housing

Senate Passes N4.695 Trillion Budget

The Nigerian senate has today passed the budget of the sum of N4.695 trillion for the 2014 fiscal year in excess of N53 billion from the initial N4.642 trillion proposed by the Executive. A breakdown of the total budget shows the approval of N2.454 trillion as recurrent expenditure while the capital expenditure got N1.119 trillion approval.
Senate Passes N4.695 Trillion Budget

AMCON Amendment Bill: Senate holds public hearing

In what looks unprecedented in the history of debt recovery and asset management in the banking industry, the Asset Management of Nigeria AMCON has said it has recovered 50 percent of banks’ non-performing loans.
AMCON Amendment Bill: Senate holds public hearing

Finance Minister submits 4.6 trillion naira budget proposal

True to speculations that President Goodluck Jonathan may not present the 2014 budget estimates before the joint session of the National Assembly, the Minister of Finance and the co-ordinating minister of the economy, Dr Ngozi Okonjo-Iweala, has today presented a N4.6 trillion budget estimates excluding...
Finance Minister submits 4.6 trillion naira budget proposal

Senate & House Committees on Interior hold public hearing on CJS

The Senate and House of Representatives Committees on Interior have held a Joint Public Hearing at the Senate wing of the National Assembly on the Criminal Justice System.
Senate & House Committees on Interior hold public hearing on CJS

Service Chiefs confirmed, 2014 budget debate continues

The Nigerian Senate today has confirmed the nomination of service chiefs. Standing in the name of Senator George Thompson Sekibo-Rivers East, motion was made that the Senate do consider the Report of the Joint Committee on Defense, Army & Navy; and Air force on the screening of the nominees
Service Chiefs confirmed, 2014 budget debate continues

AMCON Amendment Bill: Senate holds public hearing

  • Resolution cost fund proposed
  • 50% non-performing loans recovered
  • N1trillion debt paid in record time

In what looks unprecedented in the history of debt recovery and asset management in the banking industry, the Asset Management of Nigeria AMCON has said it has recovered 50 percent of banks’ non-performing loans.

Speaking today at the public hearing of the Senate Committee on Banking, Insurance and other Financial Institutions organized to amend the Asset Management Corporation of Nigeria Act, 2014, the Managing Director of AMCON, Mustafa Chike-Obi disclosed that “these debts were debts that the banks had given up on. Some of those debts were between seven and ten years old”.

Chike-Obi added that, “the organization in December 2013, paid off a total of N1trillion of its debts as well ahead of schedule. We also plan to pay off an additional N1trillion of our debts well ahead of schedule. We also plan to pay off an additional N1trillion of debts in October 2014, which will reduce AMCON’s indebtedness by 30 per cent in the first four years of operation”.

The Asset Management Corporation Act, 2014 Amendment Bill currently before the National Assembly when amended, shall create a Resolution Cost fund annually which when operative, becomes as proposed in section 65 and the commercial banks; where AMCON’s debt obligations arising from debt securities issued are not met by the Corporation, from the proceeds from the sale of acquired assets from the banks.

In other words, the incidence of bank failures would be borne by banks rather than by the tax payer.

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