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Aeroland loses assets to AMCON over N1.8bn debt

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The Asset Management Corporation of Nigeria, AMCON, said it had taken over assets belonging to Aeroland Travels Limited, and its directors’ over-indebtedness of N1.8bn.

A statement from AMCON spokesperson, Jude Nwauzor, said this was a sequel to the order of Honourable Justice D.E. Osiagor of the Federal High Court, Lagos Division.

It stated that “It would be recalled that Justice Osiagor gave the ruling on February 7, 2022, and in compliance to the enforcement order of the court, AMCON put logistics together, and on Friday, May 6, 2022, took effective possession of the nine properties as listed by the court through its debt recovery agent – Robert Ohuoba & Co.

“The properties include those situated at Plot 4 & 4B Block 66 Magodo Scheme, Lagos State; Plot 9, Block 44c, Adetoro Adelaja Street, Magodo Lagos; No. 4C Maye Ogundana Street, Magodo Lagos; No. 10 Oluyomi Oshinkoya Street, Magodo Residential Scheme, Lagos; Plot 8, Block 66, Residential Scheme, Sangisha, Lagos; No. 2A John Olugbo Street, Ikeja, Lagos; No. 2 Fadeyi Street, off Awolowo way, Ikeja, Lagos; No. 8 Surulere Alelor Street, Millenium, Gbagada; and No. 14 Jerry Iriabe Street, off Bashorun Okunsanya, off Admiralty Road, Lekki Penisula.”

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The statement said the court also ordered the freezing of the bank accounts and shares of the company’s directors, including Mr. Segun Adewale and Mrs. Victoria Adewale.

It added that the court additionally granted AMCON rights to seize any other landed property in any other place that might be found within the jurisdiction of the Federal High Court belonging to Aeroland Travels Limited or either of its directors.

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Nwauzor said all the property as listed in the court order had been taken over by AMCON with the assistance of court bailiffs and other officials of the law.

The statement said, “AMCON had purchased the non-performing loan of Aeroland Travels Limited from Polaris Bank (formerly Skye Bank) in 2018.

“Until the coming of the order of the court, all previous efforts by AMCON and its representatives to resolve the debt amicably with the obligor had proved abortive, which was why the corporation resorted to the court for justice.”

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Meanwhile, the owner of Aeroland conglomerates, Otunba Segun Adewale, has accused AMCON of illegally sending policemen to seal his business premises over an alleged debt to Polaris Bank.

In a statement made available to our correspondent, Adewale said he was surprised to see police officers invading the premises of his air travel agency located on John Olugbo Street, Ikeja, Lagos, on Friday, ordering him and his workers out over an allegation that he was owing the bank some money.

On the contrary, Adewale claimed that Polaris Bank had refused to grant him access to his N1.77bn in the bank shortly after the 2015 Lagos West Senatorial Election.

The businessman claimed that he took the bank to court in 2018 over his seized money and that neither the officials of the bank nor its lawyers appeared in court, only for them to accuse him of owing them and got an exparte order to seal his property.

“We will approach the court and the judge would see to the matter. They swore to an oath and lied when they ought to pay me my money,” he said.

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Elumelu says strong insurance sector foundation for strong Nigeria

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Tony Elumelu, CON, Chairman, Heirs Holdings and United Bank for Africa Plc (UBA), giving a keynote address at the recent 60th anniversary of the Nigerian Council of Registered Insurance Brokers (NCRIB) conference, underlined the importance of a vibrant, well capitalised and deep insurance sector to Nigeria’s economy.

“Not least in these testing times, our people need financial security, secure savings and protection against uncertainty. Our industry needs to offer simple, smart products, that give value and deliver. We need an industry that is professional and can catalyse investment in key sectors such as power, infrastructure and housing”.

Elumelu congratulated the NCRIB on its anniversary and the role it has played, joining other prominent guests including Commissioner for Insurance and the President of NCRIB. But he stated there was no room for complacency, with the sector needing to regain trust, stamp down on malpractice and fundamentally evolve its customer proposition to deepen the insurance penetration.

He emphasised the commitment of Heirs Holdings to the insurance industry.

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He said: “Our two insurance companies, Heirs Life Assurance and Heirs Insurance Limited, are both leading democratisation of access to insurance – which is a tool for financial inclusion, employment creation, poverty eradication and female advancement. In a country of two hundred million, we can, should and must be more relevant than we are today. I am an optimist, not a pessimist. I know that times are tough, but together we can, and we will transform our industry, create value, and provide solutions that demonstrate the value of insurance to our people.”

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Reiterating Elumelu’s stance, Mr. Sunday Thomas, Commission for Insurance called for more collaboration and effort in enabling access to insurance, stating that the industry could do more in this prospect.

