He
said AMCON had acquired 12,537 Non-Performing Loans (NPLs) worth N1.7 trillion
from 22 financial institutions, following the 2009 banking crisis.
“Gross earnings also increased by 23 per cent to N341.8 billion, a
21 per cent increase in interest income to N42.6 billion as well as the N41
billion sale of Keystone Bank,” he
said in a statement.
Kuru
said AMCON was set to deal with the top assets in its portfolio and would take
steps to recover its debts. He said AMCON’s obligors, especially politically
exposed individuals and business heavyweights, who hitherto thought they were
untouchable, would not be spared in the enforcement by the recovery agency. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
According
to him, AMCON has released its 2017 Audited Accounts. He said as a result of
the new recovery strategy, the corporation is restructuring its processes to
enable it go after the crop of recalcitrant debtors in a manner that has never been
witnessed before, assuring that AMCON would not engage in any illegality.
He
said: “I want Nigerians to understand that our
assignment at AMCON is not just tough, but a daunting challenge so we actually
deserve the support of the media and that of the public. I think people need to
pity us because we are at that stage in the life of the corporation where we
are dealing with the hardcore because the low hanging fruits have been dealt
with earlier in the life of AMCON. I want you to understand that we are sitting
on a substantial amount of assets, which we must one way or the other resolve
on or before our sunset, which is around 2023/24.”
He
reiterated that AMCON would pursue every obligor, especially the 350 debtors of
AMCON who account for almost 80 per cent of the over N5 trillion huge debts,
which must be recovered because AMCON borrowed to buy the Eligible Bank Assets (EBAs) during the first and second phases when
it bought over the bad loans from the banks. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
He
continued: “As I said earlier, we will deal with some
of those key assets very soon like the Peugeot
Nigeria Limited in Kaduna, CDL,
Aero Contractors, Arik Air and a
host of others. But I must tell you, as we close in on these individuals and
entities that owe us, I want you to know that they will call us names, they
will blackmail us, they will threaten us, malign and harass us. However, I can
tell you that hard as they will try, we will not be deterred in going about our
normal duties as mandated by law.
“But as we do, we ask ourselves first if the action will stand right
before God Almighty; secondly, will the action be in our national interest and,
is our action within the rule of law. If the answer to these three guiding
principles is yes, AMCON takes decisions. It is nothing personal.”
On the
2017 Audited Account, which he described as better than that of 2016, he said
though the corporation was not established to make profit like commercial
banks, it could still return to profit this year after losses last year
narrowed as the economy rebounded from its worst contraction in more than two
decades. http://www.tectono-business.com/2016/02/contemporary-step-by-step-guide-to.html
The
loss for the year through December improved to N16.4 billion ($45.3 million)
from N164.9 billion the previous year.
“What that meant is that, if the economy continues with a positive outlook
as it experienced in line with the expectations of the Federal Government,
AMCON would be expected to return to profit at the end of the 2018 financial
year,’’ he
added. (The Nation)
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