afongha:
ITs banks do their home work before granted these loans, half the problem would be solved.

davodyguy:


Bloody liar
Most you guys just post rubbish on the internet.

Do you work in AMCON or in any of the said companies?

I work for AMCON and can tell you AMCON has been very very fair in dealing with them.

AMCON even still release additional funds to resuscitate some dead companies and also pay salaries. Why do you think AMCON is carrying up to N5trillion?

Yoruba4Life:
Articles like these never gets traffic or enough interests from the lazy 9ja youths. These are news that can empower them, instead they go about wasting their time on irrelevant news and stories.

The average Nigerian youth isn't armed with the needed requisite and platform to be interested in powerful information like this.

They're too bereft and lacking in the mechanisms / tools needed to effectively process technical problems requiring strategic solutions.

Aren't the youth supposes to be the future leaders? BS! Instead they blame their current leaders while their future is being bought!

vivaciousvivi:
And who is going to buy these assets in an economy that is still in recovery post recession?
As for obligors who clearly don't seem bothered about the seizure of their non performing assets, AMCON should seize their collateral assets as well as provided by the banks.
That is what truly makes these rich people scared.



Sometimes, its not as easy as that.
AMCON acts as a Receiver Manager and through their legal team, take over the companies and all financial information.
Wading through the exact financial mess of some companies take a while and afterwards you find that some do need to just be shut down pending when the obligors (some of whom occasionally come to beg the body), can provide most of the debt owed the bank over an agreed period.
Its not always an open and shut case.

AmTruth:
So they are now agreeing with the Presidential Order NUMBER 6 in a stylish style. Imagine 4 trillion and above

TrumpedL:


Good insight

I understand it won't be that easy but there's always a way out.

I'm just of the opinion that the interest of the local economy and that of workers should be a priority.

vivaciousvivi:
Understood

TrumpedL:

Are you a staff of AMCON?

vivaciousvivi:

Bro, I wish!

TrumpedL:


Good insight

I understand it won't be that easy but there's always a way out.

I'm just of the opinion that the interest of the local economy and that of workers should be a priority.

TrumpedL:
I don't understand AMCON's modus operandi.

They take over those companies, seal them, render them unproductive leading to more unemployment

Taking over company should not lead to closure but only change in management

xpmode:
Twitter Senator is among the debtors again

vivaciousvivi:

Oh I also forgot to add.
Amazingly as it may sound, some obligors actually petition the Receiver Manager (be it AMCON or another appointed by the bank) and the case will now be pending in court. In such an instance, the company will be unable to operate. Some do this as a form of delay tactics.
And no, I am not a lawyer either.

Koolking:
Common sense senator representing his constituency on Twitter is one of them.

Elnino4ladies:
Ben Bruce is standing on this table

TrumpedL:

The whole poo is an institutional flaw. Why will banks give out huge funds in the first place?

The 80:20 principle is very evident in Nigeria's banking sector; 80% of depositor's funds spent by 20% of debtors

RevenGeMission:
Publishing or shaming won't make any difference , sieze their assets

GavelSlam:


Only 350 entities own 80% of that debt.

Yankee101:
Watch out and see how some of your 'richest' folks are the most indebted.

thewesternking:


All these senators.

All of them.