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Hydro Hotels Limited Loses Assets to AMCON over N600m Debt

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Hydro Hotels Limited

By Adedapo Adesanya

The Asset Management Corporation of Nigeria (AMCON) has taken over the assets of Hydro Hotels Limited over N600 million debt.

This was confirmed at the weekend by Mr Jude Nwauzor, who is Head of Corporate Communications Department at the government recovery agency.

He said the seizure was in line with the decision of an appeal court, which affirmed the decision of the Federal High Court in Minna, Niger State.

The Court of Appeal through Justice Habeeb AO Abiru, Justice Abubakar Datti Yahaya and Justice Amina Audi Wambai in Suit No: CA/A/70/2018 involving AMCON vs Hydro Hotels Limited & 1 odr, granted AMCON judgment against Hydro Hotels Limited and its chief Promoter, Mr Isah Mohammed Ladan over the huge sum that has been a subject of litigation.

The ruling which was given in favour of AMCON also ordered the forfeiture of moveable and immoveable assets of Hydro Hotels Limited and Mr Ladan and further granted AMCON full possession and outright power of sale of the properties.

Armed with the order, AMCON through its appointed Debt Recovery Agent – Ajunwa & Co. took effective possession of four top properties of the obligor, which include properties situate at Plot 165/166 MTP. 95A, measuring 0.300 hectares at Farm Center, Tunga Ward, Near New Secretariat, Minna, Niger State; Plot 173 & 174 MTP. 95A consisting of 0.414 hectares; Property at No. 1 Wawa Road, New Bussa, Niger State and Property at No. 82 Garkuwas Residence, New Bussa, Niger State.

The case of Hydro Hotels Limited and its promoter has been a prolonged issue as the loan was purchased by AMCON during the 1st phase of Eligible Bank Assets (EBA) purchases from Finbank (now FCMB) far back in 2010.

Following the purchase, AMCON has been in a long-drawn legal battle with the company since 2015, first winning the case against the obligor at the Federal High Court, Minna in 2017 and now at the Court of Appeal in August 2020.

As a matter of fact, due to the lack of adequate collateral, AMCON’s expanded investigation on Mr Ladan, and this revealed other hidden properties belonging to the obligor located in Niger State, which was hitherto not known to AMCON.

This action to expand the investigation and trace additional assets is in line with Section 49 (1) & (2) of the AMCON Act 2019 (as Amended), which states as follows:

“…49 (1) Where the Corporation has reasonable cause to believe that a debtor or debtor company is the bonafide owner of any movable or immovable property, it may apply to the Court, before or at the time of filing of the action for debt recovery or other like action or at any time after the filing of an action, and before or after the service of the originating process by which such action is commenced on the debtor or debtor company, by motion ex-parte for an interlocutory order granting possession of the property to the Corporation pending the hearing and determination of the debt recovery or other action to abide the decision in such action.

(2) The Corporation shall serve a certified true copy of the order of the court issued under subsection (1) on the debtor or Debtor Company.

(3) Notwithstanding anything to the contrary in any enactment, an order made under subsection (1) shall subsist till judgment or a final determination of the action, unless expressly discharged by the Court.”

AMCON commenced full recovery drive against Hydro Hotels Limited and its chief promoter after many failed attempts at reasoning with and negotiating with the obligor. In the process, AMCON exhausted all avenues of peaceful resolution of the matter, according to the statement.

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.

Travel/Tourism

FAAN Assures Public of Enhanced Ebola Preparedness at Airports

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ebola outbreak

By Modupe Gbadeyanka

Members of the public, especially those using the Nigerian airports, have been assured of the efficiency of the robust preventive measures being put in place across all international airports in response to the recent Ebola Virus Disease (EVD) situation in parts of Central Africa.

This assurance was given by the Federal Airports Authority of Nigeria (FAAN) in a statement issued by its Director of Public Affairs and Consumer Protection, Mr Henry Agbebire.

FAAN said it has intensified surveillance and monitoring of passengers, particularly those arriving from high-risk regions.

