Revenge for Farouk Gate? House of Reps to probe Otedola’s debt payment

by Stanley Azuakola Admittedly, the House of Representatives does not like Femi Otedola, the businessman who was the driving force behind the exposure and subsequent disgrace of one of its old shining stars, Hon. Farouk Lawan. But whether it is a case of sentimental grudge or not, yesterday’s announcement by the CEO of the Asset... Read More

Asset Management Company of Nigeria, debt, Femi Otedola, Mustafa Chike-Obi, PROBE, repayment

October 1, 2012

Off the hook: Femi Otedola settles N141billion debt with AMCON

by Akan Ido The Assets Management Corporation of Nigeria (AMCON) has confirmed the settlement of debt owed by the Zenon and Forte Oil boss, Femi Otedola, to the asset management company. The amount owed is said to be worth N140,999,620,395.80. The AMCON boss, Mustafa Chike-Obi stated that the board of AMCON met last Thursday and... Read More

AMCON, assets, Assets Management Corporation of Nigeria, debt, Femi Otedola, Forte, Mustafa Chike-Obi, zenon

September 25, 2012

We did not take over management of Aero Contractors – AMCON

by Isi Esene There are conflicting signals coming from the Central Bank of Nigeria and the Assets Management Company of Nigeria (AMCON) regarding the takeover of Aero Contractors Airline. Mustafa Chike-Obi, the AMCON managing director denied reports of a takeover saying “it is not true”. He said, “Reports that AMCON has taken over Aero Contractors... Read More

Aero Contractors, Airline, AMCON, Assets Management Company of Nigeria, aviation, CBN, central bank of Nigeria, debt, loan, Mustafa Chike-Obi

August 13, 2012

Lagos is not broke, says Fashola (but, em, it’s drowning under foreign debt)

by Stanley Azuakola Be not afraid, Lagosians, your state is not broke. That was the assurance given by the Lagos State governor, Babatunde Fashola, in an interview he granted to BusinessDay newspaper. Governor Fashola however, did admit the following: His administration has floated two bonds (the N50 billion, 5-year, 13 percent series 1 and the... Read More

babatunde Fashola, banks, bonds, brt, debt, lagos, loans

July 11, 2012

It’s a wrap folks? Lufthansa terminates contract to maintain Air Nigeria aircraft

by Hauwa Gambo It’s like watching a train wreck in slow-mo – this matter of Jimoh Ibrahim’s Air Nigeria. The latest news is that Lufthansa Airlines has terminated its contract to maintain Air Nigeria aircraft, Thisday is reporting. This is soon after General Electric Commercial Aviation Services (GECAS) withdrew its four aircraft from the airline... Read More

Air Nigeria, Aircraft, debt, jimoh ibrahim, Lufthansa

July 5, 2012

One week, one trouble: Air Nigeria creditors re-possess 4 of its aircraft … staff to be laid off

by Doyin Jaiyesimi Since the ill-fated Dana plane crash, airline operators have not been having the best of days. Air Nigeria in particular has found itself moving from one trouble to the other in quick succession. General Electric Commercial Services, a renowned United States aircraft leasing company, has announced that it intends to repossess four... Read More

Air Nigeria, Aircraft, creditors, debt, jimoh ibrahim, London, route

May 5, 2012

Confusion in FG? After AGF calls for caution, Okonjo-Iweala wants #fuelsubsidyreport indictees punished

by Lekan Olanrewaju Finance Minister and Coordinating Minister for the Economy, Ngozi Okonjo-Iweala has spoken on Nigeria’s debt, stating that the country is “doing very well” with its N6trillion debt profile. She however warned that the domestic debt would have to be monitored closely. Speaking at the ministerial press briefing marking President Jonathan’s one year in office... Read More

debt, fuel subsidy probe, Okonjo-Iweala