Tag: AMCON

Alleged Frauds: Court adjourns trial of Ex-AMCON MD, Kuru, Arik Air Executives, others

Aminu Imam
Court on trial of Ex AMCON

Ahmed Kuru is facing trial alongside Capt. Roy Ilegbodu, Managing Director of Arik Air; Kamilu Omokide, Receiver Manager of Arik Air; Union Bank of Nigeria Plc; and Super Bravo Limited.  Justice Mojisola Dada, of the Special Offences Court sitting in Ikeja, Lagos State, has adjourned the trial of Ahmed Kuru, a former Managing Director of the Asset Management Corporation of Nigeria (AMCON), and four others over alleged fraud amounting to ₦76 billion and $31.5 million.  The matter has been rescheduled for further hearing on July 1, 2025. Ahmed Kuru is…

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Ex-AMCON MD, Ahmed Kuru, others on trial for alleged  ?125bn fraud

Aminu Imam
Ex AMCON MD, Kuru, others on trial

The Economic and Financial Crimes Commission (EFCC) has filed 6-count criminal charges against several individuals and organisations, including former Managing Director of the Assets Management Corporation of Nigeria (AMCON), Ahmed Lawal Kuru, and the Union Bank of Nigeria Plc.  The charges, according to reports, alleged their involvement in the mismanagement of funds belonging to Arik Air Limited totalling a staggering 125billion. The charges, filed at the Ikeja Judicial Division of the Lagos State High Court, October 29, 2024 is between Federal Republic of Nigeria as Complainant and Kamilu Alaba Omokide,…

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Senate confirms MD, ED of AMCON

Aminu Imam

Senate has confirmed the nominations of the Managing Director and three Executive Directors of the Asset Management Corporation of Nigeria (AMCON) at plenary yesterday. Those confirmed are Gbenga Alade (Managing Director) and three Executive Directors: Adeshola Lamidi, Lucky Adaghe and Dr. Aminu Mukhtar ?an’amu. This followed consideration of report of its Committee on Banking, Insurance & Other Financial Institutions presented by the chairman, Senator Adetokumbo Abiru. Abiru said, the nominees were subjected to screening in line with Parliamentary rules and were found competent to serve as Directors of AMCON, noting…

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EFCC invites AMCON MD, Ahmed Kuru, over corruption allegations

Aminu Imam

The Economic and Financial Crimes Commission (EFCC) has invited the Managing Director of Assets Management Company of Nigeria, (AMCON), Ahmed Lawan Kuru, for questioning. Kuru, who has been accused of assets diversion and selling of seized assets to cronies at below value prices by businessmen accused of loan default with their banks, was reportedly invited by the EFCC earlier yesterday. A reliable source at the EFCC confirmed that the AMCON MD was invited by the Commission after confirmation of his selling assets worth billions of naira belonging to a company,…

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‘1,000 chronic debtors owing N3.96trillion to National Assembly’ – AMCON report

Aminu Imam

The Asset Management Corporation of Nigeria, (AMCON), has submitted a list of its top 1,000 debtors to the National Assembly as part of the strategy to intensify its debt recovery drive. According to AMCON, the total current exposure on all eligible bank assets is estimated at N4.4 trillion. The agency further stated that the market value of the assets had drastically decreased below the valuation at the time of acquisition owing to the socio-economic slump, making sales transactions exceedingly difficult to complete. In a statement made available to newsmen, the…

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AMCON recovers N1.48tr from Bank debtors

Aminu Imam

The Asset Management Corporation of Nigeria (AMCON) has announced that it has recovered N1.48 trillion, out of the N4.158 trillion, from bank debtors. This was announced by AMCON’s Managing Director, Ahmed Kuru, during the 2021 retreat of the senate committee on banking insurance and other financial institutions in Kaduna, on Monday. According to him, the agency still has 7,902 outstanding obligors with a total outstanding loan of above N3.1 trillion. He explained that 350 obligors alone account for over N2.053 trillion which is more than 70 percent of the total…

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