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AMCON to Release New Debtors’ List

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  • AMCON to Release New Debtors’ List

The Asset Management Corporation of Nigeria is preparing to release another list of debtors, an investigation has revealed.

The corporation’s Head of Corporate Communications Department, Jude Nwauzo, confirmed this to our correspondent in a telephone chat.

According to information obtained, the corporation has decided to expose the debtors following their failure to meet their debt obligations after several peaceful engagements.

Nwauzo told our correspondent that AMCON would be forced to charge the debtors to court if they failed to repay their loans.

In October, AMCON published a list of defaulters that it termed as delinquent debtors. They allegedly owe about N906.1bn.

The publication exposed 105 of its top debtors, pursuant to its statutory mandate and in compliance with the circular issued by the Central Bank of Nigeria in April 2015.

Part of the publication read, “This has become necessary as all avenues provided by the corporation for the debtors to propose acceptable resolution terms have failed. Nevertheless, the corporation is still open to an amicable resolution of these debts within a reasonable time, failing which it shall continue to exercise all powers as provided by law to recover the debts.”

Among the alleged debtors were Capital Oil & Gas Limited, whose main promoter was listed as Mr IfeanyiUbah , which reportedly owed N115bn; Tinapa Business Resort, which is owned by the Cross River State Government and allegedly owes N36bn; and Geometric Power Limited being promoted by a former Minister of Power, Prof. Barth Nnaji, which owes N29.84bn, among others.

Based on a court order, he added that it would also take over the assets of the debtors if they failed to repay their loans.

AMCON is saddled with the statutory responsibility, among others, of recovering the non-performing loans hitherto disbursed by eligible financial institutions (banks) to their customers.

The corporation had said that despite numerous overtures and appeals to AMCON debtors to extinguish their indebtedness, it was concerned that certain debtors had wilfully maintained recalcitrant postures while also adopting unscrupulous means of avoiding recovery.

After several appeals and dialogues to resolve this indebtedness, it added that it would not relent in pursuing vehemently the achievement of its recovery mandate against erring debtors.

“AMCON has decided without further notice to publish in widely read daily newspapers specific and detailed list of all erring debtors, (and directors where applicable) that have failed and or refused to reach settlement resolution with the corporation,” it stated.

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.

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Finance

CBN Spends $11.5bn in Q1 2020 to Support the Economy and Dwindling Naira

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CBN Injects $11.5bn Into the Economy in the First Quarter

The Central Bank of Nigeria (CBN) injected a combined $11.5 billion into the nation’s foreign exchange market to stabilise the economy and support the Naira value in the first quarter of the year.

According to the latest report from the apex bank, the central bank injected $2.96 billion into the nation’s forex market in the month of January. Another $3.39 billion was used to support the economy in February while $4.7 billion was supplied in the month of March, the very month the economy was locked and all operations grounded to curb the spread of COVID-19.

A further breakdown of the report revealed that the Investors and Exporters’ foreign exchange window, Small and Medium enterprises and Invisible segments received a total of $7.23 billion of the $11.5 billion, the Bureau De Change segment received $3.6 billion while the Interbank and WDAS/RDAS got the rest in the first quarter.

The report noted that the apex bank injected a total sum of $14.72 billion and $28.55 billion into the economy in 2018 and 2019, respectively.

Meanwhile, the central bank is yet to commence the sales of forex to the bureau de change following the March suspension.

But has commenced partial sales to all commercial banks for onward sales to parents and small businesses across the country.

Mr Isaac Okorafor, the Director, Corporate Communications, CBN, had said, “The CBN has also made complete arrangements to resume foreign exchange sales to the BDC segment of the market for business travels, personal travels and other designated retail uses, as soon as international flights resume.”

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DSS Arrests EFCC, Acting Chairman, Magu

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Dss Arrests Ibrahim Magu

DSS Arrested Magu, the Acting Chairman of EFCC

The Department of State Services (DSS) has arrested the acting chairman of the Economic and Financial Crimes Commission (EFCC), Ibrahim Magu, on allegation bordering on financial misappropriation, abuse of power and embesslement.

The Acting Chairman was accused of siphoning part of the money recovered from looters, a Punch reported stated.

The report stated “It was learnt that the security details to Magu put up a stiff resistance during the arrest of their principal, as they objected to the DSS move.

But he is now undergoing interrogation at the DSS Headquarters In Aso Drive.

This is happening barely two weeks after the Attorney-General of the Federation, Abubakar Malami (SAN) reportedly complained to the President, Major General Muhammadu Buhari (retd.) about Magu’s conduct and advised that he should be relieved of his appointment.

The AGF was said to have accused Magu of insubordination and discrepancies in the figures of funds recovered by the EFCC.

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Again CBN Debits Banks N118 Billion for Failing to Meet CRR Target

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CBN Debits Deposit Money Banks N118bn for Not Meeting CRR Target

The Central Bank of Nigeria (CBN) on Friday debited the nation’s deposit money banks a total sum of N118 billion for failing to meet 27.5 percent Cash Reserve Ratio (CRR) target.

This is the fourth of such action, bringing the total amount debited so far this year to N2.2 trillion.

According to Tunde Abidoye, an analyst at Lagos-based FBN Quest, the move brings “further downward pressure on banks liquidity ratios and earnings.”

“Based on the total sum that each bank has been debited this year, and our NIM assumptions for each bank, we estimate an aggregate opportunity cost of funds of N86bn for our universe of banks coverage,” Abidoye stated in a note to clients.

The central bank continues to debit banks to force them to loan more into the real sector and also reduce their forex purchasing power to better manage the nation’s weak foreign reserves and curb capital outflow. A series of recent reports have pointed to a possible foreign exchange devaluation to ease pressure on the nation’s reserves.

The report shows that the Stanbic IBTC and Guaranty Trust Bank were debited N15 billion each.

Details later…

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