The Nation Newspaper

Category: autopost

  • Reward of persistence

    Reward of persistence

    ‘Kanmo-Kanmo’s’ arrest by NDLEA 12 years after he murdered three of its officers shows criminals cannot escape forever if security agencies are determined to catch them

    For the National Drug Law Enforcement Agency (NDLEA), the arrest of a long-wanted drug kingpin, Lekan Jimoh, popularly known as “Kanmo-Kanmo”, on January 16, at his hideout in Owode, Ogun State, following credible intelligence, marked another significant achievement in the annals of the anti-drug agency.  The NDLEA has been hunting for Jimoh for about 12 years, over the brutal killing of three NDLEA officers.

    NDLEA’s Director of Media and Advocacy, Femi Babafemi, said in a statement that “Kanmo-Kanmo’, who is notorious for drug trafficking, had been evading arrests.”

    And, rather than submit himself to the security agencies after the alleged murder of the three personnel, he had been mobilising armed thugs against security agents that were on his trail.

    “He was tracked to his hideout in Owode town, Ogun State, by tactical teams of the agency, following credible intelligence. During the clinical operation, the suspect was found in possession of 69 kilograms of skunk, a strain of cannabis.’’

    As Babafemi noted, “The arrest marks a significant breakthrough in the agency’s commitment to ensuring that no fugitive, regardless of how long they evade justice, remains beyond the reach of the law.”

    It shows that no matter how long it takes, the long arm of the law is never too short to catch up with any criminal. The important thing is for the government agency responsible for the manhunt to show the political will and the resilience to arrest the criminal or suspect. This was what happened in the ‘Kanmo-Kanmo’ matter.

    We commend the NDLEA for Jimoh’s arrest.

    Although he remains a suspect because he has not been convicted by any court of law; but then, he has not helped his cause. If he had no skeleton in his cupboard, why has he been hiding these past 12 years? He would have to explain this when he is eventually arraigned in court.

    As it is with any other law enforcement agency, it is an offence to obstruct their personnel from performing their duties. It is even more serious when such officers are murdered in the line of duty; the perpetrators are supposed to be arrested and prosecuted. But it is not all the time that the agencies do this, thereby giving the suspects more opportunities to commit more crimes.

    So, now that ‘Kanmo-Kanmo’ has been arrested, we expect that he would be prosecuted so that he would be served his due comeuppance, if eventually convicted.

    Read Also: Nigeria, Turkiye kick-start talks on security

    NDLEA plays a crucial role in the country, especially in combating drug crime, seizing narcotics, arresting traffickers, and disrupting drug networks, to protect the public from substance abuse. This is especially so with the high rate of banditry and terrorism in the country. There is no doubt that the agency has been performing these functions well, particularly since the assumption of office of General Buba Marwa as its chairman and chief executive officer in January, 2021.

    Many record-breaking seizures have been recorded since then. Indeed, the NDLEA boss has proved with his successes at the agency that his achievements as Military Administrator of Lagos State were not a fluke. Under Marwa’s watch, the agency had arrested no fewer than 77,792 drug offenders, including 128 drug barons, and seized about 14,847,000 kilograms of assorted illicit drugs.

    These achievements, no doubt, were the result of his reforms at the NDLEA and they have significantly disrupted both local and transnational drug supply chains. 

    Drug Czars are rich and they could bribe their way through any system. That Marwa has so far not fallen to their temptation is something to celebrate in him and his officers.

    If other security agencies could follow this path of pursuing whoever kills their men on duty without relenting until such persons are caught and brought to book, the country would be better for all. This should be the lesson from the NDLEA’s 12-year manhunt for ‘Kanmo-Kanmo’. They never relented until he was arrested. 

  • Emirates, Air Peace sign global agreement

    Emirates, Air Peace sign global agreement

    Emirates Airlines and Air Peace have activated a bilateral interline agreement intended to expand air connectivity between Africa, the United Arab Emirates and key international destinations.

    As part of a broader strategy to build on the existing partnership between the world’s largest international airline and West Africa’s largest carrier, the agreement offers passengers of both airlines frictionless, single-ticket travel and simplified baggage handling on select routes, resulting in greater travel comfort and convenience for customers.

