FIRS, AMCON: Senate To Receive Reports On Nami, Adamu Next Week

A file photo of lawmakers during plenary in the Senate Chamber of the National Assembly in Abuja.

 

 

The Senate is to receive the report on President Muhammadu Buhari’s request for the confirmation of the chairman of the Federal Inland Revenue Service (FIRS), Muhammad Nami, and members of the agency on Wednesday next week.

Similarly, it would receive the report on the President’s request for the confirmation of Edward Adamu as Chairman of the Assets Management Corporation of Nigeria (AMCON).

During plenary on Wednesday at the Upper Chamber of the National Assembly, the lawmakers referred the requests to the Senate Committee on Finance for further legislative action.


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The committee chaired by Senator Olamilekan Adeola was directed to submit its report on December 18 before the National Assembly adjourns for the Christmas break.

Meanwhile, the lawmakers have approved the report of the Conference Committee of the Senate and House of Representatives on the Finance Bill passed by the National Assembly recently.

They also received the 2020 statutory budget proposal of the Federal Capital Territory Administration (FCTA).

In a letter dated December 10, 2019, and addressed to the President of the Senate, Ahmad Lawan, President Buhari requested the National Assembly to consider the 2020 budget proposal of the FCTA.

He explained that the request to the Senate was in compliance with Sections 121 and 299 of the 1999 Constitution (as amended).

The letter read: “Pursuant to Sections 121 and 299 of the 1999 Constitution of the Federal Republic of Nigeria (as amended), I forward herewith, the 2020 statutory budget proposal of the Federal Capital Territory Administration, for the kind consideration and passage by the Senate.

“While hoping that this submission will receive the usual expeditious consideration of the Senate, please accept, Distinguished Senate President, the assurances of my highest consideration.”

Buhari Appoints CBN Deputy Gov, Edward Adamu, As AMCON Chairman

 

President Muhammadu Buhari has appointed a deputy governor of the Central Bank of Nigeria (CBN), Mr Edward Adamu, as Chairman of the Asset Management Corporation of Nigeria (AMCON).

The appointment was contained in a letter forwarded to the Senate and read by the Senate President, Ahmed Lawan, during Tuesday’s plenary.

In the letter dated December 9, President Buhari urged members of the Red Chamber of the National Assembly to confirm Adamu’s appointment.

READ ALSO: Buhari Asks Senate To Confirm New FIRS Chairman, Members

It read, “In accordance with Section 10(1) of the Asset Management Corporation of Nigeria (AMCON) Act, 2010, I hereby present Mr Edward Lametek Adamu for confirmation as Chairman of the Asset Management Corporation of Nigeria by the Distinguished Senate.

“While hoping that this request will receive the usual expeditious consideration of the Senate, please accept, Distinguished Senate President, the assurances of my highest consideration.”

Mr was appointed as CBN deputy governor on March 23, 2018, after working in the apex bank for 25 years before he retired.

He was appointed as the CBN Director of Strategy Management Department in 2012, after a rigorous selection process.

Four years later, he was deployed to the Human Resources Department of the bank as a director, a position he held until his retirement on February 14, 2018.

Meanwhile, the President also sought the confirmation of the appointment of the chairman and members of the Federal Inland Revenue Service (FIRS).

He made the request in another letter read by the Senate President during the plenary.

This comes a day after the Presidency announced the appointment of Muhammad Nami as the new Executive Chairman of the FIRS.

According to President Buhari, the request is pursuant to Section 3(2) of the Federal Inland Revenue Service (Establishment) Act, 2007.

Alleged N135bn Fraud: FG Files Charges Against Ifeanyi Ubah, Capital Oil & Gas Limited

Ubah Accuses PDP Of Injustice, Says 'I Have Not Gained Anything'
Senator Ifeanyi Ubah

 

The Federal Government has filed criminal charges against Senator Ifeanyi Patrick Ubah and his company, Capital Oil and Gas Limited.

The charges, filed before the Federal High Court in Lagos, are related to an alleged N135 billion fraud.

Lawyer to the Federal Government, Mr. Korede Adegoke, on Wednesday informed the court of four pending charges pressed against the defendants and urged the court to accept the charges for the purpose of taking their plea.

