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FG inaugurates presidential committee on loans recovery
By Precious Enwenede, Abuja
A Presidential Inter-Agency Committee on recovery of loans granted to commercial banks and corporate organizations by Asset Management Corporation of Nigeria (AMCON) has been set up by the Federal Government.
This was revealed in a statement made available to the media on Monday by Comrade Salihu Othman Isah, spokesman of the Honourable Attorney General of the Federation and Minister of Justice, Mr. Abubakar Malami, SAN who said the inauguration was held on Thursday, 19th May, 2016 in Abuja.
Isah explained that the Minister who heads the Committee in his speech recounted that AMCON was established by the Act of the National Assembly to prevent the collapse of the Nigerian banking sector following the banking crisis as a result of the Bank Consolidation Reforms in 2008.
According to him, the AGF pointed out that the above situation led to huge indebtedness for banks which culminated in the eventual purchase of the toxic loans by AMCON in order to stabilize the banking sector, and by extension the Nigerian economy.
However, the debtors who cut across the aviation, banking and oil and gas sectors failed to repay the loans while some of them had resulted to court actions all in their bid to frustrate the loan recovery efforts of AMCON, surmising that in some cases, this was with active conspiracy of some financial institutions among others.
Malami explained that this resulted to Mr. President’s gracious approval and directive for the establishment of an Inter-Agency Committee by President Muhammadu Buhari to effectively pursue the loan recovery.
Among the terms of reference of the Committee are to ascertain the current status of AMCON recoveries in terms of achievement from inception to date as well as the total outstanding viz value of assets; and to ascertain how government at various levels can be made to honour their debt obligations to the Corporation.
It is also to request and obtain information from any person or persons and/or entity or entities onshore and offshore with the full support and weight of the Federal Government and her agencies towards the pursuit and realization of the Committee’s mandate; as well as to assist in third party investigation outside AMCON office relating to obligors and identify the criminal nature of commercial transactions that would assist in pursuing criminal prosecutions.
In addition, the Committee will ascertain how government agencies can collaborate to support AMCON’s recovery effort in; (a) ensuring payments due to Obligors are made to AMCON, (b) the possibility of going into a Joint Venture Agreement with AMCON (c) the acquisition of forfeited assets from AMCON and (d) take-over of recalcitrant businesses/companies where feasible.
It is also expected to establish the working framework for the Committee such that AMCON could have direct contact with the agencies for assistance and report be made to the Committee on achievement and challenges as well as to design and come up with workable strategies to pursue aggressive recovery of the AMCON loans.
Members of the Committee include representatives drawn from the following Ministries, Departments and Agencies (MDAs) are Mr. Abubakar Malami, SAN, Honourable Attorney General of the Federation and Minister of Justice, Federal Ministry of Justice as Chairman, Senator Hadi Sirika, Honourable Minister of State (Aviation), Inspector General of Police, Mr. Solomon Arase and Mr. Ibrahim Magu, Chairman, Economic and Financial Crime Commission (EFCC).
Others are the Alhaji Ahmed Idris, Accountant General of the Federation, Dr. Ibe Kachukwu, Group Managing Director Nigerian National Petroleum Corporation (NNPC), Dr. Abraham Nwankwo, Director General, Debt Management Office (DMO), Mr. Farouk Ahmed, Executive Secretary, Petroleum Products Pricing and Regulatory Agency (PPPRA) and Alhaji Ahmed Kuru, managing director, AMCON.
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APC National Solidarity Vanguard Lauds Matawalle Over Mass Exodus Of PDP Members To APC In Zamfara
The APC National Solidarity Vanguard has showered encomiums on the Honourable Minister of State for Defence, Dr. Bello Matawalle, for his outstanding leadership and political sagacity that have engineered a massive defection of key Peoples Democratic Party (PDP) members to the All Progressives Congress (APC) in Zamfara State.
In a statement signed by its National Coordinator, Moses Aruwa, the Vanguard described Matawalle as an exemplary leader whose good governance credentials and commitment to inclusive democracy continue to attract political heavyweights to the ruling party.
“Matawalle has proven beyond doubt that leadership is about service, vision and the ability to unite people for a common purpose,” Aruwa stated.
“His selfless drive to reposition Zamfara State and align it fully with President Bola Ahmed Tinubu’s Renewed Hope Agenda has made him a magnet for progressive-minded politicians across party lines.”
The latest defection that has sent ripples across the state’s political landscape involved Hon. Sadiq Abubakar Ciroma, the PDP Chairman in Kaura Namoda Local Government Area, who was formally received into the APC by Minister Matawalle on Friday.
Aruwa praised Matawalle’s warm reception of the decampees, noting that it reflected his large-heartedness and belief in inclusive politics.
“When Dr. Matawalle said the APC needs people like Hon. Ciroma who play politics with vision and sound judgement, he was speaking from a place of deep conviction,” Aruwa remarked.
“Matawalle himself embodies that vision – he assesses leadership accurately and takes bold decisions that benefit the masses, and that is why thousands are trooping to join him.”
The Vanguard leader further highlighted the growing dominance of the APC in Zamfara as a direct result of Matawalle’s sterling performance as leader of the Renewed Hope Agenda in the state.
“What we are witnessing is not ordinary defection; it is a mass exodus driven by the irresistible appeal of good governance under Matawalle’s guidance,” Aruwa declared.
“From lawmakers to local government chairmen, PDP stalwarts are daily joining forces with him because they have seen that the future of Zamfara and Nigeria lies with the progressive vision he champions.”
Aruwa also commended Matawalle’s loyalty to President Tinubu, saying it has inspired confidence among party members and new entrants alike.
