EDITORIAL
AMCON and Bad Debts
Financial institutions in Nigeria are being owed a staggering N5 trillion, about 67 per cent of which is being owed by 20 individuals and entities. This, by all standards, is galling.Disturbed by this, the federal government recently set upa special task force with members drawn from the Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices and other related offences Commission (ICPC) and the Permanent Secretaries of the Justice Ministry, with a mandate to recover the outstanding amounts.
The Asset Management Corporation of Nigeria (AMCON) was created by the federal government in 2010 as a special purpose agency to take over failed banks, non-performing loans and other toxic assets to ensure that both depositors’ funds and the workers’ jobs are protected. The agency was meant to be a stopgap with a life span of ten years.AMCON, despite the noble idea behind its formation, appeared toothless and has not recorded much success in line with its mandate. Nearly 10 years after, going after the debtors has proved more challenging than those who set up the agency may have anticipated. Lenders and financial regulators have over time been frustrated over how to effectively go after high profile debtors, recover funds, and checkmate their collaborators, many of who are top banking industry executives.Nigeria’s banking system and the economy have suffered serial rape perpetuated by greedy businessmen working in cahoots with bank insiders over the years as they take loans they never intend to pay back. Sorting out bad debts and prosecuting those behind them has remained a challenge even when banks and banker’s jobs are saved by the Nigeria Deposit Insurance Corporation (NDIC) and the Central Bank of Nigeria (CBN), as was the case of the defunct Afribank, Bank PHB and Spring Bank, when the regulator created bridge banks, Mainstreet, Keystone and Enterprise, for seamless take over of the operations of the failed banks. It is in view of this that we commend President Muhammadu Buhari for recently assenting to the amendment of the AMCON Act 2010, by increasing the powers of the Commission in enforcement of recovery of debts from persons owing legacy banks or seizure of property subject of loan obligation. The amendment also empowers AMCON to, among others, place any bank account or any other account comparable to a bank account of a debtor of an eligible financial institution under surveillance, obtain access to any computer system component, electronic or mechanical device of any debtor with a view to establishing the location of funds belonging to the debtor, and obtain information in respect of any private account together with all bank financial and commercial records of any debtor of any eligible financial institution, banking secrecy, and the protection of customer confidentiality is not a ground for the denial of the power of the Corporation under this section and also makes it mandatory for AMCON to, despite the convention of confidentiality of banking, business and contracting relations, furnish the Federal Government, Ministries, Departments and Agencies with a list of recalcitrant debtors and then impose an obligation to seek clearance on the Federal Government, Ministries, Departments and Agencies when the Federal Government, any Ministry, Department or Agency proposes to contract with, or pay, debtors on the list furnished by the Corporation.It is therefore laudable that the reinvigorated AMCON has hit the ground running and the Federal High Court in Lagos, a few days back, ordered AMCON and United Bank for Africa (UBA) to take over an Ikoyi, Lagos, property of former governor of Cross River State, Donald Duke, over an alleged debt of N537,334,360.77, pursuant to an ex parte application, marked, FHC/L/CS/1373/2019, taken before the judge by AMCON and UBA. We urge AMCON to, in line with the new powers conferred on it, do more to recover this staggering debt. Despite the laudability of the latest move, government must also work towards extending the life of AMCON which is billed to end by 2020.
EDITORIAL
Walida: Need for Thorough and Accelerated Adjudication
On Wednesday, February 28, 2026, the Department of Security Service (DSS) released Walida Abdulhadi, an indigene of Hadija in Jigawa state reportedly involved in a controversial relationship with an operative of the agency with whom she has a baby, to the Jigawa State Government. She was handed over to Governor Umar Namadi and several top officials of the state government in Abuja, along with her baby.
The release followed intense public debate over the relationship between the young woman and the DSS operative, Ifeanyi Onyewuenyi. All along, the debate had centred on the circumstances surrounding her alleged disappearance in 2023.The governor was accompanied to the SSS headquarters in Abuja by the Speaker of the State House of Assembly, Haruna Aliyu; the Attorney General and Commissioner of Justice, Bello Fanini; the Commissioner of Women Affairs, Hadiza Abdulwahab; and her counterpart in the Ministry of Environment, Nura Ibrahim, among others.
