Scandal rocks FCTA Park & Pay investment project

*Original owners seek justice from Tinubu, Wike Trouble appears to be brewing in the Federal Capital Territory as an ongoing scandal involving the Park & Pay investment has sent shockwaves through Abuja, raising concerns about transparency and justice. Otumba Olusegun Olarewanju, CEO of Platinum Parking Management, and Iliyasu Abdu, MD/CEO of Integrated Parking Managers, who claim to be the pioneers behind the recently reintroduced Abuja Park and Pay project, are demanding fair treatment from President Bola Ahmed Tinubu and the newly appointed FCT Minister, Nyesom Wike. To attract investments from Nigerians in the Diaspora, especially in the Capital Territory, Olarewanju and Abdu assert that President Tinubu and Minister Wike should investigate the activities of top officials within the Federal Capital Territory. The duo allege that they were unjustly sidelined by the Adesola Olusade-led leadership of the FCT, despite having initiated the Abuja Park and Pay project. It’s reported that the former Minister of the FCT, Bello Mohammed, had upon leaving office, advised the Permanent Secretary to prioritize the pioneer companies’ right of refusal to ensure fairness and prevent the perpetuation of impunity. However, the Permanent Secretary and his colleagues allegedly disregarded this advice, moving swiftly to bring in their proxies and seized the concept developed by the original initiators. The situation is complicated further by an existing court judgment requiring the FCTA to pay damages for the abrupt disengagement of the two companies, causing significant financial losses. Olarewanju and Abdu detailed their journey, explaining that they returned to Nigeria as a response to then-President Olusegun Obasanjo’s call for Diaspora investments. They designed an “On-Street Parking Management” solution for Abuja, aiming to generate revenue and provide employment opportunities. “At the onset of democracy in 1999, the then President Olusegun Obasanjo invited people in Diaspora when we tried to romance with his government. He said we should come back home, bring all our ideas, and come and invest in the country. “This gingered us to come back home, and looking at the esthetics, the design, and the road network of Abuja, we came on board that we could do ‘On street Parking management’ on the streets of Abuja in other to generate revenue for the FCT and also to create massive employment for the teaming youths of Nigeria. “And we also had it in mind that one day the influx of vehicular movement in Abuja city will be uncontrollable. So, in other to have a plan in place was what necessitated us coming up with ‘On street parking’ project in the street of Abuja. “And we came with everything, we came with all our technical partners, we set it up, we did everything, and we tendered for the project. The FCT Minister later set up a technical committee to look into the proposal and here we are, we signed an agreement with them in 2010. “When we started, we put the entire infrastructure in place, synergies or what have you. We did all the line markings in all the roads of Abuja. I and my PPMS went back abroad and brought technical partners to set up all the infrastructure. We engaged thousands of Nigerians. “My company engaged over four hundred and fifty direct and indirect labour to start the project, same with my friend. We brought the state-of-the-art applications to manage the projects and start setting everything up, until one day we saw two companies that took over the street of Abuja saying the Minister said they should drive us away from the streets. “And then these people took over the streets, and then mayhem started; chaos, and pandemonium on the streets of Abuja. This was what led to Justice Peter Afe to place a suspension on the project because people sued us, they sued one of the illegal operators in court.  And when they suspended us they told FCT to go and get a proper traffic law to support the project,” Otumba Olarewanju explained. However, their vision was derailed by the actions of FCT officials, who allegedly favored their own interests over the original initiators’ rights. The two entrepreneurs stressed their demands: a return of their original zones for operation, compensation for incurred losses due to disengagement, and adherence to the arbitration judiciary award. “This is because as pioneers, and in the agreement we had with FCDA we have the right of first refusal. It’s in the agreement, and that agreement has been certified by a court of competent jurisdiction, so our agreement is valid and subsisting and anything contrary to that is against the law. And number two, the arbitrary award is a legal thing that nobody can wish away except the court of competent jurisdiction. Since they have gone to the High Court, the high court could not set it aside; the Court of Appeal court did not set it aside, and even the Supreme Court will not set it aside because arbitration has a time limit. If you cannot do anything within those ninety days that means it’s only God that can intervene,” he stated. Their plea hinges on their agreement’s legal validity, their certified rights of first refusal, and the binding nature of the arbitration award.

