N132billion AMCON Debt: Senator Ifeanyi Ubah For Arraignment April 2

*AMCON Managing Director/CEO, Mr Ahmed Kuru This is not the best time for the Anambra State born Senator, Ifeanyi Ubah and his Capital Oil and Gas Limited. Following what transpired in court today (Thursday), Ubah will now be arraigned on April 2, 2020 over fraudulent value of assets tendered to offset a whopping N132billion owed Asset Management Corporation of Nigeria (AMCON). The government debt recovery agency led by Mr Ahmed Kuru an experienced banker and strategist, has been in a protracted legal battle with the serving Senator who is one…

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Abuja Power Plant To Gulp $1.1million, Will Add 1,350 Megawatts To Grid

*Library photo of a plant The Nigerian National Petroleum Corporation (NNPC) and the United States Trade and Development Agency (USTDA) have signed a $1.1 million grant for the NNPC Abuja Independent Power Project. The signing of the agreement took place Tuesday morning at the ongoing Nigeria International Petroleum Summit (NIPS) in Abuja. The plant is designed to generate 1,350 megawatts of electricity to alleviate the power challenge in the country. According to Mr Mele Kyari, the Group Managing Director of the NNPC, the plan by the corporation to build the…

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2020 Pitcher Awards Jury Members Announced

*Mr Ndu, Managing Director of CHINI Africa By Andrew Onyejuruuwa The Pitcher Awards, described as the new Pan-African benchmark for creative excellence, has announced the jurors for the 2020 edition. The Pitcher Awards, which was formerly restricted to creative works within West and Central Africa, recently broadened its scope to include all work created, released or implemented anywhere on the African continent. Nnamdi Ndu, Managing Director of CHINI Africa, Cannes Lions official festival representatives in Nigeria and organisers of the Pitcher Awards, in a statement said: “Pitcher Awards is our…

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MRO: Nigeria’s Aero Contractors, India’s RAMCO Inter Into Partnership

ERO Maintenance Repair Overhaul (MRO) and Ramco systems, a global software provider based in Chennai, India have entered a technical partnership that would automated the former’s MRO processes and bring more efficiency into its operations. Aero was few years ago taken over by Asset Management Corporation of Nigeria (AMCON) who has gradually stabilised the airline and repositioned it on the part of profitability. Shortly after AMCON intervention into Aero as a result of huge debt owed the corporation by the then promoters of Aero, the Ahmed Kuru led Executive Management…

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Polaris Bank Explains Implications Of The Finance Act On Banking Services To Customers

By Justina Njoku Polaris Bank, which was owned by Asset Management Corporation of Nigeria (AMCON) has explained the implication of the new Finance Act 2020 to its teaming customers with a promise to continue to keep then updated on all changes that affect banking services in Nigeria. According to the explanation, which was made available to its customers via e-mails and other mediums of communication, the bank described the Finance Act 2020, which was recently passed into law by the President Muhammadu Buhari and the legislation as broad, covering many…

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Implementation of 7.5% Value Added Tax (VAT) Begins

Again, the additional financial burden the Federal Government of Nigeria has been heaping on the citizenry since the All Progressive Congress (APC) came into power has started. It started today in the form of increment in Value Added Tax (VAT), which was until today 5 per cent. The government has said it is now 7.5 per cent effective February 1, 2020. When the APC government came into power led by President Muhammadu Buhari, Nigerians have been reaping nothing but hardship through all manners of policies that are anti-people. First in…

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AMCON Debt: Court Freezes Accounts Of Sprawling Nigeria Limited

*Jude Nwauzor, Head, Corporate Communications, AMCON ———————————————————————– LATEST: In what has appeared like testing the amended Asset Management Corporation of Nigeria (AMCON) Act, which was late last year signed into law by President Muhammadu Buhari, a Federal High Court sitting in Lagos, has ordered the freezing of all bank accounts belonging to a limited liability company, Sprawling Nigeria Limited and its two directors, pending the hearing and determination of debt recovery suit brought against them by AMCON. We inquired from Jude Nwauzor, the head of Communications at AMCON if the…

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CBN Injected $9.98bn Into Forex Market Last Quarter Of 2019

A total of $9.98 billion was sold to authorised foreign exchange dealers by the Central bank of Nigeria (CBN) in the fourth quarter of 2019 according to a data from the central bank’s economic report for the fourth quarter of 2019. The data, which is available the CBN website also showed that the amount represents a decline by 0.4 per cent compared with the $10.020 billion recorded in the third quarter of 2019. The development was attributed mainly, to the decline in forex sales to the Bureau De Change (BDCS),…

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Finance Body Lauds Nigeria’s Central Bank Over CRR Increment

*CBN Governor, Mr Godwin Emefiele ——————————————————————————— The National Co-operative Financing Agency of Nigeria (CFAN)on Tuesday described the Cash Reserve Ratio (CRR) increment by the Central Bank of Nigeria (CBN) Monetary Policy Committee (MPC) as a bold and good move for the economy. Mr Emmanuel Atama, the Executive Secretary of CFAN was reported to have told the News Agency of Nigeria on Tuesday, that the decision was a control measure to check inflation in the country. Atama also explained that the CBN usually used her instrument to create a balance in…

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IATA Rewards Air Peace Airline Safety Standards

*Air Peace owner, Onyema and one of the aircraft ——————————————————————————— Air Peace Airlines, one of the fastest growing fleets in the country has continued to attract accolades from within and outside the aviation industry the latest being from the International Air Transport Association (IATA). The body has lauded the Nigerian airline for upholding high safety standards in the aviation industry. Dr Samson Fatokun, the Head of Account Management, West and Central Africa, International Air Transport Association (IATA), gave the commendation while presenting the third IATA Operational Safety Audit, IOSA, Certificate…

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