    In a statement, the carriers said beyond the 13 cities in Nigeria already available for Emirates passengers on Air Peace’s network, the enhanced interline agreement now enables travellers to connect with Banjul, Gambia and Dakar, Senegal, via Abidjan ,  Freetown, Sierra Leone and Monrovia, Liberia, via Accra.

    The additional gateways ,the statement added allow more passengers to access Emirates world-class product and services, and vast global network.

    Read Also: Team Nigeria to camp in Aberdeen ahead of  Commonwealth Games

    It said :” The agreement allows Air Peace to connect its extensive West and Central African route system into Emirates’ hub in Dubai, and on key destinations including London Heathrow, London Gatwick and London Stansted, Abidjan, Accra and, of course, Lagos. With huge demand for travellers from Nigeria into the UK, the additional flight options provide more choice for Air Peace passengers.”

    Adnan Kazim, Emirates’ Deputy President and Chief Commercial Officer said, “Enhancing our interline partnership with Air Peace allows us to expand our footprint across more of Africa, creating new opportunities for people to fly better with Emirates, while helping international tourists explore more of the region, via Lagos. We remain committed to working with strategic partners such as Air Peace to further strengthen Nigeria’s aviation, tourism and trade sectors.”

    Speaking on the partnership, Nowel Ngala, Chief Commercial Officer of Air Peace, said, “This partnership with Emirates is a strategic step in Air Peace’s vision to connect Africa more efficiently to the world. By integrating our regional strength with Emirates’ global reach, we are providing our passengers with seamless connections, shorter travel times, and a more comfortable end-to-end journey. It reinforces our commitment to making Air Peace a strong bridge between Africa and the global aviation market.”

  • Clean energy reducing power costs, says JMG

    Clean energy reducing power costs, says JMG

    One of the largest generator companies in the country, delivering power generation, solar and hybrid energy, JMG Limited has said the deployment of clean energy is reducing costs enabling communities, and enhancing competitiveness.

    Its Product Manager, Hybrid Power Systems, Raymond Nwose, who spoke during the International Clean Energy Day in Lagos yesterday, said as more countries move towards sustainability, the transition to clean energy has become an economic imperative.

    He said: “Clean energy is reducing power costs, enabling communities, and enhancing competitiveness. As more countries move towards sustainability, the transition to clean energy has become an economic imperative.”

    Also speaking on the occasion, its Chief Commercial Officer, Rabih Jammal, said the company has successfully deployed solar hybrid power systems at three NIPCO fuel stations, powered the State House in Awka, and delivered energy-efficient solutions for Nourdm Global, Rack Centre, and several other high-profile projects across the country.

    He said the projects clearly demonstrated that clean energy is not only feasible but also practical and commercially viable in Nigeria.

    Jammal noted that JMG’s renewable energy deployments have delivered significant environmental benefits, cutting carbon emissions by tens of thousands of kilograms of CO₂.

    According to him, the projects have also enabled clients to save millions of naira in diesel costs while creating more resilient and reliable power systems for critical infrastructure.

    He pledged that the company would continue to expand its solar and hybrid energy footprint through sustained investments in technology, partnerships, and human capital to support a cleaner and more sustainable energy future for Nigeria.

    The Chief Commercial Officer expressed satisfaction that JMG has remained at the forefront of innovation by working closely with partners and host communities to make renewable energy a present-day reality rather than a distant aspiration. “Together, we can power progress sustainably and light the path to a cleaner future for generations to come,” he said.

    He further reaffirmed JMG’s unwavering commitment to driving Nigeria’s transition to renewable energy, stressing that clean energy is more than a technology for the company—it is a responsibility. “Our track record speaks for itself,” he added.

    Nwose explained that the company operates three hybrid inverter units rated at 50 kilowatts each. The inverters are configured in parallel, delivering combined capacity above 50 kilowatts, and are supplied by a world-class hybrid inverter brand.

    According to him, the energy storage system comprises three battery racks, each containing 12 high-voltage battery modules. Each module has a capacity of 5.12 kilowatt-hours, bringing the total to 36 battery units and an aggregate storage capacity of 184 kilowatt-hours.

    Nwose added that the system is supported by rooftop solar panels, including 200 units of 575-watt panels and 60 units of 440-watt panels, delivering a combined solar capacity of over 130 kilowatts peak. He noted that the entire facility at the company’s head office is powered by the solar hybrid system, significantly reducing energy costs.

    He emphasised that clean energy has become critical to Nigeria’s economic development, noting that it now works “technically, commercially and financially.”