The Director General of the DSS, Adeola Ajayi, alongside principal officers of the Service, handed over Walida to Governor Namadi. The Nigerian Supreme Council of Islamic Affairs (NSCIA) was represented by the Deputy National Legal Adviser, Haroun Muhammad, and a member of the Expanded General Purpose Committee, Najib Jimoh.
The birth of a baby to the DSS operative and Walida’s alleged conversion to Christianity has dominated public discourse reminiscent of Ese Oruru saga who was kidnapped at the age 13 from her mother’s food shop in Yenagoa, Bayelsa, to Kano, where she was forcefully converted to Islam and married off to a commercial tricycle driver in 2015. After a prolonged legal tussle Oruru regained freedom and went to school. Interestingly, she has since graduated from the University of Ilorin with a Second Class Upper Division in Education Technology.
And today we are witnessing something similar to the case of Oruru, leading to the intervention of Jigawa state governor and other stakeholders all of whom are insisting on an independent investigation of the matter for a quick judicial process to determine who and what went wrong. That is the way to go because doing otherwise could be detrimental to religious harmony between Muslims and Christians in the country.
Furthermore, releasing Walida to her home state of Jigawa was a right step in the right direction, more so as the state government has assured of her safety and full recovery from whatever trauma she might have passed through.
Again, the move to keep her under the custody of the state government, pending the resolution of all the contentious issues surrounding the controversial relationship is commendable because it would give enough room for the controversy to be tabled before a law court for a snappy adjudication; so that peace can prevail in due course.
Aside individuals, other bodies that have publicly expressed divergent views on the Walida case include; National Supreme Council for Islamic Affairs (NCIA), Federation of Women Lawyers (FiDA), Muslim Rights Concern (MURIC), Federation of Muslim Women’s Associations in Nigeria (FOMWAN), Muslim Students’ Organisation of Nigeria (MSO), Women in Da’awa, International Human Rights Commission Relief Fund Trust (IHRC-RFT), Arewa Youth Assembly (AYA), Women Voices and Accountability, and Gamji Lawchain. This is a clear demonstration of the intensity the Walida case has generated with palpable tension built up through the prism of divergent views.
DAILY ASSET believes that the controversy over Walida’s age, the circumstances surrounding her alleged abduction, and other contending issues would best be resolved by a competent court of law.
Considering the painfully slow process of Nigeria’s justice system and situating the plural society already struggling with mistrust and sectarian tension, there is a need for absolute urgency in resolving the matter. To this end, the judiciary should quickly swing into action. Mindful of time, it must set aside all forms of technicalities and delve headlong into the substance of the matter. This is the sure way to diffuse tension and permanently resolve the impasse, rather than subjecting the sensitive issue to linger on.
By and large, it is important for all aggrieved individuals, stakeholders, family members and other interested parties in the case to exercise restraint and wait for the final verdict of the court, as was the case during the Ese Oruru saga over a decade ago.
EDITORIAL
National Assembly Should Adopt Electronic Voting For Accountability
The recent controversy surrounding the voice vote in the House of Representatives highlights the need for the National Assembly to adopt an electronic voting system. The incident, which generated unnecessary tension and mistrust, could have been avoided if a more transparent and reliable method was deployed.
The two chambers of the National Assembly – the Senate and House of Representatives, are governed by specific rules.
In the Senate, Order 72 of the Senate Standing Rules outline three modes of voting; Voice Vote, Signing of Register in a division, or using an Electronic Voting device. The lower chamber too has provisions for voting after exhaustive debate on a motion. The chambers are both fitted with electronic voting devices with myriad benefits, which includes; transparency as votes are recorded, and verifiable, leaving no room for disputes.Also, the use of the electronic voting system erases human error and ensures accuracy. Again, it fosters faster voting processes and instant results. Above all, there will be accountability as lawmakers’ votes shall be on record for their constituents and the entire world to know their stance, thus promoting accountability.
In spite of enumerated advantages of using the electronic scoreboard, installed with millions of Naira of taxpayers money for resolution of heated debates, principal officers of the bi-camera Assembly, have totally abandoned the digital platform alternative for resolving thorny and critical issues confronting the country. Instead, they have continued to deploy crooked uncivilized voice votes that often create confusion. This is exactly what the Speaker of the House of Representatives, Tajudeen Abbas, did on February 17, 2026, during the heated debate raging across the country on real-time transmission of election results. The action of the Speaker led to a very rowdy session in the green chamber, prompting some members to stage a walk-out in protest over the controversial bill for the Electoral Amendment Act.
