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BANKING & FINANCENEWS

Acquisition of Capital Oil: AMCON Clears the Air

Against the backdrop of misrepresentation of facts concerning its relationship with Capital Oil and Gas Industries Limited, the  Assets Management Corporation of Nigeria (AMCON) has assured that it is managing Capital Oil and Gas for two years.

The Managing Director and Chief Executive of AMCON, Mustapha Chike-Obi explained that the corporation hopes to within the period, stabilize the firm owned by Ifeanyi Ubah, a candidate for the forthcoming Anambra gubernatorial poll.

Chike-Obi who clarified this in a recent interview in Lagos said that the corporation would at the end of the period hand the company back to Ubah.

Providing further details of the deal, he explained why it was possible for Ubah to run for governorship position in Anambra State within this period, noting among others, that AMCON told Ubah not partake in the guber race.

It was also clearly stated that should he wish to go ahead, he cannot at the same time run his company, since AMCON does not want to be seen as sponsoring a governorship candidate.

Chike-Obi said that AMCON is involved in most banks, manufacturing companies and Airlines, all in an effort to recover debts owed to the corporation.

SOURCE

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