1. REPORT OF HINDUJA GROUP AND NIPC DISCUSSIONS ON INVESTING IN NIGERIA AT NEW ZEALAND HOUSE, LONDON 29 th JUNE 2004 PRESENTED BY ENGR. MUSTAFA BELLO,FNSE. EXECUTIVE SECRETARY NIGERIAN INVESTMENT PROMOTION COMMISSION

2. Introduction The Group was founded in 1914 Mumbai, India by late Parmanaud Deepchand. Core Activities of the Group: * International Trading * Investment Banking * Global Investment

3. Product sourcing and marketing Arrange and advise on: –Buy backs –Counter trade –Debt clearing –Trade finance International Trading

4. Equity and Debt Underwriting Financial Restructuring Advisory Merger and Acquisitions Advisory Services Real Estate Advisory Services Investment Banking

5. Global Investments Transports Information Technology Media, Entertainment and Communications Banking and Finance Infrastructure Projects Development Chemicals and Agri- Business Energy Trading

6. The Hinduja Group has a foundation in India, United States & Europe which forms part of the Group. The foundation currently runs The Hinduja National Hospital & Medical Research Center, Mumbai, ASCI-Hinduja Institute of Health Care Management, Hyderabad and Several other Philanthropic services in fulfillment of the late Founder which is, and I quote “My Duty is to Work So that I can Give”

7. The Meeting In attendance Hinduja Group Mr. Alain Dujean Mr. V Venkatesan Mr. Ashok Dani Mr. Ashwin Ahuja NIPC Engr. Mustafa Bello Yakubu Kywangyan

8. The Meeting- NIPC’s Comments Their attention was drawn to investment opportunities in Nigeria, emphasizing on the Governments majoe economic reforms which is aiming at revamping the economy. Government bid to reverse the activities of 419 operators which is affecting our image.

9. The Meeting- NIPC Con’t The following areas were identified for possible investments; –Power Generation –Oil & Gas (Refinery and Gas Utilization) –Bitumen development –Information & Communication Technology –Real Estate Development

10. The Meeting- Hinduja’s Response Ashok Leyland is 55 years old and is exclusively a commercial vehicles venture. In fact the 2 nd largest in India. It has turnover of USD 755 million with 49,000 units sales volume. Of which 50% is bus segment while over 30% is truck segment. Ashok is in Joint venture with IVECO a subsidiary of FIAT Group. They have indicated interest in the Leyland plant in Nigeria.

11. The Meeting- Hinduja’s Response They have also indicated interest to participate in the Oil prospecting in Nigeria through their company Gulf International. As a matter of fact they have commence discussion with some notable Nigerians; for example Hon. Chubudom Nwuche, the former Deputy Speaker of the House of Representative. They have also indicated their desire to join the consortium for power generation. Mr. Dani Ashok, executive Director (Amas Investment & Project Services Ltd.) was instantly appointed the Contact person.

12. Brief Report of Meeting Held at the Headquarters of the World Economic Forum (WEF) on 30 th June 2004

13. The Meeting In Attendance World Economic Forum Mr. Fred Sicre Mr. Haiko Alfred NIPC Engr. Mustafa Bello Alh. Yakubu Kywanygan

14. The Meeting The WEF representatives acknowledged the immense contributions and role played by his Excellency, Mr. President at the last meeting held at Davos. Nigeria will be invited as special guest at the next WEF, the proposed date not decided yet. WEF were requested to indicate what areas they would assist NIPC attain its objectives particularly in areas of capacity building. WEF indicated that they not involved in capacity building, however advised we should approach MIGA.

15. The Meeting As regards investment drive, they indicated that Nigerians’ obstacle is the continued image problem It was also their opinion that the HPACI as it was presently constituted will not achieve much. They suggested that WEF will come up with a list to be ratified by the Executive Secretary of NIPC before presentation for approval by Mr. President. For successful restructuring and reinvigoration to be successful, the endorsement of Mr. President is very vital.

16. The Meeting The WEF informed the meeting that Nigeria should advantage the British PM’s efforts aimed at assisting African countries attain economic prosperity the formation of Commission for Africa. This commission shall carry out comprehensive assessment of the situation in Africa policies towards Africa. The 17 th man commission which has on membership a Nigerian has Mr. Fola Adeola, has part of its programme generated increased support for initiative like NEPAD, the G8 Africa Action Plan and the African Partner Forum.

17. The Meeting In recognnition of the role of Engr. Mustafa Bello in WEF activities since his days as Minister of commerce and now Executive Secretary of NIPC, the Executive Director of the WEF, Mr. Fred Sicre informed the meeting that he will be registered as a full member of the forum. All necessary documentation will be done the Mr. Haiko Alfeld, the Regional Director, Africa.

18. Conclusion It is gratifying for report that the meeting s have been successful and fruitful. The commission has put in place follow up strategies in anticipation of approval of all request made in the report. Thank you.