In the first charge, the prosecution accused Senator Ubah and his company of conspiring together, sometime between 2012 and 2018, “in making false claims in relation to the actual values of certain assets-transferred to Asset Management Corporation _of Nigeria (AMCON) under the Consent Judgment delivered in Suit No. FHC/ABJ/CS/714/2012 on the 1st day of July, 2013 in partial payment of the indebtedness of Capital Oil and Gas Industries Limited with a view to defeating the realisation of the said judgment debt of Capital Oil and Gas Industries Limited to AMCON then standing in the sum of 135 billion naira, contrary to Section 54(1)(a) and (d) of the Asset Management Corporation of Nigeria Act, 2010 (as amended)”.

The second charge held that the defendants “made false claims in relation to the actual values of certain assets transferred to AMCON” under the consent judgment, contrary to Section 54(1)(a) of the Asset Management Corporation of Nigeria Act, 2010 (as amended).

The third charge read, “That you, Ifeanyi Patrick Ubah, and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018 in Nigeria and within the jurisdiction of this honourable Court, being guarantor and debtor respectively, negligently, willfully or recklessly made a statement or gave information knowing it to be false in relation to the actual values of the assets transferred to AMCON under the Consent Judgment delivered in Suit No. FHC/ABJ/CS/714/2012 on the 1St day of July 2013 in partial satisfaction of the outstanding loan of N135 Billion Naira owed to AMCON contrary to Section 54(2) of the Asset Management Corporation of Nigeria Act, 2010 (as amended)”.

In the fourth charge, the defendants were accused of  obstructing the implementation of the provisions of the AMCON Act “vis-é-vis the realisation of part of your outstanding debt of N135 Billion Naira _by frustrating the sale of the landed property at Banana Island to Dayspring Development Company Limited, which property you both transferred to AMCON by virtue of the Consent Judgement delivered by this honourable court on the 1st day of July 2013, in Suit No. FHC/ABJ/CS/714/2012 and which act is contrary to Section 54(5) of the Asset Management Corporation of Nigeria Act, 2010 (as amended)”.

The arraignment of the defendants before Justice Nicolas Oweibo was however stalled, as Ubah’s lawyer, Olisa Agbakoba (SAN), said his client had not been served with the charges.

Agbakoba also informed the court that a mediation move was ongoing to settle the case out of court.

Counsel to the second defendant, Capital Oil and Gas Limited, Ajibola Oluyede, on his part, confirmed that his client had been served.

“That is why we have filed a notice of preliminary objections challenging the competency of this charge,” he told the court.

In response, the prosecution counsel said he would not hesitate to ask the court for a warrant of arrest for Senator Ubah if he was trying to avoid court proceedings.

After listening to lawyers for the parties involved, Justice Oweibo, adjourned the case since the prosecution had failed to produce the defendant in court.

He adjourned the case till February 13, 2020.

 

Read the full charges below:

COUNT 1

That you, Ifeanyi Patrick Ubah, and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018, conspired together in making false claims in relation to the actual values of certain assets-transferred to Asset Management Corporation _of Nigeria (AMCON) under the Consent Judgment delivered in Suit No. FHC/ABJ/CS/714/2012 on the 1St day of July, 2013 in partial payment of the Indebtedness of Capital Oil and Gas Industries Limited with a view to defeating the realisation of the said judgment debt of Capital Oil and Gas Industries Limited to AMCON then standing In the sum of 135 Billion Naira contrary to Section 54(1)(a) and (d) of the Asset Management Corporation of Nigeria Act, 2010 (as amended).

COUNT 2

That you, Ifeanyi Patrick Ubah, and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018, made false claims in relation to the actual values of certain assets transferred to AMCON under the Consent Judgment delivered in Suit No. FHC/ABJ/CS/714/2012 on the 1St day of July, 2013 and which assets were transferred in partial payment of the butstanding indebtedness of Capital Oil and Gas Industries Limited to AMCON with a view to defeating the realisation of the judgment debt ‘of Capital Oil and Gas Industries lelted to AMCON then standing in the sum of 135 Billion Naira contrary to Section 54(1)(a) of the Asset Management Corporation of Nigeria Act, 2010 (as amended).

COUNT 3

That you, Ifeanyl Patrick Ubah, and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018 in Nigeria and within the jurisdiction of this honourable Court, being guarantor and debtor respectively, negligently, willfully or recklessly made a statement or gave information knowing it to be false in relation to the actual values of the assets transferred to AMCON under the Consent Judgment delivered in Suit No. FHC/ABJ/CS/714/2012 on the 1St day of July 2013 in partial satisfaction of the outstanding loan of N135 Billion Naira owed to AMCON contrary to Section 54(2) of the Asset Management Corporation of Nigeria Act, 2010 (as amended).

