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Litigation Stalling AMCON’s Debt Recovery Efforts —Kuru

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…Says 73% Of Top 350 Debtors In Court

Managing Director and CEO of the Asset Management Corporation of Nigeria (AMCON), Ahmed Lawan Kuru has revealed that majority of the 350 individuals and business entities with 84 per cent of the yet-to-be-recovered debts have tied the corporation down in courts, a situation that has stalled efforts to resolve the cases.

Recently after the first meeting between Mr Ahmed Lawan Kuru, the Managing Director and Chief Executive Office of AMCON and the Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun, the Minister disclosed that the Federal Government was working towards winding down the asset management behemoth, which was established at the height of the non-performing loan crisis in 2010, to clean up the heavily encumbered books of the banks.

Revelations by Kuru, during an interactive session suggest that the company is far from resolving the pending cases as litigation stalls processes leading to quick resolution of the pending cases. According to Kuru, 257 cases out of the 350 obligors who sit on over 84 per cent of dead assets of banks inherited by AMCON are currently at different stages of litigation.


Hence, he said, the underlying assets used as collateral cannot be liquidated by the organisation just like that.

Kuru also hinted that some obligors of AMCON were jubilant, and some even stopped picking our calls thinking that they will walk away from the debt once AMCON winds down.

Further information released by AMCON claimed that 350 obligors or 2.8 per cent of the total 12,700 debtors involved in the non-performing loan (NPL) hold 84 per cent of the total amounts, which have continued to accumulate interest.

L-R: Mr Kamilu Omokide,   *PHOTO CAPTION (2)* R-L: Mr Ahmed Lawan Kuru OFR, Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON); Mr Ayodele Aminu, Managing Director of New Telegraph newspaper, Mr Mojeed Jamiu, Executive Editor Upshot Reports, and Mr Jude Chiedozie Nwauzor, Head, Corporate Communications Department, AMCON at the Media Parley hosted by AMCON in Lagos on Monday.


From inception, Kuru also disclosed in Lagos on Monday, that the Corporation has only sold 350 assets, while most are not in the market owing to legal encumbrances. But apart from litigation, pricing may have also slowed the speed of disposing of the assets. The pricing template is set by the CBN guidelines, which set the value above what prospective buyers consider above-market prices.

The AMCON boss asked the affected debtors who are interested in resolving their cases with the Corporation to make a serious offer, saying it “understands that the transactions involved are commercial and not criminal.”

He said owners of Arik and other seized assets must present resolution strategies that make sense to AMCON, the CBN and the Ministry of Finance if they truly want to be listened to.

Kuru explained that AMCON does not take pride in taking over thriving businesses but noted that it just happened that the firm got caught up in the Arik saga and intervened to save the carrier.

“The idea of Acting President, Prof. Yemi Osinbajo was that Arik must be saved because of its prominence at that time. We made it clear at that time that we didn’t know anything much about aviation. Capt. Roy Ilegbodu was headhunted.

There was Capt Roy, then Capt. Ado Sanusi. These are some of the best guys in the industry. They said AMCON came to kill Arik when in fact, Arik would have long gone. But the fact that AMCON’s name was there, then, AMCON has killed it,” he added.

He noted that the case of Aero Contractors was worse before AMCON came in for a rescue, simply describing what culminated in the near-death of the once flourishing carrier to a case of “when people decide to steal from themselves, hinting, “AMCON can never be popular with the kind of job we do. We don’t go and close a running business. Some of those businesses were already dead. AMCON cannot see a thriving business and close it down. It does not happen like that,” Kuru concluded.

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NPA Announces 15% Port Tariff Increase, First in 32 Years

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The Federal Government, through the Nigerian Ports Authority (NPA), has announced a 15% raise in port tariffs, marking the first hike in 32 years.

This was disclosed by the NPA Managing Director, Dr. Abubakar Dantsoho, during a stakeholders’ engagement in Lagos on Thursday.

He stated that the 15% increment will be applied across board, affecting various services and operations within the ports.

According to Dantsoho, represented by Executive Director of Marine and Operations Mr. Olalekan Badmus, the NPA has maintained the same rates for over three decades despite significant economic changes.

Persecondnews reports that the changes include exchange rate fluctuations, rising wages, fuel and lubricant costs, and inflation.

The tariff increase aims to address these economic realities and ensure the sustainability of port operations.

The decision, however, has been greeted with mixed reactions.

While some stakeholders in the shipping and logistics sectors have expressed concerns about the impact of the tariff hike on the cost of doing business in Nigeria, others have acknowledged the necessity of the move in light of the agency’s financial constraints and the broader economic conditions.

The tariff increase is expected to take effect in the coming months, and the NPA has assured stakeholders that it will work closely with port operators, shipping companies, and other stakeholders to minimize any potential disruptions during the transition.

Additionally, the NPA plans to use the additional revenue generated from the increase to fund improvements of port infrastructure, enhance the capacity of terminals, and improve services such as cargo handling, storage, and security.

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Temper justice with mercy, deputy speaker begs Tinubu to release Nnamdi Kanu

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… says Kanu’s release will end insecurity in S’East

Benjamin Kalu, deputy speaker of the House of Representatives, has appealed to President Bola Tinubu to temper justice with mercy and give freedom to the leader of the Indigenous Peoples of Biafra (IPOB), Nnamdi Kanu from detention.

Kalu made the appeal after the inaugural meeting of the House of Representatives committee on South East Development Commission (SEDC) at the National Assembly complex in Abuja.

The deputy speaker commended the President for his support and commitment towards peace, development and stability of the South-East region.


He noted that the President since assuming office has in various ways proven his love for the South-Easterners through his speedy assent to the South East Development Commission Bill which failed in previous assemblies.

Suggesting the adoption of political approach than legal for the release of Kanu, Kalu said that the people of the region will be eternally grateful to the President if that becomes a reality.


Expressing optimism that the President will heed to their appeal, the deputy speaker noted that when Kanu is released insecurity in the region will be reduced and as well spring up development that the SEDC is going to bring.


“We are thankful to Mr President for doing this for the South-East. Insecurity is a major concern in the area, you can’t have development in midst of insecurity. That’s why we started what we call peace in South-East project supported by the parliament. But in doing so we noticed that the insecurity there will be reduced if Nnamdi Kanu is released. We want Nnamdi Kanu to be released because we know it will give our people more security”, he said.

“Those who are using him as excuses to perpetrate all these criminal actions around our area will have no other reason to be on the street. Then the police and security agencies will catch anyone who claims Nnamdi Kanu is the reason for causing harm to the people of South-East. So, we are begging, you can’t coarse the President, he’s the Commander in Chief. All we are saying is use political approach not the legal approach. We are appealing to him to temper justice with mercy and release Nnamdi Kanu to southeast people. It will ensure more security for our people and spring up development that this SEDC is going to bring” Kalu urged.

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I will make it harder for immigrants to get British citizenship – Kemi Badenoch vows

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The United Kingdom Conservative leader, Kemi Badenoch, has vowed that she will make it more difficult for immigrants to get British citizenship.

While making one of her first policy announcements since she became leader, Badenoch said immigrants would only be able to apply for citizenship after being in the UK for 15 years.

Badenoch also declared that indefinite leave to remain, which paves the way for citizenship, should not be granted to those who have criminal records or who had claimed benefits or social housing.


According to her, citizenship was a privilege, not just a right and should only be for those with a “meaningful connection to the UK”.

Obtaining indefinite leave to remain, ILR gives people the right to live, work and study in the UK.

It is usually possible for a person to apply for ILR if they have worked in the UK for at least five years, although it can be two or three years if they came to the UK on particular visas.

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