AMCON releases list of N906bn bad debtors

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The Asset Management Corporation of Nigeria AMCON has released the list of what it calls delinquent debtor firms who allegedly owe it over Nine hundred and six billion naira in total.

In an advertorial published on Monday, the bad debt manager said the list contained the top 105 delinquent debtors and that the publication was pursuant to its mandate and in compliance with the circular issued by the Central Bank of Nigeria in April 2015.

Among the alleged debtors are Capital Oil & Gas Limited, whose main promoter was listed as Mr Ifeanyi Ubah, which reportedly owed N115bn; Tinapa Business Resort, which is owned by the Cross River State Government allegedly owing N36bn; and Geometric Power Limited being promoted by a former Minister of Power, Prof. Barth Nnaji, N29.84bn, and others.

Also on the list are Shell Development Company’s Multi-Purpose Cooperative Society Limited, which reportedly owes N26. 47bn; Platinum Capital, N20.37bn; Minaj Holdings Limited, N17.3bn; and others