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Ifeanyi Ubah, Jimoh Ibrahim Top List of Nigerians Biggest Debtors

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The Asset Management Corporation of Nigeria (AMCON) has fulfilled the promise it made to name and shame some very important persons in the country owing the corporation huge amount of money worth N906.109 Billion.

According to the list, Business Magnates, Ifeanyi Ubah of Capital Oil and Gas is indebted to the tune of N115.952 billion while Jimoh Ibrahim of NICON Investments Limited is indebted with N59.544 billion with other 103 individuals and companies also on the list summing the debt to N906.109 Billion.

AMCOM made the list of the 105 individuals and companies public after running out of patience with repeated promises of repayment on the part of the debtors. Below is the list of the debtors and their debts:

  1. Capital Oil & Gas Industries Limited Ifeanyi Ubah 115,952,152,265.92
  2. NICON Investments Limited Jimoh Ibrahim 59,544,633,980.31
  3. Bi-Courtney Limited (MMA2) Wale Babalakin (SAN) 40,798,422,374.02
  4. Josepdam & Sons Limited Late Mrs. Josephine Damilola Kuteyi, Saheed Kuteyi, Ganiyu Kuteyi 39,056,674,951.55
  5. Tinapa Business Resort Cross River State Government 36,006,319,844.68
  6. Home Trust Savings Chukwukadibia Ajaegbu, Funmu Ademosun. 30,626,243,344.71
  7. Geometric Power Limited; Prof. Barth Nnaji, Nnaji Agatha, Obibuaru Eluma, Anike Paul, Nwobodo Benjamin Chukwuemeka, Dozie Chijioke, Akpe Austine, Nnaji Okechukwu, UBA Trustees Limited, Kunoch Limited, Diamond Capital & Financial Market Limited. 29,844,500,896.77
  8. Roygate Properties Limited; Wale Babalakin (SAN), Agumadu John, Alarape Olabode, Okhaleke Ndudi. 28,137,176,532.32
  9. Shell Development Petroleum Company–West Multipurpose Co-operative Society Limited (SPDC) Shell Staff, represented by Ikponmwosa Ogiemuda 26,474,541,188.17
  10. Anyiam Osigwe Limited; Anyiam-Osigwe, Dorothy Chinyere 20,523,322,350.29
  11. Platinum Capital; Obire Richard, Francis Atuche. 20,378,820,507.19
  12. Flotsome Investment Limited; Oboden Ibru, Tejiro Ibru 20,218,703,550.96
  13. Lonestar Drilling; Late Chief Idisi; Margaret Idisi. 20,207,979,803.22
  14. Petrologistics Limited; Ugoji Egbujo. 19,576,962,565.35
  15. Lorna Global Resources; H.E. Chimaroke Nnamami. 18,919,109,352.85
  16. Hosanna Properties Limited; Anionye Chika, Obi Ike C. 18,059,895,396.27
  17. Minaj Holdings Limited; Ajegbo Mike Nnayeluchudihu, Luke Chidi Chudihuilogu, Miller Gregrey, Ethridge Kyle, Attueyi Joe, Oladele Afolabi, Okpere Kisito and Kokoricha Paul 17,306,900,257.66
  18. Afrijet Airlines Limited; Inoelle Willam Barry, Carr Collin. 13,122,022,439.57
  19. Petroleum Brokers Limited; Wilcox Awopuolagha 13,076,314,937.26
  20. Hotel De Island; Kasmal Properties; Island Autos & Nacoil; Kashamu Prince Buruji 13,015,595,907.67
  21. Zarm Stores Limited; Gbadamosi Muftau, The Olofa of Offa 12,410,560,226.18
  22. Tak Continental Limited; Thomas Akoh Etuh 11,585,755,562.89
  23. Netlink Digital Television; Fashewe Oyewole, Varderpuije Ahmed 11,550,782,130.79
  24. Mobil Workers (EKET) Multipurpose Cooperative Society Mobil Workers, represented by Okeke Eze (legal practitioner) 11,504,121,133.06
  25. DWC Drilling Limited; Etheridge Kyle, John Ayeke. 11,363,388,024.05