COUNT 4

That you, Ifeanyi Patrick Ubah, and Capital Oil and Gas Industries Limited, sometimes between 2012 and 2018 in Nigeria and within the jurisdiction of this honourable Court, did obstruct the implementation of the provisions of the AMCON Act vis-é-vis the realisation of part of your outstanding debt of N135 Billion Naira _by frustrating the sale of the landed property at Banana Island to Dayspring Development Company Limited, which property you both transferred to AMCON by virtue of the Consent Judgement delivered by this honourable Court on the 1St day of July, 2013 in Suit No. FHC/ABJ/CS/714/2012 and which act is contrary to Section 54(5) of the Asset Management Corporation of Nigeria Act, 2010 (as amended).

AMCON Risks Losing N12.9bn Judgement Debts Over Fraudulent Activities

 

The Assets Management Company of Nigeria, AMCON has said it is a victim of some fraudulent activities and stands to lose over N12.9 billion which is a judgment debt belonging to all Nigerians.

At a press conference in Lagos, lawyers to AMCON clarified that while reviewing claims by third parties in respect of some properties at the Victory Park Estate in Lekki, it found that some of the purported instrument of transfer in respect of properties in the estate to third parties was fraudulently executed by persons who had no authority to deal with them.

“As of today, AMCON has a judgement which has been confirmed for the sum of N12.9bn.

“This government came into power with a heightened priority concerning the recovery of AMCON’s debt because as of today, it amounts to over N5trn which is money that belongs to you and I.”

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AMCON added that it needed to set the record straight as a result of incessant falsehood, fabrications, and half-truths being bandied about. The institution called for the understanding and support of all Nigerians as it continues to engage with stakeholders in resolving the issues and realizing its debts.

“The money must be obtained, if AMCON is removed today, it will not change the fact that the property belongs to the Federal Government of Nigeria because the court has said so.

“What can change it are the people engaging with AMCON to resolve the issue, they are victims but AMCON is a bigger victim,” it added.

Osinbajo Inaugurates ICPC Boss, Others To Recover N5trn AMCON Debt

Yemi Osinbajo                                                                                                                     Bolaji Owasanoye

 

 

The Federal Government says it has taken another determined step in its bid to recover over N5 trillion outstanding debts owed the Asset Management Corporation of Nigeria (AMCON).

This comes as the Vice President, Professor Yemi Osinbajo, formally inaugurated an inter-agency committee to speedily resolve the challenges in recovering the debts.

“One of the Terms of Reference is for the Committee to prepare a report, giving us a sense of what the timelines would be,” Osinbajo was quoted as saying in a statement on Tuesday by his Senior Special Assistant on Media and Publicity, Mr Laolu Akande.

At the inauguration ceremony which held on Monday at the Presidential Villa in Abuja, the Vice President tasked members of the committee to turn the tide in what has been a rather difficult process where debtors have continued to default on their payment obligations.

About 67 per cent of the outstanding N5tn debt is said to be owed by just 20 individuals and entities.

Professor Osinbajo expressed confidence in the expertise of the team, chaired by the Chairman of Independent Corrupt Practices and other related offences Commission (ICPC), Professor Bolaji Owasanoye, to carry out the task ahead.

Following the challenges encountered from the debt-recovery processes and the very limited results so far, he asked the committee to consider other options, including taking enforcement measures in actually recovering the debts.

“I congratulate you on the very onerous task that has been set, to render this service.

“I know that, given the kind of individuals here, you will definitely turn this whole narrative around. So, I wish you all very well,” said the Vice President.

In his remarks, Professor Owasanoye thanked Professor Osinbajo for the confidence reposed in the team, stating that members would do their best to recover most of the debts.

Members of the committee include heads and representatives of AMCON, the Economic and Financial Crimes Commission (EFCC), and the Nigerian Financial Intelligence Unit (NFIU).

Others are drawn from the ICPC, Central Bank of Nigeria (CBN), Nigeria Deposit Insurance Corporation (NDIC), and the Federal Ministry of Justice.

The team, among other related tasks, is expected to review the status of debts owed to AMCON and deliberate on practical, legal and other strategies for the recovery of the outstanding debts.

It is also asked to prepare a report which will include a debt recovery work plan with specific timelines for completion.

Duke Settles N537m Debt With AMCON

Election Postponement Is "A Legal Coup", Says Duke
A file photo of Mr Donald Duke.

