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 [...]
Tag "AMCON"
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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 [...]
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 [...]
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 [...]
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 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) 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 [...]
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