ADVERTISEMENT
The Sun Nigeria
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun
No Result
View All Result
The Sun Nigeria
No Result
View All Result
Home Business

AMCON: Reps probe N2.4trn unpaid debts 

28th October 2016
in Business
0
AMCON: Reps probe N2.4trn unpaid debts 
8
SHARES
87
VIEWS
Share on FacebookShare on Twitter

From Kemi Yesufu and Ndubuisi Orji

The House of Representatives yesterday mandated its Committee on Banking and Currency to investigate the non-liquidation of N2.473 trillion owed the Assets Management Corporation of Nigeria (AMCON).

The Committee, which is to fully investigate the failure of “obligors” and debtors to liquidate their loans is to report back to the House in four weeks. The mandate was subsequent upon the adoption of a motion raised under Matters of Urgent Public Importance calling for an “investigation of AMCON “obligors” and debtors over the non-liquidation of N2,473,084,522.73”, sponsored by Johnbull Shekarau.

AMCON was established by the Federal Government in response to the 2007-2009 financial crisis. Government, through the Central Bank of Nigeria (CBN), provided the initial capital and a three-year zero coupon guaranteed bond to allow the corporation raise N5.67 trillion for interventions.

Shekarau in his lead debate observed that six years after, AMCON is yet to recover the debt owed it in order to redeem the three-year zero coupon bond it acquired.

According to the lawmaker, only 20 individuals can be linked to a large chunk of the debt owed AMCON, hence the need for the House to take definitive action to compel as well as assist the company to liquidate debts owed it.

Taking a similar position, Hassan Saleh, maintained that the dishonesty of a few individuals has negatively affected millions of other Nigerians currently struggling to survive the economic recession.

Saleh identified top operators in the aviation and the oil and gas sectors as dominating the list of chronic debtors, wondering how they lived lavish lifestyles while their debts weakened the nation’s economy.

“We cannot continue to pay their bills, while they live the life of the rich and favoured,” he argued.   House Minority  Leader, Leo Ogor, called for a thorough investigation into the matter, adding that many of the debtors have carried on with living luxuriously, not caring about the damage they are causing others.

“They fly around in their private jets, while the common man is suffering on the streets. These people sit down in the comfort of their bedrooms, while the nation bears the pain of their debts and this unacceptable,” he said.

But Daily Sun can reveal that this is not the first time the House is investigating AMCON’s debts. An Adhoc Committee on the Undue Accumulation of Debts and Alleged Fraudulent Sale of Banks by AMCON headed by Albert Adeogun, which also had Shekarau as a member, submitted its report weeks back.

The membership of the committee was announced by Speaker Yakubu Dogara following the resolution of the House on Tuesday October 6.

The report obtained by Daily Sun indicates that the current N5 trillion debt portfolio of the corporation is N4.2 trillion higher than the alleged N800 billion ceiling stipulated for it by the CBN, according to the report. The report also showed that the corporation’s balance sheet has a shortfall of N3.8 trillion ($19 billion) and that the geometric accumulation of debts by AMCON puts immense pressure on the country’s foreign reserves estimated at $30 billion.

The report read in part: “In addition, the outstanding bad loans owed to AMCON by different companies and individuals (acquired from banks) as at December 31, 2014 stood at N3.403 trillion, which also has the potential of becoming outright losses.”

sunnews

sunnews

Related Posts

Women’s day: Celebrating Onyeali-Ikpe, first female MD of Fidelity Bank
Business

Women’s day: Celebrating Onyeali-Ikpe, first female MD of Fidelity Bank

8th March 2021
Emefiele woos investors, says Nigeria ready for business
Business

New offshore remittances policy’ll tackle round-tripping, says CBN 

8th March 2021
FAAN refutes bomb scare report on Air Peace
Business

Only Lagos, Abuja airports profitable, sustain others –FAAN

8th March 2021
Next Post
HEALTH: NHIS to subsidise insurance premium for mothers, children

