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President Buhari Greets Nigerians At Eid-El-Fitr, Appeals To Them To Let Love Flow

sallah-in-daura-by-buhari

President Muhammadu Buhari has sent a message of greetings to Nigerian Muslims and Christians on the occasion of the Eid-el-Fitr, asking them to resolve to live in peace and avoid making reckless statements.

A statement by Senior Special Assistant to the President on media and publicity, Garba Shehu, quoted Buhari as appealing to all Nigerians avoid actions against fellow countrymen, saying: “we should resolve to live in peace and unity in our great country.”

The message reads thus:

President Buhari wrote: “I am immensely grateful to God for his mercy in guiding us successfully to conclude another Ramadan fast. My greetings to all Nigerian Muslims and our brother Christians on the occasion of Eid-el-Fitr.

“May the lessons of Ramadan namely; piety, self-denial, prayers and generosity to the poor and needy be with us for all time.

“I, again, appeal to all Nigerians to avoid reckless statements or actions against our fellow countrymen. We should all resolve to live in peace and unity in our great country, which is the envy of many less endowed nations.

“Happy Eid-el-Fitr.” [myad]

Igbos Are Cowards, Saboteurs, By Patrick Ikpainyang

For the sake of Nation building, I expected our Igbos compatriots to remain remorseful, with broken spirits and contrite hearts. They should emulate the Japanese and Germans, who after the 2nd World war, that they caused, have adopted pacifist Constitutions and behaviors. They have realized the folly and worthlessness of war mongering.
The activities of IPOB and MASSOB are not in the interest of the Igbos. Rather, unfortunately, old historical wounds have been ruptured. They have inadvertently resuscitated their past inglorious roles in the national disintegration. I don’t blame them, because they were not born before the war, rather I blame their parents that lived through that period. And who should have cautioned them.
I was 9 years old, when Lt Col. Chukwuemeka Odumegwu Ojukwu, the Governor of the then erstwhile Eastern Region of Nigeria seceded and declared the Republic of Biafra. In my youthful foolishness, I staked my life to a worthless cause and enrolled in OJUKWU VANGUARD. By the time I returned to my parents in our village which had been liberated by the Nigerian army, I lost 2 academic years, with war scars physically psychologically and mentally inflicted on me.
To start with, the agitation for Biafra is gross insults to the minorities of the then Eastern Region and worse still on the memories of those gallant men and women that paid the Supreme prices. Though Biafra was created by the Igbos, the minorities mostly from the present day Akwa Ibom and Cross River States, sustained it militarily, administratively and diplomatically.
With this, the roles of the following heros come to mind. Late General Philip Effiong,Ojukwu’s 2nd in command, sustained Biafra militarily. Late Chief Ntieyong Udo Akpan, was the Secretary of the Government of Biafra. He was the defacto Administrator of Biafra. Late Chief Okokon Ndem Okon, was the Director General of Radio Biafra, and their Chief Propagandist. Late Dr Matthew T Mbu, was their foreign Minister and their foremost diplomat. Late Major Archibong was their most brilliant war tactician that liberated Ikot Ekpene six times from the Nigerian army.
With the exception of General Ojukwu, other Igbos used that war to make money. Left for the Igbos, the war would have ended in 1967, it wouldn’t have lasted for 30 months. For instance Col Yakubu Danjuma , of the 1st Division and his Boys literally strolled into Enugu and occupied it. Ditto for most of the Igboland. But late Col Benjamin Adekunle of the 3rd Marine Commando, was frustrated in the present day Akwa Ibom state.
Wherever the battle was tough, most often a non Igbo was the Biafran Commander. The Igbos exhibited so much cowardice. They were saboteurs. It was such that General Ojukwu lost confidence in them, relied and confided only on the minorities, particularly the present day Akwa Ibomites. I am very happy that he appreciated their roles, as were conveyed in his orations at the funerals of late General Philip Effiong, Late Chief Ntieyong Udo Akpan, and late Chief Okokon Ndem Okon, my neighbor.
Again on the night of 15January 1966, 4 Igbos and I Yoruba Majors and their subalterns embarked on a killing spree. By the time it was over, they have assassinated the Prime minister, Alhaji Abubakar Tafawa Balewa, the almighty Premier of Northern Region, Sir Ahmadu Bello, the Premier of Western Region, Chief Samuel Akintola, Chief Festus Okotie – Eboh. The two Igbo Premiers of Midwest region, Osadebe, and that of the Eastern Region, Chief Michael Okpara, were not touched.
The military casualties of that “coup”, were Brigadier Maimalari, Commander of the 1st Brigade and the most senior Northern military Officer, Brigadier Ademulegun, Commander of the 2nd Brigade, and the most senior Yoruba military Officer, Colonels Shodeinde, Pam and Arthur Unegbe(the only Igbo casualty). Suspiciously Major General Johnson Thomas Umunakwe Aguiyi-Ironsi, the most senior Igbo military Officer was spared.
Suspiciously an Igbo man, Senator Nwafor Orizu, the Senate President, (with President Nnamdi Azikiwe on vacation to Britain) handed over power to his Igbo brother, Major General Johnson Thomas Umunakwe Aguiyi-Ironsi. The Igbos were all over bragging about the superiority of their tribe. They waxed a record titled “EWU NEBE AKWA ” meaning the goat is weeping.. That was a mockery of the Northerners over the assassination of their Leaders . And went about provocatively, openly hawking the tearful portraits of the late Prime minister, Sir Abubakar Tafawa Balewa.
The Northerners violently rioted against the Easterners, derogatorily called “Nyameri”. That was the remote cause of the declaration of Biafra and the bloody civil war.
If the present Igbo generation knew the past inglorious roles their fathers played in the disintegration of this Nation, they should be hiding their heads in shame. [myad]

We’re All Brothers, Tinubu Reminds All Nigerians, At Eid-El-Fitr

Bola Ahmed Tinubu 2

Former Lagos governor and All Progressives Congress (APC) national stalwart, Asiwaju Bola Ahmed Tinubu, has reminded Nigerians that they are all brothers who have lived and intermarried for a long time.

He said that it is therefore wrong to incite brother to go against brother and neighbour to combat neighbour.

“Voices calling for secession and break-up are wrong and should not be followed,” he said in his Eid-el-Fitri message today, Saturday,.

The message, issued by Tinubu Media Office and signed by his Media Adviser, Tunde Rahman, said: “voices calling for violence must be roundly condemned.”

He said that the spirit of sacrifice, self discipline, goodwill, justice, tolerance, mercy, forgiveness and compassion inherent in the Ramadan Fast should remain with Muslim faithful to guide their day-to-day interactions and relationships with one another.

“For all Muslim Brothers and Sisters and indeed for all Nigerians, may this be a happy and peaceful Eid-el-Fitri.  The holy month of Ramadan has now past but we dare not allow the spirit and the true meaning behind the holy month also pass. We must keep hold of the excellent and wonderful things the holy month of Ramadan signifies.

“Ramadan is more than a month of fasting. We fast to strengthen our relationship and our appreciation of Allah. We fast to make ourselves better servants of both Allah and our fellow man. As such, we must emerge from the fast imbued with the spirit of sacrifice, self discipline, goodwill, justice, tolerance, mercy, forgiveness and compassion.

“As we enter into the celebration that now follows, these attributes must remain with us to guide, as if by compass, our day-to-day interactions and relationships with one another.

“In this spirit also we must face the travails that confront our nation. As people led by the spirit and strength of our diversity, togetherness and charity towards all, we must also proclaim and declare our support for the unity and genuine integration of all Nigerians under one flag, in one indivisible nation.

“Voices calling for violence must be roundly condemned for it is wrong to incite brother to go against brother and neighbour to combat neighbour. Voices calling for secession and break-up are wrong and should not be followed.

“However, in the spirit of understanding, we must listen to the genuine concerns of our fellow Nigerians so that we may make of ourselves a stronger, more unified and prosperous nation built on a foundation of dialogue and collective purpose.

“We must join hands in order to bring progress. We must decide whether our diversity shall be our strength or our weakness. It is for us and no one else to determine. The lessons of the holy month of Ramadan point to the success of unity not the failure of division.

“Let us move in this way that we may make of ourselves a better people and nation in which all people, Muslim and non-Muslim, may live in trust, peace and justice as Allah would have it be.” [myad]

Ibibios Protest Vehemently Against IPOB For Including Them In Biafra Map

Ibibios

The Ibibio People’s Union (IPU) has vehemently protested against the Indigenous People of Biafra for including its land as part of the proposed Bafran Republic.

The Ibibios said that they categorically and very strongly repudiate the effrontery of those who would draw a map of their dream Biafra and include Ibibio land without prior consultation.”

A communique issued by the IPU, an organization that protects the interests and rights of the Ibibio in Nigeria and worldwide, said that it is compelled to distant itself from the agitation for the Biafran Republic because the Ibibios stil strongly believe in the unity and oneness of Nigeria.

“The Ibibio through their illustrious sons and daughters have contributed and will continue to contribute to perfecting the union and Nigeria project. It is against the foregoing background that IPU wishes to make the following declarations: –

  1. The Union categorically and very strongly repudiates the effrontery of those who would draw a map of their dream Biafra and include Ibibio land without prior consultation.
  2. IPU is not against any ethnic nationality within Nigeria deciding its destiny.
  3. The Ibibio is not, has never been, will never be part of Biafra. While we sympathize with the plight of the Igbos living in the northern part of Nigeria and strongly condemn any act of intimidation, violence against any ethnic group, we wish to declare that the Ibibio are part of Akwa Ibom and Nigeria.
  4. We declare that should Nigeria disintegrate, Ibibio people, are capable of forming their own country by themselves. There are many countries in the world today whose population is less than the current population of Ibibio.
  5. We strongly encourage the federal government to protect the lives and property of all Nigerians in northern Nigeria.
  6. The Union calls on all Nigerian to remain calm, avoid incendiary language and posturing that are inimical to peace and unity.
  7. Finally, the Union calls on the Nigerian forces of law and order to remain vigilant and proactive.

In the communiqué, which was signed by the Global President, Ikpafak Edet Udofia and Global Secretary, Ikpafak Aniekan Udoh, the IPU traced the history of Ibiobio in Nigeria, saying that they have always upheld and believed in the sanctity of Nigeria as one and indivisible despite that fact that Nigeria as a project is a work in progress.

“We believe that the federal government must be a uniting force in bringing the various groups together and ensuring the peace, harmony, and prosperity for all.

“It is also the role of the federal government to protect lives and property of all and to ensure that every Nigerian can live freely without fear or intimidation in any part of the country.

“Ibibio people were and still are well versed with self-governance and do not need others to think or speak for us.

“Ibibio people were the ones to demonstrate to Nigeria the value of higher education by taxing themselves to award scholarships to their children for study abroad when others were yet to appreciate the value of secondary school education.

“Ibibio are well aware of a key reason why the first Biafra project failed and will not agree to be taken for a ride again. We posit that irrational exuberance led to the declaration of the first Biafra “BEFORE ALL the ethnic groups in Eastern Nigeria were properly consulted for their input. The same mistake is being repeated demonstrating that no lessons were learned from the first fiasco.

“IPU have looked around the world and have realized the need for at least one strong country for black people. Since there is strength in size, the Union believes in a united well-governed Nigeria. Nigeria has the people and resources, it only needs good and responsible leaders and the will to be that country. Therefore, we encourage all Nigerians to join hands to work to improve the country.” [myad]

Ekweremadu Wants Spirit Of Ramadan Fasting Continued

Ike Ekwerenmadu

The Deputy President of the Senate, Senator Ike Ekweremadu, has called on the Muslim Ummah to sustain the virtues of endurance, discipline, and love imbibed during the holy month of Ramadan.

Ekweremadu, in his Eid el-Fitr message to the Muslim Ummah today, Saturday said: “I congratulate the Muslim Ummah on the successful completion of the Ramadan Fast. It is also my hope that the virtues imbibed in the holy month are sustained beyond the Ramadan and brought to bear in our personal lives and efforts at nation building.

“Fasting in itself is a lesson in endurance, discipline, holiness, and religious adherence. We must all inculcate these virtues in the management of our country, engagement by interest groups, daily endeavours as individuals.

“With endurance, we will overcome the present recession; with discipline, we will defeat corruption; and with religious adherence, we will entrench love, justice, and equity, which are the hallmarks of major religions in the country.” [myad]

Usmanu Danfodiyo University Dismisses Lecturer For Altering Students’ Results

Prof Zuru of UDU Sokoto

Usmanu Danfodiyo University, Sokoto, has dismissed a lecturer for altering students’ results. The name of the lecturer and the department in which he was teaching was not immediately made known.

The Vice Chancellor, Professor Abdullahi Zuru, told the News Agency of Nigeria (NAN) in Sokoto today, Saturday, but declined to mention the affected lecturer’s full details.

Zuru said “that management of the university took that drastic action to serve as deterrent to others.

“The action is to remind academic and non- academic staffers of what might happen if they try such an act. We will not hesitate to wield the big stick on any staff found wanting for any infractions in this regard.

“The university has no fewer than 30,000 students and the guidelines are there for all to follow. We will not compromise the set standards.”

Professor Abdullahi Zuru cautioned students against examination malpractice and vices, stressing that the university would not tolerate any ill behaviour.

He said that students must conduct both their academic and extracurricular activities in line with laid down rules and regulations or be sanctioned accordingly. [myad]

Union Bank Storms Rivers State, Unveils Upgraded Branches, Elite Lounge

Union Bank of Nigeria

Union Bank has upgraded three branches in Rivers State with a promised commitment to providing simpler, smarter banking services to its teeming customers.

The new branches located in Bori, Kingsway Road and Aba Road areas of the State.

The bank used the occasion to also launch its networking and empowerment programme for young professionals and entrepreneurs and to host customers in celebration of the bank’s 100th year anniversary.

Speaking to customers at the anniversary gala event, the Chief Executive Officer of Union Bank, Emeka Emuwa said: “we are very proud of our 100-year-old heritage as this is not a feat easily achieved. We are however also looking forward and preparing for the next 100 years.

“At Union Bank, we are very passionate about our customers and we are committed to ensuring they have access to the best banking service possible. This has prompted us to equip our branches with state-of-the-art infrastructure. Our mobile and internet banking applications are also one of the best in the country as we strive to ensure our customers experience service excellence across the country.”

Also speaking during the launch of the upgraded branches, Joe Mbulu, Transformation Director, Union Bank said that the overhauling of the branches was as a result of the bank’s firm commitment to ensuring that its customers have access to the best and most effective banking solutions.

“We are providing the simpler and smarter way to bank through these improvements. It isn’t just a tagline for us, it is a promise – one which we will continue to keep.”

Among the stakeholders and government dignitaries at the occasion wwas the Chief of Staff to Government House, Engr. Chukwuemeka Woke who represented the Governor of Rivers State.

The Bank also launched an Elite Lounge at the Kingsway Road branch in Port Harcourt.

The Elite Lounge will provide value added banking benefits and a range of personalized banking services to Elite Banking customers of the bank.

