Judges' welfare: Court fixes June 28, for hearing - Peoples Daily Newspaper peoplesdailyng.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from peoplesdailyng.com Daily Mail and Mail on Sunday newspapers.
Managing Director, AMCON, Ahmed Kuru. Photo/FinancialNigeria Since the Asset Management Corporation of Nigeria (AMCON) was founded, the Corporation has approached its legal mandate with dexterity and alluring passion. But this is also certainly not without force and brutalities that have left roll calls of deaths of innocent citizens and collapse of businesses. Hence across Nigeria, many Nigerians have several scary stories to tell about AMCON. It is time for AMCON to shift focus to CORPORATE RESCUE MISSION as enunciated in CAMA 2020. No doubt, AMCON was established by law in 2010 to buy bad debts from banks, using the Treasury Bill’s money to stabilize the country’s financial institutions. The entire concept was to make banks liquid by buying toxic loans from banks and liaising with the obligor/debtor to provide the obligor/debtor with a conducive environment to repay the debt. If I may ask, was AMCON established to generate profit or to stabilize the financial sector? If AMCON was not established to make profit, it therefore implies that, if AMCON has not generated profit for the government since inception, it has no justification to calculate an obligor’s liability using an index amount above the amount paid by AMCON for the debt.
'AMCON should consider CAMA 2020 corporate rescue mission before liquidation' thenationonlineng.net - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from thenationonlineng.net Daily Mail and Mail on Sunday newspapers.