Friday, June 24, 2016

AMCON seizes assets from Nigerian politicians and business men

The Asset Management Corporation of Nigeria is doubling its efforts to recover 14 billion dollars owed by 4-hundred defaulters. Today, the AMCON seized properties owned by Silverbird Group, one of Nigeria's largest multi-media companies. It says the group -- owned by serving senator Ben Murray Bruce -- owes about 38 million dollars. AMCON was set up in 2008 to purchase toxic loans from banks during a crisis in the sector. The corporation also has court orders to repossess assets belonging to wealthy and popular Nigerian businessman, Jimoh Ibrahim. Last month President Buhari approved the establishment of an inter-agency committee to aid AMCON, especially in its dealings with politically connected and business heavyweights.

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