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

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

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

Normalcy Restored at Lagos Airport as Aviation Workers Suspend Strike

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aviation workers

By Aduragbemi Omiyale

Normalcy was restored at the Murtala Mohammed International Airport (MMIA) Lagos on Monday afternoon after workers of the Nigerian Aviation Handling Company (NAHCO) Plc disrupted flight operations this morning.

The aviation workers had embarked on an indefinite strike action to ask for a better welfare package from the management of the company.

Their action left many air passengers stranded on Monday morning, with operators suspending their flights in the process.

But the industrial action was later called off by the leaders of the Air Transport Services Senior Staff Association of Nigeria (ATSSSAN) and the National Union of Air Transport Employees, which promised to enter into talks with NAHCO, with a view to resolving the matter.

The aggrieved employees of NAHCO asked the management to increase their salaries after hike air fares by 100 per cent. They claimed that the company was being insensitive to their welfare.

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Travel/Tourism

NAHCO Workers’ Strike Paralyses Flight Operations At Lagos Airport

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NAHCO Workers' Strike

By Aduragbemi Omiyale

Activities at the Murtala Mohammed International Airport (MMIA), Ikeja, Lagos, were paralysed on Monday after some employees of the Nigerian Aviation Handling Company (NAHCO) Plc embarked on an industrial action.

The NAHCO workers protested the failure of the management of the company to heed their demands, including an increase in salaries and better welfare packages.

Air passengers who were at the Lagos airport were left frustrated today due to the demonstration by the aviation workers, with a few international flights disrupted.

It was gathered that most airline operators were caught unawares as they did not have prior notice that the NAHCO staff members were planning to down tools on the first working day of the week.

This led to the abrupt suspension of flight operations by most operators this morning while efforts were being made to resolve this issue in order to reduce the losses that could arise from the action of the workers.

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Emirates Resumes Flights to Shanghai, Beijing After Border Reopening

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Emirates flights to Shanghai

By Modupe Gbadeyanka

Ahead of the New Lunar Year in China and in response to strong travel demand in the country, Emirates is ramping up its operations and has resumed flights to Shanghai, Beijing, and Guangzhou.

Recall that this month, the Chinese authorities removed its stiff COVID-19-related entry restrictions and reopened its borders to international travellers.

Emirates said following this new development, it would resume passenger services to Shanghai starting with two weekly flights operated by an Airbus A380 aircraft from 20 January 2023, with EK302 departing from Dubai to Shanghai non-stop and EK303 making a short stop in Bangkok before returning to Dubai.

This service will ramp up in frequency to four weekly flights operated by a three-class Boeing 777-300ER aircraft from 02 February 2023. During this period, Emirates’ flight EK302 will depart Dubai at 03:45hrs and arrive in Shanghai at 15:40hrs. The return flight EK303 will depart Shanghai at 17:40hrs and arrive in Bangkok at 21:45hrs before taking off from the Thai capital at 23:20hrs and arriving in Dubai at 03:20hrs the next day.

The airline operator said it would further boost its Dubai-Shanghai route from 1 March 2023 with a daily non-stop service. Its flight EK304 will depart Dubai at 09:15hrs and arrive in Shanghai at 21:05hrs. The return flight EK303 will leave Shanghai at 23:00hrs and arrive in Dubai at 05:20hrs the next day.

Starting from 1 February 2023, Emirates will increase services between Dubai and Guangzhou with EK362/EK363 operating as daily non-stop flights with the flagship Emirates A380.

Its flight EK362 will leave Dubai at 10:45hrs and arrive in Guangzhou at 21:45hrs. The return flight EK363 will depart Guangzhou at 00:15hrs and arrive in Dubai at 05:15hrs. Emirates currently operates a non-stop flight from Dubai to Guangzhou as EK362, and a return flight from Guangzhou to Dubai via Bangkok as EK363, four times a week.

Operated by a three-class Boeing 777-300ER aircraft, Emirates’ flight EK308/ EK307 will return to China’s capital city Beijing with a daily non-stop service from Dubai, starting from 15 March 2023. Emirates’ flight EK308 will leave Dubai at 10:50hrs and arrive in Beijing at 22:20hrs. The return flight EK307 will depart Beijing at 00:40hrs and arrive in Dubai at 05:00hrs.*

This will bring the airline’s operations in the market up to 21 weekly flights, providing increased choice and flexibility for both business and leisure travellers, and contributing to China’s tourism recovery.

Tickets can be booked on emirates.com, the Emirates App, or via travel agents. Travellers are also encouraged to check the latest entry requirements.

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