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Tag: assets

  • Alleged sale of Kwara assets: Saraki kicks as panel recommends trial of ex-govs

    Alleged sale of Kwara assets: Saraki kicks as panel recommends trial of ex-govs

    A former Kwara State governor and immediate past President of the Senate, Dr. Bukola Saraki, has dismissed the report of a committee set up by Governor AbdulRahman AbdulRazaq to investigate sales of Kwara State’s assets, which recommended the prosecution of Saraki and former governor Abdulfatah Ahmed, as well as other former government officials.

    The committee’s white paper accused the ex-governors and other government officials of economic sabotage against the state through sales of public assets to cronies at give-away prices.

    But Saraki has dismissed the panel’s recommendations, saying neither him nor his successor was invited by the panel to give evidence.

    Saraki, in a statement from his Media Office, which was signed by Press Officer on Local Matters, Mr. Abdulqadir Abdulganiyu said neither him, who left the office 10 years ago nor Ahmed, the immediate past governor got an invite to appear before any investigative and fact-finding panel set up by the Abdulrazaq’s administration.

    “Thus, it is clear that the so-called investigation being conducted is not about finding facts. It is about throwing mud and staining the predecessor of Abdulrahman Abdulrazaq in office,” he said.

    Saraki insisted that him and Ahmed would never be shy of giving account of how they managed the assets of Kwara State.

    The statement noted that both men took decisions concerning those assets in a manner that would enhance their value and stimulate economic activities in the state, which was hitherto referred to as a civil service state.

    Referring to the issue of Kwara Mall, the statement argued that based on the decision taken by the Saraki administration, the project has become the epicentre of economic activity in Ilorin, the state capital.

    “In fact, it’s importance is further underscored by the decision of the government to give the owners of businesses inside the mall a grant totaling about N1 billion to cushion the harsh effect of the ‘End SARS’ protest on their property. It is obvious that the mall today provides direct and indirect employment to hundreds of Kwarans and Dr. Saraki is proud that his administration initiated the idea where Ilorin became the first town outside Lagos to host a Shoprite in its mall.”

    On the issue of the Shonga Farms, the statement added that the farms demonstrated the cluelessness of the current governor of Kwara State and his advisers.

    “That is why on some occasions, key officials of the administration will hold the Shonga Farms as a glory of Kwara State and on some other occasions, like the case of the press statement under reference, it will seek to paint it in bad light.

    “We are surprised that other companies that this government facilitated their investment into Kwara State like Dangote Flour Mills were not being cited as examples of how the previous administrations ‘misapplied’ the resources of the state.”

    According to the statement, “this same Shonga Farms is not only a model how we need commercial farming to revolutionise agriculture in Nigeria but it is the second commercialism farm in the country. The farm today has an investment worth over $100 million and has in its service over 1, 000 Kwarans in the state. It is a project that went through the scrutiny of President Olusegun Obasanjo and the CBN.”

  • Debtors in fresh trouble as Senate passes AMCON amendment bill

    Debtors in fresh trouble as Senate passes AMCON amendment bill

    The Senate has passed the Asset Management Corporation of Nigeria (AMCON) Amendment Bill.

    This followed the adoption of the report of Senate Committee on Banking, Insurance and Other Financial Institutions at plenary on Wednesday.

    Presenting the report, Sen. Uba Sani, Chairman of the Committee, said the committee engaged stakeholders including AMCON, Ministries of Finance, Budget and National Planning, Central Bank of Nigeria(CBN) and Nigeria Deposit Insurance Corporation (NDIC) before arriving at its conclusion.

    He said the stakeholders in their submissions suggested that AMCON be empowered to take possession, manage, sell, transfer, assign property used as security for eligible bank assets among others.

    This, he said would provide for a quicker, easier and legitimate process of assets disposal.

    Deputy President of Senate, Ovie Omo-Agege at the clause-by-clause consideration of the bill sought clarification on some provisions.

    “The essence of collateral, is that in the event of default, you lose that asset.

    ”What I am reading here is that in addition to seizing that asset, AMCON want to go beyond that to every other asset or property that is traceable to the debtor, I think I need some clarifications to that,” he said.

