AMCON solicits other agencies’ support to recover N4.4tn debt – Newstrends
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AMCON solicits other agencies’ support to recover N4.4tn debt

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Asset Management Corporation of Nigeria says it is ready to recover a total of N4.4tn debt owed the agency and put the funds into sectors that will accelerate the rejuvenation of the nation’s economy.

It has therefore sought the support of other agencies of the Federal Government and all stakeholders in the debt recovery drive.

The corporation, which gave its current exposure in a statement as N4.4tn, noted, “This colossal outstanding going by the 2021 budget estimate, rivals the entire budget of the 36 states of the Federal Republic of Nigeria.

“N4.4tn, which is owed AMCON, is bigger than the entire 2021 capital expenditure budget of the Federal Government of Nigeria, which stands at N3.85tn.

“It is also bigger than the N3.12tn total foreign debt service for 2021 and personnel cost of N3.7tn.”

The agency said its 350 obligors alone accounted for N3.6tn, which is 82 per cent of the outstanding exposure.

It also said the N4.4tn would be enough to complete the revival of the moribund Ajaokuta Steel Company and construction of many more of such projects.

According to AMCON, the development of the iron and steel sector as well as the electricity sector is essential ingredient to industrialisation in any country.

It added that the debt owed AMCON could do a lot in improving electricity generation and distribution as well as revival of the challenged iron and steel sector.

AMCON said the huge debt if recovered would be enough to capitalise over two million micro businesses with N2m cash injection each or 200,000 Small and Medium Enterprises with N20m per SME, which would create over 10 million jobs in the country.

With this capital injection and rejuvenation of the economy, thousands of unemployed youths involved with all sorts of violent crime would be engaged positively, it added.

AMCON said it was determined to recover the huge debts because the money belonged to Nigerian taxpayers.

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Late COAS Lagbaja gets CFR honour, buried amid tributes 

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Late COAS Lagbaja gets CFR honour, buried amid tributes 

 

The late Chief of Army Staff (COAS), Lt. General Taoreed Lagbaja, was on Friday laid to rest in Abuja, amid tears and tributes.

President Bola Tinubu conferred a posthumous award of the Commander of the Federal Republic (CFR) on the late Chief of Army Staff.

The burial took place at the National Cemetery in Abuja to end two days of funeral rites that began in Lagos earlier in the week.

His body was lowered into the grave at exactly 4:41pm after the ceremony that lasted over two hours.

Lagbaja’s casket, draped in Nigeria’s green and white colours, arrived at the cemetery around 3pm in a white funeral wagon after a funeral service at the National Christian Centre in Abuja.

Dignitaries were led to the event by President Bola Tinubu. Others are Vice President Kashim Shettima; the Acting Chief of Army Staff, Lt.Gen. Olufemi Oluyede; the Chief of Defence Staff, Gen. Christopher Musa; Minister of Defence, Abubakar Badaru, and other top government officials and military brass.

President Tinubu announced the conferment of the CFR on the late COAS during the interment at the National Cemetery in Abuja.

The President extolled the virtues of the late warrior, especially his contributions to national security.

According to him, the appointment of Lagbaja as the COAS was one of his finest made so far.

“As an eternal symbol of our appreciation, I have granted the late Chief of Army Staff, the posthumous national honour of the Commander of the Federal Republic of the Niger (CFR),” Tinubu declared.

He thereafter invited the wife of the late COAS, Mariya, to collect the award on behalf of the Lagbaja family amid applause from the congregation.

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Supreme Court dismisses 16 govs suit challenging EFCC legality

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Supreme Court dismisses 16 govs suit challenging EFCC legality

The Supreme Court has dismissed the suit by 16 states challenging the constitutionality of the acts establishing the Economic and Financial Crimes Commission and two others.

The News Agency of Nigeria (NAN) reports that the other agencies are the Independent Corrupt Practices and other related offences Commission (ICPC) and the Nigerian Financial Intelligence Unit (NFIU).

In the lead judgment by Justice Uwani Abba-Aji delivered on Friday, the Supreme Court resolved the six issues raised for determination in the suit against the plaintiffs.

The court held that the laws establishing the anti-corruption agencies were validly enacted by the National Assembly within its legislative competence.

It faulted the claim by the plaintiffs that the EFCC Act, being a product of the United Nations convention on corruption, ought to be ratified by majority of the state houses of assembly.

Delivering judgement on Friday, Justice Abba-Aji ruled that “the EFCC Act, which was not established from a treaty but a convention, does not need the ratification of the houses of assembly.”

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Executive Secretary FCDA Hadi Ahmad suspended indefinitely

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Executive Secretary FCDA Hadi Ahmad suspended indefinitely

 

Executive Secretary, Federal Capital Development Authority FCDA, Engr. Shehu Hadi Ahmad, has been suspended indefinitely.

His suspicion was on the order of the Minister of the Federal Capital Territory, Nyesom Wike.

Senior Special Assistant on Public Communications and New Media to the Minister, Lere Olayinka, disclosed this in a statement on Thursday evening.

No reason was given for the suspension.

Ahmad was directed to hand over to the Director, Engineering Services in the FCDA.

The statement read: “The Executive Secretary, Federal Capital Development Authority FCDA, Engr. Shehu Hadi Ahmad, has been suspended indefinitely.

“According to a statement on Thursday, by Lere Olayinka, Senior Special Assistant on Public Communications and New Media to the Minister of Federal Capital Territory FCT, Nyesom Wike, the suspension of Engr Hadi Ahmad is with immediate effect.

“The suspended Executive Secretary has consequently been directed to hand over to the Director of Engineering Services, Engr in the FCDA.”

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