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AMCON Non-Performing Loan Stood at 5.4 Trillion

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AMCON
  • AMCON Non-Performing Loans Value at 5.4 Trillion

The challenges associated with the recovery of the enormous debt owe Asset Management Corporation of Nigeria (AMCON) has led Hon. Justice Adamu Abdu Kafarati, Chief Judge of Federal High Court, Abuja Division, to seek the support of the National Judicial Institute (NJI).

The judge who addressed NJI, AMCON and federal high court judges together on Friday in Abuja said recovering the over N5 trillion owe AMCON is a national assignment that must be supported by all stakeholders, especially the judiciary.

He said, “My Lords, banks are drivers of the economy as they supply its oxygen. That is why during the 2008/2009 financial crisis in Nigeria (partly triggered by global financial crisis, and partly by domestic activities), government intervened to support the banks by bailing them out in order to allow the financial system to continue functioning. In the absence of government intervention in the banks through the vehicle, which AMCON provided, a number of banks in the country would have failed thereby inhibiting banks from playing their crucial roles in the economy like payment of services to households and companies extension of credits, savings accounts and financial insurance among others.”

AMCON was established in 2010 to resolve rising non-performing loans that could plunge the Nigerian economy into recession due to the systemic risk associated with high level of bad debts in the financial sector.

AMCON to inject N786 billion into Polaris Bank Ltd.

While the funds were injected into ailing banks in exchange for equity, the management of AMCON has not been able to recover the injected funds or the exchanged equity. A situation that is preventing the organisation from assisting other businesses.

Mr. Ahmed Lawan Kuru, AMCON Managing Director/Chief Executive Officer, said the antics of AMCON obligors prevent them from recovering the N5.4 trillion debt.

“My Lords, it is clear to us now that we (AMCON) cannot go very far without the support of the courts because AMCON obligors deliberately raise technicalities in courts to elongate and delay their cases with AMCON.”

“It has become clear to us that in order to attain the target as we approach sunset, we must redouble our efforts in the areas of enforcement. The AMCON Act anticipated a situation where we may need to enforce if negotiations fail. Negotiation has failed us, given our sunset date. It is also clear to us that we cannot go very far without the strong support of the judiciary. Out of the 191,766 cases pending at the federal high court, more than 3,000 are related to AMCON alone,” Kuru added.

Central Bank transfers Skye Bank assets to Polaris Bank Ltd.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade long experience in the global financial market. Contact Samed on Twitter: @sameolukoya

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Fire Guts Central Bank of Nigeria Office in Gombe

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Central Bank

Fire Outbreak at Central Bank of Nigeria Office

The Central Bank of Nigeria on Friday said there was a fire outbreak at its branch in Gombe.

In a statement released by the apex bank through its official Twitter handle @cenbank, it said “Today, a minor fire incident was reported at our Gombe branch.”

The central bank further stated that the fire started from an electrical fault and destroyed some furniture in the Controller’s office but it was quickly put out.

Also, the apex bank emphasised that no injury, records, or assets were affected during the incident.

“The fire which started from an electrical fault and partially destroyed some furniture in the Branch Controller’s office was promptly put out. There was no injury and no record or other asset of the Bank was affected.”

CBN

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Zimbabwe Secures $250 Million Loan from Afreximbank

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APTOPIX Zimbabwe New President

Zimbabwe Secures $250 Million Loan from Afreximbank

Zimbabwe has joined a series of African nations securing credit facility from multilateral institutions to mitigate COVID-19 risk.

The African Export-Import Bank Ltd has agreed to grant the embattled African nation a $250 million three-year credit facility, according to a source familiar with the details.

The anonymous source, who spoke with Bloomberg correspondence, said about $150 million of the said funds are expected to be used to finance fuel and the rest on essential services.

The southern African nation, which has previously secured funding from Afreximbank using minerals as collateral, is blocked from accessing loans from the International Monetary Fund and other multilateral lenders because of unpaid debts.

Zimbabwe is facing an economic crisis with shortages of foreign currency, fuel and food and with inflation surging to 786%.

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COVID-19 Confirmed Cases Hits 25,133 in Nigeria on Monday -NCDC

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Confirmed Cases of COVID-19 Hits 25,133 on Monday -NCDC

The Nigeria Centre for Disease Control (NCDC) on Monday said the total number of COVID-19 infected people rose by 566 on Monday to 25,133.

In the report released on the agency website, Nigeria presently has 15,158 active cases with 573 deaths and 9,402 recovered and discharged patients.

The report reads, “till date, 25133 cases have been confirmed, 9402 cases have been discharged and 573 deaths have been recorded in 35 states and the Federal Capital Territory.”

According to the NCDC, the 566 new cases were reported from 20 states with Lagos remaining frontline state with 166.

Others were Oyo (66), Delta (53), Ebonyi (43), Plateau (34), Ondo (32), FCT (26), Ogun (25), Edo (24), Imo (15), Bayelsa (13), Benue (12), Gombe (11), Kano (11), Kaduna (11), Osun (8), Nasarawa (7), Borno (5), Katsina (2) and Anambra (2).

Meanwhile, the Federal Government has lifted the restriction on interstate movement on Monday despite the rising number of new cases and people’s nonchalant attitudes to COVID-19 prevention guidelines.

Below is a complete breakdown of COVID-19 cases by state

States Affected No. of Cases (Lab Confirmed) No. of Cases (on admission) No. Discharged No. of Deaths
Lagos 10,310 8,590 1,593 127
FCT 1,818 1,216 570 32
Oyo 1,372 674 686 12
Kano 1,211 256 904 51
Rivers 1,056 413 605 38
Edo 986 670 280 36
Delta 965 752 190 23
Ogun 807 219 570 18
Kaduna 714 224 478 12
Katsina 551 259 270 22
Gombe 503 134 350 19
Bauchi 500 49 439 12
Borno 491 37 422 32
Ebonyi 438 91 344 3
Plateau 371 182 180 9
Imo 318 273 40 5
Jigawa 317 120 191 6
Abia 302 92 207 3
Ondo 276 168 89 19
Enugu 261 192 63 6
Kwara 217 83 128 6
Nasarawa 213 92 113 8
Bayelsa 198 86 100 12
Sokoto 151 18 118 15
Osun 124 72 47 5
Akwa Ibom 86 30 54 2
Adamawa 84 31 47 6
Niger 84 44 37 3
Kebbi 76 28 42 6
Zamfara 76 0 71 5
Anambra 73 7 57 9
Benue 59 28 30 1
Yobe 59 3 48 8
Ekiti 43 12 29 2
Taraba 19 9 10 0
Kogi 4 4 0 0

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