{"id":14524,"date":"2017-06-20T12:02:05","date_gmt":"2017-06-20T11:02:05","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=14524"},"modified":"2017-06-20T12:02:05","modified_gmt":"2017-06-20T11:02:05","slug":"350-businessmen-owe-banks-n2-5trn-amcon","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/350-businessmen-owe-banks-n2-5trn-amcon\/","title":{"rendered":"350 businessmen owe banks N2.5trn \u2013 AMCON"},"content":{"rendered":"<p class=\"p1\"><span class=\"s1\">The<\/span><span class=\"s2\">\u00a0Asset Management Corporation of Nigeria (AMCON) has said at least 350 individuals in the country currently owe banks N2.5 trillion.<\/span><\/p>\n<p class=\"p2\"><span class=\"s2\">Managing Director\/Chief Executive Officer of AMCON, Mr. Ahmed Kuru, disclosed this at a Retreat for House of Representatives Committee on Banking and Currency in Enugu yesterday.<\/span><\/p>\n<p class=\"p2\"><span class=\"s2\">He told the committee members that the corporation\u2019s recent assessment of obligors as at December 31, 2016, identified 350 accounts with current exposure of N2.5 trillion,\u00a0representing about 80 per cent of AMCON\u2019s total obligor debt.<\/span><\/p>\n<p class=\"p2\"><span class=\"s2\">The amount, according to him, was enough to cover the 2017 budget deficit.<\/span><\/p>\n<p class=\"p2\"><span class=\"s2\">He said: \u201cAMCON has also repositioned its debt recovery approach to strengthen legal and credit restructuring units to collaborate on the aforementioned 350 \u2018loan defaulters,\u2019 enhance the restructuring and turnaround team and engage in asset tracing to enhance recovery. Despite the difficulties, AMCON continues to persevere in the face of adversity.\u201d<\/span><\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p class=\"p2\"><span class=\"s2\">Providing additional insight into AMCON challenges, Kuru said the corporation\u2019s failure to recover the debt, principally owed the Central Bank of Nigeria (CBN), cannot be quantified as it goes beyond economic cost.<\/span><\/p>\n<p class=\"p2\"><span class=\"s2\">He said AMCON debt repayments to CBN in the last two years were N456.4 billion and N517.7 billion, respectively, while the actual payments were N256.7 billion and N191.1 billion in 2015 and 2016, respectively.<\/span><\/p>\n<p class=\"p2\"><span class=\"s2\">The AMCON chief added: \u201cThis translates to a funding shortfall of N199.7 billion and N326.4 billion in 2015 and 2016, respectively. Of this shortfall, repayments due from AMCON in 2015 and 2016 represented 42 per cent and 53 per cent, respectively, while the resolution cost fund represented 58 per cent and 47 per cent in 2015 and 2016, respectively. The funding plan envisaged contribution of 70 per cent from the resolution cost fund and 30 per cent from recovery.\u201d<\/span><\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>The\u00a0Asset Management Corporation of Nigeria (AMCON) has said at least 350 individuals in the country currently owe banks N2.5 trillion. Managing Director\/Chief Executive Officer of AMCON, Mr. Ahmed Kuru, disclosed this at a Retreat for House of Representatives Committee on Banking and Currency in Enugu yesterday. He told the committee members that the corporation\u2019s recent &hellip;<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":11,"featured_media":14525,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[17],"tags":[1277],"coauthors":[2392,2393],"class_list":["post-14524","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-amcon"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>350 businessmen owe banks N2.5trn \u2013 AMCON - National Wire<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/350-businessmen-owe-banks-n2-5trn-amcon\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"350 businessmen owe banks N2.5trn \u2013 AMCON - National Wire\" \/>\n<meta property=\"og:description\" content=\"The\u00a0Asset Management Corporation of Nigeria (AMCON) has said at least 350 individuals in the country currently owe banks N2.5 trillion. Managing Director\/Chief Executive Officer of AMCON, Mr. Ahmed Kuru, disclosed this at a Retreat for House of Representatives Committee on Banking and Currency in Enugu yesterday. He told the committee members that the corporation\u2019s recent &hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/350-businessmen-owe-banks-n2-5trn-amcon\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2017-06-20T11:02:05+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/06\/AMCON-LOGO.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"450\" \/>\n\t<meta property=\"og:image:height\" content=\"294\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Dayo Emmanuel\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/350-businessmen-owe-banks-n2-5trn-amcon\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/06\/AMCON-LOGO.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2017\/06\/AMCON-LOGO.jpg\",\"width\":450,\"height\":294},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/350-businessmen-owe-banks-n2-5trn-amcon\/#webpage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/350-businessmen-owe-banks-n2-5trn-amcon\/\",\"name\":\"350 businessmen owe banks N2.5trn \u2013 AMCON - National Wire\",\"isPartOf\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/350-businessmen-owe-banks-n2-5trn-amcon\/#primaryimage\"},\"datePublished\":\"2017-06-20T11:02:05+00:00\",\"dateModified\":\"2017-06-20T11:02:05+00:00\",\"author\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/806673c5851717dc3067b1a46a6c060f\"},\"breadcrumb\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/350-businessmen-owe-banks-n2-5trn-amcon\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nationalwire.com.ng\/sub\/350-businessmen-owe-banks-n2-5trn-amcon\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/350-businessmen-owe-banks-n2-5trn-amcon\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nationalwire.com.ng\/sub\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"350 businessmen owe banks N2.5trn \u2013 AMCON\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/806673c5851717dc3067b1a46a6c060f\",\"name\":\"Dayo Emmanuel\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/author\/dayo\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"350 businessmen owe banks N2.5trn \u2013 AMCON - National Wire","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nationalwire.com.ng\/sub\/350-businessmen-owe-banks-n2-5trn-amcon\/","og_locale":"en_US","og_type":"article","og_title":"350 businessmen owe banks N2.5trn \u2013 AMCON - National Wire","og_description":"The\u00a0Asset Management Corporation of Nigeria (AMCON) has said at least 350 individuals in the country currently owe banks N2.5 trillion. 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