AMCON Recovers N644bn from Debtors, Explains 2015 Loss Ozekhome: Decisions without board approval null and void
Chika Amanze-Nwachuku and Obinna Chima The Asset Management Corporation of Nigeria (AMCON) yesterday put the total amount of cash and assets it had recovered from its debtors at
N644 billion. The Managing Director/ Chief Executive Officer, AMCON, Mr. Ahmed Kuru, who disclosed this during an interactive session with journalists in Lagos, also said 56 per cent of its debtors had
approached the corporation for “settlement.” Kuru explained that by the term “settlement,” he meant individuals that had entered into agreement with AMCON on their repayment plan. He faulted the framework
on which AMCON was set-up. Also yesterday Mike Ozekhome (SAN), social crusader and constitutional lawyer bluntly warned AMCON that "any decision, or resolution, or contracts executed or action taken requiring supervisory
board approval without a board in place as currently the case is null and void in eyes of the law going by the Act establishing AMCON." This could open some decisions of the current management to legal challenge.
AMCON on Tuesday posted a 2015 loss of N304.35 billion, wider than 2014 loss of N275.49 billion, after it wrote-down the value of collateral recovered from its purchase of bad loans. Continued on page 6
Fitch Affirms 8 Nigerian Banks' Ratings on Sovereign Criteria Change ... Page 53 Saturday 6 August, 2016 Vol 21. No 7772 Price: N250
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Padding? What Does That Mean? Dogara Weighs in Tobi Soniyi and Damilola Oyedele in Abuja Essentially, toeing parliamentary line, which says it can alter, change, subtract and add to the budget presented to it by the executive before
passage, the Speaker of House Representatives, Mr. Yakubu Dogara yesterday weighed in on the raging budget padding controversy that has set the house leadership on war path in the last two weeks after he met with President Muhammadu Buhari at the Presidential
Villa, Abuja. It was, however, not clear if the allegation of 2016 budget-padding currently rocking the lower house was discussed as Dogara refused to reveal the purpose of his visit to the villa. Speaking to State House Correspondents after the
meeting, Dogara reiterated his earlier statement that he would not resign over the budget-padding allegation. The speaker, who arrived at the State House around 2:25Spm, went straight into the president’s office. He came out of the presi-
dent’s office at exactly 2:58 pm, feigning ignorance of what budget-padding was all about. When approached by State House Correspondents, Dogara simply said: "I am a lawyer and have been a legislator for a while. I never knew of an
offence called budget padding.” The speaker said budget padding was not an offence in Nigerian law. He also said since he had not committed any offence, the question of him resigning “does Continued on page 6
PDP Leaders Planning New Party Should Sheriff’s Distractions Continue BoT Says party’s chairmanship not for sale Jerry Gana heads new peace committee
Yemi Adebowale in Lagos and Onyebuchi Ezigbo in Abuja
LANRE DELANO
As the leaders of the Peoples Democratic Party, PDP continue preparations for its next national convention scheduled for Port Harcourt on August 17, highly competent sources close to its leadership hinted THISDAY last night that a “Plan B” is in the party’s bag, in case former acting national chairman, Ali Modu Sheriff continues to distract the party. The party has been in turmoil, several weeks after its last National Convention in Port Harcourt, where the tenure of Sheriff was terminated and Ahmed Makarfi appointed as acting national chairman. However, Sheriff refused to recognise Makarfi and has been parading himself as acting national chairman, while also using the court to frustrate efforts to properly reposition the party. An apparently frustrated member of PDP’s Board of Trustee, BoT who pleaded for
SuperSaturday pg. 8-9
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My Childhood Was Filled With the Sound of Music
PATRICK CHIDOLUE
At the Age of 21 I Had 256 Employees
Plus pg. 17
THE EMINENT DEFENCE FELLOW
L-R: President Muhammadu Buhari presenting Eminent Fellow of the Defence College award to General Abdulsalam Abubakar during the graduation ceremony of Course 24 of the National Defence College in Abuja …yesterday
At Defence College, Buhari Vows to Deal Decisively with Rampaging Fulani Herdsmen ... Page 6