Thursday, January 27

Tag: debt

Court okays settlement agreement of N177m debt between AMCON, ex-Customs officer, Yusuf
News

Court okays settlement agreement of N177m debt between AMCON, ex-Customs officer, Yusuf

Respite appears to have come the way of a former officer of the Nigerian Customs Service (NCS), Dr. Kamoru Bolaji Yusuf following an alleged N177 million debt he owes a Nigerian bank. A federal high court sitting in Lagos has adopted terms of settlement between him and the Asset Management Corporation of Nigeria (AMCON). AMCON had sued Yusuf over an alleged debt resulting from a N50m loan facility he obtained from Intercontinental Bank Plc in 2008 to buy the bank’s shares. It, among others, claimed that Yusuf owed about N176,586!487.86 and accrued interest as of 2018, a claim the retired Customs officer denied, blaming the alleged debt on the negligence of the bank’s officials. Yusuf, in his statement of defense and counterclaim, argued that the said loan was meant to buy Inter...
When you feed those that are richer than you, God deals with you – Reno Omokri writes
Lifestyle

When you feed those that are richer than you, God deals with you – Reno Omokri writes

Reno Omokri has said that God deals with people who feed those that are richer than them. He shared this thought in a post on his Instagram page this afternoon. He wrote; '' Nothing wrong in giving money to people. But, don’t go into debt to show people how much you love them. Even worse is going into debt to try to belong to a clique that already knows who belongs and who doesn’t. Use your money to get wealthy, not to get attention! When you feed the poor, God feels you. When you feed those that are richer than you, God deals with you. Your wisdom is profitable. To you. Your foolishness is also profitable. But to others. Not you. How can you give someone what your haven’t given your mother? God does not reward nice people. He rewards wise people.''
Stakeholders Express Worry over Gombe Gov’s Mounting Debts from Loans … Urge CBN to avoid granting any fresh loan to the State
News

Stakeholders Express Worry over Gombe Gov’s Mounting Debts from Loans … Urge CBN to avoid granting any fresh loan to the State

The Central Bank of Nigeria (CBN) has been urged not to advance any fresh loan request to the Gombe State government, in order to avoid burying the state under a mountain of debt from frivolous loans being obtained by the State Governor, Alhaji Muhammadu Inuwa Yahaya. The fresh call was made by a concerned group of stakeholders under the umbrella of the Gombe Good Leadership Association (GGLA). The same group, in a recent statement issued and signed by a Trustee of the Association, Mohammed Salisu Abdullahi, had raised the alarm over the increasing debt incurred by the Governor allegedly for development purpose. However, the group expressed worry that the governor has ignored the calls to avoid accumulated debts with the danger of mortgaging the state’s future, and has gone ahead t...
Squid game is actually reality of how no one truly loves anyone when it comes down to survival – Burna Boy
Celebs

Squid game is actually reality of how no one truly loves anyone when it comes down to survival – Burna Boy

Burna Boy has shared his thoughts about "Squid Games", a South Korean fictional drama which is projected to be the most watched Netflix series. "Squid Game" is a South Korean fictional drama in which adult contestants who are deeply in debt, play children's games in order to win a ton of cash. The downside is that losers will be killed. And also once you are in the game, quitting also has deadly consequences. Sharing how he feels about the movie, Burna Boy stated that it is an actual reality "of how no one truly loves anyone when it comes down to survival". He further stated that it is a reality that breaks his heart.
We wanted Messi to play for us for free – Barcelona president, Joan Laporta
Sport

We wanted Messi to play for us for free – Barcelona president, Joan Laporta

Barcelona president, Joan Laporta, has once again spoken out about Lionel Messi's exit from the club, saying he had hoped that the captain would offer to play for the Catalan giants for free. The club could not afford to keep hold of Messi amid their unprecedented financial woes, with the club racking up more than £1billion in debt and recording a £409million loss for last season. Earlier in the summer, the club president explained that Barcelona's wage bill with six-time Ballon d'Or winner Messi on the books would equal 110 per cent of their income. As a result, the Argentina star bid an emotional farewell in a press conference before signing for the Ligue 1 giants, PSG in the summer on a two-year deal. Speaking on Catalan radio station RAC1 via Mundo Deportivo, Laporta, 59,...
Alleged N69bn debt: Court fixes Jan 24 for AMCON’s suit against Jimoh Ibrahim
News

Alleged N69bn debt: Court fixes Jan 24 for AMCON’s suit against Jimoh Ibrahim

A Federal High Court in Abuja has fixed January 24, 2022 for a suit filed by the Asset Management Corporation of Nigeria (AMCON) for a stay of execution of orders granted Jimoh Ibrahim over alleged N69billion debt. On Monday, Justice Okon Abang fixed the date after AMCON’s request for reconsideration of the Court of Appeal verdict. The adjourned date would either be to mention the suit or abide by the decision of the Court of Appeal. NAN reports that AMCON was not in court while Ibrahim was represented by Oladele Oyelami, who held brief for Adeniyi Akintola (SAN). Oyelami told the court that the matter was slated for hearing the notice of appeal served on the defence on September 30 by AMCON. AMCON, through its lawyer, Ade Adedeji (SAN) indicated intention appeal the orders ...
Barcelona wages still €300m over La Liga limit despite Messi and Griezmann departures
Sport

