Business
EFCC quizzes Agunloye over Mambilla contract payment allegedly traced to his account
EFCC quizzes Agunloye over Mambilla contract payment allegedly traced to his account
Former Minister of Power Olu Agunloye has been quizzed by the Economic and Financial Crimes Commission (EFCC) in connection with alleged shady award of $6bn Mambilla hydropower contract and illegal payment.
The unauthorised payment was reportedly traced to his account after committing the Federal Government to the disputed contract awarded to Sunrise Power Ltd, promoted by Leno Adesanya.
Sunrise is in arbitration with Nigeria at the International Chamber of Commerce (ICC), Paris, France, over an alleged breach of contract.
It is asking for a compensation of $2.3bn, claiming it had spent millions of dollars on financial and legal consultants before the contract was jettisoned.
It is also asking for a $400m settlement being the terms of the agreement it entered into with the FG in 2020 to end the arbitration.
In a recent interview with TheCable, former President Olusegun Obasanjo had challenged Agunloye to tell Nigerians where he derived the authority to award the $6bn contract to Sunrise Power and Transmission Ltd for the Mambilla hydropower project in 2003.
Agunloye in his response said the government was not obliged to pay a kobo to Sunrise under the build, operate and transfer (BOT) agreement as it was to be fully funded by the newly registered company, whose declared assets were worth less than $2,000 at the time.
He was however silent on where and how he got authorisation to commit the government to the $6bn project.
Agunloye awarded the contract to Sunrise a day after the Federal Executive Council asked him to step down his memo.
This was one week to the end of his tenure as minister of power in May 2003.
EFCC findings
The EFCC reportedly discovered a number of transactions between Sunrise Power and government officials found to be inappropriate and could have material impact on the arbitration.
There was a transfer made by a Sunrise Power official to Agunloye with the description “FRM LENO”, according to TheCable’s report.
Sunrise however defended the action, saying it was a “cultural payment” to support the former minister’s medical expenses.
It was also reported that a number of serving and former government officials would be charged to court on the issue.
Business
Naira depreciates again, trades at N1,402/$
Naira depreciates again, trades at N1,402/$
The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.
Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71
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This represents a 0.84 per cent loss when compared to the previous trading date on Tuesday April 30, when it exchanged at 1,390.96 to a dollar.
However, the total daily turnover increased to 232.84 million dollars on Thursday, up from 225.36 million dollars recorded on Tuesday.
Meanwhile, at the Investor’s and Exporter’s (I&E) window, the naira traded between 1,445.00 and N1,299.42 against the dollar.
Naira depreciates again, trades at N1,402/$
Auto
Appeal court takes over NURTW case as NIC withdraws
Appeal court takes over NURTW case as NIC withdraws
The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.
The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.
Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.
The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.
The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.
Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.
With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.
Business
Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages
Multichoice shuns court order, proceeds with increase of DSTV, Gotv packages
Despite the intervention of the CCPT, Multichoice Limited has proceeded to increase packages price for DSTV and GOTV as announce on Wednesday last week.
Newstrends had earlier reported that the corporation announced that the new rates will go into effect on Wednesday, May 1, 2024, in a statement.
Meanwhile, on Monday, MultiChoice Nigeria Limited was ordered by the Competition and Consumer Protection Tribunal (CCPT) in Abuja to suspend the planned prices and tariffs hike on packages and services.
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The three-member tribunal, presided over by Saratu Shafii, gave the interim order following an ex-parte motion moved by Ejiro Awaritoma, counsel for the applicant, Festus Onifade.
News prices includes: DStv, Premium bouquet, the price moved from N29,500 to N37,000; Compact+ from N19,800 to N25,000; Compact from N12,500 to N15,700; Confam from N7,400 to N9,300, among others.
For GOtv users, Supa+ increased from N12,500 to N15,700; Supa moved from N7,600 to N9,600; Max from N5,700 to N7,200; Jolli, from N3,950 to N4,850, among others.
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