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AMCON Moves Against Firm’s MD, Directors over N42b Debt

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Asset Management Corporation of Nigeria, AMCON, has initiated bankruptcy proceedings against the Chairman of Milan Industries Limited, Milan Nigeria Ltd and Milan Beverages Ltd, Rajesh Valecha and four other directors of the companies over their alleged inability to repay a N42billion debt.

The other directors, named in five petitions, now pending before two judges of the Federal High Court in Lagos, are: Ramesh Valechha, Vikram Valechha, Odunlami Bayo and Akin Femiwa Akinsola.

In the petitions filed by its lawyer, Kunle Ogunba, SAN, AMCON stated that the debt, which now stands at N41,511,758,031.14 arose from several loan facilities obtained from Skye Bank (now Polaris Bank) between 2010 and 2012 by Milan Industries Ltd and Milan Nigeria Ltd, for which the directors are now liable.

Stating that it has since acquired the debt from the bank, AMCON added that the debtor companies applied majority of the loan facilities to the construction of a 361-room hotel facility at 52 Kofo Abayomi Street, Victoria Island, Lagos, formally known as Intercontinental Hotel (now Lagos Continental Hotel).

AMCON is praying the court for among others, an order appointing a trustee against the estate, funds, investment, shares or other interest of the directors, “principally as they may be vested, constituted or evinced in Milan Industries Limited, Milan Nigeria Limited, and Milan Beverages Limited which interest is held either directly or through the said Milan Industries Limited and/or in any other company within and outside Nigeria.

AMCON is equally seeking consequential order empowering it to sell the directors’ properties (be it landed or chattels) where – ever situate and/or found including but not limited to his shares principally in Milan Industries Limited, Milan Nigeria Limited, and Milan Beverages Limited which interest is held directly or through the said Milan Industries Limited either by private treaty or by public auction which occasion shall be published in two widely read and circulated national daily newspapers in Nigeria.

Also, AMCON wants an order granting it leave to appropriate or otherwise utilize the investments, shares or other interests of the directors in the companies and in any other company/corporate entity in Nigeria or outside Nigeria in partial or full satisfaction of the debt due, as the case may be.

On March 21 Justice Daniel Osiagor granted AMCON leave to effect substituted service of relevant court documents, including the petitions on Ramesh Valechha and Vikram Valechha. Similar orders for substituted service were earlier made in the petitions against the other three directors.

While Justice Osiagor is hearing three of the petitions (filed against Ramesh Valechha, Vikram Valechha and Akin Femiwa Akinsola), Justice Yelim Bogoro is handling two (filed against Rajesh Valecha and Odunlami Bayo).

Both judges had, in earlier rulings, issued ex-parte injunctions restraining the directors from tampering with their assets and ordering banks to provide information about their financial standing.

Credit: Vanguard


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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Firms Seek Specialized Expertise to Combat AI Cyber Threats – Study Reveals

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As concerns about the use of AI in cyberattacks increase, companies worldwide are racing to bolster their cybersecurity strategies, according to a Kaspersky survey.

In a new study the cybersecurity company revealed that 92% of IT and Information Security professionals surveyed in the Middle East, Turkiye and Africa (META) region expect the use of AI by malicious actors to escalate over the next two years.

This growing threat is prompting organisations to prioritise cyber defense expertise, with many turning to cybersecurity vendors for specialised support and training.

In its latest study titled “Cyber defense & AI: Are you ready to protect your organisation?” Kaspersky gathered insights from IT and Information Security professionals across SMEs and large enterprises. The findings underscore the urgent need to prepare for AI-driven cyberattacks.

To combat these evolving threats, companies place high value on cybersecurity expertise, with 94% of respondents in the META region highlighting the importance of growing internal expertise through training for in-house employees, and 93% underscoring the need for external expertise provided by cybersecurity vendors. This need spans sectors from retail to critical infrastructure, emphasising a universal demand for advanced threat protection.

To reinforce their cyber protection, organisations are actively integrating both internal and external expertise. Currently, 36% of companies surveyed in the META region are either implementing or planning to deploy external support to adapt to the evolving threat landscape, while 34% are doing the same through internal training initiatives. Additionally, 61% already use external cybersecurity expertise, and 62% have training programs in place, underscoring a dual approach in fortifying their protection.

