General
Two Coys Lose Assets to AMCON Over N800m Debt
By Adedapo Adesanya
The Asset Management Corporation of Nigeria (AMCON) has taken over the assets of two companies: Safequip Nigeria Limited and R.C. Omeaku & Sons Limited over debts worth more than N800 million.
The assets confiscated by the agency were a commercial property situated at Egbeada, KM 4 Orlu Road; a property at 14, Okigwe Road; 175 Tetlow Road; 2, Douglas Road, 13, Royce Road; and 2, Ogugba Street, all in Owerri, the Imo State capital.
In a statement by Mr Jude Nwauzor, spokesman of AMCON, it was disclosed that before the properties were seized, “all known peaceful means of resolution of (the) debts” were explored including offers of all sorts of support that would enable both companies and their promoters ample timeline to repay their debts to no avail.
According to the spokesperson, Justice Oluremi Oguntoyinbo of the Federal High Court, Lagos Division, ordered (AMCON) absolute and exclusive possession of the property at 20, Babatunde Jose Street, Victoria Island, Lagos, belonging to Safequip Nigeria Limited over its N470 million debt on March 23; while Justice Abdullah Muhammad Liman, also gave another order granting AMCON the possession of seven properties belonging to R.C. Omeaku & Sons.
The order, which was based on earlier one by Justice Ibrahim Nyaure Buba of the FHC, also in Lagos, affected properties located at KM 4, Orlu Road, Egbeada; 14, Okigwe Road; 175 Tetlow Road; 2, Douglas Road, 13, Royce Road; and 2, Ogugba Street, all in Owerri, Imo State, over the company’s failure settle its debt of N340 million to the corporation.
The Safequip Nigeria Limited loan, the statement noted, was acquired “from First City Monument Bank (FCMB) during the second phase of Eligible Bank Asset (EBA) purchases carried out by the corporation in its relatively early days.”
The loan portfolio of R.C Omeaku & Sons Limited was “purchased during both the first and second phase of EBA purchase from Union Bank Plc, and Diamond Bank Plc (now a legacy part of Access Bank Plc) respectively.
Instead, he continued, both “obligors remained recalcitrant and unwilling to repay their debt to AMCON, which led to both cases ending up in court and the eventual order in favour of AMCON.”
Mr Nwauzor, while confirming the enforcements, said the corporation has deployed security agencies at the different locations to secure the assets.
He added that the takeover is just a glimpse of the many heavy enforcements to follow in the coming months, based on the amended AMCON Act 2019 signed into law by President Muhammadu Buhari last year, which provides AMCON with additional powers in its enforcement activities.
General
Nigeria Eyes Stronger Diplomatic Ties in Sustainable Development
By Adedapo Adesanya
Nigeria is eyeing stronger diplomatic and strategic ties when it comes to sustainable development as it participates in the 2026 edition of Abu Dhabi Sustainability Week (ADSW).
President Bola Tinubu arrived in Abu Dhabi, United Arab Emirates (UAE), on Sunday. His plane landed at the Presidential Wing of Zayed International Airport at exactly 11:30 pm local time.
He was received by Sheikh Shakhboot Nahyan Al Nahyan, UAE Minister of State for Foreign Affairs; the UAE Ambassador to Nigeria, Salem Saeed Al-Shamsi; Nigeria’s Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar; and members of the Nigerian diplomatic mission in Abu Dhabi.
Several other ministers, including the Minister of Budget and Planning, Mr Atiku Bagudu; the Minister of Industry, Trade and Investment, Mrs Jumoke Oduwole; and the Director-General of the National Intelligence Agency, Mr Mohammed Mohammed, welcomed President Tinubu at his hotel.
President Tinubu arrived in Abu Dhabi from Europe, where he spent part of his end-of-year break, engaging in fruitful discussions with Rwandan President Paul Kagame and French President Emmanuel Macron, according to a statement by the presidency.