  26. Sammy Beth Interbiz Limited; H.E. Chimaroke Nnamani 11,017,336,899.00
  27. Ferdinand Oil Mills; Chief Ferdinand, Anyaoha Anghara 10,855,175,005.53
  28. Octopus Trust Nigeria Limited; Erastus Akingbola 10,175,717,163.07
  29. Avian Spec; Femi James, Funmi Ayorinde 7,619,760.034.02
  30. Brooke Investments Limited; Chief S.I. Adegbite, Adegbite Adewale Michael, Adegbite Ademola Olumide, Sofela Michael Olufemi. 7,341,118,227.21
  31. Resource Intermediaries Limited; Soji Oyawoye (MD/CEO), Ebun Bamigboye, Weyinmi Jemide, Ido Ohiwere 7,282,308,754.08
  32. Jummai Mahmud; Senator Joshua Dariye. 6,823,110,429.13
  33. Genprogetti Nigeria Limited; Nnamdi O. Okoye, Charles Umeadi 6,637,593,140.34
  34. Ray Gold Silver Plus Limited; Oboden Ibru, Tejiro Ibru 6,392,813,914.61
  35. Camden Resources Limited; H.E. Chimaroke Nnamani 5,875,022,498.73
  36. Riverside Logistics Limited; H.E. Chimaroke Nnamani 5,874,161,281.46
  37. Robo Michael Limited; Kassabali Samir Ibrahim, Egirani Arobo, Egirani Olotu. 5,837,512,139.51
  38. Lexcap Partners; Albert Okumagba, Chibundu Edozie. 5,696,111,908.02
  39. Osigwe Foods & Agro Industries; Moh’d Anselm Kayode, Raji A. Usman. 5,648,190,385.41
  40. Rangk Limited; Kanu Godwin Ndubuisi 5,390,589,104.93
  41. Afro-Arab Investment Limited; Baba-Ahmed Moufitah, Baba-Ahmed Muna Beitah. 5,340,204,984.21
  42. Dormanlong Engineering Limited; Austen Peters 4,700,000,000.00
  43. Abasa Nigeria Enterprises Limited; NPK1 A Ezuma Innocent Ozoemena 4,666,999,131.41
  44. Lawal Obelawo Plastics Industries Limited (LOPIN); Prince Lawal Olaosebikan Yesufu, Ramota Lawal 4,361,717,794.63
  45. Eres N V (Nig.) Limited; Chief Pius Akinyelure 4,171,546,113.09
  46. Al-Kahf Motorcycle Company Limited; Shehu Badamasi, Safiya M. Badamasi 4,067,369,214.72
  47. Madunka Motorcycle Company Limited; Abdullahi A. Haido, Zainab A. Haido 3,561,115,889.09
  48. Terminal Zero; Obadina Gbenga, Niyi Oyedele. 3,318,675,426.60
  49. Ocean Deep Properties Limited; Ray Nduka J. Okpu, Ray Ufoma Okpu. 3,075,367,362.75
  50. Claremount Management Limited; Okobi Paul Uche, Akpan Patrick. 2,944,490,078,53
  51. Ena-Bell Limited Ojo Osamuede Belle, Ojo Osamuede Enahoro. 2,910,142,971.76
  52. Omega Sunshine Ventures Limited; Segun Agbetuyi, Tolulope O. Fadahunsi. 2,763,085,587.14
  53. Tuns Farm Nigeria Limited; Olatunde Adekunle Badmus, Joseph Zopy. 2,738,973,788.06
  54. Nakem Oil & Gas Company Limited; Alebe Nathaniel Uzezi, Alebe O. Gift 2,718,933,557.79
  55. Hyacinnth U.F. Enuha; Hyacinth Uzu-Fela Enuha 2,710,078,325.77
  56. Ray Okpu; Ray Okpu 2,673,346,469.66
  57. Bao Yao Future Lex; Garba Idris Abubakar, Yaozhang Shen 2,669,859,056.59
  58. Aquitane Oil and Gas Limited; Ikechukwu Okolo 2,640,490,132.20
  59. Waziri B. Mustapha; Alhaji Waziri B. Mustapha 2,612,458,766.09
  60. Riggs Securities Limited; Yomi Tokosi,Tokosi Tokumbo, Frederick Fasheun, Ralph Obiha, Awosika Kola 2,601,085,572.34
  61. Likam Nigeria Limited; Alhaji Ibrahim Hamza, Yashuwah Hamza 2,525,755,239.96
  62. Safe Nigeria Limited; Itohan Ogieva-Omosigho, Osa Ogieva-Omosigho 2,369,063,554.93
  63. Woksons International Limited; Chief William Oki, Oke E. Cynthia 2,326,577,517.14
  64. Travaux Investments Limited; Lambo Jumoke, Ogutuga Kemi, Sheri William, Folarin Rotimi Williams 2,303,470,835.43
  65. Omega Savings and Loans; Agbetuyi Segun, Adeniyi A. Adeuyiwa 2,283,749,521.09
