Business
AMCON, Capital Oil Differ On Assets Seizure
Uncertainty has enveloped the status of Capital Oil and Gas Industries Limited assets, seized by Assets Management Company of Nigeria (AMCON), despite a subsisting court order in favour of the oil company.
AMCON has said it would not yield possession of the assets of Capital Oil, temporarily forfeited to it by virtue of a Federal High Court order of November 13 this year.
But the embattled oil company has faulted AMCON’s position, saying the continued closure of its premises was not in the best interest of the economy and rule of law.
AMCON said, in a statement Tuesday, that it will remain in possession of the assets pending the determination of the appeal it filed against the court’s later ruling, reversing its November 13 decision.
Justice Abdu Kafarati of the Federal High Court, Abuja had, in the suit by AMCON, marked: FHC/ABJ/CS/714/2012 against Capital Oil & Gas Industries Limited and Ifeanyi Patrick Ubah, via an order ex-parte, granted AMCON possession of certain assets of the defendants pending the final determination of the substantive suit.
The assets covered by the court order include landed properties; some of which are facilities containing high stocks of petroleum products.
On December 12, 2012 Justice Abdu-Kafarati discharged order of possession granted AMCON and ordered that the defendants be allowed to continue to run their business and pay their debt to AMCON as they can.
The judge also ordered that parties should resolve their dispute amicably in the interest of the economy.
Kafarati refused AMCON’s application for the sale of the petroleum products in the defendants’ facilities, which have been leaking and posed serious security risks as well as public health hazard, but instead, adjourned hearing to January 18 next year.
Dissatisfied, AMCON appealed the court’s decision of December 12 and filed an application praying for and order of stay of execution an injunction pending appeal.
It is also seeking an order mandating the Inspector -General of Police (IGP) to provide security to secure the assets of the defendants, and an order for the immediate sale of the petroleum products in the defendants’tank farms.
AMCON prayed the court to order that proceeds from the sale be paid into an interest yielding account in the name of the Chief Registrar of the Court pending the final determination of the suit.
It hinged its decision to maintain possession over the assets on the ground that the defendants were at the risk of not being able to recover the over N65billion debt owed by the defendants to four local banks.
But in a press statement yesterday Capital Oil’s spokesperson, Nick Hayes stated that as at “Monday December, 17, the policemen deployed at the instance of AMCON to take over the premises of Capital Oil and Gas, have refused to allow staff of the company access into the premises.
“Although the court order is pasted at the gates of the massive premises, the policemen claim that they have not been de-briefed by AMCON. They simply told inquisitive staff who are eager to go into the depot and resume work that, ‘somebody sent us here and that person is the one that can ask us to leave this place.’
According to Hayes, “this latest action of AMCON is a clear indication that the masked people bent on taking over Capital Oil and Gas Industries Ltd. are still at work, doing everything they can, to perfect their plans – court order, or no court order.
“It is paradoxical that the same AMCON who did not waste time in taking over the premises and properties of Capital Oil and Gas when it got an order to do so, is now foot-dragging as the same court has vacated the initial order”.
MoniePoint Inc. a digital financial firm in Nigeria, has said it is empowering community pharmacists across the country with innovative payment solutions to improve access to drugs.
The financial firm said it had also provided loans for pharmacists under the aegis of the Association of Community Pharmacists of Nigeria (ACPN) to drive healthcare delivery in the country.
MoniePoint in a release titled, “Inside Nigeria’s community pharmacies: How Moniepoint drives healthcare access with payments and funding”, has reaffirmed its commitment to providing digital payment solutions to improve health outcomes in Nigeria.
The release examined how community pharmacies play a crucial role as vital access points for medical care in Nigeria, especially in areas with limited hospital or clinic access.
According to the release, the ACPN National Chairman, Ambrose Igwekwam, highlighted the critical role played by community pharmacies in Nigeria’s healthcare system over the years.
Igwekwam, however, expressed concerns over the challenges confronting the nation’s pharmaceutical industry which he said was hindering access to affordable medicines.
