Abia non-indigenes sack: Ebonyi waits for official confirmation

GOVERNOR Martin Elechi is yet to make
any official statement with regards to
the sack of non-indigenes by Abia State
Government.
Speculation has it that the Governor still
sees the expulsion of non-indigenes
from Abia State as a rumour and has so
far refused to take any official stand on
the matter, pending when Abia State
Governor would communicate him
officially and or the state executive
council decides unanimously on the
matter.
Although, some sacked Ebonyi State
indigenes from Abia State Civil Service
have staged a protest in Abakaliki, the
state government appears to be waiting
for an appropriate time to react on the
matter.
However, major stakeholders in the state
are not happy with the development,
stressing that such actions were capable
of disintegrating the unity, collective
responsibility and cultural affinity of the
Ndigbo both in the country and in the
Diaspora. While others are of the view
that the Ndigbo Presidency, 2015, would
remain a mirage if the issue of sacked
non-indigenes was not carefully
addressed.
It is also feared in some quarters, that
some South-East governors may sack
non-indigenes in their states, a
development that may completely erode
Ndigbo unity.
In an exclusive chat with Vanguard, the
Commissioner for Information, Hon.
Chike Onwe noted that the state
government was yet to be
communicated officially on such
proposition, adding that it would at this
stage be considered as a mere rumour
except proven otherwise in due course.
He however noted that if implemented
that it would threaten the corporate
existence of Ndigbo and also the well
being of Nigerians.
“Disengaging people from service on
account of place of origin is backward
thinking. But as I said, it is still on the
plane of rumour and we don’t react to
rumours but to substance. For now it is
not true, when it is true the issue will be
addressed. I think the Ndigbo is a united
people and we shall not allow anything
to disintegrate this unity. I think it will
be unfortunate if such a thing happens.”
He stressed that the state government
would not be part of any process that
would cause disaffection among citizens
because of indigenization. He added that
non-indigenes in the state were
gainfully occupying sensitive positions,
even in the state executive council.
His words:“Since we talking about true
federalism, we cannot achieve much by
being sectional or calling some
‘indigenes’ and some others ‘non
indigenes.’ So, for us to achieve true
federalism, we must get people to feel at
home wherever they are. We looking at
a situation where an individual from
Kaduna comes to Ebonyi State and
stands for any election and the man
from Ebonyi goes to Lagos, stands for
an election and gets elected and serves
his term.
“The position of Abia State government
is yet to be made available to the Ebonyi
State Government but as I said it is still a
rumour. But if that turns out to be true,
the matter will be looked at collectively
by the state executive council and a
position will be taken. In the interim, it is
still a rumour and we shall treat it as
such. But I want to inform that there are
Abians and people who are from other
states that work in Ebonyi unhindered
and unmarginalized, not witch hunted
and we see ourselves as brothers and
sisters.”

Nationalised banks AMCON namesAjekigbe, Onwuka, Bello as heads •CBNmay peg naira at N155 per dollar

