News
Alleged N42b debt: AMCON Moves Against Firm’s MD, Directors
- /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 27
https://naijablitznews.com/wp-content/uploads/2024/04/AMCON.jpg&description=Alleged N42b debt: AMCON Moves Against Firm’s MD, Directors', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
- Share
- Tweet /home/naijuinz/public_html/wp-content/plugins/mvp-social-buttons/mvp-social-buttons.php on line 72
https://naijablitznews.com/wp-content/uploads/2024/04/AMCON.jpg&description=Alleged N42b debt: AMCON Moves Against Firm’s MD, Directors', 'pinterestShare', 'width=750,height=350'); return false;" title="Pin This Post">
The 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.
“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.
News
Canada’s Ontario Opens New Permanent Residence Programme For Foreign Workers
The Canadian province of Ontario has opened applications for its newly introduced Workforce Priority Stream, creating a fresh pathway for eligible foreign workers seeking permanent residence through the Ontario Immigrant Nominee Program (OINP).
The province announced that, effective August 4, 2026, eligible foreign nationals can now submit an Expression of Interest (EOI) through Ontario’s e-Filing Portal, provided they have a qualifying job offer from an eligible employer in the province.
According to a post shared on the Canada Visa X account on Wednesday, the new immigration stream is structured into three categories: one for higher-skilled workers, another for lower-skilled workers, and a third for self-employed physicians registered to practise in Ontario and eligible to bill the province’s public health insurance plan, the Ontario Health Insurance Plan (OHIP).
To be considered for provincial nomination, applicants must create an EOI linked to a qualifying job offer submitted by an eligible employer through the OINP Employer Portal.
Although the Workforce Priority Stream was officially launched on June 26, 2026, candidates could not enter the selection pool until the e-Filing Portal became operational this week.
Ontario said all active EOIs will be assessed under a points-based ranking system introduced on July 20, 2026, with invitations to apply to be issued through periodic invitation rounds.
The province explained that each EOI will remain valid for up to 12 months. Applicants who do not receive an invitation within that period will be required to submit a new Expression of Interest to remain eligible for future draws.
Once invited, candidates will have 17 calendar days to submit a complete application, while their employers must apply for approval of the offered position within 14 calendar days of the invitation.
Successful nominees under the job-offer categories will receive a provincial support letter, enabling them to apply for a federal work permit while their permanent residence applications are being processed.
Ontario also noted that applicants under the Higher-Skilled Worker Stream and the Self-Employed Physician Stream may qualify for the Enhanced Provincial Nominee Program linked to Canada’s Express Entry system, potentially allowing for faster permanent residence processing.
The Workforce Priority Stream is the first immigration pathway introduced under Ontario’s restructured OINP after the province closed all existing streams on May 30, 2026, as part of a broader overhaul of its immigration program.
The provincial government said additional pathways, including a Priority Healthcare Worker Stream, an Entrepreneur Stream and an Exceptional Talent Stream, will be rolled out during the second phase of the OINP modernisation initiative.
News
Troops Rescue 14 abductees, recover 281 rustled livestock in Sokoto
Troops of the Nigerian Army’s 8 Division Garrison have rescued 14 kidnapped victims and recovered 281 rustled livestock following an operation against bandits in Shagari Local Government Area of Sokoto State.
A security source familiar with the operation disclosed the development to journalists in Sokoto on Wednesday.
The source, who requested anonymity, said the troops responded swiftly to a distress call on Tuesday after bandits attacked Horo Birni Village and abducted several residents while rustling livestock.
According to the source, the troops intercepted the bandits as they were moving the kidnapped victims and the stolen animals, forcing them to abandon their captives and flee.
The operation led to the successful rescue of all 14 victims and the recovery of 281 livestock.
The source attributed the success of the operation to the troops’ prompt response and effective collaboration among security agencies.
“The troops are always battle-ready to tackle all forms of criminality in the country but need sustained community support and vigilance,” the source said.
In a related development, operatives of the Enugu State Police Command have rescued four kidnap victims during separate operations in Enugu and neighbouring Benue State, while recovering the body of another victim who was allegedly killed by his abductors.
