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Business News

Heads could roll as AMCON tackles Power Ministry over N1.68 billion payment to UK firm 

AMCON is investigating the Federal Ministry of Power for paying N1.68 billion to a UK Firm whose parent company is currently indebted to FG.

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N4.5 trillion non-performing loans: AMCON raises concerns over banks’ debt , Heads could roll as AMCON probes Power Ministry over N1.68 billion payment to UK firm , AMCON Urged to declare Public Officials on Debtor list bankrupt 

The Assets Management Company of Nigeria (AMCON) has enlisted the help of anti-graft agencies to investigate top officials of the Federal Ministry of Power for paying N1.68 billion to a UK Firm, Rockson International Group Limited whose parent company in Nigeria is currently indebted to the Federal Government and in receivership.

The Details: Nairametrics gathered that the parent company, Rockson Engineering Company Limited was owing the Federal Government the sum of N121.55 billion but Rockson International Group Limited was contracted regardless to complete a power project.

The power project in question is a 215MW ongoing project in Kaduna, which is part of the Nigerian National Integrated Power Project (NIPP), of which about $16 billion was budgeted but only $8.5 billion has been spent since 2005.

AMCON was not comfortable with the decision of the ministry to award the contract to the firm. It enlisted the help of the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices and other Related Offences Commission (ICPC) to commence investigations into the payment.

The EFCC has commenced investigations to unravel why the Ministry chose to by-pass the Niger Delta Power Holding Company (NDPHC) which is in charge of all NIPP projects and chose the UK firm instead.

[READ MORE: N1.5 billion Probe: Contractor could land in EFCC net for abandoning CCB project]

AMCON’s decision to unearth the rather strange payment was disclosed in a letter dated August 27, 2019, to the Ministry signed by Ahmed Kuru, the Managing Director and the Group Head, Enforcement, Joshua Ikioda.

AMCON is worried that work on the power project may be stalled due to the strange payment even though the project is nearing completion stage.

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Part of the letter said, “Please refer to our letter ref. no. AMC/ABJ/ENG/19/1456/JTA/40729 dated January 18, 2019 and sundry correspondences in the same regard.

The appointment of the Asset Management Corporation of Nigeria (AMCON) as Receiver Manager of Rockson Engineering Limited (RECL) and the reasons for the actions were conveyed to your Ministry vide our letters September 24, 2018, and January 18, 2019, respectively.

Most importantly, this appointment was made for the purpose of supporting the Federal Government’s Power Sector development efforts.

The reason for the appointment of the Receiver Manager was made clear in the Receiver’s letter dated September 24, 2018, in which you were informed that RECL had persistently failed to meet its financial obligations to AMCON which stood at over N121.55 billion as at August 31, 2018.

The company’s indebtedness is directly attributable to weak governance practices and mismanagement which resulted in the company’s abysmal failure to discharge its contractual obligations of completing the NIPP and Kaduna Power Projects.

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“To make matters worse for the projects, Rockson International Group Limited, UK (RIGL), the offshore company engaged to carry our procurement and services in collaboration is fully owned and operated by the same shareholders and directors as Rockson Engineering Company Limited.

“The offshore company is similarly bedevilled by weak governance practices and mismanagement resulting in huge outstanding offshore claims by contracting parties.

“The unwholesome activities of both RECL and RIGL are currently under criminal investigation by the Economic and Financial Crimes Commission (EFCC) and the Independent Corrupt Practices Commission (ICPC).”

[READ ALSO: Senate to probe NEPZA over 14.3 billion illegal transfer]

Further Developments: Further findings by AMCON disclosed that the N1.68 billion (EUR4,150,479.71) was paid in six tranches.

However, in a related development, a source from the EFCC said AMCON’s petition was being investigated and the outcome of the investigation could be ground-shaking.

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Our detectives have started looking into who authorized the payment, why normal payment channel was sidelined and why AMCON was sidelined.

What those in charge did was to split the payment into tranches which investigators are curious to know. We are already engaging in internal investigation of how the payment came about. All those implicated will face the wrath of the law,” the source said.

Reincarnated as a lover of stocks, Angel investors, seed funds, and anything aligned to tech or startups raising money, Joseph's work at Nairametrics involves following the money to wherever it leads. Before joining Nairametrics, he won an investigative journalism fellowship with ICIR, appeared in several national dallies, with hard-hitting opinions, features and investigative pieces. He has also engaged in content marketing and copywriting for a top e-commerce firm in Nigeria.

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Billionaire Watch

Here is the exciting 2021 list of the richest football clubs in the world  

Here’s Forbes 2021 list of the most valuable clubs in the world. 

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Here Is The Exciting 2021 List Of The Richest Football Clubs In The World 

Billionaires are fond of investing in sports franchises. This is because there is a lot of money in it and the income stream is pretty consistent. Authoritative wealth watch magazine, Forbes yesterday released its official list of the most valuable clubs in the world.

It also gave a summary of the business side of the football world which we found quite interesting.

Nairametrics did a thorough review of the list and highlighted the parts which we believe will resonate well with our readers. Let’s get to it!

Top 10 richest clubs in 2021 by value 


Tottenham (2.3bn)

Tottenham hotspur comes in at the 10th position with a valuation of $2.3bn. The English club is owned by Joseph Lewis and Daniel Levy. They generated $494m last year.


