Business
‘AMCON Recovered N134bn In 2016’
Asset Management Corporation of Nigeria (AMCON) recovered N134 billion in 2016, according to the Managing Director/Chief Executive Officer, Mr Ahmed Kuru,.
Kuru said at a news conference in Lagos on Friday that N86.9 billion was from cash collections while N30.64 billion came from assets forfeiture.
He said that N7.9 billion was realised from sale of property and N8.7 billion from sale of shares.
He said that the corporation would continue to engage its obligors to enhance loans recovery, adding that AMCON would welcome customers with strategies for loan repayment within a specific period of time.
“They are quite a lot of challenges we are facing in debt recovery; we are not under illusion that it is easy to recover bad loans. Loan recovery is a very unpleasant job.”
He said that most of the customers were not willing to pay and would resort to court to seek redress.
The managing director said that court cases were slowing down the corporation’s loan recovery drive.
“Somebody can engage us for 10 years to 20 years in court and this is slowing down our operations.
Kuru said that 2016 was tougher because it was a year the country entered into recession for the first time in the last 25 years.
He said that it was difficult for people to meet their obligations due to higher inflation rate, currency devaluation, power sector challenges and drop in the price of crude oil, among others.
“It was a tougher year for Nigeria and once it is tough for Nigeria, that means it is tougher for business and AMCON too.”
AMCON boss said that 2017 would be a better year with the ongoing economic recovery, noting that once the economy picked up, obligors willing to pay back loans, would pay.
He commended Central Bank of Nigeria (CBN) and the National Assembly for their support to AMCON.
On Arik Air, he said that AMCON’s outstanding debt was N147 billion, noting that the airline would have shut down if not for the intervention.
According to him, AMCON intervention made it possible for the airline to survive.
He said that the airline was not paying salaries, insurances and fuel obligations, among others before AMCON intervention, adding that 30 aircraft of the company belonged to different people under leases and loans.
“AMCON has no business to run any business; we look for best personnel in the industry, independent of AMCON, to run any organisation we take over.
“We have disbursed more than N300 billion to support businesses to ensure their survival,” Kuru said.
In a remark, AMCON’s Chief Financial officer, Mr Olugbenga Ataiyero, said that the corporation’s mandate was not to make profit but to reconstruct loans to help businesses.
Ataiyero said that there were over N5.7 trillion loans to be financed by the corporation through the CBN at six per cent interest.
He noted that N268 billion was charged into the company’s profit and loss as interest expenses annually.
The chief financial officer further said that the company would divest from some of its subsidiaries to reduce the loss.
He added that the corporation had adopted a cost-saving approach and would only engage in very crucial expenses.
Ataiyero said that loan recovery was very low in 2016 due to the recession and other challenges in the economy.
He said that the corporation had envisaged that banks would have contributed N288 billion as sinking fund in 2016 but were only able to contribute N136 billion, due to the economic crunch.
Business
TTP Trains Customs Agents, Freight Forwarders On Eto App
In a concerted effort to tackle racketeering and reduce inflated transportation costs in the Nigeria’s seaports, Trucks Transit Parks Ltd. (TTP) has trained Licensed Customs Agents and Freight Forwarders on the use of its Ètò electronic call-up system.
The training was held recently at Customs Processing Centre (CPC) Auditorium, Apapa, Lagos, in collaboration with the Nigeria Customs Service (NCS) and supported by the leadership of the Joint Association of Licensed Customs Agents and Freight Forwarders (JALCAFF), Apapa Command.
Speaking at the event, Comptroller Babatunde Olomu expressed appreciation to TTP for facilitating the training and emphasized the need for customs agents to take personal ownership of the Ètò booking process.
“I want to thank TTP for this impactful training. I encourage all customs agents to begin doing their own bookings directly. By doing so, they can take back power from the unscrupulous elements exploiting their lack of knowledge, selling tickets at highly inflated prices,” Olomu declared.
He noted that empowering agents with hands-on training was key to dismantling racketeering networks that have plagued access to the ports and frustrated efficient logistics processes.
Also speaking, the Chairman, Apapa Chapter of the Association of Nigerian Licensed Customs Agents (ANLCA), Chief Emeka Chukwumalu, said the engagement was critical to the ongoing push to reduce cargo transportation costs and ease business operations at the Apapa Port.
According to a freight forwarder, “The training is basically for us to have awareness of the operations of the Ètò call-up system through TTP. We also want to brainstorm on ways to reduce the high cost of cargo transportation in Apapa Port.
“This training opened our eyes to how simple it is to book tickets ourselves. We now know the right steps to follow and how to avoid falling victim to fraudsters.”