It started after a motion for the House to reverse its decision on the Electoral Act bill, passed on December 23, 2025. After a rigorous debate, the Speaker then put the motion to a voice vote. While the “nays” were louder than the “ayes”, he controversially ruled that the ayes had it, a development which triggered protests. The action of the Speaker amounts to total disrespect and disregard for millions of Nigerians, within and outside who were watching the event live on television.
There have been past instances where the none use of electronic scoreboard generated tension. For instance, during the debate for the declaration of State of Emergency proclaimed by President Bola Ahmed Tinubu, in Rivers State, controversy erupted when the Speaker’s decision on the voice vote was hotly disputed, highlighting concerns about manipulation and lack of transparency. These incidents underscore the need for transparent voting methods, like electronic voting, to ensure accountability and credibility in Nigeria’s legislative process.
Given that the National Assembly has acquired and installed an electronic voting and results transmission device, it raises concern why it is not being utilized to boost public trust, transparency, and accountability.
The action of the Speaker, who glaringly turned down popular voices in favour of real time transmission of electronic votes in the Green Chamber, signals the unwillingness of the few who cling tightly unto power and would not allow popular voices in line with democratic tenants.
Such a unilateral decision from the Speaker might further embolden those peaceful protesters (some of whom have been camping at the entrance gate of the National Assembly) and indeed across the country to continue to escalate their agitation. Already, a coalition of Civil Society Organisations (CSOs) are insisting on Real-Time Transmission 0f Election Results or nothing. The CSOs have teamed up with other pro-democracy activists in Abuja, to keep their agitation live. They are demanding mandatory electronic transmission, which they believe is essential to strengthening electoral integrity and reducing malpractices.
DAILY ASSET is hereby urging the National Assembly to embrace technology and adopt total electronic voting for transparency and accountability.
The parliament is the bastion of democracy. It is the only arm that stands out to defend the masses. Therefore, members of the National Assembly who constantly gauge the mood of their constituents and vote in line with aspirations of their constituencies should not be blacked out through a nebulous voice vote. Their stance on topical issues confronting the country should not be buried. It is the fundamental right of every Nigerian to track the views of elected representatives in order to hold them to account.
EDITORIAL
General Murtala Muhammed: 50 Years After
General Murtala Ramat Muhammed needs no introduction to Nigerians of the post-Nigerian civil war era. He rose to the rank of Brigadier-General in 1971 and served as Federal Commissioner for Communications before becoming head of state.
His brief rule witnessed unprecedented reforms – often implemented “with immediate effect”.
Although the massive purge in the civil service initiated by him to curb inefficiency and corruption in the system did not go down well with his critics who believe that the reform was in bad faith and counter-counterproductive, some pundits disagree with that notion. They argue that the measure was a step in the right direction.The critics behind the conspiracy theory that Murtala’s reforms destroyed the nation’s civil service, may have a point because the civil service is still fraught with the challenges of corruption and inefficiency in spite of the reforms.
However, those in support of Murtala’s historic civil service reforms are of the view that they were necessary to sanitize the system. Thus, the debate for and against has refused to go away fifty years after Murtala’s demise.On July 29, 1975, he was named Head of State and Commander in Chief of the Armed Forces following a bloodless military coup. Interestingly, his short reign had a major impact on subsequent developments in the country. On assumption of office, he reformed the civil service and other major institutions.
He put an end to General Yakubu Gowon’s 9-year rule and served between July 1975 and February 1976. Known for his rapid, decisive reforms, including a major civil service purge and the creation of seven new states, Murtala was more or less in a hurry to bring about ground-breaking changes during his short lived military rule.
He wasted no time conceiving the idea of moving the nation’s capital from Lagos to Abuja. However, his 200-day stay on the saddle was cut short by the Lieutenant Colonel Bukar Suka Dimka-led abortive coup on Friday February 13, 1976, exactly 50 years ago today.
Born on November 8, 1938, in the Kurawa Quarters of Kano City, General Murtala Mohammed attended Barewa College, Zaria before enlisting and training at the Regular Officers Training School, Ghana. Thereafter, he attended Sandhurst Royal Military Academy, England; and Catterick School of Signals also in England. He was commissioned a second lieutenant in 1961. Thereafter, he served in the United Nations Peacekeeping Force in the Congo.
