Asset Management Corporation of Nigeria
‘Why AMCON’s debt may rise to N6.6 trillion if not checked’
The debt portfolio, under the Asset Management Corporation of Nigeria (AMCON) may escalate to N6.6 trillion by 2024, if left unchecked, as the “bad bank” still owes the Central Bank of Nigeria (CBN) N4.5 trillion while battling with N1.7 trillion Assets Under Litigation.
Recovered N1tr deployed for budgets, says Sagay
The Presidential Advisory Committee Against Corruption (PACAC) yesterday said the N1 trillion recovered by various government agencies was all used to finance the 2017 and 2018 national budgets.
AMCON takes over steel firms for N3.6 billion debt
Following the order of Hon. Justice B.F.M. Nyako of the Federal High Court Asset Management Corporation of Nigeria (AMCON) has taken over Bao Yao Futurlex Iron & Steel Company Limited in Abuja and Bao Yao Huan Jian Iron & Steel, Calabar, Cross River State.
Government raises panel to recover N5 trillion owed AMCON
The Federal Government has raised a task force to recover the over N5 trillion owed the Asset Management Corporation of Nigeria (AMCON).
AMCON selling Tinapa facility, Cross River government clarifies
The Cross River State government has denied selling its multi-billion naira Tinapa and Business Resort. Top sources in government said the Asset Management Corporation of Nigeria (AMCON) that bought over the assets and liabilities of the facility as a receiver was the one selling the resort to pay off the N48 billion debt the state…
Arik cuts schedule over low capacity
Arik Air yesterday cut daily flight operations over depleted fleet-size and low capacity to execute normal schedule services. The airline, which might have reduced local operations by 50 per cent, is struggling with about four aircraft out of nine it had in operations. Arik, in a statement, said its fleet had witnessed a reduction in…
Federal Government may pay N5 trillion bad debts, AMCON warns
Except all hand are on deck, the Federal Government may invariably pay back the outstanding N5trillion plus bad debts if the sum is not fully recovered by the Asset Management Corporation of Nigeria (AMCON), before its sunset. Managing Director and Chief Executive Officer, AMCON, Mr. Ahmed Lawan Kuru, who made the clarification in Abuja, said…
RIMAN, AMCON partner to strengthen risk management practices
Asset Management Corporation of Nigeria (AMCON) has stressed the need for consistent collaboration with Risk Management Association of Nigeria (RIMAN) in promoting professional practice and capacity building in the country. The Managing Director and Chief Executive Officer of AMCON, Ahmed Kuru, made the observation during a stakeholder’s interaction at the bad bank’s office, in…
AMCON seeks reintroduction of Failed Bank Act
Worried by the resurgence of huge toxic loans in the banking sector, the Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Lawan Kuru, yesterday, in Lagos, called on the financial regulators to revisit the Failed Bank Act, to make bankers accountable for their actions.
AMCON seeks more women in financial services
In commemoration of the International Women’s Day (IWD), the Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Ahmed Lawan Kuru, has called on parents to educate the girl child, to enable them compete with their male counterparts in the financial services industry, and other fields of employment hitherto dominated by men. Addressing the…