Elite Banking customers also enjoy other benefits of the banking segment which includes having a dedicated Elite Associate/Relationship Manager dedicated to them, access to exclusive Elite Lounges as well as Priority Pass cards which grant customers access to 850 airport VIP lounges around the world. [myad]

Panic-Stricken Dino Melaye Runs To Court Over Recall Saga

Dino Melaye

Senator Dino Melaye of Kogi West Senatorial district has filed a lawsuit at the Federal high Court in Abuja seeking a court injunction to halt his recall from the Senate
the Independent National Electoral Commission (INEC), had earlier this, week confirmed the receipt of a petition against Melaye from his constituents and promised to embark on the process of verifying over 188,000 signatures submitted to the commission.
But today, Friday, Senator Melaye said he has started a court proceeding against INEC.
He said via his Twitter handle: “I have filed my case against INEC today at the Federal High Court Abuja today.”
He uploaded the scanned copies of the suit. [myad]

Osinbajo Laments The Retreat By Nigerian Elite To Their Ethnic, Religious Camps

Happy Nigerians

“The last two decades in Nigeria have witnessed the quickened retreat of the Nigerian elite to their ethnic and religious camps. I would like to emphasize the fact that this was essentially an elite phenomenon – unity and disunity are promoted by the elite to which the vast majority of the Nigerian people were only later conscripted.”

This was the lamentation as postulated by the Nigeria’s acting President, Professor Yemi Osinbajo when he addressed the Senior Course 39 as they graduated from the Armed Forces, Command and Staff College, Jaji, Kaduna state today, Friday.

Professor Osinbajo acknowledged that the new generation of elite, of which he is one, are being paid for with taxpayers’ money, “and so we must be its foremost think-thank.”

He recalled that in the past few years, what elite had been churning out to members of the public are expressions such as Nigeria’s ethnic nationalities even as the elite also promote race and geopolitical zones such as Ndigbo people, Arewa people, the Yoruba people, South-South, North-East, South-West, North-West and South-East and other parochial description that were hitherto unknown.

According to the acting President, the rise of ethnic chauvinism rode on the wings of several agitations, adding that the narrative of most agitations centres around alleged marginalization and fears of dominance of one faith over the other.

“In the 2015 elections, the ruling party repeatedly tried to cast the opposition as a party of Islamists determined to islamize Nigeria. The expression Janjaweed party took root.

“Most ethnic agitations are centered around getting a larger share of the national cake or more favoured placement in the food chain because they were essentially elite claims: the vast majority of the populations of the ethnic groups that win some concession or the other never really benefit.

“So, the mere fact that a South-South person became President did not necessarily translate to prosperity for the tribe, neither was it the case when a President from the North-West emerged, nor one from the South-West.

“Aside from a few individual beneficiaries of some appointments or the other, there is usually nothing to show for the ethnic group of those who emerge in Nigeria’s numerous ethnic contests for power. Yet, the contests of the tribes are heightened by the elite, usually for personal political or commercial ends.

“When you hear a person say that my tribe has been marginalized usually what he is saying is appoint me. The ethnic card is an effective bargaining tool.

“A major drawback of ethnic chauvinism is the way that it is used to mask wrongdoing and promote impunity. Notice that when people are charged with looting public funds they quickly find a counter narrative. It is because I am Yoruba, Fulani or Igbo; or the Christians or Muslims are after me.

“Appointments in the public service are no longer even judged on merit. The question is how many are from my own ethnic group. A terrible affliction, when you consider that what we are looking for are men and women of integrity and talent to run our economy and create a future for our children. Why is that when we want to win at football we don’t ask which ethnic group the players are from? But perhaps at its most extreme and dangerous are hate-filled agitations for secession or autonomy.

“In the past few weeks we have as a nation witnessed the escalation of such agitations usually couched in deliberately intemperate and provocative language. The reckless deployment of hate speech and the loud expressions of prejudice and hate, name calling of those of other ethnicities and faiths is a new and destructive evil in our public discourse. But even more divisive words, expressions, and actions calculated to create fear and uncertainty have also been freely used.

“Young people in the South-Eastern states under the aegis IPOB, issued a stay at home order as part of actions to prove support for their agitations for secession. In the Northern states young people under the aegis of the Arewa youth, issued an ultimatum to Igbos living in the Northern states to vacate before the 1st of October.

