AMCON reports $15 bln post-tax loss

(Reuters) – Nigeria’s state-backed “bad bank” AMCON reported a 2.37 trillion naira ($15 billion) loss after tax on Friday, nearly three years after it was set up to absorb the bad debts of banks in the aftermath of a financial crisis. The new losses, which AMCON officials reported at a press conference in the commercial […]

London Court confiscates Ifeanyi Uba’s ship

The world of billionaire mogul behind Capital Oil, Ifeanyi Ubah is getting more complicated by the day…and his assets in Nigeria and across the globe are under threat of seizure and sale! While Asset Management Corporation of Nigeria (AMCON), which sued him over N28 billion indebtedness, is asking the Federal High Court in Abuja to […]

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