Tuesday, 01 November 2011
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IN exercise of part of its responsibilities, the
Asset Management Corporation of Nigeria
(AMCON) has appointed non-executive
directors for the three banks that were
nationalised recently.
However, these appointments are subject to
final regulatory approval from the Central
Bank of Nigeria (CBN).
According to a statement from the
corporation on Monday, these nominees
emerged from an exhaustive process,
which involved wide consultation and
review, stressing that it is confident that the
prospective directors are well qualified to
add significant value to their institutions.
For Keystone Bank, the chairman is Moyo
Ajekigbe. The non-executive directors are
Prince Niyi Akenzua; Adolphus Ekpe; Charles
Chidebe Umolu; Yakubu Shehu; Mustapha
Ibrahim; Brigadier-General Aminu-Kano;
Maria Olateju Phillips; Yusufu Pam and
Jacob Olusegun Olusanya.
The Mainstreet Bank is headed by Falalu
Bello. The non-executive directors are
Yabawa Wabi; Mohammed Gulani Shuaibu;
Professor Osita Ogbu; Joshua Ogunlowo;
Abdullahi Sarki Mahmoud; Shuaib Idris;
Shehu Saad; Chris Osiomha Itede and Mr Ayo
Ajayi
On the other hand, the Enterprise Bank has
Emeka Onwuka as the chairman. The non-
executive directors are Sanusi Monguno;
Ebenezer Foby; Asmau Sani Maikudi; Lamis
Dikko; John Aderibigbe; Garba Imam; Ogala
Osaka; Ismaila Shuaibu and Ezekiel Gomos.
The statement noted that with these
appointments, the boards of these banks
were now fully constituted, urging them to
set a standard for good governance and
efficiency.
Meanwhile, the Nigeria Deposit Insurance
Corporation (NDIC) disclosed in Abuja on
Monday that it had so far recovered over
N22.158 billion debt from liquidated banks.
Senate heard from NDIC that as of August
this year, the cumulated debt recovery from
liquidated banks stood at N22.158 billion.
The Managing Director of NDIC, Umaru
Ibrahim, who appeared before the Senate
Committee on Banking, Insurance and other
Financial Institutions, added that the
depositors’ fund in the 24 operating banks
in Nigeria was N12.15 trillion.
He briefed the committee chaired by
Senator Ayoade Adeseun that the sum of
N8.33 million had been recovered to date, in
respect of closed micro finance banks
whose number is now 882.
According to him, “the total assets of the 24
deposit money banks in operation as at
September 2011 stood at about N18.40
trillion, while total deposits amounted to
N12.15 trillion.
“For the 24 operating banks, as at
September 2011, the total insured deposits
stood at N1.65 trillion, while the deposit
insurance fund was N347 billion.”
On the micro finance banks he said “their
assets as at June 2011 stood at N154.34
billion, while their total deposits amounted
to N68.60 billion. The insured deposits for
the reporting MFBS as at June 2011 stood at
N51.45 billion, indicating that about 75 per
cent of funds in the MFBs are fully covered.”
Ibrahim revealed that the cumulative
liquidation divi-dend paid to the depositors
and other claimants of the affected banks
was N6.161 billion out of N16.85 billion,
representing about 37 per cent, saying that
“so far, the corporation has paid a total sum
of N1.28 million as liquidation dividends to
shareholders of three banks in-liquidation.”
He informed that NDIC had established the
exi-stence of 560,882 claims by members
of the public against 440 illegal banks
known as wonder banks and which
amounted to N106.94 billion, saying that
“the situation had implica-tion for financial
stability.”
From the figures pre-sented before the
committee, total assets of existing banks
were put at N18.40 trillion; total depositors,
44.218 million and total number of insured
depositors fully covered was put at
42,884,446.
NDIC put the figure of non-performing loans
at N688 trillion; total insider credits,
N559.58 billion; non-performing, N21.19
billion and gave the figure of female
borrowers and amount owed at 130,885
and N22.62 billion.
The total number of male borrowers and
the amount owed was put at 118,373 and
N25.53 billion respectively, shareholders’
funds put at N38.05 billion, while the total
loans figure was put at N48.15 billion.
In another development, as part of
measures to check volatility in the foreign
exchange market, the Central Bank of
Nigeria (CBN) Governor has concluded plans
to review its target band for the naira in the
next few days.
In an interview with a foreign news media
organisation in Abuja, on Monday, CBN
Governor, Lamido Sanusi, said the review
would depend on where the exchange rate
settled, as it might be moved to midpoint of
N155/N156 to the dollar, compared to its
current N150.
According to Sanusi, the apex bank’s policy
is currently to maintain the naira within
around three per cent either side of the
N150 level.

