BUSINESS
N1.8bn Debt: AMCON Takes over Aeroland Travels’ Assets
The Asset Management Corporation of Nigeria (AMCON) said it had taken over assets belonging to Aeroland Travels Limited, and its directors over indebtedness of N1.8bn. A statement from AMCON spokesperson, Jude Nwauzor, said this was sequel to the order of Honourable Justice D.E. Osiagor of the Federal High Court, Lagos Division.
It stated that, “It would be recalled that Justice Osiagor gave the ruling on February 7, 2022, and in compliance to the enforcement order of the court, AMCON put logistics together, and on Friday, May 6, 2022, took effective possession of the nine properties as listed by the court through its debt recovery agent – Robert Ohuoba & Co.
“The properties include those situated at Plot 4 & 4B Block 66 Magodo Scheme, Lagos State; Plot 9, Block 44c, Adetoro Adelaja Street, Magodo Lagos; No.
4C Maye Ogundana Street, Magodo Lagos; No. 10 Oluyomi Oshinkoya Street, Magodo Residential Scheme, Lagos; Plot 8, Block 66, Residential Scheme, Sangisha, Lagos; No. 2A John Olugbo Street, Ikeja, Lagos; No. 2 Fadeyi Street, off Awolowo way, Ikeja, Lagos; No. 8 Surulere Alelor Street, Millenium, Gbagada; and No. 14 Jerry Iriabe Street, off Bashorun Okunsanya, off Admiralty Road, Lekki Penisula.”The statement said the court also ordered the freezing of the bank accounts and shares of the company’s directors, including Mr Segun Adewale and Mrs Victoria Adewale. It added that the court additionally granted AMCON rights to seize any other landed property in any other place that might be found within the jurisdiction of the Federal High Court belonging to Aeroland Travels Limited or either of its directors.
Nwauzor said all the property as listed in the court order had been taken over by AMCON with the assistance of court bailiffs and other officials of the law.The statement said, “AMCON had purchased the non-performing loan of Aeroland Travels Limited from Polaris Bank (formerly Skye Bank) in 2018.“Until the coming of the order of the court, all previous efforts by AMCON and its representatives to resolve the debt amicably with the obligor had proved abortive, which was why the corporation resorted to the court for justice.”
Meanwhile, the owner of Aeroland conglomerates, Otunba Segun Adewale, has accused AMCON of illegally sending policemen to seal his business premises over an alleged debt to Polaris Bank.In a statement made available to our correspondent, Adewale said he was surprised to see police officers invading the premises of his air travel agency located on John Olugbo Street, Ikeja, Lagos, on Friday, ordering him and his workers out over an allegation that he was owing the bank some money.
On the contrary, Adewale claimed that Polaris Bank had refused to grant him access to his N1.77bn in the bank shortly after the 2015 Lagos West Senatorial Election.
The businessman claimed that he took the bank to court in 2018 over his seized money and that neither the officials of the bank nor its lawyers appeared in court, only for them to accuse him of owing them and got an exparte order to seal his property. “We will approach the court and the judge would see to the matter. They swore to an oath and lied, when they ought to pay me my money,” he said.
The Nigerian Exchange Ltd. (NGX) continued its bullish trend on Wednesday, gaining N183 billion.
Accordingly, the market capitalisation, which opened at N59.532 trillion, gained N184 billion or 0.31 per cent to close at N59.715 trillion.
The All-Share Index also added 0.31 per cent or 303 points, to settle at 98,509.
68, against 98,206. 97 recorded on Tuesday.Consequently, the Year-To-Date (YTD) return increased to 31.
74 per cent.Gains in Aradel Holdings, Zenith Bank, United Bank For Africa(UBA), Oando Plc, Nigerian Breweries among other advanced equities drove the market performance up.
Market breadth closed positive with 34 gainers and 17 losers.
On the gainers’ chart, Africa Prudential, Conoil and RT Briscoe led by 10 per cent each to close at N14.30, N352 and N2.42 per share, respectively.
Golden Guinea Breweries followed by 9.95 per cent to close at N7.18, while NEM Insurance rose by 9.74 per cent to close at N10.70 per share.
On the other hand, Julius Berger led the losers’ chart by 10 per cent to close at N155.25, Secure Electronic Technology Plc trailed by 9.52 per cent to close at 57k per share.
Multiverse lost 7.63 per cent to close at N5.45, Haldane McCall dropped 6.07 per cent to close at N4.95 and Honeywell Flour shed 5.62 per cent to close at N4.70 per share.
Analysis of the market activities showed trade turnover settled lower relative to the previous session, with the value of transactions down by 49.44 per cent.
A total of 320.10 million shares valued at N6.48 billion were exchanged in 7,943 deals, compared with 939.41 million shares valued at N12.81billion traded in 9,098 deals posted in the previous session.
Meanwhile, ETranzact led the activity chart in volume with 70.27 million shares, while Aradel led in value of deals worth N1.22 billion.(NAN)
The central parity rate of the Chinese currency renminbi, or the Yuan, weakened 22 pips to 7.1870 against the dollar on Monday.This is according to the China Foreign Exchange Trade System.In China’s spot foreign exchange market, the Yuan is allowed to rise or fall by two per cent from the central parity rate each trading day.
The central parity rate of the Yuan against the dollar is based on a weighted average of prices offered by market makers before the opening of the interbank market each business day. (Xinhua/NAN)
Arewa Youths Initiative for Energy Reforms (AYIFER), has urged Nigeria National Petroleum Corporation Limited (NNPCL) to do everything possible to bring Kaduna Refinery back into operation.
National Coordinator of the group, Mr Bashir Al’Amin, stated this in a statement issued on Friday in Abuja.
Al’Amin specifically called on the Chief Executive Officer of NNPCL, Mallam Mele Kyari, to do all within his powers to rejuvenate the refinery and bring it up to global standard.
He said that having delivered the Port Harcourt refinery, coupled with the establishment of Dangote Refinery in Lagos, attention should be shifted to Kaduna refinery for easy spread of petroleum products.
“We are calling on Malam Mele Kyari to expedite action on Kaduna refinery so we can be at par with other regions in the country.
“We equally beg the NNPCL to do professional work in rehabilitating the old refinery and deliver a standard and functional petrochemical refinery and not a blending plant.
“Kyari should resist any temptation that could make him do something that can jeopardise his good image,” he said.
Al’Amin said that since the extinction of groundnut pyramid and textiles in Kano State as well as PAN in Kaduna State and with the Kaduna refinery getting moribund, a lot of youths had lost their jobs.
According to him, all their hopes in the north are tied to the legacy refinery, expressing the hope that God would use Kyari to deliver it well and on time.
He said that the group was solidly behind NNPCL in prayer and would be ready to celebrate the company if its expectations were met. (NAN)
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