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AMCON Moves Against Firm’s MD, Directors over N42b Debt

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Asset Management Corporation of Nigeria, AMCON, has initiated bankruptcy proceedings against the Chairman of Milan Industries Limited, Milan Nigeria Ltd and Milan Beverages Ltd, Rajesh Valecha and four other directors of the companies over their alleged inability to repay a N42billion debt.

The other directors, named in five petitions, now pending before two judges of the Federal High Court in Lagos, are: Ramesh Valechha, Vikram Valechha, Odunlami Bayo and Akin Femiwa Akinsola.

In the petitions filed by its lawyer, Kunle Ogunba, SAN, AMCON stated that the debt, which now stands at N41,511,758,031.14 arose from several loan facilities obtained from Skye Bank (now Polaris Bank) between 2010 and 2012 by Milan Industries Ltd and Milan Nigeria Ltd, for which the directors are now liable.

Stating that it has since acquired the debt from the bank, AMCON added that the debtor companies applied majority of the loan facilities to the construction of a 361-room hotel facility at 52 Kofo Abayomi Street, Victoria Island, Lagos, formally known as Intercontinental Hotel (now Lagos Continental Hotel).

AMCON is praying the court for among others, an order appointing a trustee against the estate, funds, investment, shares or other interest of the directors, “principally as they may be vested, constituted or evinced in Milan Industries Limited, Milan Nigeria Limited, and Milan Beverages Limited which interest is held either directly or through the said Milan Industries Limited and/or in any other company within and outside Nigeria.

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AMCON is equally seeking consequential order empowering it to sell the directors’ properties (be it landed or chattels) where – ever situate and/or found including but not limited to his shares principally in Milan Industries Limited, Milan Nigeria Limited, and Milan Beverages Limited which interest is held directly or through the said Milan Industries Limited either by private treaty or by public auction which occasion shall be published in two widely read and circulated national daily newspapers in Nigeria.

Also, AMCON wants an order granting it leave to appropriate or otherwise utilize the investments, shares or other interests of the directors in the companies and in any other company/corporate entity in Nigeria or outside Nigeria in partial or full satisfaction of the debt due, as the case may be.

On March 21 Justice Daniel Osiagor granted AMCON leave to effect substituted service of relevant court documents, including the petitions on Ramesh Valechha and Vikram Valechha. Similar orders for substituted service were earlier made in the petitions against the other three directors.

While Justice Osiagor is hearing three of the petitions (filed against Ramesh Valechha, Vikram Valechha and Akin Femiwa Akinsola), Justice Yelim Bogoro is handling two (filed against Rajesh Valecha and Odunlami Bayo).

Both judges had, in earlier rulings, issued ex-parte injunctions restraining the directors from tampering with their assets and ordering banks to provide information about their financial standing.

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Credit: Vanguard

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Ugo Onwuaso is an ICT enthusiast. He believes technology should be used for general good. He holds a Master of Public Administration (MPA) degree from the Lagos state University. Dear Reader, Your support matters. But we believe that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. That is why, we have devoted our energy to independent reportage of technology and finance and how they affect lives. Our incisive and analytical view of how technology news affects the daily life help individuals and organizations make up their minds. Quality journalism costs money. Today, we're asking that you support us to do more. Kindly support our effort to deliver technology and finance journalism to everyone in the world. Donate as little as N1,000. Bank transfers can be made to: UBA Plc 1017156876 Communication Week Media Ltd

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Atte, Nigerian Develops AI Algorithm for Hair Transplants

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Atte Ayodeji, a Nigerian computer scientist,has developed an artificial intelligence algorithm capable of detecting, counting, grouping and generating healthy hair follicles during hair transplant procedures, an innovation that earned him the Best Innovative Technology award.

Atte, Nigerian Develops AI Algorithm for Hair Transplants

Atte Ayodeji

Ayodeji also graduated with a Distinction in his Master of Science (MSc) in Computer Science from Birmingham City University on Friday, adding another milestone to an impressive academic year.

Beyond his award-winning hair transplant innovation, the Nigerian researcher developed a system and framework on Explainable Artificial Intelligence (XAI) as a professional responsibility in the diagnosis of lung cancer.

His dissertation received a silver award at the PGXPO2026 Winter, further highlighting the impact of his research in applying artificial intelligence to healthcare.

Sunday Dare, special adviser on Media and Public Communication to President Tinubu,  celebrated Ayodeji’s achievements in a post on X, recalling how he first met him in 2019 during his National Youth Service.

“In 2019 when I became a Minister of the Republic, I met a young man of medium height, genteel with penetrating eyes: Atte Ayodeji. His words rarely come out and he could easily be passed by unnoticed. But I noticed him especially when my SA Kemi Areola brought him to me asking my approval for him to do his Youth Service in my office. I approved. From then on he was unstoppable. His brilliance shown and he developed skills beyond his frame.”

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Highlighting Ayodeji’s recent accomplishments, Dare congratulated him saying, “Congratulations Atte. I am proud of you!”

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FG to Abolish Subsidies in Power Sector in 2027 – Minister

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Mr. Joseph Tegbe, minister of Power, has said that the federal government plans to end power sector subsidies from 2027 and that there are no immediate plans for tariff increases.

FG to Abolish Subsidies in Power Sector in 2027 – Minister

Mr. Joseph Tegbe, minister of Power

The minister told journalists during the media interactive session at the weekend that the government has announced plans to phase out electricity subsidy payments from 2027 as part of efforts to address mounting liabilities in the power sector.

He explained that the planned removal forms part of the broader reforms aimed at ensuring the long-term sustainability of the electricity sector, while tackling the financial challenges confronting the industry.

According to the minister, despite the planned subsidy withdrawal, there are no immediate plans to increase electricity tariffs, reassuring consumers that the government is not considering a tariff hike in the short term.


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AfCFTA Urges Africa to Stop Exporting Raw Materials

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Patience Okala, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office has urged African countries to stop exporting raw materials and instead focus on adding value to its natural resources if it is to fully harness the opportunities offered by the African Continental Free Trade Area.

She stated this on Thursday at the Streamsowers & Köhn 20th Anniversary Business Forum, where she stressed that value addition and beneficiation are essential to Africa’s industrialisation and long-term economic growth.

According to a statement issued on Friday by the Nigeria AfCFTA Coordination Office, she said the AfCFTA goes beyond the elimination of tariffs, serving as a framework for industrialisation, value addition, and job creation across the continent.

“AfCFTA is not only about tariffs; it is also about value addition. Africa has to stop exporting raw materials. We need to add value and ensure that beneficiation is done on the continent,” she said.

Okala also said Africa’s economic transformation would depend on the effective implementation of the AfCFTA rather than on the signing of trade agreements alone.

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“We have moved beyond negotiations. The success of AfCFTA will be measured by the extent to which businesses can access new markets, trade seamlessly across borders, and benefit from the opportunities created by the agreement,” she said.

She noted that Nigeria had intensified efforts to implement the agreement under the leadership of the Minister of Industry, Trade and Investment, Dr Jumoke Oduwole, including the development of simplified AfCFTA guides in six languages to help businesses understand and take advantage of opportunities under the trade pact.

Okala called for stronger collaboration among governments, regulators, and the private sector to eliminate barriers to trade and investment and build a truly integrated African market.

“As we move from policy to implementation, our collective responsibility is to ensure that the opportunities created by AfCFTA become practical realities for businesses, particularly MSMEs, women-owned enterprises, and young entrepreneurs across the continent,” she said.

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