Economy
AMCON Runs to NASS to Recover N4.4trn from 1,000 Debtors
By Adedapo Adesanya
The Asset Management Corporation of Nigeria (AMCON) has submitted a list containing its top 1,000 obligors owing N4.4 trillion to the National Assembly.
AMCON made this revelation to members of the House of Representatives Committee on Banking and Currency at the just-concluded retreat of the committee in Lagos.
The handing over followed the signing into law the Asset Management Corporation of Nigeria (Amendment) Act, amending the AMCON Act No.4, 2010 by President Muhammadu Buhari.
The AMCON Act provides for the extension of the tenor of the Resolution Cost Fund (RCF) and grants access to the Special Tribunal established by the Banks and other Financial Institutions Act 2020, which confers on AMCON the power to among others… “to take possession, manage, foreclose or sell, transfer, assign or otherwise deal with the asset or property used as security for Eligible Bank Assets (EBAs), and related matters.”
Speaking on this, the Chairman of the House of Representatives Committee on Banking and Currency, Mr Victor Nwokolo representing Ika Northeast/Ika South Constituency, while receiving the list of recalcitrant AMCON obligors from the Managing Director/Chief Executive Officer of the corporation, Mr Ahmed Lawan Kuru, said the committee called for the list so that the National Assembly would know those that are holding the country to ransom to enable them to meet with relevant agencies of the Federal Government on how to further deal with the debtors to ensure that AMCON realized its mandate in the overall interest of the Nigeria economy.
Mr Nwokolo, who commended the commitment of the Mr Kuru-led agency, said that AMCON has been operating under harsh conditions since their establishment, which he stated has been made worse by the coming of the COVID-19 pandemic, which practically shut everything down.
He said the harsh economic realities caused by COVID-19 meant that the recovery assignment AMCON is doing for the country had been further compounded, which is why the National Assembly is looking at ways of further supporting the recovery drive of AMCON.
Mr Nwokolo further disclosed that the National Assembly is considering punitive measures in dealing with those whose names made the top 1,000 AMCON debtors list, however.
He added that President Muhammadu Buhari has just signed the Amended AMCON Act into Law because it will help AMCON to recover the vast outstanding debt, which will ensure that the aim of the Federal Government of Nigeria in setting up AMCON in 2010 is not defeated.
On his part, Mr Kuru also lauded the judiciary for its tremendous support, adding that AMCON has over 4,000 cases in court and is currently challenged with so many issues including unperfected title documents of some properties from Eligible Financial Institutions (EFIs), which often prevent or elongate the completion of the sale of some of the assets.
The AMCON boss said, “To enable AMCON to succeed in its national call to duty, AMCON solicits the continued support of this Distinguished Committee. The Judiciary must be encouraged to respect the provisions of the law that require them to fast-track cases before them, issue certificates of judgement on properties, which the Corporation has no collateral and demand debtors to deposit Judgment sum before proceeding to appeal any judgement.”
He added that more recently, due to the socio-economic downturn, the market values of assets have significantly reduced, lower than the valuation at the point of Eligible Bank Asset (EBA) purchase, making it extremely difficult to consummate sales transactions.
With the support of the National Assembly and the Judiciary, Mr Kuru argued that recovering the total current exposure on all EBAs, which stands at N4.4 trillion, may be possible before the sunset period.
By Modupe Gbadeyanka
The Economic and Financial Crimes Commission (EFCC) has been given the power to arrest and detain six promoters of the troubled investment scheme operator, Crypto Bridge Exchange (CBEX).
The EFCC, through its counsel, Ms Fadila Yusuf, filed an ex-parte motion to keep the suspects in its custody pending the conclusion of investigation of the alleged offences and possible prosecution.
The suit was filed at the Federal High Court in Abuja and on Thursday, Justice Emeka Nwite, allowed the anti-money laundering organisation to further detain the sextet of Adefowora Abiodun Olanipekun, Adefowora Oluwanisola, Emmanuel Uko, Seyi Oloyede, Avwerosuo Otorudo and Chukwuebuka Ehirim as 1st to 6th defendants, respectively.
The commission asked the court to grant it “an order remanding the defendants in the custody of the complainant/applicant pending the conclusion of investigation of the alleged offences and possible prosecution.”
“The defendants are at large and a warrant of arrest is required to arrest the defendants for proper investigation and prosecution of this case,” she added.
In his ruling, Justice Nwite said, “I have listened to the submission of the learner counsel for the applicant, EFCC. I have also gone through the affidavit evidence with exhibits thereto along with the written address.
“I am of the view and I hold that the application is meritorious. Consequently, the application is granted as prayed.”
By Adedapo Adesanya
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, has announced that a forensic audit of the Nigerian National Petroleum Company (NNPC) Limited would soon commence, but did not give a specific timeline.
He made this disclosure while speaking at the Nigerian Investor Forum, which is holding on the sidelines of the IMF/World Bank spring meetings in Washington D.C, the US, also attended by the Governor of the Central Bank of Nigeria (CBN), Mr Yemi Cardoso.
He explained that the recent rejigging of the management of the NNPC was part of the cleansing the federal government has taken to audit the company
Addressing a group of investors drawn from renowned global financial institutions, including J.P. Morgan, the Minister outlined critical reforms the federal government has implemented to reset the economy and restore confidence.
Mr Edun told the foreign investors that the government, through its veracious reforms, have laid the foundation that would make the country the desired destination for private investors as he said the country is on the road to 7 per cent annual growth, calling for investments in infrastructure, manufacturing, and agriculture.
The Minister said the administration of President Bola Tinubu has implemented foundational reforms that are now yielding results, with the Nigerian economy expanding 3.84 per cent in Q4 2024 and 3.4 per cent overall for the year.
“Our goal is not just to maintain this momentum, but to accelerate it. We are targeting seven per cent annual growth, and we believe the policies we have implemented have laid the groundwork to achieve this,” he stated.
The finance minister further emphasized the significance of the reforms, noting they are “unprecedented” and have drawn praise from multilateral partners during ongoing discussions in Washington.
“We said we would do it, and now we have done it. This time, we’re staying the course,” Mr Edun added.
He noted that with macroeconomic stability gradually returning as reflected in narrowing budget deficits, improved trade balance, and a stabilizing exchange rate, adding that the government is now shifting its focus to targeted sectoral growth.
“We aim to close the food supply gap, not by importing more, but by enabling domestic producers to scale and innovate,” he said.
On infrastructure, the minister revealed the rollout of 90,000km of fiber optic cable to enhance digital connectivity, a move seen as critical to empowering Nigeria’s youth and tech entrepreneurs.
In addition, 4,000km of roads have been tendered for private sector participation, with the first 1,000km already signed off for delivery.
By Adedapo Adesanya
The Nigerian Shippers Council (NSC) has reiterated its commitment to prioritising shipping activities and promoting importers and exporters in the country.
The Executive Secretary of the Council, Mr Pius Akutah, in a statement on Wednesday, said this after a familiarisation visit to the North East Zonal Directorate in Bauchi State.
The visit marked a strategic step in assessing the activities of the council in the region and reinforcing its role in trade facilitation and port economic regulation.
“The purpose of the visit was to promote regional integration in shipping activities and support exportation.
“This aligns with the current administration’s goal of enhancing the nation’s resources through the blue economy.
“We have had interactive meeting with stakeholders aimed at advancing shipping activities in the region and the role of shippers’ association in representing the interests of importers and exporters.
“The NSC is committed to improving ease of doing business,” he said.
On the Inland Dry Ports project in Bauchi, an initiative by the state government, Mr Akutah said it was laudable as it would attract both import and export activities to the area.
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