No order for us to intervene in Niger coup –DHQ

The Defence Headquarters (DHQ) has said the Armed Forces of Nigeria is yet to receive an order for any military intervention in the Republic of Niger following the coup that led to the ouster of democratic governance in the country. The Director, Defence Information, Brig.-Gen. Tukur Gusau, in a statement on Thursday, dismissed the online report that the Nigerian military was assembling its forces for military action in the Republic of Niger. According to him, the AFN is yet to receive any order from the appropriate authority to commence military action against the Military Junta in Niger. “It is no longer news that some members of the Republic of Niger Armed Forces seized power from a democratically elected government through unconstitutional means. “In reaction to this illegal takeover of government, the ECOWAS Heads of Government met and a series of options were reached on how to intervene in the crisis. “Military option was the last option to be taken in case every other option fails, to reverse the situation and return the Government of the Republic of Niger to constitutional order. “At the moment, the ECOWAS Committee of Chiefs of Defence Staff is currently holding an extraordinary meeting in Abuja to discuss the political situation in the Republic of Niger and submit their plans to the committee of Heads of State and Government of ECOWAS for consideration. “In conclusion, the Armed Forces of Nigeria cannot proceed on any operation in any of the member states of ECOWAS without the mandate from the Authority of Heads of States and Government,” he said. 

Bears intervene as equity market dips by N430bn

Trading activities on the floor of Nigerian Exchange on Thursday returned to negative trend, declining by N430 billion. Market capitalisation of listed equities on Thursday dropped by 1.32 per cent to N32.232 trillion from N32.662 trillion reported on Wednesday. Also, the NGX All Share Index also depreciated by 789.89 basis points to 59195.21 points from 59985.10 points traded the previous day. A review of the trading for the day showed that MRS Plc, Transco Hotel and Total Plc led gainers table during the day appreciating by 10 per cent each to close at N68.75, N13.31 and N336.70 per shares respectively. Ikeja Hotel followed with a gain of 9.97 per cent to close at N3.31 per share, ETranzact added 9.92 per cent to close at N5.32 per share. On the contrary, SUNU Assurance topped losers chart in percentage terms, declining by 10 per cent to close at N0.45 per unit, Cornerstone Insurance trailed with a loss of 9.73 per cent to close at N1.02 per share, Mcnichols fell by 9.33 per cent to close at N0.68 per share, Access Corp fell by 9.24 per cent to close at N14.25 per unit, RTBriscoe fell by 8.83 per cent to close at N0.31 per unit. Investors traded 1.170 billion shares valued at N15.359 billion in 12611 deals against 1.296 billion shares worth N21.080 billion in 11947 deals. Transactions in the shares of United Bank for Africa led activity during the day, with 192.832 million shares valued at N2.344 billion, AccessCorp followed with account of 121.537 million shares valued at N1.962 billion, Fidelity Bank traded 102.638 million shares valued at N726.740 million, GTCO Plc exchanged 99.847 million shares worth N3.325 billion while Sterling Bank traded 79.277 million shares cost N238.314 million. Bears intervene as equity market dips by N430bn Trading activities on the floor of Nigerian Exchange on Thursday returned to negative trend, declining by N430 billion. Market capitalisation of listed equities on Thursday dropped by 1.32 per cent to N32.232 trillion from N32.662 trillion reported on Wednesday. Also, the NGX All Share Index also depreciated by 789.89 basis points to 59195.21 points from 59985.10 points traded the previous day. A review of the trading for the day showed that MRS Plc, Transco Hotel and Total Plc led gainers table during the day appreciating by 10 per cent each to close at N68.75, N13.31 and N336.70 per shares respectively. Ikeja Hotel followed with a gain of 9.97 per cent to close at N3.31 per share, ETranzact added 9.92 per cent to close at N5.32 per share. On the contrary, SUNU Assurance topped losers chart in percentage terms, declining by 10 per cent to close at N0.45 per unit, Cornerstone Insurance trailed with a loss of 9.73 per cent to close at N1.02 per share, Mcnichols fell by 9.33 per cent to close at N0.68 per share, Access Corp fell by 9.24 per cent to close at N14.25 per unit, RTBriscoe fell by 8.83 per cent to close at N0.31 per unit. Investors traded 1.170 billion shares valued at N15.359 billion in 12611 deals against 1.296 billion shares worth N21.080 billion in 11947 deals. Transactions in the shares of United Bank for Africa led activity during the day, with 192.832 million shares valued at N2.344 billion, AccessCorp followed with account of 121.537 million shares valued at N1.962 billion, Fidelity Bank traded 102.638 million shares valued at N726.740 million, GTCO Plc exchanged 99.847 million shares worth N3.325 billion while Sterling Bank traded 79.277 million shares cost N238.314 million.