Friday, November 16, 2018

Tag "AMCON"

    AMCON amendment bill ready in two weeks, says Onyereri

AMCON amendment bill ready in two weeks, says Onyereri

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 [...]

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    Senate confirms Banire as AMCON chairman

Senate confirms Banire as AMCON chairman

The senate has confirmed Muiz Banire as chairman of the governing board of the Assets Management Corporation of Nigeria (AMCON).Banire, a senior advocate of Nigeria (SAN), was nominated for the position by President Muhammadu Buhari in July.The former legal adviser of the ruling All Progressives Congress (APC) was confirmed after a report was presented by Rafiu Ibrahim, chairman senate committee [...]

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    AMCON needs alternative dispute resolution to recover N5.4trn debt, says Onnoghen

AMCON needs alternative dispute resolution to recover N5.4trn debt, says Onnoghen

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 [...]

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    AMCON says only 350 Nigerians owing N4.3trn

AMCON says only 350 Nigerians owing N4.3trn

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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    We recovered N731bn bad loans in seven years, says AMCON MD

We recovered N731bn bad loans in seven years, says AMCON MD

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 [...]

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    AMCON takes possession of Oduah’s assets over N20bn debt

AMCON takes possession of Oduah’s assets over N20bn debt

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 [...]

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    Report: $4.5m missing from confiscation of properties traced to Cecilia Ibru

Report: $4.5m missing from confiscation of properties traced to Cecilia Ibru

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 [...]

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    Daily Times: Takeover by AMCON won’t affect consistent publication

Daily Times: Takeover by AMCON won’t affect consistent publication

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 [...]

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    Reps to visit Arik, Aero airlines for assessment

Reps to visit Arik, Aero airlines for assessment

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 [...]

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    INVESTIGATION: How Sterling Bank illegally sold a customer’s collateral — for peanuts

INVESTIGATION: How Sterling Bank illegally sold a customer’s collateral — for peanuts

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 [...]

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    AMCON MD named IoD fellow

AMCON MD named IoD fellow

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, [...]

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    AMCON takes over Gateway Portland Cement

AMCON takes over Gateway Portland Cement

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 [...]

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    No investor will put money in Arik now, says AMCON MD

No investor will put money in Arik now, says AMCON MD

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 [...]

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    Okorocha tips AMCON director to succeed him in 2019

Okorocha tips AMCON director to succeed him in 2019

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 [...]

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    New Arik CEO: We refund about N75m weekly from old tickets

New Arik CEO: We refund about N75m weekly from old tickets

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 [...]

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    BREAKDOWN: Arik ‘owed’ N387bn before FG took over

BREAKDOWN: Arik ‘owed’ N387bn before FG took over

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 [...]

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Exchange Rates

November 16, 2018USDGBPEUR
INTERBANK306397354
LAGOS359475418
KANO359476420
PH360476420
ABUJA359478419
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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