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LequteMan
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The Asset Management Corporation of Nigeria, AMCON, said yesterday that it would pay a total of N1trillion of its debts in October, 2014, just as it disclosed that it has so far recovered 50 percent of the non performing loans.
The Managing Director of the Federal Government agency, Mustafa Chike-Obi, spoke at a one-day public hearing on the Asset Management Corporation of Nigeria Act, 2010 (Amendment) bill, 2014, organized by the Senate Committee on Banking, Insurance and other Financial Institutions.
“I want to say that these were debts that the banks had given up on. Some of those debts were between seven and 10 years old,” he said. He noted that the organization, in December 2013, paid off a total of “N1trillion of its debts well ahead of schedule”, saying the development was due to the huge success in the restructuring and recovering debts.
“In December 2013, because of the huge success in restructuring and recovering debts, we have been able to pay off N1 trillion of our debts well ahead of schedule. We also plan to pay off an additional N1 trillion of debts in October 2014, which will reduce AMCON’s indebtedness by 30 per cent in the first four years of operation,” he added.
More details here
Source: Vanguard newspaper
The Managing Director of the Federal Government agency, Mustafa Chike-Obi, spoke at a one-day public hearing on the Asset Management Corporation of Nigeria Act, 2010 (Amendment) bill, 2014, organized by the Senate Committee on Banking, Insurance and other Financial Institutions.
“I want to say that these were debts that the banks had given up on. Some of those debts were between seven and 10 years old,” he said. He noted that the organization, in December 2013, paid off a total of “N1trillion of its debts well ahead of schedule”, saying the development was due to the huge success in the restructuring and recovering debts.
“In December 2013, because of the huge success in restructuring and recovering debts, we have been able to pay off N1 trillion of our debts well ahead of schedule. We also plan to pay off an additional N1 trillion of debts in October 2014, which will reduce AMCON’s indebtedness by 30 per cent in the first four years of operation,” he added.
More details here
Source: Vanguard newspaper
