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AMCON’s Lawan Kuru believes Nigeria’s bad debt problem is a reflection of society

AMCON’s MD, Ahmed Lawan Kuru, has again reiterated the need for all hands to be on deck towards recovering over N5 trillion bad debts.

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Asset Management Corporation of Nigeria

The MD of the Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Lawan Kuru, has again reiterated that the over N5 trillion bad debts, which Nigerians expect AMCON to fully recover before its sunset, should be seen as a collective problem that concerns all Nigerians irrespective of their socio-political, ethnic, and cultural ideologies.

Kuru, who was represented by the Executive Director, Assets, Dr. Eberechukwu Uneze, made the declaration when he received a group of cadets from the Accounting Department of the Nigerian Defence Academy (NDA); officers and men as well as lecturers from the academy led by Brigadier-General Ibrahim Mohammed Jallo, the Academy Registrar.

The cadets were at AMCON on an excursion as part of their mandatory requirement to visit select financial institutions where they are availed the opportunity of matching theoretical teachings in the academy with practical realities of accounting principles in the real business world.

The AMCON boss, who described the attitude of typical AMCON recalcitrant debtors as a reflection of the nonchalant attitude of the populace said such negative disposition was responsible for the rascality that was experienced in the banking sector, which led to the creation of AMCON in 2010.

He cautioned those who hitherto think the challenge of recovering the huge debt is AMCON’s sole headache to think again, because the monies in question belong Nigerian taxpayers. He therefore called on organisations and establishments including the security agencies, which includes the army, to support AMCON in its drive because failure to recover the huge debt will mean that the government would somehow, someday pay back with taxpayers’ money, which would have been used to provide or improve the much needed infrastructure across the country.

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Insisting that AMCON has remarkably done well against all odds since its establishment, he stated however that the corporation is not resting on its oars to ensure that these debtors pay what they owe the nation. He disclosed that it was the zeal to make debtors pay that pushed AMCON to change its recovery strategy from negotiation to enforcement.

Aside recovering over N1trillion, he said:

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“Our intervention in the banking sector protected thousands of jobs. Along the line we have also created thousands of direct and indirect jobs. The creation of the Asset Management Partners (AMPs) scheme for instance employed close to 9,000 direct and indirect jobs as well.

“With the AMP scheme, AMCON is laying solid foundation for the stability of the financial sector because we are gradually and systemically grooming professionals that will take over the job of AMCON at sunset. Our thinking is that at the end of this assignment as mandated by the law, we would have trained highly experienced and professional agents with the requisite capacity and knowhow to continue to function as asset managers in the country. This is because AMCON was not established to stay forever because that will encourage bad behaviour in banks. It also has a moral hazard, which is not good for our economy and the country.”

In response, Brigadier-General Jallo, while thanking the management of AMCON for the various presentation, which are revealing and at the same time educating said, there was need for AMCON and the defence academy to collaborate in terms of staff trainings among other areas of partnership for a mutually beneficial relationship.

He said the cadets whom he led to AMCON were part of the 68 Regular Course in Accounting Department of the NDA who were on the verge of graduating from the academy. Aside from AMCON, he disclosed that they will visit other government Ministries, Departments and Agencies (MDAs) in four states, in line with the fulfilment of the academic requirement that demands them to be exposed to business and transactional realities, which further equips them as well-rounded cadets before their eventual graduation.

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Energy

NNPC signs gas development and commercialization deal with SEEPCO

NNPC and SEEPCO have signed a gas development and commercialization deal.

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FG to give up majority stakes in its 4 refineries, to be privately managed, NNPC, Pipeline Vandalism: Stakeholder collaboration, critical to tame menace - Kyari, Nigeria explains when it will fully comply with OPEC+ output cut

The state oil giant, Nigerian National Petroleum Corporation (NNPC) has signed a gas development deal with Sterling Exploration and Energy Production Company (SEEPCO).

The agreement between the 2 oil firm is for the development and commercialization of gas from Oil Mining Lease (OML) 143 that could help reduce gas flaring in the country.

The disclosure was contained in a press statement that was issued by the Group General Manager, Group Public Affairs Division of NNPC, Dr Kennie Obateru, on Saturday, September 26, 2020, in Abuja.

According to the statement, the Group Managing Director of NNPC, Malam Mele Kyari, while speaking at the agreement-signing ceremony which held at the NNPC Towers, described the execution of the deal as a great milestone as well as a testament to NNPC’s commitment to facilitating the nation’s transformation into a gas-powered economy.

Kyari disclosed that the deal would not only help reduce gas flaring and its environmental hazards but would also promote gas production and utilization in the domestic market.

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The NNPC boss also commended SEEPCO for its unwavering commitment to gas development and commercialization in the country which has led to the establishment of a Special Purpose Vehicle that will help expand gas utilization in the country as a cleaner, cheaper and more reliable alternative form of energy.

