The Asset Management Corporation of Nigeria (AMCON) has taken over the Abuja residence and company of Buba Galadima, a former ally of President Muhammadu Buhari, over "debts to the tune of N900 million". Jude Nwauzor, the corporation's corporate communications head, disclosed this in a statement on Tuesday. He said Galadima and Bedko Nigeria Limited, his company, owe AMCON nearly N900 million, obtained as [...]
Tag "AMCON"
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Muiz Banire, former chairman of the Asset Management Corporation of Nigeria (AMCON), says he was disturbed after the news that he had been replaced at the corporation broke. On Tuesday, President Muhammadu Buhari implemented the amended AMCON law by replacing Banire with Edward Adamu, deputy governor for corporate services at the Central Bank of Nigeria (CBN). The amended law states that the [...]
President Muhammadu Buhari has appointed Edward Adamu, deputy governor for corporate services at the Central Bank of Nigeria (CBN), as the chairman of the Asset Management Corporation of Nigeria (AMCON). This was contained in a letter sent to the senate by the president on Tuesday. The amended AMCON act that Buhari signed into law in August states that chairman of the corporation [...]
President Muhammadu Buhari has asked the senate to confirm the appointment of Muhammad Nami as the chairman of the Federal Inland Revenue Service (FIRS). Buhari's request was contained in a letter read by Senate President Ahmad Lawan on the floor of the upper legislative chamber on Tuesday. The president based his request on section 3 subsection 2 of the FIRS act. "Pursuant to [...]
Hadi Sirika, the minister of aviation, says the federal government has no intentions to convert Arik Air into a national carrier. Fielding questions from journalists at the end of the federal executive council (FEC) meeting on Wednesday, the minister said Arik Air will not be suitable for the carrier that the ministry is planning. Ahmed Kuru, the managing director of the Assets [...]
Ahmed Kuru, managing director of the Asset Management Corporation of Nigeria (AMCON), has asked the federal government to convert Arik Air to a national carrier. Jude Nwauzor, AMCON spokesman, quoted Kuru to have said this on Monday when he appeared before the senate committee on banking, insurance and other financial institutions. AMCON had taken over the airline in February 2017 owing to its [...]
The house of representatives says it will probe the N5.4 trillion debt portfolio of the Asset Management Corporation of Nigeria (AMCON). At Wednesday’s plenary session, the lower legislative chamber expressed concerns about debtors said to be reluctant to settle their debt. Cornelius Nnaji, a lawmaker from Enugu state had raised an alarm that AMCON has for long been in excess of its [...]
A federal high court in Lagos has reversed its order for the Asset Management Corporation of Nigeria (AMCON) to take over the property of Donald Duke, former governor of Cross River state, over an alleged debt of N537,334,360.77. The court, in a judgement delivered on August 8, had also authorised AMCON and the United Bank for Africa (UBA) to take over Duke’s account [...]
The Zamafara state government says it has received N282 million excess funds from the Asset Management Corporation of Nigeria (AMCON). In a statement on Friday, Zailani Bappa, senior special assistant to the governor on media, said the fund was received by Bello Matawalle, governor of the state, in Kano. He said AMCON "pointed out that the sum is a refund on the [...]
President Muhammadu Buhari has signed a new law which empowers the Asset Management Corporation of Nigeria (AMCON) to put the bank accounts of its debtors under supervision. On July 31, Vice President Yemi Osinbajo set up a task force with a mandate to devise a strategy to recover the N5 trillion owed to the corporation. The agencies tasked to go after the debtors are [...]
The federal high court in Abuja has given the Asset Management Corporation of Nigeria (AMCON) the go-ahead to take over Bao Yao Futurlex Iron & Steel Company Limited and Bao Yao Huan Jian Iron & Steel over a N3.6 billion debt. In a statement released on Sunday, AMCON said Binta Nyako, the presiding judge, also ordered that the accounts of the companies be [...]
Vice-President Yemi Osinbajo says the federal government will no longer do business with those indebted to Asset Management Corporation of Nigeria (AMCON). Osinbajo said those who are indebted to the government -- via AMCON -- are direct enemies of both the government and the people of Nigeria. The VP said the debtors have made it impossible for the corporation to resolve its outstanding N5 trillion [...]
Ibrahim Muhammad, acting chief justice of Nigeria (CJN), says no human being can influence the judgement of the supreme court. Speaking on Thursday when the management of the Asset Management Corporation of Nigeria (AMCON), led by Muiz Banire, its chairman, paid a courtesy visit to his office, Muhammad said the judges are only answerable to God and no one can intimidate them [...]
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), has pledged the corporation's full support to its Asset Management Partners (AMPs). This he did in the pursuit to recover the 20 percent or N740billion of the total eligible bank assets (EBAs) of AMCON portfolio of N3.7 trillion in the hands of obligors. He made the declaration in Lagos at 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 [...]
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