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As Empowered AMCON Goes after Recalcitrant Debtors

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).

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Between Debt Recovery and Corporate Bullying

By Rasheed Adigun In the past few weeks, the management of Seplat Petroleum Development Company has been attempting to twist the narrative in its ongoing suit against Access Bank Plc, in a bid to attract public sympathy. Unfortunately, Seplat which has failed to honour its obligation appears not to be bothered about the implication of its bad behaviour on its reputation as a listed company on both the globally-respected London Stock Exchange and one of Africa’s bourse, the Nigerian Stock Exchange. It is disheartening to note that A.B.C Orjiako, the chairman of Seplat Petroleum Development Company; Seplat as a company; Cardinal Drilling Nigeria Limited, another company associated with the businessman, and Kalu Nwosu, Managing Director of Cardinal Drilling Nigeria Limited, through their sponsored articles now view the move by a commercial bank to recovery its legacy debt that had been put at $85.8 million as corporate bullying and a move for hostile takeover!.

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Investegate |Seplat PetDevCom Plc Announcements | Seplat PetDevCom Plc: Media Publications

Media Publications Lagos and London - 26 th February 2021: Seplat notes some media coverage alleging improper conduct by the Company. Whilst it is Seplat s policy not to comment on press articles, on this occasion it is deemed necessary to clarify Seplat s position on the contents of the inaccurate media coverage. Seplat is current on its royalties to the Federal Government of Nigeria, with a record of increased royalties over a decade of successful production. Reference in the media coverage was made to the assets that are held by Seplat in joint venture partnership with the Nigerian Petroleum Development Company Limited (NPDC). These assets are OMLs 4, 38 and 41. In 2018, the

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Chronic debtor-billionaire ABC Orjiakor subterfuge repaying $150 million loan, owes FG $1 8 billion, 8 8 billion Naira in royalties

Chronic debtor-billionaire ABC Orjiakor subterfuge repaying $150 million loan, owes FG $1 8 billion, 8 8 billion Naira in royalties
naija247news.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from naija247news.com Daily Mail and Mail on Sunday newspapers.

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Another case of corporate bullying or hostile takeover? By IREWOLE OYEBODE

Another case of corporate bullying or hostile takeover? By IREWOLE OYEBODE
nationalaccordnewspaper.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from nationalaccordnewspaper.com Daily Mail and Mail on Sunday newspapers.

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