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Ekiti Gets Licence To Generate Electricity Through IPP

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By Ayodele Oni

The National Electricity Regulatory Commission (NERC) has granted the embedded generation license to the Ekiti Independent Power Project (IPP) Limited situated in the state capital, Ado Ekiti.

Mobolaji Aluko, a professor and special adviser to the state governor on infrastructure and public utilities, made this known while featuring on a live current affairs television program to review the state of utilities in Ekiti.

“We are now at the last leg of the development and commissioning of the Independent power plant in the State, having received the license.”

NERC also granted an independent electricity distribution license to Olokiti power distribution Limited, also in Ado Ekiti.

According to Aluko, a five-megawatt independent power plant was flagged off by the immediate past Governor, Kayode Fayemi to put an end to the problem of epileptic power supply in the state.

He explained that the project would cater for the electricity supply to the Governor’s office, Government House, State Secretariat, Ekiti State University, University Teaching Hospital (EKSUTH) and the streetlights along major roads in the metropolis.

He disclosed further that interested private concerns would also benefit from the project on a buyer and willing sellers’ basis, saying that the IPP option would amend what he described as ”the unacceptable deficiency in the electricity sector” and boost industrial development in the State.

While expressing the readiness of the Governor Oyebanji-led administration to collaborate with interested individuals and corporate organizations to develop the State, particularly the power sector, and improve the lotc of the people, Aluko assured that the IPP project would put an end to sole dependence on National grid.

APC NEC Ratifies Ganduje As Chairman, Basiru, Secretary

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Governor Abdullahi Umar Ganduje

By Ayodele Oni

The National Executive Committee (NEC) of the All Progressives Congress (APC), on Thursday, elected former Kano State Governor, Abdullahi Ganduje, as the National Chairman of the party.

The party’s NEC also elected former Senate spokesman, Ajibola Basiru, as National Secretary.

The two party officials were elected during the 12th NEC meeting of the party held at the Congress Hall of Transcorp Hilton in Abuja.

President Bola Tinubu, Vice President Kashim Shettima, members of the Progressive Governors’ Forum, chieftains of the party in the National Assembly, amongst others were present at the NEC meeting.

Addressing the 12th NEC of the party, the President said the APC has won the elections and it is now time to deliver the promises of good governance to the Nigerian people.

The President insisted that the 2023 elections was the best election in Nigeria’s history.

Visibly absent at the NEC meeting were ex-President Muhammadu Buhari and former Vice President Yemi Osinbajo. The first National Chairman of the party, Bisi Akande, was however, present.

The NEC meeting followed Wednesday’s session of the APC national caucus.

Mid-July, two members of the party’s National Working Committee (NWC) resigned. Senator Abdullahi Adamu and Senator Iyiola Omisore resigned as the party’s National Chairman and National Secretary respectively.

Again, A Bizarre Joke in Niger Speaks French

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Azu Ishiekwene

By Azu Ishiekwene

Not only are military coups becoming frighteningly frequent in West and Central Africa, virtually all of them, it appears, also speak French. For the fifth time in three years in West Africa, soldiers struck again in Niger, Nigeria’s Northern neighbour, where former President Muhammadu Buhari had teasingly longed for refuge from Nigeria’s hostile press.

With the recent turn of events, however, it appears that Buhari’s speed train to Maradi, Niger’s ancient city, may have to find another destination.

It’s the fifth successful military coup in that country since 1960. Apart from the worn-out reasons of “deteriorating security and poor economic and social governance” given by the coup plotters, other familiar reasons have ranged from jihadist insurgencies to corruption and poverty; and from high birth rate to desertification.

As Nigeria’s president and new chairman of the regional Economic Community of West African States (ECOWAS), Bola Ahmed Tinubu, rallies the subregion to confront what is now called “Africa’s coup belt”, he would find that the problem in the region’s largest landlocked country, which shares the longest land border with Nigeria, is far more complicated than it appears.

It is heartening that the UN and the AU have condemned the coup and that the US and France have also lent their voices to the call for the soldiers in Niamey to return to the barracks.

Tinubu would find, however, that beneath the veneer of foreign concern lies a web of vested interests and powerplay involving the US, but particularly France and China, that make other well-known complications in Niger look like small potatoes.

Once upon a time – and that was about one and a half decades ago – it was widely assumed that after multi-party democracy was introduced in that country in 2010 following the coup that removed President Mamadou Tanja, Niger would finally have a chance to reset.

In fact, the man who took office after the brief spell of military takeover, Mahamadou Issoufou, acquitted himself so well after two terms in office that he received the Mo Ibrahim Prize for good governance. President Mohamed Bazoum, widely expected to build on Issoufou’s fragile record, had only been in office two years before soldiers removed him on July 26.

However tempting it is to resist the trope of looking for foreign scapegoats, it’s fair to say that the snake of Niger’s problem has its hand buried in the womb of the unfinished problems of Tanja’s confrontation with France.

That confrontation, which finally left Tanja in bed with the Chinese over Niger’s uranium and mineral deposits and, in fact, also produced a refinery built by the Chinese, became compounded by other factors, a number of which were, sadly, self-inflicted, over the years.

Tanja, a former colonel, was on the verge of serving out his constitutional two-term limit of five years each, when he instigated an extension. When the process appeared doomed to fail, he not only scrapped the constitutional court that ruled that his attempt was illegal, but also scrapped the parliament. But that’s only part of the story.

The other important part was Tanja’s confrontation with French state-owned atomic energy group, Areva, which had enjoyed a de facto monopoly of the country’s rich uranium, a strategic resource for France’s nuclear power. Areva’s profit from uranium is twice Niger’s GDP.

In a multi-million-dollar deal with China in which Tanja did not mind cutting Niger’s nose to spite the face of France, he pulled the plug on Francophone Africa’s most significant player, making the French play second fiddle to the new Chinese bride. When the tables turned following Tanja’s ouster, Paris was more than happy to dance on his political grave. But the story did not end there.

According to Tom Burgis in his no-holds-barred book, The Looting Machine, Niger spent $47 million from the proceeds of the uranium deal on arms to suppress the Tuareg rebels; and when a further $300 million came later from signature payment by China National Petroleum Corporation, to develop an oil block, the question was no longer whether Tanja could afford to make trouble, but how much.

“The military coup against Tanja,” Burgis wrote, “deepens fears in Africa that China’s competition with the old powers for the continent’s resources was giving rise to a new and ruinous rivalry like that of the Cold War which had allowed dictators to play Communist and capitalist suitors against one another.”

It was in these circumstances that after the unravelling of Libya, jihadist insurgents found willing recruits among Tuaregs. With the avalanche of light arms flowing out of the broken North African country, it was not too difficult for power hungry soldiers in Niger to topple Tanja’s corrupt government in 2010, ushering in a brief spell of military rule.

Deposed President Bazoum, who was elected only two years ago, steered Niger back to warm relations with Paris which, obviously, is one of the main grouses of the soldiers.

In a viral statement credited to coup leader, Major General Abdurrahman Tchiani, he accused the president of taking orders from France before deciding what to do with terrorists, without regard for the lives of Nigerien soldiers “falling at the fronts.” And added, for good measure, that regional leaders with dubious electoral records had no moral right to challenge the coup.

The coup is a huge embarrassment for ECOWAS, yet from its record, the likely failure of the one-week ultimatum to the soldiers in Niamey would only compound the misery of the regional body. Already, the military governments of Burkina Faso, Mali and Guinea, have lined up behind Niger, threatening to quit any regional group that enforces sanctions against Niger.

Apart from Sao Tome and Principe, Sierra Leone and perhaps also in The Gambia, not once in the last nearly 30 years or so has ECOWAS been able to reverse a military takeover in any country.

And sadly, for the region, the Niger coup is coming at a time when its chairman and president of the regional powerhouse, Tinubu, is facing a perfect storm at home: protests by Labour and widespread economic discontent as the president struggles to fix the country.

