Sunday, February 26, 2017

Tag "AMCON"

    After Arik, AMCON takes over OAS Helicopters

After Arik, AMCON takes over OAS Helicopters

The Asset Management Corporation of Nigeria (AMCON) has taken over Odengene Air-Shuttle Services (OAS) Helicopters in Lagos.This comes five days after the agency took over Arik Airlines, which is currently immersed in heavy financial debt burden.On Tuesday, AMCON sealed the head office of the company in Maryland, Lagos.A court order on the company’s office reads: 'POSSESSION TAKEN TODAY 14/2/17 BY [...]

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    New management of Arik hires KPMG to audit airline’s financial status

New management of Arik hires KPMG to audit airline’s financial status

The new management of Arik Air has appointed KPMG, one of the big four audit firms in the world, to undertake a forensic and diagnostic audit to ascertain the true status of its finances.The audit will among other objectives cover "the position of assets and liabilities, and their utilisation; recording and utilisation of loans, propriety of third party transactions; fraud [...]

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    AMCON: N10bn needed to revive Arik… we discovered deep rot

AMCON: N10bn needed to revive Arik… we discovered deep rot

The Asset Management Corporation of Nigeria (AMCON) on Sunday said it had discovered deep rooted rot at Arik Airlines.The organisation said it would require over N10 billion to fix the rot before the largest local carrier could resume full and uninterrupted flight operations.The asset company made the disclosure in a statement signed by Jude Nwauzor, its Spokesman.AMCON took over the [...]

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    AMCON says Arik Air owing ‘more than N300bn’

AMCON says Arik Air owing ‘more than N300bn’

The Asset Management Corporation of Nigeria (AMCON) says Arik Airline’s debt is more than N300bn and that a large part of it is taxpayers’ funds.The corporation announced its takeover of the management of the airline, which is Nigeria’s largest carrier, in a statement on Thursday.According to AMCON, the airline will now be managed by Roy Ilegbodu, under the receivership of [...]

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    Recession shouldn’t deter serious-minded investors, says AMCON

Recession shouldn’t deter serious-minded investors, says AMCON

Ahmed Kuru, managing director/CEO of Asset Management Corporation of Nigeria (AMCON), says recession shoul not deter serious-minded investors from coming into Nigeria.According to Kuru, "the slight challenge the Nigerian economy is faced with at the moment also makes it the right time for strategic investors with long-term interest in Nigeria to come in".He said recession, which the country slipped into [...]

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    Fuel scarcity looms as NUPENG commences nationwide strike

Fuel scarcity looms as NUPENG commences nationwide strike

The Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) has commenced a three-day warning strike across the nation, raising concerns on the likelihood of fuel scarcity.Achese Igwe, president of the union, announced this after a national executive committee (NEC) meeting of NUPENG.The strike, which will affect the flow of petrol to filling stations, has shut down seven crude flow [...]

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    We have over N1.7trn worth of assets in litigation, says AMCON

We have over N1.7trn worth of assets in litigation, says AMCON

Ahmed Kuru, managing director and chief executive officer (CEO) of the Assets Management Company of Nigeria (AMCON), says the company has over N1.7 trillion worth of assets locked up in litigation.Speaking at a one-day conference at the Ceremonial Hall of the Appeal Court in Abuja, Kuru said the refusal and arrogance of top AMCON obligors had become a source of concern, consequently compelling [...]

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    Senate charts framework for speedy AMCON debt recovery

Senate charts framework for speedy AMCON debt recovery

The senate has begun charting a fresh framework to strengthen the drive of the Asset Management Corporation of Nigeria (AMCON) in debt recovery.This was disclosed by Rafiu Ibrahim, chairman of senate committee on Banking, Insurance and other Financial Institutions in Uyo during a three-day retreat with the theme “Economic Rebuilding through Eligible Assets Recovery”.“This retreat for the Senate Committee on Banking, Insurance [...]