Earlier, Head of Operations at TTP, Mr. Irabor Akonoman, talked on common misconceptions about ticket pricing, reaffirming that the cost of Ètò bookings had remained consistent since its inception.
“The official price remains the same since inception. What people are paying higher amounts for is the manipulation by racketeers”.
Business
NECA Holds MSME Fair To Drive Growth
Towards strengthening small businesses and promoting a more supportive regulatory environment, the Nigeria Employers’ Consultative Association (NECA) says it will hold the 2025 edition of its flagship MSMEs Fair on Tuesday (May 6, 2025).
The event, themed, “Galvanising MSMEs for Economic Growth and Stability”, will take place at NECA House in Lagos.
According to NECA’s Director-General, Mr Adewale Smatt Oyerinde, the fair seeks to provide micro, small, and medium enterprises with essential tools, resources, and strategic networks to thrive in Nigeria’s challenging business climate.
He emphasised the vital role MSMEs play in national development, describing them as the “lifeblood of Nigeria’s economy.”
Oyerinde noted that the fair is designed to offer entrepreneurs practical solutions to navigate economic uncertainties, regulatory hurdles, and business scalability issues.
A major attraction of this year’s event is the keynote address by the CEO of FATE Foundation, Mrs. Adenike Adeyemi, a prominent advocate for MSME development.
She is expected to share transformative insights on innovative strategies for sustaining and growing small businesses in Nigeria.
A unique feature of the fair will be interactive sessions with key regulatory bodies. Entrepreneurs will engage directly with agencies responsible for licensing, compliance, taxation, and business registration.
NECA said these sessions aim to demystify bureaucratic processes and foster a more enabling business environment.
It also said the fair will provide a platform for entrepreneurs to exhibit their products and services, connect with potential investors, and explore new markets.
It added that participants would gain critical knowledge on digital transformation, access to finance, and strategies for sustainable business growth.
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· NECA stressed that the fair aligns with its broader mission of promoting enterprise development and economic resilience.
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· “By empowering MSMEs with the right support and information, the organisation aims to stimulate job creation, innovation, and long-term economic stability”, NECA said.
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· The 2025 MSMEs Fair is expected to attract a wide range of stakeholders, including financiers, tech experts, regulators, and industry leaders, all united in advancing the growth of Nigeria’s MSME sector.
Business
Over 2m Passengers Board Blue Rail Train – Commissioner
The Lagos State Commissioner for Transport, Mr Oluwaseun Osiyemi, says over two million passengers have been transported on the Blue Line Rail since its launch, while state-run buses move an average of 42,000 commuters daily.
Osiyemi, who disclosed this during the Year 2025 Ministerial press briefing held at the Bagauda Kaltho Press Centre, Alausa, on Tuesday, noted that the Lagos State Transport Policy, launched in May 2024, was now in its implementation phase, focusing on inclusivity, safety, affordability, and sustainability.
“On rail development, Phase One of the Blue Line (Marina to Mile 2) has served over two million passengers, with Phase Two (Mile 2 to Okokomaiko) in progress.
“Phase One of the Red Line (Agbado to Oyingbo) is now operational with eight stations and additional rolling stocks procured, while Phase two (Oyingbo to link Blue Line at National Theatre) is underway”, he said.
The Commissioner said in the state-owned bus operations, over 60 million commuters have been served since 2019, with daily ridership exceeding 40,000.
He also said plans were on to deploy new buses with Quality Bus Corridors under construction, adding that the Abule=Egba Bus Terminal had also been commissioned.
“For water transport, 15 locally-built Omibus Ferries have been launched and are in operation, with the Ijegun Egba Terminal now open.
“The OMI EKO project, in partnership with the French Development Agency (AFD), will deliver 25 terminals and 78 electric ferries.
“Over 280,000 passengers have used ferry services in the past year, and 12 boats have been upgraded to meet safety standards”, he said.
On road infrastructure and traffic management, the Commissioner said 49 junction improvement projects had been completed, including ongoing ones at Ikorodu, Iju, as well as Allen-Opebi-Toyin axis.
He added that solar-powered Traffic Signal Lights, road markings covering 67.9km, new medians, laybys, and 3,941 parking lots had also been provided.
Additionally, Osiyemi announced that the deployed Automatic Number Plate Recognition cameras had detected over 470,000 traffic violations and that the Vehicle Inspection Service issued over one million roadworthiness certificates.
He also said that the Lagos State Drivers’ Institute trained more than 32,000 drivers in the past 13 months.
The event marked the second anniversary of Governor Babajide Sanwo-Olu’s second term, showcasing major strides in the transport sector under the THEMES+ agenda.
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