AMCON to dispose of Aero Contractors, Arik Air before 2023

Alhaji Ahmed Kuru
AMCON Managing Director, Ahmed Kuru

The Asset Management Corporation of Nigeria (AMCON), has said it would dispose assets like Aero Contractors and Arik Air before the end of its mandate around 2023/24.

AMCON had said in April that it is willing to exit the aviation sector if the owners of the companies pay their debts.

This was made known in a statement by AMCON Head of Corporate Communications, Jude Nwauzor.

Quoting AMCON Managing Director, Ahmed Kuru, the statement said the corporation’s 2017 performance was boosted by selling Keystone Bank to new investors for N41 billion.

Kuru said, “I want you to understand that we are sitting on a substantial amount of assets, which we must one way or the other resolve on or before our sunset, which is around 2023/24.

“As I said earlier, we will deal with some of those key assets very soon like the Peugeot Nigeria Limited in Kaduna, CDL, Aero Contractors, Arik Air and a host of others.

“But I must tell you, as we close in on these individuals and entities that owe us, I want you to know that they will call us names, blackmail, threaten, malign and harass us.

“However, I can tell you that hard as they will try, we will not be deterred in going about our normal duties as mandated by law.”

AMCON’s Executive Director, Operations, Aminu Ismail, noted that the corporation’s 2017 costs were driven by an increase in the price of aviation fuel and overhead expenses for two airlines it took over.

AMCON said it acquired 12,537 non-performing loans (NPLs) worth N1.7 trillion from 22 financial institutions, after the 2009 banking crisis.

Kuru said AMCON would pursue every obligor, especially the 350 debtors of AMCON who account for almost 80% of the debts.

He said politically exposed individuals and business heavyweights, who seem untouchable, would not be spared.

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