EFCC recovers N1.6b for AMCON in four years – Official

Published

3 years ago

October 13, 2021

AMCON MD, Ahmed Lawan Kuru

The Assets Management Corporation of Nigeria says it has received N1,667,582,605.04 recovered funds by the Economic and Financial Crimes Commission between 2017 and July 5, 2021.

This was contained in a letter presented to the House of Representatives Ad-Hoc Committee on Assessment and Status of All Recovered Loots at an investigative hearing on Tuesday in Abuja.

The letter was signed by the Managing Director, Ahmed Lawan Kuru, and Group Head, Enforcement, Joshua Ikioda.

The corporation said the amount represented loan repayments recovered, which were credited to its Central Bank of Nigeria account for the settlement of bond obligations.

Presenting a synopsis of the payment, AMCON indicated that remittances to the corporation in 2017 amounted to N1,178,764,500 for the credit of nine debtors.

For recoveries made in 2019, the agency said it received N356,318,105.08 on September 21, 2020 on account of seven debtors.

AMCON said it received a letter dated December 17, 2019 from the EFCC forwarding promissory notes on account of four debtors to the tune of N1,194,778,813.

The corporation, however, said the notes were returned to the EFCC through a letter dated October 28, 2019 as they were made out by the Debt Management Office.

The letter pointed out that the schedule forwarded to the corporation by the House Committee indicated remittances by EFCC of the sum of N87,495,087.50 in 2020.

But the agency said it was yet to receive the quoted amount as it might be collections yet to be released to the corporation.

Also at the hearing, the Nigeria National Petroleum Corporation said it was working to recover debts from some banks for the Nigerian Liquefied Natural Gas dividend funds.

The committee, led by Hon. Adeogun Adejoro, also directed that the NNPC should submit all its accounts by its next sitting next week Tuesday.

Adejoro said all debts owed the government must be vigorously pursued as such monies were needed to fund the 2022 budget.

Eagle Online

Finally, NERC unbundles TCN, creates new system operator

Published

2 days ago

May 4, 2024

Trends Admin

Finally, NERC unbundles TCN, creates new system operator

The Nigerian Electricity Regulatory Commission (NERC) has set up the Nigerian Independent System Operator of Nigeria Limited (NISO) as it unbundles the Transmission Company of Nigeria (TCN).

The transmission leg of the power sector has over the years been seen as weakest link with obsolete equipment.

The unbundling announcement is contained in an Order dated April 30, 2023 and jointly signed by NERC chairman, Sanusi Garba, and vice chairman, Musiliu Oseni.

By this order, the TCN is expected to transfer all market and system operation functions to the new company.

The commission had previously issued transmission service provider (TSP) and system operations (SO) licences to the TCN, in accordance with the Electric Power Sector Reform Act.

The Electricity Act 2023, which came into effect on June 9, provided clearer guidelines for the incorporation and licensing of the independent system operator (ISO), as well as the transfer of assets and liabilities of TCN’s portion of the ISO.
In the circular, the commission ordered the Bureau of Public Enterprises (BPE) to incorporate, unfailingly on May 31, a private company limited by shares under the Companies and Allied Matters Act (CAMA), 2020.
NERC said the company is expected “to carry out the market and system operation functions stipulated in the Electricity Act and the terms and conditions of the system operation licence issued to the TCN.
“The name of the company shall, subject to availability at Corporate Affairs Commission, be the Nigerian Independent System Operator of Nigeria Limited (“NISO”),” NERC said.

Citing the object clause of the NISO’s memorandum of association (MOU) as provided in the Electricity Act, NERC said the company would “hold and manage all assets and liabilities pertaining to market and system operation on behalf of market participants and consumer groups or such stakeholders as the Commission may specify.”

Business

Naira depreciates again, trades at N1,402/$

Published

3 days ago

May 3, 2024

Trends Admin

Naira depreciates again, trades at N1,402/$

The Nigerian currency, naira, on Thursday slightly depreciated at the official market, trading at N1,402.67 to the dollar.

Data from the official trading platform of the FMDQ Exchange, a platform that oversees the Nigerian Autonomous Foreign Exchange Market (NAFEM), showed that the naira lost N11.71

Naira depreciates again, trades at N1,402/$

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Appeal court takes over NURTW case as NIC withdraws

Published

4 days ago

May 1, 2024

Trends Admin

Appeal court takes over NURTW case as NIC withdraws

The National Industrial Court has withdrawn from a case involving Alhaji Najeem Usman Yasin, Board of Trustees chairman of the National Union of Road Transport Workers (NURTW), and Alhaji Tajudeen Ibikunle Baruwa’s ambition to return as president of the union over lack of jurisdiction.

The industrial court’s decision was made to avoid conflict with the Court of Appeal, where the matter is already being heard.

Before the NIC announced its decision to hands-off the case, the defendants’ counsel, Mr. O.I. Olorundare SAN, had informed the court that the matter is currently before the Court of Appeal, Abuja division, and that the industrial court could not continue to adjudicate on the same matter.

The counsel cited authorities to support his claim, adding that the National Industrial Court does not have concurrent jurisdiction with the Court of Appeal.

The presiding judge, O.O. Oyewunmi, struck out the case, stating that the Appeal Court had taken over the matter and that the Industrial Court must respect the hierarchy of courts.

Alhaji Yasin and six others took the case to the Appeal Court, challenging the decision of the industrial court recognising a delegates’ conference held on May 24, 2023, where Baruwa was proclaimed as President of the union for a second term in office.

With the latest NIC judgement, both parties will now proceed to defend their positions at the Court of Appeal and await the final judgement.