As part of its aggressive debt recovery drive, the Asset Management Corporation of Nigeria (AMCON) has engaged the services of asset tracing experts to help recover assets from its debtors that have investments outside the country.
Managing Director/Chief Executive Officer, AMCON, Mr. Ahmed Kuru, who said this in response to enquiry from THISDAY on how the corporation had been handling cases of debtors that have assets outside the country, said the corporation engaged the services of lawyers outside the country to help it carry out the task of assets tracing.
“You know gradually, the world has become a global village. What you need to do is that once you have a local judgement, you engage a lawyer that will go and file the case over there. That is why in some of our cases, we do assets tracing.
“And because over there, they are familiar with what happens here, once you have a local judgement, we engage a lawyer outside to file it in the court over there and they give us access to what we need. You see, these people outside, they know what is happening here because they have people that report to them regularly. So, we follow the law, we appoint lawyers and get those assets,” Kuru explained.
The AMCON boss said President Muhammadu Buhari is passionate about the recovery effort in AMCON. This, according to him is because the president doesn’t want the burden of AMCON’s debt to be passed on to ultimately taxpayers in the country.
He added: “The president is very keen that it doesn’t become the taxpayers’ responsibility. That is why the government is giving us all the support they could to ensure that we achieve our objective.
“We thank the judiciary for their support because whatever we do, we have to go to the judiciary because we are a law abiding organisation. Quick dispensation of justice is also very key when it comes to the future value of money. We appreciate the effort we get from the EFCC, Nigeria Police Force, the NNPC, the Central Bank of Nigeria and the Ministry of Finance.”
Speaking on the economy, he faulted the rebasing of the country’s Gross Domestic Product (GDP) that was done by the previous administration, saying if the economy was growing at about seven per cent, “for anything to shake the economy, it must be volcanic eruption.”
Therefore, Kuru argued that “all those were figures they were just throwing all over the place.”
According to the former Enterprise Bank boss, an economy can’t just collapse because there was a change in government.
As a nation, we must address the governance issue, he said, adding that if we don’t build institutions, if we don’t support governance structure and if we don’t remove impunity in Nigeria, “you can bring anybody from Wall Street, World Bank, London Stock Exchange, etc, and they would fail because there is no institution to support what they want to do.”
“And I think we must all support government to help in building institutions because no matter the economic permutation, if you don’t have institution to execute and support those policies, you will still have to go back and be talking about same thing. So, we have to be patriotic and see how we can support government. So, we need to re-orientate ourselves and see how we can help each other to grow the economy,” he said.
According to him, Nigerians have not considered what would have happened after the 2008/2009 financial crisis if the intervention of AMCON did not take place.
He said by the intervention by AMCON, the government was able to protect financial assets of almost N9.1trillion, saying that if they had allowed the crisis to affect the financial institutions, depositors would have lost money in excess of N4trillion.
“This is aside the unemployment that would have happened, the social unrest and a lot of other things. So, whatever you may lose on the financial side, obviously there are lots of gains on the social side. Primarily, AMCON was set up to provide liquidity to the financial sector, to provide financial stability and also support some of the businesses that are in the key sectors of oil and gas, power and agriculture.
“From our own perspective, I think that objective has been achieved because we were able to come out of that financial crisis due to the intervention. For us, we consider that as the first phase of the intervention and the first phase of the life of AMCON,” he said.
Absorb Exited Npower Beneficiaries, N-power Youths Congress Tells FG
Absorb Npower Beneficiaries of Batches A and B, N-power Youths Congress Tells FG
The N-power Youths Congress (NYC) has pleaded with the Federal Government to absorb the 500,000 exited Npower beneficiaries of Batches A and B and pay their outstanding allowances.
The National Coordinator, NYC, Comrade Joseph Enam Maga, stated this in Maiduguri during a press briefing held on Saturday at the NUJ Press Center.
He said thousands of exited beneficiaries are yet to be paid since the month of Match.
He, therefore, called on the Federal Government to offset all the outstanding allowances of Batches A and B and create a permanent job for them.
He said “It is a fact undisputable that thousands of beneficiaries have not been paid since the month of March.
“Promises upon promises have been made on this, but yet no positive result has been recorded. Sometimes I wonder what it takes for the data base manager of Npower to rectify this! Something that can be rectified in a couple of hours has lasted for seven good months now.
“Worst still, this is happening within this period of hunger and starvation because of Pandemic. We call on the minister of humanitarian affairs and disaster management to be human enough to respond to our request and give prompt attention to them.
“We equally wish to bring to the notice of Mr. President that Batch B Beneficiaries have not received their devices as was promised and signed at the commencement of the program.
“It is very sad that up to the disengagement of Batch A and B, nobody has come out openly to tell us what happened to our devices.
