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AMCON owes N6.6trn, DG says

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AMCON owes N6.6trn, DG says

 

THE DG, Asset Management Corporation of Nigeria, AMCON, Ahmed Kuru, Wednesday said that the company had a debt portfolio of N6.6trn. He admitted this before an investigative panel of the House of Representatives saying that its current liabilities stood at N6.6 trillion following purchase of bad loans worth N3.3 trillion at the sum of N1.7 trillion.

Of the said sum, AMCON reportedly owes the Central Bank of Nigeria (CBN) a whooping N4.5trn, a claim which was questioned by the House Ad-hoc committee headed by Rep Albert Abiodun Adeogun, investigating alleged fraudulent sale of banks by AMCON.

While noting the rising liabilities, Adeogun, however, observed that the CBN was closely monitoring and supervising AMCON to ensure that its liabilities are cleared by the time the corporation is expected to be wound down in 2024.
He said “about two months ago when we met, you said the liabilities of AMCON stood at N4.5 trillion, today you say its N6.6 trillion. What are the components of this liability? Who are your creditors,” he said.
The Director of Banking Operations, CBN, Tokunbo Martins however explained to the committee that while the debt to the CBN stood at N4.5 trillion, the N6.6 trillion includes calculated interest which would have accrued to the debt by 2024.

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