mrAMG:
How does AMCON operate?

How did they get to be owed these huge sums?

AMCON WILL TAKE YOUR COMPANY AND MANAGE IT TO PAY THE DEBT ,though it's own by federal government they will also pay you a little from the income

dafeyankee:
And yet we blame Buhari for our woes.

All these monies and loans was released to them during the PDP days. Look at the list,all PDP members and some just defected to the APC.

I Trillion Nigeria's money trapped with a few.

Monies that could solve millions of Nigeria's problems. Anybody connected to the PDP is pure evil.

Never will I vote any individual ever connected with the PDP.

Please, it's good to have small sense... U said some of them have crossed to apc (now saints). Apc and pdp is same.... Don't be foolled twice oooooo

mrAMG:


I get now. Can these companies choose to keep their loans away from AMCON? Or is it compulsory amcon takes over?

Thank you!

AMCON was solely set up to take over these bad loans from banks in a bid to save the banking system from imminenet defualts had these bad loans continued to be in their books. It was mandatory, and repayment to AMCON by these debtor companies is also mandatory and backed by law.

mrAMG:
How does AMCON operate?

How did they get to be owed these huge sums?

AMCON was created to be a key stabilizing and re-vitalizing tool established to revive the financial system by efficiently resolving the non-performing loan assets of the banks in the Nigerian economy.
AMCON in doing this takes over both Assets and liabilities of distressed banks in order to protect customers deposit as a result of non performing loans listed above. A recent case is Skye Bank becoming Polaris Bank

dante57:
When it was borrowed to them did they swallow the money? NO, they reinvested it back into the economy to create jobs for Nigerians. Part of the reason why they cant pay is because of the decline of the Naira to dollar.

Always ask yourself what is creating the decline of the naira to the dollar.
If you spend all your money purchasing imported shoe and phone, the decline will continue to get worse.

If you spend your money on manufacturing equipment and start manufacturing shoe and phone to export, the decline will lessen. Your currency will improve.

As you are very well aware, these guys are the biggest purchasers of imported goods. They have killed all local industries with their lavish lifestyle.

I came to look for sarakis name, wailers will be disappointed

onegig:


You are the one that needs to learn.

Banks are like public assets. Also the NDIC which is a government entity insure depositors funds in banks. If banks should fail they would have to pay depositors and most times these monies are gotten from the public purse.

Also a failed bank can cause a spiral effect on the financial system of a country. You want to go back to the 2008 recession and see that one of the causes was banks lending money they did not have to entities who bought worthless hyper inflated stocks. It is like you using your money to buy your own stocks over and over and over again this increasing the worth while there is no correlated cash inflows to show these appreciation.

Also AMCON would have to buy those bad debts except they want the banks to go under and these are our Commonwealth

Both you and Ugosample are right.

However, in your case, you must understand that inasmuch as the government bails the bank in cases of bad loans, it is in a bid to stabilize the economy and not because they handed money to the banks before then to give to businesses.
Where I could agree more with you is if those loans were misappropriated and government has to bail the bank or company out, then managers of those businesses ought to face the wrath of the law for such misappropriation of funds.

Unfortunately, the rule of law is weak over here. People can use commercial loans for burial ceremonies and get away with it, and even go ahead to brag on it. On the other hand, the small tax payer will get a loan on same high interest and end up prosecuted unfailingly if he doesn't meet up payment of his small loans.

The Nigerian case is so peculiar because of corruption and failed leadership.

dafeyankee:
And yet we blame Buhari for our woes.

All these monies and loans was released to them during the PDP days. Look at the list,all PDP members and some just defected to the APC.

I Trillion Nigeria's money trapped with a few.

Monies that could solve millions of Nigeria's problems. Anybody connected to the PDP is pure evil.

Never will I vote any individual ever connected with the PDP.

Stop politicisng this issue!

With lending rates hovering around 25%, its a wonder how people are able to borrow and even pay back!

Lendind rates ideally should be in single digits especially for a country like Nigeria with low fiscal deficits for over a decade.

These artificially high is also adversely affecting blue chip borrowers like UAC which has had its land at Victory Park estate in Lekki seized by AMCON

mrAMG:


I get now. Can these companies choose to keep their loans away from AMCON? Or is it compulsory amcon takes over?

Thank you!

It's compulsory. It's no longer the creditors' (banks) prerogative to decide what to do with the loans. Remember the bulk of the monies belong to customers.

dafeyankee:
And yet we blame Buhari for our woes.

All these monies and loans was released to them during the PDP days. Look at the list,all PDP members and some just defected to the APC.

I Trillion Nigeria's money trapped with a few.

Monies that could solve millions of Nigeria's problems. Anybody connected to the PDP is pure evil.