Tension in Jonathan’s, Buhari’s camps•As Appeal Court declares winnertoday •Supreme Court dismissesJonathan’s case

Tuesday, 01 November 2011
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THE presidential election tribunal sitting at
the Court of Appeal, Abuja, will today deliver
judgment in the petition brought by the
Congress for Progressive Change (CPC)
challenging the declaration of President
Goodluck Jonathan as the winner of the
April 16 presidential election in the country.
In a notice to counsel in the matter obtained
by Nigerian Tribune, the tribunal has
scheduled judgment in the matter for 9.00
a.m.
The tribunal had, on October 20, ended its
sitting on the CPC petition after taking all the
witnesses and all parties adopted their
addresses.
At the last hearing of the matter, counsel for
the CPC, Oladipo Okpeseyi (SAN), had, while
adopting his final address, told the court
that he filed a preliminary objection against
the defendants’ written addresses to the
effect that INEC abandoned its pleading
having not called witnesses to substantiate
them.
He said that the INEC had called only three
witnesses out of the 36 states of the
federation and the Federal Capital Territory
and, as such, had abandoned its defence.
He pointed out that INEC had not provided
any evidence before the tribunal to defend
the victory of President Jonathan, who it
returned on April 18, 2011 as the winner of
the presidential election.
Okpeseyi said: "We submit that the
confusion epitomises what we are saying
about INEC and that is why we have asked
them to bring those documents which it
used in conducting the presidential election
to court,” even as he urged the court to
nullify the election.”
Counsel for President Jonathan and Vice-
President Namadi Sambo, Wole Olanipekun
(SAN), in his final address, said "we have
referred to earlier ruling of this court on
July 14, 2011, where the court struck out
relief number six.”
Olanipekun said the tribunal had refused to
grant relief six, which sought for a conduct
of a fresh presidential election between the
CPC candidate, Muhammadu Buhari and
President Jonathan on the grounds that
Buhari was not a party to the petition.
Olanipekun added that, notwithstanding,
that evidence had been taken on the
petition, the hearing amounted to a mere
academic exercise.
He consequently urged the court to dismiss
this petition, which he said had been
abandoned against President Jonathan and
his deputy.
In his own submission while adopting his
address, counsel for INEC, Adegboyega
Awomolo (SAN) said, "a party is supposed to
rely on evidence presented before court
and also authorities cited. But in this case,
the petitioners tendered as evidence
documents that belong to INEC.
“These are documents that are meant to
support INEC and its chairman, Professor
Attahiru Jega’s position that the election
was conducted in full compliance with the
Electoral Act 2010."
He, therefore, asked the court to dismiss the
petition.
In adopting his address, counsel for the PDP,
Amaechi Nwaiwu (SAN), said outside the
criminal allegation made, what was left
could not sustain the petition and that the
criminal allegation was on the basis of non-
compliance with the Electoral Act.
He added that what CPC filed as a
preliminary objection did not merit to be
called a preliminary objection, hence he
asked the court to dismiss both the petition
and the preliminary objection.
Buhari, who had stormed the tribunal
alongside his running mate, Tunde Bakare,
CPC chairman, Tony Momoh and the party’s
National Secretary, Buba Galadima, among
other party faithful, told journalists after the
court session that he was in court as a
member of the CPC.
It will be recalled that before the CPC filed
the petition, Buhari was reported as saying
that he would not go to court to challenge
the victory of the PDP but when he was
spotted in court among his party loyalists,
journalists confronted him on the issue and
he replied that he was in court like any
other member of the CPC.
According to the former head of state, who
has contested the presidential poll three
consecutive times but lost: “I have never