    President of Senate, Ahmad Lawan, however, called for voting on the bill, which was adopted by majority of the lawmakers.
    However, Sen. Bassey Akpan and Sen. Chukwuka Utazi, while relying on a Point of Order contested the ruling of the Senate President by requesting for a division.

    But the Senate President overruled them.

    “When we come to legislate, we all come here with very clear mind, that we are doing this for our country, we don’t have any interest but the national interest.

    “And when majority of our colleagues here in their judgement feel that this is the right thing to do, that’s the majority view, unless we have any cause to reverse ourselves.

    “If the majority of Senators say that this is what they feel should be done to remedy a situation that requires our attention, I think we should allow that.

    “Besides, I believe we had explanations from the Committee members who went through all the processes, so, I believe that we should let it go,” he said.

    Lawan added: “Let the people go to court to test it, but our hope and desire is for AMCON to be able to recover huge sums of money, trillions that people have taken and now is on the head of Nigerians.

    “And, it is criminal, really. People will consciously take money, I will advise that we stick to our decision.”

    TheNewsGuru.com, TNG reports that the bill empowered AMCON to among others, take possession, manage or sell property traced to debtors, whether or not such asset or property was used as collateral for obtaining loan.

  • UBA assures shareholders better times as assets hit N7.7trn

    UBA assures shareholders better times as assets hit N7.7trn

    United Bank for Africa (UBA) Plc on Thursday assured its shareholders and investors of enhanced returns on investments in the coming months.

    This, the bank said, followed its establishment of a diversified business model that would ensure impressive performance.

    The Chairman, UBA Group, Mr Tony Elumelu, gave the assurance at the bank’s 59th Annual General Meeting for the 2020 financial year, in Lagos.

    Elumelu said the bank had made strategic decisions that would strengthen its resolve to earn the industry leadership that it had envisioned in Nigeria, Africa and globally.

    “We spearheaded strategic investments in our digital banking and technology platforms to further promote self-service banking; we have also focused on enhancing the capabilities of our people through various online capacity development programmes.

    “Our African operations (ex-Nigeria) have contributed approximately 55 per cent of our profits for the year, illustrating that we are truly a pan-African bank,” he said.

    The chairman said the bank remained committed to ensuring its viability amid an ever-changing business environment and to continue be a role model for African businesses by showcasing the best of Africa to the world.

    “The work we have done in strengthening our governance structures group-wide and in improving our business and operating models in 2020 positions our bank to benefit from these recovery trends and to achieve significant market share gains across our operations,” he said.

    At the end of the 2020 financial year, UBA’s profits grew remarkably by 27.7 per cent to N113.8 billion compared with N89.1 billion recorded at the end of the 2019 financial year.

    Profit before tax stood at N131.9 billion from N111.3 billion achieved at the comparative period of 2019.

    Gross earnings grew by 10.8 per cent to N620.4 billion against N559.8 billion recorded in the same period of 2019 whilst total assets also grew by 5.6 per cent to an unprecedented N7.7 trillion for the year under review.

    The bank proposed a final dividend of 35k for every ordinary share of 50k, bringing the total dividend for the year to 52k, having paid an interim dividend of 17k earlier in the year.

    Shareholders at the meeting commended the bank’s decision to plough back some of its profits into business consolidation.

    The present times, according to them, call for prudent and effective management of financial resources for all businesses, especially those with high shareholding rate such as UBA.

    One of the shareholders, Sir Sunny Nwosu, commended the board and management of the bank for keeping up with its activities, despite the COVID-19 pandemic and its resultant effects on major businesses.

    He advised the company to gear up efforts to increase dividends in the next financial year, commending it for ensuring that the African subsidiaries performed well by contributing 55 per cent to the group’s business.

    Another shareholder, Mr Nonah Awoh, encouraged the management to boost other subsidiaries with the needed resources to help them perform better in the current financial year.

    Responding to the comments, UBA’s Managing Director/Chief Executive Officer, Mr Kennedy Uzoka, said the bank reduced dividend pay-out in order to be conservative to further strengthen the business.

    “As an institution that has been in operations for 72 uninterrupted years, UBA wants to continue to perform optimally.

    “In line with this, we have used most of our funds to prepare for unforeseen challenges.

