News

Court, AMCON Synergise To Recover N5trn Debt

Published

5 years ago

November 9, 2020

With the Asset Management Corporation of Nigeria (AMCON) in its twilight, the President, Court of Appeal, Hon Justice Monica Dongban-Mensem and the Administrator of the National Judicial Institute (NJI), Hon Justice R.P.I. Bosimo, (rtd) at the weekend, drummed support for the corporation to meet its target of recovering N5trillion debt.
Currently, AMCON owes more than N4trillion to the Central Bank of Nigeria (CBN), which it says could rise to almost N7trillion by 2024 judging by the current rate of inflation.
To forestall that, AMCON is in dire need of support from all sister agencies of the Federal Government to recover outstanding loans from those it called economic saboteurs who are hell-bent in crippling the banking.
To this end, the two institutions called on the Nigerian Judiciary in general to speed up momentum in dispensing cases involving AMCON and its recalcitrant obligors that come before their honourable courts.
The duo, however, maintained that that justice must be dispensed within the ambit of the law.
Similarly, the Managing Director/Chief Executive Officer, AMCON, Mr Ahmed Kuru, also reiterated the fact that AMCON, which presently has pilled-up legal issues in different courts with its obligors said non-collection of the debts, which is in the excess of N5trillion would have negative effect on the national resources.
Kuru was, however, appreciative of the Nigerian Judiciary for sustaining the AMCON Task Force in the four divisions of the Court of Appeal to ensure a fast track of AMCON appeals.
The AMCON CEO said no one can over flog the important role the Judiciary plays in National Development meaning that the Judiciary remains vital to the success of AMCON.
The justices and the AMCON CEO were speaking at the just concluded 2-day Annual Seminar for Honourable Justices of the Courts of Appeal, which started on Friday in Abuja.
The event, which ended late on Saturday was jointly organised by the National Judicial Institute (NJI) and Legal Academy (LA) with the full complement of AMCON management in attendance.
While welcoming participants to the seminar, Justice Bozimo who threw more light in the expectations of the Judiciary, which she argued will enable AMCON is to succeed said, “The role of the Judiciary in the execution of AMCON mandate cannot be over-emphasised. This is understandable considering that the distinguished bench is indispensable to the realisation of the enormous powers conferred on the corporation by the AMCON Act.
According to her, viewing the peculiarities, uniqueness and the unconventional nature of the AMCON regime, it is evident that AMCON is bound to confront challenges and difficulties in its daily efforts to realise its mandate.
Justice Bozimo added that it was in order to assuage these challenges that the National Judicial Institute ensures that the Judiciary, especially the Hounourable Judges are sensitised and provided with updates that have to do with the AMCON regime at all times.
In her own address, Justice Dongban-Mensem while welcoming participants to the seminar also recalled that the 2007-2009 global financial crisis had severe impact on the economies of many countries, including developing economies like Nigeria’s, which was why AMCON was set up.
She said that the corporation having made sure that the financial system in Nigeria did not collapse, now was the time for all sister agencies of government to ensure AMCON recovers its outstanding huge debt from its recalcitrant obligors who incidentally are exploring judicial technicalities to hold on.

News

HYPREP Plans 1,500 Jobs, Expanded Skills Training as Ogoni Cleanup Records Progress

Published

3 days ago

December 22, 2025

The Tide

The Hydrocarbon Pollution Remediation Project (HYPREP) has announced plans to create more than 1,500 direct jobs and provide skills training for over 2,000 Ogoni youths, women and persons with special needs in 2026, as part of the ongoing Ogoni Clean-up Programme.

The Project Coordinator, Professor Nenibarini Zabbey, made the disclosure on Friday in Port Harcourt during a Project Review Meeting with key Ogoni stakeholders, where the project’s performance between July and December 2025 was reviewed.

According to Prof. Zabbey, the proposed jobs will arise from the next phase of mangrove restoration and shoreline remediation projects, while skills acquisition will cover 10 demand-driven areas and five specialised skills designed for persons with disabilities.

In his presentation, the Project Coordinator outlined key milestones recorded during the period under review. He said Phase 1 shoreline remediation had reached 72.7 per cent completion, mangrove restoration was at 99 per cent, while soil and groundwater remediation of medium-risk complex sites stood at 39.01 per cent.

On potable water supply, Prof. Zabbey disclosed that 16 water facilities with booster stations had been completed, providing water to 42 Ogoni communities, while construction of 29 additional facilities was ongoing.

He also highlighted progress in public health and infrastructure projects, including the ongoing three-year public health studies by the International Agency for Research on Cancer (IARC) of the World Health Organisation (WHO). He added that the Ogoni Specialist Hospital had reached 78.2 per cent completion, Buan Cottage Hospital 98.5 per cent, the Centre of Excellence for Environmental Restoration (CEER) 93.5 per cent, while the Ogoni Power Project stood at 61.13 per cent.

On livelihood restoration, the Project Coordinator said additional skills training programmes would commence in January, covering areas such as cybersecurity, commercial diving, GIS and mechatronics. He added that five specialised programmes had been designed for persons with disabilities. Education support initiatives, he said, include the installation of IT and solar equipment in pilot schools, distribution of learning materials and the planned distribution of 160,000 exercise books to public primary and secondary schools from January 2026.

