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Senate Passes Asset Management Corporation Bill

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15 years ago

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The Senate on Wednesday passed the Asset Management of Nigeria Corporation (Establishment) Bill, 2010, after adopting the report of its joint committee on Banking, Finance and Capital Market.

The corporation, when established, is to cater for the non-performing loan assets of banks in Nigeria and also assist banks to efficiently manage and dispose of eligible bank assets.

It will also issue bonds or other debt instruments as consideration for acquisition of banks, non-performing loans and outsource asset management and debt recovery agents.

The corporation is also expected to act as or appoint a receiver/manager for a debtor company whose assets have been pledged as collateral for an eligible loan.

According to the bill, the corporation has also been empowered  to require a bank to stop further transactions on the account of a debtor if “there is fund therein.

“A debtor may be declared bankrupt under the Act and the corporation will be appointed trustee of the debtor’s property,” the bill added.

Senators who contributed to the debate on the committee’s report unanimously agreed that the corporation would serve as a vehicle for resolving the huge non-performing assets of deposit money banks.

“It will clean up the balance sheets of the deposit money banks; hence their business operations will progress profitably and will be strengthened towards facilitating credit role of provider of capital to the real sector of the economy,” said Senate Leader Teslim Folarin.

Briefing newsmen, the Chairman Committee on Banking, Insurance and Financial Institutions, Sen. Nkechi Nwaogu, described the passage of the bill as a “landmark in revamping the banking sector”.

“The bill seeks to assist banks in providing liquidity for non-performing loans, thereby reducing their debt overhang,” she said.

Nwaogu said that the corporation when established would be funded by the Federal Government through the CBN and issuance of bonds.

She disclosed that the committee was in the process of amending the Nigeria Deposit Insurance Corporation Act to increase payment of depositors fund from the present N200, 000.

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Maritime

Lagos Announces 15-day Closure Of Marine Bridge For Maintenance Repairs 

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1 week ago

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October 13, 2025

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The Lagos State Government has announced that the Marine Bridge in Ijora, Apapa Local Government Area, will be closed for 15 days to allow for essential maintenance works.
The State Commissioner for Transportation, Oluwaseun Osiyemi,
disclosed this in a Statement posted on his official X account.
Motorists are advised to plan ahead and be patient while the Federal Ministry of Works, in coordination with Lagos State, carries out essential bridge maintenance.
“The Lagos State Government wishes to inform the general public that the Marine Bridge in Ijora, Apapa Local Government Area, will be closed for 15 days to allow for essential maintenance works,” the statement read in part.
It added, “Motorists are advised to be patient, as the closure is part of the traffic management plan for maintenance works on the underlying bearings of some sections of the Marine Bridge by the Federal Ministry of Works (Office of the Federal Controller, Lagos).”
The statement further explained that the maintenance project will be carried out in two phases. Phase I, running from Saturday, 11th October to Saturday, 18th October 2025, will cover the area from the foot of Marine Bridge along Lawani Oguntayo Road near UBA, inbound toward Apapa and Costain.
During this period, motorists traveling from Ijora Olopa to Apapa will be diverted via the Ijora Causeway Access Ramp near Omni Retail Company, continue to Ijora 7up, turn left onto the Lilypond Access Ramp, and proceed on their journeys.
Phase II, from Sunday, 19th October to Saturday, 25th October 2025, will focus on the stretch between Ijora Badia and Lilypond Access Ramp, inbound toward Apapa.
Motorists from Ijora Olopa heading to Apapa and Costain would be diverted about 50 meters before the work zone into a contraflow with Constant traffic, rejoining the main carriageway after 500 meters.
Those traveling from Apapa toward Costain, Lagos Island, or Ijora Olopa would maintain through traffic but will also be redirected into a contraflow near the work zone for roughly 500 meters before resuming normal access.
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Maritime

NRC Generates ?1.95bn Revenue In Q1 2025, Records 37% Growth – Says NBS

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1 week ago

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October 13, 2025

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The National Bureau of Statistics (NBS) says the Nigerian Railway Corporation (NRC) has generated ?1.95 billion in passenger revenue in the first quarter (Q1) of 2025
The Bureau said the amount represent a 37.36 percent increase from the ?1.42 billion recorded in the same period of 2024.
The data, released in the NBS Rail Transportation Report on October 5, showed steady growth in rail patronage across the country. Between January and March 2025,
NBS said that a total of 929,553 passengers travelled by train, marking a 37.65 percent rise compared to 675,293 passengers transported in Q1 2024.
Similarly, the volume of goods and cargo conveyed by rail climbed to 181,520 tons in Q1 2025, up from 160,650 tons in the corresponding period of 2024.
The Bureau said Revenue from freight operations also increased by 8.19 percent to ?657.03 million, compared to ?607.32 million in the same quarter of the previous year.
The report further revealed a sharp rise in other receipts — which include income from services such as leasing, station fees, and sundry charges — amounting to ?115.68 million, a 355.39 percent jump from ?25.40 million in Q1 2024.
For comparison, the NBS noted that in Q4 2024, the rail system transported 1,037,113 passengers, reflecting a 54.29 percent increase from 672,198 in Q4 2023.
The report said that Passenger revenue during that quarter stood at ?1.92 billion, up from ?1.07 billion in Q4 2023.
However, freight revenue in Q4 2024 declined slightly by 7.46 percent, from ?423.22 million in Q4 2023 to ?391.64 million, while ?8.93 million was realized from transporting 1,260 tons of goods through pipelines in the same period.
Meanwhile, other receipts for Q4 2024 rose to ?434.44 million, representing a 10.34 percent increase from ?393.72 million recorded in Q4 2023.
According to the NBS, the consistent rise in passenger traffic and earnings reflects growing public confidence in Nigeria’s rail transport system, driven by continuous investments in rail infrastructure and service expansion by the NRC.
By: Chinedu Wosu
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Maritime

NSC Says Credible And Enforceable Laws Are Backbone Of Port Regulation 

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1 week ago

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October 13, 2025

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The Executive Secretary and Chief Executive Officer CEO, Nigerian Shippers’ Council (NSC), Dr. Akutah Pius has said that credible and enforceable laws are crucial for effective port regulation in Nigeria.
Pius stated this in his Paper Presentation at the 2025 League of Maritime Editors’ summit held in Lagos.
Represented at the summit by its Director, Regulatory Services Department Mrs, Margaret Ogbonna, Pius highlighted the importance of aligning competitive laws with institutional capacity to drive benefits like competition, investment, and predictability.
He stressed the need to pass the Port Economic Regulatory Agency Bill (NPERA) into law to enhance transparency, competition, and dispute resolution in the maritime sector.
The Shippers boss who noted that strong laws are essential stated however that their effectiveness depends on proper implementation and stakeholder buy-in.
“Without effective implementation, laws can’t serve their purpose. Regulation requires full stakeholder buy-in.”, he said.
Highlight of the event was the presentation of the Maritime Chief Executive Officer CEO Year award for his outstanding contributions to the maritime industry and economic growth by the 2025 League of Maritime Editors Summit.
By: Chinedu Wosu
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