The 2026 Abu Dhabi Sustainability Week, with the theme The Nexus of Next, All Systems Go, is a global platform that brings together world leaders, policymakers, investors, and experts to advance dialogue and action on sustainable development, climate action, energy transition, and inclusive economic growth.
This visit further reinforces the strong diplomatic and economic ties between Nigeria and the United Arab Emirates (UAE), while positioning Nigeria as an active contributor to global conversations on sustainable development.
General
SERAP in Court to Force INEC to Account for N55.9bn for 2019 Elections
By Modupe Gbadeyanka
The failure of the Independent National Electoral Commission (INEC) to account for about N55.9 billion earmarked for the purchase of some materials for the 2019 general elections has forced the Socio-Economic Rights and Accountability Project (SERAP) to file a lawsuit against the commission.
In the suit number FHC/ABJ/CS/38/2026 filed last Friday at the Federal High Court in Abuja, SERAP asked the court for an order of mandamus to compel INEC to disclose the names of all contractors paid the sum of money.
It was claimed that the N55.9 billion was meant for the purchase of smart card readers, ballot papers, result sheets and other election materials for the 2019 general elections, which produced the late Mr Muhammadu Buhari as President for a second term in office.
SERAP is relying on the latest annual report published by the Auditor-General on September 9, 2025, to ask for the use of the funds, which is said to be missing or diverted.
The organisation argued that the electoral umpire “must operate without corruption if the commission is to ensure free and fair elections in the country and uphold Nigerians’ right to participation.”
“INEC cannot ensure impartial administration of future elections if these allegations are not satisfactorily addressed, perpetrators including the contractors involved are not prosecuted and the proceeds of corruption are not fully recovered,” a part of the statement issued by the group stated.
“INEC cannot properly carry out its constitutional and statutory responsibilities to conduct free and fair elections in the country if it continues to fail to uphold the basic principles of transparency, accountability and the rule of law.
“These allegations also constitute abuse of public office and show the urgent need by INEC to commit to transparency, accountability, clean governance and the rule of law,” it further declared.
General
Finance Ministry Directs Shippers, Airlines to Submit Manifests via Single Window Project
By Adedapo Adesanya
The Ministry of Finance has directed all shipping companies and airlines operating in Nigeria to submit their manifests through the Single Window Project (SWP) as part of efforts to strengthen cargo tracking and transparency.
The submission of shipping manifests before the change of policy was handled exclusively by the Nigeria Customs Service (NCS) for onward cargo processing and port clearance.
However, following a memo from late last year signed by the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, all shipping firms and airlines were directed to integrate with the National Single Window platform to ensure seamless Manifests submission.
“I would like to bring to your attention that His Excellency, President Bola Ahmed Tinubu inaugurated the National Single Window (NSW) Project on the 16th of April 2024.
The NSW Project aims to streamline and automate import and export processes at Nigeria’s entry & exit ports, with the dual goals of enhancing trade facilitation and increasing government revenue.
“By integrating the operations of multiple government agencies involved in trade processes on one platform, the NSW platform will ensure faster clearance of goods and services, improve operational efficiencies at the imports and significantly reduce bureaucratic bottlenecks.
“Key components of the Single Window as defined by the World Trade Organisation (WTO) and World Customs Organisation (WCO) include: (a) a single-entry point i.e. traders, shipping lines, airlines and other stakeholders should submit all required import and export documentation through a single-entry point on a centralized digital platform, and (b) single submission i.e. all documentation should only be submitted once and data only entered once.
“As a result, the NSW Platform will be the single-entry point of submission for all Sea and Air Manifests. Therefore, all shipping lines and airlines are therefore directed to integrate with the NSW Platform to ensure seamless Manifests submission,” parts of the memo read.
The Comptroller-General of the NCS, the chairman of the Nigerian Revenue Service (NRS), the Managing Director of the Nigerian Ports Authority (NPA), the Managing Director of the Federal Airports Authority of Nigeria (FAAN) and the Director General of the Nigerian Maritime Administration and Safety Agency (NIMASA) were copied in the memo.
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