Africa´s richest man plans to buy Arsenal ´in three to four years´

Africa's richest man has claimed that he wants to buy Arsenal within "three to four years". Aliko Dangote, a businessman from Nigeria who is reportedly worth $10.9billion, stated last year that he was prepared to pay any sum to take ownership of the Premier League club away from Stan Kroenke.

 Dangote, a lifelong Arsenal fan whose fortune is largely tied up in Lagos-based Dangote Cement Plc, is reported to have lost $4.4bn this year due largely to the depreciation of Nigeria's currency.
 But the 59-year-old says he still plans to complete a takeover of the Gunners before the end of the decade once his latest ventures in gas pipelines and an oil refinery have developed. "Maybe three to four years," he told Bloomberg Television when asked when he intended to buy the club.
"The issue is that we have more challenging headwinds. I need to get those out the way first and start having tailwinds. Then I'll focus on this." Dangote believes his success in the business world proves he is the right man to transform Arsenal's fortunes, after years of relative stagnation under Kroenke and manager Arsene Wenger. "It's not about buying Arsenal and just continuing with business as usual," he said. "It's about buying Arsenal and turning it around.
"I've run a very successful business and I think I can also run a very successful team. Right now, with what we're facing, over 20billion dollars of projects, I cannot do both." Kroenke, who has been criticised by fans for a perceived lack of interest in the team's on-pitch successes, increased his majority shareholding to 67.05 per cent in May. Alisher Uzmanov, the Russian billionaire who owns a 30.04 per cent stake in the club, moved to deny rumours last month that he was considering selling his shares, insisting that he sees the Gunners as "a long-term investment for family and future generations".
Arsenal, who dispatched Nottingham Forest 4-0 in the EFL Cup on Tuesday, have won three, drawn one and lost one of their opening five Premier League games this season.

Budget padding: Reps in rowdy session as Jibrin supporters battle suspension motion

THE House of Representatives was thrown into a rowdy session yesterday, following a motion by the Chairman, House Committee on Rules and Business, Orker Jev, over alleged infringement of members’ right and privileges by the former chairman of Appropriation Committee, Abdulmumin Jibrin.

The House, presided over by the speaker, Yakubu Dogara, resolved to refer the matter and Jibrin to its Committee on Ethics and Privileges for proper investigation, with a mandate to report its findings and make appropriate recommendations within a week.
 Jibrin had accused the Speaker, Yakubu Dogara, his deputy, Yusuf Lasun, Chief Whip, Alhassan Ado Doguwa, and Minority Leader, Leo Ogor, of being behind the alleged padding of the 2016 budget.
Jev in the motion, had stated that the privileges of members, practices, precedents were breached by Jibrin, adding that the punishment for the act was suspension for a period not less than six months.
But he was interrupted by the Jibrin supporters, led by Aliyu Madaki, who represents Dala Federal Constituency of Kano State on the platform of the All Progressives Congress, APC, who was shouting point of order to stop him from delivering his motion. This threw the House into a rowdy session.
 While supporters of Dogara urged Jeff to go ahead, those of Jibrin, including members of the Transparent Group, made spirited but unsuccessful efforts to stop the motion. Jev, who moved the motion about 11:48am, had in his introductory remarks, stated that there were expectations, especially from the media that the House was going to be rowdy, adding, “we will disappoint them.” He said: “I am asking for permission to move a motion on the collective breaches of privileges of members.”
 This was greeted with repeated shout of nay from Jibrin’s supporters, and for about one hour, the House was rowdy as the sergeant-at-arms quickly formed a ring around the Mace to protect it.
This did not, however, deter Jev who went ahead to read his motion, which was later passed through a resounding voice vote and referred to the Ossai Nicholas Ossai-led Committee on Ethics and Privileges. As the melee continued, Jibrin left the chamber, while supporters of Dogara who were in majority, started distributing green muffler bearing the name of the speaker. Jev, in his motion, noted that Jibrin was relieved of his appointment as Chairman of the House Committee on Appropriation on July 21, 2016, adding that a day after his removal, he (Jibrin) allegedly embarked on a campaign of calumny and denigration by making false and scandalous statements and publications in the print, electronic media and internet against the entire membership and institution of the House of Representatives and National Assembly.
He said the contemptuous statements made by Jibrin against the House and its members were punishable by six months suspension. However, the embattled former Appropriations Committee chairman, Abdulmumin Jibrin, said yesterday he would not appear before th ethics committee. He said he would only appear on the condition that the Ethics Committee conducted its investigation in public.
Jibrin, who represents Kiru-Bebeji Federal Constituency of Kano State, said: “I attended the sitting of the House today (yesterday) and carefully observed the proceedings concerning the allegations of budget fraud and corruption I leveled against Speaker Dogara and three other principal officers.”

