E-Financial
Senate Queries N5.6Bn to AMCON, Says Company is a Failure
The Senate yesterday, lamented the failure of the Asset Management Company of Nigeria (AMCON) and demanded a probe of the N5.6 trillion pumped into the Company by the Central Bank of Nigeria (CBN) since inception.
This is coming on the heels of the recent call by the International Monetary Fund (IMF) on Nigeria to wind down AMCON.
The senators who alleged ineffective use of the huge sum sunk into the company, also said, that AMCON has failed to live up to its objective of recovering toxic debts owed by some commercial banks after some three years in business.
The Senators waxed worriedly during the consideration of a bill to amend the AMCON Act, which scaled second reading in the Senate yesterday.
The Bill tagged “Act to Amend Asset Management Corporation of Nigeria Act 2010,” among others, seeks to establish a corporate entity with a well constituted Board of Trustees drawn from CBN, eligible financial institutions, National Deposit Insurance Corporation (NDIC) and Ministry of Finance to make regulations for the supervision and management of AMCON fund..
But the Senate mandated its Committee on Banking, Insurance and other Financial Institutions chaired by Senator Bassey Otu, to find out the exact amount CBN had pumped into AMCON and how effectively it was used in the execution of its mandate as well as how much it has recovered so far.
Senator Ita Enang, chairman, Rules and Business Committee, said the sum exceeded Nigeria’s yearly budget with the allegation that since the company commenced operations, it has failed to recover up to 15 per cent of the entire money.
He advised the committee to examine the functions and operations of AMCON, adding that it was “disheartening that the organisation appeared to be failing because the amount committed to it by CBN was not free money but a loan meant to be paid to the Federation Account.”
Leading the debate, Senator Otu, said the bill seeks to prohibit any board member or an employee of AMCON from being directly or indirectly involved in the purchase of assets acquired by the corporation.
He also said the amendment bill sought to empower AMCON to acquire assets that are already subject to litigation if there is no valid court order restraining it from doing so.
David Mark, Senate president, noted that if the toxic debt that AMCON was mandated to manage was not yielding any fruitful result and the Federal Government was now asked to subsidise it, those found culpable in the fruitless exercise must be punished.
The committee is expected to report back to the Senate in two weeks.
Sofri, Powered by Links Microfinance Bank plans a massive rollout of Point of Sale, PoS terminals for merchants and agency banking in the third quarter of this year.
This is coming against the backdrop of the banks revamp of its digital platforms to support better customer experience.
Paul Adebayo, managing director, Sofri, said the bank is technology and purpose-driven, with focus on financial inclusion and sustainability. As well with the determination of making banking simpler, inclusive, and impactful.
He said that the revamped mobile app features, faster onboarding, cleaner interface, real-time alerts, enhanced security and seamless loan applications.
“Our corporate internet banking Launched for SMEs and institutional clients features, secure payments, transfers, account management and enhances business banking experience.
“Laying the groundwork for greater reliability, product innovation and operational efficiency is our new core banking infrastructure. This change enables us to scale faster and serve customers better.
“Our Terminal Management System (TMS) improves the performance, uptime, and remote monitoring of our POS terminals. This ensures merchants and field agents enjoy better stability, quicker settlements, and stronger support,” he added.
On sustainability impact, Adebayo, added that Sofri is embedding ESG principles into its lending and operational models — from offering green financing options, to supporting waste-to-wealth entrepreneurs, and making inclusive finance part of Nigeria’s circular economy.
Sofri is a trademark of Links Microfinance Limited (Links Mfb). Links Mfb is licensed and regulated by Central Bank of Nigeria (CBN) and deposits insured by the Nigeria Deposit Insurance Corporation (NDIC). Links Mfb is a member of DLM Capital Group, owners of DLM Asset Management as regulated by the Securities and Exchange Commission (SEC).
Current market research has confirmed that buyside investors are increasingly focused on high-growth sectors such as small businesses and consumer lending— sectors that fuel both the demand and supply sides of the economy.
However, capital allocation to these areas requires robust risk mitigation frameworks to preserve principal and ensure returns that are not just economically viable but outpace inflation.
Against the backdrop that DLM Capital Group has developed an innovative solution – the Sovereign Bond Backed Composite Notes (SBCNs) to meet this critical economy needs.
According to Sonnie Babatunde Ayere, the Group CEO of DLM Capital Group, “We believe that the consistent issuance of SBCNs by qualified entities will play a key role in de-risking corporate bond portfolios.
“By blending sovereign-backed security with enhanced yield exposure, portfolio managers gain a rare opportunity to simultaneously increase portfolio safety and performance”.