  66. Bellview Airlines Limited; Kayode Odukoya AVM, Emmanuel Ombu (Rtd) 2,258,232,021.87
  67. Sage Int. Nig. Limited; Atikoro Uyovbukerhi, Maureen Uyovbukerhi 2,241,719,528.00
  68. Van Vliet Trucks Limited; Nol Van Vliet, Adetunmbi Dayo, Kome Agodo 2,136,216,694.00
  69. Baba Haruna; Ibrahim Baba, Hruna Ibrahim 2,076,544,891.02
  70. Abbey Lincoln Limited; Awoleye T. Abisodun, Francis T. Abisodun 2,065,489,600.50
  71. Shell Staff West Shell Staff; represented by Ikponmwosa Ogiemuda 2,004,956,109.70
  72. L.O. Consult Ogbeogonogo; Chief Uche Luke Okpuno 1,984,819,888.82
  73. Variations Industries Limited; Nwazulu Prince Dennis, Nwazulu Protus 1,969,012,064.04
  74. Tuns Holdings Limited; Olatunde Adekunle Badmus, Joseph Zopy 1,965,039,873.11
  75. Shelter Development, Bayero Usman Ja’afaru, Ibrahim Isa Wada 1,875,156,385.12
  76. Lynq Communications; Joe Obiora Udeagbala, Sylvia Udeagbala 1,847,974,990.21
  77. Petlib Envi-Chem Ser; Ibiam Eleanya E,  Ekwo Eteakamba Edem 1,706,415,936,54
  78. Amsalco Ind. Limited; Aminu Saleh, Bashir Aminu Saleh 1,646,184,931.54
  79. Aminu Saleh Alhaji; Aminu Saleh Alhaji 1,630,812,798.76
  80. Chevron Oil Staff Multipurpose Cooperative Chevron Staff 1,595,966,334.11
  81. Micro Products Int’l Nig. Limited; Chris Anugwolu 1,568,839,810.06
  82. The Franklin Hotel & Suites; Frank Omosigo 1,566,984,396.77
  83. Titanium Oil and Energy Limited; Acholonu Patrick, Ekezie Chief Ralph 1,564,295,090.70
  84. Alcomp Computers Limited; Engineer Emeka Vitus Ezenwanne, Gloria Uzoamaka Ezenwanne 1,559,711,000.55
  85. Tina Stores Limited; Matthew Nmezi, Clementina Nmezi 1,558,068,328.38
  86. Shemofeyo Ventures Limited; Sheba A. Acholonu, Patrick Modupe Olorunfemi 1,549,586,200.57
  87. Westoil Petroleum Services Limited; Bidemi H. Fahn, Hamdalat Ajayi Omotayo Fahn 1,540,787,598.44
  88. Ohzed Oil and Gas Company Limited; Stella O. Dike Engr Matthew A. Dike 1,516,937,763.45
  89. KDC Construction Limited Alh Waziri B. Mustapha 1,480,572,356.42
  90. Deep Sea Oil Gas Limited; Itelima Steve Yeowuma, Itelima Patricia Yeowuma 1,386,834,554.36
  91. Ascot Fabricators and Constr. Limited; Henry E. Imasekha, Joey Chuma Obue 1,374,274,319.42
  92. C.M.G. Limited; Mike Osime 1,339,507,291.77
  93. Huf Engineering Nigeria Limited; Enuha Hyacinth Uzu Fela, Enuha Carol 1,288,402,095.13
  94. Integral Petrochemicals Limited; Oludare O. Olagoke, Adeyemi Y. Olagoke 1,269,386,433.60
  95. Unicorn Place Leisure Services Limited; Ike Nwabuoku 1,256,178,425.11
  96. Ibika Investment & Property Limited; Fashina Kofoworola Olakunle, Fashina Mabayomije Omololu 1,230,763,959.94
  97. Assorted Foods & Beverages; Ifabiyi Ademola Ifabiyi, Eyitope Ifabiyi Toyin 1,185,194,335.36
  98. Al-Fil Petroleum Company Limited; Alao Idris Alao Abdullatif 1,151,788,405.05
  99. Primeview Investment and Property Gabriel Orene Esule George 1,119,804,330.77
  100. Merepainti Nigeria Limited/BPT Equipment; Engr Mohammed Nura Khalil 987,172,183.55
  101. Rainbownet Limited; H.E. Chimaroke Nnamani 804,985,922.59
  102. Paveblocks Nigeria Limited; Alh. Waziri B. Mustapha 633,128,165.50
  103. Honourable Adetunji Adeniyi; Honourable Adetunji Adeniyi 491,220,414.05
  104. Sarki Labaran; Engr. Sarki Labaran 471,402,281.70
  105. Senator Usman Bayero Nafada; Senator Usman Bayero Nafada 409,502,652.84

