Business

FRC blames AMCON for delaying 215mw power project in Kaduna

Ihesiulo Grace 11 December 2019 0

Kaduna – The Fiscal Responsibility Commission (FRC), has called on concern parties to quickly resolve crises in the ongoing 215 MW power project in Kaduna that led to its taking over by the Asset Management Corporation of Nigeria (AMCON). Mrs Maryam Mohammed, the Commission’s Director of

Business

Arik, Aero divestment: No good offer yet- AMCON

Ihesiulo Grace 16 November 2018 0

The Head, Corporate Communications, AMCON, Jude Nwauzor, has said that the corporation is yet to get a good offer for investment. The airlines, however, have been getting a lot of interests after the Asset Management Corporation of Nigeria made it known that it planned to divest its shares in the airlines. Nwauzor explained that the […]

Business Headlines

Why AMCON fails to recover N5.4trn debt – Justice Kafarati

Ihesiulo Grace 22 September 2018 0

Chief Judge of Federal High Court, Justice Adamu Abdu Kafarati, has said there is the need for judges in Nigeria to support the recovery efforts of Asset Management Corporation of Nigeria (AMCON) since the corporation was established as a central element of government’s response to financial crisis in the country. Justice Kafarati made the remarks […]

Business Headlines

AMCON rakes N94.2bn from 5 top banks

Ihesiulo Grace 20 July 2018 0

…Banks shareholders kick, demand shutdown of AMCON’s operations …Say it’s levy on financial institutions denying them dividends …’AMCON contributions by banks to run for 10 years’ The Assets Management Corporation of Nigeria (AMCON) collected a whopping N94.2 billion from five Domestic-Systematic Important Banks (D-SIBs) operating in the country in 2017,

Business News

AMCON: 6 banks pay N155.45bn into sinking fund

Ihesiulo Grace 25 June 2018 0

Six Commercial banks have made payments totalling N155.45 billion into the sinking fund of Asset Management Corporation of Nigeria (AMCON) within three years. Access Bank, GTBank, United Bank for Africa (UBA), Fidelity Bank, FCMB Group and Sterling Bank made the payments between 2015 and 2017. Data obtained from the banks’ annual reports showed that Access […]

Business News

AMCON takes over Stella Oduah’s assets over N20bn debt

Ihesiulo Grace 19 May 2018 0

The Assets Management Corporation of Nigeria (AMCON) has obtained a court injunction allowing it to take possession of properties and businesses of former Minister of Aviation, Senator Princess Stella Oduah-Ogiemwonyi over an outstanding debt of N20 billion. Justice Muslim Hassan of the Federal High Court in Lagos had granted an injunction against Sea Petroleum Oil […]

News

“AMCON levy to last ten years as NPL’s to drop 4.6%” GTBank MD explains

Ihesiulo Grace 10 April 2018 0

…as shareholders unhappy over rising levy, NPLs Adesola Afolabi The management of Guaranty Trust Bank Plc has shed light on the controversial AMCON contributions made by financial institutions and assuaged shareholders on its rising non-performing loans. According to Segun Agbaje, the Managing Director of GTBank, the AMCON contributions are to run for ten years, and […]

Headlines News

FG calls for the creation of AMCON Market

Ihesiulo Grace 10 March 2018 0

To enable it to dispose several billions of naira worth of assets that are tied down in its book due to inappropriate valuation, strange market forces among other vices, the management of Asset Management Corporation of Nigeria (AMCON) has called for the creation of an ‘AMCON Market,’. The market would involve key players in valuation, […]

Aviation

Arik Air: National Assembly expresses satisfaction with AMCON

Ihesiulo Grace 28 February 2018 0

After one year of taking over Arik Air, the House of Representatives Committee on Banking and Currency has expressed satisfaction with the level of efforts the Assets Management Corporation Nigeria (AMCON) is making to stabilize the airline. Chairman of House Committee on Banking and Currency, Hon Jones Onyereri made the position of the House known […]

Headlines News

Breaking: Folio Welcomes AMCON Takeover of Daily Times

Ihesiulo Grace 20 February 2018 0

The Board and Management of Folio Communications Limited, owners of Daily Times of Nigeria (DTN) wish to state that we welcome the news of the takeover of Daily Times of Nigeria by the Asset Management Company of Nigeria (AMCON). As law abiding citizens operating a responsible corporate entity, we believe that the takeover of DTN […]

