Tag: Debt
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Popular Nigerian airline puts two aircraft for sale to settle debt
The board of Medview Airline Plc has resolved to offload two of its aircraft so as to pay part of its debts. This decision was reached at the meeting of the board of directors held on Thursday, July 23, 2020, via a video-conferencing application called Zoom. “There will be a board of directors’ emergency meeting…
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NDDC clarifies N2 trillion debts
The Niger Delta Development Commission (NDDC) has clarified N2 trillion debts, owed vendors and contractors on projects executed in the region. The NDDC Deputy Director of Corporate Communications, Charles Odili, told newsmen in Port Harcourt on Monday, that the commission incurred the debts mainly from emergency projects. He said that past management of the commission…
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AMCON seizes Doggi Group assets over N440m debt
The Asset Management Corporation of Nigeria (AMCON) has seized assets belonging to Alhaji Umaru Baba Abdullahi, the Chief Promoter of Doggi Group Limited over N440 million debt. The corporation took over the assets after an order of Justice A.I. Chikere of the Federal High Court, Abuja division on June 5. In compliance to the enforcement…
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Nigeria’s Debt Rises to N27.4trn
Latest figures released by the Debt Management Office (DMO) showed that adjusted to periodical rates, Nigeria’s total debt stood at N27.4 trillion as at December 2019. The latest debt statistics, which were released by the debt office on Wednesday, indicated a 5 percent increase compared to September 2019 figures, which put Nigeria’s total debt profile…
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We borrow constructively in Lagos – Hamzat
The Deputy Governor of Lagos State, Dr Obafemi Hamzat, says a state can “borrow constructively” in order to bridge its infrastructure deficit. ”The reality is that where do you get resources to build for today? There is something that is called constructive borrowing and there is destructive. ”If you borrow to go and buy a…
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Nigeria debts soar to almost $80bn as World Bank approves fresh $2.2bn loan
Nigeria’s debt has risen to $80bn as World bank on Tuesday approved nearly $2.2bn loan for the country to invest in six projects, including improving immunization, enabling a stronger business environment for the private sector, expanding the digital economy to promote job creation, and increasing public and private sector capacity on governance and social and…
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Alleged N243.9m AMCON debt: Court freezes firm’s account
A Federal High Court in Lagos has frozen all bank accounts belonging to Sprawling Nigeria Ltd and its two directors, pending the determination of a debt recovery suit brought against them by the Assets Management Corporation of Nigeria (AMCON). The directors are Lukman Olawale Ogunyemi and Yetunde Atilade. Justice Chuka Austine Obiozor made the order…
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NSCDC recovers N21m debts in Jigawa
The Jigawa Command of the Nigeria Security and Civil Defense Corps (NSCDC) said it had recovered about N21 million as debts from some residents of the state in the last quarter of 2019. The NSCDC Commandant in the state, Alhaji Garba Muhammad, made this known to News Agency of Nigeria (NAN) in Dutse on Friday.…
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Nigeria huge debt service and meagre revenue – Saad Shuaib
By Saad Yushau Shuaib, I read with keen interest and undivided attention a news story titled, “Debt servicing gulps N8trn as FG seeks more loans,” on the front page of DailyTrust newspaper of Friday, November 1, 2019. In the story, the newspaper reported that President Muhammadu Buhari’s government had so far spent about N7.9 trillion…