Explanations
Senate passes amended AMCON bill, empowers agency to seize debtors’ assets
The Senate Wednesday passed the Asset Management Corporation of Nigeria Amendment bill after considering the report of its Committee on Banking, Insurance, and Other Financial Institutions. The amendment bill passed by the upper chamber empowers the Assets Management Corporation of Nigeria to, among others, take possession, manage or sell all properties traced to debtors, whether or not such assets or property is used as security/collateral for obtaining the loan in particular. It also empowers the corporation to access the Special Tribunal established by the BOFIA, 2020 for dealing with financial related matters. Presenting the report, Chairman of the Committee, Senator Uba Sani (APC, Kaduna Central) said the Committee engaged with stakeholders such as AMCON, Federal Ministry of Finance, ...
PDP: Imo attacks show Governor Uzodinma’s failure
File Photo The Imo State chapter of the Peoples Democratic Party on Thursday said that the Monday attacks on Owerri Correctional Center and the state Police Command headquarters in Owerri were indications that the state governor, Hope Uzodinma, had failed. At a press conference in Owerri, the state capital, the PDP chairman in the state, Charles Ugwu, urged the governor to stop blame games and take responsibility. The chairman said that the party was disturbed that stranger elements could gain such easy access into the inner recesses of the central points of security administration in the state and struck without any challenge. He said, “We have therefore concluded that lives and property are not safe and secure in the state under the watch of the current regime.” “In his speeches and inte...
Court refuses to order Femi Fani-Kayode’s arrest for not attending trial
A Federal High Court in Abuja declined on Wednesday the application for the issuance of bench warrant against former aviation Minister, Femi Fani-Kayode, being tried for alleged money laundering related offences. At the mention of the case on Wednesday, lawyer to the prosecution, Mohammed Abubakar, noted that Fani-Kayode was absent. Abubakar recalled that Fani-Kayode had been absent in court on two other days and argued that the defendant was scheming to evade trial. He then applied to the court to revoke the bail granted the defendant, issue bench warrant for his arrest and order the issuance of summons on his surety to show cause why he (the surety) should not forfeit the bail bond he endorsed. Defence lawyer, Wale Balogun, objected to the request made by the prosecution and argued that ...
ICPC uncovers N5.17 billion fraud in education, agric ministries
The Independent Corrupt Practices and Other Related Offences Commission (ICPC) says it has uncovered diversion of part of the N2.67 billion payments made to some Federal Colleges for school feeding during lockdown. The Chairman of ICPC, Prof. Bolaji Owasanoye, who stated this at the 2nd National Summit on Diminishing Corruption with the theme: “Together Against Corruption and Launch of the National Ethics and Integrity Policy”, said preliminary investigation had indicated that part of the N2.67billion was diverted to private accounts. The event, presided over President Muhammadu Buhari, was held at the Council Chambers of the Presidential Villa, Abuja, on Monday. The ICPC boss said: “We observed that transfer to sub-Treasury Single Account was to prevent disbursement from being monitored. ...
