Tuesday, April 25, 2017

Tag "AMCON"

    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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    Protests are illegal here, Arik tells unions

Protests are illegal here, Arik tells unions

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 [...]

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    Finally, AMCON sells Keystone Bank

Finally, AMCON sells Keystone Bank

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 [...]

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    AMCON takes over guest house tied in multi-billion naira debt

AMCON takes over guest house tied in multi-billion naira debt

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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    REVEALED: 141 domestic airlines have gone into extinction in 17 years

REVEALED: 141 domestic airlines have gone into extinction in 17 years

The Nigerian Civil Aviation Authority (NCAA) says from 150 airlines in its register when it started operating in 2000, only eight or nine airlines are operating in the country as of now.Sam Adurogboye, NCAA's general manager, public relations, said this during an interactive session with reporters in Lagos, on Sunday.He said the agency was not responsible for the problems being [...]

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    Banks are now supporting Arik, says AMCON

Banks are now supporting Arik, says AMCON

The Asset Management Corporation of Nigeria (AMCON) says banks which hitherto turned their backs on Arik were now supporting the new management.In a statement signed by Jude Nwauzor, its spokesman, the corporation said public confidence is gradually returning to the airline which is Nigeria’s largest domestic carrier.On February 9, AMCON took over Arik owing to its debt profile said to [...]

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    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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Exchange Rates

April 24, 2017USDGBPEUR
INTERBANK310.33397.81337.26
LAGOS386490410
KANO385489410
PH390500420
ABUJA387500418
NOTE: The black market rates represent the most prevalent. They could be slightly higher or lower among different sellers.
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