EFCC recovers N1.6bn for AMCON in 4years – Official

Factual Pursuit of Truth for Progress


The Assets Management Corporation of Nigeria (AMCON) says it has received N1,667,582,605.04 recovered funds by the Economic and Financial Crimes Commission (EFCC) between 2017 and July 5, 2021.

This was contained in a letter presented to the House of Representatives Ad-Hoc Committee on Assessment and Status of All Recovered Loots at an investigative hearing on Tuesday in Abuja.

The letter was signed by the Managing Director, Ahmed Lawan Kuru and Group Head, Enforcement, Joshua Ikioda.

The corporation said the amount represented loan repayments recovered, which were credited to its Central Bank of Nigeria (CBN) account for the settlement of bond obligations.

Presenting a synopsis of the payment, AMCON indicated that remittances to the corporation in 2017 amounted to N1,178,764,500 for the credit of nine debtors.

For recoveries made in 2019, the agency said it received N356,318,105.08 on Sept. 2020 on account of seven debtors.

AMCON said it received a letter dated Dec. 17, 2019 from the EFCC forwarding promissory notes on account of four debtors to the tune of N1,194,778,813.

The corporation, however, said that the notes were returned to the EFCC through a letter dated Oct. 28, 2019 as they were made out by the Debt Management Office.

The letter pointed out that the schedule forwarded to the corporation by the House Committee indicated remittances by EFCC of the sum of N87,495,087.50 in 2020.

But the agency said it was yet to receive the quoted amount as it might be collections yet to be released to the corporation.

Also at the hearing, the Nigeria National Petroleum Corporation (NNPC) said it was working to recover debts from some banks for the Nigerian Liquefied Natural Gas (NLNG) dividend funds.

The committee, led by Hon Adeogun Adejoro, also directed that the NNPC should submit all its accounts by its next sitting next week Tuesday.

Adejoro said all debts owed the government must be vigorously pursued, as such monies were needed to fund the 2022 budget. (NAN)


Naira soars at official market as external reserves with $620 million increase in a day

On Tuesday,the exchange rate between the naira and the US dollar closed at N414.30/$1, at the Investors and Exporters window.This represents a 0.02% gain when compared to N414.40/$1 recorded on Monday.

Similarly, the exchange rate at the parallel market closed at N568/$1, representing a N6.50 drop when compared to the N574.50 that was recorded the previous trading day.
Naira falls to N415/$1 at official market as Vice President expressed concerns over forex policy

The local currency gained at the official market as the external reserves continued with its increase, gaining about $620 million in a single day.

The local currency hit as high as N420.50 at the official market earlier in the week, as the forex shortage persists.

Recall that Vice President Yemi Osibanjo, also called on the CBN on Monday, to allow the naira reflect the realities of the market. He noted that the exchange rate was artificially low.

At the official NAFEX window,the exchange rate appreciated against the US dollar on Tuesday to close the day at N414.30 to a dollar, representing a 10 kobo gain, compared to N414.40/$1 recorded on Monday.

The opening indicative rate closed at N413.64/$1 on Monday, representing an 11 kobo drop when compared to N413.53/$1 recorded the previous trading day.

An exchange rate of N420.15 to a dollar was the highest rate recorded during intra-day trading before it settled at N414.30/$1, while it sold for as low as N405/$1 during intra-day trading.


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