Prof. Zabbey further announced that the list of 500 beneficiaries of Batch 2 of the HYPREP Postgraduate Scholarship Scheme would be released on January 1, 2026, noting that 300 postgraduate students were awarded scholarships earlier this year.

Addressing recent incidents affecting the Gwara and Ebubu water facilities, the Project Coordinator described them as regrettable and disclosed that a Technical Investigation Committee would submit its report within the week. He said water supply had been restored in Ebubu, while efforts were ongoing to restore supply to Gwara.

He identified challenges facing the project to include community land disputes, threats of re-pollution, vandalism and operational constraints, adding that measures were being taken to address them.

Prof. Zabbey attributed the progress recorded to the support of the Minister of Environment, Malam Balarabe Abbas Lawal, and Ogoni stakeholders, noting that the Ogoni Clean-up Programme remains a priority under President Bola Ahmed Tinubu’s Renewed Hope Agenda.

The project status presentation was delivered by Mr. Ifiok Idiyo of HYPREP’s Monitoring and Evaluation Unit. Stakeholders who spoke at the meeting commended HYPREP for the milestones achieved and called for sustained support to ensure the success of the Ogoni Clean-up Programme.

News

RHI, RSG Empower 500 Senior Citizens In Rivers

Published

3 days ago

December 22, 2025

The Tide

The Renewed Hope Initiative in conjunction with the Rivers State Government has empowered 500 elderly citizens in Rivers State with financial support of N200,000 each.

The empowerment programme was part of activities to celebrate the third anniversary of the Renewed Hope Initiative Elderly Support Scheme RHIESS, a social investment policy initiated by the First Lady of the Federal Republic of Nigeria, Senator Oluremi Tinubu.

Speaking at the event which held at the Government House, Port Harcourt, recently, under the theme, ‘Finding Joy in Old Age,’ Senator Tinubu said the gesture which has become traditional since 2023 was a mark of gratitude in recognition of the invaluable contributions of the senior citizens to nation building.

The First Lady who was represented by the wife of the Rivers State Governor and State Coordinator of the Renewed Hope Initiative, Lady Valerie Fubara, said the scheme was to “support two hundred and fifty (250) vulnerable elderly citizens aged 65 and above in all the 36 states of the federation, the Federal Capital Territory, and veterans from the Defence and Police Officers’ Wives Association (DEPOWA) totalling 9,500 selected beneficiaries across the nation.

She urged the beneficiaries to engage in activities that will make them find joy in old age.

“I encourage you to continue playing your part by staying healthy and active, nurture both your body and mind through regular exercise and meaningful engagement,” Senator Tinubu advised.

On her part, Lady Fubara said the State Government through the magnanimity of the governor, Sir Siminalayi Fubara, has increased the beneficiaries of the programme from 250 to 500.

She restated the commitment of the State Government towards provision of social welfare and improving the standard of living of the elderly in the State.

Also speaking, the Executive Secretary, Rivers State Contributory Health Protection Programme (RIVCHPP), Dr Vetty Agala, said the State Government has through the Health4allrivers Initiative, introduced free medical care for senior citizens in the State, in line with the Renewed Hope Initiative.

News

Expedite Action On MBA Forex Operator’s Prosecution, Rivers NUJ Tells EFCC

Published

3 days ago

December 22, 2025

The Tide

The Nigeria Union of Journalists (NUJ), Rivers State Council, has urged the Economic and Financial Crimes Commission (EFCC) to expedite the prosecution of the Director of the now distressed MBA Forex Trading, Mr. Maxwell Odum, in the interest of justice.

The Rivers State NUJ made the appeal during a courtesy visit to the EFFC’s Ag. Zonal Director, ACE Hassan Saidu, in Port Harcourt, recently.

The council’s chairman, Comrade Paul Bazia, said the appeal became imperative after it considered the number of Nigerians and others involved in the financial misconduct.

According to him, it has caused hardship among many households in the country and should be given the attention it deserves.

He said that investors cannot come into a country or invest in an economy or nation ridden with fraud.

This, he said, has made it more imperative to arrest, prosecute and convict alleged fraudsters like the MBA Forex Director, who is alleged to have defrauded thousands of unsuspecting Nigerians, to serve as a deterrent to others.

The chairman also requested that while the trial lasts, part of the swindled funds should be given to the victims that suffered loss and trauma as a result of the fraud.

The NUJ reiterated its resolve to change the narrative of reportage from crisis to developmental communication.

According to him, the NUJ’s main focus is blue economy and tourism.

He expressed the readiness of the Council to partner the agency in the area of information dissemination.

“We believe you have a responsibility to fight financial crimes. We also know that you need the Press to publicize your activities and NUJ can provide that,” he said.

Responding, the Zonal EFFC’s boss commended the NUJ’s vision to change the narrative of reporting from crisis to developmental communication.

According to Saidu, the Western world have since imbibed such culture, hence the negative stories about them are carefully sifted to allow only positive ones to be released to the outside world.

As for the trapped funds to be released, the EFCC Zonal Director stated that only the court can authorize such action, stressing that the primary responsibility of the Commission is to arrest and prosecute.

He pledged to partner with the NUJ now that the leadership has visited the Commission.

The Head of the Legal & Prosecution Department, DCE Odiase Stephen, corroborated the Zonal Director’s position and stressed that it was only when the matter has been determined by the court that such funds can be released.

He further stated that once a matter is before a court of competent jurisdiction, it cannot be discussed outside.

By: King Onunwor