Courtesy: Dailyadvent

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NNPC Denies Reducing Petrol Pump Price

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The Nigerian National Petroleum Corporation (NNPC) Limited has declared that there is no plan to reduce the pump price of Premium Motor Spirit (PMS) aka petrol and Automotive Gas Oil (AGO) aka diesel.

The national oil company disclosed this through a statement on Wednesday by its Chief Corporate Communications Officer, Mr. Olufemi Soneye.

He said: “The NNPC Limited wishes to clarify rumours suggesting a price adjustment for Premium Motor Spirit (PMS) and Automotive Gas Oil (Diesel) at its retail stations nationwide.

“The company asserts that these reports are false and urges Nigerians to disregard them entirely.

“NNPC Ltd. reaffirms its commitment to sustaining the current sufficiency in petroleum products supply across all its retail stations in the country,” the statement added.

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Midoil Unveils Three-In-One Investment Opportunities

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By Eric Elezuo

The ballroom of the prestigious Sheraton Hotel & Towers Ikeja, was an epicentre of history on Sunday when thriving petrochemical company, Midoil Refining and Petrochemicals Company Limited, under the leadership of its Executive Chairman, Chief Mrs. Elizabeth Omolara Akintonde, hosted the who is who in the industry to the unveiling of its tripartite investment opportunities consisting of the Midoil Refinery project, SereneCity Properties and Serene Partners Energy to be situated in various communities within it acquired land at Ikosi/Ejirin Local Council Development Area, Lagos State.

Anchored by Ben Ogbeiwi of Project Fame, and coordinated by Otunba Gbenga Onayiga, retired Acting Director of Federal Radio Corporation of Nigeria (FRCN) Network News, who is also a veteran journalist, the event was graced by dignitaries both from the political, traditional, and entrepreneurial circle including Retired Deputy Inspector General of Police in charge of the Force Criminal Investigation Department (FCID) Abuja, Babatunde Johnson Kokumo, Baale of Sekungba, Chief Solomon Omotayo, Baale of Arogbo, Chief Adesanya Oyenubi, Baale of Ererufu, Elder Gabriel Lawal, and the CEO, Gidi Real Estate Investment Limited, Tobi Akerele.

The event x-rayed the opportunities inherent in investing in these lucrative ventures, which have been designed to change the landscape of Lagos State in particular, and Nigeria in general, in both human capacity development, provision of employment and reduction of poverty.

