The Assets Management Corporation of Nigeria (AMCON), has received a total sum of N1, 667,582,605.04 recovered by the Economic and Financial Crimes Commission (EFCC) between 2017 and July 5, 2021.

According to AMCON, the funds are recovered loan repayments, which were credited to its account domiciled with the Central Bank of Nigeria for settlement of bond obligations.

The corporation made this known in a letter to the House of Representatives Ad Hoc Committee on Assessment and Status of All Recovered Loots Movable and Immovable Assets from 2002 to 2020 by Agencies of the Federal Government of Nigeria for Effective Efficient Management and Utilisation.

The committee had continued its investigative hearing in Abuja on Tuesday, where the letter, signed by the Managing Director, AMCON, Ahmed Lawan Kuru; and the Group Head, Enforcement, Joshua Ikioda, was read.

AMCON explained that remittances to the corporation in 2017 amounted to N1,178,764,500 for the credit of nine debtors.

AMCON Gets N1.6bn Funds Recovered By EFCC
For 2019, the corporation said it received N356,318,105.08 on September 21, 2020, on account of seven debtors.

AMCON disclosed that it received a letter from the EFCC, dated December 17, 2019, in which the commission forwarded promissory notes on account of four debtors to the tune of N1,194,778, 813.

AMCON said the notes were, however, returned to the EFCC through a letter dated October 28, 2019, as they were made out by the Debt Management Office.

The letter pointed out that the schedule forwarded to the corporation by the committee indicated remittances by EFCC of the sum of N87, 495, 087.50 in 2020.

However, AMCON argued that it had yet to receive the quoted amount.

Also at the hearing, the Nigerian National Petroleum Corporation said it was working to recover debts from some banks for the Nigerian Liquefied Natural Gas Limited’s dividend funds.

Chairman of the committee, Adejoro Adeogun, directed the NNPC to submit all its accounts at the next sitting on Tuesday next week.

SOURCE:https://brandspurng.com/2021/10/14/amcon-gets-n1-6bn-funds-recovered-by-efcc/

That does not reflect the true figure.
That's not even my problem because this particular figure is a smokescreen as it is highly likely that it has been siphoned into private pockets.

That is good!

,

Wish them success in rebuild companies

Tats huge but wilk it be utilized judiciously

Oya na, nice one amcon

I’m sure 70% is from yahoo boys proceeds

They won’t collect much from politicians o

Very Nice

BrandSpurNG:


SOURCE:https://brandspurng.com/2021/10/14/amcon-gets-n1-6bn-funds-recovered-by-efcc/

Good one

oshonky:
Oya na, nice one amcon

I’m sure 70% is from yahoo boys proceeds

They won’t collect much from politicians o

Naaa!
Yahoo cases at efcc are different from amcon cases where efcc is the (collecting and enforcing agent)
And efcc has been in a long battle with some of these companies most say with fraudulent bank loans

Commendable

Good news for them. Hope it doesn't get looted

Okay kkk
Can you forward some covid relief to your cititzens?

Okay

Ok

Please Buhari should make the sharing formula of the money public. if is only for cabal or family member.

BrandSpurNG:


SOURCE:https://brandspurng.com/2021/10/14/amcon-gets-n1-6bn-funds-recovered-by-efcc/

hello. am new here � pls welcome ���

Ok

To be relooted

Sakamaje

This is what they call npl securitization. What AMCON does basically is to buy these bad loans, securitize them majorly as bonds and issue these bonds to the public or private placement. The fixed return of the bond are paid from the recovered loan. Basically, recovering loan takes time, so also the length or maturity of a bond. So issue bordering on financial risk as a result of bond maturity/loan recovery is minimized.

Shdh

AgamaProf:
This is what they call npl securitization. What AMCON does basically is to buy these bad loans, securitize them majorly as bonds and issue these bonds to the public or private placement. The fixed return of the bond are paid from the recovered loan. Basically, recovering loan takes time, so also the length or maturity of a bond. So issue bordering on financial risk as a result of bond maturity/loan recovery is minimized.

Just a tip of the iceberg