Barcelona wages still €300m over La Liga limit despite Messi and Griezmann departures

The Catalan club will have to keep cutting costs over the next year or two before they will be allowed to bring in any big names Barcelona are still in serious financial trouble despite lowering their wage budget with the departures of Lionel Messi and Antoine Griezmann among others, Goal understands. The Camp Nou side saved €200 million (£171m/$232m) in salaries over the course of the summer, giving them some breathing room amid their financial crisis. But the club continue to drown in debt and their unsustainable situation will force them into further cuts next year.  
Lagos: Police rescue man tied over N4.6m debt, arrest culprit
News

Lagos: Police rescue man tied over N4.6m debt, arrest culprit

The police in Lagos have arrested Oluchi Okoye alias PACA for tying Reuben Alozie to a stake over unpaid N4.6miliom debt. The suspect tied up the debtor at No. 29 Abeokuta street from September 22nd to 23rd when Alozie was rescued by officers. Okoye said he resorted to self-help after several efforts to recover his money from the victim failed. He was apprehended after a complaint Okoye’s wife, Angela lodged at the Denton Police Station. Angela cried out over her husband’s fate and informed operatives that Okoye held him hostage in dehumanizing conditions. Commissioner of Police, Hakeem Odumosu has directed that the suspect be transferred to the command’s tactical unit for investigation and prosecution. Odumosu warned people against taking the law into their own hands ins...
Nigeria borrows fresh $4bn through Eurobonds
News

Nigeria borrows fresh $4bn through Eurobonds

Nigeria has borrowed another $4bn through Eurobonds. This raises Nigeria’s Eurobond debt from $10.37bn as of the end of March to $14.37bn, according to figures obtained from DMO’s external debt stock figure. The amount was raised after an intensive two days of virtual meetings with investors across the globe. The Debt Management Office (DMO) disclosed this in a statement on its website on Tuesday evening, September 21. The DMO said in the statement: "After an intensive two days of virtual meetings with investors across the globe, Nigeria has raised the sum of $4bn through Eurobonds.   "The order book peaked at $12.2bn which enabled the Federal Government of Nigeria to raise $1bn more than the $3bn it initially announced.   "This exceptional performance has...
Borrowing to accumulate debt for next generations is criminal – Obasanjo
News

Borrowing to accumulate debt for next generations is criminal – Obasanjo

Former Nigerian President, Olusegun Obasanjo, has reacted to the incessant borrowing by the Federal government. Recall that only days ago, President Buhari requested the approval of the National Assembly to borrow $4,054,476,863 and €710 million. Obasanjo, while speaking to Channels Television in South Africa, said it is criminal to accumulate debt for the next generation to pay. He said that if the existing debt remains unserviced or unpaid by the current administration, it might become a huge problem for successive governments. Obasanjo added that borrowing is not a problem, however, he said it would be better if the borrowed funds were used for development and there is a plan or capacity to pay back. He said: If you want to build a commercial house and you go and borr...
Warri Pikin Says she attempted Suicide over Unpaid Debts as she shares cruel things her Creditors and Friends said afterwards
Celebs

Warri Pikin Says she attempted Suicide over Unpaid Debts as she shares cruel things her Creditors and Friends said afterwards

Warri Pikin has disclosed that she attempted suicide years ago because things were hard financially for her family and she was in debt. The comedian has spoken in the past about how people mocked her for marrying her husband who wasn't wealthy in the initial stage of their marriage. On Sunday, June 6, 2021, she took to Instagram to reveal that things got so bad for her that she attempted suicide on June 6, 2018. She said her family was in debt to the tune of N22m and she felt hopeless. Today, June 7, she returned to Instagram to disclose that prior to the suicide attempt, people suggested other means for her to make money, including someone who invited her to "play" in a hotel in exchange for money. She said another offered to introduce her to a wealthy lesbian woman who...
Mother and Son allegedly Kill High Court registrar over N2500 debt in Delta
News

Mother and Son allegedly Kill High Court registrar over N2500 debt in Delta

A High Court registrar, Paul Eghodibie Ezenwosi, has allegedly been killed in Owa-Oyibu community, the Headquarter of Ika North East Local Government Area of Delta State over N2500 debt. The deceased, a father of six died after one Stella Osafile and her 16-year-old allegedly hit him on the head with a plank when he went to demand for the N2500 they are owing him. Speaking with Ika Weekly Newspaper during a visit to the bereaved family in Owa-Ekei, wife of the deceased, Mrs. Uwaoma Ezenwosi said that her late husband sold a hen to Mr. Augustine Osafile during the year 2020 Easter period at the rate of Five Thousand Naira, (#5,000), he paid the sum of Two Thousand Five Hundred (#2,500) and promised to pay the balance money on a later date. "Ever since last year, my husband has ...
Mofe Duncan reacts as Michelle Page finally Reveals the Debt he’s being owed
Lifestyle

