N240billion Debt: AMCON Refutes ‘Out-of-Court Settlement’ With Pan Ocean Group

File photograph of AMCON spokesperson, Jude Nwauzor The Asset Management Corporation of Nigeria (AMCON) on Tuesday refuted the claim by Pan Ocean Group that it (Pan Ocean) has reached an ‘Out-Of-Court-Settlement’ agreement with the federal government debt recovery agency. A press statement in Abuja by AMCON and signed by Mr Jude Nwauzor, its Head, Corporate Communications Department and made available to our correspondent described the news claiming that the huge debt has reached settled out-of-court settlement with the parties as false news. The full statement reads: “Contrary to the false…

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Thousands Rally Across France In Tribute To Teacher Beheaded In Terror Attack

Teacher Samuel Paty (pictured) was beheaded in Paris on Friday after he shared cartoons of the Prophet Mohammed in class. His killer shared a video of the victim’s severed head online Samuel Paty, 47, was decapitated on Friday evening after he is said to have shown a class, at College du Bois d’Aulne in Conflans-Saint-Honorine near Paris, controversial caricatures of the Prophet from satirical magazine Charlie Hebdo. An 18-year-old man – a refugee from the Russian republic of Chechnya – who attacked the history and geography teacher, was shot dead…

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AMCON May Have Sold PAN Nigeria Limited To New Core Investor

File photograph of Jude Nwauzor, AMCON spokesperson …Process of Sale Ongoing, Says AMCON Spokesperson The Asset Management Corporation of Nigeria (AMCON) may have sole PAN Nigeria Limited, which was previously known as Peugeot Automobile Nigeria (PAN). The car company, which used to be a leading automobile of choice in the country but ran into huge debts that led to its takeover by AMCON. Jude Nwauzor, Head Corporate Communications of AMCON has remained elusive with confirming the current status of PAN refusing to categorically confirm to our correspondent that PAN has…

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The Rise Of Digital During And After COVID

In one of our earlier columns, we noted, citing its central bank, that the volume of digital payments in Ghana increased by 81 per cent in Q1 2020. The lockdown in response to COVID-19 was the main factor although we should also mention the judicious waiving of fees on mobile money transfers. From a webinar on digitalization this week, we have learnt about the impact of COVID-19 and the broader direction of the process. A senior employee at a Pan-African Bank stated that COVID-19 had brought a major shift in…

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COVID-19 Pandemic: World 28 Poorest Countries Benefit From IMF Aid

The International Monetary Fund (IMF) said on Monday that it has approved new emergency aid for 28 of the world’s poorest countries to help them alleviate their debt and better cope with the impact of the coronavirus (COVID-19) pandemic. Even though Nigeria has been described as the poverty capital of the world, it did not however make the list of the 28 poorest countries of the world that would share from the aid but some of the countries that share borders with Nigeria – Benin, Niger and Chad made the…

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Maltina Introduces Two New Flavours – Pineapple And Vanilla On Its Stable  

By Andrew Onyejuruuwa One of Nigeria’s leading malt drinks, Maltina has launched two new exciting flavours- Maltina Pineapple and Maltina Vanilla to appeal to the dynamic taste of Nigerians. The brewers of the new drinks have described the new additions as ‘products of pioneering innovation in the world of Malt drinks in the most thrilling way,’ stated that there were many things to be excited about as Maltina got all Nigerians talking about its launch. Speaking on the launch, Emmanuel Oriakhi, the Marketing Director Nigerian Breweries, said, “The launch of…

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A Series Of Insights: Subdued Hit From COVID-19, Subdued Rebound Too

The impact of coronavirus (COVID-19) on output in Nigeria is likely to be less severe than on many comparable economies. The IMF’s World Economic Outlook in April saw GDP contraction of -3.4 per cent this year and a rebound of just 2.4 per cent in 2021. We might think that in the early days of COVID-19 (outside China) the Fund then lacked the materials to make credible projections. Yet earlier this month the World Bank’s Global Economic Prospects came up with a similar narrative (-3.2 per cent in 2020 and…

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N4billion Indebtedness: AMCON Takes Over Assets Of Geedee Zulu Investment Limited

File photograph of Managing Director/Chief Executive Officer, AMCON Mr Ahmed Kuru Again following the order of Honourable Justice M.S. Hassan of the Federal High Court, Lagos division, the Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Mr. Frank Okwudili Ezuma and Mrs. Lilian Ifeoma Okwudili Ezuma, the chief promoters of Geedee Zulu Investment Limited over a staggering indebtedness of over N4billion. In compliance to the enforcement order, AMCON on Monday August 31, 2020 commenced the process of effective possession of the properties through its Debt Recovery…

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World Bank’s Power Support Fund Disbursement Of $750million Begins 2021

The World Bank has disclosed that it would begin the disbursement of the $750 million it approved for Nigeria’s Power Sector Recovery Programme (PSRP) in 2012 and complete the process in 2023. The bank’s PSRP project is expected to improve the reliability of electricity supply, achieve financial sustainability, as well as enhance accountability in Nigeria’s power sector, which is currently riddled with governance and process challenges. In a document containing its implementation plan for the programme, which was obtained by THISDAY, the bank explained that it would not pay out…

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N75billion COVID-19 Palliatives From Federal Government To MSMEs Begins

Mrs. Mariam Katagum, the Minister of State for Industry, Trade and Investment, has flagged off the National MSME Survival Fund and the Guaranteed Off-take Scheme (GOS). Both programmes, which commenced on Thursday are targeted towards assisting Micro Small and Medium Enterprises (MSMEs) to overcome the challenges posed by the dreaded coronavirus (COVID-19) pandemic that has destroyed businesses across the globe including Nigeria. The interventions, which she stated will gulp a total of N75 billion were core part of the N2.3 trillion Nigeria Economic Sustainability Plan (NESP) currently being implemented by…

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