Labour rejects calls for sale of NNPC, NLNG, others

ORGANISED Labour, yesterday, kicked against clamour for the sale of national assets such as the Nigeria National Petroleum Corporation, NNPC and Nigeria Liquefied National Gas Company, NLNGC, among others, describing the calls as not only evil but, unpatriotic aimed at continuous enslavement of Nigeria.

Speaking through the Nigeria Labour Congress, NLC, led by Joe Ajaero, it warned that any attempt to sell the assets would be resisted as previous privatization exercises only made few privileged individuals to appropriate national assets to the detriment of the general masses.

 In the statement by Ajaero, Labour noted that privatization exercise had failed woefully in Nigeria and the evidences abound throughout the country. The statement reads: “Congress views with utmost apprehension the recent call on the Federal Government by some highly placed individuals to sell-off our priced national assets especially the Nigeria Liquefied National Gas Company to private entities.

 We were alarmed at the call but considered it inconsequential at that time but agreed to raise the red flag on it and watch events closely. Our fears have however rebounded greatly keeping us on our toes on reading the text of the welcome back address to the 8th Senate which has been on as usual unprofitable recess by its President, Dr. Bukola Saraki. “We assert that this call is contemptuous of the Nigerian nation and its suffering masses. To seek to sell our remaining national patrimony is to say the least an attempt to mortgage our collective future in favour of a few economic cannibals and Buccaneers who unconscionably have commandeered the Nigerian state and its levers of power with the hope of using it to hijack our national patrimony.”

Labour vowed that “Nigerian workers and masses cannot stand by and watch this group of jobbers whose source and history of wealth is well known to many Nigerians further plunge this nation deeper into the mud under the guise of seeking solutions for the perhaps contrived economic recession. Those whose actions in the past have all cumulated into the economic mess are now seeking avenues to offload and launder their stolen wealth.

“Historically, no nation has had to sell off its treasures as a means of resolving recession. A man that trades his house for food will have no place to stay after the hunger is assuaged. The idea of selling off assets such as the NNPC and by extension the nation’s holdings in the JVCs, the NLNG, shares in international financial institutions such as ADB and IFC are rather paradoxical. It amounts to mortgaging the future of our unborn generation so that few individuals can satisfy their yearnings to control our national patrimony.

 “A sensible nation does not go on chest-thumping trying to sell its cash-cows or its performing assets in times of difficulties. These assets guarantees the nation’s present and future as it provides the much needed resources to continue running the nation.In Nigeria, we seem to have perfected the act of the absurd putting common sense and logic on its head all the time to our eternal detriment.”

Nigeria will soon become most attractive investment destination – Buhari

President Muhammadu Buhari on Wednesday in New York, has assured potential investors that Nigeria would soon be one of the most attractive places to invest as his administration has embarked on significant economic reforms.
The President gave this assurance to a large gathering of political and business leaders from the U.S., Africa and other regions of the world at the Second U.S.-Africa Business Forum in New York.

News Agency of Nigeria (NAN) reports that the forum was organised by the U.S. Department of Commerce and Bloomberg Philanthropies.
 The Nigerian leader said that the Presidential Enabling Business Environment Council headed by Vice-President Yemi Osinbajo, will soon come out with wide-ranging business environment reforms on ports, visa-on arrival, improving the speed and efficiency of land titling,business registration among others.
Other fiscal incentives he noted, include, up to five years tax holiday for activities classified as “pioneer;” tax-free operations; no restrictions on expatriate quotas in Free Trade Zones; and a low VAT regime of five per cent.
 “We intend to make Nigeria one of the most attractive places to do business,” he declared, even as he noted that Nigeria remains the number one investment destination in Africa.
Buhari added that his administration will continue to strengthen government institutions in order to address the concerns of investors and ease investments in the Nigerian economy. “We are weaning ourselves from a historical dependence on crude oil, diversifying our economy, and putting it on the path of sustainable and inclusive growth.
To this end, we have embarked on policies aimed at establishing an open, rules-based and market-oriented economy.
We will continue to actively engage with the private sector at the highest levels to listen to your concerns and to assure you of our commitment to creating enabling policies in which your businesses can survive and thrive,” Buhari said.

