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Senate Moves To Recover N16trn AMCON Loans

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The Senate on Tuesday considered a bill seeking to empower the Asset Management Corporation of Nigeria in the aspect of assets recovery, as well as strengthen it against economic sabotage by debtors with unpaid loans to the tune of about N16 trillion naira.

AMCON Amendment Bill 2021, which scaled second reading on the floor was sponsored by Senator Michael Bamidele representing Ekiti Central.

Leading debate on the bill, Bamidele said, “The main aim of this amendment is to update a few clauses in the Act that have been hampering the Operations of the Asset Management Corporation of Nigeria.” According to the lawmaker, under the current Act, the continued smooth operation of AMCON was threatened by the tenor put on a key funding provision for AMCON. He, therefore, said the proposed amendment was designed to allow for more flexibility in the tenor of this key funding provision.

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Bamidele emphasised further that the amendment would strengthen AMCON in stabilising Nigeria’s banking sector and empower the agency in carrying out its functions of assets and debt recovery.

He said, “AMCON is a very important and strategic national institution that must be strengthened to effectively contribute to the stabilization of the banking sector in Nigeria.

“It proved its mettle in the banking crises of 2009. Our economy still grapples with huge challenges. The banking sector is not immune from the difficulties we face. We must therefore review and amend the AMCON Act (2014) in order to reinvent and reposition AMCON to optimally perform its functions.

“In particular, this amendment will strengthen the hands of AMCON in assets recovery. AMCON must be reenergized to tackle the problem of toxic loans.

“Highly placed debtors have been employing different strategies and tactics to stall the repayment of loans. Cases drag on in courts for many years. AMCON has remained at the receiving end of these well laid and orchestrated acts of economic sabotage.

“Mr. President, Distinguished Colleagues, as patriots we have an obligation to empower AMCON and make its assets recovery efforts less cumbersome. We must remove all obstacles to its smooth operations. We must safeguard our banking sector and the economy in these trying times.”

On his part, Senator Adamu Aliero representing Kebbi Central said the amendment “will give teeth to AMCON to recover all debts that were given to private individuals and also companies.”

Senate President, Ahmad Lawan, referred the bill after it scaled second reading to the Committee on Banking, Insurance and other Financial Institutions for further legislative work.

The Committee which is chaired by Senator Uba Sani was given four weeks to turn in its report.

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Basketball: Nigeria Defeats USA Men’s Basketball Team 90-87 in a Scrimmage Matchup

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Basketball: Nigeria Defeats USA Basketball Team

Nigeria’s D’Tigers stunned the US Men’s Basketball team 90-87 in an exhibition game played on Saturday night in Las Vegas.

 

D’Tigers who lost 156-73 to the US team at the London 2012 Olympics put up an incredible performance despite the sterling performances of Kevin Durant, Jayson Tatum and Damian Lillard.

Miami Heat’s Gabe Vincent put up a tremendous performance as he hit six three pointers of the 20 Nigeria recorded in the match.

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D’Tigers who won the 2015 Afrobasket in Tunisia continue to intensify their preparations under the tutelage of Mike Brown ahead of the 2020 Olympics in Tokyo.

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Niger Currently has 20 IDP Camps – NSEMA

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Niger Currently has 20 IDP Camps – NSEMA

The Niger State Emergency Management Agency (NSEMA) has disclosed that the state currently has 20 Internally Displaced Persons (IDPs) camps across the state.

The Director-General of the Agency, Alhaji Ibrahim Inga, disclosed this to newsmen when the Victims Support Fund made an assessment tour of the Gwada IDP camp in Shiroro Local Government Area.

According to Inga, the burden of taking care of the IDPs is taking a toll on the state government because of the dwindling resources of the state government, stressing that the government resources can no longer sustain the displaced people for long.

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Inga further explained that the majority of the displaced persons are still in the camp because their communities are not safe for them to return.

He expressed concern over the fact that it is only the state government and the Ministry of Humanitarian Affairs that have reached out to the displaced persons in the camp, calling on other humanitarian agencies and development partners to reach out to the people.

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NDLEA Nabs Uber Driver, 2 Traffickers with Cocaine in Lagos

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NDLEA Nabs Uber Driver, 2 Traffickers with Cocaine in Lagos

The National Drug Law Enforcement Agency (NDLEA) has arrested an Uber driver, and two other suspected traffickers with different quantities of cocaine at Murtala Muhammed International Airport, Lagos.

Femi Babafemi, Director, Media and Advocacy, NDLEA, said this in a statement on Sunday in Abuja.

Babafemi said the Uber driver, Lawal Tunde Rasheed, was arrested at the Skyway Aviation Handling Company Plc, export shed of the airport on Tuesday, June 8.

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He added that Rasheed was arrested when he brought a consignment from his client to a freight forwarder for export to Malabo in Equatorial Guinea.

According to him, when the package was searched, 150grammes of cocaine, concealed inside two pieces of air freshener were discovered.

He further noted that investigations have so far confirmed that the suspects were behind two seizures of 50grammes of cocaine in hair attachment and another 150grammes of cocaine concealed in air freshener, heading to Malabo.

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