    “Given the trajectory and the resilience of our business, we can assure you that we will meet and surpass the expectations of our shareholders.

    “We have recalibrated our business structure, starting from Lagos and extending to the South-South.

    ”We have bolstered them with the necessary leadership to achieve our aim. We believe that with these measures we have put in place, our Nigerian business will give the rest of Africa a good fight,” Uzoka said.

    United Bank for Africa Plc is a leading Pan-African financial institution, offering banking services to more than 21 million customers across over 1,000 business offices and customer touch points.

  • EFCC chair, Bawa gives bankers deadline to declare assets

    EFCC chair, Bawa gives bankers deadline to declare assets

    The Chairman of the Economic and Financial Crimes Commission (EFCC), Mr Abdulrasheed Bawa, says from June 1, 2021, all bankers in the country must declare their assets in line with the Bank Employees Declaration of Asset Act.

    Bawa stated this when he fielded questions from State House correspondents after a closed door meeting with President Muhammadu Buhari at the State House, Abuja, on Tuesday.

    According to him, assets declaration by bankers and financial institutions is part of the measures meant to ensure that the country is free of financial crimes.

    He said: ”We are doing our best to ensure that this country is free of financial crimes.

    ”We understood that the tail end of every financial crime is for the criminal to have access to the funds that he or she has illegitimately gotten, and we’re worried about the roles of financial institutions.

    ”We hope that all financial institutions, particularly the bankers, will declare their assets as provided for by the law, in accordance with the Bank Employees Declaration of Asset Act.

    ”And that the EFCC, come June 1, 2021, will be demanding for this asset declaration forms, filled by the bankers so that the line that we have drawn from the first of June is really complied with by bankers in particular.”

    The EFCC boss, who met with the president for the second time since his appointment last two weeks, revealed that he updated Buhari on the ongoing reforms being carried out by the new management of the commission.

    ”We reviewed a lot of things that we want to do towards eradication of financial crimes in Nigeria.

    ”As you are aware, I was here about two weeks ago before my taking over.

    “He (Buhari) is happy with what he has heard so far with the reforms we are working on with the new EFCC going forward, in terms of the way we investigate, prosecute and the way we are generally executing our mandate,” he added.

    Bawa described the menace of cybercrime as a huge challenge to the country, saying about 300 cyber criminals were apprehended by the commission in the last four weeks.

    He, therefore, appealed to parents, guardians as well as religious and traditional leaders to redouble efforts in educating the younger people on the danger of cybercrime to the nation’s economy and the society.

    ”In the last one month, we have arrested about 300 cyber criminals across the country and it was reported in the media.

    ”It is something that I am particularly worried about.

    ”As a young man, I am appealing to all young Nigerians to desist from these cybercrime activities.

    ”It is bringing bad image to our country, it is giving bad name to our country.

    ”It is also chasing away a lot of foreign investment that we need.

    ”I call on all parents, guardians, and, of course, elders in the community, in the society to be able to talk to these young people to desist from these crimes,” he said.

  • JUST IN: [N69.4bn debt] Jimoh Ibrahim loses bid to vacate order on seized assets

    JUST IN: [N69.4bn debt] Jimoh Ibrahim loses bid to vacate order on seized assets

    A Federal High Court in Lagos has declined to vacate an interim order through which the Asset Management Corporation of Nigeria (AMCON) seized properties belonging to a businessman Jimoh Ibrahim for an alleged N69.4billion debt.

    Ibrahim, NICON Investment Ltd and Global Fleet Oil and Gas Ltd, had in a motion on notice, prayed the court to set aside the order for “non-disclosure and misrepresentation of material facts”.

    They further prayed the court to order AMCON to pay N50billion indemnity for alleged failure to conduct due diligence before obtaining the said order and for misrepresentation and concealment of fact.

    But Justice Rilwan Aikawa, in a nearly two-hour ruling, upheld the argument of AMCON’s lawyer, Kemi Pinheiro (SAN) that AMCON made “full and substantial disclosure of all material facts” at the time of obtaining the orders on November 4, 2020.

    The judge refused Ibrahim’s prayers and ruled that the order subsists.

    Ibrahim, a lawyer, was in court, fully robed.

