Business News
N5trn AMCON Debts: Panic, as EFCC Goes After Debtors
Palpable fear has gripped major debtors of banks and other financial institutions as the Economic Financial Crimes Commission (EFCC) may have initiated action to recover the debts.
This is sequel to the invitation extended to EFCC by The Asset Management Corporation of Nigeria (AMCON), over the difficulty being experienced by the latter in an attempt to recover the debts
DAILY ASSET gathered that three-quarters of the debtors like Senator Ifeanyi Ubah, Wale Babalakin, Jimoh Ibrahim and others, are unwilling to pay the debts and have erected various hurdles for AMCON, prompting it to extend invitation to EFCC.
DAILY ASST investigations revealed that most of the collaterals used to obtain the loans were deliberately over-valued, making it difficult for AMCON to recover the money. For example, property worth N300million would be valued as N1.5billion during the documentation for the loan.
Also, most of the debtors are aware that the life span of AMCON will expire in 2023, therefore they are doing everything to frustrate AMCON in this regard.
A source close to AMCON informed that the corporation has raised a committee to work closely with EFCC operatives to realise the objectives.
Part of the strategy of ‘the big boys’ is are using the funds obtained from the banks in the name of loans to compromise the judiciary. Since they have the financial wherewithal, they are able to employ senior advocates that would file all manners of applications to stall suits filed against them by AMCON.
While on a routine conclusion of the loans, AMCON discovered that there were compromises as most of the loans’ processes did not follow due process.
It would be recalled that recently, EFCC Chairman, Ibrahim Magu vowed to assist AMCON to recover trillions of Naira owed it by businessmen, women and companies.
“We are ready to work with you, we will render assistance in terms of enforcement, in order to recover these loans, because they are affecting the economy of the country from flourishing,” he said.
He stated this when AMCON Chairman, Muiz Banire and its Managing Director, Ahmed Kuru paid him a courtesy call.
He expressed the resolve of the anti-graft agency in ensuring the recovery of the monies even as he called for collaboration and a re-evaluation of the modus operandi of the Corporation.
“In order to recover these loans, there is need for inter-agency collaboration, going beyond the EFCC to the police, the court, Central Bank of Nigeria, NDIC, because there is need for AMCON to re-strategize and block loopholes,” he said.
While commending the readiness of the Commission to assist the Corporation, he acknowledged the “giant strides the EFCC has accomplished in the recent past, not just in the number of convictions, but even from the exposure and calmness in taming the extravagant lifestyle of people stealing” public funds.
He also used the opportunity to highlight the efforts of AMCON in debt recovery, dating back to its creating to “absorb most of the loans during the time that the banks were collapsing, in order to strengthen the banks”.
The present leadership of AMCON inherited 14,000 cases and has resolved about 7,000 cases
According to Banire, the loans were about N3.7 trillion, adding that during that time, the debtors were in excess of 12,000 people and through the efforts of AMCON, the figure was reduced to around 7,000.
He however, noted with dismay that though the number reduced overtime, “there are a few owing with impunity and taking just about 20 of them, we will be talking about people owing close to N2trillion”.
He thus called for more collaboration with the EFCC in the areas of due diligence during the processing and granting of loans.
He said: “We believe that we must work harmoniously with the EFCC, if we want to recover these funds particularly in areas of granting of the loan where a lot of sharp practices are done in areas of compliance or over-inflation of the value of the assets used as security.
“Our conviction is that the EFCC is where the solution lies, and this is where we will be able to recover the loans with lesser expenses in prosecuting cases.”
On his part, Kuru appreciated the EFCC’s support, noting that the AMCON desk domiciled in the EFCC has been helpful in the recovering of billions of naira. “EFCC is key to the results that we have so far achieved,” he said.
Spoesman of AMCON did not answer calls places to him to comment on the progressing the partnership with EFCC on the debt recovery efforts.
An official who didn’t want his name mentioned however told DAILY ASSET that the work was in “good progress” expressing hope that the public will soon be informed of the outcome.
