General
AMCON Seizes Abebe’s Inducon Nigeria Assets over N1.3bn Debt
By Adedapo Adesanya
The Asset Management Corporation of Nigeria (AMCON) has confiscated an asset belonging to Dr John Warimeme Abebe, the chief promoter of Inducon Nigeria Limited, over a debt worth N1.3 billion.
The debt recovery body took over the asset of the company following the order of Justice Rilwan Aikawa of the Federal High Court sitting in Lagos.
According to a statement issued by Mr Jude Nwauzor, the Head of Corporate Communications Department at AMCON, the property was seized over the weekend.
He said this was in compliance with the enforcement order on the asset located at Plot 12, Block 108 Lekki Peninsula Residential Scheme, Lagos, through its Debt Recovery Agent – Ogunsola Shonibare L.P.
The court also ordered that the bank accounts of the company and its Directors; Dr John Warimeme Abebe, Mr Olawole Fatimilehin and Mr Ademola Buraimoh, be frozen pending the final determination of the suit.
The case of Inducon Nigeria Limited and its promoters has been interminable short after the loan was purchased by AMCON during the 1st phase of Eligible Bank Asset (EBA) purchases from the defunct FinBank (now FCMB) since 2011.
Since the purchase, AMCON has offered the obligor several concessions and explored all avenues to resolve the debt harmoniously, but the obligor and his company have remained recalcitrant and unenthusiastic to repay the huge debt to AMCON, the statement said.
It was also explained that they have consistently reneged on several promises they made in the past during negotiations. As a result, this prompted the debt recovery agency to evoke the corporation’s asset tracing powers granted it under the AMCON (Amendment No. 2) Act, 2019.
The corporation confirmed the success of the enforcement exercise over the weekend but added that all avenues of a peaceful resolution were explored to no avail before the hard decision was taken.
The agency emphasised that the enforcement option is usually the last resort whenever a recalcitrant obligor decides to be unreasonable.
General
NGIC Pipeline Network to Experience 4-Day Gas Supply Shortage
By Modupe Gbadeyanka
The pipeline network of the NNPC Gas Infrastructure Company Limited (NGIC) will witness a temporary reduction in gas supply for four days.
This information was revealed by the Chief Corporate Communications Officer of the Nigerian National Petroleum Company (NNPC) Limited, Mr Andy Odeh, in a statement on Thursday night.
A key supplier of gas into the NGIC pipeline network is Seplat Energy Plc, a joint venture partner of the state-owned oil agency.
It was disclosed that the facility would undergo routine maintenance from Thursday. February 12 to Sunday, February 15, 2026.
The NNPC stated that, “This planned activity forms part of standard industry safety and asset integrity protocols designed to ensure the continued reliability, efficiency, and safe operation of critical gas infrastructure.”
“Periodic maintenance of this nature is essential to sustain optimal system performance, strengthen operational resilience, and minimise the risk of unplanned outages,” it added.
“During the four-day maintenance period, there will be a temporary reduction in gas supply into the NGIC pipeline network. As a result, some power generation companies reliant on this supply may experience reduced gas availability, which could modestly impact electricity generation levels within the timeframe.
“NNPC Ltd and Seplat Energy are working closely to ensure that the maintenance is executed safely and completed as scheduled. In parallel, NNPC Gas Marketing Limited (NGML) is engaging alternative gas suppliers to mitigate anticipated supply gaps and maintain stability across the network,” the statement further said.
“Upon completion of the maintenance exercise, full gas supply into the NGIC system is expected to resume promptly, enabling affected power generation companies to return to normal operations,” it concluded.
General
Judge Withdraws from EFCC Cases Against Former AGF Malami
By Adedapo Adesanya
Justice Obiora Egwuatu of the Federal High Court in Abuja has recused himself from the two cases involving the former Attorney General of the Federation, Mr Abubakar Malami, filed by the Economic and Financial Crimes Commission (EFCC).
Mr Egwuatu was recently reassigned the cases by the Chief Judge of the Federal High Court, and he disclosed that he withdrew for personal reasons and in the interest of justice.
The cases against Mr Malami were formerly before Justice Emeka Nwite of the same court, who was a vacation judge during the festive season.
Mr Egwuatu’s recusal comes after the civil suit for the forfeiture of 57 properties allegedly linked to Mr Malami was called for mention.
The former AGF, his wife, and son are facing a 16-count money laundering charge. They were granted bail on January 7 in the sum of N500 million with two sureties by Justice Emeka Nwite of the Federal High Court in Abuja.
Justice Nwite stated that the sureties must have landed property in Asokoro, Maitama, and Gwarinpa.
The judge added that the trio must submit their travel documents to the court.
The former Minister of Justice is facing a fresh persecution over the arms and ammunition found in his house by the Department of State Service (DSS). The arms were reportedly uncovered at his Kebbi country home by the operatives of the EFCC during a search.
The anti-graft agency handed the weapon to the secret police for a comprehensive probe, citing a lack of constitutional authority to investigate the possession.
Similarly, the former AGF was accused of knowingly abetting terrorism financing by refusing to prosecute terrorism financiers whose case files were brought to his office as the AGF in the last administration for prosecution. Alongside his son, the lawyer was accused by the DSS of engaging in conduct in preparation to commit an act of terrorism by having in their possession and without a licence, a Sturm Magnum 17-0101 firearm, 16 Redstar AAA 5’20 live rounds of Cartridges and 27 expended Redstar AAA 5’20 Cartridges.
General
NLNG Says Low-Risk Key to Unlocking Value in Nigeria’s Gas Industry
By Adedapo Adesanya
Nigeria LNG (NLNG) has reaffirmed that a well-structured, low-risk approach in Nigeria’s energy sector is essential to unlocking investments, accelerating economic development and strengthening energy security.
NLNG’s General Manager, Production, Mr Nnamdi Anowi, said this at a panel session titled De-Risking Investments in African Oil and Gas Projects during the Sub-Saharan Africa International Petroleum Exhibition and Conference (SAIPEC) in Lagos, noting that when oil and gas projects are perceived as too risky, investors tend to withdraw, leading to stalled projects, job losses, and missed revenue opportunities critical for national growth.
According to a statement by Mrs Anne-Marie Palmer-Ikuku, Manager, Corporate Communication and Public Affairs, he stated that reducing risks in oil and gas projects, beyond being a business strategy, was a matter of national importance for Nigeria’s economy, energy security, and long-term development.
He further explained that for NLNG, lowering risk means keeping gas flowing reliably, meeting long-term contracts, and ensuring the company remains a trusted supplier to global and domestic markets.
He said this will allow investors to fund projects at a lower cost, which ultimately benefits both companies and the country.
Mr Anowi also highlighted the importance of good infrastructure, local skills, and modern technology in reducing everyday operational risks.
He said that when pipelines, processing facilities, and digital systems work well, projects are safer, cheaper to run, and more reliable over time.
“If we reduce risk the right way and work together, investment will come; the next decade must focus on growing proven, bankable projects that deliver real value to the country, ” he further said.
In his closing remarks, Mr Anowi noted that Africa and Nigeria in particular are investable when risks are planned for and managed carefully, not ignored.
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