In his speech as the Chairman of the occasion, DIG Kokumo lauds the efforts of Mrs Akintonde and her team for their assiduous efforts in ensuring that the day came to pass, adding that the unveiling of the tripartite investment opportunities is another way of stabilizing Nigeria’s economy, and giving the populace a reason to live, as well as making the environment habitable.

He reiterated that the meddling of government in matters of refineries should be discouraged as it is deterring private investments, he gave kudos to the Midoil team for a job well done.

“Today, I am glad that we have Midoil Refining and Petrochemicals Company Limited unveiling its long-time coming investment to the general public, and I want to commend the efforts of the Executive Chairman and the Board of Directors for these laudable investments.

When we examine the real estate aspect of what is being unveiled today, SereneCity Properties; provision of habitable homes, providing structures for Nigerians which have been the responsibility of the government, and what they have been able to do have been grossly inadequate.

Midoil, having diversified into the creation of SereneCity Properties is not a tea party; it is a project that calls for stocks and investment in Midoil Refining and Petrochemicals; stocks and investments in SereneCity Properties and stocks and investment in Serene Partners Energy.

“I consider these investment opportunities a veritable option for investors, who are seeking commensurate returns on their investments,” Kokumo said. He, thereafter, advised all dignitaries in attendance to give all the required support to the threefold opportunities.

In her address, the Executive Chairman, Mrs Elizabeth Akintonde, went down memory lane to dissect the origin and birth of the projects, which has spanned over 12 years, giving unhindered appreciation to Hajiya Amina Abdullahi, with whom the concept was birthed; to the Sekungba, Arogbo and Ererufu communities, where the projects are to be sited, and their Baales, who have shown immense support to the company and the projects from inception.

She exposed that the projects, rooted in the magnum, The Vision, The Journey, The Reality, were consequences of her desire to leave a legacy, and contribute generously to the growth of Nigeria, and to generations yet unborn, who basically, are the target beneficiaries of all the efforts.

Noting that the Vision is rooted in the foresight to establish a modular refinery in Lagos State, Nigeria, leading to the establishment and registration of Midoil Refining and Petrochemicals Company Limited in 2012, she informed that the Journey has been about procuring the large expanse of land required for the projects and all its ancillary, which include housing for expatriate staff, other senior, middle and junior staff.

“Today, March 17, 2024, we are unveiling our vision, our journey and our reality. We received our land allocation letter on April 24, 2014, and subsequently, on January 24, 2017, we were approved the Licenses to Establishment (LTE) by the Department of Petroleum Resources (DPR),” Mrs Akintonde informed of the journey so far.

“To the traditional rulers here present, you have refused to be enticed with cheap money. Therefore, on behalf of the Board of Directors of Midoil Refinery, I once again thank you for your patience and perseverance,” she enthused.

She however, expressed disappointment at some traditional rulers, including the Kabiyesi of Ejinrin, who reneged, and encouraged other Baales to work against the mutually signed MOU.

“Our mutual agreement for Midoil to inhabit the land in peace, as well as having received some financial benefits from Midoil over the years was breached with the latest activities of some communities including Ejirin in the sales of Midoil acquired land,” the Executive Chairman lamented.

She used the opportunity to call on governments at all levels to monitor the activities of land grabbers, and eradicate them completely, stressing that if not stopped, could jeopardize the many proposed development of the communities.

She also called on the Lagos State government “to create expansive awareness among traditional settlers on the land on the need to support developmental efforts by citizens, who wish to give back to the society that has been there for them.”

In addition, Mrs Akintonde urged the government through the Surveyor General’s office “to ensure proper documentation of all lands in the state as well as remove unscrupulous staff assisting ‘Omo Onile’ in perpetuating illicit land grabbing” as they are the reasons for unnecessary delays.

She further revealed that in the 10 years of hard work behind the scenes, Midoil has secured the interest of investors, and the consortium of investors are ready to invest a whopping sum of Five Billion Dollars ($5,000,000,000) in the project.

The highpoint of the event was the signing of Memorandum of Understanding, (MOU), with the three Communities led by their Baales.

Contract was also signed with UNILAG Consult for the conduct of the Pre-Feasibility Study for the proposed refinery.