    He described International Clean Energy Day as a timely reminder of the importance of sustainable power solutions and reaffirmed the company’s commitment to supporting Nigeria’s energy transition.

    While acknowledging Nigeria’s gradual progress in adopting clean energy, Nwose said the pace of transition needs to be accelerated.

    On the company’s contribution to the energy transition, he explained that it is investing in the right partnerships, advanced technology, and human capacity to deliver innovative and sustainable power solutions.

    Read Also: First Lady tasks Nigerians on environmental protection

    Addressing expansion plans, Nwose said the company has already replicated similar installations across several commercial and administrative facilities nationwide, including the State House in Awka, NIPCO fuel stations, Rack Centre, and other client locations. “Clean energy works technically, commercially and financially. It is a complete, 360-degree solution,” he added.

    Also speaking, Head of Marketing at JMG Limited, Oluwatomi Faniran, said the company’s clean-energy journey gained momentum after it identified opportunities within its operations that aligned with sustainability goals. According to her, this led to the deployment of solar energy systems at three JMG outlets, resulting in the reduction of up to 70,000 kilograms of CO₂ emissions.

    She described the achievement as a significant milestone in JMG’s contribution to reducing Nigeria’s carbon footprint and a practical model for how businesses can adopt renewable energy solutions.

    “At JMG, we are very intentional about clean energy, sustainability, and renewable solutions, and this is evident not only in our projects but also here at our own premises,” Faniran said.

    Beyond commercial installations, she noted that the company is extending clean-energy access to underserved communities. She cited JMG’s recent donation and installation of a solar power system at the Primary Healthcare Centre in Ketu, as well as a similar project executed in 2024 at the Bariga Primary Healthcare Centre.

    “For us, it is not just about making commitments; it is about walking the talk. We ensure that clean energy is available to those who need it most, while also implementing these solutions within our own facilities,” she added.

    Faniran stressed that each project reflects JMG’s belief that renewable energy is not only about technology, but also about people, progress, and the future.

    Looking ahead, she said JMG remains committed to scaling its clean-energy initiatives, forging strategic partnerships, and positioning renewable energy as a cornerstone of Nigeria’s growth.

    “Together, we are building a greener and brighter future, and we are proud to be part of that journey,” she added.

  • West Africa’s economy to expand 4.4%, says UN report

    West Africa’s economy to expand 4.4%, says UN report

    West Africa economy is expected to expand by 4.4 per cent this year, down slightly from 4.6 per cent in 2025, amid macroeconomic reforms in Nigeria and high prices for precious metals, according to the United Nations (UN) flagship World Economic Situation and Prospects 2026 (WESP 2026).

    The Economic Commission for Africa (ECA)   launched the World Economic Situation and Prospects 2026 (WESP 2026) report at its headquarters in Addis Ababa, highlighting a modest improvement in Africa’s growth outlook.

    In Central Africa, growth is forecast at 3.0 per cent in 2026, below the continental average but above the 2025 estimate of 2.8 per cent, reflecting continued dependence on extractive industries and conflict-related disruptions.

    According to the report, economic growth in Africa is projected to rise to 4.0 per cent in 2026 and 4.1 per cent in 2027, up from 3.5 per cent in 2024 and 3.9 per cent in 2025. The acceleration reflected greater macroeconomic stability in several large economies, supporting investment and consumer spending.

    Speaking at the launch, Director, Macroeconomics, Finance and Governance Division , ECA, Stephen Karingi, said that Africa’s improving outlook remains fragile in the face of global uncertainty. “Despite the positive outlook, high debt-servicing costs, limited fiscal space and volatile commodity prices continue to weigh on Africa’s prospects for inclusive and sustainable growth,” Karingi said.

    Global output is forecast to grow by 2.7 per cent in 2026, slightly below the 2.8 per cent estimated for 2025 and well below the pre-pandemic average of 3.2 per cent. During 2025, unexpected resilience to sharp increases in U.S. tariffs, supported by solid consumer spending and easing inflation, helped sustain growth. However, underlying weaknesses persist. Subdued investment and limited fiscal space are weighing on economic activity, raising the prospect that the world economy could settle into a persistently slower growth path than in the pre-pandemic era.

