Vice President Yemi Osinbajo, on Tuesday, set up a task force with a mandate to devise a strategy to recover the N5 trillion owed to the Assets Management Corporation of Nigeria (AMCON).The agencies tasked to go after the debtors are Economic and Financial Crimes Commission (EFCC), Nigerian Financial Intelligence Unit (NFIU), the Independent Corrupt Practices Commission (ICPC) and the ministry [...]
Tag "Ahmed Kuru"
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Ahmed Kuru, managing director of the Asset Management Corporation of Nigeria, says it is worrying that the chronic debtors that are behind the over N5trillion debt burden are ministers and members of the national assembly.Speaking on Wednesday at the July 2019 edition of the Breakfast Meeting, organised by the Nigerian–American Chamber of Commerce (NACC), Kuru said the corporation is making [...]
Ahmed Kuru, managing director/CEO of the Asset Management Corporation of Nigeria (AMCON) says AMCON may disengage asset management partners (AMPs) that cannot cope with the speed and enormous challenges of debt recovery expected by the corporation.He also promised that the corporation may assign more accounts to AMPs that have shown aggression and zeal based on the review of the [...]
Ahmed Kuru, the managing director/CEO of Asset Management Corporation of Nigeria (AMCON), says it is not easy to deliver a paradigm shift in two, three or eight years.Kuru disclosed this while speaking at the annual presidential dinner for the graduating senior executive course of the National Institute for Policy and Strategic Studies (NIPSS), hosted by the Alumni Association of the [...]
Jones Onyereri, chairman of house of representatives committee on banking and currency, says the AMCON amendment act will be presented to the house for third reading in two weeks. He made this disclosure on Tuesday, while on a routine oversight function visit to the Corporate Head Office of AMCON in Maitama, Abuja.The bill is seeking to further empower and embolden AMCON with [...]
Aquitane Oil and Gas Limited says it is not indebted to the Assets Management Corporation of Nigeria (AMCON).In a letter sent to TheCable and signed by Ikechukwu Okolo, its managing director, the company said its name was erroneously included in the list of 105 delinquent debtors published by AMCON."We wish to draw to your attention to this publication and at [...]
The Assets Management Corporation of Nigeria (AMCON) has published the names of its top 105 debtors.According to the corporation, the "delinquent debtors", whose names were released owed a total of N906 billion."This has become necessary as all avenues provided by the corporation for the debtors to propose acceptable resolution terms have failed," it said in an advertorial released on Monday."Nevertheless, [...]
Walter Onnoghen, chief justice of Nigeria, says the Asset Management Corporation of Nigeria (AMCON) needs alternative dispute resolution (ADR) to meet its recovery mandate before its sunset period.Speaking on "strengthening AMCON recovery drive" in Abuja on Monday, Onnoghen said AMCON can effectively recover its outstanding N5.4trillion debt using this means.“I will encourage the use of ADR, as part of the [...]
The senate committee on banking, insurance and other financial institutions says the Assets Management Corporation of Nigeria (AMCON) should compile and publish the names of debtors.Speaking on Thursday at the opening of a 2-day retreat at Intercontinental Hotel in Lagos, Rafiu Adebayo Ibrahim, chairman of the committee, said this allows Nigerians know the people holding the economy to ransom.The senator [...]
The Assets Management Company of Nigeria (AMCON) says there will be no more room for negotiation with obligors.Ahmed Kuru, managing director and chief executive officer of AMCON, said the company is tired of debtors coming to their office and telling lies about wanting to embark on a staggered payment which they ended up never complying.He said most parts of the N5.4 [...]
The Asset Management Corporation of Nigeria (AMCON) says 350 Nigerians are responsible for more than 80 percent of the N5.4 trillion debt portfolio of the company.Ahmed Kuru, managing director of AMCON, disclosed this in an interview with NAN in Abuja.According to Kuru, the 350 Nigerians or their businesses owe a whopping N4.3 trillion of the N5.4 trillion debt profile of [...]
The Asset Management Corporation of Nigeria (AMCON) says it recovered bad loans worth N731bn, excluding clawbacks, from the start of its operations in 2010 up to December 2017.Assets in form of properties accounted for about 35 percent of the total amount recovered in the seven-year period.Ahmed Kuru, managing director, AMCON, made the disclosure while declaring open a two-day Asset Sales [...]
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 [...]
Ahmed Kuru, managing director of the Asset Management Corporation of Nigeria (AMCON), says it will release the list of all the debtors in July.While addressing journalists on Friday, Kuru said 5,000 debtors have gone into hiding.He said the corporation has already engaged the services of lawyers and asset tracers to go after them."Some of them have decided to change their [...]
The Asset Management Corporation of Nigeria (AMCON) says it is willing to handover ownership of Arik Air and Aero Contractor airlines if the owners are willing to pay the debts owed by the companies.Speaking during the weekend at the sixth Nigeria Transport Awards and Lecture, Ahmed Kuru, AMCON chairman, said the corporation did not wish to operate in the airline [...]
The Asset Management Corporation of Nigeria (AMCON) says a special market should be created to enable it to sell the stockpile of assets tied to it.The corporation said the market will be called AMCON Market.According to a statement released on Sunday, Eberechukwu Uneze, an executive director at AMCON made the call while declaring a one-day sensitization forum for AMCON’s valuers [...]
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