distanced myself from the CPC petition. I am
part of the party and subscribed to the
petition. I have confidence in the judiciary. I
have never said I don’t have confidence in
the judiciary."
Also speaking to journalists, the National
Publicity Secretary of the PDP, Rufai Ahmed
Alkali, said he had been so happy with the
proceedings at the tribunal as, according to
him, “except that the opponent
overdramatised the situation. Quite a
number of times, our opponent has
overdramatised the situation in an attempt
to achieve a predetermined political
objective.
“The presiding justice reminded everybody
in court that we do not have any other
country except Nigeria. Each and every
citizen of this country has a responsibility
to pursue goals and actions and other
strategies to protect our institutions. If you
destroy our institutions, you are invariably
destroying our country.
“We are confident that with the
submissions of our counsel, who asked the
court to dismiss the petition of CPC, that we
would win the case."
He pointed out that what has happened to
the CPC national publicity secretary “is what
we have earlier expected him to do, that is
to apologise to the court about the
publication he authored.”
The PDP spokesman slammed the CPC for
allegedly failing to allow morality to take
centre stage in the way and manner it had
been playing politics since the party came
into existence.
Alkali accused the CPC of desecrating the
judiciary and ridiculing judges with
impunity and cautioned that the party
leadership should learn how to play politics
with morals.
The PDP national publicity secretary insisted
that it was a big shame for the CPC to cast
aspersions on the judiciary in the public
only to come before open court to swallow
his pride with apology.
The PDP chieftain maintained that the
judiciary today, irrespective of any person’s
opinion, remained the vibrant hope of the
common man and a strong pillar for
democracy in the country.
He thanked the appeal court justices sitting
in the panel for accepting the apology of
Fasakin, but appealed that the CPC
leadership should learn to be cautious and
learn how to respect institutions.
Alkali said those aspiring to lead the nation
must protect and preserve the integrity of
the judiciary, for the sake of the nation.
The party also expressed confidence that it
would emerge victorious in the judgment
billed to be delivered in the CPC petition.
Alkali said the entire proceedings had been
evaluated by the PDP and its team of
lawyers and was confident that there was
no cause for Nigerians who voted
massively for the president to panic.
Meanwhile, the Supreme Court had, on
Monday, struck out the appeal filed by
President Jonathan, INEC and the PDP, over a
ruling delivered by the presidential election
petitions tribunal on July 14, which held that
the petition filed on a Sunday by the CPC,
seeking to upturn Jonathan's election is
competent and proper in law.
The five-man panel of the apex court,
headed by Justice Walter Onnoghen, while
dismissing the appeal, held that it was no
longer alive, because it had stayed more
than 60 days, contrary to Section 285 (7) of
the 1999 Constitution (as amended).
He further held that since the appeal was
dead, it had become an academic exercise.
The justice said Section 285 (7) mandated
the appeal to be determined within 60 days,
but it was coming after the specified
number of days, hence it could not be
regarded as being alive.
The court, therefore, struck out the appeal
for lacking in merit.
President Jonathan and PDP had, last week,
expressed divergent views on whether the
appeal filed against the hearing of the
petition of the CPC should be heard or not.
While the PDP, which filed the appeal, stood
its ground that the case was still alive, the
president said it was dead and should not
be heard, having been filed outside the
mandatory 60 days provided by the
constitution.
The appeal arose from the July 14 ruling by
the suspended president of the Court of
Appeal, Justice Isa Ayo Salami, to the effect
that CPC petition was in order, though it was
filed on a Sunday, a non-working day for
government institutions.