Mofe Duncan reacts as Michelle Page finally Reveals the Debt he’s being owed

Crossdresser, Michelle Page, has finally disclosed to actor, Mofe Duncan, that his ex wife owes him. Recall that Mofe Duncan recently bought a new car and Michelle Page took to Instagram to accuse him of "buying car and owing". Michelle Page later sent Mofe Duncan a DM to inform him of the debt. According to screenshots from the DM shared by Mofe, Michelle said the debt is for makeup done 6 years ago for Mofe Duncan's ex-wife, Jessica. Mofe asked Michelle why he was the one called out over the unpaid debt, instead of his ex-wife who had the makeup done. He added that he spoke to his ex-wife and she wants the drama behind her so she's agreed to pay. Towards the end of the chat, Michelle Page confirmed receipt of the payment. Towards the end of the chat, Michelle Page c...
Photos: President Buhari Departs for France
News

Photos: President Buhari Departs for France

President Buhari has departed Abuja for Paris, France where he would be attending the African Finance Summit. The summit will review the African economy, following shocks from the COVID-19 pandemic and getting relief, due to the increasing debt burden on countries. During the four-day trip, Buhari will also meet with Emmanuel Macron, president of France. President Buhari and President Macron are expected to discuss the growing security threats in the Sahel and Lake Chad region, climate change, economic ties, political relations, partnership to improve Nigeria’s health sector, and contain the spread of COVID19. See more photos below
Man allegedly Runs his Friend Over with a Car to avoid Paying 30k debt
News

Man allegedly Runs his Friend Over with a Car to avoid Paying 30k debt

A young man has been accused of running his friend over with a car to avoid paying a debt of 30,000 Naira. Essien Akpoiko James, the son of Late Rev. OJ Essien of 32, Gibbs street, Uyo, allegedly ran Ephraim Edet Okon George over with a Lexus car on May 12, in Uyo, Akwa Ibom state. According to eyewitnesses who took to social media to call out the suspect, the victim was immediately rushed to Life Care hospital and the suspect was said to have sped off to the nearest police patrol team and complained that he was attacked by kidnappers. The police, according to report, was said to have followed him back to Gibbs street where he had knocked down his friend and fired several gun shots which scared the gathering crowd. Akpaniko was also allegedly escorted by the armed men t...
Ogun State Paid ₦20 Billion Out Of its Debt In 2020 – Dapo Okubadejo
News

Ogun State Paid ₦20 Billion Out Of its Debt In 2020 – Dapo Okubadejo

The Ogun State Commissioner for Finance, Dapo Okubadejo, has said the state government paid over N20 billion out of its debt in the year 2020. This, according to him, was the reason the debt of Ogun State stood at N153billion as of December 2020. Okubadejo made this revelation in an exclusive chat with DAILY POST, when he was contacted to make clarifications on the state finances as published by the Debt Management Office (DMO). The Commissioner who declined comments on how much had been borrowed by the government of Governor Dapo Abiodun, told our correspondent that “N106.7 billion was the domestic debt as at May 2019,” saying “this has been written before, several times.” But, our correspondent called the attention of Okubadejo to the fact that the DMO report says the Ogu...
Sales Rep Fakes Own Kidnapping, Lodges in Edo hotel “to see if company would write off his N900,000 debt”
News

Sales Rep Fakes Own Kidnapping, Lodges in Edo hotel “to see if company would write off his N900,000 debt”

Operatives of the Anti-kidnapping And Cybercrime Unit of the Edo State Police Command have arrested a sales representative of a popular pharmaceutical company for allegedly faking his own kidnapping . The suspect, Chikezie Precious, 25, was employed as a sales representative with the company three years ago and supplies drugs to most states in Southern Nigeria. According to Standard Gazette, Chikezie owns the company over N900,000 from drugs sales. In a move to get the company to write off his debt, the suspect went into hiding and raised a false alarm that he was kidnapped on the road. On his way back to Benin from Auchi, he dumped the company van along Ewohimi-Agbor road, left the key on the driver’s seat and took public transport to Benin City, where he lodged into a hotel....
Haaland’s Father, Agent to Meet Four Premier League Clubs for Transfer Talks
Sport

Haaland’s Father, Agent to Meet Four Premier League Clubs for Transfer Talks

Erling Haaland’s father Alf-Inge and agent Mino Raiola will fly to England, to hold talks with at least four Premier League clubs over a potential summer transfer. According to Mundo Deportivo, Alf-Inge and Raiola will meet with Liverpool, Chelsea, Manchester United and City in London. The two were pictured in Spain on Thursday and are believed to have held discussions with Barcelona and Real Madrid. But they will explore a number of possibilities for Haaland, before making a final decision. Haaland himself is known to be very keen on the Premier League, with the 20-year-old having been born in Yorkshire and his dad having played for Nottingham Forest, Leeds and Manchester City. It certainly seems the English sides would be more likely to be able to afford Haaland, with ...
Man Beats his Son to Death Over alleged Theft in Kano
News