It does not help also that while ECOWAS is tightening its noose around Niger, the Wagner mercenaries, that French nightmare with Russian roots, is expanding its footprint on the continent, lurking in the shadows and hoping to do for the Nigerien coup plotters what it did for their Malian cousins.

Of course, ECOWAS must do what is necessary to prevent the contagion of military coups, reminiscent of the 1980s and 1990s. But the coup in Niger also highlights the increasing failure of periodic elections and Western-style democracy to deliver value for the swathes of citizens chafing under flawed elections and corrupt governments.

The swift response of the regional body is commendable as it is a clear message that it would not be business as usual for soldiers. Yet, with foreign interests prowling the region and waiting to pounce, it is improbable that the soldiers in Niamey would trade off what appears to be fairly widespread support and return to the barracks with their tail between their legs.

French legacy of namby-pamby in Francophone West Africa well past its usefulness, except for France, appears to have come back to haunt Mère France with a fury. ECOWAS may have to review its ultimatum and adopt a negotiated exit, with former President Olusegun Obasanjo’s example in Sao Tome in 2003, as guide.

Since ECOWAS was founded in 1975, only one country, Mauritania, has left. Tinubu cannot afford to be the president that lost three ECOWAS countries in two months. If the regional body manages to chase away the Nigerien soldier kites, it might also have to return to warn the numerous straying democracy chicks across the region, to mend their catastrophically prodigal ways.


Ishiekwene is the Editor-In-Chief of LEADERSHIP

APC: Gale Of Resignations; Legal Adviser Out

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The gale of resignations sweeping through the ruling APC has claimed the party’s National Legal Adviser, Ahmed El-Marzuk.

The party’s legal chief resigned on Wednesday, ahead of its National Working Committee meeting currently taking place in Abuja, the nation’s capital, Vanguard reports.

Marzuk was said to have resigned from his position due to a flurry of corruption allegations rocking the party leadership, which has claimed some top leaders of the party in recent weeks.

Recall that Abdullahi Adamu and Iyiola Omisore, the party’s National Chairman and Secretary, respectively, were forced out of their positions last month following corruption allegations against them.

Also, Salihu Lukman, APC Vice Chairman north-west resigned a few days ago, citing the leadership crisis for his departure.

Lukman, a former director general of the Progressives Governors’ Forum, PGF, in his resignation letter to the party a fortnight ago, said  “the atmosphere in the party is completely at variance with the founding vision of forming a progressive party.

“I hereby kindly resign my position as National Vice Chairman, North-west of our great party, All Progressives Congress (APC). My resignation is with immediate effect, which becomes necessary given my conviction that the atmosphere in the party is completely at variance with the founding vision of forming a progressive party.

“Rather than remaining in the leadership of the party and becoming a source of distraction for leaders and especially for the young government of President Asiwaju Bola Ahmed Tinubu, it is better to excuse myself and take time off from politics.

“I will, however, retain my membership of the party in the hope that our leaders, especially President Asiwaju Bola Ahmed Tinubu, will retract from acts that will be unjust and illegal, which is crucial to any claim of being democratic or progressive whether as politicians or as patriotic Nigerians.

“I wish to convey my sincere gratitude to our leaders in Kaduna, especially Mallam Nasir Ahmad El-Rufai, for finding me worthy of nomination to serve at the highest level of the party’s leadership. I do hope all our leaders will appreciate that I am left with no option in the circumstance. I wish the party and all our leaders, especially President Asiwaju Bola Ahmed Tinubu all the best and will continue to give my modest support towards the success of the party from the background,” he said.

The magazine learned on Thursday that all three former officials will be replaced during the ongoing NWC meeting, where a former Governor of Kano state Abdullahi Ganduje is expected to emerge as the new National Chairman.

Tribute: Sen. Annie Okonkwo: A Humanist Per Excellence

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By  Uche Ekwunife

Recounting the lives and times of late Senator Annie Okonkwo (Agunaechemba Idemili/Okaka Ojoto), is a journey paved in service to humanity. A life that touched everyone that ever came across him in his lifetime. It seemed that late Senator Annie Okonkwo was just created by God to inspire and serve mankind. And he did it with grace and smile on his face always.