The coordinator paused to ask why are Nigerian youths being treated like nobody in their country? What have we done to be neglected like this?
“When the Humanitarian Minister was asked why we were disengaged at this critical time in historical epoch that corona virus is terrorizing the whole world, she responded that we were disengaged because it’s a two years programe that we signed.
“Then comes the question: why did Batch A stayed 4years? And if we signed for two years contract that warranted our disengagement, didn’t we equally signed to be given a device that would help us in our different places of primary assignment and equally increase of knowledge? Please we need answers ma. We need answers.
“We, the 500,000 batches A and B of Npower beneficiaries are calling on our government to respond to our demand. We don’t want to believe that it’s only a state of violence anarchy and doom will make a sane government to listen to her Youth’s grievances.
“Look at the Endsars protest for instance, after many lives have been lost and properties destroyed, our government decided to speak up. Niger delta militants were attended to when they resort to arms.
“The insurgents were given amnesty because of their terrorism. But we the innocent 500,000 graduates have been innocently complaining to our government but they paid deaf ears. We are law abiding citizens and we will continue to be law abiding citizens.
“We want Mr. President to understand that a hungry man is an angry man. We have really endured a lot. We need a quick response to our requests. We can’t be used and dumped like refuse. We refused to be used and dumped”, the National Coordinator added.
Airtel Africa Appoints Ms. Kelly Bayer Rosmarin as a Non-Executive Director
Airtel Africa has appointed Ms. Kelly Bayer Rosmarin as a non-executive director, effective from 27 October 2020.
In a statement released on the Nigerian Stock Exchange’s website, the telecommunication giant said Ms. Bayer Rosmarin’s “appointment is by nomination of the controlling shareholder pursuant to the terms of relationship agreement dated 17 June 2019 between the Company, Bharti Airtel, Airtel Africa Mauritius Limited, the majority shareholder and an indirect subsidiary of Bharti Airtel, and Bharti Telecom. Ms. Bayer Rosmarin will replace Arthur Lang who will step down as a non-executive director on the same date.
“Ms. Bayer Rosmarin is currently CEO of Singtel Optus and Consumer Australia. She was previously with Commonwealth Bank of Australia, where she held several senior positions and varied portfolios, before being appointed as Group Executive of Institutional Banking and Markets. Ms Bayer Rosmarin is recognised for leveraging technology, data and analytics to develop leading customer services and experience. Ms. Bayer Rosmarin was named in the Top 10 Businesswomen in Australia and the Top 25 Women in Asia Pacific Finance and holds a variety of Board and advisory responsibilities.
“Ms. Bayer Rosmarin has, since February 2019, served as an Independent non-executive director on the Board of OpenPay, listed on the ASX. She will continue in that role. Openpay is a payments technology company based in Australia.”
Speaking on the change in the company’s director, Sunil Bharti Mittal, Chairman, Airtel, said: “On behalf of the Board, I would like to thank Arthur, who joined the Board in October 2018 and supported the company through its IPO, for his significant contribution to the success of our strategy to build Airtel Africa into a market leading mobile service provider and wish him well for the future.”
He further stated: “I am delighted that Kelly has agreed to join the Airtel Africa Board and we very much look forward to working closely with her”.
Five World’s Wealthiest Families Control a Fortune of Over $620 Billion
Top Five Wealthiest Families Control Over $620 Billion in Fortune
Data presented by Buy Shares indicates that the world’s wealthiest families cumulatively control a fortune of $621 billion. The wealth is as of October 2020.
Concerns Over Wealth Inequalities
The data shows that the Walton family that runs the Walmart retail chains controls a fortune of $215 billion, followed by the Mars family with wealth amounting to $120 billion. The Koch family running the Koch industries owns a fortune worth $109.7 billion.
Al Saud family, known for vast wealth reserves, controls wealth worth $95 billion. India’s Ambani family owns the fifth-highest fortune at $81.3 billion.
The Buy Shares research also overviewed the wealth of the five wealthiest individuals globally. Amazon founder Jeff Bezos is the wealthiest person with a fortune of $188.7 billion, followed by Bernard Arnault at $119.2 billion. Microsoft founder Bill Gates is the thyroid richest person with a net worth of $115.2 billion.
There is Facebook founder Mark Zuckerberg at $101.8 billion in the third spot, while Tesla CEO Elon Musk is the fifth richest person at $93 billion.
The research highlights the inequalities that exist with the global wealthiest individuals and families. According to the report: “The spotlight on the world’s wealthiest comes amid the growing economic inequality in the US and other leading global economies. According to critics, inequality exists due to regimes that allow market dominance and low tax rates imposed on capital, especially in the United States. To some critics, the vast wealth is evidence that capitalism needs fixing. In some jurisdictions, inequality has become an explosive political issue.”
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