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Debtors, Economic Saboteurs – AMCON

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The Asset Management Corporation of Nigeria (AMCON) has described debtors of the corporation as economic saboteurs and should be made to fulfill their obligations for economic growth.
The corporation described as unacceptable the way economy was ‘bleeding’ while the debts owed it by 350 Nigerians would be enough to fund the deficit in the 2017 budget.
The Managing Director of the corporation, Mr Ahmed Kuru, said that henceforth the corporation would move hard on such debtors with a view to freeing some money for the economy to grow.
Kuru spoke on Monday in Enugu during a retreat between AMCON and members of the House of Representatives Committee on Banking and Currency.
He said that the obligors owed the corporation to the tune of N2.5 trillion, adding that the prevailing situation had hampered business models in the country.
He said that it was more intriguing that the debtors had sued in various courts across the country either by disputing the debt or claiming damages against AMCON.
“Our recent assessment of obligors identified 350 accounts that represent about 80 per cent of AMCON’s current exposure of N2.5 trillion as at Dec. 31, 2016.
“Consequently, we have repositioned our debt recovery approach to strengthen legal and credit restructuring units to collaborate on the aforementioned accounts termed defaulters,” he said.
He said that the corporation was established in 2010 to intervene in the banking sector to maintain economic and social stability in Nigeria due to the unprecedented rise in nonperforming loans.
“AMCON acquired over 13, 000 of such loans worth N3.7 trillion from 22 banks and injected N2.2 trillion as financial accommodation to 10 banks in order to prevent systemic failure.
“This intervention helped stabilise the financial system as about N3.66 trillion of depositors’ funds and interbank takings were protected and approximately 14,000 jobs were saved,” he said.
Kuru said that AMCON had so far recovered N716.1 billion from obligors of which cash and assets accounted for 45 per cent and 55 per cent respectively.
He called for legislative intervention to enable the corporation overcome the bottlenecks militating against debt recovery.
In an opening remark, the Chairman, House Committee on Banking and Currency, Mr Jones Onyereri said such retreats fell within the legislative oversight ambit of the committee.
Onyereri said that the exercise enabled the National Assembly to be duly informed on how to straighten the operational efficiency of the corporation through legislative instruments.
He said that AMCON was created to assist the Nigerian financial sector to achieve stability by buying toxic assets of Eligible Financial Institutions.
“I find it troubling that while some of these obligors frustrate AMCON recovery efforts by exploiting the court system, they continue to do business with the Federal Government,” he said.
Onyereri assured that ideas reached at the close of the exercise would receive the support of the committee with a view to amending AMCON Act for greater efficiency.
In a presentation, the AMCON General Manager, Credits, Mr Joshua Ikioda said it was unfortunate that 350 people were holding the country to ransom.
Ikioda said that the N2.5 trillion owed by the 350 obligors was enough to fund the 2017 budget deficit.
“We have a budget gap of N2 trillion while 350 Nigerians are owing us more than that. The Federal Government will have no need to borrow in order to finance part of the budget if they pay the debts,” he said.
He said that it was unacceptable that a few people would mortgage the future of the country, adding that everything would be done to get the obligors pay the debts.
“The challenge now is for Nigerians to see the benefit in getting a loan and paying. If nothing is done to the people owing us we might be indirectly passing a wrong message to younger generations. This is a national call,” Ikioda said.
Governor Ifeanyi Ugwuanyi of Enugu State, while declaring open programme, called for efficient debt control and recovery system.
The theme of the retreat is: “Enhancing Debt Recovery Efforts as a Tool for Growing the Nation’s Economy’’.

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Bayelsa To Spend N1.24trn As Diri Presents 2027 Appropriation Bill …Works, Education, Sports, Others Gulp Lion’s Share

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Bayelsa State Governor, Senator Douye Diri has presented the 2027 Appropriation Bill of the State to State House of Assembly.
Christened the ‘’Budget of Assured Prosperity for Sustainable Growth and Development”, the appropriation bill was based on a projected revenue of N1,242, 688,970,520,22.
The Governor said the 2027 proposals were derived from broad stakeholder engagements involving traditional rulers, technical experts, the organised private sector and citizens across the state, noting that it was a historic budget being the first as the state was beginning its fourth decade and presented at a time sustained investments were visible in all the local government areas.
“Our fiscal priorities remain clear: roads and bridges that connect communities, better health and education services, reliable power and an environment in which businesses and families can thrive”, he said.
Presenting the estimates, governor Diri said N840.791 billion representing approximately 68 per cent was proposed for capital expenditure while recurrent expenditure was put at N401.897 billion representing approximately 32 per cent.
He observed that the proposed budget was approximately 22 per cent larger than that of the 2026 fiscal year, which was N1.016 trillion, just as he listed some strategic projects that would continue to receive priority attention in 2027, saying they were all at advanced stages of completion.
The projects according to the governor, include the Ekeremor–Agge Road Phase I, Nembe–Brass Road Phase I, Akaba–Ayakoro Road with spur to Otuegwe 1, Glory Drive Phase 3, Agbere-Elemebiri Road, the 30,000-seater stadium at Igbogene, and the nine-storey state secretariat complex.
The governor expressed the conviction that with work progressing on the three senatorial roads, all local government headquarters would be connected to the state capital and boost socio-economic activities across the state.
“With work progressing on all senatorial causeways, we are moving closer to an ambition our people have held since the creation of the state: to connect the capital to every local government headquarters and open up access to our coastal communities. This will boost fisheries, marine and blue economy enterprises, and tourism.
“These projects demonstrate that our beautiful terrain should not limit our ambition. With resolve, sound planning and prudent management, Bayelsa is building what many once thought were impossible”, he added.
Giving a breakdown of the sectoral allocations, Works and Infrastructure got the lion’s share of N422.84 billion followed by Education ¦ 126.97 billion and Sports ¦ 68.50 billion.
Also, Health was allotted ¦ 53.32 billion, Security N24 billion, Public Utilities N22.94 billion and Agriculture got N17.74 billion.
Diri charged the Ministry of Budget and Economic Planning to enforce coordination, transparency and accountability and ensure effective implementation of the budget.
According to him, government would continue to improve its model schools, support accreditation of programmes in tertiary institutions, strengthen science and technical education and introduce digital learning tools in schools.
He added that the administration would pursue the upscaling of its 60 megawatts independent power plant to 100 megawatts and prioritise water provision in 2027.
He also remarked that the allocation to the sports sector would enable government accelerate work on the stadium project as the state prepares to host the National Sports Festival.
In his remarks, Deputy Speaker of the House of Assembly, Rt. Hon. Michael Ogbere, commended Governor Diri for the successful implementation of the 2026 budget, and appreciated him for his visionary leadership.
Hon. Ogbere described Diri as a peace maker, bridge builder and a leader who has constructed roads and bridges across 80% of all communities in the state, expressing confidence that the projects outlined were achievable.
The Deputy Speaker assured the governor of the 7th Assembly’s support and speedy passage of the budget while the Majority Leader, Rt. Hon. Monday Bubou, moved a motion for the members to pass a vote of confidence on Governor Diri and the administration, which was unanimously endorsed by the lawmakers.

