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N600m Debt: AMCON takes over Senator Buhari’s properties in Abuja

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The Asset Management Corporation of Nigeria has taken over assets belonging to Senator representing Oyo North Senatorial District, Alhaji Abdulfatai Buhari, over a N600m debt taken by his company, Abadat Ventures Limited.

AMCON, in a statement by its Spokesman, Mr. Jude Nwauzor, explained that Senator Buhari took the loan from Guaranty Trust Bank and refused to offset it despite repeated reminders.

The decision to seize the lawmaker’s assets, according to AMCON, was sequel to the order of Justice I. E Ekwo of the Federal High Court, Abuja.

Some of the assets seized by the corporation included : a property at 12, St, Petersburg Street, Wuse II, Abuja and Plot 516 off Misau Crescent, off Birnin Kebbi Crescent, Garki II, Abuja.

“Sequel to the order of Honourable Justice I. E Ekwo of the Federal High Court, Abuja, AMCON has taken over assets belonging to Alhaji Buhari Abdulfatai, Chief Promoter of Abadat Ventures Limited over indebtedness of almost N600m.

“Interestingly, Alhaji Buhari Abdulfatai is a serving Senator of the Federal Republic of Nigeria representing Ogbomosho North Federal Constituency in Oyo State a seat he won on the platform of the ruling All Progressive Congress.

“Justice Ekwo made the ruling on March 25, 2021, and in compliance to the enforcement order, AMCON went about putting the logistics together and on Friday, June 18, 2021, the corporation took effective possession of the two properties as listed by the court through its appointed Receiver Manager – Mr Baba Waziri of Baba Waziri & Co. Chambers”, the statement said.

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The court , also ordered the receiver manager to take all necessary steps required to realise the assets of the obligor, with a view to paying the outstanding loan in line with Section 553 and 554 of the Companies and Allied Matters Act, 2020.

The corporation, in the statement , added that the non-performing loan of Abadat Ventures Limited was purchased by AMCON from Guaranty Trust Bank during the second phase of Eligible Bank Asset purchases in 2021.

The statement added, “Since then, the obligor has been unwilling to repay the loan despite the concessions made available to him by the corporation in a bid to amicably resolve the bad debt”.

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May Day: ASUU urges Tinubu, governors to prioritise Nigerian workers’ welfare

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...workers worse hit by worsening economic situation

The Chairman of the Academic Staff Union of Universities (ASUU), University of Ibadan Chapter, Professor Ayoola Akinwole, has implored President Bola Ahmed Tinubu and state governors to make the welfare and working conditions of Nigerian workers a top priority.

Speaking on Tuesday, Professor Akinwole emphasised the dire impact of Nigeria’s socio-economic challenges, particularly exacerbated by the recent fuel subsidy removal backlash and ongoing fuel scarcity, on the working class and their families.

In a statement released to commemorate the 2024 May Day celebration, Akinwole underscored the invaluable contributions of Nigerian workers to the nation’s development, despite enduring undervaluation and inadequate compensation from both government and private sectors.

“Nigerians, particularly the working class, are celebrating 2024 Workers’ day experiencing fuel scarcity,” lamented Professor Akinwole.

“Workers who are poorly paid will still have to pay hiked transportation fare. The inflation in Nigeria is killing, and many are getting malnourished as the cost of food items have skyrocketed.”

He highlighted the disillusionment stemming from unfulfilled promises by federal and state governments to improve wages and working conditions, condemning the stark disparity between government officials’ wealth accumulation and workers’ impoverishment.

Expressing gratitude to Nigerian security forces for their service, Professor Akinwole urged President Tinubu to ensure special welfare provisions for families of those who have lost their lives defending the nation.

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He emphasised that just as education is vital, the welfare of security agencies should be of utmost concern to the president.

Also, Professor Akinwole called upon the President to finalise agreements with ASUU and enhance working conditions for intellectuals in Nigeria, warning of a brain drain if lecturers continue to face inadequate compensation and poor working environments.

“If this trend persists, Nigeria will lose the talent needed to develop the education sector, while those lacking skills will secure employment with little to contribute,” cautioned Akinwole.

He urged the president to address this disparity and collaborate with ASUU to establish a living wage and improved conditions for public university lecturers, recognising them as essential patriots deserving of special consideration.

 

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Court halts Multichoice Nigeria’s tariff increase on DStv, GOtv

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The Competition and Consumer Protection Tribunal (CCPT) in Abuja has issued a restraining order against MultiChoice Nigeria Limited, preventing the company from implementing its planned tariff increase and adjustments to the cost of products and services scheduled to commence on May 1.

Presiding over the three-member tribunal, Saratu Shafii, granted the interim order on Monday, in response to an ex-parte motion presented by Ejiro Awaritoma, legal counsel representing the applicant, Festus Onifade.

In her ruling, Shafii directed MultiChoice to refrain from proceeding with the impending price hike set to take effect from May 1 until the hearing and determination of the motion on notice before the tribunal.

Also, she mandated all involved parties to appear before the tribunal on May 7 at 10 a.m. for further proceedings regarding the motion on notice.

The petitioner, Festus Onifade, filed a lawsuit against MultiChoice Nigeria Ltd and the Federal Competition and Consumer Protection Commission (FCCPC), seeking two specific orders.

These orders include an interim injunction restraining MultiChoice from implementing the impending price increase and any actions that could negatively impact the rights of the claimant and other consumers, pending the determination of the motion on notice.

MultiChoice Nigeria Ltd had previously raised the prices of all its packages on April 1, 2022, prompting legal action from concerned parties.

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Kogi Assembly Urges EFCC to Remove ‘Wanted’ Tag on Ex- Gov. Yahaya Bello

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In a recent session of the Kogi State House of Assembly, members passed a resolution urging the Economic and Financial Crimes Commission (EFCC) to remove the ‘wanted’ tag placed on the immediate past Governor of the state, Yahaya Bello.

The resolution was reached during plenary on Tuesday, following a presentation by Jibrin Abu, the representative of Ajaokuta State Constituency.

Abu brought forth a motion titled, ‘A call to end all false, frivolous, fictitious, and far from the truth smear campaign against the former Governor of Kogi State, Alhaji Yahaya Bello.’

Abu alleged that the anti-graft agency had been engaging in a witch-hunt against Bello, stating, “Kogi State, by allocation standard, is not rich so much so that N80.4b will be missing that the State will not be shaken to its foundation. This claim by the EFCC should be sanctioned and taken as laughable. Innocent Nigerians and Kogi State citizens that bought into the lies should by their personal volition withdraw their support.”

Former Deputy Speaker of the House, Enema Paul, echoed Abu’s sentiments, urging the EFCC to uphold the rule of law.

In his ruling, Speaker Aliyu Yusuf emphasized the importance of the EFCC operating within the boundaries of the law.

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He stated, “This House is not against the EFCC doing their job but they should do it within the ambit of the law and not in a Gestapo way. The country belongs to all of us, so we must respect the law and work with it.”

 

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