Olubadan blasts Ajimobi over Obas’council

IBADAN – OLUBADAN of Ibadan, Oba
Samuel Odulana Odugade, has expressed
displeasure with Oyo state government
over alleged indefinite suspension of
the meetings of the Oyo state Council of
Obas and Chiefs. Ajimobi, a native of
Ibadan, is one of the Oba’s subjects.
But Governor Abiola Ajimobi, said he had
great regards for the traditional stool of
the Olubadan of Ibadan, all traditional
institutions in the state and would not
look down on the ancient stool, saying
“the case under consideration is in
court.”
To the monarch, the action of the
governor is tantamount to illegality
since the law of the state recognizes
holding of the meeting being presided
over by him.
It will be recalled that the immediate past
governor of the state, Adebayo Alao-
Akala signed into law a bill forwarded to
him by the then state House of Assembly
amending the laws of the council which
recognized the Alaafin of Oyo, Oba
Lamidi Adeyemi as the permanent
chairman of the council.
The amended law recognizes rotation of
the chairmanship among the Alaafin,
Olubadan and the Soun of Ogbomoso,
Oba Jimoh Oyewumi. Upon the
amended law, the Olubadan of Ibadan
summoned a maiden meeting about
three months ago but the development
triggered fresh controversy between
those that prefer rotation of the seat
and Alaafin who prefers the permanent
chairmanship to be his exclusive
preserve.
Olubadan who spoke through Osi
Olubadan, High Chief Lekan Balogun at
the 10th anniversary of the Premier FM
held in Ibadan, said “The governor has
suspended the Council of Obas. I don’t
think he has the power to do so, but he
has done it. I don’t know what he is
doing about it. Olubadan is the
Chairman, and that is the law. As at
today, that is the law. The governor
must have thought otherwise and that
must have informed the suspension of
the Council. We wish him luck and we
are not rocking the boat. But he is
wrong and his action is illegal.”
Reacting to the Olubadan, Ajimobi, said,
“the governor of Oyo State, Senator
Abiola Ajimobi, has great regards for the
traditional stool of the Olubadan of
Ibadan, all traditional institutions in the
state and would not look down on the
ancient stool.
However, the case under consideration
is in court. Indeed, the Alaafin of Oyo
went to court before the Council of Oba
meeting was convened. It would thus be
an affront on the authority of the court
to allow the meeting to hold while the
state government was aware of the
court process.
“Indeed, it is common jurisprudential
knowledge that no party to a case shall
take any action during the pendency of
a case as this may prejudice judgment.
As a government that swore to uphold
the integrity of the judiciary, Governor
Ajimobi had no option than to abide by
the law. We are not a lawless
government,” the governor said.
Also speaking at the event, Senator
Olufemi Lanlehin representing Oyo
South in the National Assembly, faulted
the way federalism is being practised in
the country.
Senator Lanlehin, who was the chairman
of the occasion commented on the topic
of the lecture entitled: “Peace as Panacea
for National Development” said:
“Federal Government has no business
handling matters relating to agriculture,
transportation, labour and so on. This
should be the major concern of State
and local governments because they
have direct link with major players in
those sectors.”

LAPO to issue N4bn loan in Q12012

Lift Above Poverty Organisation (LAPO)
Microfinance bank limited has disclosed that
by March next year, it would disburse about
N4 billion to its customers.
The bank in September 2011 disbursed a
total of N3.2 billion. Godwin Ehigiamusoe,
managing director of the bank who
disclosed this in an interview with
BusinessDay also said by the end of October
this year, the bank would disburse about
N3.3 billion to low income people it is
serving.
He said there are lots of poverty alleviation
initiatives in the pipeline which the bank
wishes to implement in no distant time.
Ehigiamusoe who is an acknowledged
microfinance practitioner and founder of
LAPO has concluded plans to officially lunch
a book titled, “Issues in Microfinance:
Enhancing Financial Inclusion” in Lagos.
The book which contains 15 chapters would
be presented to the public on Thursday at
the Nigerian Institute of Management at 10
am.
The event will feature Hayford Alile …… as
the chairman of the occasion, Fola Adiola,
founder of …..as the presenter and Segun
Ogidan, microfinance consultant as the
reviewer.
In the book, Godwin provides an insight
into the essential elements of microfinance.
The book examines microfinance schemes
and initiatives in Nigeria, such as the
indigenous savings and credit group, non-
profit credit scheme, so-operative financing,
government and private sector
interventions. It also explores the key
provisions of microfinance policy and
regulatory framework.
He relied on his several years of
engagement in the sector to address central
operational issues such as product
development, risk and delinquency
management, client relationship and
performance indicators management.
The author was careful to address key
issues of interest to a range of stakeholders
in the sector. These issues include the
nature and emerging features identifiable
with microfinance practice across the world,
history of microfinance initiatives in Nigeria
and common operational issues.
TUESDAY, 01 NOVEMBER 2011 00:00 HOPE
MOSES-ASHIKE

