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Senate panel justifies continued existence of AMCON despite challenges

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The existence of the Asset Management Corporation of Nigeria (AMCON) despite the challenges confronting it is not misplaced, Senate panel on Banking, Insurance and Other Financial Institutions has stated.

AMCON is vested with the statutory responsibility amongst others, of recovering the non-performing loan hitherto disbursed by eligible financial institutions (banks) to their customers.

The Managing Director of the agency, Ahmed Kuru on wednesday led top officials of the agency to the Senate on to present his 2023 financial records and to defend the 2024 budget estimates.

Some lawmakers in the Senate panel had expressed dissatisfaction with the agency’s performance in the outgoing fiscal year wondering if it would not be better for the National Assembly to scrap it.

Senator Sani Musa, who is a member of the committee had expressed dismay that despite its huge liabilities, AMCON was not aggressive enough in its loan recovery drives.

He said, “Most of the loans were owed by individual companies which were never sanctioned and at the end of the day, the same company would go back to buy back their asset that AMCON had hitherto taken over. Are we going to continue like this?

“It is not only about defending budget, it is about seeing the effect of the Appropriation, we need to know whether it is working. Or are we just creating a job for those we can protect?

“Will it not be better to scrap AMCON since it seems to have lost its statutory mandate?

Speaking from the same perspective another member of the committee, Senator Jimoh Ibrahim, lamented the huge losses suffered by the assets recovery agency in the outgoing fiscal year.

Ibrahim said, “Your total comprehensive profit and loss, and it came in to a loss of N145bn. This calls for concern.

“Your net operating profit and loss is N126bn. What is responsible for all these big losses. You are created to collect bank loans from them.

“Even if you’re now regulators to the debtors, why are you incurring losses. Your balance sheet is not looking so good. Again, why are you buying cash-colateralised loans?”

Attempts by the Chairman of the Senate Committee, Senator Tokunbo Abiru, to defend the agency’s submissions did not go down well with some members and the panel had to dissolve into a closed session.

After about 30 minutes, the doors of the committee room were thrown open and Abiru addressed journalist on the outcome of the executive session.

Abiru said, “The committee has agreed that there is the need for a strong financial system stability hence agencies like AMCON is still desirable.

“We also believe that the role of AMCON is further underscored by the fact that it was set up using a model that it would help us to tidy up the challenges that we had in the financial system in the past.

“The only challenge that we had today is that we need to have a definite time that all the obligations that are hanging on the throat of AMCON must be redeemed.

“The conclusion is that we will continue to work with AMCON and other agencies to fashion out a model that would make AMCON openly wound down it’s obligation at the possible shortest time.

“There is no society that does not have AMCON in one form or the other. The only way we can resolve financial stability is through the creation of an entity like this and we need to ensure it’s success,” Abiru added.
Kuru told the panel that his administration had been able to recover about N648bn out of the agency’s total liabilities of N5trn as of 20th September, 2023.

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CUPP lampoon Reps over move to investigate Ugochinyere, others for visit to Fubara

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**Calls for reversal of the ill-informed Move by the House of reps

The Coalition of United Political Parties (CUPP) has Condemned the attempt by the House of Representatives to refer Ikenga Imo Ugochinyere and other members to the Committee On Ethics for probe over their Solidarity Visit to the Rivers State Governor, Siminalayi Fubara.

Fifty members of the House of Representatives hadq paid a solidarity visit to the Rivers State governor, Siminalayi Fubara, to celebrate his one year in office.

The lawmakers, who consist of members of the Peoples Democratic Party ( PDP), Labour Party ( LP), New Nigeria Peoples Party ( NNPP), All Progressives Grand Alliance ( APGA) and the All Progressives Congress (APC) also include the spokesman of opposition coalition, in the House, Ikenga Ugochinyere..

Ugochinyere had explained on the sideline of the thanksgiving service in Port Harcourt that federal lawmakers were in Rivers to solidarilize with Fubara and celebrate with him on his one year of transformational leadership.

But the House had referred the Honourable members to the Committee on Ethics for disciplinary action over their visit

However, the chairman,

Media Committee of the

Coalition of United Political Parties (CUPP) Chief Barr. Chukwudi Ezeobika in a statement has tackled the leadership of the House for the action which he said clearly cast doubt on its integrity in the observance and or adherence to the laws which they enact/promulgate. 

“Relying on the point of order/ privilege raised by Yusuf Gagdi of the All Progressives Congress, Plateau State to arrive at such decision is erroneous and grossly misleading.

“The House, by this very action, has impugned on the integrity and sacredness of Chapter IV of the 1999 Constitution of the Federal Republic of Nigeria (as amended) especially Sections 39 and 40 which guarantee Freedom of Expression and the Press as well as that of Peaceful Assembly and Association respectively. 