    “A combination of economic, geopolitical and technological tensions is reshaping the global landscape, generating new economic uncertainty and social vulnerabilities. Many developing economies continue to struggle and, as a result, progress towards the Sustainable Development Goals remains distant for much of the world,” said United Nations Secretary-General António Guterres.

    Presenting the report, Officer-in-Charge of the Macroeconomic Analysis Section, Macroeconomics and Governance Division, ECA, Hopestone Chavula, underscored the uneven nature of the recovery across the continent.

    “Africa’s growth recovery remains uneven across subregions. While East Africa continues to lead growth momentum, other parts of the continent are constrained by structural challenges and exposure to external shocks,” Chavula said.

    The report noted that Africa’s growth remains resilient but faces headwinds from declining official development assistance, rising trade barriers and an uncertain global trade and financial environment. East Africa is expected to lead regional performance, with growth projected to accelerate to 5.8 per cent in 2026 from 5.4 per cent in 2025, driven by robust performance in Ethiopia and Kenya and supported by regional integration and the expansion of renewable energy.

     North Africa’s growth is forecast to ease slightly to 4.1 per cent in 2026, following a strong 4.3 per cent in 2025, underpinned by improved balance-of-payments conditions and a rebound in tourism.

    Southern Africa’s growth is expected to edge up from 1.6 per cent in 2025 to 2.0 per cent in 2026 but will remain subdued due to structural constraints and heightened exposure to higher United States tariffs.

    Africa’s average public debt-to-GDP ratio is estimated at 63 per cent in 2025, remaining well above pre-pandemic levels, with interest payments absorbing nearly 15 per cent of government revenues. A few countries have regained access to international markets through new bond issuances. At the same time, about 40 per cent of African countries remain in debt distress or at high risk thereof, with several seeking restructuring under the G20 Common Framework. Limited fiscal space continues to constrain development spending, even as reform and consolidation efforts advance in some of the region’s larger economies.

    Read Also: Oyetola’s wife rescues stranded Nigerian in Egypt

    African trade expanded in 2025, supported by strong exports of precious metals and agricultural commodities, alongside rising imports of transport equipment. The region’s exposure to global trade tensions remains limited, reflecting diversified export partnerships and exemptions from higher U.S. tariffs for key products such as crude oil and gold. However, the expiration of the African Growth and Opportunity Act (AGOA) and the introduction of new tariff measures present challenges for some exporters, particularly in the apparel sector. Meanwhile, progress in implementing the African Continental Free Trade Area (AfCFTA) has also been slow and uneven.

    Inflation has eased across most African economies, supported by exchange rate stabilization. However, food price inflation remains elevated—above 10 per cent in many countries—reflecting structural vulnerabilities and climate-related shocks. Achieving sustained progress on inflation will require a balanced policy mix, combining credible monetary frameworks to anchor expectations, targeted fiscal measures to support vulnerable households, and strategic investments in food systems and logistics to ease supply constraints.

    The report underscored that navigating an era of trade realignments, persistent price pressures, and climate related shocks will demand deeper global coordination and decisive collective action at a time when geopolitical tensions are rising, policies are becoming more inward looking, and impetus towards multilateral solutions is weakening. Sustained progress will depend on rebuilding trust, strengthening predictability, and renewing the commitment to an open, rules based multilateral trading system.

    The Sevilla Commitment, the outcome document of the Fourth International Conference on Financing for Development, offers a forward-looking blueprint to strengthen multilateral cooperation, reform the international financial architecture, and scale up development finance. Delivering on its key priorities—including clearer debt workout modalities and expanded concessional and climate finance—is essential to reducing systemic risks and fostering a more stable and equitable global economy.

  • Customs raked in N7.28tr last year

    Customs raked in N7.28tr last year

    •Revenue target tose by 10 %

    The Nigeria Customs Service (NCS) yesterday said its revenue collection hit N7.281 trillion in 2025, exceeding its N6.584 trillion target by 10 per cent.

    The collection surpassed the target with N697billion, according to the Comptroller -General, Bashir Adewale Adeniyi who broke the news during the International Customs Day 2026 in Abuja.

    The theme of the event is “Customs Protecting Society through Vigilance and Commitment.”

    According to him, the revenue collection grew by 10 per cent over the target.

    He also said the revenue increased by 19 per cent from the N6.1 trillion collected in 2024.

    He insisted the organization must sustain the financial health of the state as it protects the society and reform procedures.

