Economy
Apprehension as AMCON Prepares to Shame N5trn Debtors on TV
By Adedapo Adesanya
The Asset Management Corporation of Nigeria (AMCON) has announced its intention to release very soon a television documentary on prominent Nigerians who owe the larger part of a N5 trillion debt, stating that the debtors are top public office holders in the country.
This was reportedly disclosed by the corporation’s Managing Director/Chief Executive Officer, Mr Ahmed Kuru, who was a guest speaker at the July 2019 edition of the breakfast meeting organized by the Nigerian–American Chamber of Commerce.
According to the AMCON boss, a major source of concern is that only 350 Nigerians owe 80 percent of the N5 trillion debt.
Speaking further, Mr Kuru disclosed that the agency was partnering with other agencies such as the Independent Corrupt Practices and other Related Offences Commission (ICPC), Economic and Financial Crime Commission (EFCC), the Nigerian Deposit Insurance Commission (NDIC), amongst others, to produce a full-length television documentary on the recalcitrant debtors in a permanent format.
The AMCON boss stated that the plan included making the documentary in a permanent format available for future generations yet unborn to get informed of the so-called public office holders which are inclusive of lawmakers, ministers, university pro-chancellors and prominent Nigerians.
“Sadly, these are the calibre of people we respect in Nigeria but these people are not role models. How can you be a role model when you cannot honour a simple obligation? That is why I have been consistent in the call for the return of the failed bank act.
“All economies all over the world depend on financial infrastructure for growth. If we allow or encourage the destruction of the basis of our financial structure, then the economy would not grow.
“These are men and women who go to banks, borrow monies with no intention to pay and in the process bring down banking institutions. It takes a lot for a bank to fail. AMCON just rescued Skye Bank with an investment of nearly N1trillion. In a decent society, those who are responsible are supposed to be held accountable,” he said.
Mr Kuru further stated that the debt cannot be written off because the money could be used for infrastructural development in the country.
At the event, he also revealed how the corporation rescued Skye Bank with an investment of N1 trillion as a result of high non-performing loans.
“We are talking about recovering over N5 trillion debt, which sits with the Central Bank of Nigeria (CBN) and we know that the Federal Government through the CBN cannot afford to write the debt off so we just have to recover it.
“With such a huge recovery, the country can do a lot in the areas of infrastructure development in energy, rail line, health, road construction, and a whole lot more. To enable you to understand the magnitude of what we are talking about, only 350 individuals account for 80 percent of the debt amounting to N4.6 trillion.
“At AMCON, we have no power to arrest these ‘powerful’ people as we depend largely on judicial processes to recover and we all know the slow pace of judicial processes.
“Already, we have changed our strategy to more of enforcement, because the negotiations have failed. We now want to go a step further by working with the ICPC and the EFCC, which will enable us to go investigate the credit processes,” the nation’s chief debt collector said.
AMCON has said if the debt was not recovered, Nigeria’s financial sector may be heading towards another era of high non-performing loans which is not good for the economy.
By Adedapo Adesanya
Brent crude jumped over $100 per barrel on Thursday, rising by $6.62 or 7 per cent to $100.69 per barrel, as Yemen’s Houthis attacked two Saudi oil tankers in the Red Sea, causing further global supply disruptions following a near-halt in trade through the Strait of Hormuz.
The international crude oil benchmark has now climbed roughly 20 per cent in about two weeks as repeated attacks on commercial shipping, renewed fighting involving Iran, and mounting export disruptions have steadily erased expectations of a quick return to normal oil flows.
Also, the US West Texas Intermediate (WTI) crude chalked up $5.36 or 6.2 per cent to settle at $92.19 a barrel.
Houthi claimed that the group struck two Saudi oil tankers in the Bab el-Mandeb Strait after declaring a naval blockade of Saudi exports earlier this week.
Several vessels reportedly altered course or delayed transits through the chokepoint, threatening the export route Saudi Arabia has relied on to bypass disruptions in the Strait of Hormuz.
Market analysts noted that the escalation adds to the near-halt in Hormuz traffic and the sharp reduction in Iranian exports, intensifying concerns over near-term global availability.
Analysts estimate that the Strait of Hormuz and Bab el-Mandeb carry the equivalent of roughly a quarter of the world’s oil supply.
As a result of fewer shipments exiting the strait, loading activity within the Gulf has fallen to 2.5 million barrels per day over the past seven days, compared with 6 million barrels per day over the past 30 days
However, following the attacks, two Chinese supertankers carrying a combined 4 million barrels of Saudi Arabian oil managed to exit the Red Sea via the Bab el-Mandeb Strait on Thursday.
Meanwhile, US President Donald Trump promised “major military punishment” for Iran and its Houthi allies.