He urged participants to “take advantage of this Forum to establish and strengthen business relationships, share valuable experience and collaborate for mutual benefits.” Buhari, while stressing that enormous potential exists for foreign investment and for the local economy, he listed sectors which have barely been exploited to include Nigeria’s 1’70-million population and abundance of labour; arable land; forest waters; oil and gas; solid minerals; livestock and huge tourist potential.
 According to him, “These are no doubt challenging times for the Nigerian economy. “But let me use this opportunity to boldly affirm our conviction that there is no crisis without an accompanying opportunity. “In our case, we see Nigeria’s ongoing economic challenges – occasioned mainly by the fall in oil prices – as an opportunity to set the economy firmly on the path of true diversification, sustainable economic growth and shared prosperity,” he noted.
 The President said that the reform measures taken by his administration since inception in 2015, have started yielding fruits especially in the areas of security, anti-corruption and revamping the economy.
He said the priority investment sectors for his administration now are improving infrastructure, industrial productivity, agriculture, mining and digital economy where young Nigerians are increasingly demonstrating that they have the talent and the passion to leverage. On U.S.-Nigeria business relations, he announced the commencement of the U.S.-Nigeria Commercial and Investment Dialogue with a focus on infrastructure, agriculture, digital economy, investment and regulatory reform to be jointly led by the Nigerian Minister of Industry, Trade and Investment and his US counterpart. The President said that with this Business Forum, he looked forward to increased trade and investment flows between Nigeria and the U.S.

Patience Jonathan gives EFCC 14 days to defreeze her accounts

PORT HARCOURT- SOLICITOR to former First Lady, Mrs. Patience Ibifaka Goodluck Jonathan, First Law Associates, has given the Economic and Financial Commission, EFCC, 14 days with effect from September 18 to defreeze her accounts and tender a public apology to her. Senior Partner, First Law Associates, Timipa Okponipere Esq. in an open letter to EFCC chairman, Ibrahim Magu, urging the Commission to leave Mrs. Jonathan alone, warned that it refused to conform: “We shall file an action at the African Commission on Human Rights at the Gambia demanding N5 billion in exemplary and punitive damages.”

The solicitor observed: “There is no established legal or political precedent for what the EFCC is currently doing to our client. How many former First Ladies in Nigeria have received the Patience Goodluck Jonathan Treatment (PGJT) to have warranted the EFCC to engage in the effrontery to freeze our client’s accounts and subject her to public opprobrium, ridicule and disgrace? This nonsense must stop forthwith.” He said: “Our client is a respected senior citizen of international repute, a retired Permanent Secretary and the immediate past First Lady of the Federal Republic of Nigeria. Our Client is a law-abiding citizen who has never or at all been the subject of any criminal and/or financial investigation, whether at home or abroad. Accordingly, she has not been found guilty of any criminal conduct throughout a sparkling public service career spanning over 35 years.” “During the 5 years our client served as First Lady of the Federal Republic of Nigeria between May, 2010 and May, 2015; she was the Initiator/Founder of the A. ARUERA WOMEN FOUNDATION as well as the WOMEN FOR CHANGE INITIATIVE; both of which Non-Governmental Organizations (NGOs) substantially contributed to the 35 per cent affirmative action for women in the country. Our Client is the recipient of numerous local and international awards in recognition of her untiring commitment towards uplifting the living standard of women, children and the aged in Nigeria. “Sir, it is against this sterling and meritorious background of our client that we most respectfully, write to draw your attention to the numerous breaches of the 1999 Constitution (as amended) and the African Charter on Human and Peoples Rights (Ratification and Enforcement) Act 2004 committed by the Economic and Financial Crimes Commission (EFCC) in cause of the Commission’s illegal and unlawful investigation of our client for alleged money laundering. These investigations have reportedly led to the freeze of our client’s accounts and led to untold consequences to our client’s health and wellbeing,” the solicitor asserted. He added: “The EFCC must realize that the Economic and Financial Crimes Commission (Establishment) Act 2004 is inferior in content and quality to both the 1999 Constitution of the Federal Republic of Nigeria (As amended) and the African Charter on Human and Peoples Rights, 2004.”

