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
Tinubu Seeks Senate Confirmation of Tegbe as Power Minister
By Adedapo Adesanya
President Bola Tinubu has written to the Senate seeking confirmation of the nomination of Mr Joseph Tegbe as the Minister of Power in the Federal Republic of Nigeria.
The request, read by the President of the Senate, Mr Godswill Akpabio, during plenary on Tuesday, was conveyed in a letter addressed to the Senate.
President Tinubu, citing Section 147(2) of the 1999 Constitution (as amended), which empowers the President to nominate ministers subject to Senate confirmation, urged lawmakers to give the request prompt consideration.
Last week, Mr Tinubu nominated Mr Tegbe as the Minister of Power, following the resignation of Mr Adebayo Adelabu to pursue a governorship ambition in Oyo State under the All Progressives Congress (APC) in the 2027 polls.
In the same vein, President Tinubu sought confirmation of two other nominees: Ambassador Sola Enikanolaiye as Minister of State, as well as Mr Rabiu Abdullahi Umar as the chief executive of the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA).
“The nomination has been transmitted to the Senate for screening and confirmation in accordance with the Constitution,” a statement by presidential spokesperson Mr Bayo Onanuga read in part.
Like his predecessor, Mr Tegbe is from Oyo State. He is a fiscal and economic reform expert with over 35 years of experience spanning the public and private sectors.
A former Senior Partner and Head of Advisory Services at KPMG Africa, he led wide-ranging initiatives in fiscal policy reform, institutional transformation, and governance in that firm.
Mr Tegbe has also advised key government institutions and private sector organisations on strategic reforms, regulatory frameworks, and investment structuring.
Until his nomination, he served as the Director General and Global Liaison for the Nigeria-China Strategic Partnership (NCSP), and was responsible for strengthening bilateral development cooperation between Nigeria and the People’s Republic of China.
Key priority for Mr Tegbe, if confirmed, will be to institute and execute policies that can help fix one of Nigeria’s most crucial sectors.
General
Court Orders SERAP to Pay DSS Operatives N100m For Defamation
By Adedapo Adesanya
Justice Halilu Yusuf of the Federal Capital Territory High Court, Abuja, has awarded N100 million in damages against the Incorporated Trustees of the Socio-Economic Rights and Accountability Project (SERAP).
In his judgment, Justice Yusuf held that two operatives of the Department of State Services (DSS) were right to institute a defamation suit against SERAP.
In the suit, filed in the names of the two DSS officials, Ms Sarah John and Mr Gabriel Ogundele, the claimants accused SERAP of making a false allegation that they invaded its office in Abuja on September 9, 2024.
The court also ordered the organisation to tender a public apology to the two operatives, to be published in two national newspapers and broadcast on two television stations.
In addition, the court awarded N1 million against SERAP as the cost of litigation.
The judgment further stipulated a 10 per cent interest on the damages until the sum is fully paid.
The case follows a dispute that began in September 2024 when SERAP alleged that DSS officers “unlawfully invaded” its Abuja office.
In a post on its X account, the group said, “Officers from Nigeria’s State Security Service are presently unlawfully occupying SERAP’s office in Abuja, asking to see our directors.”
It added, “President Bola Tinubu must immediately direct the SSS to end the harassment, intimidation, and attack on the rights of Nigerians.”
The DSS, however, denied the claims.
It said the visit by its officers was routine and meant to engage the organisation’s new leadership.
The officers later sued, insisting that “no invasion occurred” and that the claims damaged their reputation and led to disciplinary action.
However, SERAP maintained its position.
In a later statement, it said, “We stand by our statements of defence and statements on oath,” insisting that DSS officers “unlawfully invaded our Abuja office.”
During court proceedings, witnesses reportedly said no physical assault took place.
SERAP’s Deputy Director, Mr Kolawole Oluwadare, told the court the claims were based on information from a staff member.
Counsel to the DSS officers, Mr Oluwagbemileke Kehinde, urged the court to grant all reliefs, arguing that the claimants had “substantially proved their case.”
General
UK Court Freezes Nigerian Oil Trader’s Global Assets Over $40m Debt
By Adedapo Adesanya
A court in the United Kingdom has taken sweeping action against a Nigerian oil trader, Mr Abdulrahman Musa Bashar, freezing his assets worldwide in a bid to secure repayment of a long-running debt dispute tied to failed fuel transactions.
The order, issued by the High Court in London, prevents Mr Bashar and his firm, Ultimate Oil and Gas FZCO, from selling, transferring, or otherwise dealing with assets across multiple jurisdictions, including Nigeria, the United Arab Emirates, the United Kingdom, and France. The restriction applies up to the value of the outstanding liability, with disclosed holdings estimated at nearly $170 million.
According to Business Day, the dispute traces back to oil trading agreements between 2022 and 2023, when Dubai-based Petrichor Energy supplied gasoil and Jet-A1 aviation fuel to Ultimate.
Court filings indicate that while deliveries were completed, payments were inconsistent and ultimately fell short, leaving the supplier to pursue legal and arbitration routes to recover its funds.
In an attempt to resolve the matter, Mr Bashar entered a personal repayment agreement in early 2024, backing the company’s obligations with his own guarantee.
He also issued a series of signed cheques as security. However, these measures failed to yield results, as the debt remained unsettled and the cheques were rejected upon presentation.
The court’s decision to impose a global freeze was influenced by what it described as troubling conduct during the dispute. Evidence suggested that assets were being sold without proceeds going toward the debt, alongside concerns that not all holdings had been fully disclosed.
The newspaper reported that testimony also pointed to an alleged warning from Mr Bashar that he might move assets out of reach if negotiations broke down, an assertion the court treated as a credible risk of asset dissipation.
The ruling adds to a growing list of legal challenges facing the businessman. He has previously been sanctioned by English courts for failing to comply with orders in a separate commercial dispute, and was also convicted in Dubai, the UAE, in a different cheque-related case.
With the freezing order now active, Petrichor has expanded its recovery efforts beyond the UK, initiating enforcement actions in both the UAE and Nigeria.
The move aims to block any pathways through which assets could be shielded, while also enabling seizure or control where legally permitted.
In a further escalation, the English court has directed two Nigerian-linked companies associated with Mr Bashar to grant access to a Delta State storage facility, allowing the creditor to recover fuel cargoes tied to the unpaid transactions. Failure to comply could trigger additional legal consequences, including contempt proceedings.
Despite ongoing attempts by Mr Bashar and his company to overturn the freezing order, the court has so far declined to lift the restrictions, leaving the enforcement process firmly in motion.
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