AMCON Plans To Sell Off Arik, Aero Contractors, Others This Year

The Asset Management Corporation of Nigeria (AMCON) has indicated plans to dispose of some of its assets in 2018, which it listed to include Arik Air, Aero Contractors, Peugeot Automobile Nigeria (PAN), Delta Queen, among others.

In a statement released by AMCON’s head of corporate communications, Jude Nwauzor, the corporation’s 2017 performance was boosted by selling Keystone Bank to new investors for N41 billion. The bank was sold to Sigma Golf Nigeria Limited and Riverbank Investment Resources Limited in March 2017.

AMCON’s managing director, Ahmed Kuru in a statement said,

“I want Nigerians to understand that our assignment at AMCON is not just tough but a daunting challenge.
I think people need to pity us because we are at that stage in the life of the corporation where we are dealing with the hardcore because the low hanging fruits have been dealt with earlier in the life of AMCON.”

“I want you to understand that we are sitting on a substantial amount of assets, which we must one way or the other resolve on or before our sunset, which is around 2023/24.”

“Like I said earlier, we will deal with some of those key assets very soon like the Peugeot Nigeria Limited in Kaduna, CDL, Aero Contractors, Arik Air and a host of others. But I must tell you, as we close in on these individuals and entities that owe us, I want you to know that they will call us names, they will blackmail us, they will threaten us, malign and harass us.

“However, I can tell you that hard as they will try, we will not be deterred in going about our normal duties as mandated by law. But as we do, we ask ourselves first if the action will stand right before God Almighty; secondly, will the action be in our national interest and, is our action within the rule of law. If the answer to these three guiding principles is yes, AMCON takes decisions. It is nothing personal.”

Aminu Ismail, AMCON’s Executive Director, Operations, said the corporation’s 2017 costs were driven by an increase in the price of aviation fuel and overhead expenses for the two airlines it took over.

AMCON said it acquired 12,537 non-performing loans (NPLs) worth N1.7 trillion from 22 financial institutions, after the 2009 banking crisis. Kuru added AMCON would pursue every obligor, especially the 350 debtors of AMCON who account for almost 80% of the debts.

He said politically exposed individuals and business heavyweights, who seem untouchable, would not be spared.

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