News Nigeria

N11.2billion debt: Olofa dragged to court over unpaid loan

Ihesiulo Grace 8 January 2018 0

Asset Management Corporation of Nigeria (AMCON ) has dragged the Olofa of Ofa Kingdom in Kwara state, Oba Mufutau Gbadamosi, before a Federal High Court, Ikoyi, Lagos over non payment of N11.2 billion debt. Also sued apart from the monarch are two of his companies: Zarm Poultry and Feeds Mills Limited and Zarm Stores Limited. […]

Business

Obligors frustrating AMCON’s work, says Justices Auta, Bulkachuwa

Ihesiulo Grace 22 December 2017 0

Former Chief Judge of the Federal High Court, Justice I. N. Auta and the President of Court of Appeal, Justice Zainab Adamu Bulkachuwa have joined the campaign by the management of the Asset Management Corporation of Nigeria (AMCON) in calling for a paradigm shift in debt recovery processes in Nigeria. Such shift according to them […]

Business

AMCON donates relief materials to IDP camps in Borno

Ihesiulo Grace 14 November 2017 0

Asset Management Corporation of Nigeria (AMCON) yesterday in Biu Local Government Area of Borno State, commenced the second tranche of the distribution of educational materials for children; foods and other support items for families of Internally Displaced Persons (IDPs). The programme is part of ongoing AMCON intervention exercise to three northeastern state that were

Edo Times

Obaseki shops for new investor for Ava cement factory

Ihesiulo Grace 9 November 2017 0

The Governor of Edo State, Mr. Godwin Obaseki, has said the state is negotiating with the Assets Management Corporation of Nigeria (AMCON) to get a new investor for Ava Cement Factory located in the state. Obaseki announced this at Igarra, headquarters of Akoko Edo Local Government Area, during his Thank- You-Tour across the state. The […]

News

AMCON Intervention In Arik, Aero commended

Ihesiulo Grace 25 October 2017 0

Airline passengers in Nigeria especially those that patronise Arik Air have praised the On-Time-Performance (OTP) of Arik Air since the intervention of Asset Management Corporation of Nigeria (AMCON). Recall that following a huge debt profile of Arik to AMCON and other creditors around the globe, Asset Management company took over the management of the airline […]

Business

Why is AMCON hiding personalities behind new owner of keystone bank?

Ihesiulo Grace 27 March 2017 0

It is no longer news that the last of the three abridged banks, Keystone Bank, formerly Bank PHB Plc, has been sold by Asset Management Corporation of Nigeria (AMCON) to a new group of masked investors at AMCON But what has generated unanswered questions from industry watchers was the process of the sales and why […]

Business News

Keystone bank staff on job hunt amid sale uncertainty

Ihesiulo Grace 24 March 2017 0

…As unknown local investors set to takeover The fear and uncertainty surrounding the sale of Keystone Bank Limited has created anxiety among its employees as many of them now look out for new jobs in order not to be caught unawares, investigation by Daily Times has revealed. Earlier in the week, the biggest of the […]

Headlines News

AMCON: Massive sack looms in Arik Air over low revenue

Ihesiulo Grace 3 March 2017 0

Indications have emerged that no fewer than 1,500 Arik Airline’s staff may be fired this month as part of new management’s cost-saving measures to keep the embattled airline alive. Arik Air has about 2,000 workers spread across its local and foreign operations, while it operated a fleet of 28 aircraft at optimal capacity, which enabled […]

News

AMCON appoints KPMG to undertake forensic audit of Arik airlines

Ihesiulo Grace 14 February 2017 0

The new management of Arik Airlines has appointed KPMG, world-class financial experts to undertake a forensic and diagnostic audit of the finances of the airline to ascertain the true status of its finances. According to the statement made available by the Asset Management Corporation of Nigeria AMCON, the review will among other objectives cover the position […]

Banking Business

Keystone Bank to Be Sold during Buhari’S Tenure – AMCON      

Ihesiulo Grace 16 April 2015 0

Recent findings has revealed that earlier plans to sell Keystone Bank Limited after the general elections will have to wait for the incoming administration of President-Elect, Muhammadu Buhari, before it can proceed, the Asset Management Corporation of Nigeria (AMCON) has said. Keystone is the last of three nationalised lenders to be sold after Mainstreet Bank […]