Nation

AMCON Moves To Recover N4.4trn Debt Nationwide

Published

5 years ago

January 29, 2021

The Asset Management Corporation of Nigeria (AMCON), says it is pushing hard to recover the N4.4 trillion debts owed the company in failed financial institutions it took over its liabilities.
Head, Corporate Communications Department of AMCON, Mr Jude Nwauzor, said this yesterday in Enugu while briefing journalists on enforcement on an indebted person’s property in Enugu used as collateral in a failed bank loan.
Nwauzor said that if the company could recover the N4.4 trillion debts; the country would not have any need to borrow for infrastructural development.
“If we can recover the whooping N4.4 trillion within the time frame; we will not be borrowing for our infrastructural developmental needs,’’ he said.
On the latest court enforcement on an indebted person’s property in Enugu used as collateral in a failed bank loan, he said that AMCON secured “a valid court injunction’’ to take over the property after out-of-court negotiation and settlement failed.
The spokesman said: “We simply came to enforce a court order with the court bailiff and policemen attached to him.
“The enforcement is to take over the landed property used as collateral for taking the failed loan.
“AMCON has nothing doing with a school or shutting it down, as the school and its pupils occupying are still going about their normal learning and other human activities.
“AMCON does not deal with educational institutions, health institutions and religious organisation since these are institutions of public interest.
“So, as we speak, the school is open and academic activities ongoing”.
Nwauzor said that if anyone is not happy with the court order issued, even as the matter is still ongoing in court, he or she should approach the court to get a counter order.
“The ongoing use of the media to fault AMCON enforcement of valid court order is uncalled for and unfortunate.
“There is no amount of newsroom judgment that can overrule a valid court order,’’ he said.
It would be recalled that the property where the school is located belongs to Ferdinand Property Investment Limited.
Several years ago, Ferdinand Property Investment Limited, obtained a loan from UBA Plc, giving Corporate Guarantee in respect of the US$2.9 million AfDB loan granted to Ferdinand Oil Mills Limited in 1989.
Since the loan remained unliquidated, AMCON acquired it, following which the order and originating processes were served on the school on July 16, 2016, but the school pleaded to be given time to enable them to arrange how to settle AMCON.

Nation

Cleric Preaches Love As Deputy Governor, Chief Judge Grace Wedding In PH

Published

1 day ago

January 9, 2026

The Tide

The Presiding Bishop of Kingdom Life Gospel Ministries Outreach, Port Harcourt, Bishop Victor Uzosike, has described love as the bedrock of human existence, family stability and societal harmony, stressing that without love, nothing meaningful can thrive.

Bishop Uzosike made this assertion while speaking to journalists during the wedding ceremony of his daughter, Praise Uzosike, to Architect Chibuzor Akubueze on Saturday, December 20, 2025. The solemnisation was held at the Kingdom Life Gospel Ministries Outreach, Port Harcourt, and was attended by dignitaries from across Nigeria and beyond.

According to the cleric, love is not only the foundation of relationships but also a powerful force that determines the success of individuals, families and communities.

“If you do not love a place, that place will not bless you. If you do not love your children, they will not be useful to you. If you do not love your family, your family will become a strange island to you. What you do not love, you do not have. Love is the key,” he said.

Reflecting on his family’s journey, Bishop Uzosike said God’s love had sustained them through seasons of challenges and triumphs, noting that unity had remained their greatest strength.

“We have stayed together as one family. God has shown us love in miraculous and mysterious ways, especially during difficult times,” he stated.

Describing the wedding as an amazing and beautiful experience, the bishop expressed appreciation for the show of love from his daughter’s friends, many of whom travelled from the United Kingdom and Ghana to attend the ceremony. He revealed that some of them personally paid for their flights and accommodation, which he described as a rare display of genuine friendship.

He also disclosed that his first daughter, who lives in Manchester, United Kingdom, with her husband, could not attend the wedding due to tight schedules, but noted that she remains happily married and fulfilled.

While thanking guests for honouring his family with their presence, prayers and goodwill, Bishop Uzosike said he felt proud and grateful to God.

“One of the greatest gifts God can give to a man is children who are sound in all ramifications. My children can see, hear, speak and walk. That alone is enough reason to be grateful,” he said.

He praised the bride, describing Praise as an exceptional achiever who had distinguished herself academically. According to him, she completed secondary school at 15, graduated with First Class honours at 19, and earned distinctions in her MBA as well as her first and second master’s degrees.

“For a long time, people believed that highly educated women may not marry early or at all. Today, Praise has proved otherwise. She has made her mother and me very proud,” he said, describing her as a rare gem.

Bishop Uzosike also expressed joy over his son-in-law, whom he described as God-fearing, disciplined and professionally sound.

“He is well brought up, passionate about God and morally upright. His parents did a great job. My wife, Pastor Esther, also did an excellent job,” he added.

The wedding ceremony attracted prominent personalities, including the Deputy Governor of Rivers State, Prof. Ngozi Odu; the Chief Judge of Bayelsa State, Justice Matilda Ayemeyie; and several senior clerics.