Man Beats his Son to Death Over alleged Theft in Kano

The police in Kano state has arrested a 40-year-old man, Awaisu Auwalu, for beating his 19-year-old son, Auwalu Awaisu, to death over alleged theft. The spokesperson of the state police command, DSP Abdullahi Haruna, who confirmed this to newsmen, said the father accused his son of stealing from his provision store and used a stick to beat him up mercilessly. Auwalu was later rushed to the hospital where he died while receiving treatment. "On March 27 2021, at about 1700hrs, information received revealed that one Awaisu Auwalu, 'm' 40 years old, of Samegu Quarters Kano, used a stick to beat his son, one Auwalu Awaisu, 'm' 19 years old. Upon receipt, the victim was removed from the scene and rushed to Murtala Mohammed Specialist Hospital Kano. He died on March 29 2021, at about 0...
Nigeria’s Rising Debt Servicing Is An Economic Threat – SEC
Politics

Nigeria’s Rising Debt Servicing Is An Economic Threat – SEC

The increasing debt service of Nigeria is an economic threat to the country, the Securities and Exchange Commission declared on Thursday. But this might not stop the Federal Government from borrowing to fund the 2021 budget, as the Minister of Finance, Budget and National Planning, Zainab Ahmed, insisted that government had to borrow. In January, The PUNCH reported that Nigeria spent almost N2tn on debt servicing payments from January to September 2020, based on data obtained from the Debt Management Office. At the 5th Annual Budget Seminar of the Securities and Exchange Commission with the theme, “Financing Nigeria’s budget and infrastructure deficits through the capital market,” the SEC also stated that shocks to commodities were affecting revenue generation. It disclosed...
Startimes Risks Winding-Up Court Order Over $11m Football Rights Debt
Business

Startimes Risks Winding-Up Court Order Over $11m Football Rights Debt

StarTimes, a Chinese electronics and media company with businesses in sub-Saharan Africa, is at risk of getting a winding-up court order, GlobalData is reporting. The sports market intelligence platform reports that StarTimes has not paid BeIN Media Group for broadcasting rights to Ligue 1, the French football league. In 2018, StarTimes signed a deal with BeIN Media Group which holds international Ligue 1 rights from 2018-19 to 2023-24 to broadcast English- and local-language Ligue 1 in sub-Saharan Africa. The pay-TV operator is reported to now owes BeIN $11 million, including interest. A monthly payment plan was agreed upon between both parties after the matter was taken to court in Hong Kong before the start of the 2019-20 season, but StarTimes missed the first instalment...
Nigeria To Disconnect Niger, Benin Over ₦2.60 Billion Electricity Debt
News

Nigeria To Disconnect Niger, Benin Over ₦2.60 Billion Electricity Debt

Nigeria may be forced to cut off power supply to the Republics of Niger and Benin over an outstanding N2.60 billion electricity debt. Details of the unpaid electricity debt owed by the two countries are contained in the Nigerian Electricity Regulatory Commission (NERC) second quarter 2020 report released yesterday in Abuja. The report indicated that of the N4.10billion (US$13.39 million) invoice issued by the Market Operator(MO) to international customers which included Societe Nigerienne d’electricite – NIGELEC, Societe Beninoise d’Energie Electrique – SBEE and Compagnie Energie Electrique du Togo–CEET), only CEET paid the sum of N1.51bilion (US$4.92million) in respect of services it received from the Nigerian MO. The Federal Government had in December 2019, threatened to disco...
WAEC Yet To Release Result Of 70,000 Students In Kano Over Debt
Education

WAEC Yet To Release Result Of 70,000 Students In Kano Over Debt

About one month after the West African Examination Council (WAEC) released the results of candidates who sat for its November/December examination, the fate of over 70,000 students in Kano State is still hanging in the balance. It was gathered WAEC decided to withhold their results over the State government’s failure to settle their registration fees as earlier promised. This, Daily Trust further learned, has made most of the affected candidates indecisive, especially those seeking admission into higher institutions with awaiting results. A source in WAEC said the examination body has decided to hold on to the results until when the State government settles the registration fees, as it has released results of private candidates. When Daily Trust correspondent contacted the ...
China’s N3.2 Trillion Loan to Nigeria is Nothing to Worry About — DMO DG, Patience Oniha
News

China’s N3.2 Trillion Loan to Nigeria is Nothing to Worry About — DMO DG, Patience Oniha

Director-general of the Debt Management office, Patience Oniha has revealed that Nigeria’s loans from China are about N3.2 trillion and constitute about 11 per cent of its total external debt. In an interview with Premium Times, Oniha said the loans are all concessional loans that are project-tied and that there are no reasons for Nigerians to be worried about them. She also revealed that Nigeria’s debt to Gross Domestic Products (GDP) is currently sustainable, but that there is a need for the country to do much better in terms of debt services to revenue. Oniha said; “I know that last year there were a lot in the public space about borrowing from China. So all of the loans we had from China, the stock of the bilateral credits which is where China belongs, that we have, is sm...
Teacher Fakes her Own Kidnap in Kwara to Extort N250, 000 From her Father
News

Teacher Fakes her Own Kidnap in Kwara to Extort N250, 000 From her Father

The police in Kwara state have arrested a 24-year-old teacher, Medinat Ibrahim,  for allegedly faking her own kidnap just to extort N250, 000 from her father. Medinat, who was paraded alongside two other suspects identified as Amudalat Wahab (30) and Hammed Lekan (28) said she committed the crime to raise money to settle a debt which accrued from the monthly contribution at the private school where she serves as a teacher. She alleged she was maltreated by her stepmother who also caused friction between her and her father, adding that she decided to fake her own kidnap to get money to offset debts she incurred during COVID-19 lockdown.   I teach in a private school where I was paid N15,000. We organised monthly contribution which I collected and invested in a business, b...
Court To Restrain GTB From Deregistering As A LLC To Avoid ₦32 Billion Debt
Business