Another remarkable landmark of the late no-nonsense general as earlier stated was his restructuring of Nigeria’s state system and eventual creation of seven states on February 3, 1976, ten days to his unfortunate assassination. He created the additional seven states from the existing 12. The seven new states he created were: Bauchi, Benue, Borno, Imo, Niger, Ogun, and Ondo.
General Mohammed served in the Nigerian contingent to the United Nations’ Peace Keeping Force to Congo and on his return, he was posted to the Signals Corp of the Nigerian Army where he had earlier served.
He was a frontline commander in the Nigerian Army in charge of the Second Infantry Division that played a pivotal role in the Mid-Western region during the civil war – 1967 to 1970. After the civil war, he returned as head of the Signals Corp, and later served as Commissioner of Communications during the military government of General Yakubu Gowon.
His government outlined a political program that included the creation of seven more states, the drafting of a new constitution, and the organization of state and national elections as a prelude to the return to civilian rule on October 1, 1979. A committee for a new federal capital was appointed and the findings culminated in the change of the federal capital from Lagos to Abuja. His government also ran a dynamic foreign policy which took a bold stand against apartheid in South Africa and colonial rule in Africa, aligning Nigeria with liberation movements across the continent.
The late general remains one of Nigeria’s most celebrated leaders; remembered for his dynamism, patriotism and sweeping reforms during his short but impactful tenure as Head of State. Though he governed for only 200 days, his leadership redefined the national spirit and left an indelible mark on the country’s history.
Muhammed’s overthrow of General Gowon, who was away in Uganda attending an OAU summit on July 29, 1975, came like a bolt from the blues.
He came to power and hit the ground running as if he was aware that he had limited time on the saddle. At the time, many Nigerians felt Gowon’s administration had become stagnant and lacked the drive to implement reforms.
His arrival ushered in a wave of changes and optimism. He maintained that his plan to move the seat of power from Lagos to Abuja was due congestion and strategic concerns in Lagos. Although he conceived it, he was cut down in his prime and never witnessed what he had set out to achieve. He implemented measures to cut waste, improve government accountability, and instill a new sense of urgency in governance. His straightforward style and refusal to tolerate corruption earned him a reputation as a no-nonsense leader.
On the morning of February 13, 1976, General Murtala Muhammed was assassinated in Lagos in an attempted coup, led by Lt. Col. Buka Suka Dimka. His death threw the nation into shock and widespread mourning because he rapidly became a symbol of hope and reform in post-civil war Nigeria.
He was succeeded by his deputy, General Olusegun Obasanjo, who continued many of his policies and oversaw the transition to civilian rule in 1979. Despite his brief time in office, Murtala Muhammed is remembered as a leader who acted with urgency, patriotism and vision. His era is often described as a turning point when Nigerians felt a renewed sense of national purpose.
In a bid to immortalise him, the Murtala Muhammed International Airport Lagos and several structures across the country were named in his honour. Also, his portrait is superimposed on the country’s twenty naira note. He was married to Ajoke Muhammed, and they had six children. His contributions to national development and his stance that “Africa as a continent had come of age” and should cease to be subservient to Europe and America were remarkable.
Additionally, the late general’s strong advocacy for African independence, notably opposing colonial influence in Angola and insisting that because Africa had come of age, it can survive on his own. Such are some of his greatest legacies that would remain indelible across the African continent.
As DAILY ASSET reflects on enduring legacies of General Murtala Muhammed, we urge the present crop of politicians to take a cue from the dream of our founding fathers to be patriotic by offering selfless service at all levels of governance. They should make public service less attractive through the implementation of genuine developmental reforms instead of looting the public treasury for self-aggrandizement. The absence of good governance has continued to push millions of Nigerians into multi-dimensional poverty. This is unacceptable.
All Nigerians deserve to be given a sense of belonging. The task ahead should not only engender patriotic feelings and passion among the citizenry, it should also fuel, sustain and consolidate the much needed national unity. By and large, fifty years after his untimely death, the late head of state is still being remembered for his service to the nation and not about primitive accumulation of wealth. It is important for present and future generations to understand the sacrifices made by our past leaders in nation building.


