21112022

8 — Vanguard, MONDAY, NOVEMBER 21, 2022
:Vanguard News
:@vanguardnews :@vanguardnews NEWS HOTLINES: 08052867023, 08052867058
CONDOLENCE
VISIT: APC
Presidential
candidate, Bola
Tinubu (left) and
Lola Akande
(widow), during
Tinubu's
condolence visit
to the family of
late Dr Kolapo
Akande in Lagos,
weekend.
Labour threatens to challenge sale of
Union Bank, Polaris Bank in court
•Raises concerns over secret sale, workers’ 10% shares, etc
By Victor Ahiuma-
Young
LAGOS—LEADERS of the
National Union of Banks ,
Insurance and Financial
Employees, NUBIFIE, have
raised concerns over the perceived
lack of transparent acquisition and
sale of Union Bank Plc and
Polaris Bank, threatening to
challenge the sale in court.
Among the concerns raised by
the leaders of NUBIFIE is the
issue of 10 percent statutory
shares that should be allocated
to workers in the sale of the banks,
especially Polaris Bank which
included the defunct Afribank
owned by the government.
Announcing the communique
issued by NUBIFIE at the end of
its National Executive Council,
NEC, meeting in Abuja, to a cross
session of Journalists weekend in
Lagos, President and General
Secretary of NUBIFIE, Anthony
Abakpa and Ishiyaku Sheikh,
respectively, asked “the Federal
Government, the Bureau of
Public Enterprise, BPE, and other
government agencies that
midwifed the sale of Polaris Bank,
to “explain to NUBIFIE members
what happened to their statutory
shares. We have neither forgotten
about the shares nor abandoned
it. We will ask for it because it
belongs to workers. We are going
to demand for it from government
and BPE. It is statutory in line
with the privatization act.”
Reading the communique, the
President of NUBIFIE, among
others, said “The NEC-in-Session
having reviewed the sale of the
two banks; Union Bank of Nigeria
Plc and Polaris Bank Limited,
respectively, observed that
several salient questions have
been left unanswered.
“Without prejudice to interagency
collaboration, the
question arises as to what roles
did the two agencies, namely, the
Central Bank of Nigeria, CBN, (
under whose watch and
supervision the banks referred to
became distressed or insolvent)
and, the Asset Management
Corporation of Nigeria, AMCON,
played in the determination of
who best suited to acquire or buy
these enterprise?
The NEC-in-Session taking
cognizance of the huge amount
of tax payers’ money sank into
Polaris Bank to the tune of over
one trillion Naira, could hardly
come to terms, or comprehend the
manner in which a deal involving
such magnitude could be
executed without public
awareness or visibility.
“The Union is concerned that
such manner of transaction with
a N50 billion paid and the rest
spread over 25 years is more likely
to be viewed as patronage, and
could hardly elicit public
confidence which such a bank
needs now as a matter priority.
“The Union is equally
concerned about how the
massive fixed assets of the bank
would be managed or was the
deal inclusive of all the bank’s fixed
and movable assets in the sale
that generated the N50billion
being quoted in the media. If so,
that would further reinforce the
believe that the sale was
anything but a transparent
transaction.
“And when ethical values are
undermined and standards
compromised, credibility of such
transaction becomes suspect, and
people gradually lose faith and
confidence. If left unresolved in a
transparent manner, it would
ultimately pave way for another
round of distress, which is why
we are concerned.
“Another question is whether
AMCON was allowed the free
hand in the exercise of its
statutory responsibility as vested
on it by Section 34 (a ) and ( b ) of
the Principal Act 2021 as
amended, in carrying out its role
in the entire process of the sale of
the bank, as required of it by the
Act. This is very important for a
transparent management of the
entire fixed and movable assets
of Polaris bank.
“As regard the acquisition of
Union Bank (a bank of over 100
years of existence) by a bank of
slightly less than 10 years in
existence ( Titan Trust Bank ) was
another transaction that may
have been in default of due
process, transparency and,
accountability, given the
entrenched and established
capacity of Union Bank across the
country, including its offshore
branches.
“Union bank of Nigeria Plc has
offshore branches all over,
especially the London branch and
many others in Europe and Africa.
What becomes of such branches?
