AMCON Liabilities Currently Stands At N6.6trillion

The managing director of Asset Management Corporation of Nigeria, AMCON, Ahmed Lawan Kuru has revealed that the company’s liabilities currently stands at N6.6 trillion

The AMCON Boss, who disclosed this during an investigative hearing by the House of Representatives ad-hoc committee on alleged fraudulent sale of banks by AMCON, maintained he was unaware of most of the transactions in the sale of Enterprise Bank to Skye Bank, but however confirmed that due diligence was adhered to in the deal.

Kuru who took over the office late 2015, also explained that the liabilities were incurred after the purchase of bad loans worth N3.3 trillion at the sum of N1.7 trillion.

He told the committee that it took over Aero because it owns 60 per cent stake in Aero and needed to recover its money, noting that Aero showed weak corporate governance as opposed to Arik Airline, which has a strong corporate governance and is making efforts towards paying its debts.

He said: “We own 60 per cent equity in Aero. This is in addition to a N12 billion debt and it showed weak corporate governance. It plunged from a fleet of 15 in 2015, to three. We envisaged that if we did not intervene, there would not be any Aero in future.”

”Arik is a very solid airline as it were and has not shown signs of weak corporate governance and I believe in the next two weeks, we will resolve our issues’, Kuru stated.

The Committee expressed concern over the rise in AMCON’s liabilities particularly as it owes the Central Bank of Nigeria N4.5 trillion.