This, it stated, is being done in close collaboration with Port Health Services, the Nigeria Centre for Disease Control and Prevention (NCDC), and other relevant agencies.

It was emphasised that passengers are being screened for symptoms associated with Ebola, and any suspected case will be promptly isolated and subjected to secondary health checks in line with established national and international health protocols.

In addition, the agency said it has strengthened coordination with relevant stakeholders, enhanced staff sensitisation, and reinforced emergency response procedures to ensure swift action where necessary.

“While there is currently no confirmed case of Ebola in Nigeria, FAAN remains vigilant and fully committed to safeguarding public health and maintaining safe airport operations.

“Passengers are advised to remain calm, comply with health screening procedures, and report any symptoms to health officials,” the statement said.

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Customs Tackles Airport Delays With Smart Declaration Platform

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Smart Declaration Platform

By Modupe Gbadeyanka

In a move aimed at improving passenger clearance, compliance and customs operations, the Nigeria Customs Service (NCS) has introduced the Simplified Customs Advanced Declaration System (SCADS).

This platform was launched at the International Wing of the Nnamdi Azikiwe International Airport, Abuja, on Monday, May 18, 2026.

This initiative will simplify baggage declaration for inbound international passengers and reduce manual bottlenecks, improve transparency in revenue assessment and enhance operational efficiency at Nigeria’s international airports.

It allows passengers to declare items before arrival, thereby reducing clearance time while improving compliance and operational integrity.

The introduction of this scheme became necessary following operational challenges encountered on the Service’s previous passenger declaration platform earlier this year, and rather than allow the setbacks to slow operations, customs chose to develop a stronger and more efficient alternative.

“When the earlier platform experienced operational challenges, we chose not to see it as a setback. We saw it as an opportunity to build something better, stronger and more efficient.

“For passengers, this system creates the opportunity for advance declaration before arrival. It means faster clearance, easier compliance and smoother movement through our airports,” the Deputy Comptroller-General of Customs in charge of ICT/Modernisation, Ms Oluyomi Adebakin, said yesterday.

She noted that the system will eliminate subjective revenue assessment by ensuring that duties are automatically generated based on declared items, their quantities, and their actual values.

“When we talk about revenue collection, it is not about collecting more or less. It is about collecting the right revenue. With this system, assessment will now be more objective, accurate and driven by data,” she stated.

Earlier, the Customs Area Controller for FCT Area Command, Comptroller Victoria Alibo, described the selection of the command for the pilot phase as a vote of confidence in its operational capacity.

According to her, the new platform integrates passenger baggage and e-commerce declarations into a single digital framework designed to support global Customs best practices.

“SCADS is designed to simplify declarations, reduce clearance time, eliminate manual bottlenecks and align our operations with international standards,” Ms Alibo said, adding that the pilot phase will run for five days, from Monday, May 18, to Friday, May 22, 2026, during which officers will evaluate the system in a live environment ahead of nationwide deployment.

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Dangote Refinery Slashes Jet Fuel Price to N1,650 Per Litre

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aviation fuel Jet A1

By Aduragbemi Omiyale

The price of aviation fuel, also known as Jet A1, has been reduced by Dangote Petroleum Refinery and Petrochemicals to N1,650 per litre from N1,750 per litre.

The company, in a statement, said this price slash was done to ease cost pressures on airlines and ensure an uninterrupted fuel supply across the country.

This is in addition to a 30-day interest-free credit facility backed by bank guarantees (BG) for marketers and airline operators and a shift from a dollar-denominated pricing structure to a naira-based model.

The private refiner also stated that these interventions come amid growing concerns over the rising operational costs faced by domestic carriers, with aviation fuel accounting for a significant portion of airline expenses.

Industry stakeholders have repeatedly warned that escalating Jet A1 prices were placing severe financial strain on operators and threatening the sustainability of flight operations.

The refinery’s decision is expected to provide relief to airline operators by lowering fuel procurement costs, improving operational stability, and supporting efforts to moderate airfares.

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