Born into the humble family of Mr and Mrs Okonkwo of Ojoto, Idemmili South Local Government of Anambra State, late Senator Annie Okonkwo became a star of sorts. He had his primary and secondary school education in Aba, where he was born and later took a path of life that will make him a business colossus. He built a business empire that thrived in importation, oil and gas, real estate, banking, insurance, telecommunications and manufacturing. Indeed, he was a giant in all these.

He built the Clemco Group into a household name that was well-known in the sale of rice across Nigeria and other West African countries. The only other company that may be comparable to Clemco is Dangote Group.

Nigerians came to enjoy the first ever handphones created by Reltel Communications, founded by late Chief Senator Annie Okonkwo. This was an innovation from a business mind of Okaka’s stature. His Topwide Company is a well-known Real Estate Development company in Lagos, Abuja, USA, and other cities across the world. The company is also into supermarket chains, as well as Insurance. Indeed, Okaka Ojoto is a man of many successful business colours, with their attendant contributions to employment of thousands.

Many prominent Nigerians, from Governors to Senators, House of Representatives members, House of Assembly members, Local Government Chairmen, and even Councilors could trace their successful political careers, even their business successes or other career paths to Senator Annie Okonkwo. He, indeed, was a builder of men and women. And he did this with grace and smile.

Senator Chief Annie Okonkwo established the Agunaechemba Foundation, which has been a life saver to many Nigerians from across the country. From scholarship grants to business start-ups for many young men and women, to constructing houses for many families, to actual monthly payments of upkeep allowances to many families, the Agunaechemba Foundation was a trailblazer in serving mankind.

Senator Annie Okonkwo delved into politics to continue his services to mankind. On three known political cycles, he sought his party’s ticket to contest for the governorship of Anambra State.  His marks into this political journey were remarkable, and in the process, many found their political bearing that had distinguished their lives. Senator Annie Okonkwo won a seat in the 7th Senate to represent the good people of Anambra Central Senatorial District where he served with distinction. Many of his colleagues, including the immediate past Senate President, Sen. Lawan testified to his unwavering patriotism to Nigeria.

In death, Senator Annie Okonkwo has shown that he is a man of the people. Thousands of Nigerians from all walks of life, serving and former Governors, Senators, House of Representatives members, business tycoons, industrialists, members of the diplomatic community, even ordinary citizens have come to commiserate with the family, ably represented by the scion of the Iroko, Hon. Uche Annie Okonkwo, currently a member of the House of Representatives. Many have given testimonials of late Senator Annie Okonkwo.

It was Chief Obafemi Awolowo that said; “It is not life that matters, but the courage you put in life”; indeed, Agunaechemba Idemili put so much courage in life that has distinguished him as a self-made man and a philanthropist.

The Christian life of late Senator Annie Okonkwo is so inspiring. He served God through different ways. He built Houses of Worship, trained many priests, and sponsored many activities in the church. The church will never forget his unassailable devotion in the service to God. He is a very good family man, who has a devoted wife, Chief Mrs Chinyelu Okonkwo (Ugoagu) who Annie cherished and loved so much.

Late Senator Chief Annie Okonkwo was decorated with many chieftaincy tittles from more than thirty communities including his community, Ojoto, where he was given the Okaka Ojoto title. His Local Government crowned him as the Agunaechemba of Idemmili. Indeed, late Chief Senator Annie Okonkwo is a prophet well respected by his people.

We all will mourn his passing because he touched all of us in different ways. I personally lost a friend that is irreplaceable.

Annie jeekeoma! Chukwu nonyelugi.

* Sen. Ekwunife, Ph.D, CON, wrote from Abuja.

August 5 ECOWAS Deadline: No Plan To Invade Niger-DHQ

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The Nigerian Armed Forces say it has not received an order for a military invasion of the Niger Republic.

According to the Defence Headquarters in a statement on Tuesday, the use of force will be a last resort to restoring democracy in the country after soldiers overthrew President Mohammed Bazoum last week.

