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N13.4b Debt: AMCON Takes Over Kashamu’s Best Western Hotel

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By Modupe Gbadeyanka

The Assets Management Corporation of Nigerian (AMCON) has taken over Best Western Hotel in Lagos believed to be owned by Senator Buruji Kashamu.

Officials of AMCON, accompanied by some police officers and officials of the Federal High Court in Lagos storm premises of the hospitality centre to take over its management.

It was gathered that the move was made because it allegedly owes Oceanic Bank (now Ecobank) the sum of N13.4 billion.

Best Western Hotel is said to be operated by Suru Worldwide Ventures Nigeria Limited and the Group Managing Director of the parent firm, Mr Edward Akinlade, confirmed that this was not the first time officials of AMCON were storming the hotel.

According to the Head of Communication at AMCON, Mr Jude Nwaisor, Best Western Hotel owed Oceanic Bank N27 billion and only paid just N1.7 billion.

AMCON said it was working according to a court order, dated August 4, 2017 granted by Justice M.B Idris, which confirmed that the corporation had sued the Inspector General of Police, Commandant General of the Nigeria Security and civil defence corps and the Lagos State Commandant of the Corps as defendants and AMCON which gave it as a government agency, the mandate to take over possession of a non performing loan.

The judgment stated that due to the default of the debtor to liquidate its indebtedness to the plaintiff (AMCON) the powers and rights of the plaintiff as a secured creditor under the three Deeds of Legal Mortgage registered as 32/32/2033, 88/88/2032 and 89/89/2028 in respect of the properties earlier listed have arisen and therefore become exercisable.

But Mr Akinlade explained that in 2011, AMCON took over the company’s performing loan in Oceanic Bank and the lender was sued for selling the loan, saying in accordance with the Law, AMCON can only takes over a non performing loan.

“We sued Oceanic Bank for N39 billion for mismanaging our account, AMCON now took us to court before Justice Idris who dismissed the case on the basis that it was a performing loan, AMCON now needs to go on appeal but it did not, instead joined the case with Oceanic Bank, and the case has been going on for six years we have sued Oceanic Bank since 2011, so we are still on the matter.

“AMCON decided to join the case as co-defendants, the last time that case came up in court was about a month ago.

“They have been sitting on this Judgment since last Wednesday and we were not invited as defendants.

“This AMCON take-over is illegal, we were still waiting to go back to court on October 3, 2017 for a case we filed against AMCON at the Federal High Court.”

Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

Travel/Tourism

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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Travel/Tourism

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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Travel/Tourism

Valiente Jet Limited Loses Aircraft to FG

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Valiente Jet Limited

By Adedapo Adesanya

The Economic and Financial Crimes Commission (EFCC) has secured a final forfeiture order for a Hawker private Jet 125 before Justice Emeka Nwite of the Federal High Court, Maitama, Abuja, over its links to fraud, corruption, and money laundering in relation to the Maiduguri Emergency Power Project (MEPP).

The aircraft, with model number 800XP, serial number 258553 and registration number 5N-AMK, was forfeited following an application by the EFCC.

Justice Nwite, ruling on the application, held that no sufficient cause was shown by Valiente Jet Limited, a company owned by Mr Abdulsalam Kachallah, an interested party, why the aircraft should not be finally forfeited to the Federal Government.

“The interested party has not demonstrated with evidence the lawful origin of the funds used to purchase the aircraft,” the judge held, stressing that the disguised manner through which the aircraft was acquired using the name of a Bureau De Change (BDC) operator who denied knowledge of the nature of the transaction further lent credence to the unlawfulness of the entire transaction.

In a statement by the anti-graft agency, it disclosed that the investigation revealed Mr Kachallah entered into unlawful agreements with China Machinery Engineering Company (CMEC) through shell companies.

The EFCC also alleged that he sold privileged bidding information relating to the project in exchange for financial inducements.

“The investigation further showed that CMEC was subsequently awarded three contracts under the project valued at $52,120,172 (Fifty Two Million One Hundred and Twenty Thousand, One Hundred and Seventy Two Dollars) and ₦20,213,956,953 (Twenty Billion, Two Hundred and Thirteen Million, Nine Hundred and Fifty Six Thousand, Nine Hundred and Fifty Three Naira),” it said.

The EFCC revealed that part of the contract funds was routed through Afuwa Integrated Services Limited, a Bureau De Change operator, under the false claim that the company was subcontracted by CMEC.

“CMEC transferred the sum of $2,070,000 (Two Million, Seventy Thousand Dollars) into the Stanbic IBTC Bank account of Afuwa Integrated Services Limited on Kachallah’s instruction,” it further revealed.

It disclosed that forged invoices were prepared in the name of Afuwa Integrated Services Limited to falsely portray that legitimate services had been rendered to CMEC.

“The funds were thereafter transferred to a Brazilian account for the purchase of the aircraft from a Brazilian company,” the EFCC revealed.

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