Senate summons, Okonjo-Iweala,Madueke, Sanusi, others

ABUJA— THE Senate has summoned the
Ministers of Finance and Petroleum, Dr.
Ngozi Okonjo-Iweala and Mrs. Diezani
Alison-Madueke respectively, to appear
before it and explain the alleged
overshooting of oil subsidy funds from
N240 billion appropriated in the 2011
budget by National Assembly to N1.5
trillion.
Governor of Central Bank, Mallam Lamido
Sanusi Lamido and the Comptroller
General of Nigerian Customs Service, NSC,
Alhaji Dikko Abdullahi were also
summoned by the Senate Joint
Committee probing the utilisation of
subsidy funds.
Chairman of the Joint Committee
comprised of Senate Committees on
Finance, Appropriation and Petroleum
Downstream, Senator Magnus Abe, who
briefed journalists in Abuja said the
government officials will appear on
Thursday to explain the alleged
mismanagement of the subsidy funds.
He said: “We will meet with the
government agencies involved in the oil
subsidy to get a clear brief from them as
to the origin, nature, history and
everything official about the operation
of the oil subsidy in this country.
“The invitation by the joint committee to
the government officials involved in the
management of the fuel subsidy scheme
states clearly that the committee has
resolved to request their reactions in a
written brief.
“We also said that the written brief
should explain the entire procedure for
administering the subsidy, sources of
the fund and why they have been
unprecedented rise in the quantum of
subsidy in the later part of this year
than we had at the beginning.
“Those invited include Minister of
Finance, Mrs Okonjo-Iweala; Minister of
Petroleum, Diezani Madueke, the GMD of
NNPC, Governor of Central Bank of
Nigeria, Executive Secretary of the
PPPRA, CG of Nigerian Custom Service,
the Managing Director of Nigerian Ports
Authority as well as Chief of Naval Staff.”
Abe assured that the probe would be
transparent and open for all Nigerians to
make their contributions, adding that it
was not a witch-hunting exercise
targeted at an institution or an
individual.
He said: “The meeting with these heads
of institutions and government agencies
would be opened to Nigerians. We
would meet them in an open fora and
whatever they have to say to us, people
would be privileged to hear whatever
they say.
“We want to assure Nigerians that this
process will be open, transparent and
whatever is the collective wisdom of the
members of committee, at the end of the
exercise, would be made available to the
Senate for them to take a decision and
also for Nigerians to see what we have
done.”

