Business

Outstanding N4.4trillion Exposure: Kuru Submits List Of Top 1,000 AMCON Debtors To National Assembly

Published

2 years ago

November 20, 2021

Business Echo Magazine

Mr Ahmed Lawan Kuru (left), Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON) and the Chairman of the House of Representatives Committee on Banking and Currency, Honourable Victor Nwokolo, during the presentation of the top 1,000 AMCON debtors to the House Committee in Lagos…Thursday

Outstanding N4.4trillion Exposure: Kuru Submits List Of Top 1,000 AMCON Debtors To National Assembly

Olushola Okunlade Writes

In another deft strategy to intensify its debt recovery drive in the country, the Asset Management Corporation of Nigeria (AMCON) has submitted a list containing its top 1,000 obligors to the National Assembly.

AMCON made the exposé to members of the House of Representatives Committee on Banking and Currency at the just concluded retreat of the committee in Lagos.

AMCON handed the list over just a few hours after President Muhammadu Buhari also signed into law the Asset Management Corporation of Nigeria (Amendment) Act, amending the AMCON Act No.4, 2010. The AMCON Act provides for the extension of the tenor of the Resolution Cost Fund (RCF) and grants access to the Special Tribunal established by the Banks and other Financial Institutions Act 2020, which confers on AMCON the power to among others… “to take possession, manage, foreclose or sell, transfer, assign or otherwise deal with the asset or property used as security for Eligible Bank Assets (EBAs), and related matters.’’

The Chairman of the House of Representatives Committee on Banking and Currency, Honourable Victor Nwokolo representing Ika Northeast/Ika South Constituency in the 9th National Assembly while receiving the list of recalcitrant AMCON obligors from the Managing Director/Chief Executive Officer of the Corporation, Mr. Ahmed Lawan Kuru said the Committee called for the list so that the National Assembly would know those that are holding the country to ransom to enable them to meet with relevant agencies of the Federal Government on how to further deal with the debtors to ensure that AMCON realized its mandate in the overall interest of the Nigeria economy.

Nwokolo who commended the commitment of the Kuru-led agency said that AMCON has been operating under very difficult conditions since their establishment, which he stated has been made worse by the coming of the coronavirus (COVID-19) pandemic, which practically shut everything down.

He said the harsh economic realities caused by COVID-19 meant that the recovery assignment AMCON is doing for the country has been further compounded, which is why the National Assembly is looking at ways of further supporting the recovery drive of AMCON.

L-R: Mr Ahmed Lawan Kuru (left), Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON); Dr Eberechukwu Uneze and Mr Aminu Ismail both Executive Directors of AMCON during the presentation of the to 1,000 AMCON debtors to the House Committee in Lagos…Thursday — Left-Right: Mr Ahmed Lawan Kuru (left), Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON); Dr Eberechukwu Uneze and Mr Aminu Ismail both Executive Directors of AMCON during the presentation of the to 1,000 AMCON debtors to the House Committee in Lagoss on Thursday.

Nwokolo who further disclosed that the National Assembly is considering punitive measures in dealing with those whose names made the top 1,000 AMCON debtors’ list, however, said he was happy that President Muhammadu Buhari has just signed the Amended AMCON Act into Law because it will help AMCON to recover the huge outstanding debt, which will ensure that the aim of the Federal Government of Nigeria in setting up AMCON in 2010 is not defeated.

Earlier while presenting the list the AMCON Boss said, “To enable AMCON to succeed in its national call to duty, AMCON solicits the continued support of this Distinguished Committee. The Judiciary must be encouraged to respect the provisions of the law that require them to fast-track cases before them, issue certificates of judgment on properties, which the Corporation has no collateral, and demand debtors to deposit Judgment sum before proceeding to appeal any judgment.

Even though the judiciary according to Kuru have been of tremendous support, he told the National Assembly members that AMCON recovery presently is heavily dependent on the Judiciary in the country because AMCON has over 4,000 cases in court and is currently challenged with so many issues including unperfected title documents of some properties from Eligible Financial Institutions (EFIs), which often prevent or elongate the completion of the sale of some of the assets; A general market perception that AMCON assets are distressed, hence buyers request for deeply discounted prices, and the basis for the pricing of EBA’s at the point of purchase was the valuation of the assets, just to mention a few. Kuru added that more recently, due to the socio-economic downturn, the market values of assets have significantly reduced, lower than the valuation at the point of Eligible Bank Asset (EBA) purchase, making it extremely difficult to consummate sales transactions. With the support of the National Assembly and the Judiciary, Kuru argued that recovering the total current exposure on all EBAs, which stands at N4.4 trillion may be possible before the sunset period.

Related Topics:#amcon #debtors #financialanalysts

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FBNHoldings CEO, Nnamdi Okonkwo Bags Outstanding CEO Award

Published

2 days ago

September 19, 2023

Business Echo Magazine

L- R: Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.

…as BusinessDay honours Top 25 CEOs Awards

Rashidat Okunlade Writes

Nnamdi Okonkwo, Group Managing Director of FBN Holdings Plc, has bagged outstanding CEO in the just concluded Top 25 CEOs Awards organized by BusinessDay that was held at the Ballroom of the Federal Palace Hotel, Victoria Island, Lagos last Saturday.

Left-Right: Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.

In this year’s edition of the BusinessDay Top 25 CEOs, the publication recognised 25 Chief Executive Officers and Managing Directors of various listed firms on the Nigerian Stock Exchange (NGX) who experienced outstanding financial development and also made important contributions to their respective industries.

