General
N5trn Debt: AMCON Cries to Judiciary for Help
By Adedapo Adesanya
The judiciary is the latest ally that the Asset Management Company of Nigeria (AMCON) has looked up to in order to recover the debt of over N5 trillion owed by companies and individuals in the country.
Managing Director/Chief Executive Officer (CEO) of AMCON, Mr Ahmed Kuru, at the 2019 Annual Seminar for Justices of the Court of Appeal, said he would appreciate the assistance of the third arm of government to recover the debts.
With the terminal date for the debt approaching, Mr Kuru, who spoke at the event on The amended AMCON Act 2019: A detailed review, said the support of the judiciary to resolve the debt obligation before the date would be important, calling on the support of the courts to resolve all the pending cases currently before them.
According to the AMCON boss, if the over N5.4 trillion debt owed to the corporation remained unrecovered, it would eventually become the burden of the federal government and by extension Nigerian taxpayers.
“The amendment (of the AMCON Act) was done to recover the loans people took from banks.
“If AMCON is not able to recover the debt, it becomes the debt of the government and when this happens, it is the taxpayers that will bear this burden of people who were reckless. This should not be allowed to happen.
“We urge you to designate some of the courts for AMCON cases. We urge you to assist in granting accelerated hearing for AMCON cases,” Mr Kuru said.
He further said the challenges faced by the asset management agency in its debt recovery drive had required the AMCON to put in place several structures which included working with the National Assembly to amend the Act.
President of the Court of Appeal, Justice Zainab Bulkachuwa, in her address at the event, said the concern raised by AMCON was becoming worrisome in view of the fact that debtors deployed technicalities to frustrate the corporation.
She said given the challenges faced by AMCON in its debt recovery efforts, the corporation could not operate effectively without the sustained support of the courts.
AMCON had earlier instituted an inter-agency committee to speedily resolve the challenges in recovering over N5 trillion Asset Management Corporation of Nigeria (AMCON) debts
But this had not yielded any result from the committee made up of members which include heads and representatives of agencies such as AMCON, the Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), the ICPC, Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), and the Federal Ministry of Justice.
Although Asset Management Corporation of Nigeria (AMCON) has recovered about N1.22 trillion of the bad debt, above N5 trillion was still outstanding. The agency said its reputation has for long been blemished by the impression that, while recoveries are made from those without political clout, well-connected people known to be big debtors walk the streets freely.
General
BPP Mandates Digital Submission for MDAs From March 1
By Adedapo Adesanya
The Bureau of Public Procurement (BPP) has directed all Ministries, Departments and Agencies (MDAs) to comply with its digital submission process effective March 1.
The directive was contained in a circular signed by the Director-General of the Bureau, Mr Adebowale Adedokun, noting that the move was part of the bureau’s commitment to digital transformation and paperless governance.
It explained that the transition followed an earlier circular of Aug. 4, 2025, which introduced electronic submission procedures.
According to the bureau, it has successfully moved from physical filings to a dedicated e-mail service for document submissions and is now advancing to a more robust and integrated system.
The circular announced the inauguration of the BPP Digital Submission Portal, a web-based platform designed to enable MDAs submit procurement-related documents directly to the Bureau.
It stated that the automated platform would streamline the submission process, enhance transparency and ensure accelerated tracking of procurement-related documents and petitions.
“With effect from March 1, all MDAs will be required to use the portal to submit requests for ‘No Objection’ Certificates, approvals for ‘No Objection’ for special procurements, clarifications and status updates on submissions,” the bureau said.
It added that the portal would be hosted on the Bureau’s official website and would become fully operational from the effective date.
The bureau warned that physical submissions or manual hand-deliveries would no longer be prioritised and would eventually be rejected following the full transition to the digital platform.
It urged accounting officers to brief their procurement departments and ICT units on the development to ensure seamless processing of procurement activities from March 1.
It further advised MDAs to contact the Bureau via its official email for information on the onboarding process and integration into the portal.
The bureau emphasised that full compliance by all MDAs was required to ensure a smooth transition and avoid delays in the implementation of the 2026 fiscal year procurement processes.
General
Senate Seeks Removal of CAC Boss Hussaini Magaji
By Adedapo Adesanya
The Senate has asked President Bola Tinubu to remove the Registrar General of the Corporate Affairs Commission (CAC), Mr Hussaini Ishaq Magaji, from office.