    “I am pleased to report that in 2025, the Nigeria Customs Service collected a total of N7.281 trillion, exceeding the target of N6.584 trillion with a positive variance of N697 billion representing a growth of over 10 percent against target.

    “Compared to 2024 collections, total revenue rose from N6.1 trillion to N7.28 trillion, an increase of approximately N1.18 trillion, or about 19 percent yearon-year,” Adeniyi said.

    On the theme of the event, the NCS boss recalled that last year showed very clearly what “protecting society” looks like in the real world.

    He said at the Apapa, NCS uncovered 16 containers of prohibited goods valued at over ₦10 billion — a single operation that combined narcotics, expired pharmaceuticals, and concealed firearms.

    At the airports, according to him, officers intercepted over 1,600 exotic birds being trafficked without CITES permits, stopping a wildlife crime operation that would have harmed both biodiversity and Nigeria’s international obligations.

    Adeniyi said the Service recorded over 2500 seizure, with an aggregate value of more than ₦59 billion in prohibited and harmful goods removed from circulation nationwide. These seizures, according to him, cut across narcotics, counterfeit pharmaceuticals, wildlife products, arms and ammunition, petroleum products, vehicles, and substandard consumer goods.

    Read Also: Tinubu opened political space for young Nigerians – City Boy Movement DG

    In his virtual message, the World Customs Organization (WCO), Secretary-General, Ian Saunders said  on January 26 each year, Customs administrations around the world celebrate International Customs Day.

    He also noted that the Day is also an opportunity for the WCO, as a voice of the global Customs community, to highlight a specific are of this its community can take to demonstrate it’s collective action.

    “This year, we are elevating the profile of Customs as a protector of society and to demonstrate our dedication to safety and security through the WCO’s theme for 2026: “ Customs Protecting Society through Vigilance and Commitment,” he said.

    Meanwhile, the Minister of State for Finance, Dr. Doris Uzoka- Anite said the Federal Government under the leadership of President Bola Tinubu remains steadfast to fostering an environment that supports transparent and competitive international trade.

  • New tax laws boosts workers’ January pay, says Oyedele

    New tax laws boosts workers’ January pay, says Oyedele

    Many Nigerian workers who received their January 2026 salaries are already seeing a difference in their pay, as deductions under the Pay As You Earn (PAYE) tax system have gone down, leaving them with more money to take home.

    This information was shared by Taiwo Oyedele, Chairman of the Presidential Fiscal Policy and Tax Reforms Committee, in a statement he posted on his WhatsApp platform. According to him, feedback from employees across different sectors shows that the new tax laws are beginning to ease the tax burden on workers.

    “To make sure that the people responsible for applying these changes in their organisations fully understand what to do, the committee is organising an implementation session in partnership with the Joint Revenue Board,” Oyedele said.

    He explained that the meeting is aimed at senior staff who handle salaries and taxes in companies, including Human Resources directors, payroll managers, chief financial officers, tax managers and other top executives who oversee staff pay and tax compliance.

    Oyedele also addressed concerns that have been circulating among members of the public about possible new charges on electronic transfers and money kept in bank accounts. He said clearly that the tax reforms did not introduce any new tax or levy on bank transfers or funds in people’s accounts.

    “The new laws did not create any tax on electronic transfers or money in your bank account. In fact, many businesses can now claim back input VAT on bank charges,” he said.

    To ensure that banks and other financial institutions understand how to apply the new rules, Oyedele said a separate engagement session was recently held. The meeting brought together the Nigeria Revenue Service, the Joint Revenue Board, the Central Bank of Nigeria and the Presidential Fiscal Policy and Tax Reforms Committee.

    Read Also: Oyetola’s wife rescues stranded Nigerian in Egypt

    He noted that the session included officials such as risk and compliance officers, legal advisers, chief financial officers and regulatory affairs executives from fintech companies, commercial and microfinance banks, pension fund operators, asset managers, investment and securities firms, and other financial institutions.

    During the discussions, participants focused on making sure customers are not wrongly charged, especially in the area of taxes linked to bank services. They also talked about the need for a Tax Identification Number for bank accounts used for business or income purposes, a rule that has been in place since January 13, 2020.

    Other areas covered included giving customers clear guidance on how to file their tax returns and claim lawful deductions, as well as the removal of Tax Clearance Certificates as a requirement for foreign exchange transactions to make it easier for people and businesses to operate.

