Business
AMCON takes over Jimoh Ibrahim’s assets over N69.4bn debt
The Asset Management Corporation of Nigeria has taken over some prime assets of the Chairman of Global Fleet Group, Jimoh Ibrahim.
It has also frozen all his accounts over his debts totalling N69.4bn.
AMCON’s action on Wednesday was based on order of a Federal High Court in Lagos granted by Justice R.M. Aikawa.
The commission through its debt recovery agent, Pinheiro Lagal Partners seized 12 properties belonging to Ibrahim.
The court also granted AMCON the right to seize all shares belonging to him and his two companies domiciled in Nigerian Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited and NICON Trustees Limited.
spokesman for AMCON, Jude Nwauzor, said all the listed assets in Abuja and Lagos had been successfully taken over as mandated by the court.
The listed assets are the building of NICON Investment Limited at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Limited building at Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja and the building of NICON Lekki Limited also at No. 5, Customs Street, Lagos.
Others are the building of Abuja International Hotels Limited located at No. 3, Hospital Road, Lagos; a property at Plot 242, Muhammadu Buhari Way, Abuja; the former Allied Bank Building on Mile 2, Oshodi Express Way, Apapa Road, Lagos; Energy House at 94, Awolowo Road, Ikoyi, Lagos; NICON Building at 40, Madeira Street, Maitama, Abuja; a residential apartment at Road 2, House A14, Victoria Garden City, Lagos; NICON Hotels Building at Plot 3, Road 3, Victoria Garden City, Lagos and the NICON Luxury Hotel’s Building, Garki I, FCT, Abuja.
Business
Finally, marketers, Dangote refinery agree on direct fuel supply
Finally, marketers, Dangote refinery agree on direct fuel supply
The Independent Petroleum Marketers Association of Nigeria (IPMAN) on Monday reached an agreement with Dangote Refinery to lift petroleum products directly.
The agreement came after weeks of negotiations between both parties on the supply and affordability of petroleum products.
In a press briefing in Abuja, IPMAN president Abubakar Garima noted the latest agreement is poised to strengthen partnerships between parties, which will result in the regular and affordable supply of petroleum products across the country.
“After meeting with Aliko Dangote and his management team in Lagos, we are pleased to announce that Dangote Refinery has agreed to supply IPMAN with PMS, AGO, and DPK directly for distribution to our depots and retail outlets,” he said.
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Mr Garima appealed to IPMAN members to support the Dangote Refinery to strengthen economic growth.
“IPMAN members should rely on Dangote Refinery and Nigerian refineries for white products, creating more job opportunities and supporting President Bola Tinubu’s renewed hope agenda,” he stated.
IPMAN had earlier, in November, cited the high logistical costs of buying petrol from the Dangote Refinery as a reason for independent marketers to seek cheaper options at other depots across the country.
The lack of agreement between both parties resulted in delays and challenges in the supply of petroleum products.
Finally, marketers, Dangote refinery agree on direct fuel supply
Auto
Toyota by CFAO surprises customers with free Hilux, motorcycles, all-expense-paid trip to Seychelles
Toyota by CFAO surprises customers with free Hilux, motorcycles, all-expense-paid trip to Seychelles
Buyers of brand new Toyota vehicles in Nigeria from Toyota by CFAO at this period are up for unprecedented pleasant gifts as part of the company’s end of the year package.
Toyota by CFAO, an official distributor of Toyota vehicles in Nigeria, in a statement announced the exciting end-of-year bonanza to reward both new and existing customers.
It listed the prizes on offer as free Toyota Hilux pickups, Yamaha motorcycles, and an all-expense-paid trip to Seychelles.
The promotion, it says, is open to corporate and individual clients.
It specifically states that the End-of-Year Bonanza features four main categories of rewards: Buy 5 units of the Toyota Coaster bus and receive a free Toyota Hilux pickup; or Buy 15 units of either the Toyota Hiace Mid Roof or Toyota Hilux Prerunner and get a Toyota Hilux pickup at no additional cost.
