BusinessTrending Story

AMCON’s recovery of about N1.4trn, a feat, says Uneze

377

The Executive Director, Assets Management Corporation of Nigeria (AMCON), Dr Eberechukwu Uneze, says the recovery of over N1.4 trillion out of the total N1.76 trillion it paid to acquire Eligible Bank Assets from 22 banks remains a feat.

He put the total outstanding balance of the acquisition at N3.6trillion, describing the recovery as a great achievement by AMCON created in 2010.

“It remains a feat never achieved by any other Asset Management Company (AMC) anywhere in the world.

“The recovery rate accounts for over 70% achievement, which is the highest so far when placed side-by-side with other AMCs across the globe,” Uneze, who represented the MD/CEO, Mr Ahmed Kuru, said in a statement by Mr Jude Nwauzor, the Head, Corporate Communications Department, AMCON, a copy of which was given to Persecondnews.

He spoke while receiving a delegation from the Nigerian Defence Academy (NDA) at AMCON Head office, Abuja.

The delegation, which was led by Dr SG Joshua and Dr Lateef Mustapha, both lecturers at the academy include about 30 young cadets of 300-level in Accounting Department of the NDA.

The cadets and their leaders were in AMCON on a mandatory educational field trip as demanded by both the Nigeria University Commission (NUC) and NDA.

The field trip is one of those experiential engagements cadets in the academy must participate in before graduation.

The Executive Director, who hosted the cadets alongside other senior officials of the Corporation, described the field trip, which he said has become an annual tradition as a welcome initiative, as it provides the corporation the opportunity to give back to society by imparting knowledge, which will take the students steps ahead in their theoretical and practical knowledge of accounting.

During the engagement, Group Heads and Heads of Departments in the Corporation took turns to take the cadets through the day-to-day operational activities in accounting department as well as every other department in the Corporation.

They were also tutored in some challenges that confront AMCON, the concept of a “bad bank”, real-life application of technical jargons including the internal audit process, bookkeeping, Corporate Services, Valuation and Insurance, Corporate Communications, Human Resource Management, Asset Sales, among others.

Other senior staff of the corporation who were on hand to further enrich the knowledge base of the cadets include Najib Suleman, Head, Strategy, Olugbenga Ataiyero, Chief Finance Officer, Muhammad Buba, Head Internal Control, Hassan Tanko, Group Head, Operations, Iyatum Adode-Kobiti, Group Head, Corporate Services, Mamuda Shehu, Head Human Resources and Saád Ahmed, Head Inter-Governmental Relations Department, among others.

Leave a comment

Related Articles

UBA to empower MSME’s with wealth management strategies at its ‘Built to Last’ series

As part of its commitment to deepen the growth and sustainability of...

FirstBank Hosts First-ever China-Africa Interbank Association Forum

FirstBank, the premier West African financial institution and financial inclusion service provider,...

UBA to raise N239.4bln via right issues – Elumelu

The Group Chairman of United Bank for Africa, Tony Elumelu, has announced...

Nigeria’s Domestic Debt Reaches N66.957trn in H1 2024

Nigeria’s domestic debt stock has surged to N66.957 trillion in the first...

Tinubu, Abiodun, Sanwo-Olu, others extol Pastor Tunde Bakare at 70

Pastor Tunde Bakare, the founder of Citadel Global Community Church, is a...

China’s imports from Nigeria soar to $15.1bln, 36.1% increase

China’s imports from Nigeria have reached an all-time high of $15.1 billion...

Bitcoin Surges to New High on Trump’s Presidential Victory

The price of bitcoin has skyrocketed to a record high of $75,345,...

Polaris Bank wins “Best Mobile App” award at Digital Jurist Awards 2024

For its commitment to digital innovation and excellence, Polaris Bank has again...

SanDisk extreme portable SSD: A must-have for Nigerian remote workers, freelancers

Julius Babarinde As the Nigerian work environment continues to evolve, remote work...

Media capacity-building: Polaris Bank trains 5,000 Nigerian journalists in 10 years

As part of its media capacity-building initiative, Polaris Bank Limited, Nigeria’s leading...

Nigeria to issue diaspora bond in US, targets $1bln monthly remittances

Nigeria is planning to issue a diaspora bond in the United States...

System upgrade: FirstBank enhances supplier’s platform, guarantees uninterrupted, seamless services

FirstBank has reacted to a misleading report circulating in the media regarding...

Reps to CBN: Withdraw old naira notes before December 31 deadline

The House of Representatives has called on the Central Bank of Nigeria...

US-Nigeria trade relationship hits $10bln mark

The United States and Nigeria have achieved a remarkable milestone in their...

NNPC Retail Sensitizes Auto Mechanics on CNG Adoption, Unveils Oleum Lubricant Range

NNPC Retail Limited, a subsidiary of NNPC Ltd, has taken a significant...

Aliko Dangote’s wealth soars to $28bln as his oil refinery comes on stream

Aliko Dangote, Africa’s richest man, has seen his wealth more than double...

Naira Defies Global Trends, Appreciates 5.7% Against Dollar

The Nigerian naira staged a surprising comeback on Monday, appreciating 5.7 percent...

Naira appreciates 4.49% against the dollar, closing at N1,561.76

The Nigerian naira strengthened significantly against the US dollar on Tuesday, closing...

Nigeria’s foreign investment surges by 152% in Q2 of 2024

Nigeria’s foreign investments, also known as capital importation, have seen a significant...

African oil-producing nations secure 45% of $5bln Energy Bank funds

Afnations have made significant progress in establishing the Africa Energy Bank (AEB),...