• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Saturday, September 6, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

AMCON Recovers N2.1trn In 2000 Debt Recovery Cases

by Olugbenga Soyele
6 months ago
in News
AMCON
Share on WhatsAppShare on FacebookShare on XTelegram

ThE Asset Management Corporation of Nigeria (AMCON) has recovered N2.1 trillion debts since its inception despite the serious legal hurdles bank debtors had placed in its path.

Advertisement

The head of corporate communications department at AMCON, Jude Nwauzor, disclosed this while speaking to journalists in Lagos yesterday.

Nwauzor also disclosed that the corporation was involved in over 2,000 court cases, as many debtors not only failed to use the borrowed funds for their intended purposes but also refused to repay the loans.

He urged the judiciary to speed up the adjudication of AMCON-related cases within the 60 to 90-day timeframe outlined by the AMCON Act to improve its effectiveness.

Nwauzor said, “These debtors have played a role in harming the Nigerian economy. The media must not allow them to have it both ways. AMCON believes a stronger collaboration with the media could produce positive outcomes for the nation.”

ADVERTISEMENT

He also explained that debt recovery is difficult, especially as many Nigerians and businesses do not honour their financial obligations.

Addressing the issue of Arik Air Limited (in Receivership) and its owner, Sir Johnson Arumemi-Ikhide, who allegedly owes AMCON N300 billion, Nwauzor stated that the corporation remained committed to recovering the debt despite ongoing legal disputes and allegations of mismanagement.

He noted that recovering debt is not a pleasant process; obligors often resort to character assassination against AMCON staff and management, vilifying the corporation and intimidating personnel.

ADVERTISEMENT

Nwauzor claimed that “Arumemi-Ikhide has perpetuated a misleading narrative regarding his debt to AMCON, falsely claiming that Arik never defaulted on payments to Union Bank and feigning ignorance about the debt owed to AMCON.

“He has also alleged that the receivership was premature and claimed his loan was performing.

“These assertions are deceptive. The public should question why the loan was sold and restructured, whether it was performing, and whether he fulfilled the agreed-upon terms. Arik’s debt originally stemmed from loans taken from Union Bank of Nigeria, Bank PHB (now Keystone Bank), and others.

“AMCON clarified that Union Bank classified the loan as non-performing and sold it in 2010, after warning Arik about its financial instability.

“If the loan was performing, why was it sold? Why did he agree to the restructuring? Did he fulfil the agreed terms? AMCON further disclosed that Arik’s negative equity value was ₦80 billion in 2016, with total liabilities reaching ₦151 billion. By December 2016, the airline’s negative shareholder capital had surged to ₦139 billion, nearly equivalent to its AMCON debt.

“After years of financial distress, AMCON took over Arik in 2017 due to chronic mismanagement, flight cancellations, unpaid staff salaries, and regulatory violations. At that time, Arik was on the verge of collapse, struggling to maintain its aircraft and meet its operational commitments,” Nwauzor alleged.

 

RELATED

Ahmed XM

How My Journey Into Financial Market Trading Started — Ahmed XM

10 minutes ago
MAAUN Group Partners Canadian Institution On English Language Training, Students Exchange, Others

MAAUN Group Partners Canadian Institution On English Language Training, Students Exchange, Others

48 minutes ago

 

 

 

 

 


Join Our WhatsApp Channel



Tags: Asset Management Corporation of Nigeria (AMCON)
SendShare10169Tweet6356Share
ADVERTISEMENT
Previous Post

Troops Kill 74 Terrorists, Arrest 130, Rescue 61 Hostages

Next Post

NAFDAC Uncovers $1.4m Fraud Scheme Targeting Foreign Companies

Olugbenga Soyele

Olugbenga Soyele

You May Like

Ahmed XM
Business

How My Journey Into Financial Market Trading Started — Ahmed XM

2025/09/06
MAAUN Group Partners Canadian Institution On English Language Training, Students Exchange, Others
Education

MAAUN Group Partners Canadian Institution On English Language Training, Students Exchange, Others

2025/09/06
Suspected Explosion At Maiduguri Prison ‘Mere False Alarm’ By Convicted Bomber Charles Okah
News

61 Civilians, Soldiers Killed In Fresh Boko Haram Attacks In Borno

2025/09/06
Tinubu Felicitates Presiding Bishop Of TREM Okonkwo At 80
News

Tinubu Felicitates Presiding Bishop Of TREM Okonkwo At 80

2025/09/06
Northern Democrats Set Up C’ttee To Review Tinubu’s Tax Reform Bills
News

Tinubu Approves N158bn For Education Advancement

2025/09/06
Tinubu Celebrates Owelle Chikelu At 95
News

Tinubu Celebrates Owelle Chikelu At 95

2025/09/06
Leadership Conference advertisement

LATEST

How My Journey Into Financial Market Trading Started — Ahmed XM

MAAUN Group Partners Canadian Institution On English Language Training, Students Exchange, Others

61 Civilians, Soldiers Killed In Fresh Boko Haram Attacks In Borno

Tinubu Felicitates Presiding Bishop Of TREM Okonkwo At 80

WCQ: Chelle Benches Ekong As Osimhen, Lookman Lead Must-win Battle Against Rwanda

Tinubu Approves N158bn For Education Advancement

Tinubu Celebrates Owelle Chikelu At 95

Impeachment: Ex-Kogi Deputy Governor Onoja Begs Predecessor Achuba For Forgiveness

Governor Adeleke Appoints Puff-Puff Seller As Gov’t House Chef, Offers Scholarship

Olubadan: MURIC Seeks Coronation Programme Review Over Friday Prayer Omission, Clash

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.