BUDGET: FG releases N25bn for social intervention programme

APGA urges NASS to fulfill its promise to pass 2016 Budget on March 17

2017: Anambra belongs to APGA, says Ezeonwuka

Baby, mum, 8 others die in Ibadan auto crash

Driver kills four FRSC officials, injure others in Zamfara.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Highlights

Arewa Assembly raises alarm over plot to remove Eligible Customer in Nigerian electricity market

FCMB boosts agribusiness with N74.10bn loans

NCM: Alleviating burden of compliance via periodic regulatory review

SEC partners AfDB to broaden market instruments

IWD: WTO, others target equal future for women in COVID-19 world

U.S. govt commits to improvement in visa applicants’ experience

Trending

Women’s day: Celebrating Onyeali-Ikpe, first female MD of Fidelity Bank
Business

Women’s day: Celebrating Onyeali-Ikpe, first female MD of Fidelity Bank

8th March 2021
0

By Chinelo Obogo On March 8th of every year, the International Women’s Day is commemorated to celebrate...

Emefiele woos investors, says Nigeria ready for business

New offshore remittances policy’ll tackle round-tripping, says CBN 

8th March 2021
FAAN refutes bomb scare report on Air Peace

Only Lagos, Abuja airports profitable, sustain others –FAAN

8th March 2021
Arewa Assembly raises alarm over plot to remove Eligible Customer in Nigerian electricity market

Arewa Assembly raises alarm over plot to remove Eligible Customer in Nigerian electricity market

8th March 2021
FCMB boosts agribusiness with N74.10bn loans

FCMB boosts agribusiness with N74.10bn loans

8th March 2021

Follow us on social media:

Categories

  • Abuja Metro
  • Arts
  • Broken Tongues
  • Business
  • Business Week
  • Cartoons
  • Citizen Joe
  • Columns
  • Cover
  • Culture
  • Duro Onabule
  • Editorial
  • Education Review
  • Effect
  • Elections
  • Entertainment
  • Events
  • Features
  • Femi Adesina
  • Food & Drinks
  • Frank Talk
  • Funke Egbemode
  • Gallery
  • Global Square by Kenneth Okonkwo
  • Health
  • Insights
  • Kalu Leadership Series
  • Kunle Solaja
  • Kunle Solaja
  • Letters
  • Lifeline
  • Lifestyle
  • Literary Review
  • Marketing Matters
  • Muiz Banire
  • National
  • News
  • Offside Musings
  • Opinion
  • oriental news
  • Politics
  • Press Release
  • PressClips
  • Public Sphere
  • Ralph Egbu
  • Shola Oshunkeye
  • Sideview
  • South-west Magazine
  • Sponsored Post
  • Sporting Sun
  • Sports
  • Sun Girl
  • Tea Time
  • The Flipside – Eric Osagie
  • The Sun Awards Live
  • The Sun TV
  • Thoughts & Talks
  • Time Out
  • Today's cover
  • Tola Adeniyi
  • Travel
  • Travel & Tourism
  • Trending
  • TSWeekend
  • Turf Game
  • Uncategorized
  • Updates
  • Views from Abroad
  • Voices
  • World
  • World News
  • Home
  • About Us
  • Paper Ad Rate
  • Online Ad Rate
  • The Team
  • Contact Us
  • Privacy Policy

© 2019 The Sun Nigeria - Managed by Netsera.

No Result
View All Result
  • Home
  • National
  • Columns
    • Broken Tongues
    • Capital Matters
    • Diabetes Corner
    • Duro Onabule
    • Femi Adesina
    • Frank Talk
    • Funke Egbemode
    • Insights
    • Kalu Leadership Series
    • Kunle Solaja
    • Offside Musings
    • PressClips
    • Public Sphere
    • Ralph Egbu
    • Shola Oshunkeye
    • Sideview
    • The Flipside – Eric Osagie
    • Tola Adeniyi
  • Business
  • Politics
  • Entertainment
  • The Sun TV
  • Sporting Sun

© 2019 The Sun Nigeria - Managed by Netsera.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist