Proposed new entity has nothing to do with rebranding of any airline -AMCON

The Asset Management Corporation of Nigeria (AMCON) has said that its new aviation independent entity has nothing to do with rebranding of any airline, but rather exploring new options. AMCON in a statement signed by Jude Nwauzor, head, Corporate Communications Department explained that it is a public knowledge that it had approached the aviation authorities in the country seeking a licence for an independent entity where all of its aviation assets would be transferred and efficiently managed in a synergetic manner. Nwauzor noted that the development is following its mandate…

Read More

AMCON takes over assets of R.C. Omeaku & Sons Ltd., Safequip Nig. Ltd over combined debt of over N800m

Following the order of Honourable Justice O.O Oguntoyinbo of the Federal High Court Lagos Division, the Asset Management Corporation of Nigeria (AMCON) has taken over an asset belonging to Safequip Nigeria Limited over an indebtedness of over N470million.   It would be recalled that Justice Agutoyinbo gave the order on March 23, 2020, at the peak of the dreaded Coronavirus (COVID-19) pandemic granting AMCON absolute and exclusive possession of the property situate at No. 20 Babatunde Jose Street, in Victoria Island area of Lagos State.   In a related development…

Read More

AMCON can recover outstanding N5trillion with Amended Act – Experts

Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Mr Ahmed Kuru at the weekend reiterated the fact that if at sunset AMCON is unable to recover its outstanding huge debt of over N5trillion, the debt burden would automatically become the debt of the federal government of Nigeria for which taxpayers’ monies will be used to settle in the long run.   Kuru who spoke at the Borno Hall of the Trancorp Hotel, Abuja at the first seminar for AMCON Receivers/Receiver Managers in general enforcement said the implication of…

Read More

AMCON injected ₦50billion to stabilise aviation, urges FG to bailout sector over covid-19

Asset Management Corporation of Nigeria (AMCON) said it has injected around N50billion into the aviation sector solely to stabilize airline operations in the country between 2012 and 2020. This was disclosed on Wednesday by Mr. Aminu Ismail, the executive director, Operations at AMCON. He said AMCON’s intervention led to the purchase of about $1 billion Non-Performing Loans (NPL’s) from Nigerian banks owed by major Nigerian airlines including Aero Contractors, Arik Air amongst others. Although the aviation sector accounts for around 8 per cent of AMCON’s restructuring portfolio, Ismail explained that…

Read More

AMCON MD honoured with Businessday Excellence award in Public Service

Photo Caption: Head, Corporate Communications, Asset Management Corporation of Nigeria (AMCON); Mr. Jude Nwauzor, receiving on behalf of AMCON MD/CEO the Businessday Excellence In Public Service Award 2018 from Alhaji Umaru Abdul Mutalab, the former Chairman of First Bank at the event at the Shehu Musa Yar’Adua Centre, Abuja The managing director/chief executive officer, Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Lawan Kuru has been honoured with Businessday Excellence In Public Service Awards 2018. The AMCON boss was one of the 16 public and civil servants that were recognized…

Read More