    Recall that Justice Aikawa made the interim order on November 4, and on November 18, AMCON announced that it had effectively taken over 12 properties belonging to the businessman and his firms.

    The properties included the NICON Investment Ltd building Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Ltd building at Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja and the building of NICON Lekki Ltd also at No. 5, Customs Street, Lagos.

    Details shortly….

  • Ex-Gov Yari denies forfeiting assets to FG

    Ex-Gov Yari denies forfeiting assets to FG

    Former Governor of Zamfara State Abdulaziz Yari has refuted news reports that he has finally forfeited money to the Federal Government.
    A statement by his spokesperson, Mayowa Oluwabiyi on Thursday said although Justice Ijeoma Ojukwu of the Federal High Court sitting in Abuja had ruled that Yari should forfeit $669,248 and N24.3 million to the government, the court gave him 14 days to show cause why he should not forfeit the money.
    According to the statement, the former governor had no reason to fear because he declared all the companies and businesses he had to the Code of Conduct Bureau on assumption of office.
    The statement further said that the CCB had cleared all the businesses.
    The statement added that the ex-governor’s legal team has already begun the process of appealing the judgement at the court of appeal. The spokesperson further enjoined members of the public to await the final determination of the case which she is optimistic will vindicate the former governor.
  • AMCON takes over Jimoh Ibrahim’s assets, freezes accounts over N69.4bn debt

    AMCON takes over Jimoh Ibrahim’s assets, freezes accounts over N69.4bn debt

    The Asset Management Corporation of Nigeria (AMCON) has taken over 12 assets belonging to Chairman of Global Fleet Group, Jimoh Ibrahim, and frozen all his accounts over his N69.4bn.

    The seizure of the assets is pursuant to an order by Justice R.M. Aikawa of a Federal High Court, in Lagos.

    AMCON on Wednesday took effective possession of all 12 properties through its Debt Recovery Agent – Pinheiro Legal Partners, which include the following: the building of NICON Investment Limited at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Limited building at Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja and the building of NICON Lekki Limited also at No. 5, Customs Street, Lagos.

    Other properties include: The building of Abuja International Hotels Limited located at No. 3, Hospital Road, Lagos; another Property at Plot 242, Muhammadu Buhari Way, Abuja; the former Allied Bank Building on Mile 2, Oshodi Express Way, Apapa Road, Lagos; Energy House located on No. 94, Awolowo Road, Ikoyi, Lagos; NICON Building at No. 40, Madeira Street, Maitama, Abuja; a Residential Apartment at Road 2, House A14, Victoria Garden City, Lagos; NICON Hotels Building at Plot 3, Road 3, Victoria Garden City, Lagos as well as the NICON Luxury Hotel’s Building, Garki I, FCT, Abuja.

    In addition to the takeover of the listed properties, the court also ordered the freezing of all accounts belonging to Ibrahim and his companies including Global Fleet Oil & Gas Limited and NICON Investment Limited all of who are defendants in the suit No. FHL/L/CL/776/2016 presided over by Justice Aikawa on Wednesday November 4, 2020.

    The court also granted AMCON possession over all shares belonging to the embattled Ibrahim and his two companies that are domiciled in Nigerian Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited and NICON Trustees Limited.

    AMCON’s Spokesman, Jude Nwauzor, said all the assets that are listed by the court and scattered around Abuja and Lagos had been successfully taken over by AMCON with the help of court bailiffs and officers and men of the Nigerian police as mandated by the court.

  • Malami gives committee 6 months to dispose of forfeited assets to FG

    Malami gives committee 6 months to dispose of forfeited assets to FG

    The Minister of Justice, Abubakar Malami, SAN, on Monday inaugurated an inter-ministerial committee on the disposal of forfeited assets to the Federal Government.

    Malami said the composition of the inter-ministerial committee was approved by President Muhammadu Buhari on Oct. 27.

    The 22-member committee according to the minister has six months within which to dispose of all forfeited assets, to generate revenue for the Federal Government.

    The committee members, he said, which are drawn from relevant agencies involved in various recoveries of looted assets of the federal government is chaired by the Solicitor-General of the Federation (SGF) and Permanent Secretary of the Federal Ministry of Justice, Mr Dayo Apata, SAN.