The first of its kind fixed income product combines the security of direct sovereign bond-backed principal protection, such as FGN Bonds, with the enhanced yield potential of corporate and consumer lending cash flows. This hybrid structure, the first of its kind in the local market, merges public-sector credit safety with private-sector income generation.
The instrument is designed as such that the private sector credit tranche will be secured by the FGN-bonds, which will be the senior tranche.
The N30 billion Sovereign Bond Backed Composite Notes issued by DLM Funding SPV Plc is being packaged as a AAA-rated note. With a held-to-maturity yield of 49.9 percent, the notes are designed to be attractive to institutional investors seeking a balance between capital preservation and superior returns.
Sonnie Babatunde Ayere, noted about the SBCN, “For asset managers, it enhances portfolio quality, improves credit profiles, supports diversification, and delivers competitive returns.
In a media parley describing the instrument, Ayere highlighted the role of the instrument in driving credit expansion to the underserved private sector. He highlighted how the note could help drive institutional capital into sectors that were previously considered too risky.
“By channeling domestic capital into these critical but underserved sectors without exposing investors to excessive risk, it becomes possible to mobilize funding for parts of the economy that have long been neglected.” He added.
E-Financial
Fidelity MD,Onyeali-Ikpe Champions Lifelong Learning and Sisterhood for Women’s Career Growth
Dr. Nneka Onyeali-Ikpe, Managing Director and Chief Executive Officer of Fidelity Bank Plc, has encouraged women professionals to embrace continuous learning, courage, and collaboration as key habits for achieving long-term career success and breaking through professional barriers.
Managing Director and Chief Executive Officer of Fidelity Bank Plc, Dr. Nneka Onyeali-Ikpe, OON, (Middle) flanked by participants of a Women’s Roundtable themed, “Mentorship with Dr. Nneka Onyeali-Ikpe” hosted by the bank over the weekend at the Fidelity SME Hub, Gbagada, Lagos recently.
She gave the charge during a Women’s Roundtable hosted by the bank over the weekend at the Fidelity SME Hub in Gbagada, Lagos. Themed “Mentorship with Dr. Nneka Onyeali-Ikpe”, the event drew female professionals from various sectors and was held under the Recognition and Networking arm of the bank’s HerFidelity Proposition—a flagship initiative designed to empower women entrepreneurs and professionals across Nigeria.
Explaining the vision behind HerFidelity, Dr. Onyeali-Ikpe noted that the initiative was born out of a strong need to provide women with holistic support beyond access to finance.
“In my engagements with women across different industries, I’ve seen first-hand that while talent and ambition abound, many still lack access to capital, skills development, health support, and networks,” she said.
“HerFidelity was created to bridge that gap by focusing on four key pillars: access to capital, capacity building, wellness for work-life balance, and entrepreneurship support. It’s one of the initiatives I’m most proud of, because when women thrive, communities prosper and economies flourish.”
The interactive mentorship session, held in a Q&A format, offered participants an opportunity to learn directly from the trailblazing CEO, who shared personal experiences and career insights.
Advising young women aspiring to leadership, she said: “Believe in yourself, be ready to work hard, and never shy away from taking smart risks. Seek out mentors, invest in meaningful relationships, and above all, collaborate—because no one truly succeeds alone.”
The event also featured fun competitions and giveaways, with attendees winning exciting gifts courtesy of Fidelity Bank.
Dr. Onyeali-Ikpe’s session left participants inspired, reinforcing Fidelity Bank’s position as a champion for gender empowerment and a leading supporter of women’s advancement in business and leadership.
MTN Says New N6.98 USSD Charge Won’t Affect Airtime Recharge
Sofri Rejigs Digital Platforms for Better Customer Experience
DLM Group Unveils Innovative Sovereign Bond Backed Composite Notes
Study Reveals 7% of Industrial Organizations Tackle Vulnerabilities Only When Necessary
NITDA, NCFRMI Forge Strategic Alliance for Inclusive Digital Transformation of Displaced Nigerians
General News2 days agoNASRDA, Galaxy Space Firm Sign MoU on Satellite Connectivity
Telecom2 days agoOver 1m Nigerians Reached through MTN Staff’s Digital and Community Outreach
Telecom2 days agoMafab Gets 0724 Number Series, Launches Mcom 5G Brand
News2 days agoDBN Awards N13m in Grants to Tech Startups
Telecom2 days agoNCC to Name, Shame Telecom Infrastructure Vandals
News2 days agoFCCPC Shuts France, Belgium, and Italy Visa Centres in Abuja Over Alleged Consumer Rights Violations
Telecom2 days agoWSIS Review: Nigerian ICT Leaders Urged to Shape Global Digital Future
E-Financial2 days agoBank Customers Petition CBN over Illegal Deductions, Demand Action