Cybersecurity vendors’ expertise can come in various forms, from specialised professional services that help organisations deploy their protection solutions, to advanced expert centers that focus on specific security challenges.

One of these centers is the Kaspersky AI Technology Research Center. It brings together the company’s AI research and development efforts, to deepen the protective capabilities of cybersecurity solutions.

Vladislav Tushkanov, Group Manager at the Kaspersky AI Technology Research Center, says: “Our latest survey shows that businesses are acutely aware of the rising threat from AI-driven cyberattacks and are looking to reinforce their protection through comprehensive solutions, including the use of vendors’ extensive cybersecurity expertise.

The Kaspersky AI Technology Research Center plays a pivotal role by helping us leverage AI advancements to enhance our threat protection strategies and explore innovative ways of using AI in cybersecurity. It also enables us to address security concerns specific to AI itself, ensuring that businesses are prepared for the latest AI-driven threats.”

 


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EFCC Dismantles Fake Hotel Review Syndicate, Arrests 105 in Crackdown

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Economic and Financial Crimes Commission (EFCC) has dismantled a fake hotel review syndicate and arrested four Chinese nationals and 101 Nigerians for their roles in the elaborate internet fraud scheme.

EFCC Dismantles Fake Hotel Review Syndicate, Arrests 105 in Crackdown

Victims were allegedly first lured into rating hotels in exchange for small sums of money.

Eventually they would be encouraged to make bookings in any of the rated hotels for as much as $500.

They were told that the company would pay them back with chunky interest into a crypto wallet bearing their names.

However, the victims would in the end not be able to open the wallet.

EFCC announced that the suspects operated out of Naka Hall Plaza on Abutu Garba Street in Gudu, Abuja, where agents recovered 100 compact workstations.

Dele Oyewale, spokesman, EFCC, said the suspects used fake foreign identities to target unsuspecting victims, primarily U.K. residents.

Authorities said the criminal network was allegedly led by the Chinese nationals, who recruited and trained Nigerian youths with advanced technical skills to act as customer service representatives.

These representatives followed a predesigned script to deceive their victims online.

The operation follows a separate crackdown weeks earlier, in which 792 suspects — including 148 Chinese nationals — were arrested for involvement in cryptocurrency and romance scams.

The foreign nationals allegedly used corporate apartments disguised as business centers to train their Nigerian accomplices. These accomplices were reportedly taught to initiate romance and investment scams and use their own identities to carry out fraudulent activities.

The EFCC also highlighted a concerning trend of foreign nationals instructing Nigerians in internet-related crimes.

 


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AfDB to Partner LAMATA to Expand Existing Rail System

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The African Development Bank (AfDB), has disclosed plans to work with the Lagos Metropolitan Area Transport Authority (LAMATA), to boost the state’s transport system with the development of another rail line.

This was contained in a statement signed by, the Head, Corporate Communication, LAMATA, Mr. Kolawole Ojelabi in Lagos.

Ojelabi said that the AfDB Vice President, Private Sector Infrastructure and Industrialisation, Mr. Solomon Quaynor, gave the assurance during a visit to LAMATA.

He added that the bank was interested in partnering LAMATA to expand the capacity of the existing rail system.

“Quaynor was also in the company of the Non-Sovereign Operations and Private Sector Equity Specialist, Mr Mayowa Ayodele ahead of a visit of the technical team to assess the Purple line,” he said.

The Purple Line is a 60-kilometre railroad along the Redemption Camp in Ogun State, traversing Berger, Agege and Alimosho and terminate at Volkswagen to join the Blue Line.

“The visit follows a recent pitch for investment on 60-kilometre Lagos Rail Mass Transit (LRMT) Purple Line at the African Development Bank forum in Morocco, where the Lagos delegation was led by Governor Babajide Sanwo-Olu.

“This is to further discuss collaboration on the project and other lines outlined in the Lagos Strategic Transport Master Plan. The delegation toured the LRMT Blue Line and expressed satisfaction with the progress of the Blue Line rail system,” he said.


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