    Oyedele added that the meeting also explained the proper process tax authorities must follow when using their powers to recover unpaid taxes, and the extra protections now available to taxpayers through the Office of the Tax Ombud.

    He said the overall goal of the tax reforms is to bring more people and businesses into the formal economy, reduce confusion caused by different tax rules, and improve access to financial services, while building trust and making the financial system work better for everyone.

  • Additional 146,000b/d underway as NNPCL hails Chevron Nigeria on Awodi-07 completion

    Additional 146,000b/d underway as NNPCL hails Chevron Nigeria on Awodi-07 completion

    The Nigerian National Petroleum Company Limited (NNPC Ltd) has congratulated Chevron Nigeria Limited (CNL), operator of the NNPC Ltd/CNL Joint Venture, on the successful completion of the 146,000 barrels per day Awodi-07 appraisal and exploration well located in the shallow offshore western Niger Delta.

    The Awodi-07 well was drilled as part of the Joint Venture’s ongoing efforts to further delineate and unlock hydrocarbon potential within its asset portfolio.

     Drilling operations commenced in late November 2025 and were concluded in mid-December 2025, with all activities executed safely, efficiently, and in strict compliance with approved operational and regulatory standards.

    Following the completion of comprehensive testing, logging, and data acquisition, the well was safely secured, bringing the programme to a successful close.

    This was contained in the press statement the NNPCL Chief Corporate Communications Officer Andy Odeh issued yesterday.

    According to him, results from the well are highly encouraging, confirming a significant presence of hydrocarbons across multiple reservoir zones.

    This outcome represents a notable milestone for the NNPC Ltd/CNL Joint Venture, on strengthening confidence in the underlying asset and reinforcing the prospectivity of the area. The success of Awodi-07 further highlights the effectiveness of disciplined exploration, sound technical evaluation, and the strong operational collaboration between NNPC Ltd and its Joint Venture partner.

    Commenting on the achievement, the Group Chief Executive Officer of NNPC Ltd, Engr. Bashir Bayo Ojulari, commended Chevron Nigeria Limited for its operational excellence, technical competence, and consistent delivery of value.

    Read Also: Tinubu opened political space for young Nigerians – City Boy Movement DG

    He stated: “The success of the Awodi-07 well further reinforces the strength of the NNPC Ltd/CNL Joint Venture and our shared commitment to responsibly growing Nigeria’s hydrocarbon reserves. This achievement aligns squarely with our strategic priorities of increasing production, enhancing national energy security, and delivering sustainable value for the Nigerian people.”

    Also speaking on the milestone, the Executive Vice President, Upstream, NNPC Ltd, Mr. Udy Ntia, described the Awodi-07 results as a clear demonstration of the value of sustained collaboration, technical rigour, and a stable, enabling operating environment.

    According to him: “This discovery underscores the importance of disciplined exploration programmes, strong partnerships, and the positive impact of the reforms introduced under the Petroleum Industry Act. We look forward to working closely with Chevron Nigeria Limited to mature this opportunity and progress it towards timely development and monetisation.”

    NNPC Limited and Chevron Nigeria Ltd work together under a joint venture agreement to operate several oil and gas fields in Nigeria’s Niger Delta. In this partnership, Chevron owns 40 per cent of the assets, while NNPC Limited holds the remaining share. The arrangement allows both companies to combine resources, expertise, and investment to develop Nigeria’s oil and gas resources more effectively.

    Through this collaboration, the partners aim to increase oil production to about 146,000 barrels per day, which would support government revenue, create jobs, and contribute to the country’s energy supply.

  • AMCON collects N577.8b from CBN, banks to settle obligations

    AMCON collects N577.8b from CBN, banks to settle obligations

    The Asset Management Corporation of Nigeria (AMCON) received a whopping N577.84 billion from 15 commercial banks and the Central Bank of Nigeria (CBN) to settle its outstanding obligations on issued securities.

    In a CBN report for the first half of last year, the apex bank said the collections into the Banking Sector Resolution Cost Fund (BSRCF) in the review period amounted to N577.84 billion.

    It said the funds were contributed by the CBN and 15 banks.

     “AMCON utilised the funds to settle its obligations on issued securities,” the financial sector regulator said in its financial stability report posted on its website.

