Nigeria’s widest circulating newspaper
How Ibori hid cash, UK court told NEW S NEWS
Page 4
•‘No hidden assets with Oando’
News Doctors seek check-up holiday P8 Sports Mikel: Eagles ’ll crush Ethiopia P24 Business Forum faults minister on allocation P11 www.thenationonlineng.net
VOL. 8, NO. 2609 TUESDAY, SEPTEMBER 17, 2013
N •Orji
TR UTH IN DEFENCE OF FREEDOM TRUTH
N150.00
Nigeria puts $200m SWF cash in investment
IGERIA’S Sovereign Wealth Fund (SWF) has made its first investment, handing over $200m to UBS, Credit Suisse and Goldman Sachs to manage a fixed income portfolio. The first investment, even if relatively small, adds Nigeria to the small cadre of commodity-rich countries that over the
past decade have become one of the most powerful forces in global financial markets through their sovereign wealth funds, according to a report by the Financial Times. Uche Orji, chief executive of the $1bn Nigerian Sovereign Investment Authority (NSIA), told the Financial Times the fund gave UBS
$50m last week to invest in United States (US) Treasuries. A further $150m is being transferred this week to Credit Suisse and Goldman Sachs to build a US corporate bond portfolio. “This is a major milestone for us,” Orji, a former banker who was recruited to set up the fund last year, said in an
interview in Abuja. Mr Orji said in June that he had delayed making any initial investments due to the volatility in global markets. But yesterday he said he felt the bond market was now “fairly valued”. The first investment comes ahead of this week’s crucial meeting of the Federal Re-
serve. The US central bank is likely to start phasing out its bond buying programme that has kept interest rates at ultra-low levels. “There is more optimism now,” Orji said. The Nigeria sovereign wealth fund is the third largest in sub-Saharan AfContinued on page 2
•SUNTAI MUST REST, SAY US DOCTORS P4 •ASUU STRIKE RALLY COMING P6
Jonathan to governors: I didn’t promise one term President makes concessions to end PDP crises
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From Yusuf Alli, Abuja
IVERS State Governor Rotimi Amaechi is to be recalled from suspension, a Peoples Democratic Party (PDP) source told The Nation yesterday. This is one of the four concessions made by President Goodluck Jonathan to the Group of Seven governors (G7) at a meeting on Sunday. But the President was said to have been adamant on 2015, insisting that he never said he would not seek re-election. He claimed that what he said in Ethiopia was that he would not be a party to tenure elongation. Despite the concessions, the G-7 governors and the Kawu Baraje-led New PDP are taking their case to the House of Representatives. They want to brief the leadership of the House on what led to the party’s factionalisation. According to sources, who spoke on the peace talks at the Presidential Villa, the meeting was “conciliatory”. One of the sources said: “For the first time, the meeting was conciliatory; there was no tension on all issues, unlike the case at the previous sessions.” The President came to the meeting with Vice-President Namadi Sambo; the Chairman of the Board of Trustees of the PDP, Chief Tony Anenih, the Chairman of the PDP Governors’ Forum, Obong Godswill Akpabio; the governors of Kogi and Cross River states, Capt Idris Wada and Liyel Imoke. On the side of the G-7 were the governors of Adamawa, Niger, Rivers, Kwara, Sokoto, Jigawa and Kano “There were preliminary talks on why it is important to keep the party united. The President said his disposition was that ‘whatever Continued on page 2
•Mahmoud
•Friday
•Samuel
EFCC arrests four suspects N2.05b N475.3m for alleged N2.05b fraud N10m N45m
THE FIGURES
•Cash withdrawals and electronic transfers involved in the scam •Cash recovered by the EFCC, allegedly from the suspects
•Worth of the furniture recovered from a suspect’s Lagos apartment
T
From Yusuf Alli, Abuja
HE Economic and Financial Crimes Commission (EFCC) announced yesterday a major breakthrough in its antifraud battle. Four suspects, including two bureau de
•Worth of a fourbedroom deplex recovered in Lagos
change operators - Salihu Liman Mahmoud and Dan Asabe Ibrahim – have been arrested for alleged N2.05billion fraud.
The other suspects are two students of the University of Jos (UNIJOS) - Isaiah Friday and Azzaior Samuel. According to the EFCC, the suspects invaded Union Bank’s database and manipulated it to steal N2.05billon. The commission said it recovered N475.3million from the suspects. Other items recovered include furniture worth N10 million from Mahmoud’s one-bedroom apartment in Yaba, Lagos Mainland; four vehicles; landed properties in Kano and Kaduna and a four-bedroom duplex worth N45 million in Lagos According to a statement by the Head of Media and Publicity of the EFCC, Mr. Wilson Uwujaren, the suspects specialise in breaking into computer data of banks. Continued on page 2
•CITYBEATS P10 •SPORTS P23 •POLITICS P45 •PROPERTY P51•FOREIGNP60