    Malami said the his office in 2019 issued the Asset Tracing, Recovery and Management Regulations following the directive of President Muhammadu Buhari in 2018.

    “The regulations provided legal and administrative frameworks for the investigation, tracing, seizure and disposal of stolen or illegally acquired assets and proceeds of crime.

    ” It was aimed at ensuring proper coordination of the disposal of the federal government assets and for promoting a uniformed, harmonized and transparent procedure to safeguard the assets recovered by the relevant agencies in line with the anti-corruption drive of the current administration.

    “It is my pleasure to inaugurate this committee today which has a time frame of six months for the disposal of all Federal Government Forfeited Assets”, he said.

    According to the minister, ‘the responsibilities of the Inter-Ministerial Committee include: implementation of provisions of the ATRM Regulations, ensure the transparency of the disposal of Federal Government Final Forfeited Assets.

    ” Ensure the synergy and collaboration between the Attorney General of the Federation and Minister of Justice and Law Enforcement and Anti-corruption Agencies, other relevant Ministries, Departments and Agencies and the Non-Governmental Organization in the collation of records of all assets.

    “Ensure that information flow on assets are in place.

    Other tasks of the committee are responding to any ongoing Asset Management Audit and the asset performance reports.

    “Consistently implement enablers and controls that support decision making and efficiency of service delivery which govern the disposal of assets; and development of targets for the committee in order to measure its performance.

    Malami, however, stated that the Asset Tracing, Recovery and Management Regulations, 2019, the Standard Operating Procedures and Terms of Reference shall be the working tools and serve as guidelines for the Inter-Ministerial Committee and how best to actualize the quick disposal of the FGN assets in line with Mr President’s directive.

    “Your mandate is to ensure that the expedient disposal of all FGN Forfeited Assets and generate revenue for the Federal Government of Nigeria.

    Accordingly, I wish to solicit the cooperation of all members of this Inter-Ministerial Committee in that respect.

    “I wish to implore the Inter-Ministerial Committee to work as a formidable Team with the relevant agencies in accordance with extant laws and regulations.

    It is also my hope that the proceeds from this exercise will be a source of additional revenue for the country.

    “I must, however, warn that the task before the Inter-Ministerial Committee is an enormous one and must be conducted with utmost dignity having the interest of Nigeria at heart. Thus, much is expected from the Committee”, he noted.

    Apata, the Chairman of the committee assured of due diligence in the discharge of the committee’s duties, adding that the committee will be guided by the principle of transparency and accountability.

  • Buratai orders Army officers to declare assets

    Buratai orders Army officers to declare assets

    The Chief of Army Staff, Lieutenant General Tukur Buratai, has assured that the Nigerian Army will partner the Code of Conduct Bureau to ensure public morality and accountability in the conduct of its activities.

    Buratai who spoke while declaring open, a two-day workshop on Compliance with Assets Declaration and Code of Conduct for Officers and Soldiers, facilitated by Go-Getters Consulting Limited, directed that all Nigerian Army personnel entrusted with leadership responsibility must understand the importance of Assets Declaration and Code of Conduct.

    According to him, “this workshop is very important to the Nigerian Army because it will afford us the opportunity to fulfill our obligation as public officers in line with the provision of the Fifth Schedule of the Constitution of the Federal Republic of Nigeria, 1999 (as amended)”.

    He continued that, “the Nigerian Army under my leadership is desirous to maintaining the highest standard of accountability in the conduct of our activities, consistent with the requirements and behaviours of public officers which conform with the highest standard of probity, public morality, transparency and accountability.

    “Accordingly I have directed that the workshop be conducted in the six Army Divisions nationwide. My directive is premised on the belief that every Army Personnel entrusted with leadership responsibility must understand the importance of Assets Declaration and Code of Conduct for public officers and comply with all the provisions and requirements”.

    The Chairman Code of Conduct Bureau, Isa Mohammed, noted that all over the world, governments have come to realize that public morality contributes to the credibility of government.

    Mohammed, who was represented by Professor Samuel Ogundare, observed further that the challenges confronting the country today, “is result indiscipline in public life”.