 

Ariwera Ibibo-Howells, Yenagoa

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NNPC Targets Two Million Bpd Productions In 2027

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The Nigerian National Petroleum Company Limited (NNPC) has said that ongoing reforms in Nigeria’s oil and gas sector have lifted national crude oil production by 600,000 barrels per day, from about 1.2 million barrels per day to 1.8 million barrels per day.
According to the company, the improvement has strengthened Nigeria’s position as a destination for international energy investment.
Group Chief Executive Officer ( GCEO) of NNPC Limited, Engr. Bashir Bayo Ojulari, made the remarks last week at an Energy Talk titled “Nigeria’s Reform Agenda: Competing for Energy Capital”, moderated by John Defterios, Chairman, MENA, APCO, at the 2026 Abu Dhabi International Petroleum Exhibition and Conference (ADIPEC) in Abu Dhabi, United Arab Emirates.
Ojulari linked the production growth to the implementation of the Petroleum Industry Act (PIA) 2021, an improved investment climate, better investment decisions, and stronger collaboration between NNPC Limited and its partners.
He said the current output level is a milestone in NNPC Limited’s journey towards its 2 million barrels per day target by 2027.
The Company, he explained, is focused on maintaining infrastructure, protecting base production, increasing output from existing assets, and advancing new projects designed to lift production further.
“The figure of 1.8 million barrels per day is a stage in a journey towards our objective.
We are concentrating on the basics, which are maintaining our infrastructure, protecting base operations and executing the projects that will take production higher,” Ojulari stated.
On the domestic market, the GCEO said the removal of petrol subsidy has been accompanied by an expanded Compressed Natural Gas (CNG) programme.
He noted that over 400 CNG conversion centres have been established, while more than 1,000 trucks are transporting petroleum products

Nkpemenyie Mcdominic, Lagos

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SEREC Demands Independent Forensic Audit Of NIMASA CVFF Funds

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The Sea Empowerment and Research Centre (SEREC) has call for an independent forensic audit of the Nigerian Maritime Administration and Safety Agency (NIMASA), following conflicting claims over the management and currency status of the Cabotage Vessel Financing Fund (CVFF).
The centre said the controversy surrounding the fund had reinforced its earlier concerns about transparency, accountability and the possible erosion of contributions through currency conversion and administrative decisions.
In a reaction titled, “Cocks Crow at Dawn — On the CVFF Audit Crisis,” forwarded by SEREC’s representative, Eugene Nweke, the organisation said the latest revelations had vindicated its earlier calls for a comprehensive examination of NIMASA’s accounts from 2004 to date.
SEREC said former NIMASA Director-General, Temisan Omatseye, had disclosed that dollar-denominated contributions were converted into naira and invested in fixed deposits during his tenure, while the incumbent Director-General, Dr Dayo Mobereola, maintained that the fund remained in dollars with the Central Bank of Nigeria.
The organisation said the conflicting accounts raised questions about the actual value, location and management of the fund, which was to provide financing support established for indigenous shipowners under the Coastal and Inland Shipping (Cabotage) Act.
It argued that shipowners, as contributors to the fund, deserved documentary evidence showing how much had accrued, where the money was domiciled, the interest generated and the amount currently available for disbursement.
SEREC also warned that converting dollar contributions into naira exposed the fund to significant foreign exchange losses, given the depreciation of the local currency over the years.
According to the organisation, if the contributions were converted into naira and retained in that currency, the fund could have suffered a substantial erosion in its real value, undermining its original objective of strengthening indigenous shipping capacity.
It maintained that the CVFF was contributors’ money and should not be treated as government largesse, stressing that shipowners had a legitimate right to demand accountability.
The centre further criticised maritime industry stakeholders, particularly shipowners’ associations, for allegedly prioritising access to the fund over sustained demands for transparency in its management.
SEREC insisted that no disbursement should take place without a comprehensive forensic audit to establish the fund’s financial history and current position.
It said the audit should cover all contributions, currency conversions, investments, accrued interest and administrative transactions relating to the fund from 2004 to date.
The organisation said the findings would provide the necessary clarity on the financial position of the CVFF and help restore confidence among indigenous shipowners seeking access to the facility.

 

Nkpemenyie Mcdominic, Lagos

 

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