GTB 737 banner Yudala banner

350 businessmen owe Nigerian banks N2.5 trillion

By News Express on 20/06/2017

Share on facebook Yahoo mail icon Gmail icon

Views: 543

•AMCON CEO Ahmed Kuru.
•AMCON CEO Ahmed Kuru.

 

 The Asset Management Corporation of Nigeria (AMCON) has said at least 350 individuals in the country currently owe banks N2.5 trillion.

Managing Director/Chief Executive Officer of AMCON, Mr. Ahmed Kuru, disclosed this at a Retreat for House of Representatives Committee on Banking and Currency in Enugu yesterday.

He told the committee members that the corporation’s recent assessment of obligors as at December 31, 2016, identified 350 accounts with current exposure of N2.5 trillion, representing about 80 per cent of AMCON’s total obligor debt.

The amount, according to him, was enough to cover the 2017 budget deficit.

He said: “AMCON has also repositioned its debt recovery approach to strengthen legal and credit restructuring units to collaborate on the aforementioned 350 ‘loan defaulters,’ enhance the restructuring and turnaround team and engage in asset tracing to enhance recovery. Despite the difficulties, AMCON continues to persevere in the face of adversity.”

Providing additional insight into AMCON challenges, Kuru said the corporation’s failure to recover the debt, principally owed the Central Bank of Nigeria (CBN), cannot be quantified as it goes beyond economic cost.

He said AMCON debt repayments to CBN in the last two years were N456.4 billion and N517.7 billion, respectively, while the actual payments were N256.7 billion and N191.1 billion in 2015 and 2016, respectively.

The AMCON chief added: “This translates to a funding shortfall of N199.7 billion and N326.4 billion in 2015 and 2016, respectively. Of this shortfall, repayments due from AMCON in 2015 and 2016 represented 42 per cent and 53 per cent, respectively, while the resolution cost fund represented 58 per cent and 47 per cent in 2015 and 2016, respectively. The funding plan envisaged contribution of 70 per cent from the resolution cost fund and 30 per cent from recovery.” (Daily Sun)

Source News Express

Posted 20/06/2017 4:14:09 PM

 

Share on facebook Yahoo mail icon Gmail icon


 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

 

You may also like...
Butchers in Osun to pay government levy

Dogara hails EU commitment to deepen democracy in...

Haze, fog, poor visibility to characterise today’s weather:...

How Wike, others foiled alleged plot to stop...

Court orders el-Rufai, Police to pay Chocolate City...

APGA demands Prof. Akinyemi’s resignation as National Conference...

Troops ambush fleeing Boko Haram fighters

Group berates Wamakko for attacking Dasuki, Presidency, cautions...

Troops rescue 85 women, children from Boko Haram's...

Local rice to sell for N6,000,says Farmers Association...

Fuel transporters threaten to withdraw services over unpaid...

VCs worried over NYSC’s inability to mobilise graduates...

 

Latest News Lawmaker offers $1.6m to behead actress Holy spirit warns Obiano •Details by Ebube Muonso, who predicted his victory Assailants kill 30 herdsmen in Adamawa Soldiers storm militants’ camp, nab 7 suspects; recover arms, human skulls Kinsmen call for ex-minister’s arrest •Allege impersonation, gang-up Badoo: Police arrests 2 over Lagos church killings Skye Bank releases new TV commercial highlighting the importance of consumer power in modern marketing Mugabe’s successor to be sworn in on Friday Uber fined $8.9m for using criminals as drivers Develop Olodiama Kingdom, Egbema youths tell Edo Govt •Felicitate with Alagbabenafa III George Thorpe identifies 6 key tasks for research and action in advertising Jaw Jaw Africa outlines objectives

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (295,285 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (278,887 views) Shameless Genevieve Nnaji exposes breasts in public (225,592 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (189,798 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (181,484 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (166,489 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (144,309 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (130,727 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (127,433 views) Lagos plane crash: Journalist releases victims’ names (116,612 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (113,905 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (108,196 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (31) Business (2,780) Business Verdict (26) Columnists (769) Complaints & Requests (93) Enterprise & Opportunities (187) Entertainment (405) Features (510) Global Business Monitor (192) International (1,652) Interviews (138) Live Commentary (28) Love Matters (83) News (30,429) Opinion (838) Pidgin (9) Politics (4,119) Religion (649) Sports (1,357) Stock Watch (24) AMA & Al Jazeera Global Update

 

UBA mobile app

CBN Words on marble

 

 

Argentina vs Nigeria

 

APO Group Partner

 

CLASSIFIED ADS

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement



 

 

CLASSIFIED ADS

Loss Off Your Belly Fats, Upper Arm Fat and Body Fats In 2weeks Time.. Click HERE To Start Now!

Let us build the most comprehensive online database of worthy and credible Nigerians from all walks of life. It is worth doing!