI
v.'en:ora:a~whidebrfann
.!CJ'tIIpPed.~nmtdidncxreplace
!hem. 1e!Mng iI vacuum In the value
en, faded away with the coumry's
dWnofthc furmproducedlslrilJutlon
dwindUng agricuIWle fommrs AkinwunmJ Adesina. minister- of Agricul!we wld Rural ~x:m. who dIsdo!ed Ihis II a one-d3y Edo Sme. Agribusiness ~ Summit. noted d\al when the boanis \WIt!
S)"iIem in thewunDy. TIle Is n:necled
In"'"
importadononrioe.1hisI5UXllmSllO the SI8 bi1HDn Malaysia and Thailand
earn from palm
and rice respectNely, yearly. Nigeria n:mains the v.utd'1I ~ \mportef or rice, while agricullure iHlCOU11ts rar 1'1 n~ I
toe; noting Ihat with !he deYeIopmenI. Nigaia\\O.lld beaJ*:toaJfl1pl!twtlb muntries like Ghana. fo.ury Coa:st and
Cameroun.whichrum!J1lly~simI
Jar insdllltions in their COUIlIJies and ~ ~outputsclfann produce
'"'" ~Cocoa -~
me also tall on the Issue of ContitUleS Oil ~.,
12.88H8
4 Reports expose... Contlm/~from
pPge I
wrung at oowdduni:l OceanIc: Bant. lnte:....... dD:nral Bank. AnIxv1k. Bank.
PHD, Spdng Bank and Afribank.
"""""""""'"
Apam'JDmaM!l"·lIIlacmssme,*,-
banks is sixMn in c:Iorurnenb. and in
pank:uIat theC8&tlollnlermotinental Bank. when: Gemunys Deutsche
BIlnk. one orta: UAiwpOiideed banks. ntised an and mOlley Iatmdering n:quest in • leiter cbmd ~ J.;mg ~ I~ lr.iInSfes d IUnds on t.mI" oflhcaslWhllegroup chief eseculM, Enimm AJdnsboIa. which~irM!stipblQ\illl!l"mis
~olfUntls. ~l1U!dcwilhwlbrl.
~fundslo 1ICIXII.di.0n July l.l am, LJ mIDionpcu1d&werctral:l:R:ned ID United KqdDm's ~ SoIidsrn.
OnMan::b 11.2mI,'~~
b-8.54m1bJpmn.b:fromln!enxntinenlaI Bank'i NoIlro aa:ounl, held with DeurJdJe Bank. WRS again made.
nW!~IJOIeI;IhIll-dleSerunds
wen: tIar1S8mI fnlIn the Na5mJ acc:o.n~Bank)oCthee.tk,b Dr frasrusAldngbola when he bad 00
such lindln his Dcm6ciliIIfyacrxu:llS (GllP&USDr. In a ~ .tanpt desaiIxd by forensic -..dhoI111!1 ·~ UJi
DIsh of $11.84 mmon was IaIft' paid
Into an Interdepanmcoad suspense acmunt (IDS) to a;r.oer the 8.54 mO· lion "..,..,."""""""" by """"" do ~~berweenMan:h 13nJ9 and Api 28, 2iX!I. This aIIICItR w.lS1aaer~thebank'sln
house DeI.ttdM! Bankaa:ounl. J:/rorumI:nIs . , ~ IhaJ the nairn used DO aM!I" the cash thai was pnkIlnto the IDS aaDUlII was adUaIlypn:Mded between Manft 13.2D:B and ApiI 'Zl. 200910 Lnaeraninenlal capital ~~ l6nited. • aJbsidary oCdl£lJ;ri;.dwoughatreauypoWa called POF1 {P\acement with
ames-
_ - - . o j . T h e_ _ ~ Iae make the funds available lDacompanycalled.Regal~
Umlled. 1be lalter company WIU owned by then 0Iairrnan. Rayn...d 0bIeri. who thm disburxd from this fadIi1y to pq' the wdous ~ de cflarwe oprnID'! ix-lile doIar cmh. With regard to the 1.3 million pounds. the documents deIaibed the tnulSaCIioo as -. 1Ili53ppropriat fund oldllt biInk, transferred fium the
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acmtlI1UoITmpksSecurltlesUmlted IDa oompany¥otdth hAd provided the
doIiarln1OUlllan 'Z1 AugI..Ist2t.m::n.e tr.IIVlIen _bier ~ lObe IheUKbythebnechief~ 8usinc:&!I; Day has also JeGl docu-
mentli~mhawthree~s
cheques with a wlue of NIO billion. \W.'I'C IsaM!d &om the banlc's ~ mentltbne deposit aa:ounts 10 dtme """"""'" .. !he TropD Group .. which &asn.. AIc:ir¢oIa has Acmrdins 10 the documents. ~ cheques _ iBJed upon receIpI. of
FG agric plan .. . Conlinued from
Pa&e I
""""""" """ """"""'" """""
nere..
