N5trillion Debt: AMCON renews call for legislative support

Photo Caption: Senator Uba Sani, Chairman, Senate Committee on Banking Insurance and Other Financial Institutions (left) with Mr Ahmed Lawan Kuru (ALK), Managing Director/CEO Asset Management Corporation of Nigeria (AMCON) The managing director/chief executive officer of Asset Management Corporation of Nigeria (AMCON), Mr Ahmed Lawan Kuru (ALK) has renewed the call for legislative support to his agency. The AMCON CEO made the call at the weekend when he led the management of AMCON to appear before a technical session of the Senate Committee on Banking Insurance and other Financial Institutions…

Read More

AMCON takes over assets of Deap Capital Management & Trust Ltd. over N1.6b debt 

Riding on the order of Hon. Justice John T. Tshoho (as he then was) of the Federal High Court, Lagos division, which granted the Asset Management Corporation of Nigeria (AMCON) judgment against Deap Capital Management and Trust Limited, Hon. Justice A.M. Liman further granted the Corporation leave to attach and sell traced properties of the Chief Promoter of the company, Mr. Emmanuel Ugboh over a distressing indebtedness, which now stands at over N1.6billion.   The Honourable court also ordered the forfeiture of the credit balances, monies and/or funds in the…

Read More

Report of demolition of Ikoyi property is malicious misrepresentation of facts – AMCON

The Asset Management Corporation of Nigeria (AMCON) has disclosed that the news report published at the weekend concerning the demolition of a certain property situated at No. 27, Femi Okunnu Street, Ikoyi, Lagos purportedly by AMCON is a malicious misrepresentation of not just facts, but one fed the media by Mr. Babajide Koku, a Senior Advocate of Nigeria (SAN) to mislead the Federal High Court, which is hearing the case.   AMCON noted in their statement that Koku did not disclose to Justice Faji that the property now belongs to…

Read More

AMCON takes over assets of Doggi Group Limited in Asokoro, Katampe Hills Abuja over N440million debt

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 N440million. Justice Chikere gave the order on June 5, 2020. In compliance to the enforcement order, AMCON on Thursday June 18, 2020 took effective possession of the two properties through its Receiver – Mrs. Juliet Benson of Benson Reeds Legal Practitioners, which include properties situate at…

Read More

Building infrastructure key to survival of aviation industry

Building aviation infrastructure has been identified as the way forward for the aviation industry to survive post covid-19. This was the call made by panelists at the second edition of the aviation webinar organized by AELEX Partners. With the theme “Flying into Turbulent Skies, Safely Navigating covid-19 Headwinds – Survival Strategies for Nigerian Aviation”, the conversation was centered on economic policy, state support and finance issues affecting airlines, airports and other stakeholders in the aviation industry. Moderated by Mr. L Fubara Anga, the Head of Transportation and Finance Practice Groups,…

Read More

AMCON CEO condoles Buhari, says Abba Kyari was courageous, patriotic Nigerian

The managing director/chief executive officer, Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru has written to condole President Muhammadu Buhari , over the death of his friend and Chief of Staff, Mallam Abba Kyari. The Chief of Staff died in Lagos on Friday April 17, 2020 as a result of complications from the dreaded Coronavirus (COVID-19) pandemic, which is ravaging countries of the world, including Nigeria.   Kuru, who was appointed AMCON boss by the President in 2015 shortly after President Buhari won election as Nigeria’s president for the first…

Read More

Court freezes firm, directors’ accounts over alleged N243.9m debt to AMCON

A Federal High Court, Lagos, has ordered the freezing of all bank accounts belonging to a limited liability company, Sprawling Nigeria Limited and its two directors, pending the hearing and determination of debt recovery suit brought against them by Assets Management Corporation of Nigeria (AMCON). The company’s two directors dragged before the court in a suit marked FHC/L/CS/1952/2019, are: Mr. Lukman Olawale Ogunyemi and Yetunde Atilade. Justice (Professor) Chuka Austine Obiozor, made the freezing order, while granting an exparte application filed and argued by the lawyer, Mr. Olaitan Adeboye. Apart…

Read More

Why airlines fail in Nigeria- AMCON boss

Photo Caption: R-L: Head, Corporate Communications Department, Asset Management Corporation of Nigeria (AMCON), Mr Jude Chiedozie Nwauzor; Managing Director, Trove Capital UK, Mr Tony Uzoebo; Representative of AMCON MD/CEO and top official of AMCON, Mr Tajudeen Ahmed and Editor-in-Chief, Aviators Africa magazine, Mr Toni Ukachukwu at the just ended “Aviation Leadership CEO’s Roundtable” to commemorate the 10th anniversary of Aviators Africa magazine at Radisson Blu Hotel, Ikeja Lagos. The failure of many airlines in Nigeria and why those that are still operational are struggling for survival is attributable to a…

Read More

AMCON recovers 61% of EBA purchase price as Senate backs speedy recovery

The Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani, has declared that the Senate of the Federal Republic of Nigeria under the leadership of current Senate President, Ahmed Lawan will join forces with the executive arm of government to wedge serious and sustained war against obligors of Management of Asset Management Corporation of Nigeria (AMCON), whom he described as economic saboteurs who must be made to repay the over N5trillion outstanding debt owed the corporation. In a related development, Ahmed Lawan Kuru, the managing director/CEO,…

Read More

N1billion debt: AMCON takes over assets of APC chieftain, Ademola Seriki

Following the order of Hon. Justice Chuka Austine Obiozor of the Federal High Court, Lagos, the Asset Management Corporation of Nigeria (AMCON) has taken over two properties belonging to Mr Ademola Seriki, in Lagos and Abuja over an outstanding staggering indebtedness of nearly N1billion. The case between AMCON and Seriki, who was a former Minister of State for Defence as well as a former Supervising Minister for Mines and Steel Development have been lingering for a while now. Ideally, AMCON does not in the first instance resort to the courts…

Read More