    It said AMCON’s total cash recoveries during the review period increased by 27.87 per cent to N66.12 billion from N51.71 billion at end-December 2024.

     “Furthermore, investment income from treasury operations rose by 2.08 per cent to N15.22 billion from N14.91 billion over the preceding half,” it said.

    CBN further disclosed that cumulatively, the total recoveries rose by 4.42 per cent to N2.42 trillion from N2.32 trillion during the preceding period, made up of cash N984.52 billion, other collections (property sale, share sales, rental income, dividend income, sale of bridge banks and re-investment income) N1,291.95 billion and asset forfeiture of N149.90 billion.

    The apex bank added that the stronger recovery performance contributed to a reduction in AMCON’s liabilities, even as cumulative recoveries climbed to N2.43 trillion, reflecting sustained efforts to strengthen the Corporation’s balance sheet.

    It was the rising Non-Performing Loans (NPLs), and the need to save the financial sector from imminent collapse that prompted the Federal Government to set up the Asset Management Corporation of Nigeria (AMCON) in 2010.

    AMCON is an institution created for the purchase and resolution of NPLs from the banks. It is also an instrument created by the Federal Government by which the government bolsters ailing banks through the injection of capital in consideration for equity.

    AMCON’s creation or intervention was in response to the global economic crisis of 2008/2009; coupled with poor corporate governance practice in the Nigerian banking sector at the time, which had a severe adverse effect on the banking system.

    Read Also: ‘Nigeria opposition politicians incoherent, lack imagination, alternative vision’

    Prior to the establishment of AMCON in 2010, the banking sector was assailed by a myriad of problems, the greatest of which were an all-time high NPLs ratio of more than 40 per cent at that time, poor corporate governance practices, poor risk management, low liquidity as well as insufficient capital adequacy ratio just to mention a few.

    Before the global financial crisis of 2008-2009, there was no special insolvency regime for managing bank distress, and banks either failed or were bailed out with no hybrid scheme of restructuring their assets, which AMCON intervention provided.

    Accordingly, the utilization of AMCON to manage the toxic assets on banks’ balance sheets was one of the tools available under the post-financial crisis resolution framework.

    AMCON Managing Director/CEO, Gbenga Alade, disclosed that the corporation at inception bought bad loans worth N5.4 trillion from banks and moved quickly to recover the loans.

    He said that with inevitable sunset date and recalcitrant debtors, a high premium is placed on debt recovery efforts to ensure that the Corporation achieves its statutory mandate.

    Alade until the enactment of the Companies and Allied Matters Act 2020 (CAMA 2020), the Nigerian corporate insolvency law lagged behind the bank resolution regime.

    He said that systemic bank distress can be likened to an epidemic in the health sector.

     “It requires special rules to deal with it based on a robust structure of an insolvency regime of regulation or business rescue, liquidation, priorities, secure creditors’ rights and limitations, and transnational cooperation amongst others. Just like in the health sector, the   financial system will return to normal after overcoming the financial epidemic,” he said at one of his meetings with judges.

  • UBA unveils simplified instant account opening platform

    UBA unveils simplified instant account opening platform

    United Bank for Africa (UBA) Plc has launched a simplified instant account opening digital platform designed to make banking faster, more accessible, and truly borderless for customers across Africa and in the diaspora.

    The new platform enables prospective customers to begin and complete their account opening journey fully online, eliminating the traditional barriers of paperwork and initial branch visits. With this innovation, UBA continues to strengthen its leadership in digital banking and financial inclusion across the continent.

    Through the new platform, customers can start their onboarding journey via the web by simply selecting their preferred language and country. The process is accessible on computers, tablets, and smartphones, ensuring a consistent and user-friendly experience across devices.

    The platform supports both Naira and Diaspora account openings, offering multi-language options that reflect UBA’s diverse customer base and pan-African footprint.

    In line with UBA’s commitment to global best practices, the Instant Account Opening platform is fully aligned with applicable privacy and data protection regulations, including the Nigeria Data Protection Act (NDPA) and the General Data Protection Regulation (GDPR). This ensures strong data privacy, enhanced customer confidence, and a robust legal framework for international and diaspora customers.

    Unlike traditional commercial bank onboarding processes, which often require physical branch visits, paper documentation, and in-person biometric capture, UBA’s new platform allows customers to initiate and complete onboarding digitally. Customers can upload required documents, complete digital KYC, and enroll in UBA’s digital channels immediately.

