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AMCON seizes assets belonging to Jimoh Ibrahim over N69 billion debt

AMCON has announced the seizure of assets belonging to Jimoh Ibrahim over debts valued at N69.4 billion.

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AMCON seizes assets belonging to Jimoh Ibrahim over N69 billion debt

The Asset Management Corporation of Nigeria (AMCON) has announced the seizure of assets belonging to Jimoh Ibrahim, Chairman of Global Fleet Group, over debts valued at N69.4 billion.

This was disclosed in a statement by Jude Nwauzor, Head of Corporate Communication at AMCON and reported by Channels TV on Wednesday evening. They also revealed that Mr. Ibrahim had some of his accounts frozen.

READ: Defunct Savannah Bank not yet liquidated – NDIC clarifies

The Corporation revealed that a Federal High Court in Lagos gave the order to seize Mr. Ibrahim’s assets. AMCON’s debt recovery partner, Pinheiro Legal Partners, was responsible for seizing his assets after the order was given by Justice R.M. Aikawa.

AMCON seized Ibrahim’s properties in Lagos and Abuja, including the NICON Investment Limited building, and NICON Hotels Limited building in Abuja, NICON Lekki Limited building, Abuja International Hotels Limited building, and many other residential and commercial properties in Lagos and Abuja.

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(READ MORE:Fake labs, travel frustrations, passengers allege COVID-19 test Scams at airport)

The Court granted AMCON the rights to freeze accounts belonging to businesses linked to Mr. Ibrahim including Global Fleet Oil & Gas Limited and NICON Investment Limited, and also possession of shares belonging to Mr. Ibrahim in Nigerian Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL), and NICON Trustees Limited.

READ: Okomu Oil Palm Company Plc. announces AGM and dividend payment of N2.00 per share 

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What you should know

Nairametrics reported in 2019 that a legal consultant and Senior Partner at a law firm, Muyiwa Balogun, expected AMCON’s debt to rise from N5 trillion to N6.6 trillion in 2024. Laying further credence to this statement, he disclosed that while AMCON was battling with N1.7 trillion of Assets Under Litigation, it still owed the Central Bank N4.5 trillion.

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Business

Nigeria’s inflation rate to moderate by first half of next year

The CBN has assured Nigerians that the country’s inflation rate will begin to moderate by the first half of 2021.

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Nigeria’s manufacturing sector contracts for 5th consecutive month – CBN , To test FX market, CBN pumps $50 million, CBN issues guidelines to Finance Institutions on establishment of Subsidiaries and SPVs, CBN injects $2.63 billion to defend naira in one month, CBN’s COVID-19 N50 billion targeted credit facility, CBN’s heterodox policies buoys credit growth, These industries drove business activities in September, Credit to Nigerian economy falls to N38.67 trillion as private stagnates at N30 trillion, Availability of secured credit to businesses and households increases as unsecured credit to households dips in Q3 2020 - CBN

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has said that Nigeria’s inflation rate which stood as high as 14.2% in October is expected to begin to moderate by the first half of next year.

This is as the Federal Government had introduced a number of measures to help stabilize the economy, increase productivity and ensure recovery from the devastating impact of the coronavirus pandemic.

READ: CBN’s Emefiele explains why banks restructured N7.8 trillion loans to customers

This disclosure was made by Emefiele during his presentation at the 55th Annual Bankers Dinner organized by the Chartered Institute of Bankers in Lagos on Friday.

The CBN Governor pointed out that inflationary pressure persisted during the year due to several factors which include disruption to global and domestic supply chains due to Covid-19, increase in the VAT rate, increase in petroleum prices, electricity price adjustments and farmer-herder clashes.

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READ: Nigerians spend $14 billion on generators, fuel

It also includes exchange rate adjustment and flooding that occurred in many parts of our farm belt areas.

Emefiele in his statement said, ‘’Inflation in October 2020 stood at 14.2%. we, however, expect inflation to begin to moderate by the first half of 2021 as efforts are being made to enable significant cultivation and production of key staple items during the dry season.’

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READ: Nigeria generates N424.71 billion VAT in Q3 2020

It can be recalled that at the 26th Nigerian Economic Summit, the Minister for Finance, Budget and National Planning, Zainab Ahmed, also said that the country is expected to exit from recession by the first quarter of 2021 with the Federal Government working towards reversing the declining economic trend in the country.

READ: Nigerian pencil industry in dire need of investment, govt support – stakeholder

What you should know

The National Bureau of Statistics (NBS) had announced that the country had entered its second recession in 5 years in the third quarter of this year, as the Gross Domestic Product (GDP) fell for the second consecutive quarter.