Never will I vote any individual ever connected with the PDP.

EOD!

mynairaland2018:


They can't touch their private accounts/property except they are a product of embezzlement of company money. Or were collateral for the loan obtained. These are PLC's. The individuals dt own them have limited liability.

but they can be imprisoned. One way or the other, they must have committed a financial crime. The problem is that in Nigeria, a big man can never go to prison.

dante57:
When it was borrowed to them did they swallow the money? NO, they reinvested it back into the economy to create jobs for Nigerians. Part of the reason why they cant pay is because of the decline of the Naira to dollar.

AMCON was established in 2010 (way before the fall of the naira) and only non- performing debts are bought - debts that have not been serviced. I believe ‘some’ of the money was definitely used to create jobs but some was not.

A lot of these guys have been owning these debts for a very long time ( some banks have already collapsed due to this mess).

Publishing the names might spur them to act but I seriously doubt that, but maybe the courts would help, I think it’s about time assets are seized - remember, silverbird was shutdown recently but a reprieve was given.

You should ask how AMCON got the money to buy the debts ,and, also think of what would have happened if AMCON didn’t exist —government money. The people’s commonwealth.

dante57:
When it was borrowed to them did they swallow the money? NO, they reinvested it back into the economy to create jobs for Nigerians. Part of the reason why they cant pay is because of the decline of the Naira to dollar.

You are pointless. If you don't understand the meaning of bad debts, you shouldn't speak on this matter. AMCON was established in 2010 and guess when the Naira started falling.

RockHard:
Smh. They have so much debt hanging over their heads, yet they still living large and spending like no man's business.

Reminds me of something I read sometime ago.

*THE BANK*

A bank is a broker between the poor and the rich. The only place where the two meet is in a bank. The poor brings the money, through saving, and the rich takes it, through borrowing.

A poor person saves the money because they have more money than their thinking capacity. So they keep the money in the bank so they can go and think what to do with the money they saved. On the other side, the rich people come to pick that money, through borrowing, because they have more ideas than the money they have.

On a practical side, please show me one billionaire who got rich through saving and I will show you a million Nigerians who have money saved in the banks and are still renting the houses that the Millionaires and billionaires build through the poor people savings which the rich borrowed from a bank.

*#ThinkInvestment

Trash!

Debtors don't have peace of mind.

Imagine the embarrassment these ones have just been put through.

Even Otedola had to pay his debts at some point in time.

If your net worth is more than your debt, you can't really be termed a debtor. However, you may not be the millionaire or billionaire you are currently perceived to be.

The top billionaires on the Forbes list are no debtors!!

So many of the debtors are in APC. ......no wonder the economy is this bad.....

What happen,900 b

AntiWailer:


They buy bad loans from banks.

thanks

Some the money they are talking about, was borrowed by companies these people own, example is Geomatrix that borrowed money to build turbine, government policy has strangulated the company and its still struggling to take off.

onegig:


You are the one that needs to learn.

Banks are like public assets. Also the NDIC which is a government entity insure depositors funds in banks. If banks should fail they would have to pay depositors and most times these monies are gotten from the public purse.

Also a failed bank can cause a spiral effect on the financial system of a country. You want to go back to the 2008 recession and see that one of the causes was banks lending money they did not have to entities who bought worthless hyper inflated stocks. It is like you using your money to buy your own stocks over and over and over again this increasing the worth while there is no correlated cash inflows to show these appreciation.

Also AMCON would have to buy those bad debts except they want the banks to go under and these are our Commonwealth

banks are public assets

see this one I

mrAMG:
How does AMCON operate?

How did they get to be owed these huge sums?

They were sold to them by Banks. AMCON is a debt factoring company that’s buys loans/bad debts from credit companies and go after the debtors.

Vested:


Both you and Ugosample are right.

However, in your case, you must understand that inasmuch as the government bails the bank in cases of bad loans, it is in a bid to stabilize the economy and not because they handed money to the banks before then to give to businesses.
Where I could agree more with you is if those loans were misappropriated and government has to bail the bank or company out, then managers of those businesses ought to face the wrath of the law for such misappropriation of funds.

Unfortunately, the rule of law is weak over here. People can use commercial loans for burial ceremonies and get away with it, and even go ahead to brag on it. On the other hand, the small tax payer will get a loan on same high interest and end up prosecuted unfailingly if he doesn't meet up payment of his small loans.

The Nigerian case is so peculiar because of corruption and failed leadership.

It is not your business how private borrrowers utilize loans being disbursed to them, especially when you are not the creditor who had considered them creditworthy to provide such credit facility to them in the first place.

IbrahimDamola:
Wey my name?

