Adeosun: 77% of Nigeria’s N19tn Debt is from Domestic Market Says repayment of $5.5bn loans may last 5-30 years FG targets N12tn revenue in 2018 budget, N3.17tn for recurrent spending, N2.6tn for capex Damilola Oyedele in Abuja The Minister of Finance, Mrs. Kemi Adeosun has said 77 per
cent of Nigeria’s total debt stock of N19 trillion was secured from the domestic market, which could create
crowding out and reduce the availability of funds to the private sector. The minister said this while
speaking at a meeting of the Senate Committee on Local and Foreign Debts on the $5.5 billion foreign loan request of
the executive. President Muhammadu Buhari in a letter dated October 4, 2017, had sought
the approval of the National Assembly for the issuance of Continued on page 10
EFCC's Move to Seize Patience Jonathan's Property Stalled… Page 54 Friday 20 October, 2017 Vol 22. No 8219. Price: N250
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Nigerian Lenders Appoint Barclays to Find New Investors for 9mobile… Page 52
Intels’ Volpi Apologises to NPA, Says Company Will Comply with TSA Policy Says firm remains committed to Badagry deep seaport Eromosele Abiodun The founder and majority shareholder of Intels Nigeria Limited, Nigeria’s oil and gas logistics giant with operations in Onne, Rivers State, Warri, Delta State and Lagos, Mr. Gabriele Volpi has apologised to the federal government and the Nigerian Ports Authority (NPA) over the spat that led to termination of the Pilotage
Agency Agreement between his company and NPA. Speaking exclusively to THISDAY yesterday evening, the normally reticent Volpi, who holds dual Italian and Nigerian citizenship, said he was not involved in the negotiations between his firm and NPA over the disagreement on the pilotage Continued on page 12
SEC Appoints Deloitte to Lead Forensic Audit of Oando as Firm’s Shares are Suspended on JSE Market welcomes action Goddy Egene In furtherance of its resolve to carry out a forensic audit of Oando Plc, the Securities and Exchange Commission (SEC) has revealed that it has appointed audit firm, Akintola Williams Deloitte, to lead the team of experts to undertake the audit of Oando. Other experts appointed by SEC are registrar, United Securities Limited; the law
firm, SPA Ajibade & Co; Tjadap Consulting and Associates; and Nasiru Muhammad & Co. This is just as the Johannesburg Stock Exchange (JSE) yesterday took a cue from the Nigerian Stock Exchange (NSE) by suspending trading in the company’s shares on the Johannesburg bourse. SEC on Wednesday had directed the NSE to place Continued on page 10
Dogara: Restructuring Not Achievable without Constitution Amendment... Page53
ENGAGING WITH ERDOGAN... President Muhammadu Buhari (lef), being welcomed to the Presidential Palace in Ankara, Turkey, by President Recep Tayyip Erdogan of Turkey… yesterday