Court To Restrain GTB From Deregistering As A LLC To Avoid ₦32 Billion Debt

As Innoson seeks an order restraining GTB from transmuting to a Private and a Financial Holding Company until GTB pays it over N32Billion Judgement debt The Supreme Court of Nigeria has struck out GTB’s motion filed to set aside its earlier decision/order made on 27th February 2019 dismissing GTB’s appeal against Court of Appeal judgement of 6th February 2014 in favor of Innoson Nigeria Ltd Recall that The Federal High Court, Awka Division on March 27th, 2019, pursuant to Supreme Court dismissing GTB’s appeal, granted leave to Innoson Nigeria Ltd to enforce and execute the judgment and Garnishee Order Absolute made by the court coram Shakarho, J at the Ibadan Judicial Division on the 18th of May 2010 and the 29th of July 2011 respectively. This order was concurrently affirmed by th...
N392bn Debt: FG To Focus On Priority Projects, Says Fashola
Politics

N392bn Debt: FG To Focus On Priority Projects, Says Fashola

Minister of Works and Housing, Babatunde Fashola (SAN), has disclosed that due to the burden of unpaid certificates totaling over N392 billion, the federal government would carefully select projects to execute in the 2021 budget, instead of starting new ones. A statement signed by the Director of Press and Public Relations in the ministry, Boade Akinola, noted that Fashola stated this during the 2021 budget defence of his ministry before the House of Representatives Committee on Works, and reiterated that the budget would focus on road projects, especially those on routes A1-A9. Fashola explained to the committee that the disparity between the liabilities in unpaid certificates and the budgetary provisions over the years had compelled the ministry to prioritise its capital propos...
Nigeria’s Debt May Jump By ₦6 Trillion To Hit ₦38 Trillion – Zainab Ahmed
Politics

Nigeria’s Debt May Jump By ₦6 Trillion To Hit ₦38 Trillion – Zainab Ahmed

Zainab Ahmed, the minister of finance, budget and national planning, has projected that Nigeria’s debt profile would hit N38.68 trillion by December 2021. Speaking when she appeared before the senate committee on local and foreign debts on Tuesday, Ahmed estimated that both external and domestic debt would rise to N32.51 trillion by December 2020. According to the Debt Management Office, the total public debt stock, which comprises the debt stock of the three tiers of government, stood at N31.009 trillion at the end of June 2020. “The total public debt stock comprising the External and Homes debts of the Federal and state governments and the federal capital territory stood at N31.01 trillion (USD85.90 billion) as at June 30, 2020,” she said. “It is projected, based on exist...
Science Ministry Settled N2m Debt With N17m Vehicles – Senate
Politics

Science Ministry Settled N2m Debt With N17m Vehicles – Senate

Senate Committee on Public Accounts has uncovered how the Ministry of Science and Technology “gave out two vehicles worth N17m to pay N2m debt it owed contractors. The Auditor-General of the Federation, Anthony Ayine, had, in a report submitted to the Senate, queried the ministry over the disappearance of two official vehicles with registration M50-10FG and MGO-12FG. According to the report, during the verification of non-recurrent assets of the ministry, it was discovered that the two vehicles were not seen and their whereabouts was not explained. Responding, the permanent secretary of the ministry, Edet Akpan, explained that the vehicles were seized by a court as result of debt the ministry owed contractors. But the chairman of the committee, Senator Matthew Urhoghide...
Nigeria’s Total Public Debt Increased By ₦2.4 Trillion In Q2 2020 – NBS
Politics

Nigeria’s Total Public Debt Increased By ₦2.4 Trillion In Q2 2020 – NBS

Nigerian States and Federal Debt Stock data as at 30th June 2020 reflected that the country’s total public debt portfolio stood at N31.01trn. Further disaggregation of Nigeria’s total public debt showed that N11.36trn or 36.65% of the debt was external while N19.65trn or 63.35% of the debt was domestic. The total States and FCT domestic debt was put at N4.19trillion with Lagos state accounting for 11.77% of the debt stock while Yobe State has the least debt stock in this category with a contribution of 0.70%. Total public debt stock increased by $6.5 billion (₦2.4 trillion) from Q1 2020 to Q2 2020, due to the increase in multilateral loans and FGN bonds. External public debt in Q2 2020 increased to $31.5billion (₦11.4 trillion) as a result of loans from the IMF ($3.4 billion) and...
Nigeria’s Debt Hits N31 Trillion – Debt Management Office
News

