Fidelity bank banner NewsExpress advert
350 businessmen owe Nigerian banks N2.5 trillion

By News Express on 20/06/2017

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 737

•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 Share on Google+


 

CLASSIFIED ADS

REVEALED: 3 natural ways to get stronger erections, last 25 minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

 

You may also like...
Shock and disbelief as Owerri Royal Father, Eze...

Okowa, Dickson, Ibori commit to the development of...

Battle of Catalonia: WE WON’T LET NIGERIANS DOWN,...

Ohanaeze congratulates Obiano, mourns Ekwueme

Pedestrian deaths skyrocket across US

Country where women, girls are banished during menstruation...

Jay Z to run for president in 2020?...

Stolen phone exposes thief

Pope berates bishops over use of phones during...

New national minimum wage coming

We've not received court order on registration of...

Fire claims family of 5 in Plateau State...

 

Latest News Man crushed to death after mother’s coffin falls on him during funeral Woman yelling 'Allahu akbar' slashes two with blade in France 2019: PDP disowns guidelines for presidential primaries Confusion trails ownership of sacked 300 street sweepers in Lagos Fayemi’s debt responsible for salary arrears - PDP Kukah to Christians: Unite against security threats FG loses N100bn on aviation charges—Expert Okada Ban: Obiano insists on July 1 deadline 2019: Makarfi to vie for PDP’s presidential ticket Suspect dead, 20 hurt in shooting at US arts festival NiMet predicts cloudy, thunderstorms, rains on Monday – NiMet World Cup: Mexico stun champions Germany 1-0

 

Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (351,467 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (350,493 views) Shameless Genevieve Nnaji exposes breasts in public (279,478 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (229,480 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (208,661 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (208,062 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (181,270 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (163,367 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (153,465 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (148,063 views) Lagos plane crash: Journalist releases victims’ names (143,466 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (135,343 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (50) Business & Economy (3,240) Business Verdict (44) Columnists (868) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (503) Features (606) Global Business Monitor (280) International (2,031) Interview (153) Live Commentary (28) Love Matters (123) News (36,273) Opinion (1,000) Pidgin (10) Politics (5,268) Religion (770) Sports (1,549) Stock Watch (30) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

Royal Wedding 2018 of Prince Harry and Meghan Markel

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement