Economy

Apprehension as AMCON Prepares to Shame N5trn Debtors on TV

Published

6 years ago

28/07/2019

By Adedapo Adesanya

The Asset Management Corporation of Nigeria (AMCON) has announced its intention to release very soon a television documentary on prominent Nigerians who owe the larger part of a N5 trillion debt, stating that the debtors are top public office holders in the country.

This was reportedly disclosed by the corporation’s Managing Director/Chief Executive Officer, Mr Ahmed Kuru, who was a guest speaker at the July 2019 edition of the breakfast meeting organized by the Nigerian–American Chamber of Commerce.

According to the AMCON boss, a major source of concern is that only 350 Nigerians owe 80 percent of the N5 trillion debt.

Speaking further, Mr Kuru disclosed that the agency was partnering with other agencies such as the Independent Corrupt Practices and other Related Offences Commission (ICPC), Economic and Financial Crime Commission (EFCC), the Nigerian Deposit Insurance Commission (NDIC), amongst others, to produce a full-length television documentary on the recalcitrant debtors in a permanent format.

The AMCON boss stated that the plan included making the documentary in a permanent format available for future generations yet unborn to get informed of the so-called public office holders which are inclusive of lawmakers, ministers, university pro-chancellors and prominent Nigerians.

“Sadly, these are the calibre of people we respect in Nigeria but these people are not role models. How can you be a role model when you cannot honour a simple obligation? That is why I have been consistent in the call for the return of the failed bank act.

“All economies all over the world depend on financial infrastructure for growth. If we allow or encourage the destruction of the basis of our financial structure, then the economy would not grow.

“These are men and women who go to banks, borrow monies with no intention to pay and in the process bring down banking institutions. It takes a lot for a bank to fail. AMCON just rescued Skye Bank with an investment of nearly N1trillion. In a decent society, those who are responsible are supposed to be held accountable,” he said.

Mr Kuru further stated that the debt cannot be written off because the money could be used for infrastructural development in the country.

At the event, he also revealed how the corporation rescued Skye Bank with an investment of N1 trillion as a result of high non-performing loans.

“We are talking about recovering over N5 trillion debt, which sits with the Central Bank of Nigeria (CBN) and we know that the Federal Government through the CBN cannot afford to write the debt off so we just have to recover it.

“With such a huge recovery, the country can do a lot in the areas of infrastructure development in energy, rail line, health, road construction, and a whole lot more. To enable you to understand the magnitude of what we are talking about, only 350 individuals account for 80 percent of the debt amounting to N4.6 trillion.

“At AMCON, we have no power to arrest these ‘powerful’ people as we depend largely on judicial processes to recover and we all know the slow pace of judicial processes.

“Already, we have changed our strategy to more of enforcement, because the negotiations have failed. We now want to go a step further by working with the ICPC and the EFCC, which will enable us to go investigate the credit processes,” the nation’s chief debt collector said.

AMCON has said if the debt was not recovered, Nigeria’s financial sector may be heading towards another era of high non-performing loans which is not good for the economy.

Economy

Customs Street Chalks up 0.12% on Santa Claus Rally

Published

6 hours ago

25/12/2025

Dipo Olowookere

By Dipo Olowookere

The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.

Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.

In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.

Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.

Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.

On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.

Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.

Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.

Economy

Yuletide: Rite Foods Reiterates Commitment to Quality, Innovation

Published

6 hours ago

25/12/2025

Adedapo Adesanya

By Adedapo Adesanya

Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.

In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.

Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.

“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.

He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.

Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.

“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”

Economy

Naira Appreciates to N1,443/$1 at Official FX Market

Published

6 hours ago

25/12/2025

Adedapo Adesanya

By Adedapo Adesanya

The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.

Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.

At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.

Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.

This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.

Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.

Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.

As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.

The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.

Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.