He said: “It is a fundamental truth that the insurance sector exists for other sectors to thrive. A lot has been achieved, but there is still more work to be done. Until insurance becomes the oxygen that homes and other industries breathe, and a subject that is known to everyone, we have not arrived”.

The President, NCRIB, Barrister Rotimi Edu, appreciated Elumelu for delivering the keynote speech at the event, while making a commitment on behalf of the Council to further deepen insurance penetration in Nigeria.

He said: “The Council is already creating avenues through strategic engagements with notable governmental and non-governmental institutions to deepen the industry in the country”.

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Heirs Insurance and Heirs Life are lead sponsors of the NCRIB 60th Anniversary, alongside investment group United Capital Plc and healthcare management company, Avon HMO, all investee companies of Heirs Holdings, a pan-African investment group, with a portfolio spread across 24 African countries and four continents.

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150 Years: FrieslandCampina Pays Tribute to Member Dairy Farmers

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To mark the end of its 150th anniversary year, FrieslandCampina presents its new short film, A New Day. The film pays tribute to the many generations of dairy farmers who have made FrieslandCampina what it is today; a dynamic, forward-looking dairy cooperative and a global company.

‘A New Day’ tells the story of the next generation of farmers, focused on the future of dairy farming with lots of passion and determination, while adapting to the rapidly changing world.

According to Hein Schumacher, CEO FrieslandCampina: “We are very proud of our farmers and our cooperative heritage. For over 150 years, our member farmers have always managed to adapt to what the market and society demand from them. By actively responding to evolving needs and constantly innovating, they have developed themselves into very innovative farmers.

“I have great admiration for the next generation of farmers, especially in these tense and uncertain times. They are building the future of sustainable dairy farming, with the same commitment and unwavering spirit as the many generations before them. This film is our tribute to all dairy farmers, young and old,” Schumacher said.

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Also commenting, Ben Langat, Managing Director, FrieslandCampina Sub-Saharan Africa said, “The story of our cooperative is a special one. ‘A New Day’ celebrates our farmers who are playing that critical role in bringing better nutrition to the tables of families across Sub-Saharan Africa. FrieslandCampina Sub-Saharan Africa salutes our farm heroes and remains steadfast in our commitment and support to the development and prosperity of our local dairy farmers.”

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The four-minute film tells the story of three young dairy farmers who are on a journey, sometimes literally, as they face dilemmas, make choices and emerge stronger, ready for a new day. The film shows the challenges they are facing in this rapidly changing world. ‘A New Day’ is the sequel to ‘The Story of Milk, produced in 2012, also by corporate cinema agency 1Camera.

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Watch it below.

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Asia’s richest man sees growing isolation for China

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Indian billionaire Gautam Adani says that China “will feel increasingly isolated” and the “foremost champion of globalization” would find it hard to bounce back from a period of economic weakness.

Speaking at a conference in Singapore on Tuesday, Adani said “increasing nationalism, supply chain risk mitigation, and technology restrictions,” as well as resistance to Beijing’s huge Belt and Road initiative, would impact China’s global role.

Asia’s richest man said that “housing and credit risks” in the world’s second largest economy were also “drawing comparisons with what happened to the Japanese economy during the ‘lost decade’ of the 1990s.”

Adani was speaking less than a month after the business mogul became the world’s third richest man, according to the Bloomberg Billionaires Index. He is the first Asian to take that spot.

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The founder of the eponymous Adani Group controls companies ranging from ports to power.

While pessimistic about China, Adani remains bullish about his own country, saying that India is “one of the few relatively bright spots from a political, geostrategic, and market perspective.”

He anticipates India to become the world’s third largest economy by 2030, with “the largest consuming middle class the world will ever see.”

Some technology firms looking to reduce their dependence on Chinese manufacturing already see India as an attractive alternative.

On Monday, Apple announced that it has started making its new iPhone 14 in India, as the technology giant looks to diversify its supply chain. While the company manufactures the bulk of its products in China, it has decided to start producing its latest devices in India much earlier than with previous generations.

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Businesses may have to move away from China not just because of its strict Covid restrictions, which have been hurting supply chains for months now, but also because of rising tensions between Washington and Beijing over Taiwan.

The US government ordered two of America’s top chipmakers to stop selling high-performance chips to China earlier this month. And, last week, leaders of America’s biggest banks said they could exit China if it ever attacks Taiwan.

Adani also mentioned the challenges facing the United Kingdom, and countries in the European Union, because of the war in Ukraine and Brexit.

“While I expect all these economies will readjust over time — and bounce back — the friction of the bounce-back looks far harder this time,” he said.

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