Jungle republic !! AMCON says only 350 Nigerians owing N4.3trn

The Asset Management Corporation of Nigeria (AMCON) says 350 Nigerians are responsible for more than 80 percent of the N5.4 trillion debt portfolio of the company.

Ahmed Kuru, managing director of AMCON, disclosed this in an interview with NAN in Abuja.

According to Kuru, the 350 Nigerians or their businesses owe a whopping N4.3 trillion of the N5.4 trillion debt profile of the company, an amount which is over 50 percent of the 2018 budget of Nigeria.

Speaking on the challenges faced by the company and the hitches experienced during recoveries, Kuru said that many of the debtors were yet to pay as AMCON had only recovered about N700 billion.

He said it was unfair that AMCON was now only known for recoveries and taking over of companies, adding that when the company played the first two roles of intervention and support, nobody complained.

“Our responsibility is first to intervene, then provide support before we recover, we have done the two, nobody has complained, now that we are doing the third people are complaining,” he said.

“The people complaining are those people that do not want to meet their obligations. Some of the obligors owe as much as N200 billion.

“We have 350 Nigerians that have obligations or control more than 80 percent of all AMCONs debt portfolio.

“So, if you are talking about N5.4 trillion, only 350 Nigerians are supposed to pay more than 80 percent of that amount, and they are normal people you see on the streets.”

He said loans recovery was not a pleasant job, stressing that most people do not want to pay loans.

According to him, there is no way AMCON or Nigeria is going to write off the more than N5.4 trillion debts sitting on the balance sheet of the Central Bank of Nigeria (CBN).

Kuru said the only way to get those evading their paybacks was to use the instrument of law.

He, however, said the judicial system was a major challenge to the operations of AMCON.

“I can tell you that today, our major challenge has to do with the judicial process,” he said.

“In other climes, what they do is that they allow AMCON to own the assets ab-initio, which means I have paid for the loans from the commercial banks, I have taken over the loan and I will take it over with the assets so I can sell the assets from day one.

“But here, somebody can decide to take you to court and he has to be heard. He can lock you up with judicial processes and technicalities for 10 years, 15 years or even 20 years.

“If we can have a system where rightly or wrongly we can conclude a case within three months, we can finish our assignments and go. The most fundamental thing is that this money must be recovered whether they like it or not.

“So, it is either they come to us and we negotiate, and have a payment plan, or we take over your asset that is what the law says, it has nothing to do with AMCON.” - Cable Nigeria

Nigerian born British woman convicted for trafficking prostitutes from Africa to Europe

A Nigerian-born British nurse, Josephine Iyamu, who allegedly used ‘juju’ to traffic Nigerian prostitutes to Europe, was on Thursday found guilty in the first case of its kind in the United Kingdom.

Iyamu, formerly of South London, used a witch doctor to convince her victims. They were under her control and she exploited them to fund a lavish lifestyle that included trips to Europe and £700 designer shoes, reports Daily Mail.

The 53-year-old woman from Edo state, known as “Madame Sandra,” was a ringleader of an international human trafficking crime network.

Iyamu charged each of her victims 30,000 euros and 38,000 euros to arrange for their travel to Europe, profiting from more than 15,000 euros from one victim alone via wire transfers and cash payments.

“She would first make the vulnerable women undergo ‘juju’ ceremonies which would involve them drinking blood containing worms and eating the heart of a chicken.“

The victims would then be forced to endure an arduous five-day journey to the Libyan coast, which saw them shot at, ambushed and gang raped.

“They would then catch an inflatable boat crammed with hundreds of people to Italy, before being moved into Germany to work as prostitutes.

“German police identified Iyamu as the ringleader of a Nigerian human trafficking operation after a brothel owner reported suspicions over one of his workers’ paperwork last January,” Daily Mail reports.

Iyamu and her husband were arrested at Heathrow Airport on August 24 last year after travelling back from Nigeria.

Officers also discovered a piece of paper detailing a list of items needed as part of the ‘juju’ ceremonies and another with telephone numbers of criminal associates.