Nigeria’s Debt Hits N31 Trillion – Debt Management Office

The Debt Management Office on Wednesday released Nigeria’s total public debt stock as of June 30, 2020, and put the country’s entire debt at N31trn, indicating an increase of N2.38trn within a space of three months. Nigeria’s total public debt stock includes the debt stock of the Federal Government, the 36 states, and the Federal Capital Territory. Just as the country’s public debt stock, the DMO also released reports on Nigeria’s Actual External Debt Service Payments in Second Quarter, 2020, as well as Nigeria’s External Debt Stock as of June 30, 2020. For the country’s public debt stock as of June 30, 2020, the DMO said, “The data shows that in naira terms, the total public debt stock which comprises the debt stock of the Federal Government, the 36 state governments and the FCT ...
“I Inherited A Debt Of N3.2bn in 2017” – NAFDAC DG, Mojisola Adeyeye
News

“I Inherited A Debt Of N3.2bn in 2017” – NAFDAC DG, Mojisola Adeyeye

Prof. Mojisola Adeyeye, the Director-General of the National Agency for Foods and Drugs Administration and Control (NAFDAC), said on Tuesday that she inherited a debt of N3.2 billion when she assumed office in November 2017. Adeyeye speaking at an online news conference to highlight the activities of the agency, said that, however, the debt had been settled. “I am happy to inform you that we have been able to pay our debts and we are also training our 2,200 members of staff to enhance competence, capability as well as productivity.” According to her, the sum of N7 billion was generated in 2017; while N2.5 billion and N3.1 billion were generated from the agency’s IGR windows in 2018 and 2019 respectively. She also said that the agency was in dire need of an overhaul to achi...
Satellite TV Company, TSTV Loses Office Due To Debt
Business

Satellite TV Company, TSTV Loses Office Due To Debt

The West African Business Platform Ltd., a law firm, has taken possession of the Abuja Headquarters office of Telcom Satellite Ltd. Television (TSTV) due to its inability to pay its rent. The Abuja Headquarters office of the television company is situated at Plot 1191, Jahi District, off Gilmore Construction Company, FCT. The property was taken over on Tuesday following the judgment entered in favour of the plaintiff by Justice Yusuf Halilu of the FCT High Court in Nov. 2019. Officers from the Execution Unit of the FCT High Court, including four police officers, were stationed in the premises during the takeover. The law firm through its principal, Raphael Adakole, had filed the suit in 2018 with No. CV/2739/18 against the television company and its Abuja Managing Director,...
IPPIS: ASUU Plunged FG Into N800bn Debt, Says Ngige
Politics

IPPIS: ASUU Plunged FG Into N800bn Debt, Says Ngige

The Minister of Labour and Employment, Dr Chris Ngige, has said there will be no going back paying University lecturers with the Integrated Payroll and Personnel Information System. While stating that IPPIS had improved the effectiveness and efficiency of payroll administration, Ngige said before its implementation in the university system, the Academic Staff Union of Universities allegedly plunged the Federal Government into N800bn debt resulting from irregularities in payroll. Ngige stated this in an interview with reporters in his Alor home, in the Idemili South Local Government Area of Anambra State. He said the main reason ASUU went on strike was because of the introduction of IPPIS that had allegedly blocked loopholes for pilfering and exposed huge fraud in the system. ...
“I Attempted Suicide Because, I Was In Debt Of Over 20 Million Naira”, Comedian Real Warri Pikin Reveals
Celebs

“I Attempted Suicide Because, I Was In Debt Of Over 20 Million Naira”, Comedian Real Warri Pikin Reveals

Popular Big and bold comedian, Real Warri Pikin has opened on why she attempted suicide in 2018. The happily married mother revealed on Tonto Dikeh’s food show, “Grub and Rub” that her husband and herself were in debt of over 20 million naira. According to her, they invested in businesses that didn’t compute . She revealed that they borrowed monies from friends and families to take a position , just for it to collapse. that they had to unload one among their cars, a Rav 4 and therefore the only land that they had in Kuje. Anita further added that everything wasn’t going well and her creditors were on her neck, she decided to require her own life, in 2018. Anita hails from Delta State. Her father is Ijaw from the Burutu government Area of the state, while her mother is U...
Invest In Education, Stop Borrowing From Other Countries – Harrysong Tells Buhari
Celebs

Invest In Education, Stop Borrowing From Other Countries – Harrysong Tells Buhari

Nigerian singer, songwriter and instrumentalist Harrysong has a excellent advise for the president of Nigeria, Mohammadu Buhari. According to the singer, He advised pres. Buhari to invest in education and stop borrowing money to cause more debt in the country, Nigerian He said “Buhari invest in education, it’s never too late. Start paying students. We need brains to sustain this country’s economy. And please stop borrowing from other countries oooooooooo I Dey shake ooooooooo”   View this post on Instagram   To the presidency A post shared by KINGMAKER||?? (@iamharrysong) on Apr 28, 2020 at 12:16pm PDT
Rapper, Kanye West officially becomes a Billionaire
Lifestyle

Rapper, Kanye West officially becomes a Billionaire

Kanye West has officially become a Billionaire, making him the second American rapper to reach that status after Jay-Z.   According to Forbes, ’Ye's Yeezy brand, which he owns in its' entirety and falls under the Adidas umbrella, helped push him over the $1 billion mark.   The publication said they dissected the Chicago rapper's success with Yeezy, while also sharing how they tabulated Kanye's net worth.   Nonetheless, a decent portion of Kanye's net worth can be attributed to his royalty agreement with Adidas. West receives a "royalty around 15% of Yeezy revenue from Adidas. Upon closer inspection, it appears some expenses are carved out of that slice, bringing his actual cut closer to 11 percent. At that rate, he would have received royalties of over $140...
IMF Grants Debt Relief To 25 Countries
News