Analysts differ over marketoutlook as buy opportunitiesexist in most stocks

Amid intensified regulatory efforts to
restore investor confidence at the stock
market, as investor apathy continues to mar
equities’ performance, stock market
analysts vary in their views over the
direction of equities trading this week at
the Nigerian Stock Exchange (NSE).
At the nation’s bourse, companies earnings
and investors optimism continue to move in
different directions. Companies increased
revenues with sustainable strategic options
have not impacted positively on share price
performance. This development continues
to trigger questions at various quarters,
even as most analysts believe that there is
little justification for a fall in market cap or
anemic performance of share prices as
indicated in the All Share Index.
While some analysts say the market outlook
remains bearish, with a ray respite likely
from attractive third-quarter (Q3) earnings
release by blue-chip companies, some
others appear bullish, saying that
impressive Q3 results posted by quoted
companies may sustain investors’ optimism
and further boost market activities.
This varied views come amid the optimism
that buy opportunities still exist in most
stocks with strong fundamentals.
According to Cowry Asset Management
analysts, as interest rates mount up to the
20 percent mark on the back of recent hike
in the monetary policy rate (MPR) by 275
basis points, coupled with the lingering
investors apathy, “the Nigerian equities
market remains disadvantaged as investors
switch to higher yield instruments.
“This week, we expect to see more bearish
siege on the back of likely increases in
money market rates, providing a more
attractive alternative.” In line with most
analysts’ prediction, the equities market was
upbeat last week, having witnessed bargain
hunting activities amid a number of
positive company releases. As a result,
trading at the NSE has closed on a positive
note after about two weeks of bearish
mood.
The NSE All-Share Index appreciated by
387.62 points or 1.9 percent to close at
20,257.47 points, while the market
capitalisation of the 188 First -Tier equities
increased to N6.412 trillion. The NSE-30
Index appreciated by 19.69 points or 2.2
percent to close at 900.36.
All four sectorial indices appreciated a
reversal of the preceding week when all the
indices depreciated. The NSE Food/Beverage
Index appreciated by 0.88 points or 0.1
percent to close at 632.65. The NSE Banking
Index appreciated by 6.87 points or 2.5
percent to close at 287.92. The NSE
Insurance Index appreciated by 5.69 points
or 3.9 percent to close at 149.57. The NSE
Oil/Gas Index appreciated by 10.94 points
or 4.6 percent to close at 245.47.
Stock market report last week showed that
a turnover of 1.4 billion shares worth N9.9
billion in 16,934 deals was recorded in
contrast to 1.3 billion shares valued at
N11.48 billion, exchanged the preceding
week in 18,940 deals. Sterling Capital
analysts said this week they expect
increased liquidity to moderate short-term
interest rates in view of the anticipated
release of Statutory Allocations for the
month of September by the Federal
Government.
“This would most likely impact positively on
the stock market, while the impressive Q3
earnings should continue to give impetus to
investors to take position in view of current
low prices of stocks. Buy opportunities
continued to exist in stocks with good
fundamentals for long term,” they added in
their recent market outlook.
Analysts at Access Bank said the fact that
companies, especially banks exceeding their
profit expectations during the quarter, gave
support to equities last week.
They said: “Stocks also became the primary
beneficiary of the uncertainty in the bond
market. This was due to the significant dip
in bond prices after the Monetary Policy
Committee (MPC) decision to increase MPR to
12 percent from 9.25 percent. The bond
market is in a post-MPC price discovery
phase and trading has been muted in recent
days.
“We are dialling back our outlook, stated last
week, for the market (stock market) from
‘possible sustained decline’ to ‘temporary
rebound in buying momentum.’ Our view is
premised on the impressive Q3 results
posted by quoted companies. We believe
these numbers may sustain investors’
optimism and further boost market
activities.”

LP’s appeal: Tinubu knows fate today

LAGOS—Senator Oluremi Tinubu of
Action Congress of Nigeria, ACN, will
today know her fate in the appeal by
Labour Party, LP, and its candidate, Mr.
Oladapo Durosinmi-Etti, against the
judgment of the election Tribunal, Lagos,
which upheld her declaration by
Independent National Electoral
Commission, INEC, as winner of the April
9 Lagos Central senatorial election.
The Appeal Court, had last, fixed today
for judgment, after listening to
submissions by appellants and the
respondents.
LP and Durosinmi-Etti, seeking the
nullification of Mrs. Remi Tinubu’s
election to the Senate, are sking the
Court of Appeal to order a fresh election.
According to LP and Durosinmi-Etti, Mrs.
Tinubu’s victory at election should to be
upturned on the grounds of non-
appearance of their party logo on the
ballot papers used for the election.
Counsel to Labour Party, Chief
Chukwuma Ekomaru, SAN, at the hearing
of the appeal, told the court that his
client’s petition was dismissed solely
because his pre-hearing notice was
issued through a letter to the Tribunal’s
Secretary, and argued that the pre-
hearing notice need not come in the
form of a motion.
Ekomaru argued that such dismissal
contravened recent decisions of the
Court of Appeal, citing the case of Aliyu
Ibrahim Gebi v Alhaji Garba Dahiru and
others, where recently (August 22,
2011) an Appeal Court decisions in Jos,
admitted that the issuance of pre-
hearing notice could be done by either a
letter, by motion on notice or a motion
ex-parte.
Senator Tinubu’s counsel, Prof. Yemi
Osinbajo, SAN, in his submission
countered appellant counsel’s position
on the pre-hearing notice with the
Sokoto Appeal Court, which held that
pre-hearing notice should be by a
motion to the tribunal and not through a
letter.
He urged the court to dismiss the appeal,
saying “there is no relief before the
court seeking nullification of the
election.”