On Thursday, Iyamu was convicted by a jury of five counts of arranging to facilitate travel of another person for exploitation following a trial at Birmingham Crown Court.

She was also found guilty of perverting the course of justice after paying Nigerian police to arrest one of the victims’ relatives in a bid to stop the woman giving evidence against them in the trial while both were in police custody in the UK.

Judge Richard Bond said: “This is the first case in England and Wales under the new 2015 Act whereby people have been trafficked from one country into another country.

“This is going to set a precedent.” - Daily Post

Stop justifying killings, show respect for the dead – PDP tells Buhari

The Peoples Democratic Party (PDP) Thursday, took exceptions to the make-believe justifications usually credited to President Muhammadu Buhari over the failure of the Federal government to stem the tide of killings and bloodletting in the country.

It also asked the presidency to respect the dead in the gruesome killings in Plateau, Zamfara, Benue, Yobe, Adamawa, Borno, Kogi, Taraba and other troubled states.

PDP spokesman, Kola Ologbondiyan made this known in a statement made available to newsmen in Abuja.

He said, “It is indeed reprehensible that the Presidency in its usual arrogance and insensitivity to the mood of the nation chose to condemn the PDP for declaring a seven-day mourning and flying our flags at half-mast in honour of the dead and solidarity with the bereaved.

“It is disturbing that even in death, the Buhari Presidency still wants to deny these victims of callous murder the honour of being mourned.

“We are particularly appalled that instead of joining Nigerians in mourning the dead and seeking ways to stem the escalation of the bloodletting under its watch, the Buhari Presidency is engaged in morbid reference to past killings as if the lives of Nigerians have no value under President Buhari’s watch.

“PDP also promised that it would continue to identify with Nigerians at this troubled time irrespective of ethnic, religious and political affiliations and will therefore not allow itself to be dragged into a needless mire with the Buhari Presidency, which has shown by its statement, that it has no iota of regard for the lives of Nigerians.”

The opposition party, however, asked Buhari to confront the challenge of fulfilling the basic responsibility of governance by providing security to the lives and property of all Nigerians irrespective of their creed, tribe and political affiliations. - Daily Post

Plateau: You’re encouraging herdsmen killings – PDP Reps blast Buhari

The Peoples Democratic Party (PDP) caucus of the House of Representatives has expressed deep shock over the barbaric killing of many people in Plateau by herdsmen.

The caucus stated that it had become extremely worrisome that owing to the President Muhammadu Buhari-led APC federal government’s unending rhetoric and deliberate ineffectiveness, criminality and free flow of human blood had continued across the nation.

In a statement issued by the House Deputy Minority Leader, Honourable Chukwuka Wilfred Onyema in Abuja on Thursday, the PDP House Caucus also condemned the Presidential Villa security personnel’s Tuesday assault on a leader of the Bring Back Our Girls Movement (BBOG) and former Minister of Education, Mrs Oby Ezekwesili who was on a solo march to the State House to demand for accountability and end· to the violent killings going on in the country.

According to the lawmakers, many Nigerians are perplexed that a government that had taken very urgent and comprehensive action to neutralize the Independent People of Biafra (IPOB) which had not killed, currently finds its very difficult to tackle criminal herdsmen who have been attacking people in Benue, Zamfara, Taraba and other states.

“Following the gruesome killing of more than 100 persons and razing of some 50 houses, two· cars and 15 motorcycles by rampaging herdsmen who wantonly invaded Razat, Ruku, Nyarr, Kura and Gana-Ropp villages of Gashish District in Barkin Ladi Local Government Area of Plateau state, the US Department of State joined its voice to that of numerous concerned Nigerians by expressing utter condemnation for such unjustified violence.

“For long, the APC government that came into power on the basis of now-unrealized promises of bringing back all the abducted Chibok girls had remained rather aloof from the cries and pains of many whose states and communities had been visited with pains, sorrow and death in the hands of rampaging and armed herdsmen.