    At the same time, the platform matches the speed and convenience customers have come to expect from fintechs, while retaining the strength, security, and regulatory depth of a leading African bank.

    Opening an account on the platform is simple and intuitive, and requires a visit aop.ubagroup.com, clicking open a Savings Account and selecting Get Started and entering your BVN and complete facial verification among others.

    Read Also: Oyetola’s wife rescues stranded Nigerian in Egypt

    Group Head, Retail and Digital Banking, Shamsideen Fashola, noted  that with this launch, UBA reinforces its mission to leverage technology to democratize access to financial services, combining convenience, compliance, speed, and accessibility in one seamless platform.

     “At UBA, we are committed to redefining the customer experience through innovation and simplicity. Our new Instant Account Opening platform reflects this commitment by removing traditional barriers and making it easy for anyone — whether on the continent or in the diaspora — to open an account in minutes. This fully digital solution underscores our belief that banking should be accessible, secure, and truly borderless,” Shamsideen said

    Alero Ladipo, Group Head, Brand, Marketing and Corporate Communication said: “We understand that today’s customers expect speed, convenience, and compliance without compromise. With this platform, we have blended industry-leading digital onboarding with robust privacy and regulatory standards, ensuring that our retail customers enjoy a seamless account opening experience that matches global best practices.”

  • Origin Tech to build modern, digitally empowered farmers

    Origin Tech to build modern, digitally empowered farmers

    Origin Automobile Works (OAW) has outlined its vision to help build a new generation of modern, digitally empowered Nigerian farmers, placing science, technology, innovation and digital transformation at the centre of agricultural and rural development.

    The Executive Chairman, Origin Tech Group, Prince Samuel Joseph Samuel, said the adoption of technology-driven solutions must be treated as a breakthrough strategy for removing long-standing bottlenecks in agriculture, increasing value addition and improving the quality and competitiveness of agricultural products.

    He said the future of Nigerian agriculture lies with a new breed of farmers defined by knowledge, creativity, digital capability, resilience and a pioneering spirit.

    According to him, these farmers will be critical to building a prosperous agricultural sector, strengthening Nigeria’s food systems and positioning locally produced agricultural goods more competitively on the global market, while also contributing to a more modern and sustainable rural economy.

    Prince Samuel stressed that agriculture, farmers and rural communities must remain central to national development planning at every stage, adding that mechanisation, innovation and digital tools would play a decisive role in unlocking productivity and long-term growth across the sector.

    The OAW Board of Directors reaffirmed this position during its recent three-day strategic retreat held at Lakowe Lakes Golf and Country Estate Resort, Lagos. The retreat, themed “Building Institutional Strength to Accelerate Growth,” brought together board members and executive leadership to review the organisation’s performance, strengthen governance structures and set strategic priorities for the years ahead.

    Discussions during the session went beyond routine board matters, focusing on long-term sustainability, risk management and improved operational efficiency. The board reviewed achievements recorded under the OAW five-year Strategic Plan covering 2020 to 2025 and laid the foundation for a new strategic framework to guide the organisation from 2026 to 2030.

    Read Also: Nigeria, Turkiye kick-start talks on security

    Recognising the need for a more dynamic approach to consolidating its contributions to agricultural mechanisation and Nigeria’s food systems, the board also considered measures to refine OAW’s mission and values in line with sustainable development goals. The outcome of the retreat was a clear and actionable roadmap aimed at scaling the impact already achieved across the agricultural and food systems value chain, while ensuring long-term institutional sustainability.

    Describing the retreat as a turning point for the organisation, Prince Samuel said the board’s alignment with the evolving needs of the sector had reinforced OAW’s commitment to improving productivity in agro-mechanisation and food systems, alongside the introduction of new technologies. He said the organisation was leaving the retreat with renewed energy and a concrete plan to drive growth for both OAW and its customers.

    Also speaking, the Executive Director, Corporate Services, Mr Olusesan Ayeni, said key outcomes from the retreat included the approval of a strategic plan focused on accelerating growth in Nigeria’s agricultural and food systems space, deeper collaboration between the board and executive management, and the launch of new capital investment and funding initiatives.

    He noted that the level of engagement and dedication shown by board members reflected a strong resolve to position OAW to address emerging challenges and seize new opportunities within the sector.