 

A Federal High Court sitting in Lagos has discharged the order granted the Asset Management Corporation of Nigeria, AMCON to take over the Ikoyi property of former Governor of Cross River State, Mr Donald Duke over a debt of N537.3m.

Justice Nicholas Oweibo discharged the order today based on the settlement terms filed and moved by AMCON’s legal team.

Mrs Juliet Benson representing AMCON told the court that the former Governor had fulfilled the terms of the settlement of the debt and both parties have agreed.

She then urged Justice Oweibo to adopt the terms of settlement as the judgement of the court.

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Counsel to Donald Duke, Edoigiawerie Uyi confirmed to the court that his client has shown good faith by promptly making a payment of over N350m in settlement of the outstanding debt, a payment which parties all agreed to.

He also urged Justice Oweibo to enter the terms of settlement as the full and final judgement of the court.

In his short ruling, the court granted the terms of the settlement and entered it as full and final judgement.

The judge also ruled that all orders in the case stand discharged.

On the 8th of August, the Court had granted an interim order to the Asset Management Corporation of Nigeria, AMCON and United Bank for Africa to take possession of a property in the Ikoyi area said to have been mortgaged by a former governor of Cross River State, Mr Donald Duke, over an alleged debt owed the two organizations.

AMCON To Partner With ICPC In Recovering FG’s N4.9trn Assets

 

The Asset Management Corporation of Nigeria (AMCON) is partnering with the Independent Corrupt Practices and Other Related Offences Commission (ICPC) to recover of assets worth trillions of naira from entities owing the government of Nigeria.

The decision to forge this collaboration emerged during a courtesy visit by AMCON‘s management to ICPC headquarters in Abuja recently.

The AMCON Chairman, Dr. Muiz Banire, while speaking during the visit revealed that debts worth N4.9tr were being owed the government by numerous entities, and as such, they were in the Commission to partner with it in order to “rescue the system from impending disaster by recovering the outstanding indebtedness”.

READ ALSO: Federal Government Suspends Planned Ruga Programme

He said, “out of 12,000 accounts in AMCON, 350 entities owed 80% of the N4.9 trillion and the corporation is concerned that it is unable to recover the money, while its lifespan is limited”.

He explained that AMCON was faced with the daunting task of the recovery of government assets but expressed optimism that partnership with ICPC would help in no small measure to alleviate some of the challenges often encountered in recovery.

In his response, ICPC Chairman, Professor Bolaji Owasanoye, expressed his appreciation to the team on the request for collaboration and pledged the Commission’s commitment to partnering with AMCON to achieve its mandate of assets recovery which incidentally was also an important part of ICPC’s work.

He promised that the Commission would set up a task team to put the partnership into effect and that many fraudulent transactions that had taken place would be unraveled and resolved.

Professor Owasanoye further explained to the visitors that ICPC’s three-pronged mandate of enforcement, prevention, education, and public enlightenment placed the Commission in a good position to fight systemic and endemic corruption.

AMCON To Commence Process Of Polaris Bank Sale After Elections

 

The Assets Management Corporation of Nigeria (AMCON) has said that it will commence the process for the sale of Polaris Bank, after the general elections.

Spokesman for AMCON, Jude Nwazor, said that the corporation will advertise for investors to express their interest which will help the process of the sales after the election.

READ ALSO:  Polaris Bank Takes Over Skye Bank

According to the spokesman, the corporation is seeking to recover non-performing debts owed to Polaris Bank and has asked for proposals on repayment.

Polaris bank was set up in 2018 to take over the assets of Skye Bank PLC, which collapsed and had its operating licence revoked by the Central Bank of Nigeria (CBN).

N786 billion had been injected into the bank through the Asset Management Corporation of Nigeria (AMCON) to ensure the bank is sound and profitable.

AMCON Loses Bid To Takeover Federal Secretariat, Ikoyi

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File photo

 

The Asset Management Corporation of Nigeria, (AMCON) has lost its bid to take over the land and property known as the Federal Secretariat Complex, in Ikoyi Lagos.

Justice Ibrahim Buba in a judgment delivered at the Federal High Court Sitting in Lagos on Wednesday, reiterated that the Federal Government of Nigeria and it’s agencies are bound to recognize an arbitral award rendered in Dec 2015, on the issue.

AMCON had sued businessman, Wale Babalakin, and his company, Resort International Ltd in Nov 2012 to seek an order for the repayment of a sum of N21bn which it claimed comprised principal sum and accrued interest on various loan facilities allegedly granted to them.

