Eko Atlantic Gets First Occupant as ABC Orjiako Acquires Afren Tower Oil magnate moves his firm, Salvic Petroleum to seaside city Ramps up Shoreline’s production to 60,000bpd Alike Ejiofor The first building to be completed in Nigeria’s cutting-edge city of the future, Eko Atlantic, has been acquired by oil magnate and Chairman of Seplat Petroleum Development Company Plc,
Dr. ABC Orjiako. The 15-storey building, designated Alpha 1 or Afren Tower, was designed by James Cubitt architects and built by the Chagoury-
owned construction firm, ITB Nigeria Limited, for a private investor with the intention of having Afren Plc, once a London Stock Exchange (LSE) listed independent oil and
gas firm with interests in Nigeria, Ghana, Kurdistan, The Gabon and Cote d’Ivoire, as its anchor tenant. However, by the time Alpha 1 was completed
last year, Afren had filed for administration, following allegations of unauthorised bonus payments by the company’s joint venture partner to the then CEO and
FG Begins Prosecution of 2,321 Boko Haram Suspects… Page 12
CFO of Afren, a crippling bond default, its inability to refinance its operations, and eventual delisting from the LSE. With Afren in administration, an air of Continued on page 53
Monday 25 September, 2017 Vol 22. No 8194. Price: N250
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Chibok Boy, Ali Ahmad Walks Again After Corrective Surgery in Dubai Solomon Elusoji A six-year-old victim of the Boko Haram insurgency, Ali Ahmadu, has survived corrective surgery in Dubai after being in the Intensive Care Unit for 48 hours. Chairman of the Board of Trustees Igho Sanomi and members of the Dickens Sanomi Foundation, who sponsored this surgery, Continued on page 53
HONOURING JUSTICE OGUNTADE…
L-R: Former Supreme Court Justice, now Nigerian High Commissioner to the United Kingdom, Justice George Adesola Oguntade and his wife Dupe; former Company Secretary of the Nigerian National Petroleum Corporation (NNPC), Chief Sena Anthony; and Chairman, Eleganza Group, Chief Rasaq Akanni Okoya, at a dinner held in honour of Justice Oguntade at the Metropolitan Club, Victoria Island, Lagos… weekend mubo peters
FX Window Records $1.323bn Transactions in One Week on Soaring Investor Confidence All eyes on MPC as 12 ‘wise men’ meet Obinna Chima In a pointer to increasing confidence in Nigeria’s financial market, foreign exchange trading at the Investors’ and Exporters’
(I&E) window notched a major milestone when total market turnover rose to $1.323 billion in just one week, trading results from the FMDQ OTC Securities Exchange showed at the
weekend. Total trade value for the week was a marked improvement, compared to the $803.1 million recorded in the preceding week. The surge in activities at
the window was attributed to offshore investor interest in treasury bills and the primary market auction (PMA) held last week by the Central Bank of Nigeria (CBN), with the rate on
the Nigerian Autonomous Foreign Exchange Rate Fixing (NAFEX) closing at N360.39/$1. Last April, the CBN introduced the I&E window including a raft of other
measures to improve dollar liquidity in the forex market. The central bank has since intervened actively to support the local currency Continued on page 53
Angela Merkel Clinches Fourth Term, Far Right Gains Parliamentary Seats… Page 49