The second category is the offer of a Free Yamaha Motorcycle, in which a buyer automatically receives a Yamaha motorcycle for free on the Purchase a Toyota Hilux, running on diesel.
For the third category, the company is sponsoring an All-Expense-Paid Trip to the Seychelles for those who purchase any of the following Toyota models: Toyota Land Cruiser Prado, Toyota Land Cruiser 300, Toyota Fortuner, or Toyota Camry.
In the last category, customers will win a return ticket to the Seychelles for the Purchase a Toyota Corolla Cross or Toyota RAV4.
To participate, it says customers simply need to visit the Toyota by CFAO website at www.toyotabycfao.ng and follow the registration process.
The company says since the promotion is valid while stocks last, it advises early participation.
It says, “All the Toyota products offered as prizes are renowned models.
“The Toyota Hilux, which is known for its strength and durability, boasts advanced chassis and bodywork, making it the ultimate choice for tough tasks, with more than 50 years of proven power.”
The Toyota Hiace is a versatile vehicle with a 2.7L engine, perfect for both cargo and passenger transport in urban and rural areas; while the Toyota Coaster which is ideal for group travel, offers a spacious cabin and reliable transport for passengers with capacities of 2.7L or 4.2L.
Toyota by CFAO says the promotion, which kicked off on November 1, 2024, provides a unique opportunity for customers to drive away with top-quality Toyota vehicles and win exclusive prizes.
Managing Director of Toyota by CFAO, Mr. Boye Ajayi, stresses the company’s dedication to providing high-quality, tropicalized Toyota vehicles and superior after-sales service.
He encourages Nigerian car buyers to take advantage of the promotion as a way to acquire vehicles designed for the country’s specific needs.
“We are proud to offer Toyota vehicles built specifically for the Nigerian market. Our range includes city cars, sedans, family vehicles, SUVs, pickups, and light commercial models.
“Toyota vehicles are recognized worldwide for their safety, fuel efficiency, and cutting-edge technology, and they come with a 3-year warranty for added peace of mind,” says Ajayi.
The company says it remains committed to offering a wide selection of vehicles designed for both urban and rural environments, backed by exceptional after-sales service.
“Toyota by CFAO is dedicated to ensuring customer satisfaction and delivering high-quality products for Nigerian drivers,” it adds.
Business
Bitcoin price hits $82,000 for first time amid massive crypto rally
Bitcoin price hits $82,000 for first time amid massive crypto rally
The price of bitcoin has risen to all-time high of $82,000. It is the first time ever it will exceed the $80,000 mark.
This came on the heels of Donald Trump’s victory in the US election last week.
Trump, the president-elect, had during his campaign pledged to make the US “the crypto capital of the planet”.
Newstrends checks revealed on Monday morning that the bitcoin moved from a little over $80,000 on Sunday to a new high of $82,000 today (about N129,595).
This development is coming as the Republicans are edging closer to overall control of US Congress after having already secured the presidency and a majority in the Senate, according to a BBC report.
It noted that the value of world’s biggest cryptocurrency has now risen by more than 80% this year.
Other cryptocurrencies, including dogecoin – which has been promoted by high-profile Trump supporter Elon Musk – are also making gains.
In the run-up to the election Trump said he would create a strategic Bitcoin stockpile and appoint digital asset-friendly financial regulators – spurring expectations that he would strip back regulations on the crypto industry.
Trump has said one of his first actions as president would be to sack the current chair of the Securities and Exchange Commission (SEC), Gary Gensler.
Gensler, who was appointed Joe Biden in 2021, has led the SEC’s crackdown on the crypto industry.
“If the Trump administration does deregulate crypto, it’s hard to see how it is not bullish for the sector,” Matt Simpson, Market Analyst at StoneX Financial told the BBC, adding that such a move could lead Bitcoin prices to jump to as high as $100,000.
But “it is still vulnerable to nasty selloffs along the way – which can be less kind to smaller pockets,” he added.
With Republicans in control of the executive and potentially both the legislative branches of the government, they will be able to advance his ideas through each chamber and send those bills for him to sign into law.
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