The Kogi state government obtained loans of at least N16 billion between May 2017 and January 2018, TheCable can report.This is despite over N20 billion which accrued to the state from the Paris Club refund.Paris Club refund is a partial settlement of long-standing claims by state governments relating to over-deductions from their federation account allocation committee (FAAC) disbursement for external [...]
Malik Abdulganiy
ON THE GO
There is nothing illegal in giving posthumous national honours, a senior official in the office of the attorney-general of the federation has told TheCable.The official, who declined to be named because he was not speaking under authorisation, said it is "more of a convention to give to only living persons".He said Alfa Belgore, former chief justice of the federation, who descried [...]
The Department of State Services (DSS) on Tuesday morning restored some of the security aides of Senate President Bukola Saraki, TheCable understands.Nine of the 15 operatives were withdrawn on Sunday, but four have now been asked to return to work.This followed a series of interventions by Vice-President Yemi Osinbajo who expressed concern over the growing tension in the polity.TheCable had [...]
Former leaders of the PDP who defected to the APC in 2013 have written to the national chairman of the ruling party to demand an urgent meeting with President Muhammadu Buhari "within seven days", TheCable can report.They did not state their next line of action, although TheCable understands that they may pull out of the party which is already bedevilled [...]
Olabiyi Durojaiye, the chairman of the board of the Nigerian Communications Commission (NCC), is working very hard to shift the goalposts and force the sale of 9mobile to Smile Telecoms Holdings, TheCable can report.The troubled mobile operator had been sold to Teleology Holdings Ltd whose bid was preferred to that of Smile Telecoms.Teleology, promoted by Adrian Wood, former CEO of [...]
The Nigerian Electricity Regulatory Commission (NERC) says prepaid meters will soon flood the market with the licensing of 87 meter asset providers (MAPs).What the power sector regulator downplayed, however, is there is also going to be an increase in the bills to be paid by electricity consumers in the country who get new meters under the latest regulation.On March 12, 2018, Dafe [...]
Ike Ekweremadu, deputy senate president, will be charged before the Code of Conduct Tribunal (CCT) next week by the office of the attorney-general of the federation (AGF), TheCable understands.He will be arraigned for "false declaration of assets" -- the same charge slammed against Senate President Bukola Saraki whose case was adjourned indefinitely on Thursday by the tribunal.Ekweremadu is accused of [...]
Bola Tinubu, a national leader of the All Progressives Congress (APC), has written a scathing letter to the national chairman of the party, John Odigie-Oyegun, accusing him of sabotage, TheCable can report.Tinubu, who copied the president, vice-president, senate president and speaker of the house of representatives, pointedly accused Odigie-Oyegun of contravening the spirit of the discussions both of them had [...]
Kemi Adeosun, minister of finance, has moved to forestall a major international setback for Nigeria following an imminent default in private sector loans guaranteed by the federal government.TheCable understands that Azura Power and Seven Energy, two key players in power and gas, have been unable to settle their December 2017 invoices regarding foreign loans that enjoy the World Bank partial [...]
Teleology Holdings Limited, promoted by Adrian Wood, former CEO of MTN Nigeria, is the preferred bidder for 9mobile, TheCable can report.Smile Telecoms Holdings, a telco operating in Nigeria, Tanzania, Uganda, Congo DR and South Africa, is the reserve bidder.While Teleology put in a bid of $500 million, Smile quoted $300 million.However, TheCable understands that both companies will be given 30 days [...]
Airtel Nigeria did not submit a final bid for 9mobile despite being on the shortlist of five, TheCable can report.Also, although Globacom and Helios Investment Partners LLP submitted bids, they did not make any financial offer for the troubled telco.TheCable understands that Teleology Holdings Limited submitted a bid in excess of $500 million while Smile Telecoms Holdings quoted close to $300 million.Effectively, [...]
The ex parte motion filed by Abubakar Malami, attorney-general of the federation, to stop the national assembly from probing the recall of Abdulrasheed Maina has been stuck out by a federal high court sitting in Abuja.TheCable had reported the suit filed by Malami in what was understood to be an attempt to stop the decision of the senate to conduct [...]
Abubakar Malami, attorney-general of the federation, has filed a suit before a federal high court in Abuja, seeking to stop the senate from probing the reinstatement of Abdulrasheed Maina into the civil service.TheCable understands that the suit has been assigned to Binta Nyako, a judge of the federal high court, Abuja.Senate's decision to conduct a forensic investigation instigated Malami's court [...]
Globacom desperately wants to acquire 9mobile -- but it would take a miracle for the nation's second largest mobile network to get its wish, those with inside knowledge of the goings-on have told TheCable.The company formerly known as Etisalat Nigeria was taken over in July 2017 following a N541 billion debt overhang.Mubadala Group, the major investor from the United Arab Emirates, pulled [...]
The handling of the sale process of 9mobile by Barclays Africa, the financial advisers, has come attack from the Central Bank of Nigeria (CBN) and the Nigeria Communications Commission (NCC), TheCable can report.In a joint letter to GTBank, which is the facility agent for the 9mobile syndicated loan, Umar Danbatta, the executive vice-chairman of NCC, and Godwin Emefiele, the governor [...]
More facts have emerged on the ongoing court-martial of a brigadier-general in what insiders now call an "interesting drama".Lym Hassan, who is the coordinator of peace keeping at the ministry of defence, was secretly recorded allegedly threatening to "eliminate" President Muhammadu Buhari over a defence contract.He was arraigned before the military court on October 30, 2017 and charged with two [...]
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