“Activist lawyer, Femi Falana has expressed possibility of dragging the Federal Government and the Plateau State Government to the Special Prosecutor of the International Criminal Court for condoning crimes against humanity and genocide while Amnesty International which notes that at least 1813 people have been murdered in 17 states in the country this year, asserts that government’s failure to hold murderers to account is encouraging them and fueling rising insecurity across the country.

“It is cause for concern that Oby Ezekwesili, the co-convener of the BBOG movement ran into trouble after she began a loud solo protest with her demands for action from the Presidency, as she asked for explanations that normally agitate the minds of many Nigerians.

“On a date that it had just been disclosed that Nigeria, under the APC government, has overtaken India in the democratization of poverty for 87 million citizens, including 11 million that lost their jobs within the last three years; Ezekwesili was asking the APC government to put an end to the endless· killings by herdsmen, stop its routine blame game and reveal the identity of the perpetrators of wanton· killings in Benue, Taraba, Kaduna, Zamfara, Plateau, Nassarawa and Kogi states.

“Too many needless deaths are occurring and it is time for all to feel deeply concerned; we urge all Nigerians to join hands in special prayers for the repose of the souls of those killed as well as victory against those using political power to tactically justify the activities of killer herdsmen,” the PDP House Caucus stated. -Daily Post

Babiallah economy !!! Salaries may be delayed over FAAC deadlock, Says Adeosun

The Minister of Finance, Kemi Adeosun on Thursday warned that if the issues that led to the federation accounts and allocation committee (FAAC) meeting with governors that ended in a deadlocked is not resolved; salaries might be affected in the states.

The committee members of FAAC, she said, felt that some of the costs presented by the Nigerian National Petroleum Corporation (NNPC) couldn’t be justified hence have decided that rather than approve the accounts, the negotiations continue until the agreements are reached.

She also explained that President Muhammadu Buhari and Vice President Yemi Osinbajo, have been fully briefed and have supported the Ministry of Finance and the commissioners of finance not to approve those accounts until further explanations on some of the cost being implemented are given.

The revenue sharing meeting had ended in a deadlock on Wednesday for the third time since January 2018.

The National Economic Council (NEC) presided over by Vice President Yemi Osinbajo, has demanded explanations from the NNPC for unclear costs the corporation made from FAAC.

State Commissioners of Finance, who had converged on Abuja with the expectation to collect their states’ share of the monthly allocation, reportedly walked out of the FAAC meeting as they protested the deductions.

Adeosun, who chairs FAAC, said she brought the matter to the NEC chaired by Osinbajo, with State Governors, Central Bank Governor, and others as members.

Briefing the State House correspondents at the end of the NEC meeting, Adeosun said “Also in my capacity as chairman of FAAC, I briefed governors on the deadlock that we have got currently in the federation account and explained what happened. And there was quiet and extensive debate on what to do.

“For the purpose of this briefing, we operate NNPC as a business, we have invested public capital in that business and we have expectations of return and when that return fails lower than our expectations then the owners of this business which in this case is the federal government and states need to act. So, that was what caused the deadlocked yesterday (Wednesday) and we really felt the figures the NNPC was proposing for FAAC were unacceptable. We felt that some of the costs couldn’t be justified and so we have decided that rather than approve the accounts, we will go back and do further work.

“So further negotiations and interactions is going on with NNPC as we speak. However, we did briefed both Mr. President and Mr. Vice President on the deadlock and asked for their support and their forbearance in this because the consequence of this is that, salaries might well be delayed in many states as a result of this. But we feel that in order to get to the accurate figures that we need, we have asked for forbearance and the governors and the federal government are all in agreement that we need to get to the bottom of those figures.

“In particular, now that the oil price is now $76 per barrel in the spot market which means that bonny light is about $78, we want to be aggressively putting money away into the excess crude account. So we are very conscious that this period, this window of relatively high oil price might not last and we will like to be able to save. If we cannot get into the federation account the sort of revenues we are expecting then we will not be able to save. So it was a very important point really underscored by all the governors and they really want action taken and they are fully in support of the positions of the Federal Ministry of Finance and the commissioners of finance not to approve those accounts until we get further explanations on some of the cost being implemented.

