Louis Achi
On Wednesday, April 28, 2021, the Senate passed an Asset Management Corporation of Nigeria (AMCON) Amendment bill that empowers the corporation to, among others, take possession, manage or sell all property traced to debtors.
This is notwithstanding whether or not such assets or property were used as security/collateral for obtaining the loan in particular.
The passage of the crucial bill followed the consideration of a report by the Committee on Banking, Insurance and Other Financial Institutions. AMCON is also being empowered to access the Special Tribunal established by the BOFIA, 2020 for dealing with financial related matters.
Chairman of the Committee, Senator Uba Sani (APC, Kaduna Central), in his presentation said the Committee engaged with stakeholders such as AMCON, Federal Ministry of Finance, Budget and National Planning; Central Bank of Nigeria; and Nigeria Deposit Insurance Corporation (NDIC).
Access Bank and Seplat Petroleum Company Plc. have recently been enmeshed in legal tussle in the formerâs efforts to recover an outstanding U$.85.8 million loan to Cardinal Drilling Services Ltd. Olaoluwakitan Babatunde x-rays the issues, and writes that Access Bank is on a misdirected crusade
The Nigerian corporate world was taken aback when on 2nd December 2020 a team of fully armed policemen and lawyers took over and disrupted businesses and activities at the No. 16 Temple Road, Ikoyi Lagos corporate office of the Nigerian oil and gas giant, Seplat Petroleum Company Plc. The office was marked âPossession taken by receiver/manager of Access Bank in FHC/L/CS/1588/2020â. They went ahead to seal it after serving Seplat some court processes comprising an interim ex parte order secured by Access Bankâs counsel and receiver/manager, Mr. Kunle Ogunba (SAN) in respect of the suit.
THIS REPUBLIC BY SHAKA MOMODU
Nigeria’s rich and powerful sure know how to live life. And they are living it to the hilt. They spare no expense in making an impression of their status. From expensive homes to posh cars, yachts to private jets, as well as featuring in the rich lists published by Forbes, Bloomberg and what have you, they are perpetually in competition for attention as they flaunt their vast wealth to the envy of many ordinary people. But until a few years ago, many mere mortals like us had thought that it all was a product of hard work as we marvelled at their success and extraordinary gift of business acumen.
$85 8m Debt : Court Strikes Out Seplat s Application To Upturn Mareva Order lawyard.ng - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from lawyard.ng Daily Mail and Mail on Sunday newspapers.