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 [...]
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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) has taken over Sea Petroleum Oil and Gas Limited and other assets belonging Stella Oduah, senator representing Anambra north, over her inability to clear her N20 billion debt.AMCON said the takeover followed an injunction granted by M.S. Hassan of Lagos federal high court.In a statement by Jude Nwauzor, head, corporate communications, AMCON said [...]
Some properties traced to Cecilia Ibru, former managing director/chief executive officer of Oceanic Bank, are reportedly entangled in controversy, years after they were confiscated.In 2010, a federal high court in Lagos convicted Ibru of money laundering and sentenced her to 18 months imprisonment.She was ordered to forfeit to the federal government N191 billion worth of assets located in Nigeria, US, and [...]
The management of Folio Communications Limited says the takeover of Daily Times of Nigeria (DTN) by the Asset Management Company of Nigeria (AMCON) will not affect the publication.Folio Communications Limited, owned by Fidelis Anosike and Noel Anosike, had acquired DTN in 2004 from the Bureau for Public Enterprises (BPE).AMCON, however, took over assets of DTN on February 13, citing series [...]
The house of representatives will pay a visit to Arik Air and Aero Contractors airlines for an on-the-spot assessment of both airlines.Jones Chukwudi Onyereri, chairman of the house of representatives committee on banking and currency, made this known during a visit to the headquarters of the Asset Management Corporation of Nigeria (AMCON) in Abuja on Wednesday."As a matter of fact, apart [...]
Grant Properties Ltd accuses Sterling Bank of illegally selling its collateral for an N8 billion loan, but the bank denies any wrongdoing. However, the role of the Asset Management Corporation of Nigeria (AMCON) has come under scrutiny, FEMI OWOLABI reportsSterling Bank, the "one-customer bank", has one customer giving it sleepless nights over a loan that not only went bad but has [...]
Ahmed Kuru, managing director/CEO, Asset Management Corporation of Nigeria (AMCON), has been admitted as a Fellow, Institute of Directors (IoD) at the institute’s fifth biennial presidential lecture in Lagos.The lecture titled “The role of corporate leaders in accelerated economic revival of Nigeria today” was delivered by Kola Jamodu (CFR), chairman of Nigerians Breweries Plc.Speaking at the event, Samuel Akeju, [...]
The Asset Management Corporation of Nigeria (AMCON) has taken over Gateway Portland Cement Limited.This followed an injunction which the federal high court, Abeokuta, granted against the company on Friday.Charles Adeogun-Phillips, AMCON’s receiver, has taken possession of Gateway Portland Cement Limited factories and facilities located in Abeokuta and Mowe areas of Ogun state.In his ruling, A.T. Mohammed, the presiding judge, restrained Gateway [...]
Ahmed Kuru, managing director of the Asset Management Corporation of Nigeria (AMCON) says no investor will put money in Arik Air at this stage in its economic life.Speaking on investors interest in Arik, Kuru said the problems in Arik are too many and must be first stabilised and solved before any investor can come in."We are aware about some of [...]
Rochas Okorocha, Imo state governor, says indigenes of Imo state should trust him in 2019 as he points in the direction of Eberechukwu Uneze, an executive director with Asset Management Corporation of Nigeria (AMCON).Okorocha argued that he hardly miscalculates when it comes to politics in Nigeria, adding that it was his smart calculation and vision that made it possible for Imo [...]
Roy Ilegbodu, the new Chief Executive Officer of Arik Air, says the new management of the airline refunds as much as N75 million per week in cancelled air tickets from the past administration. Speaking in Lagos on Tuesday, the CEO said despite the huge debt handed over by old management, Arik,under his leadership, has retaken its place as the number one [...]
The management of Arik Air under the leadership of Johnson Arumemi-Ikhide, its founder, owed about N387 billion both locally and internationally, before the federal government took over.According to a fresh deposition before the Federal High Court sitting in Ikoyi, Lagos, it was revealed that the airline was deducting contributory pension from its workers earnings but was not remitting the same [...]
The new management of Arik Air has told labour unions that protests are illegal, considering the situation at hand, which is aimed at reviving the challenged airline.In a statement by Arik, the airline said "it has come to the attention of the Arik Management, (under Receivership), that the Lagos State branch of National Union of Air Transport Employees (NUATE), Air [...]
The Asset Management Corporation of Nigeria (AMCON) has announced the sale of Keystone Bank, one of Nigeria's commercial banks.AMCON said the bank was sold to Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited (the Sigma Golf – Riverbank consortium).The bank, formerly known as Bank PHB, is the last of three nationalised banks to be sold, the other two being [...]
Asset Management Corporation of Nigeria (AMCON) has secured a federal high court injunction to take take over Mustasons Guest House, Ajose Adeogun Street, Victoria Island, LagosBabs Kuewumi, justice of the federal high court Lagos division, via the court order, also restrained Mustapha Wushishi, the promoter of Mustasons Guest House Limited from the assets and properties of the guest house and another property situated [...]
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