    He commended the Nigerian Army for organizing the workshop, which he said will afford the participants the opportunity to fully understand the workings of the Code of Conduct Bureau and the needs for assets declaration”.

    Earlier in his welcome address, the Chief of Army Standards and Evaluation, Major General HPZ Vintenaba, stressed that the workshop will offer soldiers to understand the consequences of non-compliance with the provisions of the Code of Conduct Bureau on assets declaration.

    He said, “this workshop is timely as it would offer officers and soldiers the opportunity to understand fully the requirements for code of conduct and assets declaration as well as consequences of non-compliance.

    “The workshop is expected to further provide practical guide on the completion of assets declaration form. In the next two days, the Bureau would ensure that all participants are abreast of the extant regulations relating to code of conduct for public office holders”.

    He added that, “as a Department, we are resolute in our quest to leave no stone unturned in translating the laudable vision of the Chief of Army Staff into concrete realities by ensuring that standards are maintained in all Nigerian Army’s activities consistent with international best practices.

    “We are particularly not very unmindful of the fact that this workshop is coming at a time that the collective will, commitment and professionalism of the Nigerian Army is being tested by contemporary events that exert strains and pains on our collective aspiration as a nation.

    “It is against this background that the workshop has been carefully designed and packaged in such a way that participants will derive maximum benefits while in the service of the Nigerian Army.”

  • ‘N21.4bn’ fraud: Court orders forfeiture of AVM Adigun’s multibillion naira assets to FG

    ‘N21.4bn’ fraud: Court orders forfeiture of AVM Adigun’s multibillion naira assets to FG

    The Federal High Court in Lagos has approved the Federal Government’s request to temporarily sieze 12 landed properties linked to a former Director of Finance at the Nigerian Air Force, Air Vice Marshal Jacobs Adigun.

    Justice Mohammed Liman made the interim order on Friday following an ex parte application by the Economic and Financial Crimes Commission.

    The properties include houses at No. 27 Agodogba Avenue, Parkview Estate, Ikoyi, Lagos; No. 40A Bourdillon Road, Ikoyi, Lagos; Plot 164, Victoria Island Annex (Sinari Daranijo Street), VI, Lagos; Block 54A, Plot 14, Lekki Peninsula Scheme One; Capador Plaza, Adetokunbo Ademola Street, Wuse II, Abuja; Plot 762 Aminu Kano Crescent, Wuse II, Abuja; and No. 39 Agdez Street, Wuse II, Abuja.

    Others are Sand Lake Hotel, Plot 3497 Sand Lake Street, Maitama, Abuja; Plot No. 61 Lake Chad Street, Maitama Abuja; No. 2 Imo Rivers Close, off Danube Crescent, Maitama, Abuja; and No. 2 River Palata Street, Maitama, Abuja.

    The judge agreed with EFCC counsel Rotimi Oyedepo that it would be in the interest of justice for the court to order a temporary forfeiture of the properties.

    Oyedepo persuaded the court that the properties, scattered across Lagos and Abuja, were reasonably suspected to be proceeds of a N21.4bn fraud allegedly perpetrated by Adigun alongside Air Commodore Olugbenga Gbadebo and a former Chief of Air Staff, Air Marshal Adesola Amosu (retd.)

    Aside from the order for the temporary forfeiture of the properties, Justice Liman also ordered the anti-graft agency to publish the forfeiture order in a national daily newspaper to put interested parties on notice.

    He adjourned till June 9 for anyone with interest in the properties to appear in court to give reasons why the properties should not be permanently forfeited to the Federal Government.

    In an affidavit filed in support of the ex parte application, an investigating officer of the EFCC, Akube Okechuckwu, said the N21.4bn included N200m paid on January 7, 2014 into NAF Operations account by the Office of the National Security Adviser.

    It also included N3billion maritime security support paid to the NAF by the Nigerian Maritime Administration and Safety Agency (NIMASA) in September 2014; and N18.2billion moved out of NAF accounts into various cronies’ companies.

    He said the N21.4bn was diverted through seven firms, namely: Juda Oil and Gas Limited; Namaliki Investment; Lebol Oil and Gas Limited; Hakuri Oil and Gas Limited; Mcallan Oil and Gas Limited; Delfina Oil and Gas Limited and Trapezites BDC.