Business

AMCON bad debts drop by N1 trillion but…

Published

2 years ago

January 12, 2021

The Asset Management Corporation of Nigeria (AMCON) on Monday disclosed that the total of outstanding debt by loan defaulters on its books has dropped by N1 trillion to N4.4 trillion

The disclosed figure was an improvement from the N5.4 trillion disclosed by the corporation under the comparable period of 2019.

The corporation’s Group Head of Enforcement, Joshua Ikioda made this revelation, at a two-day training for Federal High Court legal assistants and court registrars in Abuja

Ikioda who was speaking on the paper: “Overview of AMCON from Cradle to Date and the Implication of the Bad Debt to the Nigerian Economy,” also revealed that 360 debtors represent 80 per cent of the N4.4 trillion of the total outstanding debt to the corporation, and that all agencies of the government and other stakeholders must support AMCON’s debt recovery efforts.

“the N4.4 trillion held by AMCON is bigger than the N3.85 trillion capital expenditure budget of the federal government for 2021, the N3.12 trillion for total foreign debt service and personnel cost of N3.7trillion.”

“The debt would be enough to complete the revival of the moribund Ajaokuta Steel Company in Kogi State, and capitalise over two million micro-businesses with N2 million each or 200,000 Small and Medium Enterprises (SMEs) with N20 million per SME.”

AMCON was created in 2010 to look into non-performing loans (NPLs) that crippled banks’ balance sheet positions. The corporation’s mandate was to recover the NPLs from the debtors and return the funds to government coffers to support the economy.

Meanwhile, the amended AMCON Act, signed by President Muhammadu Buhari, gave AMCON powers to recover debts owed by obligors.

Last year, the Federal Government through the Central Bank of Nigeria (CBN) concluded plans to start a fund that will operate as a bridge bank to help invigorate beleaguered companies.

The new rule will expect every lender to make an annual contribution of 10 bases of their total asset.

Business

BREAKING: CBN Speaks On Devaluation Of Naira To N630/$1

Published

18 hours ago

June 1, 2023

NewTimes

BREAKING: Old Naira Notes Deadline Stays - Emefiele

CBN Governor Godwin Emefiele

The Central Bank of Nigeria ( CBN) on Thursday denied devaluing the naira .

This clarification came from the
Acting Director, Corporate Communication, Dr. Isa AbdulMumin, in a statement titled, “CBN Has Not Devalued the Naira”.

He said: “The attention of the Central Bank of Nigeria (CBN) has been drawn to a news report… titled “CBN Devalues Naira To 630/31”.

“We wish to state categorically that this news report, which in the imagination of the newspaper is exclusive, is replete with outright FALSEHOODS and destabilizing innuendos, reflecting potentially willful ignorance of the said medium as to the workings of the Nigerian Foreign Exchange Market.

“For the avoidance of doubt, the exchange rate at the Investors’ & Exporters’ (I&E) window traded this moming (June 1, 2023) at N465/US$1 and has been stable around this rate for a while.”

The bank advised the public to ignore the news report in its entirety, saying it’s speculative and calculated at causing panic in the market.

Arts & Culture

BREAKING: After Subsidy Removal, NNPC Increases Petrol Price To Over N500

Published

2 days ago

May 31, 2023

NewTimes

Senator Withdraws Support For Tinubu Over Choice Of Muslim Running Mate

President Tinubu

The Nigerian National Petroleum Company Limited (NNPC) on Wednesday adjusted the pump price of petrol by over 100% to between N488 and N557.

The development followed the announcement by President Bola Tinubu during his inaugural address on Monday that fuel subsidy was ‘gone’.

However, it was learnt that the president will meet with organised labour from 2pm Thursday (today) afternoon.

The prices have now been adjusted upward from between N189 to N194 to N537 per litre in Abuja and other North-central States.

For Lagos and other South-west states, a litre of fuel now sells for between N488 and N500 per litre.

In the South-east, the price will range from N515 to N520, while in the North-west, the price of the product was raised to N540. In the North-east, it moved from N199 to N557 per litre.

For the South-south, it is now from N511 to N525 per litre. Nigeria’s subsidy budget of N3.6 trillion for this year, expires in June, 2023.