The event rounded off with awards of loyalty and certificates of appreciation to deserving MPIC Member and other stakeholders in the Midoil adventure.

Notable among the awardees were Engr Sunday Ashaolu (MPIC Member) the Baales of Sekungba, Chief Solomon Omotayo, Baale of Ererufu, Elder Gabriel Lawal; Midoil First Media Coordinator, Mr. Babajide Morounfolu; Midoil Oversea Supporter and Consultant, through whom the $5billion investment was secured, Mrs Ngozi Louise Ogboru; Renowned Toast Master, Bennett Ogbeiwi; Mr. Daniel Adeleke Ogungbe, Very Reverend Oluwafunminiyi, Venerable (Dr.) Olusiji Olumide Kolawole, Mrs Kofoworola Olowolagba and Alhaja Bolanle Jafojo-Adedeji.

The groundbreaking at Sekungba/Ejinrin of the Midoil Refinery project is expected to take place on July 12, 2024, which incidentally is Mrs Akintonde’s birthday, as a follow-up to the March 1, 2024, groundbreaking of SereneCity Properties at Ererufu.

The refinery, when completed, will be producing at a capacity of 100,000 barrels per day (bpd).

Pix by Ken Ehimen

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Airtel Performs Groundbreaking Ceremony for its NXTRA Data Centre, Promises 1000 Jobs

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By Eric Elezuo

Prominent Nigerians were present as network communications service provider, Airtel Africa, performed the ground-breaking ceremony for the establishment of its NXTRA data centre project in Nigeria, at the prestigious Eko Atlantic City, in Victoria Island, Lagos, informing that the project is programmed to create over 1000 jobs for Nigerians.

The company noted that the facility, nicknamed the Nitra frontier, and reported as the first of five hyperscale data centres to be developed by Airtel Africa on the continent, will deliver 38 megawatts of total power and host high-density racks that integrate the latest best practice construction to achieve 1.3 power usage effectiveness (PUE).

It was also revealed that the data centres at full capacity will offer 180-megawatt capacity, distributed across 13 major data centres, and over 48 edge data centres.

Speaking at the event, the Group Chief Executive Officer of the Airtel, Segun Ogunsanya, who informed that the project is expected to go live by the first quarter of 2026, further stated that out of the 1000 jobs expectedto be created, 250 will be permanent once the project is deployed and at capacity.

He praised the project as marking a significant milestone in the company’s journey and is a cornerstone of the organization’s growth strategy, with a particular focus on Nigeria, which unarguably is its largest market.

He added that the project will enhance data sovereignty, security, and preservation within the continent, as well as reflect the group’s commitment to make Nigeria a major hub for access to digital services as it propel Africa towards a sustainable and inclusive digital age.

“This mega project will provide over 1000 jobs. More significantly, once deployed and at capacity, it will create over 250 permanent jobs for Nigerians whilst supporting companies in manufacturing, financial services, and health care as they move their data and computing into third-party data centers like ours.

“Ultimately, we have to store data and content closer to where it is being consumed,” Ogunsanya said.
Boost for digital economy

Ogunsanya was also of the opinion that with Airtel Africa’s extensive fibre footprint, NXTRA “offers secure and scalable integrated solutions to global hyper-scalers, large African enterprises, startups, SMEs and governments.

“Through locally available data centre capacity, speed to access digital services will improve and the cost of managing data will be reduced, thus helping power increased innovation, while supporting a new generation of African tech talent,” he said.

In his remarks at the event, that also has the governor of Lagos State, Babajide Sanwo-Olu, in attendance, the Minister of Communications, Innovation and Digital Economy, Dr Bosun Tijani laud the creativity attached the innovation, saying it is in tandem with technology revolution that is fast engulfing the universe, with Artificial Intelligence (AI) as a main point of reference.

“Data is a key driver in our economy. Not only do we need to connect our people, we also must invest in the digital economy, and through the investment that companies like Airtel have made in our economy, we are fully able to participate in the digital economy,” he said.

Other personalities that graced that event include traditional rulers and stakeholders in the telecoms sector.

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