• Reps to investigate over N2trn AMCON Debt

    Reps to investigate over N2trn AMCON Debt

    A joint committee of the House of Representatives is to investigate the inability of the Asset Management Company of Nigeria (AMCON), to recover over two trillion Naira, it has given out to cover bank debts.

    The sponsor of the motion, Rep. Johnbull Shekarau, observed that the inability of the agency to recover this money has made it difficult for the agency to redeem a three-year zero coupon bond, it acquired from the Central Bank of Nigeria (CBN).

    The committees on Banking and […]

  • We are not out to kill businesses but to support – AMCON

    We are not out to kill businesses but to support – AMCON

    The Asset Management Corporation of Nigeria (AMCON) on Friday restated its commitment to support the country’s economy by helping businesses to grow.

    Mr Ahmed Kuru, Managing Director, AMCON made the assertion at a media parley in Lagos.

    Kuru recalled that AMCON was set up during the 2008/2009 global recession to assist businesses in the country cushion the shocks from the recession; a feat, he said, was successful.

    The global recession of 2008/2009 informed the setting up of AMCON.

    AMCON has achieved the objective because […]

  • Why we re-opened Silverbird, Rhythm FM – AMCON shares reasons

    Why we re-opened Silverbird, Rhythm FM – AMCON shares reasons

    A day after they were sealed by officials of As­sets Management Cor­poration of Nigeria (AM­CON) over alleged loan default, some subsidiar­ies of Silverbird Group reopened for business on the afternoon of Friday, June 24, with apologies to their “viewers, listeners and online subscribers.”

    AMCON, last Thurs­day, effected a court or­der to take possession of Silverbird Galleria Limit­ed, Silverbird Promotions Limited, and Silverbird Showtime Limited, all part of the media group owned by businessman and politician, Ben Mur­ray-Bruce, and his family.

    The takeover […]

  • AMCON takes over Airijet Airlines over N10b debt

    AMCON takes over Airijet Airlines over N10b debt

    Justice Chuka Austine Obiozor of a Federal High Court, Lagos Division has ordered the Assets Management Company of Nigeria, AMCON, to take over Afrijet Airlines Limited.

    The company is allegedly owing AMCON nearly N10 billion.

    The order also affects Ibe’s Continental Aviation Services Limited. AMCON has since appointed Prof. Gbolahan Elias, SAN, as Receiver/Manager.

    At about 11:00am Friday, the Receiver/Manager took possession of the assets of Chief Ibe, including Afrijet Plaza, the corporate head office of the airlines located on Sheraton-Opebi Link Road […]

  • Ben Murray Bruce reacts to the seizure of his businesses by AMCON

    Ben Murray Bruce reacts to the seizure of his businesses by AMCON

    Early this morning, the Asset Management Corporation of Nigeria AMCON, took over the businesses of Senator Ben Murray-Bruce over an N11 billion bank loan default.

    Ben Murray Bruce just tweeted, saying that the situation is being

  • Breaking!!! AMCON takes over Silverbird TV, Cinemas over N11bn loan … more photos

    Breaking!!! AMCON takes over Silverbird TV, Cinemas over N11bn loan … more photos

    The Assets Management Company of Nigeria (AMCON) has taken possession of Silverbird Galleria. AMCON secured an order from a Federal High Court in Lagos, to take over companies owned by Ben Murray-Bruce and his business partners after they defaulted in the repayment of N11bn loan to Banks.

    The Assets Management Company of Nigeria (AMCON) have reportedly secured an order from a Federal High Court in Lagos, to take over companies owned by businessman, Senator Ben

  • AMCON gets court order to seize Jimoh Ibrahim’s assets over N50bn debt

    AMCON gets court order to seize Jimoh Ibrahim’s assets over N50bn debt

    A Federal High Court in Lagos has granted an interim injunction to the Asset Management Corporation of Nigeria to take over some assets belonging to Nigerian businessman, Mr. Jimoh Ibrahim, over an alleged indebtedness of N50bn.

    Justice Saliu Saidu, who made the order following an application to that effect by AMCON’s lawyer, Mr. Yusuf Ali (SAN), said the order would subsist until a suit filed by AMCON against Ibrahim and his companies was fully determined.

    The companies affected by the seizure order […]