VenturesNow

Debt owed by 350 Nigerians enough to fund 50% of county’s 2018 budget

The Asset Management Corporation of Nigeria (AMCON), has said that the debt owed by 350 Nigerians is sufficient to fund 50% of the the country’s 2018 budget

Published

6 years ago

June 29, 2018

Africa News Watch

The Asset Management Corporation of Nigeria (AMCON), has said that the debt owed by 350 Nigerians is sufficient to fund 50% of the the country’s 2018 budget.

Speaking Wednesday in the country’s capital, Abuja, the Managing Director/Chief Executive Officer of AMCON, Ahmed Kuru, said the 350 Nigerians or their businesses, owe N4.3 trillion of the entire N5.4 trillion debt profile, representing 80 percent of the N5.4 trillion debt portfolio of the company.

Kuru said many of the debtors were yet to pay as AMCON had only recovered about N700 billion.

“Our responsibility is first to intervene, then provide support before we recover, we have done the two, nobody has complained, now that we are doing the third people are complaining.

“The people complaining are those people that do not want to meet their obligations. Some of the obligors owe as much as N200 billion.

“We have 350 Nigerians that have obligations or control more than 80 per cent of all AMCONs debt portfolio.

“So, if you are talking about N5.4 trillion, only 350 Nigerians are supposed to pay more than 80 per cent of that amount, and they are normal people you see on the street,” he said.

Kuru noted that the judicial system was a major challenge to the operations of the company.

“I can tell you that today, our major challenge has to do with the judicial process.

“In other climes, what they do is that they allow AMCON to own the assets ab-initio, which means I have paid for the loans from the commercial banks, I have taken over the loan and I will take it over with the assets so I can sell the assets from day one.

“But here, somebody can decide to take you to court and he has to be heard. He can lock you up with judicial processes and technicalities for 10 years, 15 years or even 20 years,” he said.

VenturesNow

Fortuna Mining says Burkina Faso won’t scrap permits

Published

16 hours ago

October 9, 2024

Ifeoluwa Dada

The Burkina Faso government does not intend to revoke Fortuna Mining’s current mining permits within the nation, the Canadian company said on Monday.

Ibrahim Traoré, the leader of the Junta, stated on Saturday that Burkina Faso intended to remove some mining permissions from international businesses and work towards increasing local gold production. However, he did not specify which permits would be revoked.

The entire index fell on Monday as shares of gold miners with projects in the West African nation plummeted precipitously at the Toronto Stock Exchange.

Fortuna Mining’s stock was down 9% at 3:25 PM ET (19:25 GMT). The owner of the Bombero gold mine, Orezone Gold Corp., had a 9% decrease on the TSX.

In addition to addressing several subjects on Saturday to mark two years as president, gold producer Endeavour Mining said Traor hinted that some mining permits would be cancelled.

Endeavour asserted that it is unaware of any intentions to cancel any of the company’s mining permits and that the government continues to support the business.

Growing insecurity has made things more difficult in West African country despite its rich mineral resources. ACLED, a U.S.-based crisis-monitoring organisation, asserts that in 2023, over 8,000 individuals lost their lives in the nation, even though the junta promised to suppress groups linked to Al Qaeda and the Islamic State.

Burkina Faso has witnessed a boom in the mining sector since the early 2000s, primarily in the gold but also in the zinc and manganese industries. At the moment, the country is Africa’s fifth-largest producer of gold.

VenturesNow

Nigerian govt begins 2025 retirees’ enrollment

Published

17 hours ago

October 9, 2024

Ifeoluwa Dada

Nigeria’s National Pension Commission has declared that it has formally begun the process of enrolling potential retirees in 2025, highlighting the significance of early planning.

The commission demanded that ministries, departments, and agencies refrain from any last-minute rush that can interfere with the enrolment process and make it more difficult for retirees to adjust to their new stage of life.

At a workshop held by the National Pension Commission on Monday in Abuja to launch the online enrolment process for pension desk officers of MDAs funded by the Federal government’s Treasury for 2024, Omolola Oloworaran, the acting director-general of the commission, revealed this information.

Currently, 7,348,028 people in Nigeria, or 10.58% of the country’s working population, are registered members of the National Pension Scheme. The commission reported that it paid N1.1tn to 129,435 life annuity applicants in the second quarter of 2024, reflecting advances in pension benefits.

During her speech, the acting director general (DG) said that the purpose of this exercise is to gather precise information so that the federal government may evaluate the Accrued Pension Rights of potential retirees and make the appropriate budgetary adjustments.

The commission, she continued, has advanced significantly by automating the enrolment procedure and launching an online enrolment application that makes retiree enrolment, verification, and registration easy.

Oloworaran said, “At the National Pension Commission, we hold firmly to our statutory responsibility of ensuring a seamless pre-retirement verification and enrolment process for employees of Federal Government Treasury-funded MDAs. Each year, we embark on this exercise to gather accurate data for determining the Accrued Pension Rights of prospective retirees, so that the Federal Government can make the necessary budgetary provisions.

“Today’s session is not just a routine gathering; it is part of PenCom’s commitment to building the capacity of stakeholders, specifically you, the Pension Desk Officers, whose roles are indispensable in this process. Since 2021, we have made significant strides by automating the enrolment process, and introducing an Online Enrolment Application that allows seamless registration, verification, and enrolment of retirees.

“This system, comprising the Retiree, MDA, PFA, and PenCom modules, represents the future of pension administration in Nigeria. As PDOs, you are the linchpin in this process, ensuring that retiree information is properly uploaded and verified. Hence, this workshop aims to equip you with the skills and knowledge needed to effectively use the application and address any challenges that arise during the enrolment process. We are also here to confront the issues of the past head-on.”