After a meeting earlier in the week, the Economic Community of West African States, ECOWAS mulled sending troops to the country to reinstate the deposed president and constitutional order.

The coup plotters led by Gen Abdourahamane Tchiani have warned that the use of force by the regional bloc to reinstate the deposed president will be resisted.

Burkina Faso and Mali military juntas have also warned the 15-member ECOWAS not to throw the region into war by sending soldiers to overthrow the new military regime in Niger.

Responding to the demand to use force, DHQ said it has not received an order to do so, saying military invasion is the last option if the situation in the country remains the same.

According to the statement signed by the Director of Defence Information, Brigadier General Tukur Gusau, the Nigerian Armed Forces is not preparing to attack Niger, contrary to the suggestion that troops are currently being assembled for invasion.

The statement said, “The AFN is yet to receive any order from the appropriate authority to commence military action, against the Military Junta in Niger.

“It’s no longer news that some members of the Republic of Niger Armed Forces seized power from a democratically elected government through un-constitutional means.

“In reaction to this illegal take over of government the ECOWAS Heads of Government met and a series of options were reached on how to intervene in the crisis.

“Military option was the last option to be taken in case every other option fails to reverse the situation and return the Government of Republic of Niger to constitutional order.

“At the moment, ECOWAS Committee of Chiefs of Defence Staff is currently holding an extraordinary meeting in Abuja to discuss the political situation in Republic of Niger and submit their plans to the committee of Heads of States and Government of ECOWAS for consideration.

“In conclusion, the Armed Forces of Nigeria cannot proceed on any operation in any of the member states of ECOWAS without the mandate from the Authority of Heads of States and Government.”

As the August 5 deadline set by ECOWAS for the coup plotters to return to barracks get closer, General Gen. Abdourahamane Tchiani, yesterday, called on his people to resist any invasion, reiterating that it will be a big mistake by any outside force to attack his country to force him out of power.

NIMASA Takes Over Shipyard For Deployment of Floating Dock

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The Nigerian Maritime Administration and Safety Agency, NIMASA has taken over areas leased to it by the Nigerian Ports Authority , NPA, at the Continental Shipyard for the operations of the Modular Floating Dock.

The areas include but not limited to the dolphin jetty, waterfront of the jetty adjourning the slipway, an administrative block, a construction, welding and mechanical workshop and a civil maintenance workshop, among others.

During the handover ceremony, the Director General of NIMASA, Dr. Bashir Jamoh, said that handover of the Continental Shipyard to NIMASA marks the final lap in the quest of the Agency to deploy the modular floating Dockyard.

The DG who was represented by the Head, Public, Private Partnership, PPP, Unit  Kabiru Diso assured stakeholders that the Modular Floating Dockyard would soon be deployed since all grey areas between NIMASA and the NPA have been cleared.

“The Modular Floating Dockyard is a national asset and now that all grey areas between the NPA and NIMASA have been addressed, we are very close to the deployment of the Modular Floating Dock. 

Our goal is to domicile dry-docking of vessels in the country thus saving the nation foreign exchange currently expended on dry-docking vessels outside the shores of Nigeria. The floating Dock will also provide both direct and indirect employment to Nigerians with a multiplier effect on capacity development,” he said.

The Infrastructure Concession and Regulatory Commission, ICRC, had issued a certificate of compliance for an Outline Business Case, OBC, for the operation of the floating dock, while also describing it as bankable and sustainable.

The Modular Floating Dock, which has the capacity to handle up to 10,000 Metric Tons vessels, would be run on a Public Private Partnership arrangement.

Senate Receives 19 Additional Ministerial Nominees

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By Ayodele Oni

Immediate past Governor of Osun state, Gboyega Oyetola is among another batch of ministerial nominees, whose names were forwarded by President Bola Tinubu to the National Assembly on Wednesday.

The list has  19 Minister-nominees to complete a full complement of 47 ministers.

The number is four higher than the number of Ministers in the immediate past administration of President Muhammadu Buhari.

The supplementary list is coming seven days after the submission of a list of 28 ministers-nominees to the Senate.

The list has the remaining minister-nominees from states and geo-political zonal representations yet to be filled.