This had stalled development on the property known as the Federal Secretariat, Ikoyi.

Apart from seeking to take over the Federal Secretariat, AMCON had also sought an order of the court granting it the power of sale or disposal of a parcel of land known as Alma Beach property, and all the fuel hydrant tanks situated at the Domestic Wing of the Murtala Muhammed International Airport, owned by Wale Babalakin and allegedly given as security for the debt.

But in a counter-claim, Babalakin and his company contended that they are not indebted to AMCON but rather, a four billion Naira facility offered to the company is an equity contribution which was wrongly classified as a loan.

They, therefore, asked the court to set aside the purported loan for being inconsistent with the provisions of the AMCON Act (2010) as amended and the CBN guideline for the operations of AMCON and to declare same as illegal, null and void and of no effect whatsoever.

Mr Babalakin also contended that the publication of his name and that of other Directors of the company by AMCON in “a list of delinquent debtors” in relation to loan facilities is libelous and an affront to the judicial powers of the Court already saddled with deciding the case.

Justice Buba in his judgment today agreed with these arguments and dismissed the claims of the Federal Government and AMCON.

The court also awarded three billion naira in Babalakin’s favour for the libelous publication and ordered the Federal Government and AMCON to publish a full and complete retraction and apology to Babalakin and his company in three national dailies.

PHOTOS: EFCC Assures AMCON Of Support On Asset Recovery

The Economic and Financial Crimes Commission (EFCC) has assured the Asset Management Corporation of Nigeria (AMCON) of its support in its drive to recover toxic assets.

The Acting Chairman of the EFCC, Mr Ibrahim Magu, gave the assurance on Thursday when he received the Managing Director of AMCON, Mr Ahmed Kuru, at his office in Abuja, Nigeria’s capital.

The EFCC boss said: “It is in the interest of this country that we support you and work with AMCON”.

See photos below:

PHOTOS: EFCC Assures AMCON Of Support On Asset Recovery
Photo source: Facebook// @officialefcc

AMCON Takes Over Properties In Lagos, Ogun Over N4.68bn Debt

Arik Air To Go To Court Over TakeoverThe Asset Management Corporation of Nigeria today took possession of some multi-billion naira properties in Lagos and Ogun states from three property firms and eight others due to an alleged N4.68bn bank debt.

The assets including land, houses, cars and generators were seized in execution of a Federal High Court order authorising the receiver/manager, Lanre Olaoluwa, to take possession pending the determination of the suit.

AMCON obtained the court orders against 11 respondents, including Havilah Villas Limited, Grant Properties Limited, and one Rev. Olajide Awosedo.

The properties include 14 hectares of land and buildings at Victory Park Estate, Igbokushu, and Goshen Beach Estate, both in Lekki.

They also included land at River View Estate, Isheri, Ogun State and a residential estate at Okun Owa in Odogbolu Local Government Area also in Ogun State.

According to AMCON, it acquired the N4.68bn non-performing loan that Havilah Villas Limited secured in 2006 from the defunct Intercontinental Bank Plc (now Access Bank), by a Loan Purchase and Limited Servicing Agreement.

AMCON said it also advanced a further loan of N300 million to Havilah Villas Limited. Both loans have so far not been settled by the debtors.

Considering the effect of the huge indebtedness on the economy, AMCON wants the public and all financial institutions to refrain from any prejudicial dealings in respect of the properties and other assets of the respondent as any breach may constitute contempt of Court and be punishable as such.

AMCON To Sell Peugeot To Dangote, Two States

Arik Air To Go To Court Over TakeoverThe Asset Management Company of Nigeria says it is close to selling Peugeot Automobile Nigeria Ltd to Africa’s richest man, Aliko Dangote, and two Nigerian states.

AMCON’s Chief Executive, Ahmed Kuru, told Reuters that all processes on the bids were completed about two months ago and all that is left is the approval of the Central Bank of Nigeria.

Dangote, in alliance with the states of Kaduna and Kebbi and the Bank of Industry, made a bid to acquire a majority stake in PAN last year after AMCON moved to sell off some of the assets it acquired in the wake of the banking crisis.

The automaker is worth over N15 billion.

Peugeot Automobile, a Nigerian vehicle assembly plant located in Kaduna State, has Psa Peugeot Citroen as its technical partner with a capacity to assemble 90,000 cars a year.