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Senate Passes Asset Management Corporation Bill

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16 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

MWUN Raises Alarm Over Port Security Lapses In Lagos

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1 week ago

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March 30, 2026

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The Maritime Workers Union of Nigeria (MWUN) has raised alarm over poor policing of Lagos Port waterfronts
The President General MWUN Francis Bunu said this when
members of the Shipping Correspondents Association of Nigeria (SCAN) visited the union’s headquarters ahead of the 2026 Dockworkers’ Day.
He described attacks on vessels at berth as unacceptable in a regulated port environment, stressing that such incidents undermined confidence in Nigeria’s maritime sector.
According to him, marine police are mandated to secure berthed vessels through effective patrols and surveillance across port waterfronts.
“Why will a vessel berth and people come across the water in numbers to attack it?.
“These vessels are foreign-owned. How do they want Nigeria to be viewed in the international community?” Bunu said
The President said such breaches revealed lapses in coordination among security agencies, warning that, “urgent action was needed to restore confidence.
“Somebody is certainly not doing their job. We cannot have these attacks without decisive intervention from responsible agencies,”
Bunu reacted to a recent breach at Eko Support Terminal, where unidentified assailants reportedly attacked a berthed vessel last week.
He said the incident heightened concerns among ship operators and port users about safety within Nigerian ports.
The MWUN President  warned that repeated attacks at berths could discourage international shipping lines and worsen Nigeria’s maritime risk profile.
He called for stronger security presence around port berths and waterfronts, stressing that such insecurity raises broader concerns about territorial waters.
Bunu urged security agencies and port authorities to review surveillance and patrol systems to prevent further attacks and reassure global operators.
Earlier, President of SCAN,Mr Moses Ebosele, commended Bunu for protecting workers’ interests and supporting industry growth.
Ebosele said the visit was part of preparations for the 2026 Dockworkers’ Day celebration organised by the association.
He appealed for support from maritime workers to ensure the success of the event.
Ebosele said this year’s celebration would emphasise environmentally friendly practices and modern technologies in Nigerian seaports.
According to him, the theme, ‘Green Ports: Sustainable Practices for Dockworkers,’ will guide discussions among key maritime stakeholders.
He added, the initiative aimed to improve environmental performance while sustaining economic viability and maritime trade.
Ebosele said participants would also explore dockworkers’ contributions to the economy and strategies for strengthening their role in a green economy.
By: CHINEDU WOSU
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Maritime

Nigerian Navy Plans CMTF To Safeguard GOG

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1 week ago

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March 30, 2026

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The Nigerian Navy has stepped up efforts to strengthen regional maritime security with plans to establish a Combined Maritime Task Force (CMTF), positioning it as a multinational initiative to safeguard the Gulf of Guinea GOG
Navy said the collaboration would enhance global shipping safety.
The Chief of the Naval Staff, Vice Admiral Idi Abbas, said this in a statement signed by Navy Captain Abiodun Folorunsho, Director of Naval Information and made available  to Newsmen
 Vice Admiral Idi Abbas who received the Danish Ambassador to Nigeria, Jen Ole Bach Hansen, at Naval Headquarters, Abuja, reaffirmed Nigeria’s leadership role in driving a coordinated multinational maritime security framework in the Gulf of Guinea, a critical corridor for international trade.
Abbas stressed the region remains vital to global shipping, noting that countries like Denmark depend significantly on its sea lanes for commerce.
Vice Admiral Abbas disclosed that the proposed CMTF, expected to commence operations by mid-2026, would bring together “like-minded nations” to improve maritime domain awareness, boost joint response capabilities, and consolidate recent gains against piracy and other maritime threats in the region.
He called for robust Danish support in both the operationalisation and long-term sustainability of the initiative, describing such collaboration as crucial to maintaining security and stability within the Gulf of Guinea.
The Naval chief also extended an invitation to the Danish Navy to participate in the Nigerian Navy’s forthcoming International Fleet Review, a move aimed at strengthening interoperability and deepening naval cooperation between both countries.
Earlier Ambassador Hansen reaffirmed Denmark’s commitment to expanding its defence and maritime partnership with Nigeria under its Africa Strategy.
He noted that bilateral relations between both countries, particularly in maritime security, have witnessed significant progress since 2024.
The envoy acknowledged Nigeria’s strides in improving maritime security and expressed Denmark’s readiness to deepen collaboration in pursuit of shared security objectives in the Gulf of Guinea.
Both sides reiterated their commitment to sustained strategic cooperation, with a shared goal of ensuring a secure and stable maritime environment that supports regional and global economic activities.#
By: CHINEDU WOSU
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NNS Hands Over Two Suspected Stowaways to Immigration Service

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1 week ago

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March 30, 2026

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The Nigerian Navy, through the Nigerian Navy Ship (NNS) BEECROFT, has handed over two suspected stowaways rescued from a merchant vessel, MV Seaspan Lahore, to the Nigeria Immigration Service (NIS).
The suspects were formally transferred to DSI Eneji Emmanuel Ochokpa of the Lagos Ports/Marine Command in Apapa, Lagos.
According to Naval Authorities, the individuals were discovered in the early hours of Thursday, March 19, 2026, concealed within the rudder compartment of the vessel during routine security checks by NNS BEECROFT personnel.
The ship was reportedly navigating near the Lagos Fairway Buoy at the time of the discovery.
The Navy said the suspects were safely extracted and taken to NNS BEECROFT for preliminary investigations.
They were identified as Abdullahi Yakubu, 36, described as a repeated offender, and Omoniyi Afotona, 25.
Both suspects were believed to have gained unauthorized access to the vessel at Apapa Port before its departure.
A stowaway is defined as an individual who secretly boards a vessel or aircraft to travel illegally without authorization, often exposing themselves to grave danger.
The Navy used the incident to caution against irregular migration, urging parents, guardians, and community leaders to educate young people on the risks and legal implications of attempting to travel abroad by hiding on ships.
It  also advised Nigerians seeking opportunities overseas to pursue lawful migration channels.
Reaffirming its commitment, NNS BEECROFT stated that it will continue to align with the strategic directive of the Chief of the Naval Staff, Vice Admiral Emmanuel Ikechukwu Ogalla, to maintain a professional and responsive naval force capable of protecting Nigeria’s maritime domain and supporting national security objectives.##
By: CHINEDU WOSU
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