[TR News] How Britain’s exit from EU will affect Nigeria

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A professor of International Relations at the Centre for Peace and Strategic Studies, University of Ilorin, Amadu Sesay, said on Friday that Britain’s decision to leave the European Union would have negative consequences on Nigeria.

Mr. Sesay said the immediate impact of the exit of Britain from the 28-member nation group would be the redefinition of the relationship between the new Britain and other countries, including Nigeria.

Mr. Sesay said the new Britain would want to look inwards and cut cost, especially from most of the assistance it was giving to developing countries.

He said that the UK under David Cameron had been supporting Nigeria, particularly in the fight against corruption and insurgency in the north east, adding that such support may no longer be in place as the ideology of the new Britain may be to use its resources to develop and take care of its people.

Describing Britain’s exit from EU as a self-inflicted injury, Mr. Sesay urged Nigeria and other African countries to explore the advantages it creates.

He said Nigeria and other countries may technically benefit from the exit of Britain from the EU by making use of some of the advantages, such as the devaluation of pound sterling against other international currencies.

“With the exit (of Britain from EU), the Pound Sterling has fallen against the U.S. Dollar, while Euro too has also fallen.

“For fear of the unknown, investors immediately began to move their investments thinking of relocation and that affected the value of the Pound and it began to fall.

“So, if the Pound Sterling is falling, it is good for Nigeria, particularly at this time that the Naira is struggling to find it true value in the interbank market under the new policy introduced recently by the Central Bank of Nigeria. It is a welcome development at that level,” he said.

He, however, called on the government and the financial institutions in Nigeria to begin to plan against any negative fallout from the exit, particularly the need for financial institutions to adopt survival strategies to benefit from the development.

“The federal government has to redefine its foreign policy and refocus its ability to be able to relate with the EU and the new British government,” he said. (NAN)

 

We regret but respect your decision – EU leaders tell UK

Abuja, June 24, 2016 (NAN) The leaders of the European Union (EU) have expressed regret over the decision of Britain to leave the union but say they respect the decision of the people.

This is contained in a joint statement issued by the EU leaders on Friday in Brussels obtained from the Delegation of the European Union to Nigeria and ECOWAS in Abuja.

The EU leaders included Donald Tusk, President of the European Council and Martin Schulz, President of the European Parliament.

The others were Prime Minister Mark Rutte, holder of the rotating Presidency of the Council of the EU, and Jean-Claude Juncker, President of the European Commission.

The statement said Tusk, Schulz and Rutte met on Friday morning in Brussels on the invitation of Juncker, and discussed the outcome of the United Kingdom referendum.

“In a free and democratic process, the British people have expressed their wish to leave the European Union. We regret this decision but respect it.

“This is an unprecedented situation but we are united in our response.

“We will stand strong and uphold the EU’s core values of promoting peace and the well-being of its peoples,” the leaders jointly stated.

They pledged that the remaining members of the EU would carry on with the vision of the union.

“The Union of 27 member states will continue. The Union is the framework of our common political future.

“We are bound together by history, geography and common interests and will develop our cooperation on this basis.

“Together we will address our common challenge to generate growth, increase prosperity and ensure a safe and secure environment for our citizens.

“The institutions will play their full role in this endeavour,” the EU leaders said.

They, however, asked the UK to, as a matter of urgency, formalise its exit without any further delay.

“We now expect the United Kingdom government to give effect to this decision of the British people as soon as possible, however painful that process may be.

“Any delay will unnecessarily prolong uncertainty. We have rules to deal with this in an orderly way.

“Article 50 of the Treaty on European Union sets out the procedure to be followed if a Member State decides to leave the European Union,” they said.

According to them, the UK, technically, remains a member of the EU until it fulfills all the conditions for its formal withdrawal.

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“We stand ready to launch negotiations swiftly with the United Kingdom regarding the terms and conditions of its withdrawal from the European Union.

“Until this process of negotiations is over, the United Kingdom remains a member of the European Union, with all the rights and obligations that derive from this.