Buhari, Osinbajo, others earn N2.295bn in one year

President Muhammadu Buhari, his vice, Yemi Osinbjo; ministers and other political appointees have earned N2.295 billion as official salaries and allowances in the last one year, Economic Confidential can report. The development is coming at a time the Federal Government kick-started a national orientation campaign premised on the “Change begins with me. The report obtained by the Economic Intelligence magazine, showed that the official remunerations of the President, Vice-President, cabinet ministers, Secretary to the Government of the Federation and the Head of Service of the Federation, among other chief executives, were in tandem with the approval of the Revenue Mobilization, Allocation and Fiscal Commission, RMAFC. The packages include annual salaries, accommodation, vehicle maintenance/fuel, personal assistant, house maintenance, domestic staff, entertainment and utilities allowances. Other allowances are constituency, hardship, newspapers and monitoring. A critical examination of the report indicated that the President has an annual basic salary of N3.51 million, Vice President N3.03 million, while ministers, Secretary to the Government of the Federation, Head of Service and chairmen of boards of statutory agencies have N2.02m respectively. As for members of constitutional bodies, special advisers, speech writers, directors general, Accountant General of the Federation, permanent secretaries, CEOs of agencies and INEC Resident Electoral Commissioners, each has an annual basic salary of N1.9 million. The report shows that only the President and the Vice President in the Executive arm of government enjoy the hardship allowances of 50 percent each of their annual basic salaries; 250 percent as Constituency Allowances and enjoy other perks to be provided (TBP) by government. These benefits to be provided to the two leaders include, but not limited to the following: accommodation, furniture, domestic staff, personal assistants, utilities, newspapers, vehicles, entertainment, maintenance and estacode. Meanwhile, other appointees, including ministers, advisers, permanent secretaries and INEC Resident Commissioners are entitled to 200 per cent of their annual basic salary for accommodation; 300 percent for furniture; 75 percent for vehicle maintenance and fuel; 25 percent for personal assistant; 75 percent for domestic staff; 45 percent for entertainment; 30 percent for utilities; 15 percent for newspapers, and 20 percent for monitoring. While the President and Vice President’s duty tours and estacode will be provided by government, other officers have fixed rates. The estacode allowance per day for minister, SGF, Head of Service and Chairmen of Board is $1000 per night on foreign trip, member of constitutional bodies, $900 per night; special adviser and speech writer, $800 per night, while permanent secretary, director general and INEC electoral commissioner take $600 per night each on foreign trips.

