AMCON Seeks Accommodation In BOFIA 2020 Over N5.4trillion Debt Burden

Worried by the fact that the Asset Management Corporation of Nigeria (AMCON) has continually been burdened with the slow pace of concluding its debt recovery actions in courts, the Corporation has approached the National Assembly to accommodate AMCON in the provisions of the newly amended BOFIA (2020), which sets up Special Tribunals for hearing financial matters emanating from the financial institutions. Making a presentation before the Senate Committee on Banking, Insurance and other Financial Institutions at the National Assembly, Mr Ahmed Kuru, Managing Director/Chief Executive Officer of AMCON said this…

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Technology Companies Plan Join Forces In Fight Against Cyber Fraud

European technology companies Evina and Telecoming have signed a global alliance to work hand in hand in promoting DCB as the safest and most appropriate payment method in the new mobile economy and, in particular, for the fight against fraud. The agreement deals a body blow to the mobile fraud that cost the African continent over USD 4 billion last year. DCB is the most suitable payment technology for millions of unbanked Africans who appreciate its unparalleled reach and convenience. The agreement between Evina and Telecoming; both with operations in…

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PENCOM Says Pension Assets Dropped By N 51.30bn In February

The total value of pension assets in the country dropped by N51.30 billion in the month of February 2021 and that is according to the National Pension Commission (PENCOM). According to the report, the pension assets dropped from N12.299 trillion in January to N12.247 trillion in February. The figure was N12.306 trillion in December last year. However, PENCOM blamed the development on the depreciation in the prices of Fixed Income Securities (FISs). Fixed-income securities provide investors a return in the form of fixed periodic payments and the eventual return of…

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Access Bank Posts N764.7 Billion Earnings In 2020 Financial Year

Notwithstanding economic challenges occasioned by the dreaded coronavirus (COVID-19) pandemic, Access Bank Plc announced gross earnings of ₦764.7billion for the financial year, which ended December 31, 2020. 2020 financial year was heavily disrupted by the rampaging COVID-19 that made countries of the world including Nigeria to shut down. As the world grappled with that, Nigeria’s woes increased with the #ENDSARS protest, which nearly consumed Nigeria. The protest was staged to force the government to bring an end to the incessant police brutality in Nigeria. But as all those challenges of…

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Unending Trauma As Petrol Price Hike Looming – NNPC GMD

…N120bn Subsidy Unsustainable The Group General Manager, Nigerian National Petroleum Corporation (NNPC), Mr Mele Kyari, has said the Federal Government subsidises Premium Motor Spirit with about N120bn ($263.25m) monthly. According to him, while the actual cost of importation and handling charges amounts to N234 per litre the government had been selling at N162 per litre therefore bearing the difference. He said the NNPC could no longer afford to bear the cost, saying Nigerians would have to pay the actual cost sooner or later. He argued that market forces must be…

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AMCON Has Cases Dragging In Court For Over 15 Years, Which Is Not Good For Nigeria – Ahmed Kuru

Managing Director/CEO of AMCON Mr Ahmed Kuru making a point during the interview last week in Lagos Ahmed Lawan Kuru the incumbent Managing Director/Chief Executive Officer of the Asset Management Corporation of Nigeria (AMCON), who is fondly known as ALK by friends, cronies and admirers is a career banker with professional experience spanning nearly four decades across Investment Banking, Risk Management, Operations, Human Capital Management and Marketing amongst others. Prior to his appointment at AMCON by President Muhammadu Buhari in August of 2015, he served as the Managing Director/CEO of…

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Nigeria: SON Orders Removal of Substandard Steel Products

Mr. Farouk Salim, the Director-General (DG)of the Standards Organisation of Nigeria (SON), has ordered manufacturers and importers of steel products to evacuate fake and substandard steel products in Nigerian market and prepare themselves for harmonised steel standard across the entire West Africa. Salim noted that the required Nigerian Industrial Standard (NIS) 117 must be adhered to because steel products are key materials used in building bridges and must pass the quality threshold to safeguard lives and property. He also revealed that steps were underway to harmonise standards for steel production…

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AMCON Takes Possession Of Centage Estate, Centage Trade Center, Other Assets Over N3.5bn Debt

Following the order of Honourable Justice C.J. Aneke of the Federal High Court Lagos Division, the Asset Management Corporation of Nigeria (AMCON) has taken over 13 prime assets linked to Centage Savings and Loans Limited and its Chief Promoter, Mr. Johnson Gabriel Ndukwe, over an indebtedness of over N3.5billion. In compliance with the enforcement order, which Justice Aneke gave on October 8, 2020, AMCON commenced detailed and strategic enforcement plan amidst the rampaging coronavirus (COVID-19) pandemic as the assets are scattered around different locations in Lagos and the Federal Capital…

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MAN Wants Real Sector Revived With Deliberate Government Policy

The Manufacturers Association of Nigeria (MAN) is advocating a deliberate policy of the government through incentives, the real sector will become more viable than trading. Engr Frank Onyebu, the Chairman of MAN, Apapa Branch, Lagos State, who disclosed this to Commerce and Industry Correspondents Association of Nigeria (CICAN), explained that entrepreneurs would only invest in an economy where they are sure of getting maximum returns on investment in the short-term. He said, “The real sector of the economy can be revived by a deliberate policy of government through incentives to…

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Nigeria’s Unemployment Figures Rise To 33.3 Per Cent

By Andrew Onyejuruuwa The living situation in Nigeria has continued to dwindle given the recent report by the National Bureau of Statistics (NBS), which stated that Nigeria’s unemployment rate worsened last quarter, rising from 27.1 per cent in the second quarter to 33.3 per cent. This development according to the NBS translates to a percentage point increase of 5.2. The report added that the rate of underemployment, people who work less than 40 hours a week, declined from 28.6 per cent to 22.8 per cent during the period. The report…

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