The Asset Management Corporation of Nigeria (AMCON) has said its debt to the Central Bank of Nigeria (CBN) has risen to N5.5 trillion. Its Managing Director, Mr. Ahmed Kuru said out of 12, 000 accounts, the Corporation has structured more than 3, 000 and has been able to get over 1, 000 obligors out of the positions it was before. He said AMCON borrows from the CBN and sells in bond to the apex bank.
Kuru said it was assumed that the banking sector was to grow at 20 per cent year-in-year out and that the economy would pick up, saying unfortunately, the economy did not pick up and AMCON was not in the position tosettle the bond holders.
Kuru who spoke during the Nigerian-American Chamber of Commerce (NACC), on: Financial Systems Stability in Nigeria: AMCON’s Role and Scorecard as theme in Lagos, said the Corporation’s role in terms of financial stability was almost over, but for the company to intervene, it should be able to recover the stated sum.
(The Nation)
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