On his part, the Chairman of SEEPCO, Mr Tony Chukwueke, described the deal as an essential partnership that would help the company fulfil the pledge it made to support the efforts of the Nigerian government to eliminate gas flaring by monetizing it.

He commended NNPC and the Group Managing Director for ensuring the execution of the agreement which he described central to the achievement of the company’s cardinal objective of boosting the production of Liquefied Petroleum Gas (LPG), condensate and dry gas for the Nigerian market, adding that the company has invested about $600 million for that purpose.

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This is coming at a time when the Federal Government is shifting focus to gas utilization as an alternative source of energy especially with the increase in the retail pump price of petrol. This is one of the various initiatives by the government as represented by the NNPC towards providing alternative sources of energy.

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Energy

Buhari reappoints 3 Chief Executives of agencies under Federal Ministry of Petroleum

3 Chief Executive Officers of agencies under the Federal Ministry of Petroleum Resources have been reappointed.

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BREAKING: President Buhari retains portfolio as Petroleum Minister

President Muhammadu Buhari has renewed the appointment of 3 Chief Executive Officers of parastatals under the Federal Ministry of Petroleum Resources with immediate effect.

The appointments that were renewed by the president include that of Dr Bello Aliyu Gusau as the Executive Secretary of Petroleum Technology Development Fund (PTDF), Ahmed Bobboi as the Executive Secretary/Chief Executive Officer of Petroleum Equalization Fund (PEF) and Simbi Wabote as Executive Secretary, Nigerian Content Development and Monitoring Board (NCDMB).

The disclosure was made through a series of tweet posts by the presidency on its official Twitter handle on Friday, September 25, 2020.

The statement disclosed that the renewal of the appointments followed recommendations to the President by the Minister of State Petroleum Resources, Timipre Syla.

It stated that Dr Aliyu Gusau was credited to have run the PTDF successfully in the past four years, keeping faith with the Seven Strategic Priorities he had introduced in January 2017.

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These are Domestication, Cost cutting, Sustainable funding, Efficient internal processes, Linkages with the industry, Utilization of centres of excellence, and Pursuit of home-grown research.

It also stated that Bobboi got his reappointment for having run PEF in a way that made it a key and strategic player in the administration’s oil and gas reforms, especially in stabilizing the supply and distribution of petroleum products across the country, among others.

Going further, it stated that the NCDMB boss, Wabote, won his pips for managing the NCDMB and completing its headquarters building. Wabote was also credited to have initiated many landmark projects that were widely commended by industry players.

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Corporate Press Releases

UBA launches new online entertainment platform, ‘RED Radio’ with Wizkid interview

UBA’s RED Radio launches with an exclusive interview with its brand ambassador, Wizkid.

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Pan- African financial institution, United Bank for Africa, (UBA Plc), continues to lead in innovation with the launch of its dynamic and creative Online Radio channel – RED Radio.

RED Radio, powered by UBA is a lifestyle web platform that has been set up to inform, educate, entertain and to bring to the fore, the best of Africa. Much like its sister platform, REDTV, RED Radio is expected to showcase the best in lifestyle, entertainment, music, news, comedy and fashion.

Speaking on the launch of RED Radio, Group Chairman of UBA, Tony O. Elumelu applauded the creative initiative, emphasising that UBA is a financial institution always ready to support creativity and entrepreneurship. The 2020 Time 100 most influential person in the world who has committed USD100 million to empowering young entrepreneurs across Africa said about RED Radio, “Creativity and innovation are a powerful combination and every detail in an art piece is important and meaningful. This applies to growing businesses and budding entrepreneurs. You will encounter challenges, like I did, but each experience is a lesson that brings you closer to your goal. That is the beauty of creativity.”

Continuing, Elumelu remarked, “There are many ways to make something beautiful, to make a sound interesting or to bring a story to life. You can define your expression, and today, as UBA’s RED Radio launches, I wish Bola Atta and her enterprising team many successes through this beautiful medium of expression.”

In appreciation of the support of UBA Group Chairman for the exciting creative initiative, UBA’s Group Head, Corporate Communications, Bola Atta, said ‘just like, REDTV which is Africa’s leading online entertainment network, RED Radio is positioned to fast become the foremost online radio platform in Africa’.

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Also expressing his delight, UBA’s Brand Ambassador and star boy, Wizkid, said, “I am never too busy for my UBA family,” as he granted an exclusive interview on one of the station’s flagship shows ‘On the Street’ where he spoke extensively about his upcoming album and what his fans should expect from him in the coming weeks.

RED Radio promises to bring rich and engaging content that will keep its audience coming back constantly for vibrant and robust entertainment. Listeners can tune in to www.itsredio.com 24/7.

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