News
AMCON Gets New Powers to Chase after Rich Debtors

Federal government has taken new measures to recover the over N5triilion debt owed the Asset Management Corporation of Nigeria (AMCON) by some prominent Nigerians and corporate bodies.
Under the new move, all the bank accounts of the individual debtors and their companies have been placed under surveillance. This followed the signing into law of the AMCON Amendment Act 2019 by President Muhammadu Buhari.
The AMCON Amendment (No. 2) Act fine-tuned the 2010 Act by increasing the powers of the corporation to enforce the recovery of debts from persons owing legacy banks or seizure of their property, the subject of loan obligation.
In particular, the Act empowers AMCON to place any bank account or any other account comparable to a bank account of a debtor of an eligible financial institution under surveillance.
AMCON will also have access to any computer system component, electronic or mechanical device of any debtor with a view to establishing the location of funds belonging to the debtor, and obtain information in respect of any private account together with all bank financial and commercial records of any debtor of any eligible financial institution.
Banking secrecy, and the protection of customer confidentiality is not a ground for the denial of the power of the Corporation under this section.
The law now makes it mandatory for AMCON to, despite the convention of confidentiality of banking, business and contracting relations, furnish the Federal Government, Ministries, Departments and Agencies with a list of recalcitrant debtors and then impose an obligation to seek clearance on the Federal Government, Ministries, Departments and Agencies when the Federal Government, any Ministry, Department or Agency proposes to contract with, or pay, debtors on the list furnished by the Corporation.
It further provides that: “(1) all money standing to the credits of the Corporation in any bank account is deemed to be in the custody and control of the Corporation. (2) where any proceeding is pending in any court of competent jurisdiction by or any Corporation, the grant of any interim, interlocutory or preservative order of attachment against the Corporation’s funds in any bank is prohibited.’’
“(3) the Corporation may require any eligible financial institution from which it has acquired an eligible bank asset or any director, manager or officer of such eligible financial institution to furnish information and produce documents, books, accounts and records in relation to any eligible bank asset acquired by the Corporation from such eligible financial institution or in relation to the borrower or other obligator connected with such eligible bank asset.”
The Act also states that upon dissolution of the Corporation: all unresolved eligible bank assets then held by the Corporation shall be transferred by the liquidator or joint liquidator to such government agency, or for valuable consideration, to a third party asset management company or other entity specified by the Central Bank of Nigeria.
The law provides that all the existing staff shall be re-deployed to and absorbed into the Central Bank of Nigeria or the Nigeria Deposit Insurance Corporation.
The Act provides for, ‘’a part-time Chairman who shall be a Deputy Governor in the Central Bank of Nigeria to be nominated by the Central Bank of Nigeria.’’
The AMCON law is part of the two other former bills President Muhammadu Buhari has assented to which was passed by the 8th National Assembly.
News
ABoICT Lecture 2025 to Focus on Governance, Standardization in Artificial Intelligence Era