0W0mh0I0 "'" Audu Ogboh. "'" wiD remember thai: we t..,;IlO hIM: nud:etInc boards W1IfI some fX'OPIe told us that we shoukI disband them; we di5banded them but nochlng IepbKzd them. But coday, the lilrrnel-ln Niseria finds It hanJ to find a market.
a demand ~ for shares pun:h;Bed from TroJ*:ISecurities as ~
iropia Securlties I.Jd =NI, 214,
368,.896.81; Trt:lpic5 Propenies Ltd ::: N4, 406, 001, 973.82; ~ NIg
~"'"'" hr.e IIlM:!Ied f1e DWh am
i.Jd=N4.319.549.12937':1hec:hequel ~ round 10 I1IJ'vc been 1ssued &om mmrsderiwdby~ortht'1kne
IR ~J
t.udhcl"anwyam~1
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[}qIo8iI Gl..:mum and aedidng me PrepiIymenl GL aa::ouDL The:y ~ aauaUy Issued to pay down on the o:wnpaniel' IndebUldness 10 another
ffl,I!IIlef\nJa:uU1Litpiwlin\\1:1f!' IJIJ;:anen~y.f1t!n~hadmar-
b imes.1herev.a<la;asIOa-.u;n:l
bru>L
1llfXX9ll1On:uru:tum
Anotber transaction involved paymenl of N2.S billion on March 11. 2009 from the banlc'1 CBN ac· oouru. as put of year end deposit management 10 the accounl or. company named ChartweI1 Securi· ties In Skye Bank. which later Issued [wo cheques to the bank in the namesofTrop\cl RnanreCompany Ltd lhelWOchequeswilhvaluaor NI.06B billion and NI.4J2 biUlon respec:tivety. were then utlli!ed to setde buts owed lnten:ontinental Capital Marla:cs Ltd byTmpicsSecurities Ltd In whkh thethenCID hadin!fnSL
"Somepeopleasked us 10 disband
they left theiB. And today Nigerian fanners can be likened to
OI.IB while
somebody c.J a rldr;ety boor. and you put the penon In the midst of the Al1an1ic 0amI and aoik the penon to survke. Thatisfnstitutionalabmdon· menl or fanneI:s; we an: going 10 fix ttw. Sowe areseuing upwhat we call
-Cmponrlon."",-
~bulmrporadon.·hesaid
HesaldrberewaolOOmmmodityin lheau1lrythalhaa~inItint
donnundir,Yotidlbede!JaiJedasan bititutblaI.Wlue8SSlri1gthatbebe die end a11he ~ a good rw.nnber or theo:wpcw atio;b would be esmbtisbed IndJeall.llU)'. Ade!iinaamsaid plans ~ t.nIenwy ID set up SIat* Oop ~Znoes.lnwlW:h1hepriv.ve would be invited 10 come in,
tedOf
pruoess and add vab..Ie IOwhBl fannen produce. addir@lhatthemnesYoOJld be provided with v.'al£I; power and all thentaSalYlnfiaso'ucruredlal'\WUld beolimmmsesuppon ID the bM!!Ioc lieIsI:!dio:oediI e&JIiit*tuta.odticsinYottilh.po::ei'iktP£CwswuUd be esaabIsb:!d. as roe and CMS!ML The ~~ptmi!edIO~
w.ollase!CilleU£gr.adrk:emAsand me 1Iase!C3lle!Ip1 qualilyCllSJS;:Ml ...... !*ant in lito Slate 1he . . 1s the 1&It ~pmdllCJ!nllC3!!l!!llWinlheo;u-uy andlhr!hindJe&uh-~IJ9n
On Coma production. he said the FedenI~wouId~
fme.newhlt\tlbreedaxoa~1O
, , gowmof"
BiB AiCtIarnson, former secretary for energylformer
~~~:~~~~:~~l~.:.':::
It'presentative of the Presklenl and minister of trade and investment, altha 6th Lagos ecoOOmic SuI1'VTlit
Pio
Govt to build two emergency power.. . \.
