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.
By Adedapo Adesanya
Three African subsidiaries of global advisory firm, PricewaterhouseCoopers (PwC), have been debarred by the World Bank Group for 21 months after being found guilty of manipulating procurement processes for a major cross-border electricity project.
In a statement on Wednesday, the Washington-based multilateral lender said PricewaterhouseCoopers Associates Africa Ltd, based in Mauritius, along with its Kenyan and Rwandan affiliates, engaged in “collusive and fraudulent practices” linked to the Eastern Electricity Highway Project, a flagship initiative to transmit hydropower from Ethiopia to Kenya.
The decision sidelines PwC from lucrative World Bank-funded projects on the continent, dealing a blow to one of the region’s most influential audit and advisory firms.
This development could reshape competition for high-value consulting work across emerging markets, potentially disrupting startups and tech firms reliant on World Bank funding, as scrutiny over governance and compliance tightens.
The World Bank, through its private sector arm, International Finance Corporation (IFC), offers grants and low-interest loans to startups across emerging markets.
Earlier this week, the IFC committed $20 million to invest in high-growth startups in Kenya, Nigeria, and South Africa.
“The debarment makes PwC Associates, PwC Kenya, PwC Rwanda, and any affiliates they control ineligible to participate in Bank Group-financed projects and operations,” the World Bank said. “It is part of a settlement agreement under which the three companies admit culpability for sanctionable practices.”
The determination was based on the company’s conduct between 2019 and the award of contracts for consultancy services and asset valuation work for the Ethiopian state power utilities.
According to the World Bank statement, the firm obtained confidential procurement documents to improperly influence the award of a contract for the implementation of International Financial Reporting Standards at the Ethiopian Electric Power Corporation.
They also attempted to steer a separate contract for a fixed asset inventory and revaluation for the power utility towards PwC Associates. During the bidding and execution of that contract, the bank found that the company misrepresented the availability and qualifications of key experts and failed to disclose the full list of subconsultants involved.
According to the World Bank, the debarment is shorter than would otherwise apply because PwC admitted misconduct. The advisory firm also agreed to a series of remedial measures, including internal investigations, disciplinary action against responsible staff, terminating relationships with all subconsultants involved, and additional staff training.
By Aduragbemi Omiyale
A Federal High Court in Warri, Delta State, has affirmed the right of Nigerians to film personnel of the Nigeria Police Force (NPF) on duty.
The judgment was given by Justice H. A. Nganjiwa on Tuesday in a case filed by Mr Maxwell Uwaifo in suit number FHC/WR/CS/87/2025.
The court held that Nigerians have the constitutional right to use any device to record police officers executing their official duties in public.
It was ruled that police officers must wear visible name tags, display their force numbers, and must not harass, intimidate, arrest, or seize devices from citizens documenting their activities.
The court awarded the applicant N5 million in damages for the violation of his fundamental rights and N2 million for the cost of litigation.
Business Post reports that the respondents in the case were the Inspector General of Police (IGP), the NPF, the Police Service Commission (PSC), and the Attorney-General of the Federation (AGF).
The lawyer filed the case in accordance with Sections 34, 35, 36, 37, 38, 39, 40, and 41 of the Constitution of Nigeria and others.
“This judgement has significant implications for policing standards, civil liberties, and public accountability across Nigeria,” Mr Uwaifo said after the judgement.
By Aduragbemi Omiyale
The General Manager in charge of Transmission for Lagos Region of the Transmission Company of Nigeria (TCN), Mr Adeshina Adeonipekun, has stressed the critical role of Lagos in the national grid.
While receiving the chief executive of Eko Electricity Distribution Company (EKEDC), Ms Wola Joseph Condotti, at his office on Monday, he said the Lagos region accounts for about 30 per cent of total power off-take in Nigeria.
He stated that TCN was implementing strategic expansion and project upgrades aimed at enhancing grid stability and operational efficiency in response to rising demand.
Mr Adeonipekun highlighted recent key milestones achieved in the region, including the commissioning of a 100MVA power transformer at the Ijora 132/33kV Transmission Substation, a 300MVA transformer at the Lekki 330/132kV Transmission Substation, and a 125MVA unit at the Agbara 132/33kV Substation, among others.
According to him, these additions have further increased the region’s installed capacity to 5,470MVA on the 132/33kV network and 4,110MVA on the 330/132kV network.
He further said that there were several ongoing rehabilitations at key substations within the region, including Amuwo GIS, Akoka 132/33kV, and Itire 132/33kV Transmission Substations, all geared towards further improving reliability, reducing system constraints, and enhancing the overall efficiency of power delivery.
In her remarks, Ms Condotti expressed appreciation for TCN’s continued partnership and support, underscoring the importance of sustained collaboration between transmission and distribution companies in building a more stable and efficient electricity transmission and supply network.
Both parties explored ways to strengthen collaboration and ensure a more stable and efficient power supply in Lagos, the nation’s commercial hub.
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