Who you be? No hurry, we still the check wetin and wetin you carry come!!!!!!! Just cooooooooooooooool down!!!

mynairaland2018:


They can't touch their private accounts/property except they are a product of embezzlement of company money. Or were collateral for the loan obtained. These are PLC's. The individuals dt own them have limited liability.

Yes they can based on court ruling and also the directors provide personal guarantees over the loans obtained by their companies. Hence, it is legal to go after the private assets of the directors when the recovered sum is insufficient to cover the loan amount

hakm5:


So you don't know how AMCON operate. And you are here commenting. Shame on your father. Small time you will be shouting Buhari is a failure. You forget your papa is an abject failure for not sending you to school.

Your children will curse the day you were born, they will curse the day they became your children and you will find me to beg but you won’t see me.

Ramsey247:
You do not know how company runs. It is not an enterprise but Limited liability company. You cant seize their private properties. Government is equally owing some of these companies billions too. E.G Capital oil and gas. Banks, govt and the companies are all involved in this mess.

Limited liability companies are treated as legal entity - Yes. However, directors are stewards or Trustees that run the affairs of these legal entities. Legally, it will be presumed that such legal entities obtained loans for their benefits and should repay back. However, due to abuses of the corporate veil by directors, many creditors or financial institutions usually seek for personal guarantees from these directors. This is to ensure that the credit facility is not misused and to hold the directors personally liable

Please i want to ne in that list also

Boss13:


It is not your business how private borrrowers utilize loans being disbursed to them, especially when you are not the creditor who had considered them creditworthy to provide such credit facility to them in the first place.

This is the reason why our society is where it is at the moment.
What happened to those who managed the Lehmann Brothers in America as well as other companies that were bailed in the last recession? Do you think Government gave them free money to bail themselves without being accountable for pervious mismanagement of loans in the past?

Why do you think the law in the West expects a company going down to file for bankruptcy? Do you think it's just a mere formality?

Shehunoshewhat:


Trash!

Debtors don't have peace of mind.

Imagine the embarrassment these ones have just been put through.

Even Otedola had to pay his debts at some point in time.

If your net worth is more than your debt, you can't really be termed a debtor. However, you may not be the millionaire or billionaire you are currently perceived to be.

The top billionaires on the Forbes list are no debtors!!

You don't get it. It's not about being a 'debtor', but rather about having access to critical financing. Not everybody that borrows money from banks ends up defaulting on the loans they borrow, and even the ones that do still someone work with the banks on how to pay it back eventually. The bottom line is that for some kinds of big businesses, you just have to borrow to fund them because you would be stupid to single-handedly decide to put in all the required billions of money needed as capital to fund such business all by yourself (that's even if you have that much money to begin with), therefore you can see borrowing as a form of 'risk sharing'.

If the venture fails, the bank will take over the business till they are able to recoup their money and get it back to profitability and hand it back to you, but if the business succeeds and pays back the loan then it is the quickest route to joining the big leagues of multi-billionaires -- ask the likes of Dangote, Ubah, Adenuga, Elumelu, Ogah, Otedola and the rest. It's just the way the cookie crumbles.

You are so correct

Felixv:


AMCON was established in 2010 (way before the fall of the naira) and only non- performing debts are bought - debts that have not been serviced. I believe ‘some’ of the money was definitely used to create jobs but some was not.

A lot of these guys have been owning these debts for a very long time ( some banks have already collapsed due to this mess).

Publishing the names might spur them to act but I seriously doubt that, but maybe the courts would help, I think it’s about time assets are seized - remember, silverbird was shutdown recently but a reprieve was given.

You should ask how AMCON got the money to buy the debts ,and, also think of what would have happened if AMCON didn’t exist —government money. The people’s commonwealth.

dafeyankee:
And yet we blame Buhari for our woes.

All these monies and loans was released to them during the PDP days. Look at the list,all PDP members and some just defected to the APC.

I Trillion Nigeria's money trapped with a few.

Monies that could solve millions of Nigeria's problems. Anybody connected to the PDP is pure evil.

Never will I vote any individual ever connected with the PDP.

Read; problem....understand nko; wahala

When have monies that belong to banks (owned by individuals) public monies?

Mind you these monies they borrowed are in circulation because they were put into businesses thereby improving the economy

AtikuDeman:

Read; problem....understand nko; wahala

When have monies that belong to banks (owned by individuals) public monies?

Mind you these monies they borrowed are in circulation because they were put into businesses thereby improving the economy

Get sense trouble.

How I wish pmb cud publish d names of looters and those restricted not to travel out of dis country because of corruption related issue he ll atlist prove a point he is really fighting corruption


Don't quote me oh

I ve talked mi owns

Sank u