On the exactly issue with the NNPC, Adeosun said, “Based on oil price, oil quantity you can pretty much calculate what you are expecting to see in the federation account and if the figure is less, then the right question that any stakeholder must ask is why.

“So we have been going back and forth with NNPC to try and understand these figures before we can accept them. Remember that the FAAC figures have to be formally accepted by the federation-account committee and we were simply not comfortable with the quantum of some of the deductions made and therefore we could not approve those figures. So even as we speak, there is an interface going on between the commissioners forum, ministry of finance, office of the accountant general, CBN and NNPC but we hope to be able to convene FAAC within next few days.”

While giving updates on the balances of the federation accounts, Adeosun said, “Items to note on the excess crude account is that in May we had an additional credit of $80.6 million that accrued into the excess crude account.

“The balances on the excess crude account $1,916,742,289.60, stabilization 18,892,864,216.65, Natural Resources N133, 715,427,387.37.”

Governor Ifeanyi Okowa of Delta State, who briefed the press alongside Adeosun, disclosed that the NEC approved the financial report of the Nigeria Sovereign Investment Authority (NSIA), for 2016 and update for 2017.

He said the report indicated a positive profitability over the past five years, at about $8m per year; and $1.25m as assets at a rate of 6.6% return on assets.

He said, “At the meeting today, we did take the annual reports and accounts of National Sovereign Investment Authority (NSIA) for the year ended 2016 and an update on 2017 activities.

“The main issue was the NSIA report on five years so far of profitability in all forms with core profits of about N26.28 billion which is about $88 million in 2016. NSIA also reported that the total profit on that management was about $1.25 billion for most part of the year but they had received an extra of $250 million that was received in the third quarter of 2017.

“It also did report that the returns on assets was up to 6.6 per cent in dollar terms which we considered to be quite good in terms of returns. It is actually shifting its focus now to infrastructure and direct investment locally in the country which is of great benefit to us as a nation.

“The 2017 activities of the NSIA also include the implementation of Presidential Fertilizer Initiative (PFI) in 2017. They commenced the construction of free health projects in Lagos, Kano and Umuahia, Abia State. They continued with the work, the funding of the work on the second Niger bridge in which they had been involved in the past.

“They also did invest and own 13 per cent of Bridge Academy Ltd, a network of schools which delivers high quality affordable primary education to lower income earners and it is hoped that they will do that too in other states of the federation.

“They also did invest in Babagona, an agricultural franchise, that empowers small holder farmers across the country, and in 2018, they intend to focus on executing infrastructure investment across the nation which includes roads, investment in agriculture and health.

“We are hoping that all this will impact on infrastructure development and development of industrial real estates across the country. Council eventually resolved that the account of NSIA presented to us should be approved and council so approved.”

The NEC also resolved that a Committee comprising Governors of Kano, Osun, Delta, Anambra, CBN Governor and the Minister of Education should look into what needs to be done urgently in the education sector at the State level and report back to the Council.

The minister of education said this was in recognition of the fact that more investment is needed in the education sector, while emphasising that collaboration among the Federal, States, Local Governments, Private Sector and Development Partners is very necessary, as the standard of basic education at the State level has fallen drastically. - The Nation

Southern stakeholders demand return of regional government

Some stakeholders from the southern part of the country have accused the north of oppressing the south and demanded a return of regional government.

They expressed this at a colloquium and leadership series organised by Group, Voice of Reason (VOR), a think-tank, in Lagos  on Thursday .

Olisa Agbakoba, former president of the Nigeria Bar Association; Aniko Briggs, prominent Niger Delta activist, Toyosi Akerele-Ogunsiji, social entrepreneur, Tony Nyiam, a retired colonel; Abdul Tafawa Balewa, son of former Nigerian prime minister; and Sunny Kuku, founder of Eko Hispital.

In his paper at the event,  Agbakoba said the current federal arrangement is faulty.

He said the real issue was not restructuring but how to ensure that all the sub-nationals in the country involved in the restructuring process so that there would be a sense of belonging.

