A Federal High Court sitting in Suits No. FHC/ABJ/CS/1136/2019 has ordered Asset Management Corporation of Nigeria (AMCON) to take over the business and assets of Bedko Nigeria Limited and Alhaji Buba Galadima. It is said that Bedko Nigeria Limited and Alhaji Buba Galadima owes AMCON nearly N900million. The loan was purchased during the first phase of […]
The assets of Alhaji Buba Galadima and that of his company, Bedko Nigeria Limited and Bedko Nigeria Limited has been seized by Asset Management Corporation of Nigeria (AMCON) over N900 million debt. The seizure was facilitated by an order by the Federal High Court sitting in Abuja in Suits No. FHC/ABJ/CS/1136/2019. AMCON is to to […]
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 Planning, Research and Statistics and 2019 Physical Verification Team […]
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 […]
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 […]
…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, The Daily Times can authoritatively […]
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 […]
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 […]
…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 […]
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, […]
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 […]
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 […]
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. […]
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 […]
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 worst […]
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 […]
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 […]
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 […]
…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 […]
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 […]