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Marketers Will Pay Naira for Dangote Fuel -IPMAN

Aliko Dangote Refined petroleum products from the $20bn Dangote Petroleum Refinery are to be sold in naira and not in the United States dollar as speculated in some quarters, oil marketers clarified on Monday. Dealers in the downstream oil sector also stated that the registration process for marketers at the refinery was still ongoing, as many operators had continued to register with the plant. It was further gathered that officials of the Nigerian Midstream and Downstream Petroleum Regulatory Authority were meeting with the management of the refinery to perfect the pricing template for products produced by the facility. On January 12, 2023, the Dangote Petroleum Refinery announced the commencement of production of Automotive Gas Oil, also known as diesel, and JetA1 or aviation fuel. The President, Dangote Group, Aliko Dangote, had in a statement issued by the firm, said, “We have started the production of diesel and aviation fuel, and the products will be in the market within this mon

AMCON names Nigeria’s non-paying debtors; Ubah, Babalakin, Oloffa, Kashamu, others top list


The Asset Management Corporation of Nigeria (AMCON) on Monday released the list of debtors it claimed have failed to negotiate successfully with the corporation.
The list, which contains about 105 names, came months after the asset management company said it would need the support of other relevant agencies to ensure that obligors pay up their debts.

The managing director and chief executive of AMCON, Ahmed Kuru, had in July promised to publish the list of delinquent debtors and directors who have failed to reach or refused to reach settlement resolution with the corporation.

Mr Kuru said after failed negotiations, AMCON would name, shame and embark on take-over of properties of delinquent debtors.
Top on the list published by AMCON on Monday is Capital Oil and Gas Industries Limited owned by Ifeanyi Ubah, with its current exposure put at N115 billion.

It was followed by NICON Investments Limited owned by Jimoh Ibrahim, with N59 billion exposure; Bi-Courtney Limited owned by Wale Babalakin, with over N40 billion; Josephdam & Sons Limited owned by the Kuteyi family with N39 billion exposure; and Tinapa Business Resort of Cross River State Government, with N30 billion exposure.They are the biggest debtors on the list.
The name of a former minister of power, Barth Nnaji, appeared alongside others as main promoters of Geometric Power which owes N29 billion. Mr Babalakin, once again, was named as the main promoter of Roygate Properties, which owes over N28 billion. Similarly, Shell Development Petroleum Company, promoted by Shell Staff, had its exposure put at N26 billion.

Former governor of Enugu State and Peoples Democratic Party Enugu East Senatorial Candidate, Chimaroke Nnamani, also appeared on the list with a debt of N42 billion owed to AMCON under the names of Iorna Global Resources, Sammy Beth Interbiz Limited, Camden Resources Limited, Riverside Logistics Limited and Rainbownet Limited.



The Olofa of Offa, Gbadamosi Muftau, was also named with a debt of N12 billion under Zarm Stores Limited just as a former CEO of Intercontinental Bank, Erastus Akingbola, was named with over N10 billion exposure under the company Octopus Trust Nigeria Limited.

Also on the list of debtors is Buruji Kashamu, a senator, who reportedly owes the corporation N13.015 billion. A former governor of Plateau State, Joshua Dariye, is also on the list. According to the list, the former governor who is currently serving a 14 year jail term for corruption charges owes AMCON N6.8 billion.


Usman Nafada, a senator who is presently gunning for the governorship seat in Gombe seat under the platform of the People’s Democratic Party (PDP), also had his name on the list with over N400 million exposure.

AMCON in its release said it published the names pursuant to its statutory mandate and in compliance with a CBN directive, having exhausted all avenues of ensuring that the debtors propose acceptable resolution terms.

“Nevertheless, the Corporation is still open to amicable resolution of these debt within a reasonable time, failing which it shall continue to exercise all powers as provided by law to recover the debts,” it said.


The list is expected to generate controversy as at least one of the named debtors, Mr Babalakin’s Bi-Courtney, has denied owing AMCON.
In a letter addressed to PUNCH newspapers and sent to PREMIUM TIMES by his lawyers, Mr Babalakin said none of his firms owe AMCON any money.


(Premium Times News)

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