PSG (2.5bn)

Paris St Germaine comes in at 9th position with a valuation of $2.5bn. The French league 1 giants generated more money than arsenal last year. They generated $599m. PSG is owned by an investment group, Qatar Sports Investments.


Arsenal (2.8bn) 

Arsenal football club, another London side club comes in at 8th position with a valuation of $2.8bn. The club is solely owned by Stan Kroenke, an American Businessman who invests in sports and media. Arsenal generated $430m in 2020 making it the 8th most valuable club.


Chelsea (3.2bn)

Chelsea football club comes in 7th on the list with a valuation of $3.2bn. The London side club has retained its longstanding owner Roman Abramovich, a Russian Oligarch. Chelsea generated $520m last year.


Manchester City (4bn) 

Manchester City, an English club with a long history of billionaire owners comes in at 6th position. The very successful English club generated total revenue of $609m last year. The club is valued at $4bn and is owned by Sheikh Mansour bin Zayed Al Nahyan.

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Liverpool (4.1bn) 

Liverpool comes in 5th at a $4.1bn valuation. The English club is the second wealthiest in England with a generated revenue of $619m. The club is owned by a joint partnership between Billionaire, John Henry and Tom Werner.


Manchester United (4.2bn)

Manchester United is the wealthiest English club on the list. The club is valued at $4.2bn, taking up the 4th position on the list. The club has been owned by a Jewish business family, the Glaziers for years. They are the largest shareholders and practically own the club. They generated $643m last year.


Bayern Munchen (4.215bn)

Bayern Munchen comes in at the third position with a value of $4.215bn. The German giants have bossed the German league for years. They generated $703m last year, coming in at the 3rd position.


Real Madrid (4.75bn)

Real Madrid Fc comes in at the second position. The football club which had previously dominated this list was edged out by bitter rivals, Barcelona. Real Madrid is valued at $4.75bn and the club is also owned by the club members. Real Madrid generated $729m, the same amount of revenue as Barcelona last year.


FC Barcelona (4.76bn)

Fc Barcelona is the most valuable football club in 2021 with a market value of $4.7bn. The club sits gallantly in the first position.

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The Spanish giants generated a massive $792m in revenue last year and succeeded in holding on to their key player Lionel Messi. They also edged out Real Madrid and Man Utd who have dominated this list for 16 years. FC Barcelona is owned by the club supporters. It has no major shareholder or billionaire financier. The club has over 160,000 members forming its governing body.


 

What you should know 

  • 6 of the 10 richest clubs in the world are owned by billionaires; the rest are owned by club members and an investment group.
  • In the last 16 years, the world’s richest football clubs list has been topped by only two clubs – Real Madrid and Manchester United.
  • Football clubs generate revenues through advertisements, sponsorship deals, jersey deals and ticket sales. These are the 4 major revenue streams of a football club.
  • The top 3 teams on the list – Fc Barcelona, Real Madrid and Bayern Munchen generated a combined revenue of $2.3bn in 2020.

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Corporate Press Releases

UBA Business Series to equip SMEs with Performance Management Strategies for Organisational Growth

UBA has been assisting with essential tips to help businesses ensure that they stay afloat and remain thriving.

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As part of its commitment to support the growth and sustainability of Micro, Small and Medium-scale Enterprises (MSME) in the continent, Pan African financial Institution, United Bank for Africa (UBA) Plc, is set to organise the next edition of its UBA Business Series.

The UBA Business Series which is a monthly event, is an MSME Workshop as well as a capacity-building initiative of the bank where business leaders and professionals share well-researched insights on best practices for running successful businesses, especially in the face of the difficult operating environment that dominates the African business landscape.

Through this initiative, UBA has been assisting with essential tips to help businesses re-examine their models and strategies and ensure that they stay afloat and remain thriving.

The topic for the next edition of the series is ‘ Managing Performance for Business Growth,’ and it will be held on Wednesday, April 14, 2021, via Microsoft Teams. At this session, the Managing Director, Secure ID Limited, Mrs Kofo Akinkugbe, will be sharing useful tips and insights on the key strategies of performance management to boost business growth.

Akinkugbe is the founder of SecureID Nigeria, a MasterCard, VISA and Verve certified Smartcard Personalization Bureau and Digital Technology company. She currently serves as the Managing Director/CEO, Secure Card Manufacturing, – a Smartcard manufacturing plant producing high-security identity cards and documents for the Banking, Telecoms and Public sectors across Africa and beyond.

The capacity-building event is a virtual session which is open to all – including business owners and leaders – and will be held on Wednesday, April 14th, 2021, at 2pm WAT. Interested participants can register via http://bit.ly/UBASMEWorkshopMarch2021

UBA’s Head, SME Banking, Sampson Aneke said of Akinkugbe, ‘with her vast experience garnered over the years from various sectors, she will help business owners understand how performance management strategies can be effectively implemented to ensure business growth’.

He emphasised UBA’s commitment and deep passion for small businesses, which according to him, remains the engine of any developing economy adding, “We know small businesses are the backbone of the economy in every country. In many climes, businesses with fewer than 100 employees account for 98.2% of all businesses. This no doubt captures the importance of SMEs to a thriving economy which is why UBA is committed to seeing them flourish.”

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