The Asset Management Corporation of Nigeria has said that loan defaulters of Deposit Money Banks who are on its books almost crashed the Nigerian economy if not for its intervention.
AMCON, an agency of the Federal Government, also stated that its intervention in the country’s aviation sector was what made Nigeria to have a semblance of an aviation industry.
AMCON has been intervening in diverse sectors of the economy by buying off the bad debts of businesses at the verge of collapse, as often times the corporation had taken over some of these ventures.
In the aviation sector, for instance, the Head, Corporate Communications, AMCON, Jude Nwauzor, stated that the corporation had to intervene in Arik Air and Aero Contractors. “For Arik, the airline was owing nearly N300bn.
The airline was almost dead and buried before we took over,”
Nwauzor further stated that the corporation figured out that obligors on its books would have crashed the Nigerian economy if not for the intervention of the Federal Government through AMCON. He said, “I don’t think any Nigerian should sit down and listen to any obligor that is in the books of AMCON because these are the people who wrecked this economy.