Business News
Budget Office Defends Tax Reform Acts, Seeks Due Process
By Tony Obiechina, Abuja
The Budget Office of the Federation has reaffirmed the integrity of Nigeria’s newly enacted Tax Reform Acts, cautioning against what it described as governance by speculation and unverified claims following allegations of post-passage alterations.
In a statement on Wednesday, the Budget Office said it had taken note of concerns raised by the Minority Caucus of the House of Representatives, stressing that the sanctity of the law is central to constitutional democracy and not a mere procedural formality.
According to the Office, any suggestion that a law could be altered after debate, passage, authentication, and presidential assent without due process would strike at the core of the Republic and undermine citizens’ right to be governed by transparent and stable laws.
However, it warned that democratic integrity is also endangered by the careless amplification of unverified claims. “A nation cannot be governed by insinuation or sustained on circulating documents of uncertain origin,” the statement noted, adding that public confidence, once shaken by speculation, is often difficult to restore.
The Budget Office emphasized that both government and citizens share a common interest in truth, clarity, and due process, noting that public finance depends heavily on trust in the legality and clarity of fiscal laws. It welcomed the decision of the National Assembly to investigate the allegations, describing institutional inquiry, not conjecture as the appropriate response to claims of illegality.
On public access to the law, the Office agreed that Nigerians and the business community are entitled to clear and authoritative texts of all laws they are required to obey. It clarified, however, that the authenticity of legislation is determined by certified legislative records and official publication processes, not by informal or viral reproductions.
The statement also underscored the importance of separation of powers, warning that claims suggesting Nigeria is being governed by “fake laws,” if not backed by established facts, risk eroding confidence in democratic institutions.
At the same time, it stressed that legislative scrutiny should not be dismissed by the executive, noting that oversight is a constitutional duty, not an act of hostility.
From a fiscal perspective, the Budget Office said legal certainty is essential for revenue projections, macroeconomic stability, budget credibility, and investor confidence. While it is not the custodian of legislative records, it maintained that uncertainty around operative tax provisions directly affects economic planning.
To restore confidence, the Office proposed a set of measures, including the publication of verified reference texts in a single public repository, orderly access to Certified True Copies for stakeholders, clear public explanations where discrepancies are alleged, and strict alignment of all implementing regulations with authenticated legal texts.
Addressing calls for suspension of the tax reforms, the Budget Office cautioned against allowing prudence to slide into paralysis. It argued that properly implemented tax reform is necessary to reduce dependence on borrowing and inflationary financing, while easing indirect burdens on vulnerable citizens.
“Where clarification is required, it must be provided; where correction is required, it must be effected; where investigation is required, it must proceed,” the statement said, adding that governance and reform should not be stalled by unresolved conjecture.
The Office concluded by describing taxation as a democratic covenant that binds citizens and the state, insisting that compliance depends on transparency and trust. It called on political actors to protect institutions as much as positions, urging citizens and businesses to rely on verified sources and resist the spread of unauthenticated information.
The statement was signed by Tanimu Yakubu, Director-General of the Budget Office of the Federation, who reaffirmed the agency’s commitment to fiscal transparency, institutional integrity, and reforms that advance national prosperity while safeguarding citizens’ rights.
Business News
Tinubu Congratulates Dangote on World Bank Appointment
By Jennifer Enuma, Abuja
President Bola Tinubu has congratulated Alhaji Aliko Dangote, the President of Dangote Group, on his appointment to the World Bank’s Private Sector Investment Lab, a body tasked with promoting investment and job creation in emerging economies.
In a statement by Special Adviser on Media and Publicity, Bayo Onanauga, the President described the appointment as apt, given Dangote’s rich private sector experience, strategic investments, and many employment opportunities created through his Dangote Group.
The Dangote Group became one of Africa’s leading conglomerates through innovation and continuous investment.
Dangote Group’s business interests span cement, fertiliser, salt, sugar, oil, and gas. However, the $20 billion Dangote Petroleum Refinery and Petrochemicals remains Africa’s most daring project and most significant single private investment.