IMF Grants Debt Relief To 25 Countries

Kristalina Georgieva, Managing Director of the IMF, made this known in a statement issued on Monday. “Today, I am pleased to say that our Executive Board approved immediate debt service relief to 25 of the IMF’s member countries under the IMF’s revamped Catastrophe Containment and Relief Trust (CCRT) as part of the Fund’s response to help address the impact of the COVID-19 pandemic,” the statement said. “This provides grants to our poorest and most vulnerable members to cover their IMF debt obligations for an initial phase over the next six months and will help them channel more of their scarce financial resources towards vital emergency medical and other relief efforts.” The IMF said that CCRT can currently provide about US$500 million in grant-based debt service relief, incl...
African Countries Need To Quickly Ask For Debt Relief Over Coronavirus – Ngozi Okonjo-Iweala
Politics

African Countries Need To Quickly Ask For Debt Relief Over Coronavirus – Ngozi Okonjo-Iweala

Former minister of finance, Ngozi Okonjo-Iweala has advised Nigeria and other African countries to quickly pressure the G7 and G20 for debt-relief in order to deal with the economic and health issues arising from the novel Coronavirus. The economic expert who played a huge role in getting Nigeria an $18 billion debt-relief as minister of finance, stated a debt relief will aid in getting resources to tackle the spread of Coronavirus. Okonjo-Iweala averred that the money owed by some African countries can be channeled towards dealing with Coronavirus. She told BBC; “You know we have several sources, you’ve got the African Development Bank, which has just floated a social bond for $3 billion that will be available to the countries on the continent,” she said. “You have the ...
‘My Family Scattered In Relatives’ Houses’- Galadima Says, Threatens To Sleep Outside
Politics

‘My Family Scattered In Relatives’ Houses’- Galadima Says, Threatens To Sleep Outside

A former ally of President Muhammadu Buhari, Alhaji Buba Galadima, has said that his family members are now ‘scattered’ with relatives over the seizure of his houses by the Asset Management Corporation of Nigeria (AMCON). The corporation had announced the taken over of the residence and company of Alhaji Galadima, over “debts to the tune of N900 million”. But Galadima said the development was a witch-hunt and threatened to sleep outside the house, located in Wuse II, Abuja, so that Nigerians can see his plight. Galadima, however, told Daily Trust via telephone on Thursday that while he travelled to Lagos state over the matter, his families including wife, children and grandchildren were relocated to relatives’ houses in the FCT. “They (AMCON) have taken over the house and the fam...
‘I’m an old fool’ – Pamela Anderson’s ex husband, Jon Peters says as he reveals he paid off her $200k debt during their 12-day marriage
Entertainment

‘I’m an old fool’ – Pamela Anderson’s ex husband, Jon Peters says as he reveals he paid off her $200k debt during their 12-day marriage

Canadian-American actress, Pamela Anderson's ex-husband, Jon Peters, has claimed he paid off her $200,000 debts and bought her a new wardrobe during their 12-day marriage. 'Everything she told you was a lie,' the 74-year-old called himself 'an old fool' in an email to Page Six. 'I welcomed her into my life with open arms and love since I have looked after her for many years,' he wrote. 'I paid… [her] bills since she was broke. I bought her a completely new wardrobe.' Refuting claims he had asked the Baywatch star to be his wife, he instead claimed the 52-year-old proposed to him - via text. He wrote: 'When she texted me that she wanted to get married, it was kind of a dream come true even though I was engaged to someone else and the lady was moving in. 'I dropped everythin...
Singer Zonke Hailed For Helping A Student Pay R30k Debt
Lifestyle

Singer Zonke Hailed For Helping A Student Pay R30k Debt

South African Afro-soul singer, Zonke Dikana is being hailed for showing some kindness towards a student who was in R30,000 debt. The student identified as Bubu Sithole, took to Twitter to share her ordeal after she was unable to register because she owed R29,000 in unpaid fees. In her tweet, she stated she had been rejected by NSFAS twice, and this was after she even provided proof that her mother had died and her father was living with a disability. Her tweet reads; “I’m currently packing my bags and going back home because I have outstanding fees and can’t register. I owe R29k and they want R17k for me to register provisionally. I was rejected by NSFAS twice in a row, even after I sent them my mother’s death certificate and my dad’s disability papers.” The celebrity r...
Buhari Alone Can’t Be Blamed For Nigeria’s Debt – Lai Muhammed
Politics

Buhari Alone Can’t Be Blamed For Nigeria’s Debt – Lai Muhammed

Amidst growing criticism of the country’s debt profile, the Minister of Information and Culture, Alhaji Lai Mohammed, said on Monday the regime of the President, Major General Muhammadu Buhari (retd.), alone could not be blamed for the country’s debt stock. He said the debt stock was “a cumulative figure of borrowings by successive governments over many years”. Speaking at a media briefing to present the Buhari government’s major achievements, Mohammed, however, said there was yet no cause for alarm over the country’s $83bn (about N25.5tn) debt. According to him, the country still operates within its debt ceiling of 25 per cent in the total public debt stock to Gross Domestic Product. Former President Olusegun Obasanjo, who headed one of the previous governments (1999 – 200...
Bankruptcy: Katie Price is almost unrecognizable again… loses drastic weight
Lifestyle