The Chief of Staff to the President, Femi Gbajabiamila, submitted President Bola Tinubu’s supplementary ministerial list to the Senate at 3.18 pm during the extended screening of nominees in the Committee of the Whole House.

The Senate President, Godswill Akpabio received the list contained in a white envelope, which he kept on the table and continued to direct screening proceedings.

Mr Lateef Fagbemi, SAN, was the nominee being screened when Gbajabiamila was allowed into the Senate chambers after the Senate Leader, Opeyemi Bamidele, had invoked the necessary provisions of the Senate Standing Rules to so admit him to deliver the executive communication.

Those listed as minister-nominees include:

*AHMED TIJJANI

*BOSUN TIJJANI

DR MARYAM SHETTI

*ISHAK SALAKO

*TUNJI ALAUSA

*TANKO SUNUNU

*ADEGBOYEGA OYETOLA

*ATIKU BAGUDU

*BELLO MATAWALLE

IBRAHIM GEIDAM

*SIMON BAKO LALONG

*LOLA ADEJO

*SHUAIBU ABUBAKAR

*TAHIR MAMMAN

*ALIYU SABI

*ALKALI AHMED

*HEINEKEN LOKPOBIRI

*UBA MAIGARI

ZEPHANIAH JISSALO

Senate President Godswill Akpabio read the executive communication at plenary on Wednesday.

He said they would be screened on Friday, August 4, 2023. The exercise, he said, would begin at 11 am.

Death of Doctor In Elevator: Lagos NMA Declares 5-Day Mourning, Indefinite Strike In Three Hospitals

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Diaso Vwaere

By Adesina Soyooye

An angry and shocked Nigeria Medical Association, NMA, Lagos State Chapter, has declared a five-day mourning period over the tragic death of one of its own, Dr. Diaoso Vwaere in her work place.

The young female House Officer was tragically crushed to death Tuesday night in the Elevator of the Lagos General Hospital. She died of the grave injuries she sustained after the elevator malfunctioned. It took almost an hour to extricate her body from the crashed elevator. Even when she was eventually brought out, there was no blood to resuscitate her because she had lost much blood.

The Association also directed Medical Doctors in three Government Hospitals on Lagos Island to begin an indefinite strike to protest Dr Vwaere’s manner of death until investigations into it are completed.

The Hospital’s affected are General Hospital, Lagos, Lagos Island Maternity Hospital and Massey Street Children Hospital.

The NMA, in a statement on Wednesday, described Dr Vwaere’s death as avoidable and demanded “an immediate, unbiased investigation into the circumstances surrounding the unfortunate incident

All those found culpable, the statement denanded,  particularly, the General Manager of the Lagos State Infrastructure Management Agency, Ms Adenike Adekambi, must be brought to Justice.

The statement jointly signed by the State Chairman, Dr Benjamin Olowojebutu, and Secretary, Dr Ismail Ajibowo,   reads in part:

“NMA Lagos State received with rude shock the death of one of our members, Dr Diaso Vwaere, a medical house officer, whose death occurred as a result of injuries sustained when the elevator she was in crashed.

“This is heartbreaking, heart-wrenching, and quite unfortunate. We commiserate with her immediate family, her colleagues on the island, the Medical Guild, and all body of doctors in Lagos State.

“Information we got was that she was trapped in the elevator for more than 40mins before she was rescued.

“We were also reliably informed that there was no blood available for resuscitation, and this has become a recurring issue as a result of the review made by the Government on the previous policy on blood donation.

“To us, this was an avoidable death and, unfortunately, it was allowed to happen. We are pained and we are mourning.

“We are well aware that this same elevator has been a source of problem for many years during which several complaints have been made to all relevant agencies with no respite.

“It is very painful that at a time when the country is battling with unprecedented brain drain, a young colleague that would have been expected to attend to 6000 Nigerians was allowed to die a needless death.

“As a result of this, we declare a 5-day statewide mourning period. We demand an immediate, unbiased investigation into the circumstances surrounding this unfortunate incident; that all those found culpable in this matter, especially the General Manager of the Lagos State Infrastructure Management Agency, Ms. Adenike Adekambi, are all brought to Justice.