The Command’s spokesperson, SP Daniel Ndukwe, said the rescues were carried out through coordinated intelligence-led operations involving police operatives, the Nigerian Army, the Enugu State Forest Guards, neighbourhood watch personnel, vigilante groups and the Benue State Civil Protection Guards.
One of the operations led to the rescue of two brothers who were abducted at Ezimo-Ulo in Udenu Local Government Area of Enugu State.
According to Ndukwe, operatives from the Udenu Police Division, the Anti-Kidnapping Section of the Command’s Violent Crime Response Unit (VCRU), the Distress Response Squad (DRS) and the Orukam Police Division of the Benue State Police Command tracked the kidnappers to Ikele in Owukpa Community, Ogbadibo Local Government Area of Benue State.
The operation, which also leveraged the Inspector-General of Police’s Handshake Patrol initiative, culminated in a gun battle that forced the kidnappers to flee with suspected gunshot wounds, allowing the victims to be rescued safely.
Security operatives recovered 15 rounds of live ammunition, the victims’ Android phones and car keys, other mobile phones and accessories, a bottle containing substances suspected to be hard drugs and related paraphernalia, clothing items and ₦11,800 from the kidnappers’ hideout.
The victims were later debriefed and reunited with their family.
In a separate operation, operatives of the Umabor Police Division, working with the Anti-Kidnapping Section of the VCRU, the Enugu State Forest Guards and neighbourhood watch personnel, rescued two other victims who had been kidnapped at Amukpa Village in Ogbozara Community, Nsukka Local Government Area.
Police, however, said another victim did not survive the ordeal. His decomposing body was recovered from a forest, where investigators believe he died from gunshot wounds inflicted by the kidnappers while in captivity.
Ndukwe said investigations were ongoing and that security operatives had intensified efforts to track down the fleeing suspects involved in both incidents.
News
Finally, Woro Abductees Regain Freedom — Kwara Govt
No fewer than 176 abducted during the deadly February 3 terrorist attack on Woro and Nuku communities in Kaiama Local Government Area of Kwara State have regained their freedom.
The development was announced on Wednesday in a post on the official Facebook page of the Kwara State Government, which was sighted by our correspondent.
The government wrote, “Alihamdulillaah and kudos to President Bola Ahmed Tinubu GCFR, security forces, and everyone who played a role in this huge feat. We are grateful!”
The victims, who are mostly women and children, were abducted by bandits on February 3, 2026.
Addressing a Channels Television crew in her office, the Commissioner for Communication, Bola Olukoju, expressed appreciation to President Tinubu, the military hierarchy, and the state governor for their roles in securing their release.
She said efforts to secure their freedom had been ongoing, adding that the exact number of those released could not be disclosed yet until further information is received from the military, who currently have the victims in custody.
“Yes, our Woro victims have been released. We are still awaiting more details from the military, but first and foremost, we would like to say a big thank you to the President, Bola Ahmed Tinubu, and the Nigerian military, and our governor, Mallam AbdulRahman Abdulrazak, who hasn’t rested since it happened,” the commissioner said.
“And he has been on it. When people ask: what is he doing? What has been going on behind the scenes, but because it’s a security issue, we can’t tell people about what we are doing.
“But to God be the glory; they have been released. We’re expecting more details.”
-
News24 hours agoJust in: Sultan of Sokoto denies approving TInubu for 2nd term
-
News15 hours agoFG Reopens Portal For Nigerians To Obtain N50,000 Grant(See how to apply)
-
Metro24 hours ago
Lady saved from jumping into Lagos lagoon
-
Economy16 hours agoSee Black Market Dollar To Naira Exchange Rate Today 5th August 2026
-
News16 hours agoJust in: Nigerian Army Nabs Two Soldiers Who Acted As Bouncers At Peller’s Wedding In Lagos
-
News15 hours agoJust in: WAEC releases 2026 WASSCE results as girls top boys in Maths, English
-
News18 hours agoNCC hands over digital facilities to Enugu govt
-
News13 hours agoHow I was scammed, businessman who paid N400m to embattled PFIPC DG Adeyemi tells HoR C’ttee

Warning: Undefined variable $user_ID in /home/naijuinz/public_html/wp-content/themes/zox-news/comments.php on line 49
You must be logged in to post a comment Login