“The current federal arrangement is faulty, there is no lie about that but the problem is not the concept of restructuring but how do we ensure that all ethnic groups especially the sub-ethnic groups involved in this process so that there will be justice and fairness for all,” he saud.

“There is too much concentration at the centre, Abuja is over concentrated to the detriments of the sub-national ethnic entities. If we want to restructure, our differences in languages and cultures must be accommodated, we need to be cautious of our advocacy so that it will not be on a tripod while we neglect the cries of other sub-national entities.

“Benue state was bombed by herdsmen, the governor could not do anything. Zamfara Governor is lamenting. Earlier this week, the president visited Plateau state, I saw the governor fidgeting, he was scared. This must stop.”

In her own submission, Briggs said the amalgamation of Nigeria in 1914 brought the current burden.

“The amalgamation brought the burden on Nigeria in a way that suppressed the power to decide whether the different ethnic groups would like to live together or otherwise,” she said.

“The amalgamation foisted the entity called Nigeria on us and today we carry that burden.

“Therefore it is not politics or the political that we must address this burden through restructuring and a new constitution to be drafted by the people, not the military like that of 1999. It is only restructuring that will resolve this, we need a new constitution that will address this corruption in the real sense of it and it must be now as we approach another election year in 2019’

“We must not accept to go into 2019 elections without commitments from those who want to rule this country. We must demand that they support restructuring and resolve this issue once and for all. This is the way to go, this is the way to heal our wound.”

In his remarks, the convener of VOR, Goke Omisore said the group’s objective is to “promote culture of development, oriented values in leadership”.

Sunny Folorunso, secretary of the group, unveiled a draft of a new constitution. - Cable Nigeria

Nine die, 54 vehicles burnt in Lagos tanker fire

At least nine people on Thursday died, four injured and 54 vehicles razed after a petrol tanker fell on the Otedola Bridge in Berger, Lagos.

The incident which occurred around 5pm, caused serious traffic snarl in and out of the state.

It was gathered that emergency workers had a tough time accessing the scene as a result of the traffic and crowd.

It was gathered that the tanker, laden with Premium Motor Spirit, had fallen while ascending the bridge outward Lagos.

According to witnesses, the tanker spilled its content backwards, prompting most of the occupants of the vehicles behind it to flee to safety.

However, the nine dead persons were caught up in the inferno, as the positions of their bodies showed they were also trying to run away.

According to the General Manager, Lagos State Emergency Management Agency (LASEMA)  Adesina Tiamiyu, two of the injured persons were in critical condition.

He said: “A tanker exiting Lagos lost control while climbing the Otedola Bridge and spilled its content backwards. This caused a fire outbreak and 54 vehicles were affected.

“Nine bodies were recovered and four injured people. Two of the injured were in critical condition. They have all been moved to the hospital.

“We are removing the burnt vehicles from the road in order to ease traffic congestion. We advice people travelling to Ibadan or outside Lagos to use alternative routes.”

Commander, Rapid Response Squad (RRS) Tunji Disu, an Assistant Commissioner of Police  (ACP) told our Correspondent that they had rough time controlling the crowd, appealing to residents to stop overcrowding disaster scenes. - The Nation

Kenyatta says brother won’t be spared prosecution in anti-graft war

President Uhuru Kenyatta on Thursday said no one, including Muhoho Kenyatta, his brother, will be spared in the corruption crackdown by his government.

Kenya’s president made the comments after Mwangi Kiunjuri, the country’s agriculture minister, on Monday gave a parliamentary committee a list of companies licensed to import sugar.

Muhoho is a director in one of the firms listed. The firm, named as Protech Investment Limited, is not listed on Kenya’s companies register.

“There is no going back in war against corruption,” Kenyatta said after opening a Kenya-US trade meeting.

“If there is evidence against anyone, including my brother, charge them.”

Meanwhile, the agriculture minister has said attempts to link Muhoho to the investigation into illegal sugar imports by “singling out” the firm whose board he sits on were “misleading and malicious”.

The Kenyan government is in the middle of a crackdown against illicit goods, estimated at 40 percent of all traded goods in the country. - Cable Nigeria