Nigeria Sets Up Task Force To Recoup $15 Billion of AMCON Debt
Nigeria has set up a task force to recover about 5.5 trillion naira ($15 billion) of bad loans taken over during a banking crisis more than a decade ago.
The loans are owed to the Asset Management Corp. of Nigeria, known as Amcon, which bought them over during the 2009 banking crisis, the Abuja-based presidency said on its Twitter account Tuesday. The group includes the Economic and Financial Crimes Commission, the Nigerian Financial Intelligence Unit and the Independent Corrupt Practices Commission, it said.
READ ALSO: Police Funding: NANS To Storm National Assembly, Official Says
About 67% of the outstanding debt is owed by 20 individuals or entities, the presidency said, citing Amcon Chairman, Muiz Banire.
Modeled on organizations including Ireland’s National Asset Management Agency Ltd. and Korea Asset Management Corp., Amcon used bonds to bail out 10 lenders and buy more than 12,000 loans from industries including aviation, gasoline marketing, and manufacturing after the 2008-09 oil price crash. It has so far recovered 1 trillion naira, Amcon Chief Executive Officer, Ahmed Kuru said last week.
Post Disclaimer
The opinions, beliefs and viewpoints expressed by the author and forum participants on this website do not necessarily reflect the opinions, beliefs and viewpoints of Anaedo Online or official policies of the Anaedo Online.