“The problem with hate-filled and divisive speech is that they tap into some of the basest human instincts, bringing up irrational suspicions, fear, anger, and hatred and ultimately mindless violence. People who have lived together as neighbours and friends suddenly begin to see each other as mortal enemies.

“The tensions that led to the killing of over 800,000 Tutsis and Hutus considered Tutsi sympathizers in the Rwandan genocide, were roused by hate media. The most notorious was the Radio-Television Libre des Mille Collines (RTLMC), which became immensely popular as a young, hip alternative to the official voice of the government. It played popular music, and encouraged the public to phone-in and participate in radio broadcasts. Amongst its listeners, RTLMC attracted the unemployed youth and Interhamwe (Canadian NGO). The station also became notorious for its covert and overt naming of Tutsi individuals who it claimed deserved to be killed.

“General Romeo Dallaire, the commander of the UN peacekeeping operation in Rwanda at the time of the genocide, said: “Simply jamming [the] broadcasts and replacing them with messages of peace and reconciliation would have had a significant impact on the course of events.

“Fortunately the purveyors of this tragic hate media did not escape unpunished. The ICC in Arusha eventually sentenced the owners of the hate radio stations and newspapers to long prison terms.

“Some of our youth groups urging secession already are deploying hate media, using radio and social media. The language on those media are inciting, provocative and insulting to the individuals who are named, and to the beliefs of others.

“While we must remain irrevocably committed to freedom of expression and the tenets of a free press, we must draw the line between freedom that conduces to healthy democracy and that which threatens and endangers the entire democratic enterprise. It is an important balance that we must strike. Failure in any way will be tragic.

“The truth is that our nation and national unity is worth preserving and protecting. We are the pre-eminent power in Africa today in terms of population, size of our markets, natural resources and economy.

“We are a factor in the geopolitics of the world and no one can ignore a nation-state that is home to one in every four black persons. Smaller is weaker not stronger today.

Your Excellency, distinguished ladies and gentlemen, history and experience has shown that countries can alter their destinies. Italy, India and Nigeria – to use just three examples, share one thing in common: at one point early in their existence people questioned their viability as nation-spaces; spoke of them in terms of being no more than mere geographical expressions.

“Indeed not many Nigerians seem to know that the often quoted line about Nigeria being a “mere geographical expression” originally applied to Italy. It was the German statesman Klemens Von Metternich who dismissively summed up Italy as a mere geographical expression exactly a century before Nigeria came into being as a country. Churchill describing India said it was no more a nation than the equator, (which is just an imaginary geographical line).

“But what fate saddles a country with, and what that country makes of itself, we have since learned, can be two very different things. India for example has over the last couple of decades built itself into a technology and software powerhouse, and has also made impressive strides in nuclear and space technology. It has successfully created alternative narratives to a narrative of ethnic and religious division.

“Italy on its own part has made its mark on the world in fashion and in automobiles; so that when people think of it today they are more likely to think of its venerable cuisine and fashion houses than its still-very-real fault lines.

“What the stories of these countries tell us is that we do not need to be a perfect union before we can be a great country and there is no better example of that than the United States of America – a country that thrives, not in spite of its diversity, but because of it.

“It is my respectful submission that the responsibility for a similar kind of greatness here in Nigeria lies in our hands as the country’s elite. We must rise above unproductive ethnic and religious sentiment.

“We must develop the emotional intelligence required to cope and adapt in a swiftly and constantly changing world. We must adopt a global mindset that seeks to learn from the experiences of other countries, far and near, so that we do not waste valuable time repeating mistakes that we should have learned to avoid.

“One of those lessons is that today’s wars never really end. This should be a sobering lesson to us all in Nigeria, as we contend with the forces who seek to stoke violence and bloodshed in our country.

“Somalia, Syria, Yemen, and closer home, the Central African Republic, Libya and the Democratic Republic of Congo; these wars have raged for years. Some of them have in fact gone on so long that they have been tagged as ‘forgotten wars’. Contemporary wars, we have learnt, are extremely easy to start, but difficult to end.