Bishop Fidelis Ugbong officiated the solemnisation, while Apostle Chika Onuzo delivered the sermon, identifying communication, sex and money as key factors that can strengthen or weaken marriages.

Prof. Ngozi Odu also prayed for the couple and paid glowing tributes, drawing admiration from attendees.

The reception, held at the Golden Tulip Hotel, Port Harcourt, was equally colourful. Justice Matilda Ayemeyie proposed the toast, describing marriage as not always a bed of roses and emphasising patience, commitment and understanding.

The event was chaired by Chief Henry Nwabugo and attended by notable personalities, including retired Supreme Court Justice Mary Odili; Apostle David Zilly-Aggrey; Hon. Otunba Jumbo; Nze Best Anele; and Prof. Henry Ogiri, among others.

Guests were entertained with dance performances by the couple, while the parents’ outing added elegance to the celebration. The master of ceremonies, Ambassador Kingsley, kept the audience engaged with humour and interactive sessions.

Overall, the wedding was a remarkable blend of spirituality, culture and celebration, marked by love, joy and unforgettable moments.

Nation

Firefighters battle New Year Day inferno in Abuja, several states

Published

1 week ago

January 2, 2026

The Tide

Federal Fire Service FFS entered the New Year on full operational alert, tackling multiple fire outbreaks across the country from midnight into the early hours of January 1, 2026, in what officials described as one of the busiest festive-season deployments in recent years.

The intensified nationwide response followed a December 2025 directive issued by the Controller General of the Federal Fire Service, Olumode Samuel Adeyemi, who had ordered that no firefighter should proceed on leave throughout the holidays.

According to a statement by the National Public Relations Officer and Head of Corporate Services of the FFS, DCF Paul Abraham, the no-leave policy proved critical as the Service moved swiftly to contain fires in several states.

The Federal Capital Territory FCT recorded its first fire incident of the year barely twenty-three minutes after midnight when flames erupted at Cake Hot Restaurant located within River Plate Park, Wuse, Abuja.

Abraham said fire crews from the Federal Fire Service and the FCT Fire Service arrived promptly and were able to stop the blaze before it could spread through the popular recreational centre.

While a section of the garden area was destroyed, no lives were lost and no injuries were recorded.

Officials said property worth an estimated ?1.5 billion was saved, although losses were placed at about ?500 million.

“Preliminary findings suggested that the fire was triggered by objects thrown during New Year celebrations, reinforcing long-standing warnings over the dangers posed by fireworks during the harmattan season”, the Service said.

The Controller General had repeatedly urged Nigerians to avoid fireworks, candles and open flames indoors, warning that the dry winds characteristic of the season allow fires to spread rapidly.

He also warned the public about electrical faults and power surges and advised that electrical appliances be switched off and unplugged when not in use or when occupants leave their homes, stressing that overloading sockets and extension boxes remains a significant cause of domestic fires.

Nation

Enugu North LG chairman presents ?10.8bn 2026 Budget, prioritises roads …Security, Healthcare, Human Capital Development

Published

1 week ago

January 2, 2026

The Tide

Chairman of Enugu North Local Government Area in Enugu State, Dr. Ibenaku Harford Onoh, has presented a Ten Billion Eight Hundred Million Naira (?10.8bn) 2026 budget to the legislative council of the local government.

The budget, tagged “Budget of Continued Growth and Consolidation,” was presented on Wednesday during a plenary session attended by councillors, department heads, and other stakeholders.

Dr. Onoh explained that the 2026 budget is designed to consolidate achievements recorded in 2025 while scaling up development across the council’s 13 wards. Priority areas include road infrastructure, grassroots security, healthcare delivery, youth empowerment, and digital governance.

He also reviewed the 2025 budget performance, highlighting significant revenue growth and successful completion of key projects. Notably, the council’s internally generated revenue more than doubled, attributed to the introduction of digital revenue collection platforms and other innovative measures.

Among the 2025 achievements, Dr. Onoh mentioned the reconstruction of major roads at European Quarters, Hilltop, Coal Camp, and Ukwa Street, Ihewuishi, as well as the upgrade of the local security architecture through the reorganisation of the neighbourhood watch into “The City Watch.”

On the 2026 budget, the chairman stated that projected revenue would come from statutory allocations, VAT, internally generated revenue, and counterpart funding through public-private partnerships.

He noted that capital expenditure would take the larger share of the budget, with over half allocated to the economic sector. Planned projects include:

Completion of transport terminals at Aria Market

Construction and reconstruction of urban roads

Establishment of two sports centres

Healthcare interventions

Youth skills development programmes.

Dr. Onoh emphasised that the projects, policies, and programmes outlined in the budget are aimed at complementing the initiatives of Governor Peter Ndubisi Mbah, who is setting standards for local government councils to follow.

Responding, the Leader of the Legislative Council, Rt. Hon. Chizoba Nnamani, said the budget would be carefully scrutinised in the interest of residents before its passage.