FBNHoldings team that graced the event are Adewale Arogundade, Acting Company Secretary, FBNHoldings, Tolu Oluwole, Head, Investor Relations, FBNHoldings, Nweke (Junior), former Director General, Nigerian Economic Summit Group, Oyewale Ariyibi, Executive Director, Finance FBNHoldings, Frank Aigbogun, Publisher, BusinessDay, and Wasiu Shafe, Financial Controller, FBNHoldings.

Business

Smartcash PSB Partners Simba Pay Limited, To Launch Inward International Remittance Service

Published

1 week ago

September 13, 2023

Business Echo Magazine

Smartcash PSB Partners With Simba Pay Limited, To Launch Inward International Remittance Service

Rashidat Okunlade Writes

Smartcash payment service bank, a subsidiary of Airtel Networks Nigeria, has entered into partnership with Simba Pay Limited, a Subsidiary of MFS Africa ” for inward International Remittance Services, which is designed to enable customers to receive money instantly from abroad into their Smartcash PSB Account

This partnership will enable customers to receive remittances from anywhere in the world, directly into their Smartcash accounts, by simply sharing their phone numbers, which also serve as their account numbers. In today’s interconnected world, where global transactions are becoming increasingly common, Smartcash PSB has said it recognizes the need for a secure and efficient solution for its customers.

Managing Director, Smartcash PSB, Muyiwa Ebitanmi, while commenting on the newly launched inward international remittance services, said it is set to solve another challenge with receiving funds from family and friends abroad for the financially excluded, by providing a hassle-free and efficient solution for individuals and families in the diaspora looking to send money quickly to their loved ones in Nigeria.

“With cross-border transfers, Smartcash has brought unprecedented convenience and speed to international remittance, making it easier than ever for Nigerians to enjoy seamless transactions at a global scale via their Smartcash accounts. We are certain that this service will not only improve the financial well-being of our customers but also contribute to the economic growth and spending capacity of Smartcash account holders in the country,” Mr Ebitanmi remarked.

Speaking on the partnership, Martin Mbonu, Director (MNOs) MFS Africa , while expressing his enthusiasm for the launch, said, “We are excited to partner with Smartcash PSB on this launch as it visibly simplifies international money transfers for customers. This product offers a new level of convenience and efficiency, providing users with a faster and more accessible way to receive funds from the diaspora, and we are glad to be a part of this solution-centric initiative,” he said.

As Smartcash hits its one-year service milestone, the launch of the SmartCash PSB International Remittances Service marks a significant innovatory for both the company, its customers and the Nigerian payment service bank market at large. By providing a fast, affordable, and secure solution for international remittances, SmartCash PSB is empowering Nigerians to effortlessly support their families and loved ones, regardless of geographical boundaries.

Smartcash PSB was launched in 2022, following the need for the unbanked to access banking activities at their convenience. For this reason, the Central Bank of Nigeria granted the PSB license to entities and investors who seek to comply with its policies and obtain its objective, to enhance financial inclusion by increasing access to deposit products, payments, and remittance services to individuals, small businesses, low-income households, and other financially excluded entities.

Business

7th ACT Foundation Breakfast Dialogue Set To Illuminate Path To Sustainable Development In Africa

Published

1 week ago

September 12, 2023

Business Echo Magazine

7th ACT Foundation Breakfast Dialogue Set To Illuminate Path To Sustainable Development In Africa

Rashidat Okunlade Writes

The Aspire Coronation Trust (ACT) Foundation is gearing up to host the highly-anticipated 7th ACT Foundation Breakfast Dialogue (BFD) on October 5th, 2023, at the prestigious Lagos Oriental Hotel, Lekki Expressway, Victoria Island, Lagos.

The ACT Foundation Breakfast Dialogue has become a marquee event, drawing luminaries from diverse sectors, to tackle pivotal issues surrounding sustainable development in Africa. This year, the event takes on even greater significance as it zooms in on the transformative potential of Economic, Social, and Governance (ESG) strategies in advancing sustainable development.

Themed ‘Advancing Sustainable Development in Africa: Unleashing the Power of Environmental, Social, Governance Strategies for Impact, this year’s Breakfast Dialogue aspires to bring together an eclectic mix of leaders representing various sectors, all poised to engage in a deep dive into how ESG principles can be leveraged to propel the sustainable development of organisations and, consequently, Africa’s broader sustainable development agenda.

Osayi Allie, CEO of ACT Foundation, underscored the significance of this event, remarking, “The 7th ACT Foundation Breakfast Dialogue promises to be a game-changer, offering a unique platform for leaders in the public, private, and social sectors to decode the immense potential that Economic, Social, and Governance principles hold for organisations of various scales. Effective implementation of ESG practices by African institutions can make a monumental contribution to achieving sustainable development across the continent.”

The event’s keynote speaker, Oyeyimika Adeboye, Managing Director, West Africa, Mondelez International, will take centre stage to share her profound insights on this pivotal subject. She will be joined by an esteemed lineup of speakers, including Marilyn Obaisa-Osula, Associate Director, ESG and Sustainability Services, KPMG; Dr. Eugene Itua, CEO of Natural Eco Capital; Tendai Matika, Manager of the Global Reporting Initiative, Africa; and Mudrakat Alabi-Macfoy, Head of Sustainability and Circularity at Lagos State Waste Management Authority (LAWMA).

One of the day’s high points will be the unveiling of the finalists and winners of the 2023 ACT Foundation Changemakers Innovation Challenge. These exceptional individuals and organisations will secure grant funding and technical support from ACT Foundation, empowering them to amplify their innovative solutions and projects within targeted communities.

Interested participants can click here to register for the virtual session.