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    20 people owing Nigeria N1.2trn, says house spokesman

20 people owing Nigeria N1.2trn, says house spokesman

Abdulrazak Namdas, chairman house of representatives committee on media and publicity, says 20 individuals are owing the federal government N1.2 trillion.Addressing journalists on Thursday, Namdas said recovery of the money would help the country in its time of recession."As we all know we are in a recession AMCON was established between 2007 and 2009 as a response to the global [...]

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    Recession has made AMCON’s job harder, legislator laments

Recession has made AMCON’s job harder, legislator laments

Jones Onyereri, chairman of the house of representatives’ committee on banking and currency, says the current economic situation has made it harder for the Asset Management Corporation of Nigeria (AMCON) to recover outstanding debts.Onyereri disclosed this at a three-day retreat in Sokoto, aimed at building capacity of members of the committee on the emerging issues in the financial sector and [...]

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    Agabi to Judges: AMCON needs your support to get Nigeria out of recession

Agabi to Judges: AMCON needs your support to get Nigeria out of recession

Kanu Agabi, two-time attorney general of the federation, says the Asset Management Corporation of Nigeria (AMCON) needs decisive action from judges to get Nigeria out of recession.Speaking at the judges’ forum of the federal high court in Abuja, Agabi called on judges handling cases concerning asset and its debtors to pile pressure on the obligors to repay the huge debts, [...]

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    Aero Contractors suspends operations indefinitely

Aero Contractors suspends operations indefinitely

Aero Contractors, one of Nigeria’s airlines, says it will suspend its operations indefinitely on Thursday.The management of the airline announced this in a statement by Simon Tumba, its media consultant, on Wednesday, stating that it will refund all customers with valid tickets.It said that its decision was informed by the need to re-position the airline for profitability.“The impact of the [...]

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    AMCON: Challenging economy has made us adjust our recovery tactics

AMCON: Challenging economy has made us adjust our recovery tactics

Ahmed Kuru, managing director of the Asset Management Corporation of Nigeria (AMCON), says Nigeria’s economic challenges has made the corporation adjust its recovery tactics.Kuru said the fresh tactics have led to a barrage of sponsored media attacks that are intended to distract the corporation from its increased tempo of debt recovery.He added that he had been accused of suddenly becoming [...]

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    AMCON recovers N644bn, says it’s out to protect the economy

AMCON recovers N644bn, says it’s out to protect the economy

Ahmed Kuru, managing director (MD) of the Asset Management Corporation of Nigeria (AMCON), says the corporation has succeeded in recovering N644 billion.Kuru disclosed this at a media briefing in Lagos, stating that the financial institution is on its way to achieving its objective of protecting the economy and retrieving acquired bad debts in the Nigerian financial system."We have so far [...]

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    Ben Bruce bounces back… Silverbird, RHYTHM FM back on air

Ben Bruce bounces back… Silverbird, RHYTHM FM back on air

Rhythm FM and Silverbird television have resumed operation after a “break in transmission".The electronic media platforms owned by the family of Ben Bruce, a senator from Bayelsa east, went off air on Thursday after officials of the Asset Management Company of Nigeria (AMCON) sealed off the company’s buildings in Abuja, Lagos and Port Harcourt.The Bruce family allegedly defaulted in paying [...]

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    AMCON takes over Ben Bruce’s companies in Abuja, PH, Lagos

AMCON takes over Ben Bruce’s companies in Abuja, PH, Lagos

The Asset Management Corporation of Nigeria (AMCON) has taken over the properties of Ben Murray Bruce, top businessman and lawmaker representing Bayelsa east senatorial district.Citing an order from a federal high court in Lagos, the agency sealed three companies operated by the famous Bruce family.The companies are: Silverbird Galleria Limited located at 133 Ahmadu Bello Way, Victoria Island, Lagos; Silverbird [...]

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Exchange Rates

Feb 24, 2017USDGBPEUR
INTERBANK315.25395.57333.84
LAGOS460600500
KANO470610510
PH480620520
ABUJA450600510
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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