AMCON announces plan to sell Arik, Aero, PAN, others

The Asset Management Corporation of Nigeria (AMCON) has said it plans to sell some of its assets in 2018.

These include Arik Air, Aero Contractors, Peugeot Automobile Nigeria (PAN), Delta Queen, among others.
A statement from the corporation quoted its CEO, Mr. Ahmed Kuru, as saying AMCON has stepped up its recovery drive in line with its fast approaching sunset.

“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.”
He insisted that AMCON played strategic role in rebuilding the Nigerian economy with the recapitalisation of the banks, which he said preventing systemic collapse of the economy.

The CEO stated that the agency would deal with each and every one of the 350 debtors of AMCON who account for almost 80 per cent of the over N5 trillion huge debt burden.
“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.”