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Rich Nigerians Refuse to Pay N5trn Debt — AMCON

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Asset Management Corporation of Nigeria (AMCON) has established that the top 20 debtors who owe over 67 per cent of the N5tn debt to AMCON have the wherewithal to pay but have intentionally refused to clear their debts.

 

According to the corporation, the debtors believe that the funds in their possession are part of their “national cake”.

 

The firm also said that it was working hard to get court approvals to take over some of the assets of the defaulters.

 

Muiz Banire, chairman, AMCON, recently revealed that the corporation’s top 20 debtors owe 67 per cent of the N5tn debt owed his firm.

 

Jude Nwauzor, head of Corporate Affairs, AMCON, , said that the organisation had established that the major debtors did not want to pay.

 

He said, “These 20 persons owe almost N4tn. We have several thousand accounts in our kitty and just like when you do your scale of preference, when we arrange it, there are top 20, 50, 100, and it moves on in that order.

 

“So what the chairman of AMCON talked about was that if we are able to resolve these 20, we would have done over 60 per cent of the total obligation, which, of course, is massive.

 

“We can only imagine what N5tn can do to a country where the government is borrowing to fund the budget.

 

“There are individuals in this country who hold on to this money and it is not that they don’t have the wherewithal to pay, but they just don’t want to pay because for them, it is national cake. But this is taxpayers’ money. Some workers have died because of these people. Some institutions have been crippled because of them. The economy is also suffering because of them.”

 

On why the corporation had not fully gone public to announce the debtors, Nwauzor stated that it was because some of them had cases with AMCON in court.

 

He said, “We are not just trying to identify these people; they are people we know and on several occasions, our chairman had at one point or the other mentioned  their names.

 

“Most of these obligors are also in court with us, which is why you can’t just go out to reel out names, especially when you have a case that is before a court of competent jurisdiction.

 

“So, it is not that we are trying to shield the names, we know them but we need to be careful how we mention them, especially when they are undergoing hearings from the court.”

 

Nwauzor further explained that AMCON does not just take over an entity if it had not exhausted all avenues of peaceful resolution.

 

He said, “Some of these cases have been on for over five, seven years, and others since the inception of AMCON in 2010.

 

“So when you have exhausted all those options and the obligor or debtor is not bulging, then you seek redress in court and the court gives us the order to enforce on the asset of the obligor.

 

“It is through that court order that we’ll take over companies or to freeze the person’s account or assets. So it is not always cash; sometimes it comes in the form of cash, while other times it comes in the form of assets.”

 

On whether AMCON had received court approvals to go after the assets or cash of the top 20 defaulters, he replied, “Taking over a business or asset via the court is a process. It is not something that happens in one week or one year. But the court has been very helpful in this recovery effort, especially the Federal High Court.”


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Egueke, Former Bank Manager Jailed for $46,900 Fraud

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Fidelis Egueke, former bank manager, , has been convicted and sentenced to six months in prison by an Asaba, Delta State Chief Magistrate’s Court for defrauding a victim of $46,900.

Egueke, Former Bank Manager Jailed for $46,900 Fraud

Chief Magistrate Callistus Isioma Moeteke found Egueke guilty of a single charge brought against him by the police under case number CMA/295c/2024.

Raphael Eze, prosecutor, of the State Criminal Investigation Department (SCID), Asaba, said Egueke, a former Asaba branch manager of a tier-one bank, fraudulently obtained $46,900 by using two Certificates of Occupancy (CofOs) as collateral.

One of the land titles, however, was not his, and the other was fake.

After receiving the money, Egueke used it for personal expenses and failed to repay the victim as promised.

The prosecution argued that Egueke’s actions violated Section 419 of the Criminal Code Law, Cap C21, Vol.1 Laws of Delta State, Nigeria, 2006.

Despite denying the offence, Egueke failed to present evidence of repayment during the trial.

Chief Magistrate Moeteke determined that the prosecution had proven its case beyond a reasonable doubt.

Egueke was convicted and sentenced to six months imprisonment.

However, the court also gave him the option to pay a fine of N350,000 in lieu of serving the prison term.

The court ordered Egueke to pay N30 million in restitution to the victim within six months of his conviction.

The charge against Egueke stated that, in 2016, he fraudulently obtained a credit facility worth $46,900 (approximately N60 million) from Chief Jude Ndudi by presenting false documents, including land titles that did not belong to him, in violation of Section 419 of the Criminal Code Law.

Egueke is also facing trial before a Lagos Federal High Court on charges related to a separate fraud case involving N179.498 million.

He is being prosecuted by the Force Criminal Investigation Department (ForceCID), Annex Alagbon-Ikoyi, Lagos.

