A FEDERAL High Court in Lagos has ordered the Asset Management Corporation of Nigeria (AMCON) and United Bank for Africa (UBA) to seize a property of former Cross River State Governor Donald Duke over an alleged N537,334,360.77 debt. Vacation judge Justice Chuka Obiozor also authorised AMCON and UBA to, in the interim, take possession of […]
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The Asset Management Corporation of Nigeria on Tuesday said it will seek new investors to take over Nigeria’s money deposit bank, Polaris. Jude Nwauzor, the spokesperson of AMCON, told Reuters that the move would be perfected after the general elections in February. Mr Nwauzor said the corporation is taking stock of the bank’s assets ahead […]
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President Muhammadu Buhari has appointed Muiz Banire, a senior advocate of Nigeria (SAN), as chairman of the governing board of the Assets Management Corporation of Nigeria (AMCON). Banire is the former legal adviser of the ruling All Progressives Congress (APC). His appointment is subject to the confirmation by the senate. On Tuesday, Senate President Bukola Saraki […]
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The Asset Management Corporation of Nigeria (AMCON), says that only 350 Nigerians are responsible for more than 80 per cent of the N5.4 trillion debt portfolio of the company. The Managing Director/Chief Executive Officer of AMCON, Ahmed Kuru disclosed this in an interview with the News Agency of Nigeria (NAN) in Abuja on Wednesday. According […]
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The Asset Management Corporation of Nigeria, AMCON, has lost its bid to take over the land and property known as the Federal Secretariat Complex, in Ikoyi Lagos. Justice Ibrahim Buba in a judgment delivered at the Federal High Court Sitting in Lagos on Wednesday, reiterated that the Federal Government of Nigeria and it’s agencies are […]
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The Asset Management Corporation of Nigeria (AMCON) has taken over Sea Petroleum Oil & Gas Ltd. and other assets belonging to Sen. Stella Oduah-Ogiemwonyi over an unpaid debt of about N20 billion. AMCON said the takeover followed an injunction granted by Justice M.S. Hassan of the Federal High Court, Lagos against Sea Petroleum Oil & […]
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The Asset Management Corporation of Nigeria (AMCON) on Tuesday took over the assets of Daily Times Nigeria Plc, a foremost media establishment over huge outstanding loan. The corporation in a statement signed by its Head, Corporate Communications, Mr Jude Nwauzor, said that the take over was in continuation of AMCON recovery activities in the new […]
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Former directors of Arik Air, through their lawyers have filed a N20 billion suit against the federal government and Ethiopian Airlines over recent claims of negotiating the takeover of the airline. The suit was instituted at the federal high court, Lagos, against Ethiopian Airlines, the federal ministry of transportation and the attorney general of the […]
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The Asset Management Corporation of Nigeria (AMCON) has taken over Gateway Portland Cement Limited. This followed an injunction which the federal high court, Abeokuta, granted against the company on Friday. Charles Adeogun-Phillips, AMCON’s receiver, has taken possession of Gateway Portland Cement Limited factories and facilities located in Abeokuta and Mowe areas of Ogun state. In his […]
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Ahmed Kuru, the Managing Director of the Asset Management Corporation of Nigeria, AMCON, on Friday said the agency recovered N134 billion loans in the 2016 financial year. Speaking on the performance of the company in 2016, Mr. Kuru said, “In 2016, our total recovery was N134 billion. Not all of them are cash. N86.9 billion […]
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