The Federal Government vowed on Monday to sell off the five electricity Distribution Companies (DisCos) in the next three months to reputable technical power operators. The DisCos are under the management of banks and Asset Management Company (AMCON). Abuja Electricity Distribution Company (AEDC) is currently under the management of the United Bank of Africa (UBA), Fidelity Bank manages Benin Electricity …

The Asset Management Corporation of Nigeria (AMCON) has said that since it has appealed last week’s judgement of a Federal High Court, presided over by Justice Ambrose Lewis-Allagoa, which ruled that the receivership of Arik Air does not preclude restricting the airline’s directors and shareholders access to the premises, it would not make further comments as that would be sub …

The Asset Management Corporation of Nigeria (AMCON) has clarified that last Friday’s ruling of the Federal High Court sitting in Lagos did not rule against its appointment of the Receiver/Manager for Arik Air Limited. AMCON also said that the court, presided over by Justice Ambrose Lewis-Allagoa did not “grant all the prayers of the plaintiffs” as stated in some publications. …

An inter-agency committee set up on the recovery of debts owed to the Asset Management Corporation of Nigeria (AMCON) has submitted its report to the Federal Government and is urging for strict implementation of relevant laws including the AMCON Act. The Act disqualifies recalcitrant debtors from benefitting from government contracts and projects without AMCON’s due diligence clearance. The committee, led …