RECESSION: The worst is over —CBN GOV

Governor of the Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, and managers of the nation’s economy, Senator Udoma Udo Udoma, Minister of Budget and Planning; and Mrs. Kemi Adeosun, Minister of Finance, yesterday, said the nation’s economic crisis will soon come to an end, insisting that “the worst is over.”Disturbed by the despair in the land over the nation’s declining economy, the Federal Government, last night, released what looked like a formula to steer the economy out of recession and make the people heave a sigh of relief. Senator Udoma, Mrs. Adeosun and Information Minister, Alhaji Lai Mohammed, told Vanguard in separate interviews that the government was taking active measures to bail the economy out of recession. Speaking in a similar vein, Governor of Central Bank of Nigeria, CBN, Mr. Godwin Emefiele, said the worst is over as far as the recession was concerned, stating that by December, the economy would be fully out of recession and be on the path of growth As a confidence building measure, the federal government has asked Nigerians not to panic over the recession, as it was not the first time it had occurred, assuring that everything was being done to check it and alleviate the impact on Nigerians. Our structural reforms —Udoma Budget and National Planning Minister, Senator Udoma Udoma, said apart from taking immediate steps to end recession, the government was also undertaking what he called major structural reforms to ensure that the country doesn’t relapse into recession. “Therefore, this government is committed first, to implementing measures to get Nigeria out of recession, and, secondly, implement major structural reforms to ensure that we do not experience this situation again,” Udoma said. The minister said although the administration had not been able to meet its revenue target set in the 2016 budget as a result of falling oil prices and disruption in output arising from attacks in the Niger Delta, the government was pushing ahead with its plan to make life better for Nigerians and attract necessary investments into the country. Stimulus package for Nigerians The government is working on a fiscal stimulus plan and complementary monetary policy aimed at raising aggregate demand or stimulating aggregate supply. Also, to bring immediate succour to the economy, government is working to contain militant activities in the Niger Delta so as to bring back production level to 2.2 million barrels a day. “This is to provide a breathing space while government intensifies efforts in the agriculture and solid minerals sectors to broaden the structure of the economy,” he said. Never again will we allow our economy slip out of hand “But to move away from that scenario and ensure that the economy does not fall into this situation in future, the government has decided on measures that will ensure the diversification of sources of revenue as well as open avenues for critical investments; with core focus on massive infrastructure development, return to agriculture and exploitation of solid minerals.” Quick wins — Adeosun On her part, Finance Minister, Mrs. Kemi Adeosun, announced that the administration was also intensifying efforts at providing what she called “Quick Wins” for Nigerians so as to mitigate their economic burden by funding the social intervention programme introduced by the Buhari administration. Adeosun said: “We are funding the social intervention programme and I think that is very important. That is money in people’s pockets. A-meal-a-day for pupils in Primary 1-3 pupils in the states is something that means a lot to some vulnerable families in the country. “Again, the payment of the N5000 to some persons in the country is also another programme to put some money into the hands of the poor and change their fortunes. The employment of primary school teachers will also start soon as thousands of Nigerians have already registered online to be engaged under the programme. Reducing cost of living Adeosun said: “It is a tough time but we are doing everything possible to ensure that we come out of this in a way that is sustainable so that we never get back here again. If you remember, we have been here before. But this time, we want to come out of it in a way that is more sustainable by addressing the infrastructure challenges. “We need transport to be able to move the goods. That is why you see that the government is making investments in rails, roads, power and airports. “I think from the signs we see, Nigeria is going to come out of this and we are going to come out of it stronger.” FG spending its way out of recession —Lai Mohammed Information Minister, Alhaji Lai Mohammed, confirmed the actions announced by the two key ministers steering the economy but gave further details to Vanguard. Mohammed said: “The only way to get out of recession is to spend out of recession by investing in capital projects and key infrastructure to give quality life to the citizenry. This is what the present administration is actively doing and we will not stop until we are stable and able to produce and export to earn foreign exchange that is giving us headache now. N100bn already spent on infrastructure “That is why this year alone, the government has spent about N100 billion on infrastructure development alone. On roads alone, we have so far spent about N70 billion. If you compare this to 2015, the government spent a maximum of N18 billion on roads throughout the year. Fiscal discipline all the way “We have also decided to introduce a lot of fiscal discipline. While the previous government spent only N18 billion on roads and N65 billion on travels and estacode in 2015, we have reversed all that: The amount available for foreign travels and tours has been seriously reduced by this administration. Nobody in this government is allowed to travel in first class except those who can use their personal income to do so. FG wage bill slashed from N165bn to N159bn monthly with 33,000 ghost workers edged out “The circular has now come out to say that even the travel agency to be used by government officials and agencies must be chosen out of competitive pricing arrangement. We have also looked at our payroll and weeded out no fewer than 33,000 ghost workers and cut monthly wage bill of the federal government from N165 billion to about N159 billion and we are still continuing with the elimination of ghost workers. We have also introduced Efficiency Units to look at how the money given to MDAs is managed to realise maximum value. Financial/economic experts to the rescue “Beyond that, we have invited financial and economic experts to advise the government on how to waddle through recession and they have recommended many things to us: sale of non-core assets, improving the ease of doing business in and out of government and they have recommended to us what to do. The worst is over — CBN Gov Similarly, Governor Central Bank of Nigeria Mr. Godwine Emefiele, said that the worst situation of the recession that hit the economy was over, stating that by December, the economy would be fully out of recession and be on the part of growth. He said this while playing host to Nigeria Newspaper Proprietors Association, NPAN, at the CBN Lagos office. He said the federal government was on top of the situation, adding that it was doing everything possible to lessen the burden of the recession on Nigerians. Emefiele said it was the multiplying effect of the hike in petrol pump price that was causing the general rise in the prices of goods and services in the country. He said the federal government and the CBN had taken proactive measure to stabilize the economy. Giving assurance to Nigerians and asking them to have faith in the efforts of the government and the CBN to move the economy out of recession, Emefiele said: “I repeat, the worst is over, the Nigerian economy is on the path of recovery and growth. “Trust me, if you are standing as a bystander, you are losing by being a bystander. Join the train now before the bus leaves the bus station. “Let me repeat myself, we are already in the valley, the only direction for us to go is up the hill. Government is doing every thing possible to ensure we move up the hill as quickly as possible. I am optimistic that with the action being taken by government, the monetary and fiscal authority, by the end of the fourth quarter of the year, Nigerians will see that the economy has started to move up the hills, out of recession.”