“According to the Treaties which the United Kingdom has ratified, EU law continues to apply to the full to and in the United Kingdom until it is no longer a Member.”

“As agreed, the New Settlement for the United Kingdom within the European Union”, reached at the European Council on Feb. 18 to 19, 2016, will now not take effect.

“It ceases to exist. There will be no renegotiations,” the EU leaders said.

They, however, pledged continued close relationship with the UK in their future dealings.

“As regards the United Kingdom, we hope to have it as a close partner of the European Union also in the future.

“We expect the United Kingdom to formulate its proposals in this respect.

“Any agreement, which will be concluded with the United Kingdom as a third country, will have to reflect the interests of both sides and be balanced in terms of rights and obligations. the leaders said.” (NAN

 

N10bn debt: AMCON takes over assets of AfriJet Airlines

Lagos (Lagos State), June 24,2016 (NAN) The Asset Management Corporation of Nigeria (AMCON), on Friday, took over the assets of Afrijet Airlines Ltd. owned by Chief Vitalis Ibe, over an unpaid debt of almost N10 billion.

This is contained in a statement issued by Mr Jude Nwauzor, Head, Corporate Communications, AMCON, which was obtained by the News Agency of Nigeria (NAN), in Lagos.

The statement said the takeover was based on an interim injunction granted against the airline by Justice Chuka Obiozor of the Federal High Court, Lagos Division.

It said, “the obligor owes AMCON nearly N10 billion. AMCON purchased the Eligible Bank Assets (EBAs), sometime in 2011 from the defunct FinBank and Bank PHB.

“The order also affects Ibe’s Continental Aviation Services Ltd., AMCON has since appointed Prof. Gbolahan Elias (SAN), as Receiver/Manager. ”

The statement also said the receiver/manager at about 11a.m. on Friday simultaneously took possession of the assets of Ibe including Afrijet Plaza, the corporate head office of the airlines.

According to the statement, the office is located on Sheraton-Opebi Link Road Ikeja, Opebi, Lagos.

It said he also took over the obligor’s asset at Plot 22, Jimoh Odutola St., off Eric Moore Road, Surulere, Lagos, as well as his office at the Airport.

“The court order mandated the receiver/manager to also take over on behalf of AMCON any other offices, branches, stores and factories of Ibe.

“And his companies located and/or traced for the purpose of satisfying the indebtedness,” the statement added.

It said the court restrained Ibe and his companies from operating or tampering with the funds in his bank accounts under whatever name or guise in any bank or financial institution in Nigeria.

The statement said the court directed the Inspector General of Police to assist Elias in the enforcement of its orders, adding that no incident was however recorded during the enforcement.

“AMCON, under the leadership of Mr Ahmed Kuru, had recently increased the tempo of its recovery and was going after some of its 400 obligors whose total debts account for more than N4.5 trillion’’, the statement added. (NAN)

UN scribe says he expects UK to continue to be solid partner in peace, security, development

UN, June 24,2016 (NAN) UN Secretary-General Ban Ki-Moon says he expects the United Kingdom to continue to be a strong partner to the execution of UN programmes in peace, security and development.

Ban, in his reaction to the result of the referendum in the UK, also said he expects that the European Union would continue to be a strong partner to the UN on humanitarian issues, as well as peace, security and migration.

“The UN looks forward to continued working relationship with the United Kingdom and the European Union, as very strategic partners.

“When we work together, we are stronger.

“The vote to leave the EU came at the end of intensive deliberations and rich discussions, not just in the UK, but across Europe,” he added.

Now, as the UK and other EU Member States embark on the process of charting a new course, he said he trusts in Europe’s well-proven history of pragmatism and common responsibility in the interest of European citizens.

The “Leave” campaign won by 52 per cent to 48 percent.

No fewer than 17.4 million people voted in the referendum on Thursday to sever ties with the EU, while about 16.1 million voted to remain in the bloc. (NAN)

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