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AMCON Seizes Abebe’s Inducon Nigeria Assets over N1.3bn Debt

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Dr John Abebe Inducon Nigeria

By Adedapo Adesanya

The Asset Management Corporation of Nigeria (AMCON) has confiscated an asset belonging to Dr John Warimeme Abebe, the chief promoter of Inducon Nigeria Limited, over a debt worth N1.3 billion.

The debt recovery body took over the asset of the company following the order of Justice Rilwan Aikawa of the Federal High Court sitting in Lagos.

According to a statement issued by Mr Jude Nwauzor, the Head of Corporate Communications Department at AMCON, the property was seized over the weekend.

He said this was in compliance with the enforcement order on the asset located at Plot 12, Block 108 Lekki Peninsula Residential Scheme, Lagos, through its Debt Recovery Agent – Ogunsola Shonibare L.P.

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The court also ordered that the bank accounts of the company and its Directors; Dr John Warimeme Abebe, Mr Olawole Fatimilehin and Mr Ademola Buraimoh, be frozen pending the final determination of the suit.

The case of Inducon Nigeria Limited and its promoters has been interminable short after the loan was purchased by AMCON during the 1st phase of Eligible Bank Asset (EBA) purchases from the defunct FinBank (now FCMB) since 2011.

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Since the purchase, AMCON has offered the obligor several concessions and explored all avenues to resolve the debt harmoniously, but the obligor and his company have remained recalcitrant and unenthusiastic to repay the huge debt to AMCON, the statement said.

It was also explained that they have consistently reneged on several promises they made in the past during negotiations. As a result, this prompted the debt recovery agency to evoke the corporation’s asset tracing powers granted it under the AMCON (Amendment No. 2) Act, 2019.

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The corporation confirmed the success of the enforcement exercise over the weekend but added that all avenues of a peaceful resolution were explored to no avail before the hard decision was taken.

The agency emphasised that the enforcement option is usually the last resort whenever a recalcitrant obligor decides to be unreasonable.

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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ECOWAS Court Restrains Nigeria From Imposing Sanctions On Twitter

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ECOWAS Court

By Adedapo Adesanya

The Economic Community of West African States (ECOWAS) Court of Justice in Abuja has restrained the federal government from imposing sanctions or harassing, intimidating, arresting or prosecuting Twitter.

It also restricted the government from carrying out such actions against any other social media service provider, as well as media houses, pending the hearing and determination of a suit challenging the government’s suspension of Twitter operations in Nigeria.

The court gave the restraining order following the suit filed by the Socio-Economic Rights and Accountability Project (SERAP) and 176 concerned Nigerians.

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In the suit, the applicants argued that the suspension of Twitter by the Nigerian government was illegal

The federal government on June 4 said it has suspended, indefinitely, the operations of the microblogging and social networking service in Nigeria as its operation threatened national security.

The Minister of Information and Culture, Mr Lai Mohammed, announced the suspension in a statement issued by his office in Abuja.

The statement cited the persistent use of the platform for activities that are capable of undermining Nigeria’s corporate existence.

According to the statement, the Minister said the federal government has also directed the National Broadcasting Commission (NBC) to immediately commence the process of licensing all OTT and social media operations in Nigeria.

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The suspension came a few days after Twitter deleted a tweet from President Muhammadu Buhari’s official account.

The tweet had referenced the Nigerian civil war as the President threatened to treat Nigerians “misbehaving” in “the language they understand”.

It sparked reactions from many Nigerians who interpreted the statement as a threat to commit human rights violations.

On Tuesday, the federal government set up a team to engage with Twitter over the recent suspension of the operations of the microblogging and social networking service in Nigeria.

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The approval was announced in a statement in Abuja today by Mr Mohammed, who will chair the team.

The committee comprises the Attorney General of the Federation and Minister of Justice, Minister of Communications and Digital Economy, Minister of Foreign Affairs, Minister of Works and Housing, Minister of State for Labour and Employment as well as other relevant government agencies.

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Buhari Constitutes Team to Engage Twitter Over Ban

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Twitter Fake news

By Modupe Gbadeyanka

A team has been put together by President Muhammadu Buhari to engage Twitter, popular social media platform, over the suspension of its operations in Nigeria.

Twitter was banned in Nigeria by the federal government in early June after it deleted a tweet of President Buhari for violating one of its rules.

The President had posted a series of tweets and in one of them, he threatened to treat those fomenting trouble in the South-East in a language they understand.

He had earlier said those agitating to leave the country were too young to know about the losses the region suffered in the Nigerian Civil War that last 30 months between. Millions of Igbos were said to have died during the war.

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A few days before Mr Buhari’s tweet, the heroes of the war were honoured on May 30 across the region and there was a stay-at-home order given by the Indigenous People of Briafra (IPOB), which was strictly adhered to.

So, when the President posted about dealing with people from the region in a language they understand, it was taken to be a genocide threat, which Twitter frowns at.

The federal government, which was angered by the action of the microblogging website, retaliated by suspending operations of the company in Nigeria, making it impossible for residents of the country to have access to the platform.

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The Minister of Information and Culture, Mr Lai Mohammed, who announced the ban, has been going around to explain the reason for the action.

He had said the indefinite suspension was because the platform to undermine the “corporate existence” of Nigeria. He later said Twitter has approached the government for talks.

On Tuesday, his media aide, Mr Segun Adeyemi, disclosed in a statement that Mr Buhari has “approved the composition” of a team to have discussions with Twitter over the issue.

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He said the team is to be led by Mr Mohammed with the Attorney General of the Federation and Minister of Justice, Mr Abubakar Malami; the Minister of Communications and Digital Economy, Mr Isa Pantami; the Minister of Foreign Affairs, Mr Geoffrey Onyeama; the Minister of Works and Housing, Mr Babatunde Fashola; the Minister of State for Labour and Employment, Mr Festus Keyamo; as well as other relevant government agencies as members.

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Second Niger Bridge to be Ready 2022—FG Assures

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Second Niger Bridge

By Adedapo Adesanya

The federal government has reaffirmed its determination to complete the construction of the Second Niger Bridge next year.

The Minister of Works and Housing, Mr Babatunde Fashola, gave this assurance at a forum of the News Agency of Nigeria (NAN) in Abuja on Sunday, June 20, to mark the sixth year anniversary of the present administration.

According to Mr Fashola, the bridge, which will serve as a major link between South-East and South-West Nigeria, will be delivered between the second and third quarter of 2022.

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Records show that construction of the bridge commenced on September 1, 2018, with construction cost put at N336 billion when the contract deal was signed.

The minister, however, made no mention if the construction cost of the facility had changed since the commencement of work.

He said that the project would facilitate the influx of investments to the South East when completed, noting that the construction work had gone beyond the water level, explaining that most bridge works were done underwater.

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“So, what you see currently is the final work. The sub-structure which entailed building cement structures underwater often costs a lot of money.

“We should finish the bridge next year between the second quarter and third quarter,” he affirmed, saying that construction time was lost because of COVID-19.

The bridge is 1.6 kilometres long and furnished with other ancillary infrastructure, including a 10.3 kilometres highway and an inter-change expected to be completed next year.

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The bridge spans from Asaba in Delta State to Ozubulu, Ogbaru, and other communities in Anambra State.

The existing Niger Bridge linking Onitsha and Asaba was completed in December 1965. It was built by the French construction giant, Dumez.

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