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CJN, Appeal Court President Advise AMCON on Debt Recovery

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AMCON
  • CJN, Appeal Court President Advise AMCON on Debt Recovery

In a move that will enable the Asset Management Corporation of Nigeria to meet its debt recovery mandate before its sunset period, the Chief Justice of Nigeria, Justice Walter Onnoghen, and the President of the Court of Appeal, Justice Zainab Bulkachuwa, have called on AMCON to leverage the Alternative Dispute Resolution mechanism now available for use in courts in the country.

Onnoghen and Bulkachuwa spoke in Abuja on Monday at an interactive session between justices of Supreme Court, Court of Appeal, AMCON and the National Judicial Institute. The discussion, which centred on how AMCON could effectively recover its outstanding N5.4tn debt, was themed: ‘Strengthening AMCON Recovery Drive.’

Onnoghen, in his opening address at the event, said the judiciary must be aware of the daunting task before AMCON, which required judicial support on the one hand, and for the corporation to think outside the box and come up with innovative ways of accomplishing its mission within the ambit of the law.

According to him, that is the only way AMCON will recover as much debts as possible within its defined lifespan.

“It is for this reason that I will encourage the use of the ADR, as part of the mechanism put in place to resolve asset management-related disputes in our courts,” he stated.

The CJN, who insisted that it was in the interest of the country that AMCON succeeded in its assignment, added, “Certainly, judicial time and capacity are scarce public resources; as such, repeated delays constitute waste of these precious resources. A better understanding of the current trends in this area of the law will go a long way in curbing delays and waste of judicial time and resources, thereby helping AMCON in fulfilling its mandate.

“The judiciary will continue to do its best to ensure that judges remain conversant with the AMCON regime towards engendering efficiency, uniformity and improvement in the quality of judicial services in our courts.”

Bulkachuwa expressed happiness for the interaction, which she said held the key to fast-tract debt recovery activities of AMCON and the eventual industrialisation of the Nigerian economy.

She stated, “As I congratulate the honourable and distinguished participants, I urge you to consider leveraging the Alternative Dispute Resolution infrastructure that is now available in ours courts towards your efforts on speedy recovery.”

“In fact, the Chief Justice of Nigeria has consistently encouraged the utility of the ADR in view of the delays in adjudication caused by the density of cases in the dockets of the trial and appellate courts.”

She added, “The judiciary has been playing its constitutional role through dynamic and proactive but fair and objective interpretation and enforcement of the AMCON Act by expeditious determination of AMCON cases and the enactment of AMCON Practice Directions both at the Federal High Court and the Court of Appeal as well as the Supreme Court.

“I am aware that the CJN is also considering an exclusive Practice Direction for AMCON at the Supreme Court. In the meantime, I am also aware that the CJN has advised AMCON lawyers to adopt the fast-track window for all AMCON appeals at the Supreme Court. In the Court of Appeal, I have since issued a circular directing the expeditious disposition of all AMCON appeals and I am aware that the circular is being effectively implemented.”

The Managing Director, AMCON, Ahmed Kuru, had earlier reminded the justices that the corporation currently had a lot of pending cases at the Federal High Court because its obligors were deliberately raising issues that would cause delay in justice, believing that by the time AMCON started addressing the substantive matter, things would have changed.

He stated, “AMCON currently has over 3,000 cases pending at the Federal High Court. Given the litigious tendency of our obligors, we anticipate that more than 50 per cent of the cases will proceed to the Court of Appeal and eventually the Supreme Court.

“We hope that the special Practice Direction issued by the President of the Court of Appeal will be very instrumental to speedy determination of the eventual appeals. The Practice Direction prescribed three months for concluding all AMCON matters. If the national assignment of recovering over N5tn of bad debts will be achieved, the Practice Direction needs to be strengthened and encouraged.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

Finance

Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

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Nestle

Nestle Nigeria Approves Final Dividend of N35.50k per 50 Kobo Ordinary Share for 2020

Nestle Nigeria, a leading food and beverage company, has declared a final dividend of N35.50k per 50 kobo ordinary share for the year ended December 31, 2020.

The beverage company said N24.50k of the amount declared was from the after-tax profit of 2020 and N5 and N6 were from the after-tax retained earnings of the years ended December 2019 and 2018, respectively.

Nestle Nigeria stated that the amount declared is subject to appropriate withholding tax and approval at the Annual General Meeting of shareholders.

It also noted that payment will be made only to shareholders whose names appear in the Register of Members as at the close of business on 21 May 2021.

Dividends will be paid electronically to shareholders whose names appear on the Register of Members as at 21 May 2021, and who have completed the e-dividend registration and mandated the Registrar to pay their dividends directly into their Bank accounts.

Shareholders who are yet to complete the e-dividend registration are advised to download the Registrar’s E-Dividend Mandate Activation Form, which is also available on their website: www.gtlregistrars.com, complete and submit to the Registrar or their respective Banks.

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Banking Sector

Dennis Olisa Invests N53.6 Million in Zenith Bank

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Executive Director of Zenith Bank Plc Buys 2 Million Shares of Zenith Bank at N53.6 Million

Executive Director of Zenith Bank Plc, Dennis Olisa, has invested a combined N53.58 million in shares of Zenith Bank.

The leading financial institution stated in a disclosure statement filed with the Nigerian Stock Exchange (NSE) on Monday.

Olisa carried out the purchase in two different transactions on February 24, 2021 at the Nigerian Stock Exchange in Lagos, Nigeria.

He purchased 1 million units of Zenith Bank at N26.60 each and another 1 million shares at N26.50 per share.

On aggregate, Olisa purchased 2 million shares of Zenith Bank at N26.79 per share or N53.58 million. See the details below.

Dennis Olisa was appointed as Zenith Bank’s executive director three years ago.

Prior to his appointment, Mr. Olisa was the Chief Inspector at Zenith Bank Plc and served as its Director from March 3, 2017 until March 16, 2017.

He also served as General Manager and Heads of the Energy Oil & Gas Group at Zenith Bank Plc and served as its Deputy General Manager. He served as Head of Internal Control & Audit Group at Zenith Bank Plc

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Finance

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

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Godwin Emefile

Emefiele Pledges Accommodative Monetary Policy to Boost Economic Growth

The Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has pledged to adopt accommodative monetary policy stance in 2021 in order to support economic growth in the country.

Emefiele, said this on Friday, while speaking at a CBN/Bankers’ Committee’s initiative for economic growth, which is a one-day special summit on the economy by bank chief executive officers.

The theme of the summit is: “How to Overcome the Pitfalls of Recession.”

Nigeria’s economy recently came out of recession, according to the Gross Domestic Product report for fourth quarter 2020 released by the National Bureau of Statistics.

Owing to the slump GDP growth of 0.11 per cent that lifted the economy out of recession, Emefiele said it was imperative that, “we do all we can in 2021 and beyond to ensure that we build on the positive momentum and strengthen our efforts at stimulating growth.”

He expressed optimism that with the discovery and deployment of vaccines worldwide, 2021 would be a year of massive global recovery and Nigeria must not be left out.

“The banks CEOs are here, whether by moral suasion or by force, they will have to participate in this journey. In order to drive and sustain this recovery therefore, we need to sustain the accommodative fiscal and monetary policy measures aimed at improving access to finance for households and businesses.

“Secondly, we must prevent a resurgence in Covid-19 related cases. Thirdly, we must ensure that a significant number of our population is significantly vaccinated and also improve foreign exchange inflows into our country,” he added.

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