Judiciary’s support key to AMCON’s debt recovery drive – Kafarati

The Chief Judge of Federal High Court, Abuja Division, Hon. Justice Adamu Abdu Kafarati, has urged judges in the country to support current efforts by the Asset Management Corporation of Nigeria (AMCON) to recover bad loans from debtors in view of the implications for the nation’s economic growth. Justice Kafarati gave the advice when he […]

CBN revokes Skye Bank’s licence, assures depositors

The Central Bank of Nigeria (CBN) on Friday revoked the operating licence of Skye Bank Plc with immediate effect but assured depositors of the safety of their money. The Governor of Central Bank, Godwin Emefiele, who announced the revocation of the lender’s operations licence at a press briefing in Lagos, explained that following the regulatory […]

AMCON to commence seizure of debtors’ assets

The Assets Management Company of Nigeria ( AMCON) on Sunday unveiled plans to go after debtors over unpaid debts, saying it will soon begin takeover of their assets. The company’s Managing Director, Mr. Ahmed Kuru, who disclosed in an interview in Abuja lamented that the N5.4 trillion debt had lingered for too long that the […]

AMCON to engage real estate, legal experts on asset disposal

The Asset Management Corporation of Nigeria (AMCON), said that it had restructured its internal process to accelerate speedy disposals of assets. The Managing Director of AMCON, Mr. Ahmed Kuru, specifically assured, while declaring open a 2-day Asset Sales Strategy Retreat, which just ended in Abuja today, that the corporation was now better positioned in its […]

AMCON to sell Arik, Aero, others before 2023

Arik Air and Aero Contractors, among other assets, will be sold off before 2024, the Managing Director of Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, has said. In a statement issued by Jude Nwauzor, AMCON’s Head of Corporate Communications, Kuru said it was anticipating an exit earlier, should owners of the airlines pay up […]

AMCON reports N16.4bn loss in 2017

The Asset Management Corporation of Nigeria (AMCON) has reported N16.4 billion loss in the 2017 financial year, promising to return to profitability this year. Even then, the corporation’s loss last year showed remarkable improvements in its financials, especially when analysed within the context of the N164.9 billion loss recorded in 2016. The Executive Director, AMCON, […]

AMCON Takeover: Assessing Arik Air’s operations one year after

One year after its take over of Arik Air, the Assets Management Company of Nigeria, AMCON, is thinking of selling what was once the Nigerian aviation sector’s blue-eyed boy. Since its take over of the company in the last one-year, things have looked up for the airline. But only slightly, says a source in AMCON […]