The Asset Management Corporation of Nigeria (AMCON) has said the Nigerian Braiding Manufacturers Limited (NBML), a Kano State-based textile company, NBML will continue its operations.
This is contrary to reports regarding the fate of the company recently taken over by AMCON as a result of the Company’s Non-Performing Loans purchased from the Banks by the Government agency.
The textile company’s indebtedness to the Corporation currently stands at over One billion naira.
This is despite numerous overtures by AMCON for amicable resolution of the debt to which the Company and its promoters have remained nonchalant over the years, leaving the Corporation with no choice than to seek Justice in Court.
In a statement signed by AMCON’s Head of Corporate Communications, Mr. Jude Nwauzor, the Corporation confirmed that in line with the provisions of the AMCON Act, 2010 (as amended), the Corporation approached the Court and secured an Order enabling it to take possession of the Company through its Receiver Manager, Dr. Yakubu Fobur under whose supervision the Company is billed to resume full production soon.
Nwauzor explained that in contrast to the rumors, AMCON was set up to facilitate resolution of Non-performing Loans in the Banking Industry with a view to stabilizing the economy; as such, the Corporation is dedicated to ensuring that the Company remains in operation under the management of the Receiver Manager and his team of experts who are expected to work closely with the Promoters of the Company to ensure that NBML returns to profitability within a short period.
He said the strategy would guarantee security of the large number of direct and indirect jobs provided by the Company, while efforts continue towards a definite resolution option.