“We direct all our doctors in the three government hospitals on the island (GH Lagos, LIMH, and MSCH) to commence indefinite strike action until the investigations are completed and justice served.

“We immediately direct our doctors in all the other government hospitals to scale down activities as a mark of respect for our dead colleague.

“Only emergency services should be rendered for the next 5 days; the government should, as a matter of urgency, commence the complete overhaul of the house officers’ quarters on the island; all other infrastructures in all our government hospitals that need repairs should be urgently attended to.

“That the blood transfusion system in Lagos State needs immediate revamping for improved services.

“As a result of this sad incident, the State Officers Committee of the Nigerian Medical Association, Lagos State, has decided that the upcoming Annual General Meeting will be a low-key event as a mark of respect to our colleague.

“We appeal to our colleagues to remain calm as NMA, Lagos State leadership, is on top of the situation and will leave no stone unturned in ensuring that justice is not just served but seen to have been served.”

Dr Vwaere entered the elevator on Tuesday, from the ninth floor, at about 7.30pm to pick the food she had ordered, only for the elevator to malfunction and crush her.

Close To N2trn Recovered From Bank Debtors- AMCON

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The Managing Director, of the Asset Management Corporation of Nigeria, AMCON, Ahmed Kuru, has disclosed that the sum of N1.6 trillion has so far been recovered from commercial bank debtors.

Kuru made the revelation in the United Kingdom during the annual training for judges, saying the recovered assets include cash and sale from assets seized from debtors.

The government agency was set up by an Act of the National Assembly in July 2010 in the wake of the global financial meltdown of 2008-2010 and the systemic stress that swept through Nigeria’s financial system, with an initial intended lifespan of 10 years to buy the bad loans of the banks and avert bank failures.

According to a statement signed by Jude Nwauzor, Head of Corporate Communications Department , Kuru, stated that he appreciates the opportunity granted the AMCOM to participate in the event, adding that the platform enabled it to present, at a global stage, what the agency is doing and the challenges facing the company, noting that feedbacks from the forum “helps AMCON to perform better.”

The statement reads: “My Lords, distinguished ladies, and gentlemen, with the help of the Judiciary AMCON has been able to make notable progress especially in enforcement. Granting of Exparte Orders as well as Orders to attach traced assets have compelled most recalcitrant obligors of AMCON to come to the negotiation table. To date the corporation has made recoveries of about N1.6 trillion, which include recoveries in cash and in sale of assets.

“As Nigeria struggles with huge debt burden, so is AMCON struggling with very recalcitrant obligors who have mastered the act of clinging to the technicalities, rather than settle their established obligations.

“We have noticed from experience however that some recalcitrant obligors have found new tricks of colluding with a third party who would present himself as the owner of the traced assets and file for the Order of Court to be set aside. We urge Your Lordships to kindly be wary of these characters.

“We cannot over flog the important role the Judiciary play in National Development and as such Your Lordships remain vital to the success of AMCON. We still have many cases pending with the various divisions of the Courts. “These matters are very vital to the success of the Corporation and particularly as we know that if we are unable to resolve them, it becomes a burden on our country’s debt profile and taxpayer’s money.

“Despite the achievements made, with the tremendous support of Your Lordships, we are still strongly battling with our debt recovery activities. It is very difficult, particularly given our peculiar situation.

“Out of total of N4.664 trillion we have so far recovered about N1.6 trillion in the more than 10 years of our existence. We still have a long way to go! About 350 obligors account for N3.957 trillion, which is above 84 per cent of total outstanding amount.

“Our debt is in the balance sheet of the Central Bank of Nigeria (CBN), and therefore a threat to the economy. After recovery and disposal, funds are paid directly into our CBN account.

“Recovery and disposal of assets have so far contributed about N1.6 trillion towards settling our obligation. Accordingly, we would not get tired of appealing to Your Lordships for more understanding and collaboration towards the achievement of this National assignment,” Kuru said.”