The Nation July 19, 2012

Page 1

Nigeria’s widest circulating newspaper

News Ex-FEDECO chairman Ovie-Whiskey dies at 88 P57 Sports Wigan rejects Chelsea’s third bid for Eagles star Moses P24 Business Protest as Fed Govt recalls suspended SEC DG Oteh P4 www.thenationonlineng.net

TR UTH IN DEFENCE OF FREEDOM TRUTH

VOL. 7, NO. 2191 THURSDAY, JULY 19, 2012

N150.00

•Mandela with his family during the celebrations…yesterday

PHOTO: AFP

12million pupils sing for Mandela at 94

Why Capital Market recovery is slow, by probe panel

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From Yusuf Alli, Abuja

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HE House of Representatives Ad Hoc Committee on Investigation into the near collapse of the Nigerian Capital Market has listed four reasons for the market’s slow recovery since 1999. The panel also described as irregular the acquisition of Intercontinental Bank by Access Bank. These observations are contained in the 82-page report of the committee which was submitted to the House on Tuesday. Continued on page 2

•Speaker Aminu Tambuwal

OUTH Africans rose in salute to their legendary former president, Nelson Mandela, who turned 94 yesterday, celebrating him with “67 minutes of good deeds”. Leading the celebrations were no fewer than 12 million school children, who sang a specially composed birthday song for Madiba as Mandela is popularly known.

Each minute of the “67 minutes of good deeds” marks each year of Mandela’s struggle against whiteminority rule. He was in prison for 27 years under the apartheid regime. Mandela regained his freedom in 1990 and led the African National Congress (ANC) to victory in 1994 in elections that followed the post-apartheid years. He left office in 1999 after serv-

ing for one term. Mandela marked the birthday quietly in his ancestral village of Qunu in the remote Eastern Cape province. He spent the day with close family, friends and former United States (US) President Bill Clinton. Clinton, accompanied by his daughter Chelsea, Continued on page 10

Reps tackle Jonathan over budget execution Begin debate today ‘Why President declined House invitation’

F •Dr. Jonathan

OUR months after its passage of the budget, the House of Representatives appears dissatisfied with its implementation. It is expected to begin debate today on what it calls “30 per cent implementation of the budget,” which it passed along with the Senate on March 15.

From Yusuf Alli and Dele Anofi, Abuja

The House met to review the budget’s implementation at an executive (closed door) session in Abuja on Tuesday night. At the session, members were said to have deplored what they considered “poor implementation” of the budget and may invite the Minister

of Finance, Dr. Ngozi Okonjo-Iweala, and other key government officials to explain things. Yesterday, the Presidency spoke on why President Goodluck Jonathan did not honour the lawmakers’ invitation to brief them on measures being taken to address the issue of insecurity.

Presidential spokesman Reuben Abati said his principal was not “formally” invited. Last March 15, the Senate and the House of Representatives passed a N4.88 trillion budget with a benchmark of $72 per barrel. The lawmakers jacked it up from Continued on page 2

•NATIONAL ASSEMBLY GETS PIB P11 •TANKER FIRE DEATH TOLL NOW 191 P59


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