This year’s Africa’s Beacon of ICT Merit and Leadership lecture will focus on Governance, Standardization and cybersecurity in artificial intelligence era.
The lecture which will herald Africa’s Beacon of ICT Merit and Leadership Awards (ABoICT Lecture 2025) hold on May 24, 2025 at Four Points by Sheraton and will be delivered by Prof. Adewale Obadare, Chief Visionary Officer, Digital Encode – Cybersecurity and GRC Expert.
The sixteenth edition of the award ceremony according Ken Nwogbo, editor-in-chief of Nigeria CommunicationsWeek the organizers of the event, “is a special edition to recognise and celebrate organizations and individuals in the ICT industry that have contributed to the growth of the sector.
“Most of these organizations and individuals have consistently being voted by our readers as leaders in their areas of operations and we have decided to reward them in this special edition, tag: ‘ICT Growth Edition 2025’ he said,”.
He added that, an AI governance framework outlines policies, principles, and practices to guide the ethical and responsible development and deployment of AI technologies, ensuring transparency, accountability, and fairness.
“In the AI era, cybersecurity faces both new threats and opportunities, as AI’s capabilities are used by both defenders and attackers to launch sophisticated attacks and defenses.
“This requires a proactive approach, including AI-powered security tools, robust data security, and ethical AI development, emphasizing real-time monitoring, threat intelligence, and collaboration among cybersecurity professionals and AI researchers.
“Artificial intelligence transforms cybersecurity by automating responses to risks, detecting unusual activity, and even foreseeing possible dangers before they occur.
“While AI has various perks, such as better efficiency and faster risk identification, it also has challenges. Without proper oversight, these systems can be misused or make errors. Strong governance and ethical frameworks ensure AI technologies are used responsibly and effectively.,” he said.
The Africa’s Beacon of ICT Merit and Leadership Distinguished (ABoICT Lecture 2024) is designed to explore efforts to put Nigeria on the global Information and Communications Technologies map.
The lecture series however is reserved for distinguished achievers in the ICT sector.
Past lecturers included Dr. Ernest Ndukwe, then executive vice chairman, Nigeria Communications Commission (NCC); Uche Orji, managing director/chief executive officer, Nigeria Sovereign Investment Authority (NSIA); Biodu Omoniyi, Managing Director/CEO, VDT Communications; Ayotunde Coker, Managing Director, Rack Centre Limited; Peter Adedayo Arogundade, managing director and chief executive officer, Sidmach Technologies Nigeria Limited; Dr. Oluseyi Akindeinde, founder, Hyperspace & NeuraL AI and John Obaro, CEO and founder of Systemspecs; Prof. Isa Pantanmi, minister of Communications and Digital Economy; among others.
News
Cabals Still Fighting our Refinery – Dangote

Aliko Dangote, Africa’s richest man and president of Dangote Refinery, has insisted that the ‘cabal’ in Nigeria’s oil and gas sector is still fighting against the success of his 650,000 barrels per day plant.

Aliko Dangote
Dangote disclosed this, according to Semafor, a global news platform, at an investor forum in Lagos at the weekend.
He said, “For a very, very long time, those that have made a lot of money from government-subsidised oil imports into Nigeria were the ones trying to sabotage the $20 billion worth of refinery situated in Lekki, Lagos.”
He further stressed that “those groups have funded resistance to the Bola Tinubu government’s removal of petrol subsidies and are opposed to the refinery operating easily in the country.”
However, Dangote was confident that the battle between him and the groups would be won, priding himself on being a long-time fighter.
“We’re fighting, and the fight is not yet finished. But I have been fighting all my life, and I am ready and 100 percent sure I will win at the end of the day,” he was quoted.
Recall that Dangote Refinery kicked off the sale of petrol in September 2024, which had led to a significant drop in fuel imports into Nigeria.
In May 2023, President Bola Ahmed Tinubu announced the removal of the fuel subsidy during his inauguration speech.
News
NPAN Hails Tribunal’s Ruling on FCCPC’s $220M Fine Against Meta

Newspaper Proprietors’ Association of Nigeria (NPAN) has welcomed the decision of the Competition and Consumer Protection Tribunal (CCT) upholding the $220 million fine imposed on Meta Platforms Inc. by the Federal Competition and Consumer Protection Commission (FCCPC).
In a statement signed by its President, Mal. Kabiru A. Yusuf, and General Secretary, Mrs. Angela Emuwa, NPAN described the ruling as a significant milestone in Nigeria’s efforts to enforce digital accountability and protect the rights of its citizens.
“The decision affirms the importance of compelling global digital platforms to adhere to Nigeria’s laws and respect the rights of users,” the association said.
NPAN noted that the fine, resulting from a 30-month investigation spanning 2021 to 2023, was imposed due to Meta’s alleged unauthorized data sharing and discriminatory practices affecting Nigerian users.
The association also emphasized that Nigeria’s regulatory action aligns with global trends, citing similar penalties imposed on Meta in Europe, as well as actions against other tech giants such as Amazon, TikTok, Google, and Apple.
As an advocate for media freedom and fair digital practices, NPAN reaffirmed its commitment to safeguarding intellectual property and ensuring fair remuneration for publishers in the evolving digital landscape.
It further urged sustained collaboration among government agencies, civil society, and industry players to strengthen Nigeria’s digital regulatory environment.
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