“We, the Coalition of United Political Parties (CUPP),  hereby call on the leadership of the House of Representatives to, without further delay retract its ongoing steps in the purported probe of these Honourable members by its Ethics Committee and not engage in any act that may violate the fundamental rights of its members or any member of the public. 

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Kano Police counter reports that Emir Bayero will lead Jumma’t prayer

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the Kano State Police Command has countered reports that Alhaji Aminu Ado Bayero will lead Jumma’t Prayers at Kofar Kudu Central Mosque, Kano, where Alhaji Muhammadu Sanusi, Emir of Kano, leading prayer at the moment.
The reinstated Emir Muhammadu Sanusi II and the dethroned Emir Aminu Ado Bayero, have been laying claim to the throne, creating confusion in the city.
Governor Abba Kabir Yusuf had dethroned Ado Bayero and asked him to hand over within 48 hours.
But the dethroned monarch in defiance returned to the town under military protection and has been operating from the mini palace since then.
In a statement by Abdullahi Kiyawa, spokesman of Kano Police Command, said, “The Commissioner of Police, CP Mohammed Usaini Gumel, FIPMA, psc further assured that all necessary security arrangements have been made for Alhaji Aminu Bayero to observe his Jummah Prayers in the Mosque where he lives at the Nasarawa Palace.
“The CP also assured that the Police and all other state security agencies will provide adequate security at the Palace where Emir Muhammadu Sanusi II is expected to observe his Jumma’at Prayers.
“Members of the public are therefore advised to ignore the false reports and misinformation circulating on social media and to go about their activities without fear of molestation or intimidation assuring that the Police will continue to provide the necessary security for ensuring that residents observe their Friday congressional prayers peacefully and without threats to their lives and property.”
The emirate tussle has continued to linger since the reinstatement of Sanusi and dissolution of the five emirates.
There have been cnflicting court orders for and against
Based on the conflicting orders, the Chief Justice of Nigeria, Justice Kayode Ariwoola, had summoned the head of the Federal High high Court and Kano Chief Judge.
The Police statement reads,
KANO STATE POLICE COMMAND
31ST MAY, 2024

The Kano State Police Command is hereby advising all residents to disregard the false information circulating on social media that Emir Alhaji Aminu Ado Bayero will lead Jumma’t Prayers at Kofar Kudu Central Mosque, Kano.

2. The Commissioner of Police, CP Mohammed Usaini Gumel, FIPMA, psc further assured that all necessary security arrangements have been made for Alhaji Aminu Bayero to observe his Jummah Prayers in the Mosque where he lives at the Nasarawa Palace.

3. The CP also assured that the Police and all other state security agencies will provide adequate security at the Palace where Emir Muhammadu Sanusi II is expected to observe his Jumma’at Prayers.

4. Members of the public are therefore advised to ignore the false reports and misinformation circulating on social media and to go about their activities without fear of molestation or intimidation assuring that the Police will continue to provide the necessary security for ensuring that residents observe their Friday congressional prayers peacefully and without threats to their lives and property.

SP ABDULLAHI HARUNA KIYAWA, ANIPR, MNISMA,
POLICE PUBLIC RELATONS OFFICER,
FOR: COMMISSIONER OF POLICE, KANO STATE COMMAND.

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Royal turbulence gets messier as emirs Sanusi II, Bayero move to hold prayer at Palace Mosque

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Dethroned Emir Aminu Ado Bayero and Emir Muhammadu Sanusi II

As the royal turbulence continue to shake the foundation of the city of Kano, the ancient city is tension soaked as the two contending Emirs- the reinstated Emir Muhammadu Sanusi II and the dethroned Emir Aminu Ado Bayero, have indicated their determination to hold Jumaat prayers at the Palace Central Mosque.
A press statement issued Thursday night, signed by Danburan Kano, Munir Sanusi Bayero, spelt out the itinerary of the reinstated Emir Muhammadu Sanusi II to the Mosque to lead the Jumaat Prayers.
The statement explained that Emir Malam Muhammadu Sanusi II, who resides in the Palace, and is closer to the contending Mosque, is expected to lead the two rakat Friday prayers.
Emir Muhammadu Sanusi II has been leading the Jumaat Prayers at the Palace Central Mosque as the Amir of the City, a statement explained.
The statement by Danburan invited Kano residents to come and listen to the sermon to be delivered by the Emir Malam Muhammadu Sanusi II.
However, another statement from an aide of the deposed Emir, Alhaji Aminu Ado Bayero invited residents to join him at the Emir’s Palace Friday Mosque to observe the Juma’at prayer.
It stated that the movement to the Emir’s Palace Mosque starts at 12.30 pm.
However, the police are yet to comment on the development.

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