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Business News

FG goes after AMCON’s N5trillion debtors, sets up task force on funds recovery

A task force, comprising of @officialEFCC, Nigerian Financial Intelligence Unit (NFIU), @ICPC_PE, and the Ministries of Justice, has been set-up over AMCON’s (Asset Management Corporation of Nigeria) N5 trillion debts.

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FG set up task force to recover AMCON's N5 trillion, Economic and Financial Crimes Commission, Nigerian Financial Intelligence Unit, Independent Corrupt Practices Commission, Asset Management Corporation of Nigeria

The Federal Government has set up a task force comprising the Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices Commission (ICPC), and the Ministry of Justice in a bid to recover the N5trillion owed the Asset Management Corporation of Nigeria (AMCON)  by individuals and organisations.

The team is expected to draft strategies for recovery of the debts.

[READ MORE: ICPC uncovers N9.8 billion Government money hidden in Aso Savings]

This came after Vice President Yemi Osinbajo met Heads of  agencies tackling financial crimes and Permanent Secretaries of ministries at the State House, Abuja, on Monday night.

Those at the meeting were heads of the EFCC, ICPC, NFIU, ICPC, AMCON and the Ministry of Justice and Transportation.

 

 

FG set up task force to recover AMCON's N5 trillion, Economic and Financial Crimes Commission, Nigerian Financial Intelligence Unit, Independent Corrupt Practices Commission, Asset Management Corporation of Nigeria

Vice President Yemi Osinbajo

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In a statement released after the meeting, the federal government said: “To this effect, a special task force/committee comprising the heads of AMCON, the EFCC, the NFIU, the ICPC and the Ministry of Justice will be working to develop and implement new strategies that will ensure that the determination of the FG to recover the money is speedily achieved.”

While speaking on the task force mandate, Osinbajo said: “The key is collaboration. We need a small team comprising these agencies to look at the next steps that we need to take, especially the criminal aspect, forfeiture and all of that.”

[READ ALSO: Between loan and equity funding, which is best for startups?]

What you need to know: The top 20 defaulting entities and individuals on AMCON’s list are the first targets of the task force, with the application of criminal procedures.

The AMCON Chairman, Dr. Muiz Banire, said about 67% of the N5 trillion debtors are just 20 individuals and entities.

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“The debt recovery agency was trying its best in its attempt to recover this through the civil judicial process, but had encountered several challenges,” Banire added.

Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ). In the era of media convergence, Olalekan is a valuable asset, with ability to curate and broadcast news. His zeal to write was developed out of passion to shape people’s thought and opinion; serving as a guideline for their daily lives. Contact for tips: [email protected]

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Business

FG to commence construction of 4 new rail projects across the country

The listed rail line projects include Ibadan-Kano, Port Harcourt-Maiduguri, Kano-Maradi and Lagos-Calabar rail lines.

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Rotimi Amaechi, Minister of Transport, Nigerian railway contract with CCECC and CRRC, China Civil Engineering Construction Corporation, Chinese Railway Rolling stock Corporation

The Minister of Transportation, Rotimi Amaechi, has said that the Federal Government is about to commence 4 new rail line projects in various parts of the country.

The listed rail line projects include Ibadan-Kano, Port Harcourt-Maiduguri, Kano-Maradi and Lagos-Calabar rail lines.

This disclosure was made by Amaechi while speaking at the annual ministerial press briefing on programmes, projects and activities of the Federal Ministry of Transportation and its agencies on Friday in Abuja.

READ: FG to fully launch E-ticketing platform for NRC next week

What the Minister of Transportation is saying

Although the Minister announced that the Federal Government was about to start the rail lines project, he was not specific on the exact dates the projects would start.

Amaechi, in his statement, said, “We have awarded the following contracts and we are about to start and we have even tried to solve the financial problems. This is because we have the problem of having to hire consulting engineers.

READ: $2 billion Kano-Maradi rail would be completed in 36 months – FG

“The ones we are about to start include Ibadan to Kano, we are waiting for funds from China. We are about to start Port Harcourt to Maiduguri, we are waiting for the cabinet to approve consulting shares. We are also to start the Kano-Maradi and Lagos to Calabar.

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“But one thing that is unique about these contracts is that the president early enough directed that all rail lines must stagnate at the seaports.

“That is why there may be a bit of adjustment in the pricing of Kano-Maradi because we have to adjust it to link up to Kano-Lagos so that it can terminate at Lagos seaport.’’

The Minister pointed out that the 185.5km Lagos-Ibadan double standard gauge line with extension to Apapa seaport was nearing completion, while the 186km Abuja-Kaduna and 302km Warri-Itakpe standard gauge lines had been completed and were functional.

READ: FG urges contractors to complete Ebute Meta–Apapa seaports railway extension by January 2021

What this means

  • The various rail line projects are part of the ambitious plan by the Federal Government to create a nationwide rail network that is intended to help in the country’s diversification efforts, away from crude oil.
  • Some of these rail projects will also help to decongest the Apapa ports in Lagos and serve as a route for the import and export of goods in the West African sub-region.

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Business

Customs Tin-Can Island Command generates N112.7 billion in Q1 2021

This is a N21.1 billion increase in revenue compared to a revenue of N91.6 billion in Q1 2020.

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The Nigerian Customs Service revealed that its Tin-Can Island Command has a first-quarter revenue of N112.7 billion in 2021. This is a N21.1 billion increase in revenue compared to a revenue of N91.6 billion in Q1 2020.

This was disclosed by Mr Mba Musa, Customs Area Controller, in a statement on Friday.

“The comparative analysis of quarter one revenue collection from 2018 to 2021 are as follows: in 2018, N76,789,721,107.42; in 2019, N78,857,106,168.27; and in 2020, N91,635,998,490.73,” the customs boss said.

READ: Customs revenue rises by N200 billion to hit N1.5 trillion in 2020

“This improvement is despite the twin threat to lives and livelihood posed by the COVID-19 pandemic. The command has inspired their officers to continue to work hard while observing all the safety measures to achieve the best of performance.

“We kept our lines of communication open and concerted effort was made to ensure that the supply chain is not disrupted,” he added.

READ MORE: Customs officers must declare their assets annually – Customs boss

What you should know: The Nigeria Customs Service (NCS) generated a revenue of N1.5 trillion for the year 2020, a rise compared to N1.3 trillion in 2019.

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