 

 


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PalmPay, Jumia Reward Users in Festive Campaign

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This holiday season just got a whole lot more exciting! PalmPay, one of Africa’s leading fintech platforms, operates Nigeria’s most used mobile wallet and has teamed up with Jumia, the continent’s e-commerce giant, to launch a festive campaign that’s all about convenience, rewards, and enhancing your shopping experience.

Running from December 11th to 28th, 2024, this holiday campaign is set to reward shoppers who use the new “Pay with PalmPay” feature on Jumia with cash prizes. Every purchase made using the direct payment method automatically enters participants into a draw, giving them a chance to win exciting cash rewards while enjoying the seamless shopping and payment process.

A Strategic Partnership To Enhance Digital Payments

The integration of the “Pay with PalmPay Wallet” feature on Jumia marks a major milestone in the partnership between the two industry leaders.

Speaking at the media announcement, Mr. Chika Nwosu, Managing Director of PalmPay, highlighted the broader mission driving this collaboration: “We are thrilled to join forces with Jumia to redefine convenience for shoppers. At PalmPay, our mission has always been to drive economic empowerment through accessible and user-friendly financial services. This partnership is a natural step forward in achieving that goal.”

Beyond the holidays, this partnership with Jumia m,k is a signal of bigger things to come. Mr. Chika added: “This is more than just about payments—it’s about creating value for our customers. We are excited about the opportunities this partnership will unlock in 2025, including campaigns and innovative initiatives that will further transform the online shopping landscape.”

Sunil Natraj, CEO of Jumia Nigeria, highlighted the shared vision between both companies, stating: “At Jumia, we are dedicated to creating value for our customers by ensuring a convenient, reliable, and secure shopping experience. This partnership with PalmPay strengthens our commitment to enhancing the digital payments within our platform. By integrating PalmPay, we are providing more options for customers to access affordable and quality goods with the convenience of cashless transactions.”

How to Join the Holiday Fun

Participating in the campaign is simple. When shopping on Jumia, select the “Pay with PalmPay” option at checkout, and your entry into the draw is automatic. It’s that easy!

Bonus Entry: Share a screenshot of your purchase on X (formerly Twitter) using the hashtag #PalmPayXJumia to increase your chances of winning. Additional winners will be selected from participants engaging with the campaign on Twitter.

Whether you are shopping for gifts, or gadgets this festive season, PalmPay and Jumia are making sure your experience is not only seamless but also rewarding.

To learn more about the campaign, stay tuned to the official  X accounts (formerly Twitter) of @palmpay_ng and @JumiaNigeria. for updates, announcements, and more chances to win.


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Corruption: ICPC Threatens Sanctions as 330 MDAs Fail Financial, Governance Tests

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Independent Corrupt Practices and Other Related Offenses Commission (ICPC), has revealed that none of the Ministries, Departments, and Agencies (MDAs), in the country complied fully with ethical standards, policies, and anti-corruption measures in the passing year.

Corruption: ICPC Threatens Sanctions as 330 MDAs Fail Financial, Governance Tests

This was following the findings from the Commission’s Ethics and Integrity Compliance Scorecard (EICS) for the MDAs.

The Commission warned that henceforth, non-compliant MDAs will face necessary actions, including enforcement, to ensure adherence to government directives.

According to the EICS scorecard released on Thursday in Abuja by Demola Bakare, ICPC spokesperson, no MDA out of 330 MDAs that were assessed through physical deployment by ICPC teams achieved full compliance.

The EICS serves as a preventive tool used to assess and enhance the compliance of MDAs with ethical standards, policies, and anti-corruption measures.

Findings from the report indicated that no MDA achieved full compliance, while 29.55 per cent of MDAs captured attained substantial compliance, and 51.62 per cent had partial compliance.

The report also observed that 15.91 per cent showed poor compliance, while 292 per cent were non-compliant.

According to the report, common gaps included a lack of whistle-blower policies, strategic plans, and effective stock verification units, adding that many MDAs failed to conduct any forms of system studies or render financial and audit reports.

Commenting on the report, Bakare noted: “This year, 2024, the tool covered 323 responsive MDAs, with 15 MDAs non-responsive and categorised as high corruption risk.

“It is imperative to inform you that this initiative has yielded some positive and value-driven impacts, and these are, but not limited to, increased awareness and compliance with anti-corruption measures, enhanced competition among MDAs to meet criteria, and improved procurement processes and data reliability.

“The Commission recognises the MDAs with substantial compliance and will continue deploying these tools to promote integrity and accountability.

“Non-compliant MDAs will face necessary actions, including enforcement, to ensure adherence to government directives. We are certain that these efforts will continue to underline ICPC’s dedication to enhancing good governance and preventing corruption.”


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