Obviously, decent society where
rule of law and adherence to
regulations are respected,
regulatory authorities in some of
the offshore countries would most
likely not allow a bank which has
not met the requirements in terms
of its cognate profile and
institutional experience to acquire
or buy the offshore branches.
“The union continues to
wonder if the intention was to
salvage a supposedly weak bridge
bank and build it into a sort of
strong mega bank? Where were
the other banks with
demonstrable, solid track record
of excellence and institutional
experience ? Could it be that none
were interested in acquiring a
behemoth of a bank like Union
bank Plc?
“Our concern as a union is that
any transaction of such
magnitude conducted in a
cavalier manner devoid of
consensus from all stakeholders,
including workers and the
ordinary day-to-day depositors,
amounts to abuse of power and
privilege , which is likely not to
going to be sustainable in the long
run.
“The NEC of the Union is
studying all options available to it
over the sale of the two banks
and is prepared not only to defend
the rights of workers whatever
their status may be, but also
challenge the entire process in a
competent court of law to demand
for equity, justice and fair play and
protect the voiceless majority.
“Motivated and guided by the
desire to defend due process and
transparency in the manner in
which matters relating to banks
and insurance are conducted by
relevant regulatory authorities
and ensure conformity with the
ethical tradition of fidelity, trust,
integrity, confidence and
transparency as required of them,
NEC unanimously authorized
the national secretariat of the
union to take necessary
measures in compliance with its
resolutions to seek remedy on
behalf behalf of itself and the
voiceless majority.”
Gas flaring: FG woos investors
in Europe, US, Canada to buy
50 clusters to develop the gas clusters.”
By Udeme Akpan,
Energy Editor
THE FEDERAL Government
has intensified efforts at
getting investors to buy its 50 gasflaring
clusters in the Niger Delta,
under the nation’s Nigerian Gas
Flare Commercialisation
Programme, NGFCP.
Checks by Vanguard showed that
the government has already
engaged many potential investors
in Europe and the United States,
while efforts are underway to meet
some groups in Canada.
The gesture is based on the
government's conviction that the
potential investors, expected to
partner with their domestic
counterparts hold the key for
success, especially as they have
adequate technologies, funds and
experience to invest in the project
as stipulated in the nation’s
Petroleum Industry Act, PIA.
FG’s commitment
The Chief Executive, Nigerian
Upstream Petroleum Regulatory
Commission, NUPRC, Gbenga
Komolafe, who confirmed the
development in a telephone
interview with Vanguard,
yesterday, said: “President
Muhammadu Buhari has already
expressed commitment to ending
gas flaring. As an agency, we are
in the process of implementing this
project to realise the objectives,
including the harnessing of
additional energy for domestic
consumption, creation of jobs,
technology transfer and Energy
transition.
“It is better for us as a
government to inform the
international community because
it demonstrates our commitment
to the project. We believe that it
would make the task much easier
to indigenous investors interested
in partnering with foreign
stakeholders, including financiers
Engagement with
ExxonMobil,
B&B Energy
He said: “Apart from holding
engagements with potential
investors in Europe, United States
and Canada through webinars, we
have also engaged with selected
groups, including ExxonMobil and
B&B Energy with the hope that
they would collaborate with
domestic investors to buy and
develop the gas clusters, thus
creating many multiplier effects.”
Programme relaunch
It showed that with the
emergence of the PIA and
NUPRC, fresh efforts were made
to restructure and relaunch the
programme in August 2022, thus
ensuring end-to-end value was
established.
Komolafe had recently told
Vanguard: “Following its
inauguration in August 2022, the
NGFCP team indeed hit the
ground running and we are
confident that an accelerated
implementation will be realized as
intended.
''It is noteworthy though, that
the Commission also engaged the
investment communities in a Pre-
Bidders’ Conference on October
19 to feel the pulse of the market
and gauge the expectations of
interested parties.
''We have fed the valuable inputs
received from the international
conference into the Programme to
ensure the successful and
seamless actualization of our
objectives. In response to the
market, the commission extended
the Statement of Qualification,
SOQ, submission deadline to
November 28, 2022, to enable
wider participation by various
interest groups in the
opportunities afforded by this firstof-its-kind
auction round.''
