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 Dipo Olowookere
The Nigerian Exchange (NGX) Limited rebounded by 0.46 per cent on Tuesday despite continued weak investor sentiment due to low confidence in the market.
The gains recorded yesterday were largely impacted by significant trades in First Holdco by a major shareholder of the financial institution.
In terms of price gainers and losers, the bears won the race, as 28 equities closed in the red and 24 equities ended in the green, indicating a negative market breadth index.
Learn Africa grew by 10.00 per cent to N9.90, First Holdco expanded by 9.98 per cent to N72.15, Thomas Wyatt rose by 9.80 per cent to N2.69, RT Briscoe improved by 8.68 per cent to N13.15, and Transcorp Hotels increased by 8.37 per cent to N242.00.
Conversely, International Energy Insurance lost 9.86 per cent to close at N4.66, Legend Internet slipped by 9.18 per cent to N4.45, Fortis Global Insurance decreased by 7.67 per cent to N2.77, FTN Cocoa tumbled by 7.55 per cent to N8.21, and International Breweries dropped 4.79 per cent to trade at N13.90.
Business Post reports that First Holdco led the activity chart with a turnover of 326.9 million units worth N22.3 billion. GTCO traded 22.5 million units valued at N2.8 billion, Access Holdings transacted 18.5 million units for N461.6 million, FCMB sold 16.1 million units worth N166.8 million, and Zenith Bank exchanged 15.9 million units valued at N1.7 billion.
At the close of business, a total of 634.8 million stocks valued at N53.3 billion exchanged hands in 42,494 deals versus the 523.5 million stocks sold for N22.3 billion in 59,945 deals on Monday, indicating a shortfall in the number of deals by 29.11 per cent, and a surge in the trading volume and value by 21.26 per cent and 139.01 per cent, respectively.
The All-Share Index (ASI) was up during the trading day by 1,121.33 points to 242,870.44 points from 241,749.11 points, and the market capitalisation gained N719 billion to settle at N155.849 trillion compared with the previous day’s N155.130 trillion.
Market participants will be looking forward to the release of inflation data for June 2026 by the National Bureau of Statistics (NBS) today, Wednesday, July 15.
By Adedapo Adesanya
Oil prices climbed about 2 per cent to a one-month high on Tuesday after the US reportedly reimposed a naval blockade on Iran, which will reduce oil flows from the region through the Strait of Hormuz.
Brent futures rose by $1.43 or 1.7 per cent to settle at $84.73 per barrel, while the US West Texas Intermediate (WTI) crude increased by $1.20 or 1.5 per cent to $79.34 a barrel.
Brent closed at its highest since June 12, and WTI at its highest since June 15. The closing price increase kept Brent in technically overbought territory for a second day in a row for the first time since March.
Before the Iran war, about 20 per cent of global oil supplies flowed through the strait.
US President Donald Trump stepped back from a proposal to charge a 20 per cent fee to guard the Strait of Hormuz as part of the conflict with Iran, saying he would instead seek investment deals with Gulf states.
US forces had carried out waves of attacks for the third night after Iran said it had closed the strait. President Trump on Monday reinstated a blockade of Iranian shipping and proposed the fee, but hours before the fee was to take effect, the American President said the strait was open to all shipping traffic except that of Iran.
The renewed attacks have fed doubts that a memorandum of understanding signed last month will lead to a permanent halt in the war that has disrupted global energy supplies and stoked inflation fears.
Data showed that US consumer inflation slowed more than expected in June as energy prices retreated, but financial markets still expect an interest rate hike from the Federal Reserve.
The Federal Reserve Chairman Kevin Warsh on Tuesday vowed to “do my job” if challenged by President Trump, who has said he wants the US central bank to cut interest rates and boost economic growth.
The American Petroleum Institute (API) estimated that crude oil inventories in the US fell by 564,000 barrels in the week ending July 10. In the week prior, US crude oil inventories fell by 399,000 barrels.
Although commercial crude oil inventories excluding the SPR have been falling rapidly for three months now, shedding just over 60 million barrels over the last twelve weeks, US crude inventories are only down 9.2 million barrels so far this year. The US Energy Information Administration (EIA) will release its report later on Wednesday.
By Adedapo Adesanya
The 700,000 barrels per day Dangote Petroleum Refinery has begun pricing fuel products for the local market in US Dollars amid crude supply challenges.
The company cited difficulties securing sufficient crude under the government’s Naira-for-crude programme and rising global oil prices as reasons for the development.
The Naira-for-crude programme, launched in October 2024, allowed domestic refiners to purchase crude in the local currency and reduced pressure on the foreign exchange market.
Mr Edwin Devakumar, the vice president of the Dangote Group, said the refinery had been absorbing a currency mismatch by selling products in Naira while sourcing crude in Dollars, but limited crude supply under the Naira-for-crude programme had undermined the arrangement’s viability.
Dangote has now set the ex-depot price of petrol at $0.779 per litre, diesel at $1.087 per litre and aviation fuel at $0.942 per litre, according to a pricing template circulated to marketers.
Although the Nigerian National Petroleum Company (NNPC) Limited increased Dangote’s allocation to seven cargoes in May from about five previously, the refiner has said it requires 13 to 15 cargoes a month and has been forced to import the remainder at international prices.
The decision could boost demand for Dollars among fuel marketers and make domestic fuel prices more sensitive to exchange-rate fluctuations.
Dangote Refinery is steadily ramping up operations toward full capacity after a gradual start since late 2023. In April alone, it received 21 separate crude cargoes, with all supplies coming from West Africa, mainly Nigerian crude grades, with one cargo from Cameroon; however, it boosted international cargoes in recent months.
The refinery has been broadening the range of crude grades it processes as part of its ambition to operate as a fully merchant refinery. In 2025, about 70 per cent of the refinery’s crude imports came from Nigeria, while 24 per cent originated from the United States.
Dangote plans to double the refinery’s processing capacity to 1.4 million barrels per day by the end of 2028, a level that would enable it to process about 80 per cent of Nigeria’s recent crude oil production in a single day.
