Arik Air’s new investors to offset AMCON debts
Indications emerged yesterday that owners of Arik Air, currently under receivership, have concluded arrangement and got a firm commitment from a major investor from the Middle East to partner with them, to offset the debts the airline owed Asset Management Corporation of Nigeria, AMCON, and other creditors. This negotiation was confirmed by the chairman of Arik Air, Sir Joseph Arumemi-Ikhide.
Senate pushes for proper regulation, supervision of AMCON
Apparently disturbed over alleged misuse of N5.6 trillion injected into the Asset Management Company of Nigeria, AMCON, by the Central Bank of Nigeria, CBN, the Senate has begun moves aimed at ensuring proper regulation and supervision of the agency.
AMCON set to repay N1 trillion Bonds to creditors
The Governor, Central Bank of Nigeria (CBN), Mr. Sanusi Lamido Sanusi , yesterday said the Asset Management Company of Nigeria (AMCON) is now set to pay-off N1 trillion of the entire series 1,2,3, and 4 of bonds held outside of the CBN on December 30, 2013.
Zenith Bank named bank of the year Nigeria by the Banker
Zenith Bank PLC has been named bank of the Year Nigeria by the Banker, a publication of Financial Times of London. In a statement on its website the Banker said “Zenith has come a long way since it was founded in 1990. The bank, which had $17bn of assets at the end of 2012, is the largest in Nigeria based on Tier 1 capital, according to The Banker’s latest Top 1000 rankings. By the same measure, it is the sixth biggest lender in the whole of Africa.
PAN gets new board, management
Assets Management Company of Nigeria (AMCON) has reconstituted the Board of PAN Nigeria Limited following the successful restructuring of the automobile company’s debt for equity swap. The new Board of Directors has Alhaji Mohammed MunirJa’afaru, OFR (YarimanZazzau), as Chairman.
Public sector deposit: CBN exempts AMCON, BoI, others
The Central Bank of Nigeria, CBN, said that deposits from some government institutions are excluded from the reporting of public sector deposits in line with its circular to banks operating in the country.
AMCON not taken over Wema Bank — Aina
Wema Bank Plc has debunked allegation that it has been taken over by Asset Management Company of Nigeria (AMCON).
Enterprise Bank assures stakeholders of smooth sale
The Managing Director/ CEO, Enterprise Bank Limited, Mallam Ahmed Kuru, has affirmed that the appointment of Citigroup and Vetiva Capital Management Limited by the Asset Management Corporation of Nigeria (AMCON) as financial advisers for the sale of the financial institution is certainly the last lap of the long journey that will guarantee better days ahead for all stakeholders of the bank.
Bankers commit N18bn fraud in 2012 – NDIC
…Says only 10 banks sound in Nigeria
ABUJA—DESPITE claims that the nation’s 24 banks are strong and posting huge profit, fraudulent practises have continued among operators with no fewer than 3, 380 cases involving N17. 97 billion recorded last year.
