Employees of commercial banks in Nigeria are earning significantly lower salaries than their counterparts across Africa, according to a new report by London-based equity research firm Emerging & Frontiers Capital (EFC). The report reveals that Nigerian banks have seen a sharp decline in employee compensation over the past decade, even while managing similar levels of […]
BY MOTOLANI OSENI Shareholders have called on the Federal Government to shut down the Asset Management Corporation of Nigeria (AMCON), following the N436.5 billion levy paid by seven Nigerian banks in 2024 as part of the sector’s resolution cost. Figures from the audited financial statements of the banks, posted on the Nigerian Exchange Group platform, […]
By Haruna Salami Senate has confirmed the nominations of the Managing Director and three Executive Directors of the Asset Management Corporation of Nigeria (AMCON) at plenary on Tuesday. This followed consideration of report of its Committee on Banking, Insurance & Other Financial Institutions presented by the chairman Senator Adetokunbo Abiru (Lagos East). Abiru said, the […]
By Mathew Brangyet Indications were rife on Tuesday that Mr. Mustapha Chike-Obi, chairman of Fidelity Bank Plc, may be on his way back to the Asset Management Company of Nigeria (AMCON). Source at the Presidency, who pleaded anonymity because he was not authorised to make the announcement, said Chike-Obi, a former CEO of the debt […]
..73% of top debtors in different courts By Motolani Oseni Asset Management Corporation of Nigeria (AMCON) may still have a long way to go in meeting its recovery mandate. The prospects are not positive as majority of 350 individuals and business entities with 84 per cent of yet-to-be-recovered debts have tied the body down in […]
By Temitope Adebayo The Asset Management Corporation of Nigeria (AMCON) said, it has so far recovered more than N1.6 trillion from its obligors through cash payments as well as sale of assets. This is as the corporation and the Nigerian Financial Intelligence Unit (NFIU) have been described as some of the two most important and […]
By Temitope Adebayo Shareholders, under the aegis of the Independent Shareholders Association (ISAN), have again called on the federal government to completely review the operations of the Asset Management Corporation of Nigeria (AMCON). Speaking in Lagos at the weekend, the coordinator emeritus of ISAN, Sir Sunny Nwosu, explained that as concerned domestic investors, their patriotism […]
By Motolani Oseni Not less than a whopping N307 billion has been recovered from debts owed to the Asset Management Corporation of Nigeria (AMCON) in two years, an inter-agency committee set up on the recovery of debts has revealed. The committee, led by its Chairman, Prof. Bolaji Owasonoye, who is also the Chairman of the […]
By Tunde Opalana The Defence Headquarters, Ministry of Foreign Affairs, Assets Management Company of Nigeria (AMCON), and Budget Office of the Federation, among others boycotted investigative hearing organised by Senate Public Account Committee (SPAC) on utilization of Service Wide Votes. The fourteen MDAs scheduled to appear before the Committee chaired by Senator Mathew Urhoghide on […]
Four commercial banks in the country have complied with the order of a Federal Hig Court, Abuja, directing the freezing of all bank accounts of Benue Government. The four banks include First City Monument Bank Plc, Standard Charterred Bank Ngeria, Suntrust Bank Nigeria Ltd, and Wema Bank Plc. Counsel to the Asset Management Corporation of […]
Tunde Opalana, Abuja The Senate, on Wednesday widened the scope of the Asset Management Corporation of Nigeria (AMCON) to recovery bad bank debts by passing the AMCON Act, No2, 2019 (Amendment) B, 2021. The passage of the bill followed the consideration of a report by the Committee on Banking, Insurance and Other Financial Institutions. The […]
Asset Management Corporation of Nigeria (AMCON) says it is pushing hard to recover the N4.4 trillion debts owed the company in failed financial institutions it took over its liabilities. Mr Jude Nwauzor, Head, Corporate Communications Department of AMCON, said this on Thursday in Enugu while briefing journalists on enforcement on an indebted person’s property in […]
Media personality, Toke Makinwa allegedly lose home to Asset Management Corporation of Nigeria(AMCON) on Monday. READ ALSO: Rape Allegation: D’banj Cleared By Police, Reaches Agreement With Seyitan Daily Times has gathered that The mansion at Banana Island was allegedly bought for her by Billionaire Festus Fadeyi. Reactions have however trailed from Nigerians on Twitter. See […]
Following the current differences between the United States (U. S.) government and the leading continental stakeholders in the African Development Bank (AfDB), President Muhammadu Buhari has appointed the former Managing Director/Chief Executive Officer, Assets Management Corporation of Nigeria (AMCON), Mustapha Chike-Obi, casually known as MCO, as Special Envoy to the American government. Buhari who has […]
The Assets Management Company of Nigeria (AMCON) has taken over assets of Pan Oceanic group which is promoted by Festus Fadeyi, Lagos oil and Gas businessman whose total indebtedness to AMCON is over N240billion. Justice A.M. Liman of the Federal High Court, presiding over the suit between the Asset Management Corporation of Nigeria (AMCON) vs Everest […]
Following the order of Honourable Justice A.I. Chikere of the Federal High Court, Abuja division, the Asset Management Corporation of Nigeria (AMCON) has taken over assets belonging to Alhaji Umaru Baba Abdullahi, the Chief Promoter of Doggi Group Limited over an indebtedness of over N440 million. The order was given by Justice Chikere on June […]
The Asset Management Company of Nigeria (AMCON) has denied frustrating any efforts in the payment of Aero staff redundancy benefits. This is just as the company also stated that it had never defaulted in the agreement reached with unions in the industry. Executive Director, AMCON, Aminu Ismail responding to a question asked on the redundancy […]
Asset Management Corporation of Nigeria (AMCON) said it has injected around N50 billion into the aviation sector solely to stabilize airline operations in the country between 2012 and 2020. The was disclosed on Wednesday by Mr. Aminu Ismail, the Executive Director, Operations at AMCON. He said AMCON’s intervention led to the purchase of about $1 […]
Justice Anwuli Chikere of a Federal High Court, Abuja on Thursday adjourned until April 20 the suit filed by the Asset Management Corporation of Nigeria (AMCON) to take-over the assets of Alhaji Buba Galadima and his company, Bedko Nigeria Limited. Justice Chikere, adjourned the matter after counsel to AMCON, Akpama Ekwe, told the court that […]
The Asset Management Corporation of Nigeria (AMCON) has clampdown on the properties of 12 debtors owe the Federal Government a whopping sum of N8.4billion in Lagos. The operation took place simultaneously in Lekki, Apapa, Ikeja, Somolu and Kosofe areas of Lagos State metropolis. The affected properties are Elegant Court on Mobil Road Lekki. It houses […]