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AMCON may dispose of Aero Contractors, Arik Air in 2018

AMCON may dispose of Aero Contractors, Arik Air in 2018
June 06
09:43 2018

The Asset Management Corporation of Nigeria (AMCON), says 2018 will be a busy year because it plans to dispose assets like Aero Contractors and Arik Air.

In April, AMCON said it is willing to exit the aviation sector if the owners of the companies pay their debts.

In a statement released by Jude Nwauzor, AMCON’s head of corporate communications, the corporation said its 2017 performance was boosted by selling Keystone Bank to new investors for N41 billion.

AMCON sold the bank to Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited in March 2017.


“I want you to understand that we are sitting on a substantial amount of assets, which we must one way or the other resolve on or before our sunset, which is around 2023/24,” the statement quoted Ahmed Kuru, AMCON managing director, to have said

“As I said earlier, we will deal with some of those key assets very soon like the Peugeot Nigeria Limited in Kaduna, CDL, Aero Contractors, Arik Air and a host of others.

“But I must tell you, as we close in on these individuals and entities that owe us, I want you to know that they will call us names, they will blackmail us, they will threaten us, malign and harass us.


“However, I can tell you that hard as they will try, we will not be deterred in going about our normal duties as mandated by law.”

Aminu Ismail, AMCON’s executive director, operations, said the corporation’s 2017 costs were driven by an increase in the price of aviation fuel and overhead expenses for two airlines it took over.

AMCON said it acquired 12,537 non-performing loans (NPLs) worth N1.7 trillion from 22 financial institutions, after the 2009 banking crisis.

Kuru said AMCON would pursue every obligor, especially the 350 debtors of AMCON who account for almost 80% of the debts.


He said politically exposed individuals and business heavyweights, who seem untouchable, would not be spared.



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