Connect with us

News Feed

Lawmakers Order AMCON To Return All Wrongly Packaged Debts To Banks

Published

on

The House of Representatives members has ordered the Asset Management Corporation of Nigeria (AMCON) to return all Non-Performing Loans (NPLs) that were contracted unprofessionally to the banks.

The development may throw a new challenge for some banks that thought their sharp practices in the wake of banks’ failures are over, including legal interpretations for some that would go that far to reject such move.

The House of Representatives Committee on Banking and Currency, on Tuesday, in Abuja, expressed concern that the quality of loans acquired by AMCON from Eligible Financial Institutions (EFIs) in the country were products of unprofessional deals.

Already, the lawmakers has called on Central Bank of Nigeria (CBN) and the Ministry of Finance, among other regulators, to immediately ensure that all wrongly declared loans by commercial banks are clawed back to enable AMCON cover its funding gap.

The committee, led by the Chairman, Sir Jones Chukwudi Onyereri, specifically stated that loans without proper documentation or irrecoverable due to packaging or state of the collateral, should be reloaded back to the financial institutions since they are now making profit.

The lawmakers, who visited AMCON’s head office in Abuja as part of its oversight functions to review the Corporation’s 2016 budget performance, decalred their support for the bad debt company in recovering the huge debts outstanding.

The Managing Director/Chief Executive Officer of AMCON, Ahmed Kuru, while welcoming the committee, informed them that for AMCON to survive and meet its obligations, the root causes of some of the loans that ended with AMCON need to be revisited.

Kuru reiterated the fact that AMCON was dealing with obligors that have the financial capacity to engage AMCON from court to court in their plot to evade repayment and thereby sabotage the effort of the Federal Government to resuscitate the economy.

He added that there was need for all the relevant government agencies, especially the legislature, to rally round AMCON because the failure of AMCON would mean that the gains Nigeria recorded in 2010/2011 when AMCON was created would have been lost.

AMCON boss commended their continued interest and support for AMCON so far received, reassuring that the agency would realize its objectives.Meanwhile, the lawmakers also stated that there was need for the government to review some of its processes and be mindful of how it relates with AMCON debtors.

According to them, giving contract to individuals or companies that are heavily indebted to AMCON, to say the least, defeats the whole essence of creating the special agency in the first place.

Onyereri said the committee was satisfied with the renewed vigour with which the present AMCON management was pursuing its obligors.“The Committee observed that it will not be desirable for the Federal Government to continue to patronise individuals and companies who are hugely indebted to AMCON while those companies on the other hand, refuse to repay their debt.

“We are therefore calling on the Federal Government to direct the Ministry of Finance to deduct at source, the value of debt owed by such debtor companies or individual with expected receivables from the Federal Government.

“We also suggested that it may be necessary for such debtor companies to obtain clearance from AMCON as a prerequisite for Federal Government patronage in the future.,” he said.

The Committee, which said it was willing to support further legislative reviews of the AMCON Act as long as it would enhance the operations of the Corporation also noted that the six per cent per cent interest rate charged by the CBN on cost of funds should be reviewed downwards in order to lessen the excessive burden on AMCON, adding that such a move will help to bridge the funding gap.

On the recent takeover of Arik Air by the Federal Government, the committee said the Federal Government should, among other steps, also consider an outright sale of the airline and its assets to prevent further wastage of public resources.

This, he said, is because there are no reliable statistics to show the impact of the services provided by the airline, stating that such a move would influence other smaller and efficient airlines to grow.

Source: Guardian

News Feed

Cleric Warns Bobrisky, Reveals When He Will Die (Video)

Published

on

Popular Nigerian male barbie, Bobrisky has been told to change his ways as he has just few years to live before he dies.

Islamic cleric, Hammed Ademola who claimed that Bobrisky’s money is from the devil said the crossdresser has about 3 years before he dies.

He further added that Bobrisky’s friends would soon have problems in their lives, which is a consequence of befriending an evil.

Ademola also said that Bobrisky would soon have regrets for going under a knife to be transformed from a man to a woman.

Recall that she recently issued a warning to all crossdressers to not think of taking her throne because she is the queen of crossdressers.

Watch the video below:

Continue Reading

News Feed

Dead Man Made To Sit On A Chair At His Own Funeral (Photos + Video)

Published

on

In what will come across as a really startling development, a dead man has been made to sit at his own funeral.

According to Trinidad Express, the dead man was embalmed into a sitting position, placed in the tray of a hearse and given an open-air last ride past the Office of the Prime Minister on the way to his funeral.

Dressed in a suit and in a chair, murdered Che Lewis was placed in the back of a pick-up van by Dennie’s Funeral Home and driven around Port of Spain on Wednesday.

Witnesses and social media users were stunned.

TTPS Road Safety Co-ordinator Brent Batson told Express via a What’s App message that the funeral home’s manner of transporting the deceased will be investigated.

The dead man was made to sit on a chair at his funeral

Batson said, “The TTPS is disappointed in the reckless behavior engaged in by a funeral home being circulated on social media whereby persons were seen seated in the vehicle tray seemingly as part of a funeral procession. Carrying persons in a dangerous manner is an offence Regulation 38 Rule 17 of the Motor Vehicle Road Traffic Act (MVRTA) with a $1,000 penalty and the TTPS will be continuing investigation into funeral company’s conduct on the road.”

Several videos of the ‘last ride’ were posted on social media, with many commenting that this was “proof that Trinidad is not a real place”, while others said they idea was only novel in Trinidad but was done in other countries.

Lewis, 29, and his father Adlay Lewis, 49, were shot and killed on November 15 at their home at First Trace, Bagatelle Road, Diego Martin.

His funeral was streamed live on social media, but not all the viewers were aware that the man sitting at the entrance to the church was the deceased.

There was also a question as to why he was not wearing a mask.

The funeral home informed that because of the “unique funeral, the church was astonished and refused the entrance of Che”.

Following the funeral service at the St John The Evangelist R.C Church at Church Street, Diego Martin the bodies of father and son were interred the St John The Evangelist Cemetery.

The funeral home also intends introducing a new form of body disposal to Trinidad and Tobago.

It is know as alkaline hydrolysis, a process for the disposal of human and pet remains using lye and heat.

Continue Reading

News Feed

Shebi You Have Your Own Life, Why Can’t You Mind Your Own Business – Bobrisky Slams Critics

Published

on

Nigerian crossdresser Bobrisky has slammed those trying to advise her on how she’s living her life asking them to mind their business.

According to her, in this era of the new world, no one tells anyone how to live their lives not to talk of a 29yrs old like hers who is living her life as she wants.

Adding that those trying to advise her all have their own lives to live therefore they should mind their own business and stop trying to advise her.

At this rate, it’s obvious Bobrisky is not ready to listen to any advice from anyone on how to live her own life as he’s now a big boy at 29.

screenshot below;

Continue Reading

Trending