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AMCON Intensifies Efforts to Recover N5trn Offshore Debts

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By Adedapo Adesanya

The Asset Management Corporation of Nigeria (AMCON) has announced plans to engage international asset tracers to locate and recover outstanding debts of nearly N5 trillion hidden by debtors offshore including those masqueraded under Special Purpose Vehicles (SPVs).

This was disclosed by the Managing Director/Chief Executive Officer, Mr Gbenga Alade, in Lagos, on Monday, noting that since the new management took over five months ago, it has successfully recovered approximately N100 billion from several high-profile debtors and revised the sale of some assets.

He emphasised that the organisation has been receiving support from the Presidency, the Central Bank of Nigeria (CBN), the Federal Ministry of Finance, the Attorney General of the Federation, and the National Assembly in their efforts to recover debts transferred by banks to AMCON during the different phases of Eligible Bank Asset (EBA) acquisition.

Furthermore, the CEO mentioned that the Chairman of the House Committee on Finance has pledged to name and shame obligors who have yet to repay their debts at a major stakeholders’ conference that would be held before the end of the year.

He revealed plans to organise a conference where senior officials of the CBN, relevant ministries, banks, and the judiciary would be invited to discuss the challenges posed by non-performing loans in the country.

Mr Alade highlighted four key sectors that the new management has chosen to focus on oil and gas, power, telecommunications, and aviation.

He expressed confidence that resolving issues surrounding assets in the oil and gas sector would boost production, generate more foreign exchange, and create employment opportunities for citizens. The CEO noted that they have achieved remarkable results in two of these assets in less than five months.

In the power sector, AMCON has made significant progress in one of the biggest distribution companies and an abandoned power project in Kaduna.

According to him, a memorandum of understanding has been signed, and operations are expected to commence within the next six months.

He added that the corporation is also working on other assets in the power sector, particularly in Aba, as reliable power supply has become a major concern for small, medium, and large-scale enterprises.

Mr Alade emphasised the potential impact of addressing power challenges in Nigeria, stating that some banks with approximately 400 branches across the country spend as much as N500 billion annually on diesel for their generators.

He believes that tackling the power sector will significantly improve the overall business environment.

AMCON is also working on assets in the telecommunications sector, aiming to revive dormant assets and bring them back into operation, he added.

In the aviation sector, the corporation is addressing issues involving two airlines, with the hope of increasing Arik Airline’s fleet from three to eight aircraft by March 2025, which could help reduce airfares in the local aviation industry.

“The Asset Management Corporation of Nigeria remains committed to its mandate of resolving non-performing loans and stabilising the Nigerian financial system.

“By engaging international asset tracers and focusing on key sectors, AMCON aims to recover outstanding debts and contribute to the overall economic growth and development of the country,” he stated.

Adedapo Adesanya is a journalist, polymath, and connoisseur of everything art. When he is not writing, he has his nose buried in one of the many books or articles he has bookmarked or simply listening to good music with a bottle of beer or wine. He supports the greatest club in the world, Manchester United F.C.

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Tinubu in UAE for 2025 Abu Dhabi Sustainability Week

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Bola Tinubu 2027 presidential election

By Modupe Gbadeyanka

President Bola Tinubu on Saturday, January 11, 2025, left the shores of Nigeria for the United Arab Emirates to take part in the 2025 Abu Dhabi Sustainability Week (ADSW 2025).

He was accompanied by the Minister of Foreign Affairs, Mr Yusuf Tuggar, and other senior government officials.

A statement issued by the Special Adviser to the President on Information and Strategy, Mr Bayo Onanuga, disclosed that Mr Tinubu was invited for the event by his UAE counterpart, Mr Mohamed bin Zayed Al Nahyan.

He will attend the programme starting from today, Sunday, January 12 to Saturday, January 18, 2025.

However, President Tinubu is expected to return to Nigeria before the end of the summit on Thursday, January 16, 2025.

The event, themed The Nexus of Next; Supercharging Sustainable Progress, is expected to bring together global leaders to accelerate sustainable development and advance socioeconomic progress.

In addition, it will enable policymakers, business, and civil society leaders to explore pathways to fast-track the transformation to a sustainable economy and evolve a new era of prosperity for all.

