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Amcon Debt Profile Of Some Political Actors In Nigeria: Sani Musa - Politics - Nairaland

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Amcon Debt Profile Of Some Political Actors In Nigeria: Sani Musa by Runninghare(m): 9:26am On Dec 14, 2023
Let me shed light on Senator Sani Musa's complex debt picture. Musa's name frequently pops up in AMCON's files, painting a portrait of a businessman entangled in a web of outstanding debts.

First, we have the Peoples Leasing Company (PLC), where Musa served as Chairman and CEO. AMCON acquired the company in 2011 due to its staggering N240 billion debt pile, with Musa personally guaranteeing a chunk of it. Whispers suggest Musa's influence shielded PLC from repayment pressure before the acquisition, leading to the ballooning debt.

Next comes the N48 billion loan Musa received from Union Bank for his Manganese Exploration and Processing Company (MEPC). This loan, granted in 2008, remains unpaid, prompting AMCON to swoop in as a creditor in 2011. The saga doesn't end there. MEPC's assets, including a mining concession in Ebonyi State, have been seized by AMCON, adding another layer to Musa's debt labyrinth.

Beyond AMCON, Musa's name surfaces in other debt sagas. Reports link him to unpaid debts owed to Zenith Bank and Access Bank, further complicating the picture.

However, Musa, through his representatives, has consistently refuted the allegations, claiming they are politically motivated attacks. He insists he's actively working to resolve his outstanding debts and has made significant progress.

The truth, as always, lies somewhere in the murky waters of Nigerian business. While Musa's claims deserve consideration, the sheer volume of debt attached to his name raises serious questions. AMCON's involvement and asset seizures add further weight to the concerns.

The aim of this missive is to present the facts and let readers draw their own conclusions. Sani Musa's debt profile remains a complex puzzle, riddled with unanswered questions. Whether he emerges clean from this financial quagmire, only time will tell.

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