The Asset Management Corporation of Nigeria has confirmed the ownership of 60 per cent stake in Aerocontractors airline, The PUNCH can authoritatively report. Aerocontractors’ indebtedness to commercial banks, estimated to be over N32bn, which had been bought over by AMCON during the banking sector reforms, had been converted to equity stake for the corporation, it... Read More

AeroContractors Airline, AMCON, Capital Oil and Gas, Mustafa Chike-Obi

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Revenge for Farouk Gate? House of Reps to probe Otedola’s debt payment

by Stanley Azuakola Admittedly, the House of Representatives does not like Femi Otedola, the businessman who was the driving force behind the exposure and subsequent disgrace of one of its old shining stars, Hon. Farouk Lawan. But whether it is a case of sentimental grudge or not, yesterday’s announcement by the CEO of the Asset... Read More

Asset Management Company of Nigeria, debt, Femi Otedola, Mustafa Chike-Obi, PROBE, repayment

October 1, 2012

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Off the hook: Femi Otedola settles N141billion debt with AMCON

by Akan Ido The Assets Management Corporation of Nigeria (AMCON) has confirmed the settlement of debt owed by the Zenon and Forte Oil boss, Femi Otedola, to the asset management company. The amount owed is said to be worth N140,999,620,395.80. The AMCON boss, Mustafa Chike-Obi stated that the board of AMCON met last Thursday and... Read More

AMCON, assets, Assets Management Corporation of Nigeria, debt, Femi Otedola, Forte, Mustafa Chike-Obi, zenon

September 25, 2012

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We did not take over management of Aero Contractors – AMCON

by Isi Esene There are conflicting signals coming from the Central Bank of Nigeria and the Assets Management Company of Nigeria (AMCON) regarding the takeover of Aero Contractors Airline. Mustafa Chike-Obi, the AMCON managing director denied reports of a takeover saying “it is not true”. He said, “Reports that AMCON has taken over Aero Contractors... Read More

Aero Contractors, Airline, AMCON, Assets Management Company of Nigeria, aviation, CBN, central bank of Nigeria, debt, loan, Mustafa Chike-Obi

July 20, 2012

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“Incompetence, failure, lack of transparency”: House of Reps rejects Oteh’s recall

by Isi Esene Arunma Oteh and her reinstatement as the director-general of the Security and Exchange Commission (SEC) appears to have set the the House of Representatives and the Executive arm of government on a collision course. The House has rejected the re-call of Oteh by the Federal Government, and insists that she be removed... Read More

AMCON, Aminu Tambuwal, Arunma Oteh, House of Representatives, Mustafa Chike-Obi, SEC, Security and Exchange Commission