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We are owing N6.6trn,says AMCON

THE Asset Management Corporation of Nigeria, AMCON, Wednesday admitted before an investigative panel of the House of Representatives that its current liabilities stand at N6.6 trillion following purchase of bad loans worth N3.3 trillion at the sum of N1.7 trillion.
This was disclosed by the Managing Director of AMCON, Ahmed Kuru during an investigative hearing Wednesday.
The House Ad-hoc committee headed by Rep Albert Abiodun Adeogun, investigating alleged fraudulent sale of banks by AMCON, had raised eyebrows at the rise in liabilities particularly as AMCON owes the Central Bank of Nigeria N4.5 trillion.
The Committee asserts that it heard that the CBN is closely monitoring and supervising AMCON to ensure that its liabilities are cleared by the time the corporation is expected to be wound down in 2024.

The Chairman of the committee, Adeogun queried the amount of liabilities.
He said “about two months ago when we met, you said the liabilities of AMCON stood at N4.5 trillion, today you say its N6.6 trillion. What are the components of this liability? Who are your creditors,” he said.
The Director of Banking Operations, CBN, Tokunbo Martins however explained to the committee that while the debt to the CBN stood at N4.5 trillion, the N6.6 trillion includes calculated interest which would have accrued to the debt by 2024.


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