amcon

AMCON, Appeal Court Join Forces To Recover ₦5Tr Debt

AMCON, Appeal Court Join Forces To Recover ₦5Tr Debt

November 8, 2020 4:21 pm

With the Asset Management Corporation of Nigeria (AMCON) in its twilight, the President, Court of Appeal, Honourable Justice Monica Dongban-Mensem and the Administrator of the National Judicial Institute (NJI), Honourable Justice R.P.I Bosimo, (Rtd) at the weekend, drummed support for the Corporation to meet its target of recovering ₦5 trillion debt.

Read Also: Court To Hear APC’s Perjury Suit Against Obaseki Nov. 16

Currently, AMCON owes more than ₦4 trillion to the Central Bank of Nigeria (CBN), which it says could rise to almost ₦7 trillion by 2024 judging by the current rate of inflation.

To forestall that, AMCON …

Ifeanyi Ubah

Ifeanyi Ubah To Be Arraigned Over ₦132b AMCON Fraud

February 13, 2020 9:01 am

Senator Ifeanyi Ubah and his Capital Oil and Gas Limited will now be arraigned on 2 April over fraudulent value of assets tendered to offset ₦132billion owed AMCON.

Justice Nicholas Oweibo Of the Federal High Court in Lagos gave the new date today after Ubah failed to show up for the second time.

When the case was mentioned, the prosecutor Mr. Kunle Adegoke asked the court to grant an order for the service of the charge on Ifeanyi Patrick Ubah through the balliff of the court on Ubah’s legal representative, Dr. Olisa Agbakoba, SAN

In an affidavit sworn to by …

AMCON: Falana Makes Revelations On Buhari’s Appointment

December 19, 2019 5:37 am

A frontline human rights lawyer, Femi Falana, (SAN), has declared that the law does not support the confirmation of Adamu Lamatek as the chairman of the Asset Management Corporation of Nigeria (AMCON).

President Muhammadu Buhari had nominated Adamu as AMCON’s new chairman in line with an amendment of the AMCON act that provides for a part-time chairman who shall be a deputy governor in the Central Bank of Nigeria.

Falana’s position was contained in a statement he signed and made available newsmen on Wednesday.

The Senior Advocate of Nigeria, who backed his claims with some sections of the AMCON …

Stallion Motors Shut Over Indebtedness To Banks, AMCON

December 13, 2019 10:03 am

Stallion Motors was shut thursday, following a court judgment, arising from the company’s indebtedness to some Nigerian banks and Asset Management Corporation of Nigeria (AMCON).

THISDAY gathered that the Stallion Group is heavily indebted to GTB, which dragged it to court.
The company, it was learnt, is also indebted to AMCON, Access Bank and UBA, among others.

According to a THISDAY authoritative source, the group owes the banks a hefty N330 billion, while AMCON’s exposure to it is N26 billion.

However, an official of the company, who did not want to be named, told THISDAY that the court order was …

AMCON Reports 1,000 Chronic Debtors Owing ₦3.96tn

₦1bn Debt: AMCON Takes Over Ex-Minister’s Assets

November 19, 2019 2:50 am
Following the order of Hon. Justice Chuka Austine Obiozor of the Federal High Court, Lagos, the Asset Management Corporation of Nigeria (AMCON) has taken over two properties belonging to Mr Ademola Seriki, in Lagos and Abuja over an outstanding indebtedness of nearly ₦1billion. 

The case between AMCON and Seriki, a former Minister of State for Defence as well as a former Supervising Minister for Mines and Steel Development has lingered for a while  with the bad bank waiting for the obligor to pay up.

In a statement yesterday, AMCON said it does not in the first instance resort to the …

FG Should Adopt Arik As National Carrier – AMCON MD

FG Should Adopt Arik As National Carrier – AMCON MD

November 3, 2019 11:09 am

The Managing Director of Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, has called on the Federal Government to adopt Arik Air as a national carrier rather than trying to set up a new airline from scratch.

Kuru said this when he appeared before the Senate Committee on Banking, Insurance and other Financial Institutions led by Senator Uba Sani and Senator Orji Uzor Kalu.

He urged the 9th Assembly to reform the aviation sector, saying it will enable airlines such as Arik, which AMCON took over in February 2017 to remain in business for years to come. Kuru …

Ahmed: My Ministry Will Help AMCON To Recover Debts

Ahmed: My Ministry Will Help AMCON To Recover Debts

October 25, 2019 9:36 am

The Minister of Finance, Zainab Ahmed, has disclosed the readiness of the Ministry of Finance to assist financially ‘stressed’ Asset Management Company of Nigeria (AMCON), to recover some of the debts owed to its debtors.

Ahmed noted that her ministry has decided to help AMCON by issuing promissory notes to the tune of the debts.

She stated: “But currently, AMCON itself is stressed in the sense that the assets it bought are underperforming. The repayments that they are supposed to be able to make are not happening at the rate at which they should happen. And I understand that …

AMCON Seeks Much Collaboration To Recover ₦5trillion Debt

AMCON Seeks Much Collaboration To Recover ₦5trillion Debt

October 21, 2019 7:40 am

The Managing Director/Chief Executive Officer of AMCON, Mr. Ahmed Kuru has said that the agency would require support of other agencies to help in the recovery of over ₦5.4trillion outstanding debt in the hands of a few Nigerians.

Aside from collaborating with the likes of the Economic and Financial Crimes Commission (EFCC); Independent Corrupt Practices and Other Related Offences Commission (ICPC); Nigerian Financial Intelligence Unit (NFIU); Nigerian Deposit Insurance Corporation (NDIC), the Central Bank of Nigeria (CBN) as well as Ministry of Justice, Kuru has extended hand of fellowship to the judiciary whom he said must strongly support AMCON to …

AMCON Debt Can Increase To ₦6.6trillion By 2024 - Experts

AMCON Debt Can Increase To ₦6.6trillion By 2024 – Experts

October 16, 2019 6:33 am

A legal expert,  Muyiwa Balogun, has called on the Asset Management Corporation of Nigeria (AMCON) and its Asset Management Partners (AMPs) to leverage the 2019 amended AMCON Act, which has been signed into law by President Muhammadu Buhari to recover the over ₦5 trillion outstanding AMCON debt before sunset.

Balogun who made a case in support of the 2019 Amendments while addressing external solicitors and AMPs of AMCON in Abuja painted a gloomy picture of what could befall the economy if the debts were not recovered in time

According to him, AMCON debt could easily rise to N6.6trillion by 2024 …

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