“Another lesson is that in the 21st century the theatre of war is increasingly shifting to cyberspace. Terrorist organizations, purveyors of hate speech, all of these and many more who seek to destabilize the world are busy staking out territory on the Internet, and scoring significant victories and conquests for themselves. As members of the Armed Forces, with a mandate to protect Nigeria from all forms of internal and external aggression, you will increasingly be judged as much on the basis of your success online as on your successes on the conventional battlefield.

“The Internet has altered or disrupted every industry we know of: Politics and Elections, Business and Commerce, Governance; and is changing the very nature of warfare.  Websites teaching on how to make and use IEDs and other explosives are numerous.

“Today a great deal of the threats facing Nigeria are being nurtured and cultivated in the vast spaces of the Internet. The rumblings of secession, the dangerous quit ultimatums to ethnic groups, the radio stations and blogs that spew divisive speech and exploit our fault lines; all of these are now to be found online.

“This means that the military and its officers and men must itself devote resources and talent to these new battlefields, where mindless verdicts on the continued unity and existence of Nigeria are daily being delivered.

“As you make your way out of the hallowed halls of this institution, into the ‘field’, as you would describe it, you have huge roles to play in the way Nigeria turns out in the years and decades ahead.

“Even though the days of military rule are now well behind us as a nation, the role of the military is still as critical as ever – and not just in the traditional areas of deterring threats and protecting lives and property.

“The Military of the 21st century must realize that it has a role to play in supplying reinforcement to the good side in the clash of ideas that today define the world: ideas of moderation, tolerance and sensibleness versus ideas of extremism, xenophobia, and terror. The Boko Haram terrorism is a perfect example of the types of scourges that the world faces.

“The battle is not just to defeat the terrorists, the greater battle is to defeat the ideology and mindset that feeds the madness and to cut off its oxygen, money and publicity.” [myad]

CBN, NCC Wade Into Etisalat, Banks Legal Tussle To Save Jobs, Asset Stripping

court_logo

The Central Bank of Nigeria (CBN) and the Nigeria Communications Commission (NCC) have waded into the legal tussle raging between Etisalat and a consortium of 13 Nigerian Banks over a syndicated loan of about US$1.2 billion granted the telecom company by the banks.

The decision by the CBN and the NCC to intervene was said to have been made in order prevent job losses and asset stripping.

CBN Spokesman, Isaac Okorafor who confirmed the development to news men today, Friday, said: “although it should ordinarily not be the role of a regulator to decide how individual bad loans are resolved, the CBN believes that Etisalat is a systemically important telecommunications company with over 20 million subscribers that if not well handled, may have negative implications for the banking system itself.”

He said that the CBN and NCC, sensing that banks might go ahead in the usual way and downsize the company’s over 4,000 staff, reached an agreement to intervene and implore the consortium of banks to be reassess its position in dealing with Etisalat.

Okorafor described some media reports insinuating high-handedness by CBN on the issue as “the height of mischief and insensitivity” explaining that the collaborative move by the regulators was aimed at preventing job losses and asset stripping and to ensure that Etisalat remains in business and is able to pay back the loans.

According to him, the CBN and the NCC, in the coming days, will meet with the syndicate of banks and the IHS Towers, the tower managers and the equipment suppliers, in order to achieve what he termed “a win-win outcome” for all stakeholders.

It will be recalled that Etisalat has been embroiled with a consortium of 13 Nigerian Banks that gave it a facility of about US$1.2 billion, on which the company has been unable to meet its repayment obligations in line with agreed terms of the facility.

Given the inability of Etisalat to come to an acceptable agreement with the banks, the largest shareholder in the company, Dubai-based Mubadala Development Company of the United Arab Emirates, has now pulled out of the company as well as the ongoing negotiations, leaving only their local partners, led by Hakeem Belo-Osagie, to carry the burden.

It was based on the attempt of the banks to take over the company that the financial and telecommunications regulators have moved in to intervene and forestall down-sizing and asset stripping. [myad]

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