Business

AMCON Explains Take Over Of Capital Oil

Published

8 years ago

October 23, 2013

In what seems like an effort
to clear the air on the controversies generated by the recent takeover of Capital Oil and Gas Industry, the Assets Management Corporation of Nigeria (AMCON) has given reasons why it has taken over the operations of the oil marketing firm for the next two years. Based on the takeover, owner of the company, Dr. Ifeanyi Ubah, who is the gubernatorial candidate of the Labour Party in the November 16, 2013 election in Anambra State, has been greatly criticised in a section of the media for his ‘inability to manage his establishment.’
Speaking on the issue, Head of Corporate Communications of AMCON, Kayode Lambo, explained that the corporation did not seize Capital Oil, but is managing it for a two year period to enable it recover the debt the company owes and, thereafter hand back the company to Ubah.
Lambo noted that Capital Oil is not the only company where AMCON is involved in a rescue operation.
“AMCON is involved in the operations of most of the banks, manufacturing companies and airlines operating in Nigeria,” he claimed.
Giving an overview of AMCON’s interventions, the Managing Director and Chief Executive Officer of AMCON Mustapha Chike-Obi, said that AMCON have had to think about the consequences of its interventions, not just on one group of people, but on the economy as a whole.
“AMCON considered unemployment of young people in its activities; the corporation is conscious of anything that will create employment opportunities for young people, as well as promote business that has chances of survival.
He said that AMCON’s style of intervention ensured that security is provided for performing loans of companies.”
According to Chile-Obi, Arik Air, for instance, owes AMCON N70 billion but because it has aircrafts worth N75 billion, AMCON decided to come in and assist in its operations.
“If AMCON had refused to come into the picture, which would not have made any good business sense, the airline which does 65 percent of the country’s domestic air travels, may not have been in operation today. AMCON is aware that Arik Air has a credit from NEXIM Bank, and any attempt to handle her case without care would be disastrous to the country’s image, and the situation could lead to a job loss of between 10,000 and 20,000 directly and indirectly.”
He also said that in the manufacturing sector, for instance, out of the 15 biggest companies, AMCON is involved in 10 of them, and in the downstream oil sector, out of the 10 biggest depots, AMCON is involved in eight.

Business

Stakeholders Meet To Assess Nigeria’s Preparedness For AFCFTA

Published

2 days ago

June 16, 2021

The Tide

Stakeholders are expected to converge in Lagos today to take a look at the Nigeria’s preparedness to maximize the gains of the African Continental Free Trade Area (AfCFTA).
The Tide learnt that stakeholders will be converging at the instance of a popular online newspaper, Primetime Reporters, to assess the progress made so far by the Federal Government through the National Action Committee on AfCFTA agreement.
The event which is the Third Annual Lecture and Awards of the online medium has as its theme: “Assessing Nigeria’s Preparedness to Maximize the Gains of AfCFTA.”
The event will also witness conferment of awards on eight eminent Nigerians who have distinguished themselves in various fields of human endeavours.
The Managing Director/Editor-In-Chief of Primetime Reporters, Mr. Saint Augustine Nwadinamuo, made this known in a statement made available to The Tide in Lagos on Monday.
According to him, the event will hold at the National Institute of International Affairs (NIIA), Kofo Abayomi Street, Victoria Island, Lagos beginning from 10.00am.
Nwadinamuo said that the event would be chaired by a renowned legal practitioner, Barr. Osuala Emmanuel Nwagbara of the Maritime and Commercial Law Partners, Lagos, while the Director General, Lagos Chambers of Commerce and Industry (LCCI), Dr. Muda Yusuf, would be the lead paper presenter.

By: Nkpemenyie Mcdominic, Lagos

Business

EFCC Nabs 419 Kingpin Over N250m Fraud

Published

2 days ago

June 16, 2021

The Tide

The Economic and Financial Crimes Commission (EFCC), has arrested a leader of a deadly 419 syndicate, Abayomi Kamaldeen Alaka (a.k.a Awise) over an alleged attempt to swindle an innocent Nigerian of N250 million.
The Tide learnt that the syndicate operates from a shrine at Ashipa Town, near Abeokuta, Ogun State.
According to a statement made available to The Tide in Lagos on Sunday, by the EFCC, Awise’s arrest followed a petition by his victim, Juliet Bright who lost N250m to the fraudster after she was tricked to provide money for sacrifices and invocations to heal her of an ailment.
The statement said Bright was introduced to Alaka by one Akinola Bukola Augustina (a.ka. Iya Osun) whom she met on Facebook in the course of her search for solutions to her health challenge.
What drew her to Augustina was the latter’s post under the name, Osunbukola Olamitutu Spriritual Healing Centre.
Once Bright contacted Augustina, the latter promised to heal her if she could pay N16 million.
The victim paid the money through an Access Bank account belonging to one Mohammed Sani, who later turned out to be a Bureau De Change Operator.
After paying the money without receiving healing, Augustina transferred the victim to other members of the syndicate, notably Awise.
Bright revealed that she met Awise at his shrine in Ashipa Town and was hypnotized and subsequently transferred various sum through bank accounts and in cash to the suspect and his syndicate members, until she lost N250 million to them.
Despite all the monies collected from her, her health conditions has never improved.

By: Nkpemenyie Mcdominic, Lagos

Business

Expert Wants Farmers To Grow Plant Produce For Export

Published

2 days ago

June 16, 2021

The Tide

An expert in Quarantine Agriculture, Dr Vincent Ozuru, has advised Nigerian farmers to give more attention to growing plants produce that could be exported.
He said that plant like the hibiscus, popularly known as Zobo is on high demand in some countries around the world, today.
Ozuru who gave the advice while speaking to aviation correspondents at Port Harcourt International Airport, Omagwa, noted that some plants produce, particularly hibiscus, had yielded huge revenue to the Federal Government through export.
According to him, Nigeria exported about 1,983 containers of hibiscus to Mexico alone in 2017 and earned $35 million within nine months of that year.
The agricultural quarantine expert explained that the export of the plant had a setback as a result of storage pest discovered by the Nigeria Agricultural Quarantine Service in some consignments.
“The issue has now been taken care of and the export is resuming again, and all matters have been resolved with the stakeholders across the value chain.
“Mexico is the largest importer of Nigerian hibiscus, and our farmers should brace up to the challenge.
“The good news is that Nigeria has a vast growing belt in hibiscus, and the harvest is available all year round.
“We need to take advantage of this opportunity to earn foreign exchange for ourselves and for the country at large, even with the commitment of the present administration to diversify the economy”, he said.
Ozuru called on Nigerian farmers to show more commitment to the growing of export produce and also endeavor to get ready information on it in order to increase their income.

By: Corlins Walter