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Business News

AMCON to recover over N5 trillion debt with judicial intervention 

AMCON is set to seek judicial intervention to recover over N5 trillion debt in the hands of few Nigerians.  

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AMCON
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The Asset Management Corporation of Nigeria (AMCON) is set to seek judicial intervention to recover over N5 trillion debt in the hands of few Nigerians.

Managing Director/Chief Executive Officer of AMCON, Mr. Ahmed Kuru, explained that aside from collaborating with the likes of the Economic and Financial Crimes Commission (EFCC); Independent Corrupt Practices and Other Related Offences Commission (ICPC);

Nigerian Financial Intelligence Unit (NFIU); Nigerian Deposit Insurance Corporation (NDIC), the Central Bank of Nigeria (CBN), the agency would extend hand of fellowship to the judiciary whom he said must strongly support AMCON to achieve the recovery expectations of the federal government.

He said, “The new Act has expanded the definition of the obligors of AMCON to include the directors meaning that AMCON would more than ever before need the support of the judiciary especially the federal High Court, which is AMCON’s court of first instance and most importantly, the Court of Appeal if the Corporation stands the chance of recovering the over N5.4trillion owed it by obligors before the sunset.

[READ ALSO: FAAC disburses N190 billion to 36 States in August as allocation drops [Full list]

The  amendment has further empowered AMCON to the extent that unlike what obtained before, in the case of an appeal against the final judgement, the appellant or obligor must now deposit the judgement sum in an interest-yielding account of the court while in the case of interlocutory appeal, the appellant or obligor will also have to deposit the total sum claimed by AMCON in an interest yielding account of the court.”

Kuru added that the act has also granted permission to place bank account of debtors or the like under surveillance by ex-parte order of the Federal High Court; access debtor’s computer systems for the purpose of locating debtor’s funds by ex-parte order of the Federal High Court.

He also hinted that the act has now empowered AMCON to demand from selling Eligible Financial Institutions (EFIs), their directors or officers, delivery of information, books, accounts, records and documents in relation to acquired Eligible Bank Assets (EBAs) as well as impose fines for failure on compliance.

AMCON, seeks partnership with ICPC, debt, judicial intervention

Ahmed Kuru, Managing Director/CEO, Asset Management Corporation of Nigeria (AMCON).

SSKOHN

 

In the same breadth, the amended act, Kuru added, subject to Land Use Act and Section 36 expressly vests legal title to acquired EBAs and in collateral (tangible and intangible) securing such acquired EBA, and vesting power of sale, possession, management, etc., in AMCON to exclusion of all other creditors notwithstanding that only equitable security exists in such collateral, just to mention a few.

[READ ALSO: AMCON boss wants courts to have debt recovery powers(Opens in a new browser tab)]

Stanbic 728 x 90
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Abiola has spent about 14 years in journalism. His career has covered some top local print media like TELL Magazine, Broad Street Journal, The Point Newspaper.The Bloomberg MEI alumni has interviewed some of the most influential figures of the IMF, G-20 Summit, Pre-G20 Central Bank Governors and Finance Ministers, Critical Communication World Conference.The multiple award winner is variously trained in business and markets journalism at Lagos Business School, and Pan-Atlantic University. You may contact him via email - [email protected]

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Business

Hyundai and Kia to set up an assembly plants in Ghana by 2022

The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants in Ghana.

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Hyundai to invest $87 billion into producing 44 new electric vehicles, Hyundai partners Kia to invest €100m in electric vehicles 
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Few weeks after Twitter announced its plans to open its first African office in Ghana, Hyundai and Kia have also concluded plans to set up an assembly plants in Ghana by 2022. The automobile giants will join Toyota-Suzuki, Nissan, Kantanka, Volkswagen, and Sinotruck who already have plants.

Ghana’s Minister for Trade and Industry, Alan Kyerematen announced this on Twitter.

READ: This is the New Tarrif Structure For Importing Tokunbo & Brand New Cars

Pleased to announce that Hyundai & KIA are set to establish assembly plants in Ghana by the end of 2022 to join Toyota-Suzuki, Nissan, Kantanka, Volkswagen & Sinotruck. The Ghana Auto Development program = 3,600 assemblies & 6,600 manufacturing parts jobs in Ghana.

The local assembly of vehicles, 3,600 direct and indirect jobs would be created in Ghana, and the addition of components and parts manufacturing will also add about 6,600 direct and indirect jobs.”

READ: Toyota snubs Nigeria as it moves to establish assembly plants in Ghana, Ivory Coast 

Why this matters

More foreign companies are shunning Nigeria in favour of Ghana. Recently, Nairametrics reported that Amazon is set to situate its African Headquarters in South Africa, a multi-billion dollar investment that is projected to create over 20,000 jobs both directly and indirectly.

Following its move to Ghana, Twitter CEO, Jack Dorsey cited a number of human rights-related reasons for the choice of Ghana over Nigeria. Added to this are rising insecurity, stifling government regulations and the gapping infrastructural deficit bedevilling Nigeria. Consequently, our nation is steadily losing opportunities to attract foreign companies that could be very instrumental in bridging its unemployment gap which is currently over 30%.

SSKOHN

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Passports: Backlog of undelievered passports to be fixed before May 31st – Minister

The government also announced the launch of a new passport application system, which would be aided by fast track services nationwide.

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The Federal Government disclosed that all backlogs of undelivered passport requests would be fixed before May 31st, and announced the launch of a new passport application system, which would be aided by fast track services nationwide.

This was disclosed by Minister of Interior, Rauf Aregbesola, in a press briefing with newsmen on Thursday.

What the Minister said

“On or before May 31st, all backlogs of undelivered requests for passports will be totally met, unless such applications have a problem,” he said.

“But before the deadline, the problematic application would be contacted, so that we know what’s wrong with the applications. Assuming there would be no problem, every successful application for a passport would be given a passport on or before May 31st,” he added.

READ: Canada invites 3,900 new PR candidates, introduces new programme to attract Nigerians

The new passport process

The Minister disclosed that the FG will launch a new passport application process which would come into effect soon.

“When you finish your application process, there would be a waiting period of six weeks to collect your passport, however, if you want an express service, there would be fast track centres nationwide, to meet requests for express passport users,” he said.

What you should know 

  • Recall Nairametrics reported last month that the Federal Government inaugurated the Nigeria Immigration Service Passport Express Centre, which is a partnership with the private sector to enable the government offer passport services to Nigerians and make passports available in a maximum of 72 hours of a successful application.
  • The FG also launched the Electronic Temporary Passport to cater for Nigerians desirous of returning home but whose national passport is not available.

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