The pharmacist listed poor infrastructural systems, power, transportation, regulatory bottlenecks, importation dependency, and limited research opportunities as major challenges facing the pharmaceutical sector.
He also stressed the need for robust collaborative efforts with institutions like Moniepoint to strengthen the sector.
“As Nigeria continues to grow, improving local pharma manufacturing to meet the demands of this growth presents a key opportunity for us all.
“There is also the African Continental Free Trade Area Agreement, which is expected to boost our industry, especially when we start producing our drugs locally, which will provide the much needed foreign exchange from exports.
“We are also seeing advancements in digital health and technology which would hopefully deepen the practice of e-prescription in Nigeria”, the ACPN boss said.
Corlins Walter
In order to enhance customer service and streamline operations, the Chartered Insurance Institute of Nigeria (CIIN) has called on stakeholders in the insurance industry to embrace Artificial Intelligence (AI).
The President of the institute, Yetunde Ilori, made this call at the 2024 Office Representatives Committee (ORC) Workshop, organised by the institute, with the theme “AI and the Future of the Insurance Industry”, in Lagos.
Ilori at the event, emphasised the importance of AI adoption, noting that it was not a threat to jobs but rather a tool to improve efficiency across the insurance sector.
“It is not about AI taking over our jobs, but about us using AI to simplify processes and give maximum satisfaction to all the customers we serve whether as underwriters, brokers, loss adjusters, or in educating our members”, she said.
The workshop, which brought players in the insurance sector together, aimed to address how AI could be leveraged to transform business processes and improve customer interactions.
The Chairman of the ORC, Monica Nwachukwu, underscored the role of AI in modernising the industry, adding, “AI can automate customer and claims processes, allowing insurers to provide faster and more efficient services to their customers”.
She explained how AI could help extract data from legacy systems, enhancing decision-making processes.
“By integrating AI with APIs, insurers can feed valuable data into AI solutions to improve operations and customer service”, she added.
In his address, the Managing Partner of A4S and Training Heights, Orlando Odejide, stressed the need for companies to align their strategies with future technologies like AI, especially as they prepare for 2025.
“Any organisation that wants to grow into the future must have its strategic plan in place. If your strategy for 2025 is not ready, it should be done by October”, he advised.
He encouraged participants to think critically about how AI could be integrated into their business models to ensure they remain competitive.
“The idea is for you to use this workshop as a platform to think about your organization and how AI can help streamline your processes and improve growth”, Odejide noted.
In order to gain global respect and recognition, the National Space Research and Development Agency (NASRDA) has reaffirmed its determination to pursue its goal in ensuring that Nigeria’s space capabilities are recognised on the world stage.
The agency also reaffirmed its commitment to positioning Nigeria as a key player in the global space economy.
In a statement by the Director of Media and Corporate Communications, Dr. Felix Ale, NASRDA revealed that the Director-General of the agency, Matthew Adepoju, emphasised this during recent engagements at the 79th United Nations General Assembly and the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA) and Global Alliance Business Association international conference in Michigan, United States.
The statement noted that Adepoju outlined a forward-thinking agenda, stressing the importance of Nigeria’s space programme as a leader in research, exploration, and technological innovation.
“Our goal is to ensure that Nigeria’s space capabilities are recognised on the world stage.
“We must foster collaborations with global space agencies to enhance our satellite capabilities and technological infrastructure”, he stated.
The NASRDA boss said the agency is focusing on enhancing satellite capabilities, expanding international collaborations, and leveraging space science for national development.
He said NASRDA will have no stone unturned in pursuit of excellence, ensuring the agency secures the necessary resources and recognition to propel it forward.
“The relationships we build today will pave the way for tomorrow’s advancements in space science.
“Innovation and progress thrive in an environment built on collaboration and inclusivity”, he stated.
He emphasised that with the support of the government, international partners, and a dedicated team, NASRDA is poised to make significant strides in the evolving global space landscape.
“We are on the brink of a new era for Nigeria’s space agency. Together, we will ensure our nation stands out in the global space economy”, he said.
Corlins Walter