Goldman Sachs said Brent might exceed $120 a barrel in the fourth quarter and average $100 next year if the strait remains disrupted through 2027, with further upside if the Bab el-Mandeb Strait and Suez Canal also suffer persistent disruption.
Kazakhstan has begun cutting oil production after drone attacks shut down tanker loadings at the Caspian Pipeline Consortium terminal on the Black Sea.
Amid this development, seven core members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+), namely Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman, are likely, when they meet on August 2, to increase their output target by about 188,000 barrels per day for September.
By Adedapo Adesanya
The National Insurance Commission (NAICOM) has said the passage of the National Insurance Regulatory Commission Bill by the Senate will unlock greater investment in Nigeria by strengthening regulatory oversight, enhancing investor confidence and creating a more transparent and accountable insurance industry.
Describing the development as a significant milestone in efforts to strengthen the regulatory framework of Nigeria’s insurance industry, the commission particularly praised the leadership of the Senate and the Chairman of the Senate Committee on Banking, Insurance and Other Financial Institutions, Mr Adetokunbo Mukail Abiru, for their roles in securing the successful passage of the Bill in the Red Chamber.
According to NAICOM, the proposed legislation will enhance regulatory oversight, improve transparency and accountability, and boost public confidence in the insurance sector.
The commission said the bill is expected to attract greater investment into the industry, promote sustainable growth, and deliver benefits to policyholders, insurance operators, and the wider economy.
NAICOM also noted that the Senate’s commitment to advancing reforms in the insurance sector would support the modernisation of insurance regulation and strengthen financial inclusion across the country.
It added that the passage of the Bill reflects the legislature’s resolve to protect the interests of citizens while promoting the stability of Nigeria’s financial system.
The Commission reaffirmed its readiness to ensure the effective implementation of the new legal framework once the Bill receives presidential assent, pledging continued collaboration with industry stakeholders to position the insurance sector as a key driver of national economic development.
Earlier this week, the Senate passed the much-anticipated bill to repeal and re-enact the law establishing the National Insurance Commission (NAICOM), paving the way for the regulatory agency to be renamed the Insurance Regulatory Commission (IRC).
The legislation, titled the Insurance Regulatory Commission (Establishment) Bill, 2026, was passed after the Senate considered and adopted the report of its committee on banking, insurance and other financial institutions.
According to lawmakers, the outgoing National Insurance Commission Act 1997 is outdated and does not adequately address the emerging economic growth, needs and development of the country’s insurance business and projections.
By Aduragbemi Omiyale
About $2.5 billion has been raised by Dangote Petroleum Refinery and Petrochemicals FZE (DPRP) from its private equity placement.
The exercise, Business Post learned, attracted broad participation from international and African institutional investors, sovereign-related investment vehicles, development finance institutions, strategic partners, and individual investors.
Notable participants included the Africa Finance Corporation (AFC) and India Infra Buildco, an investment vehicle facilitated by the African Export-Import Bank (Afreximbank), reflecting deep and diversified confidence in DPRP’s long-term prospects.
The transaction is believed to be Africa’s largest publicly disclosed primary equity private placement, marking a significant milestone in the history of the organisation and demonstrating strong investor confidence in the refinery’s long-term growth strategy, including raising its current capacity from 700,000 barrels per day to 1.4 million barrels per day.
The capital raise is the first equity funding round involving external investors beyond the company’s legacy shareholder base, underscoring the growing attractiveness of DPRP as a world-class energy and industrial enterprise. The strong investor response further reinforces confidence in the company’s vision and its ability to deliver sustainable value over the long term.
The proceeds from the placement will be deployed to support the continued expansion of the refinery and petrochemical complex, strengthen the company’s capital structure, and enhance financial flexibility to pursue future growth opportunities.
With the successful completion of the placement, DPRP is well-positioned to accelerate its long-term growth strategy while strengthening Africa’s energy security through world-scale refining and petrochemical capacity.
“This transaction represents a strategic step to deepen and further institutionalise the Enterprise’s shareholder base, while raising capital to complement our internal cash flows and external funding as DPRP advances its expansion agenda.
“It also demonstrates our unwavering commitment to developing Africa’s refining and petrochemical capacity, reducing dependence on imported petroleum products and strengthening the continent’s energy security,” the chief executive of Dangote Industries Limited and Chairman of DPRP, Mr Aliko Dangote, stated.
Also, the chief executive of Dangote Petroleum Refinery, Mr David Bird, said the overwhelming investor response validates the company’s operational performance and growth outlook.
“The exceptional demand we witnessed is a testament to our operational excellence, execution capability and the confidence investors have in DPRP’s leadership and future potential,” he remarked.