Colll~ .n ~dfmm Pag~ I
f.abinJXl'W'!fptant such facility In J
buildanother dlJ"OU8h PubUc
Private Part:neBhil ( PP) for which
Iheoulpltt"wouldlll ybededicafed 10 5efVI!! the power of Lagos. hx:ordIns ro rft5iderll. speeRe efforts life ~...: made 10 ad· dress the perennJl C'fllffk jams on the Apapa-Osho I~ Expressway, through the on lIn reconstrucdon of the rood lith leads to the
II&!ds
tbr
:,~""*"~,,,,poru Hedisdosed buildmodem
In_
p~Wl!reonlO
onlhecorrido!;
inpannenhip""ilh bI'IJrivaIese::m.; In Of'deF to addI'e. • presenl chaII~ where I~ left. on the
__ Ih~"''''''''''"'
bott.leoecks and subjecting road us· en! to greal di<iaHnCort.
1 he pf1:5identlnfonned Ihegatherlng. comprising the local and International business communi· ties, top ~t functionaries and Inveslors, thaI partnership y,ith Lagos was inevitable because the state accounts for ZO.2 percent or Nigerio's nominal Gross Domestic Produa {GOP} and SO.7 pen:ent or non oil GOP. and the highest ~ consumption In the counrry. "'WebefieYethat dl£oo-openWon or Lagos and the Federal GoYem. menl Is key. We will be ~ !I1JpPOntve of Lagos and any 5tllle govemment" he said In the health secto(' he saki the focuI was on the eIp811Sion of access 10 basic servfceI, pn!II'ention.
imprtJVt.'d dlnks. qualil)'ofcare and enhanad panidpatioo ortile private sector tlCJ'()lIiS Ihe healdl Ylliuedlllin. "We~signedaMemorandulll
oru~(M.O.U)withGen eralElecu1ctoddlYernew~ ccmJ~and newgreenficld hospitals
In NIgeriL- he said.
Governor 8abatwlde Fashola, urgln8 local and International Investor!! 10 lAke advamoge of lhe b~nem-frlcndIydlmaleln Lagos. said the possibilities In thesuuewere
........
"We ~ !left! tbem and we In· vite you to come aJong with us. We take advantage of tbe
1nvi1e)'OU to
"critical " ' ........ opponun'"" in " those ·PAn-Ieconomk: areas - power;agricultu~. trnnspOrtation and hoU!Iing. ro addreu the ittfrastrucnlregaps for ourcoUectiYebmd!t.'
alianwninallaxoaprodudrc5lMl$ in order., increa<le yields &om Coma I3rms and JiIase ww:rythe '*1 plant. lie also promised to distribute SM.(XI) pods h) Cocoa farmes in the stalP. _ vd as assIstirtI.9CWlJe eIistirll: 011 pam farmers with meoih'adond 3,00>heoanslnthencxtdftemonlhs
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wbidI wta COSt about N88 million. as part dthe sate <tOO ~~111l'nI~de\dopnmIagrnda.
III his ranarks. the &toStaleQM!r· Acbms ()Itiomh* caIed on dle
1101;
FedernlGownIncnlklpruttipDlg
cI y,'3I\oeo ir the imponadon diann produce ~ SIaI* bod..m M ~and~wt-aed1leaJl.dl'y
ha!l~~"pmO.x:e. He howew!r promised 10 prtI'Iide
land l'n:e d ~ 10 potential inw::slOB that would be ready 10 It-rA5t In the stare agriruItwaI!IIOCIOt 85 well as pitMde an enabling em.'irunmenI to thnYe. make profit and mnoibute 10 ilseconomic~
The rninhter and the Edo ~.e gow:rno; on behalfortheFedernl~ emmenl and the &ate ~lIIe'llt signed Memoranda ol Understanding on Cas&wa 1'nln5fotmadon and TI ........ llad... ,onExlerRon~