ADSW, a testament to the power of collaboration, has been held annually for over 15 years. It provides a global platform to foster multi-stakeholder cooperation in addressing global challenges and accelerating growth.

It has birthed high-value agreements and strategic partnerships between governments, industry leaders, and clean energy pioneers worldwide, driving impactful alliances and advancing the sustainability agenda worldwide.

At the event, President Tinubu will stress his administration’s reforms, including those related to energy sufficiency, transportation, public health, and economic development.

The Nigerian leader and his entourage will also meet with the emirate’s leadership to discuss issues of interest affecting the two nations.

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Lagos Speaker Mudashiru Obasa Faces Renewed Scrutiny Over Financial Mismanagement

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By Dipo Olowookere

The Speaker of the Lagos State House of ​Assembly, Mr Mudashiru Obasa, remains at the centre of a storm of corruption allegations that have plagued his tenure.

Critics, anti-corruption groups, and opposition leaders have accused him of financial mismanagement, extravagant spending, and abuse of office, yet no substantive action has been taken against him.

Recent reports by People’s Gazette revealed that the 40-member Lagos State House of Assembly, under Mr Obasa’s leadership, spent over N43 billion on “back-up vehicles for honourable members” between January 2023 and the third quarter of 2024.

This expenditure, part of a larger N90.5 billion disbursed for questionable projects, has raised concerns among Lagos residents about the state’s priorities amid widespread economic hardship.

Budget documents showed the Assembly spent about N30.1 billion on vehicles in 2023 and about N13.3 billion in the first three quarters of 2024. Critics argued that these sums, which equate to roughly N1.1 billion per lawmaker, were frivolous.

Mr Obasa has faced allegations of corruptions since early in his tenure, including reports of owning over 60 bank accounts used to misappropriate public funds. In 2019, People’s Gazette reported that the lawmaker conducted suspicious foreign exchange transactions totaling $2.4 million (N1.1 billion). These funds were allegedly funneled through personal accounts and mutual fund investments.

In October 2020, the Economic and Financial Crimes Commission (EFCC) invited the Speaker for questioning over allegations of fraud. Despite evidence of financial impropriety, including allegations of inflated contracts and misappropriated Assembly funds, the EFCC has yet to take decisive action. Protests led by civil society groups like the Civil Society Network Against Corruption (CISNAC) demanding accountability have yielded little progress.

Mr Obasa has consistently denied these allegations. Speaking at a recent plenary, he dismissed claims of spending N17 billion on constructing a gate as “spurious and funny.”

He also refuted allegations of spending N200 million on a nonexistent thanksgiving service, attributing the accusations to political fear-mongering ahead of the 2027 elections.

However, critics have dismissed these defenses as self-serving. A 2020 House panel, composed of Mr Obasa’s allies, cleared him of wrongdoing—a decision labeled a “kangaroo judgment” by anti-corruption advocates.

Prominent anti-corruption campaigner, Mr Olanrewaju Suraju, has urged the EFCC to act on the mounting evidence against Mr Obasa, warning that his actions undermine legislative independence and public trust.

“These revelations justify the urgent need for mechanisms to enforce probity and accountability in public office,” Mr Suraju said.

Despite the scandals, Mr Obasa appears unperturbed and untouchable, with analysts attributing his survival to political connections and an entrenched culture of impunity.

As Lagos State prepares for the 2027 elections, the Speaker’s continued tenure symbolizes a broader challenge of corruption and governance in Nigeria’s political landscape.

Observers now await further developments as pressure mounts on anti-graft agencies to act decisively.

For Lagos residents, however, the scandals highlight a troubling disconnect between political leadership and the needs of the people.

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Nigeria Suffers First National Grid Collapse of 2025

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By Modupe Gbadeyanka

Residents of Nigeria experienced a power outage on Saturday, January 11, 2025, after the national grid collapsed.

It was the first that occurred this year and it happened at about 3 pm today, according to information gathered by Business Post.

Last year, the nation recorded about 12 grid collapse that almost embarrassed the government, which later set up a team to look into the causes of the frequent collapse of the grid.

It was later that today’s incident occurred after power generation went down from 2,111.01 megawatts at 2:00 pm to about 390.20 megawatts by 4:55 pm.

This development caused a cut in power supply in most parts of the country, but the situation has been brought under control, with electricity restored in most affected areas.

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