“President Tinubu urges Dangote to bring to bear on the World Bank appointment his transformative ideas and initiatives to impact the emerging markets across the world fully” the statement said.

The World Bank announced Dangote’s appointment on Wednesday, as part of a broader expansion of its Private Sector Investment Lab. The lab now enters a new phase aimed at scaling up solutions to attract private capital and create jobs in the developing world.
The CEO of Bayer AG, Bill Anderson, the Chair of Bharti Enterprises, Sunil Bharti Mittal, and the President and CEO of Hyatt Hotels Corporation, Mark Hoplamazian, are on the Private Sector Investment Lab with Dangote.
The World Bank said the expanded membership brings together business leaders with proven track records in generating employment in developing economies, supporting the Bank’s focus on job creation as a central pillar of global development.
Business Analysis
Nigeria Customs Generates over N1.75trn Revenue in 2025
By Joel Oladele, Abuja
The Nigeria Customs Service (NSC) has generated an impressive N1,751,502,252,298.05 in revenue during the first quarter of 2025.
The Comptroller-General (CG) of the Service, Bashir Adeniyi, disclosed this yesterday, during a press briefing in Abuja.
According to Adeniyi, the achievement not only surpasses the quarterly target but also marks a substantial increase compared to the same period last year, reflecting the effectiveness of recent reforms and the dedication of customs officers across the nation.
“This first quarter of 2025 has seen our officers working tirelessly at borders and ports across the nation.
I’m proud to report we’ve made real progress on multiple fronts—from increasing revenue collections to intercepting dangerous shipments,” Adeniyi stated.He attributed this success to the reforms initiated under President Bola Tinubu’s administration and the guidance of the Honourable Minister of Finance and Coordinating Minister of the Economy, Olawale Edun.
The CG noted that the revenue collection for Q1 2025 exceeded the quarterly benchmark of N1,645,000,000,000.00 by N106.5 billion, achieving 106.47% of the target. This performance represents a remarkable 29.96% increase compared to the N1,347,705,251,658.31 collected in Q1 2024.
Adeniyi highlighted the month-by-month growth, noting that January’s collection of N647,880,245,243.67 surpassed its target by 18.12%, while February and March also showed positive trends.
“I’m pleased to report the Service’s revenue collection for Q1 2025 totaled N1,751,502,252,298.05.
“Against our annual target of N6,580,000,000,000.00, the first quarter’s proportional benchmark stood at N1,645,000,000,000.00. I’m proud to announce we’ve exceeded this target by N106.5 billion, achieving 106.47% of our quarterly projection. This outstanding performance represents a substantial 29.96% increase compared to the same period in 2024, where we collected N1,347,705,251,658.31.
“Our month-by-month analysis reveals even more encouraging details of this growth trajectory,” Adeniyi said.
In addition to revenue collection, Adeniyi said the NCS maintained robust anti-smuggling operations, recording 298 seizures with a total Duty Paid Value (DPV) of ₦7,698,557,347.67.
He stated that rice was the most seized commodity, with 135,474 bags intercepted, followed by petroleum products and narcotics.
“From rice to wildlife, these seizures show our targeted approach,” Adeniyi remarked, noting the NCS’s commitment to combating smuggling and protecting national revenue.
Adeniyi also highlighted key initiatives, including the expansion of the B’Odogwu customs clearance platform and the launch of the Authorized Economic Operators Programme, which aims to streamline processes for compliant businesses. The NCS’s Corporate Social Responsibility Programme, “Customs Cares,” was also launched, focusing on education, health, and environmental sustainability.
Despite these achievements, the CG noted that the NCS faced challenges, including exchange rate volatility and non-compliance issues. Adeniyi acknowledged the need for ongoing adaptation and collaboration with stakeholders to address these challenges effectively.
Looking ahead, the NCS aims to continue its modernization efforts and enhance service delivery, ensuring that it remains a critical institution in Nigeria’s economic and security landscape.
“Results speak louder than plans; faster clearances through B’Odogwu, trusted traders in the AEO program, and measurable food price relief from our exemptions. We’ll keep scaling what works,” he concluded.


