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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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Business

Navy Hands Over Five Suspected Stowaways to NIS

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3 weeks ago

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June 29, 2026

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The Nigerian Navy Ship (NNS) Beecroft has handed over five suspected stowaways to the Nigeria Immigration Service (NIS)
The suspects were discovered aboard a merchant vessel, MT Chinafrie Happiness, in an attempted illegal voyage out of the country.
This was contained in a statement issued by Sub Lieutenant A.O. Ajayi, Naval Assistant to the Commander, NNS Beecroft.
The statement said the Handover is part of ongoing inter-agency collaboration aimed at strengthening maritime security, curbing illegal migration, and enhancing safety within Nigeria’s maritime environment.
According to the statement, the suspects were discovered on Wednesday, June 17, 2026, concealed inside the rudder compartment of the vessel while it was berthed at Tin Can Island Port in Lagos.
The five suspects were safely evacuated by Naval Personnel’s and taken to NNS Beecroft for preliminary investigation, profiling, and documentation before being transferred to immigration authorities for further action.
The statement gave their identity as Segun Samuel Boyewa (31), Kingsley Chukwu (43), Joseph Judge (33), Moses Aletor (24), and Abdullahi Danlami (31).
Preliminary findings indicated that the individuals allegedly boarded the vessel while it was docked at Tin Can Island Port with the intention of stowing away to India without valid travel documentation or authorisation.
The statement also noted that stowaway attempts pose significant risks to human life and maritime safety, as individuals often hide in hazardous compartments of vessels under extreme conditions that could lead to injury or death.
The Naval statement  warned that illegal boarding of ships remains a serious maritime security challenge and called on parents, guardians, and community leaders to discourage youths from engaging in such dangerous and unlawful acts.
The statement reaffirmed the commitment of NNS Beecroft to sustained maritime security operations in line with the mission of the Chief of the Naval Staff, Vice Admiral Idi Abbas, aimed at maintaining a professional and effective naval force capable of safeguarding Nigeria’s maritime interests and supporting joint operations for national security.
Chinedu Wosu
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Navy Nabs 13 Black Sand Miners In Bayelsa –Impound Two Boats

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3 weeks ago

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June 29, 2026

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The Nigerian Navy has arrested Thirteen 13 Black Sand miners in Bayelsa state
The Service also impounded two Wooden Boats used for the illegal operations
Director of Naval Information, Capt. Abiodun Folorunsho, said this in a statement issued to Newsmen in Abuja.
Folorunsho said with the operation, the Navy had recorded another operational success in its efforts to curb illegal exploitation of natural resources
According to Folorunsho the operation was conducted by Forward Operating Base (FOB) FORMOSO, following credible intelligence on the movement of boats suspected to be involved in illegal mining activities.
He said  the intelligence revealed  the boats were operating within the coastal communities of Brass Local Government Area.
“Acting on the intelligence, Naval personnel intercepted the boats at Lekeson and Liama communities, where large quantities of suspected illegally mined black sand were discovered onboard.
“A total of 13 crew members were arrested in connection with the activity,” he said.
The Naval Director of information said that the successful operation underscored the Navy’s commitment to protecting Nigeria’s maritime environment and preventing the illegal exploitation of natural resources that undermine economic development and environmental sustainability.
“The Nigerian Navy remains resolute in sustaining operations against illegal resource extraction and other maritime crimes, while maintaining security and stability within the nation’s waterways,” he said.
Folorunsho also said that the two wooden boats recovered, the black sand and the 13 suspects have subsequently been handed over to the Divisional Police Officer, Nembe Division, for further investigation and possible prosecution.
He said this was done in line with the extant procedures and directives of the Bayelsa Government.
The Naval spokesperson reaffirmed the Navy’s commitment to collaborating with relevant stakeholders and security agencies to safeguard Nigeria’s maritime resources.
 Folorunsho assured that it would also ensure that the nation’s waterways remain safe and secure for legitimate economic activities.
CHINEDU WOSU
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Maritime

NCS Holds Free Medical Outreach For 2,000 Daura Residents 

Published

2 months ago

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May 18, 2026

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The Nigeria Customs Service (NCS) has held its 7th Retreat Medical Outreach in Daura, Katsina State,
Customs said the Free medical outreach is aimed at providing free healthcare services to residents of the area.
Speaking during the event, Deputy Comptroller-General of Customs, Ahmad Tijjani-Abe, said the programme would provide general medical consultations, dental care, eye and ear care, as well as minor surgical operations for beneficiaries.
Tijjani-Abe said medical teams deployed for the exercise would also provide free medications to patients attending the outreach.
He added that the service would visit schools within the area to deworm students and distribute health kits and mosquito nets to help prevent malaria among children.
Also Speaking, Dr Ethelbert Ikechukwu, Medical Team Leader of the outreach said the exercise was part of the initiative of the Comptroller-General of Customs, which had been carried out in different parts of the country over the years.
According to him, the programme is designed to support communities where customs personnel operate by offering free medical consultations and medications to residents.
Ikechukwu further explained that patients whose conditions could not be fully managed at the outreach centre would be referred to appropriate medical facilities for further treatment.
Ikechukwu urged members of the public to take advantage of the exercise, noting that the medical teams comprised highly qualified healthcare professionals.
The outreach targets about 2,000 patients across various areas of medical care.
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