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AMCON to find new ways of retrieving debts

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The Asset Management Corporation of Nigeria (AMCON) may adopt Alternative Dispute resolution (ADR) plan to recover its N5.4 trillion debt before the end of its sunset period.

The Chief Justice of Nigeria, Walter Onnoghen and the President Court of Appeal, Hon. Justice Zainab Bulkachuwa had called on AMCON to leverage the ADR which is now available for use in courts in the country.

Onnoghen said the judiciary must be aware of the daunting task before AMCON, which required judicial support on the one hand and for the corporation to think outside the box and come up with innovative ways of accomplishing its mission within the ambit of the law.

According to him, that is the only way AMCON will recover as many debts as possible within its defined lifespan. He added, “It is for this reasons, that I will encourage the use of ADR, as part of the mechanism put in place to resolve asset management related disputes in our courts.”

AMCON CEO, Ahmed Kuru in his submission reminded the justices that the corporation has a lot of cases that are pending at the Federal High Court because obligors of the corporation raised issues that delayed justice believing that by the time AMCON starts addressing the substantive matter, things would have changed. Hear him, “AMCON currently has over 3,000 cases pending at the federal high court. Given the litigious tendency of our obligors, we anticipate that more than 50 per cent of the cases will proceed to the court of Appeal and eventually the Supreme Court.

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National News

COZA Rape allegation: PFN declares probe inconclusive

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The Pentecostal Fellowship of Nigeria(PFN) has declared its probe into the rape accusation by celebrity photographer, Busola Dakolo against the founder of Commonwealth of Zion Assembly (COZA) founder Pastor Biodun Fatoyinbo inconclusive.

 

PFN said the probe was inconclusive because Fatoyinbo snubbed several invitations to meet the five-member investigating panel it set up on the matter.
It’s National Publicity Secretary, Bishop Emma Isong, disclosed these to reporters on Thursday in Lagos.

The Christian Association of Nigeria (CAN) had given the PFN two-week ultimatum to submit its report on the investigation of the rape allegation against Pastor Biodun Fatoyinbo of Commonwealth of Zion Assembly (COZA).

Singer, Timi Dakolo’s wife, Busola had accused Fatoyinbo of raping her 20 years ago when she was still 16 years old, but Fatoyinbo has denied the accusation.

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National News

AMCON to take over Donald Duke’s property

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A Federal High Court in Lagos has ordered the Asset Management Corporation of Nigeria (AMCON) and the United Bank for Africa to take over an Ikoyi, Lagos, property of a former Governor of Cross River State, Mr. Donald Duke, over an alleged debt of N537,334,360.77.

The court made the takeover order in a ruling by Justice Chuka Obiozor.
The order was pursuant to an ex parte application, marked, FHC/L/CS/1373/2019, taken before the judge by AMCON and UBA. Listed as first to third defendants were Stonehedge Investment Limited, Mr. Donald Duke and Mrs. Owanari Bob-Manuel Duke, respectively.

The applicants had prayed the court for, “an order of interim attachment, possession, and custody of the property being No. 3, Temple Road, Ikoyi, Lagos.”

They told the court that the property was mortgaged by Duke “as collateral in securing the 1st respondent’s indebtedness to the applicants.”

They urged the court to grant them possession of the property “pending the institution and disposal of proceedings for recovery of debt against the respondent, pursuant to Section 49 of the AMCON Act 2010 (as amended).”

They also prayed the court for an interim Mareva injunction to take possession of funds in the accounts of Duke and others in any bank “pending the institutional and disposal of proceedings for the recovery of a debt of N537,334,360.77 made up of the principal debt and interest against the respondents pursuant to Section 50 of AMCON Act 2010.”

The judge granted the prayers, in addition to an order restraining the respondents from “transacting, transferring, changing or howsoever dealing in any manner or interfering with the applicants’ possession” of the Ikoyi property.

The judge ordered AMCON and UBA to ensure service of substantive originating processes on the respondents within 20 days of the making of the order.

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South South

Akpabio assures on Niger Delta development

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The newly appointed Minister of Niger Delta Affairs, Senator Godswill Akpabio and the Minister of State in the ministry, Mr. Festus Keyamo resumed work at the ministry soon after their swearing-in yesterday by President Muhammadu Buhari, promising to take the development of the region to an enviable height.


The assurance came just as the Minister of Finance, Budget and National Planning, Mrs. Zainab Ahmed urged the staff of the ministry to redouble their efforts in order to help attain the ministry’s objectives.

Akpabio, Keyamo, and Ahmed spoke at their respective ministries as they resumed duties after they were sworn in by President Buhari.