The Senate Committee on Finance, while passing a resolution in Abuja on Thursday, accused Mr Magaji, a Senior Advocate of Nigeria (SAN), of failing to honour the Senate’s invitations to account for the finances of his agency.
“He refused on so many occasions to honour our invitation to appear before this committee.
“We have issues with the reconciliation of the revenue of CAC.
“Each time we invite him, he gives us excuses,” the Chairman of the committee, Mr Sani Musa, said as the committee passed the resolution.
CAC was part of a group of agencies that the House of Representatives Public Accounts Committee (PAC) recommended zero allocation for the year 2026, for allegedly failing to account for public funds appropriated to them.
The committee, at an investigative hearing held two weeks ago, accused CAC and some other ministries, departments and agencies (MDAs) of shunning invitations to respond to audit queries contained in the Auditor-General for the Federation’s annual reports for 2020, 2021 and 2022.
The PAC chairman, Mr Bamidele Salam, stated that the National Assembly should not continue to appropriate public funds to institutions that disregard accountability mechanisms, saying this will create fiscal discipline and strengthen transparency across federal institutions and conform with extant financial regulations and the oversight powers of the parliament.
“Public funds are held in trust for the Nigerian people. Any agency that fails to account for previous allocations, refuses to submit audited accounts, or ignores legislative summons cannot, in good conscience, expect fresh budgetary provisions. Accountability is not optional; it is a constitutional obligation,” he said.
General
IBEDC Promises Stability, Growth After Board Restructuring
By Adedapo Adesanya
The Ibadan Electricity Distribution Company (IBEDC) has announced the reconstitution of its board following the resignation of three nominees of the Asset Management Corporation of Nigeria (AMCON), promising growth and stability.
Earlier this week, the disco, which serves Oyo, Ogun, Osun and Kwara States, as well as parts of Ekiti, Kogi and Niger States, unveiled its new board led by the new chairman, Mr Tunde J. Afolabi.
The newly constituted board include Mr Ayodeji Ariyo Gbeleyi, with Mr Michael I. Magaji as Alternate Director; Mr Taiwo Afolabi; Professor Oladapo Afolabi; Mr Tunde Fayinka; Mr Oluwaseyi Akinwale and Mr Adeolu Ijose.
According to the chairman, the emergence of a new core investor and the reconstituted board marks a significant milestone in the company’s corporate journey and signals a renewed strategic direction focused on stability, continuity and sustainable growth.
“This transition represents renewal, not rupture. It represents investment, not instability. It represents partnership, not division. Our goal is to strengthen governance, enhance operational performance, deepen capital investment and deliver improved service to customers across our franchise areas,” he added.
Mr Afolabi, while addressing customers directly, assured them that there would be no avoidable service disruptions as a result of the transition, stating that all IBEDC offices will remain open, while field operations will continue uninterrupted.
“The new core investor has committed to sustained capital investments in feeder rehabilitation and expansion, transformer upgrades and replacements, injection substation improvements, and the replacement of obsolete network components,” he stated.
He added that IBEDC plans to accelerate the integration of advanced digital and operational technologies, disclosing that these include enhanced outage management systems, strengthened billing platforms, expanded smart metering deployment, and digitised customer engagement channels aimed at improving transparency and service responsiveness.
On workforce stability, the chairman emphasised that there will be no job losses as a direct result of the transition, noting that the board, under his leadership, is committed to employee welfare, improved work tools, modern safety equipment, and technology upgrades to support field efficiency, while maintaining high performance standards.
Mr Afolabi also pledged proactive and structured engagement with regulators, including the Nigerian Electricity Regulatory Commission (NERC) and the Nigerian Electricity Management Services Agency (NEMSA), underscoring its commitment to full regulatory compliance, strengthened governance frameworks, transparency and accountability.
Furthermore, he reaffirmed the commitment of the distribution company to structured and timely payment cycles for vendors and suppliers, recognising their critical role in maintaining network stability.
With the new board in place, he insisted that IBEDC is poised to deepen operational excellence, strengthen financial sustainability, and position itself firmly on the path to becoming Nigeria’s leading power distribution company—powering progress across its franchise with unity, confidence and innovation.
Established in November 2013 following Nigeria’s power sector privatisation, IBEDC operates the largest distribution network serving the highest customer population within Nigeria’s electricity distribution landscape.
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