General
AMCON Intensifies Efforts to Recover N5trn Offshore Debts
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.
General
Lagos Launches Coastal Community Responder Programme for Waterways Safety
By Adedapo Adesanya
The Lagos State Waterways Authority (LASWA) has initiated an inter-agency partnership with the Centre for Rural Development (CERUD) to establish the Coastal Community First Responder Programme (CCFRP).
The first responder programme is aimed at promoting safe and secure transportation across Lagos waterways.
The initiative was unveiled during a meeting between a LASWA delegation and officials of the Ministry of Local Government, Chieftaincy Affairs and Rural Development at the secretariat in Alausa.
Leading the LASWA team, Mr Olademeji Shittu said the programme is designed to reduce fatalities and material losses on Lagos waterways, particularly in hard-to-reach coastal communities.
According to Mr Shittu, the CCFRP will focus on empowering community volunteers through targeted capacity building for sustainable rural development, while also equipping them with relevant skills that can enhance employability within the maritime sector.
He noted that trained volunteers will serve as community-based first responders, working in close collaboration with LASWA to strengthen search and rescue operations.
Providing the rationale for the programme, Mr Shittu highlighted the recurring cases of marine incidents and fatalities on Lagos waterways, often worsened by delayed emergency response in remote coastal areas.
He explained that residents of these communities are usually the first on the scene during accidents, making it necessary to formalise their role through structured training and partnerships.
He added that the collaboration with CERUD will help create a sustainable framework that aligns community development with safety and emergency response, while fostering a sense of ownership and responsibility among coastal residents.
According to a statement, the Coastal Community First Responder Programme is expected to enhance emergency preparedness on Lagos waterways, improve response times during marine incidents, and contribute to safer water transportation across the state.
General
NLC, TUC Suspend Planned Protest, Ask FCTA Workers to Resume
By Adedapo Adesanya
The Nigeria Labour Congress (NLC) and the Trade Union Congress (TUC) have suspended their planned protest in the Federal Capital Territory and instructed workers under the Federal Capital Territory Administration (FCTA) to return to their duties with immediate effect.
The directive followed an overnight engagement involving labour leaders, the Minister of the FCT, Mr Nyesom Wike, and members of the Senate Committee on the FCT.
The meeting, which began late on Monday, stretched into the early hours of Tuesday, culminating in an agreement that led to the unions’ decision to halt the protest action and restore normal activities across FCTA offices.
This comes after Justice Emmanuel Subilim of the National Industrial Court issued an interim order restraining the NLC, TUC, and three others from embarking on any form of industrial action or protest.
Ruling on an ex-parte application filed by the Minister of the FCT and the FCT Administration, Justice Subilim granted an interim order restraining the 1st to 5th respondents and their privies or agents from embarking on strike pending the hearing of the motion on notice, also ordering the 5th-9th defendants who are security agencies to ensure no break down of law and order.
The ex-parte motion, which was filed by the counsel to Mr Wike and the FCTA, Ogwu Onoja, submitted that the Chairman of the FCT council had sent a message of mobilization to members and affiliated unions for a mass protest scheduled for February 3.
This move, he noted, was in violation of the orders of court, adding that after the ruling of the court on January 27, the order of the court was served on the defendants, same day the NLC and TUC issued a statement to all affiliated unions to intensify and sustain the strike.
The statement jointly signed by both unions directed that the striking workers should resume the strike as the unions’ counsel, Mr Femi Falana, has filed an appeal against the interlocutory ruling.
He further pointed out that With the statement, JUAC issued a circular directing all employees to continue the strike.
This position they say is aimed at causing break down of law and order in the Nations capital.
The court subsequently adjourned the case until February 10 for hearing.
General
Church Confirms Release Of 151 Abducted Members in Kaduna
By Adedapo Adesanya
The Cherubim and Seraphim Movement Church Worldwide, Ayo Ni O, has confirmed the release and safe return of 151 of its members abducted from Iburu community in Kajuru Local Government Area of Kaduna State.
The abduction, which affected about 177 people, occurred on January 18, 2026. It was initially denied by the Nigeria Police Force and other government agencies, but was later confirmed.
In a statement issued by the Conference Secretary General of the church, Mr Anthony Olusesan Samaiye, it was disclosed that the release of the abducted persons was confirmed through reports from its liaison officers in Kaduna.
According to the statement, Mr Emmanuel Abiodun Adewale Alogbo (JP), described the release as a victory for faith, prayer and dialogue, noting that the breakthrough followed an emergency visit to Kaduna by its leadership and a series of high-level engagements aimed at securing the freedom of the abducted worshippers.
The Cherubim and Seraphim Church expressed gratitude to the Kaduna State government, particularly Governor Uba Sani, for what it described as his commitment to dialogue and the coordination of state resources that contributed to the successful outcome.
Special appreciation was also extended to the Governor’s Chief of Staff, Mr Sani Liman Kila, and the Senior Special Assistant on Religious Affairs (Christian Matters), Mr Ishaya Jangado, for facilitating engagement between the church and the state government.
The church noted that the incident demonstrated the importance of cooperation between religious leaders and government authorities in addressing security challenges and protecting citizens.
It also acknowledged prayers and support from the Christian Association of Nigeria (CAN), the Organisation of African Instituted Churches (OAIC), the international community and Christians worldwide.
While celebrating the release, the church said it was mindful of the trauma experienced by the victims and disclosed that its welfare and medical teams had been mobilised to provide psychosocial support and care to the affected members and their families.
The church called for sustained peace in Kaduna State and across Nigeria, urging authorities to continue efforts to ensure the safety of all citizens, regardless of religious affiliation.
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