Day: September 22, 2021

AMCON Takes Over Former Kwara State Governor’s Mansion Over ₦5Billion Debt

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Embattled former Kwara State Governor, Abdulfatah Ahmed Following the order of Hon. Justice A.M. Liman of the Federal High Court, Lagos Division, the Asset Management Corporation of Nigeria (AMCON) on Wednesday September 22, 2021, in Ilorin, the Kwara State capital took over the palatial mansion of Alhaji Abdulfatah Ahmed, the former two-time governor of Kwara State over a staggering indebtedness of nearly ₦5billion. Hon. Justice A.M. Liman also ordered the freezing of the Bank Accounts of the former governor and his two companies including Trans Properties and Investment Limited and…

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Kanu vs AMCON: Alleged N924m Debt Saga Resumes November 11

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Justice Chukwujekwu Aneke of the Federal High Court in Lagos Division yesterday adjourned till November 11 to resume a debt recovery suit filed by the Asset Management Corporation of Nigeria (AMCON) against a hotel, Hardly Apartments. Justice Chukwujekwu Aneke fixed the date following the absence of respondents’ counsel. Hardly Apartments, a four-star high-rise on Victoria Island, Lagos, is owned by a former Super Eagles captain, Kanu Nwankwo. AMCON is seeking to recover the sum of N924, 788, 754, 56 million, it claims the hotel owes. Joined as the second respondent…

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AMCON: Sinking Fund And Drive For Stability In The Banking Sector

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By Abubakar Yusuf Asset Management Corporation of Nigeria (AMCON) was established by the Central Bank of Nigeria (CBN) through an act of the National Assembly to address the growing crises in the financial sector particularly Banks in the late 20O0. Soon after the setting up of AMCON that took over the toxic assets known as ‘Bad Loans’ that assisted the Banking sector as well as the nationalised Banks from going down, there was the need to further put in place an enabling environment to address permanently the epileptic operation of…

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