Ogundiran said out of the N40 million her father borrowed from Wema Bank, he was able to pay N5 million, blaming the non-fulfillment of the debt obligation on the non-payment of a N32 million owed by Ekiti State government.

Information reaching Unmask NG has it that the debt was bought by the Asset Management Corporation of Nigeria (AMCON), a body established to reduce non-performing loans in different sectors of the Nigerian economy.

After buying the debt from Wema Bank, AMCON reportedly deceived a court, seizing her late father’s real estate property and subsequently demolished it.

The property was situated in Durban, Wuse 2, Abuja.

Ogundiran stated she filed a lawsuit against the government agency to stop it from forcefully taking over their property which has become a source of living for her family.

AMCON, however, ignored a court summon in Ibadan, Oyo State, but obtained an Exparte in a Lagos court, to effect the eviction and demolish the property worth N400 million to N600 million and sold – this is despite a pending court order.

According to Ogundiran, prior to the demolition, her family had planned to repay the loan through the N13 million reserved in family account and N32 million the Ekiti state government owed her father for the road he did for the government.

A statement from Ogundiran, read: “AmconNg refused to appear in court in ibadan where we instituted a case against them and currently having the hearin on d case. AmconNg refused to talk to us or give room for us to negotiate with them. AmconNg refused to respect d court motion we filed to set-aside the Exparte Order they collected without our notice (back door).

“AmconNg lied under oat: Amcon lawyer Clifford abandoned the ongoing case in Ibadan then went to Lagos to deceive the judge to collect an Exparte Order.

“He told the judge that there is no ongoing case regarding the Matter in court in order to get an Exparte order. We got to know through our lawyer after obtaining the proceeds. AMCON now use the exparte order to evict us without notice, demolish our house and sell it to an unknown person.

“My father was a contractor. He did a road for Ekiti. He currently has an outstanding payment of N32 million that the @ekitistategov owe him. We also have N14 million in  the family account to add to the outstanding.”

The post Wema Bank’s Customer’s N600m Property Demolished Over N35m Debt appeared first on Business News in Nigeria.

Recall that the Asset Management Corporation of Nigeria (AMCON) had plans to merge both companies due to the alleged debt burden of the airlines caused by the Coronavirus pandemic.

With the proposed plan, the merged airline will enjoy increased revenue by saving costs. It however appears that the CEO doesn’t have plans to merge its company with its competitor.

While reacting to the merger plan, Sanusi stated that the government has the right to merge both airlines but the truth remains that both companies are not compatible considering their history and present circumstances.

He said: “Aero and Arik can come together but the history of those companies are not similar; their origin and circumstances are different, but government can get financial experts that can look at the two companies and put them together to make sure we serve the public better.

“I hope that the federal government is not going to lose that objective because airlines provide efficient logistics that is safe and fast. I think that government has the legal right to do anything, but I don’t think that it is a good way to follow for the two airlines, but I believe that if you get very good consultants, there is nothing that is impossible to do,”

Merging? A welcome development

In response to merging both companies, the Industry consultant and CEO of Aglo Limited, Tayo Ojuri, opined that Aero Contractor was capable of standing alone but due o the COVID-19  pandemic, it could also consider merging both companies.

 He said: “Aero Maintenance is a different entity and it has been doing well. I don’t think they should sell off that part. It generated N350 million last year and aircraft are lined up to be maintained.

“They have a strategic alliance with foreign partners, which is very good. But for their survival considering the burden caused by COVID-19, i believe it is the way to go and they should give it consideration.”

The post Aero Contractors React To Merger Plan With Arik Air appeared first on Business News in Nigeria.

Justice R.M. Aikawa of a Federal High Court in Lagos had given AMCON possession of all shares belonging to Ibrahim.

Disclosing the court judgement, the Head of Corporate Communication of AMCON, Jude Nwauzor said AMCON took over all the assets listed by the court and scattered around Abuja and Lagos, with the help of court bailiffs and men of the Nigeria Police Force (NPF).

According to him, the properties are –NICON Investment Limited at Plot 242, Muhammadu Buhari Way, Central Business District, Abuja; NICON Hotels Limited building at Plot 557, Port-Harcourt Crescent, off Gimbiya Street, Abuja and the building of NICON Lekki Limited also at No. 5, Customs Street, Lagos.

Others are the building of Abuja International Hotels Limited located at No. 3, Hospital Road, Lagos; another property at Plot 242, Muhammadu Buhari Way, Abuja; the former Allied Bank Building on Mile 2, Oshodi Express Way, Apapa Road, Lagos; Energy House located on No. 94, Awolowo Road, Ikoyi, Lagos; NICON Building at No. 40, Madeira Street, Maitama, Abuja.

Residential Apartment at Road 2, House A14, Victoria Garden City, Lagos; NICON Hotels Building at Plot 3, Road 3, Victoria Garden City, Lagos as well as the NICON Luxury Hotel’s Building, Garki I, FCT, Abuja.

Ibrahim also lost Nigerian Re-Insurance Company Plc, NICON Insurance Company Plc, Nigeria Stockbrokers Limited (NSL), and NICON Trustees Limited to AMCON.

What You Need To Know

As part of its duties to weigh into debt issues between companies and lenders, AMCON purchased the debt from Union Bank with the hope of giving Ibrahim more time to fulfill his debt obligation, but all efforts to resolve the debt proved abortive.

It is however important to note that Ibrahim and his companies -Global Fleet Oil & Gas Limited and NICON Investment Limited, have been unwilling to repay the bad debt, which has left AMCON with no other option than to activate the full force of its amended Act, signed into law last year by President Muhammadu Buhari.

The post Jimoh Ibrahim: A List Of Hotels, Properties Embattled Businessman Lost appeared first on Business News in Nigeria.

Amongst the many sectors affected in this torrid period is the aviation industry. This is because of the lingering lockdown triggered by the infectious disease.

While other sectors have partially commenced operations, the aviation sector is still grounded, a situation causing panic among airline operators across the country.

How COVID-19 crippled Nigeria’s aviation industry

Between March and April 2020, Nigeria’s aviation industry recorded a loss of no less than N180 billion. This is according to the former President of National Associations of Nigerian Travel Agencies (NANTA), Bankole Bernard.

Due to the pandemic impact, while some employees in the aviation sector have ceased payments for those who still have jobs until business situations improve, already, about 24,000 people have been rendered jobless.

A bailout call

As airports remain shut to business due to the continued lockdown in the country, the Asset Management Corporation of Nigeria (AMCON), has pleaded with the Federal Government to offer them financial relief or bailout, to help airline companies to retain jobs in the aviation sector.

According to the Executive Director of AMCON’s aviation portfolio operations, Aminu Ismail, the bailout will create jobs and prevent mass sacking in the aviation sector.

While explaining that the government’s intervention won’t be to acquire assets belonging to airline companies, Ismail noted that it will aid the growth of the industry, and at the same time, help airline operators expand their fleet. 

Here’s what we think

The aviation sector in Nigeria is characterized by a long history of financial problems and volatility. Thus, it has overtime been inherently unstable.

While the lingering COVID-19 is aggressively ravaging the economy, airlines are now left with the option of either to sustain with a fair damage until the sector starts to slowly pick up, or go bankrupt.

It is however a known fact that the aviation industry has never been strong, even before the pandemic. Therefore, Unmask NG subscribed to the bailout request, and we hope it will help airlines continue their operations once the infectious disease is under control.

The post COVID-19: Panic As Mass Sacking Looms In Nigeria’s Aviation Sector appeared first on Business News in Nigeria.