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VOL. 7, NO. 1850 FRIDAY, AUGUST 12, 2011
TR UTH IN DEFENCE OF FREEDOM TRUTH
N150.00
Sterling Bank acquires Equitorial Trust Bank
T •Sterling MD Yemi Adeola
HE future of Equitorial Trust Bank (ETB) – one of the 10 banks bailed out by the Central Bank of Nigeria (CBN) in 2009 – was settled yesterday, with its acquisition by Sterling Bank Plc. Of the four rescued banks yet to find merging partners, only ETB was spared by the CBN. Three others – Afribank, Spring Bank and Bank PHB – were liquidated
By Ayodele Aminu, Group Business Editor
by the Nigeria Deposit Insurance Corporation (NDIC) last Friday, following their inability to make progress in their recapitalisation. The NDIC said ETB was spared because it had made much progress in its recapitalisation. The Sterling Bank and ETB deal, according to sources, has won the back-
ing of the ETB board and Chief Mike Adenuga, the billionaire founder of the bank. The duo have signed a Transaction Implementation Agreement (TIA), which reflects the main commercial terms of reference on which agreement has been reached in principle by the boards of both financial institutions in close consultation with the Asset Management Com-
pany of Nigeria (AMCON). It was also gathered that the CBN was privy to the negotiations. The transaction is expected to be presented to shareholders, CBN, Federal High Court, Nigerian Stock Exchange (NSE) and Securities and Exchange Commission (SEC). The deal is the fifth to reach an advanced stage among the rescued banks. Finbank Plc, Interconti-
nental Bank Plc, Oceanic Bank Plc and Union Bank of Nigeria Plc have signed similar agreements with potential buyers. Sterling Bank - one of the banks that survived the joint stress test by the CBN and NDIC in 2009 – until recently, was considered an attractive partner for foreign financial institutions Continued on page 59
al-Mustapha: I gave my gun to Sergeant Rogers Court admits Abacha CSO’s statement as evidence
Lawyers condemn NJC’s stand on Salami
L
AWYERS were angry yesterday over the National Judicial Council’s (NJC’s) demand that Court of Appeal President Isa Ayo Salami should apologise to Chief Justice of Nigeria (CJN) Aloysius Katsina-Alu for allegedly lying on oath against him. They said only a court of law, and not a domestic panel, can preside over a criminal matter, such as alleged perjury. A professor of law, Itsay Sagay (SAN), described the NJC demand as illegal and unconstitutional. He said the Supreme Court, in several instances, made it clear that only the court of law can indict a person for perjury (lying on oath). “No panel other than a court of law can indict anyone in matter of perjury. What the NJC is doing is, therefore, completely illegal and unconstitutional. It is only a court of law that is constitutionally empowered to do so,” he said. He said the allegation that the CJN interfered with a
By Eric Ikhilae
A
LAGOS High Court, yesterday admitted in evidence a statement by former Chief Security Officer to the late General Sani Abacha, Major Hamza alMutspaha, in which he admitted giving out his arms to Sergeant Barnabas Jabila (Rogers). In the statement written on October 13, 1999, al-Mustapha said he gave his arms to Rogers for cleaning “when ever we come back from range exercise”. He denied issuing out his arms to Rogers to kill the late Chief M.K.O. Abiola’s wife, Kudirat. Rogers led the Strike Force – a special squad that went after opponents of the Abacha regime. al-Mustapha, who was given the statement to read to the hearing of all in court, denied that the statement was his. He also said the Continued on page 2
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Though Mr. Barnabas Jabila (Rogers) had earlier said that Mohammed Abacha was around when I gave him my personal arms, it could be true that I showed him my arms for cleaning ...
By Joseph Jibueze
pending case on appeal has been swept under the carpet. To Sagay, that is a weighty issue raised by Justice Salami which has not been convincingly disproved. “There has been no apology or expression of any form of regret over the illegal and unconstitutional interference in the Sokoto Continued on page 2
•A strange SEE ANALYSIS kind of justice ON PAGE 2 •Justice Katsina-Alu
’ •LABOUR P13 •POLITICS P17 •SPORTS P23 •AGRIC P35•BRAND P49 •Sergeant Rogers, the star witness, in one of his appearances in court