At the reception organized by the Permanent Secretary of the Ministry of Niger Delta Affairs, Mrs. Didi Walson-Jack, and management staff, in Abuja, Akpabio and Keysmo expressed their readiness to urgently address the developmental needs of the Niger Delta region.

He pledged to work harmoniously with his counterpart to ensure that they live up to the expectations of the administration of President Buhari.

The minister added that he loved leaving marks anywhere he worked and called on staff and management of the Ministry to ‘put all hands on deck to ensure that our developmental efforts yield fruits’.

In his remarks, the Minister of State, Mr. Festus Keyamo, SAN, thanked the staff of the Ministry for the warm reception accorded them and pledged to give his best in boosting the confidence reposed in him through his appointment. He expressed his eagerness to get to work.

Also speaking, the Minister of Finance, Budget and National Planning, Ahmed, who arrived at the ministry headquarters around 2:45 p.m., urged the staff to redouble their efforts.

She said: “We got these new assignments because of the quality of work we have been doing, I didn’t do the work you did. The Ministry of Finance has one of the best civil servants. We have been remerged with the Ministry of Budget and National Planning. It’s a very big responsibility that has been given to us.

“And you know our nation is facing a crisis, or near fiscal crisis. It’s up to us to make sure it is arrested, that we don’t slip into a crisis. We have been growing for eight consecutive quarters, our revenues have boomed but there’s still a 55 percent shortfall of what is projected. We still have to pay salaries, debts and also we have to operate on a daily basis for the sustainable growth of our economy. “

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Politics

Finally! The Full list of newly appointed ministers and their assigned portfolios

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President Muhammadu Buhari on Wednesday assigned portfolios to the newly sworn-in ministers.

1) Dr. Uchechukwu Ogah – Abia, Mines and Steel Development, State
2) Muhammed Musa Bello – Adamawa, FCT
3) Sen. Godswill Obot Akpabio – Akwa Ibom, Niger Delta
4) Chris Ngige – Anambra, Labour & Employment
5) Sharon Ikeazor – Anambra, Environment, State.
6) Adamu Adamu – Bauchi, Education
7) Amb Maryam Katagum – Bauchi, Industry, Trade and Investment, State
8) Timipre Silva – Bayelsa, Petroleum, State
9) Sen. George Akume – Benue, Special Duties
10) Mustapha Baba Shehuri – Borno, Agriculture, State.
11) Godwin Jedi-Agba – Cross River, Power, State
12) Festus Keyamo – Delta, Niger Delta, State
13) Ogbonnaya Onu – Ebonyi, Science and Technology
14) Dr. Osagie Ehanire – Edo, Health
15) Clement Ikanade Agba – Edo, Budget and National Planning, State
16) Otunba Adeniyi Adebayo – Ekiti, Industry, Trade and Investment
17) Geoffrey Onyeama – Enugu, Foreign Affairs
18) Dr. Ali Isa Pantami – Gombe, Communication
19) Emeka Nwajuba – Imo, Education, State
20) Suleiman Adamu – Jigawa, Water Resources.
21) Zainab Shamsuna Ahmed – Kaduna, Finance, Budget and National Planning
22) Dr. Mohammad Mahmoud – Kaduna, Environment
23) Mohammed Sabo Nanono – Kano, Agriculture
24) Maj. Gen. Bashir Magashi (rtd) – Kano, Defence
25) Hadi Sirika – Katsina, Aviation.
26) Abubakar Malami – Kebbi, HAGF and Minister of Justice
27) Ramatu Tijani Aliyu – Kogi, FCT, State
28) Lai Mohammed – Kwara, Information and Culture
29) Gbemisola Saraki – Kwara, Transportation, State
30) Babatunde Raji Fashola – Lagos, Works and Housing.
31) Adeleke Mamora – Lagos, Health, State
32) Mohammed A. Abdullahi – Nasarawa, Science & Tech, State
33) Amb. Zubairu Dada – Niger, Foreign Affairs, State
34) Olamilekan Adegbite – Ogun, Mines & Steel Devpt
35) Sen. Omotayo Alasuadura – Ondo, Labour, State.
36) Rauf Aregbesola – Osun, Interior
37) Sunday Dare – Oyo, Youth and Sports
38) Dame Pauline Tallen – Plateau, Women Affairs
39) Rotimi Amaechi – Rivers, Transportation
40) Mohammed Maigari Dangyadi – Sokoto, Police Affairs
41) Engr. Sale Mamman – Taraba, Power
42) Abubakar D. Aliyu – Yobe, Works and Housing, State
43) Sadiya Umar Faruk – Zamfara, Humanitarian Affairs, Disaster Management and Social Development

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