Newspaper of the Year
Dasuki charged with illegal arms possession NEWS
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•‘Ex-NSA held firearms without licence’
•Nigeria’s widest circulating newspaper
WILL THE CHIBOK GIRLS EVER RETURN?
NEWS
•‘N1tr allegation infantile’
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•www.thenationonlineng.net
TR UTH IN DEFENCE OF FREEDOM TRUTH
VOL. 10, NO. 3317 TUESDAY, AUGUST 25, 2015
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EFCC: PDP Caucus disowns senator
N150.00
Nigerian equities lose N228b as China crisis goes global
G
LOBAL stock markets yesterday took a major plunge after China suffered its worst trading session in eight years. An unprecedented collapse in Chinese shares sent tremors through financial markets, triggering the ugli-
By Our Reporter
est day of global trading since the depths of the financial crisis eight years ago. Billions were wiped off indices across the world in a day of frenetic selling, which saw the Shanghai composite suffer an 8.5 per
cent decline, its worst oneday performance since 2007. The mass panic, dubbed “Black Monday” by China’s official state news agency, was driven by investors’ dashed hopes that Beijing would inject a fresh round of stimulus into its economy following a series of disap-
pointing data last week. In Nigeria, after losing N283 billion last week, equities opened this week with a whooping loss of N228 billion in the five-hour trading session. Average decline stood at 2.22 per cent as relatively higher losses by 46 stocks, including the
market’s largest stocks, overwhelmed modest gains by nine stocks. The opening downtrend pushed the negative average year-to-date return at the Nigerian stock market to -15.71 per cent. The Continued on page 4
•INSIDE: 50 PER CENT OF NAVY’S PLATFORMS DOWN, SAYS CNS P6 BABA SALA DISCHARGED P8
$1b loan, $466m jets top as Buhari probes arms deals Panel of generals to examine Yar’Adua, Jonathan govts contracts From Yusuf Allli and Augustine Ehikioya, Abuja
P
R E S I D E N T Muhammadu Buhari yesterday approved a 13-man committee, which will examine the procurement of arms and ammunition for the Armed Forces from 2007 to date. The period covers the administrations of the late President Umaru Yar’Adua and former President Goodluck Jonathan. But the committee of former military chiefs may face a major obstacle – arms, ammunition and military hardware are not subjected to vetting by the Bureau of Public Procurement (BPP). Such purchases, The Nation learnt last night, are over 350 in the last eight years. Some of them sparked crises between Service Chiefs and political authorities. But many retired top military officers are believed to be prepared to testify before the panel, which got no deadline for its job. For “security reasons”, arms purchases by the military do not go through the BPP – the office that examines government procurements to ensure cost-effectiveness and others. Before the President raised the panel, there had Continued on page 4
SOME LIKELY CONTRACTS •$466.5m contract to weaponise six Puma helicopters by the Jonathan administration •N3b contract for the supply of six units of K-38 patrol boats to the disbanded Presidential Implementation Committee on Maritime Security (PICOMSS) •Theft of over 200m Euros at PICOMMS and the purchase of two private jets •$9.3m seized by South Africa •$1b loan approved by the 7th Senate for arms purchase to fight Boko Haram •Un-accessed N7b military budget •Rehabilitation of the Military Reference Hospital in Kaduna
THE PANEL MEMBERS •AVM J.O.N. Ode (rtd.) - president •R/Adm J.A. Aikhomu (rtd.) •R/Adm E. Ogbor (rtd.) •Brig.-Gen. L. Adekagun (rtd.) •Brig.-Gen. M. Aminun-Kano (rtd.) •Brig.-Gen. N. Rimtip (rtd.) •Cdre T.D. Ikoli - member, •Air Cdre U. Mohammed (rtd.) •Air Cdre I. Shafi’i •Col. A.A. Ariyibi •Gp. Capt. C.A. Oriaku (rtd.) •Mr. I. Magu (EFCC) •Brig.-Gen. Y.I. Shalangwa - secretary
•President Buhari (right) and Mr Ki-Moon briefing the press after their meeting at the State House ... yesterday.
UN seeks release of Chibok girls Ki-Moon invites Buhari, world leaders for conference
U
NITED Nations (UN) Secretary General Ban KiMoon yesterday demanded the unconditional release of the Chibok girls.
From Augustine Ehikioya, Abuja
Over 200 secondary school girls were abducted from Chibok, Borno State on April 14, 2014 by
Boko Haram insurgents. Ki-Moon spoke during a remark at the end of a meeting Continued on page 4
•E-BUSINESS P13 •TRANSPORTATION P17 •SPORTS P23 •POLITICS P45 •AVIATION P47