Bankruptcy: Katie Price is almost unrecognizable again… loses drastic weight

Katie Price has reportedly lost a stone of weight in just two weeks from the stress of her bankruptcy woes. The former glamour model, 41, has worried pals after her financial misery and spiraling debt has left her "rushing around the place" and unable to eat properly. The brunette bombshell is thought to be flogging her pricey possessions and selling products online in a last-ditch attempt to recover some of her finances, however, she is now rumoured to be physically suffering. A source close to the TV star spoke to Sun Online about Katie's "worrying" weight loss and "liquid diet" due to the stress of her problems, not only with the bankruptcy but also fears she could be homeless by Christmas. The insider revealed to the publication: "Katie's dropped around a stone in two wee...
Politics

FG To Arraign Ifeanyi Ubah Over N135bn Debt

The Federal Government has filed criminal charges against Ifeanyi Ubah and his Capital Oil and Gas Industries Limited over an indebtedness of N135bn to the Asset Management Corporation of Nigeria. In the charges filed before the Federal High Court in Lagos, the prosecution said the N135bn emanated from a July 2013 consent judgment between Capital Oil and Gas Industries Limited and AMCON but accused Ubah of frustrating AMCON’s efforts to recover the judgment debt. The prosecution alleged that in a bid to defeat the realisation of the judgment credit, Ubah and Capital Oil “made false claims in relation to the actual values of certain assets transferred to AMCON under the consent judgment delivered in Suit No. FHC/ABJ/CS/714/2012.” The prosecution alleged that they “did obstruct ...
Politics

Buhari Inherited $63 Billion Debt, BMO Tells Atiku

The Buhari Media Organisation has faulted former Vice President Atiku Abubakar’s assertion that President Muhammadu Buhari’s administration took more loans in the last three years than the preceding administrations did in 30 years. The group said the claim by the Peoples Democratic Party’s presidential candidate in the 2019 general elections was a co-mixture of “outright lies and conjectures.” In a statement signed by its chairman, Niyi Akinsiju; and secretary, Cassidy Madueke, the group said Atiku had “a penchant for twisting facts for political expediency.”It cautioned the former Vice President to always check his facts and figures before making them public. The BMO accused Atiku of hiding under the banner of Prof. Anya O. Anya of the Nigeria Economic Summit Group “to add credib...
See how Didier Drogba fulfilled a 10-year debt to Kylian Mbappe at the 2019 Ballon d’Or awards
Sport

See how Didier Drogba fulfilled a 10-year debt to Kylian Mbappe at the 2019 Ballon d’Or awards

On Monday night, Didier Drogba fulfilled a 10-year debt to Kylian Mbappe by taking a selfie with the French football star at the 2019 Ballon d'Or awards. The Chelsea legend revealed that he denied a then 10-year-old Mbappe a picture after a Champions League semi-final with Barcelona in 2009,  because he wasn't happy by the poor officiating of referee Tom Henning Ovrebo after Barcelona knocked out Chelsea. At the ceremony last night, Drogba, who hosted the ceremony alongside Sandy Heribert invited the PSG striker to the Ballon d'Or stage to fulfill his '10-year debt' to the French star. He said on stage: 'Ten years ago after a match, a child came to me and wanted to take a picture. 'That day I said no because of the result [and the refereeing]. I learned that the child was Kyl...
Actress Mercy Aigbe Called Out By Chinese Fabric Seller Over Unpaid Debt
Celebs

Actress Mercy Aigbe Called Out By Chinese Fabric Seller Over Unpaid Debt

Nollywood renown actress and businesswoman, Mercy Aigbe seems to be in a serious mess over a business deal with a Chinese Fabric seller, which became sour.... The seller with the Instagram name, @unique_fabric_gallery, accused the actress and mother of two of getting away with 20 yards of fabrics and breaching their agreement. While details of what actually transpired between the aggrieved seller and the Nollywood actress is a bit sketchy, the numerous screenshots of their conversation shared by the fabric seller, suggests Mercy Aigbe neither advertised their business on her page as agreed nor pay for some fabrics.
Putin Wrote Off $20 Billion Debt Owed By African Nations
Politics

Putin Wrote Off $20 Billion Debt Owed By African Nations

Russian President, Vladimir Putin, has written off $20 billion of accumulated debt owed by African countries during the Soviet era. Putin said this during the Russia-Africa forum in Sochi. He added that the funds from those debts were being used to set up special programmes to support Africa’s economic development. “Russia had recently written off $20 billion of debt owed by African countries,” Putin said, adding, “funds from those debts were being used to set up special programmes to support Africa’s economic development.” “It was not only an act of generosity but also a manifestation of pragmatism because many of the African states were not able to pay interest on these loans,” he said. The Russian president also said Africa was attractive to Russian businesses as many...

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