I studied law to fulfill my father's wish for me —Amaechi
•Says: I laugh when I hear people say I bought certificate
•Explains why he refused to fund establishment of Law School in Rivers
By Joseph Erunke &
Gbemiga Olamikan
ABUJA—FORMER Minister of
Transportation, Rotimi
Amaechi, has said he went back to
school to study Law just to fulfill
his father's wish to be a lawyer.
But the former governor of
Rivers State, who hinted that he
would go a step further by going to
Law School to be called to bar, said
he had no intention of practicing
law, even as he said he had started
a Masters programme in Corporate
and Company Law at Kings
College, London.
Speaking exclusively to Vanguard
yesterday in Abuja, the frontline
politician and chieftain of the ruling
All Progressives Congress, APC,
said contrary to claims in some
quarters that he bought the Law
degree certificate, he actually
worked hard for it.
He said throughout the duration
of the programme, he was dedicated
to his studies, disclosing further
that even as a minister, he was
always ahead of lecturers and
students in punctuality, a
development he disclosed made
the Baze University to present him
award for deligence and
punctuality.
He said going back to pursue a
fresh degree in Law at the age of
57 was normal to him, saying he
merely achieved what he had
wanted a long time ago.
Amaechi said: " Going back to
obtain Law degree at 57 is normal.
I should have graduated a long
time ago. When I hear people say
I bought a degree, I just laugh. I
laugh because until I started
campaigning for presidency, I
never missed a class.
''So for three years and six
months, I never missed a class.
And I came before all the lecturers
and I came before all the students.
"The school gave me award for
being deligent and punctual. I
never failed any course work. But
that's not important, what is
important is that I wrote all my
course work in person, so they can't
say lecturers gave me pass marks..
" In Baze University, we don't
write matriculation number or our
names. They give you a barcode
which you place on the answer
sheet. So when the teachers mark,
they mark what is called blind
marking and they can't take it
home.
''They mark there in the school.
If they can't finish, they leave it
there and come back the next day.
When they come the next day,
they continue. And as they are
marking, they mark with barcode
so they don't know the name of
the person or the matriculation
number and I don't think they are
handwriting experts.
" Let me give you an instance. I
scored 69 per cent in
Jurisprudence which was a B
grade. The person who taught me
Jurisprudence was my supervisor
in my long essay, I'm sure if he had
known that it was me, he would
have added me one percent to
make it 70.
''The whole faculty was like
"oh,no,he should have added you
one percent to make it 70t."
On his inspiration to pursue the
course, Amaechi explained: "First
and foremost, it was to fulfill my
father's wish that I read Law. At
least, I have satisfied his wish and
he would have been happy if he
was alive.
"He was in love with the work of
Rotimi Williams who was one of
the best lawyers then and felt I
should be like him.
"When I got the admission, I
started asking myself how would I
cope with my work. I would go to
school as early as 8am and report
to work by 6pm. I would work from
6pm to 11 pm and sometimes
11:30pm then I go home. I did that
on Mondays, Tuesdays and
Thursdays. Wednesdays were
cabinet meetings. I worked
Wednesdays and Fridays. "
Asked if he would go to Law
School, he said: "Yes,I think so. I
may go to Law School. I'm already
doing a Masters degree in
Corporate and Company Law at
Kings College, London. I hope to
combine it with Law School.
"I don't intend to practice but to
have the knowledge of law and
the certificate It is to help me not
to make some mistakes. There is
no excuse in law. There are some
things you can't know except you
read law "
Amaechi, who admitted refusing
to fund the establishment of Law
School in the state while he held
sway as governor of Rivers State,
faulted his successor for commiting
the state's money to the project
which he described as federal
government's responsibility.
"Yes, it's true. I asked them when
they brought the proposal, I asked
them, would the federal
government fund it? and they said
no. I'm not father Christmas. I said
primary schools in Rivers State are
not functioning, secondary
schools are not functioning and I
would go and build a law school for
government as big as the federal
government?
''I told them that I have a land
and here's the land and they said
no. So,I don't know why that is an
achievement for a man whose
primary and secondary schools are
not functioning and teachers are
not paid.
" By the time I did audit of
education in Rivers State, we
trained 90,000 teachers and I
employed 13,200. So that money
that he used in building law school
would have been used to employ
more teachers.
''So that money that you are
investing in a big federal
government's project you should
have used it to employ more
teachers, build more schools and
create more jobs for our people.
Rivers State has the highest
number of unemployment," he
added.
C
M
Y
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