“Matawalle is not only delivering dividends of democracy in Zamfara; he is building a solid platform to deliver Mr. President convincingly in 2027,” he asserted.
“His inclusive approach ensures that every new member feels valued and empowered to contribute to this noble cause.”
The statement emphasised that the continuous influx of PDP members into the APC attestation to Matawalle’s ability to foster unity and peace in a once-restive state
. “Dr. Bello Matawalle has transformed Zamfara into a bastion of peace, progress and political harmony,” Aruwa enthused.
“Politicians of goodwill are aligning with him because they know that under his leadership, Zamfara will continue to enjoy unprecedented development and remain a stronghold for the APC.”
Aruwa called on other opposition members still contemplating their political future to follow the example of Hon. Ciroma and join the moving train.
“The APC under Matawalle’s stewardship offers equal opportunities, respect and genuine commitment to the welfare of the people,” he concluded.
“We are proud to identify with this exceptional leader who is writing a new chapter of prosperity for Zamfara State.”
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Indigenous Oil Companies Get Boost as NCDMB Deepens Nigerian Capacity
Nigeria’s push for greater indigenous participation in the oil and gas industry received a significant boost this week as the Nigerian Content Development and Monitoring Board (NCDMB) showcased a series of milestones, including the takeover of major industrial assets and the expansion of local capacity across key energy hubs.
A major highlight was the acquisition of Saipem’s Nigerian operations by Marconi NG EPC — a development the NCDMB described as a landmark in the country’s local content journey.
According to the board, the transition of the world-class Port Harcourt fabrication yard into Nigerian ownership demonstrates that local firms now possess both the technical expertise and financial capacity to manage complex engineering and construction projects.
During a media tour of the facility, NCDMB officials spotlighted the one-million-square-metre yard, which features fabrication units, jetties and a helipad. They said the acquisition signals that Nigerian companies can now compete at global scale and marks an important step in reducing decades of foreign dominance in major oil and gas infrastructure.
The tour also highlighted growing indigenous capacity across the South-South region. Journalists visited PE Energy Limited, a Nigerian energy solutions provider serving the oil and gas, power and process industries, as well as Bunorr Integrated Energy Limited, a local firm converting used engine oil into base oil and other eco-friendly by-products.
Bunorr’s management credited NCDMB’s equity investment with helping the company attract partners, strengthen credibility and upgrade its operations.
While commending the board’s hands-on engagement and financing support, the companies urged the government to address persistent power challenges that raise production costs for local manufacturers.
NCDMB said the tour was part of its broader effort to showcase real-time progress in industrial development and deepen public understanding of local content achievements.
The General Manager, Corporate Communications at NCDMB, Dr. Obinna Ezeobi, described the media tour as a maiden initiative designed to help journalists better understand industry operations and enhance stakeholder engagement.
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CSOs Celebrate Akpabio with 5th Annual Lecture, Hail NASS–Executive Synergy
…..Pledges expanded civic actions and pro-development campaigns in 2026
Rising-Up for a United Nigeria (RUN), a leading civil society organization committed to governance reforms and national development, has hosted the 5th Annual Godswill Akpabio Leadership and Youth Mentorship Lecture. The yearly event, held in honour of Senate President Godswill Akpabio, is designed to celebrate his leadership contributions while empowering youths and strengthening civic engagement across Nigeria.
In his opening remarks, Amb. Solomon Adodo, Convener of RUN, commended the productive relationship between the National Assembly and the Executive. He described the synergy as a major driver of grassroots development and national stability, noting that the collaboration has translated into reforms and people-focused initiatives that positively impact ordinary Nigerians. According to him, the APC-led administration of President Bola Ahmed Tinubu, working closely with the National Assembly under Senator Akpabio, has continued to demonstrate a clear commitment to improving the welfare of citizens. He said the creation and swift passage of legislation establishing regional development commissions highlight the shared resolve to bring governance closer to the people and address pressing socio-economic challenges. Adodo added that Senator Akpabio’s leadership, defined by courage, accessibility and impactful legacy projects, continues to inspire youths and governance advocates nationwide.
Delivering the keynote address, Barr. Cosmas Akighir, Chairman of the North Central Development Commission (NCDC), described Senator Akpabio as a nationalist whose contributions to national unity and development remain commendable. He noted that the establishment of the NCDC received accelerated legislative support because of Akpabio’s genuine commitment to national growth and his alignment with President Tinubu’s vision for a more secure and prosperous Nigeria. Akighir urged Nigerians to focus on supporting the Federal Government and the National Assembly, stressing that divisive rhetoric and unnecessary distractions undermine the gains of the Renewed Hope Agenda.
A striking feature of this year’s lecture was the massive turnout of civil society organisations, youth groups and community-based associations from across the country. Many attendees expressed strong support for RUN, the Federal Government and the leadership of the National Assembly, reaffirming their confidence in ongoing reforms. They pledged to intensify nationwide civic engagement, sensitisation and pro-development advocacy in 2026, with commitments to expand their programmes, strengthen partnerships and mobilise citizens for national progress.
As part of the annual tradition, the event also featured the empowerment of youths and unemployed Nigerians with vocational tools, equipment and machines worth millions of naira. This empowerment component, conducted each year during the celebration of Senator Akpabio’s birthday, aims to promote self-reliance and uplift vulnerable groups through practical support and skill-building opportunities.
The lecture attracted participants from all 36 states and the Federal Capital Territory, including government officials, traditional and religious leaders, captains of industry, community influencers and development advocates. The 5th edition of the lecture further solidified RUN’s commitment to fostering unity, legislative-executive cooperation and broad-based national development, while reaffirming the growing recognition of Senator Akpabio’s leadership impact across Nigeria.
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