READ: Why 2020 Q1 GDP is not a surprise

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According to figures released by the Nigeria Bureau of Statistics (NBS), cumulative Gross Domestic Product (GDP) for the first nine months of 2020, therefore, stood at -2.48%, just as it recorded a -6.10% in the second quarter.

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ASUU says union has not yet agreed to call off strike

ASUU has denied media reports that the union agreed to call off its 8-month old strike action.

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ASUU gives conditions to call off its nationwide strike action

The Academic Staff Union of Universities (ASUU) has denied media reports that the union agreed to call off its 8-month old strike action.

There was a bit of relief when news emerged that the strike action has been called off, after the latest meeting between ASUU top echelons and the Federal Government negotiation team, led by the Minister of Labour and Employment, Senator Chris Ngige, on Friday.

READ: FG offers N65 billion to ASUU, N15 billion revitalization fund to end strike

According to a report from Vanguard, the ASUU President, Prof. Biodun Ogunyemi, said he is not aware of any agreement to call off the strike. However, he noted that it was agreed at the meeting that the union would convey government’s message to their various organs and then report back to the government.

Ogunyemi said, “I am not aware of that. All I know is that we had a meeting and we are going to report to our members. But, I don’t know about suspension of the strike.”

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READ: FG says it will look at other options if ASUU continues with strike

It was also reported that ASUU reached an agreement with the Federal Government after the latter increased its offer for Earned Allowances and funding for the revitalization of public universities from N65 billion to N70 billion.

However, ASUU in a tweet insisted that the funding should be implemented before the union suspends its strike action.

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READ: Federal Housing Authority gives debtors 21 days to pay up or have names published

READ: British Airways Pilots strike over pay disputes 

What you should know

Nairametrics earlier reported that ASUU had called off its 8-month-long strike. It said that the union took the decision after it agreed to accept government’s total payment of N70 billion and that the payment of their outstanding salaries must not be done through the Integrated Personnel Payroll and Information System (IPPIS).

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ASUU embarked on strike in March 2020, following its disagreement with the Federal Government over the funding of the universities and implementation of the IPPIS, which according to the union, negates the autonomy policy for the universities.

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ASUU, however, has its own developed and preferred payment platform, University Transparency and Accountability Solution (UTAS), which the government said it is looking into.

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Export of our products in West African sub-region now less competitive – MAN

President of the Manufacturers Association of Nigeria has lamented the less competitive nature of made-in-Nigeria products.

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Dangote group, CBN unification of exchange rate a welcome development-MAN

The export of made-in-Nigeria products in the West African sub-region has become less competitive according to the President, Manufacturers Association of Nigeria (MAN), Mansur Ahmed. He made this remark in a statement seen by Nairametrics.

According to Ahmed, MAN members are losing market share daily to other African countries due to the closure of the border, as the sub-region has now become less competitive.

READ: Finance Bill: No plans to increase tax — FG

READ: AfCFTA: Nigeria’s borders to remain closed till we can trust our neighbours- Trade Negotiator

He said,

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Major manufacturers of beverages, polypropylene bags, tobacco, cement, toiletries, and cosmetics industries were losing markets they had worked very hard to secure in the West and Central African region.

“These manufacturers were hoping to leverage their market share to secure a strong position in the African Continental Free Trade Area, which kicks off in January 2021.

READ: Nigerians pay heavy price as laptop scarcity bites harder

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“Since the closure, the association has conducted a research with its members, the outcome is that some sectors had considerable increase in their productivity, while some sectors recorded sharp decline.”

He emphasized that the export group of the association clearly suffered huge losses due to logistics issues occasioned by the closure, as it takes an average of 8 weeks for the carriers to ship and truck goods within countries in the same region vis-à-vis trucking through the land border, which takes an average of 7 to 10 days.

READ: Afreximbank’s African commodity index dips by 1% q-o-q in Q3 2020

The increased traffic through our seaport as a result of the closure has increased the perennial congestion at the Apapa and Tin Can Island Ports, leading to greater challenges for exporters and increased demurrage cost, as well as other port levies,” he added.

READ: Coalition of African lawmakers seeks debt relief for African states

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What it means

Nigeria’s President Buhari recently signed the Africa Continental Free Trade Agreement exposing local Nigerian manufacturers to the regional competition.

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  • Whilst border closures impact positively on local markets due to restrictions on imports, it is unhealthy for local businesses looking to export across borders to regional African countries.

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