“The corporation has also made a total payment of about 3 trillion to the Central Bank of Nigeria from 2013 through to 2023,” Alade said.
“Out of N4.1 trillion for asset purchase and financial accommodation to banks, AMCON has paid about 3 trillion.
“If you do a rough maths, you will say AMCON is almost there, but we are not almost there because when you do interest, capitalisation on that amount, AMCON today is still owing close to N3 trillion to be paid.”
‘AMCON STOPS ASSET SALES, SAYS 2026 DEADLINE SEEMS IMPOSSIBLE’
Alade said meeting the 2026 deadline cannot be guaranteed, as efforts are being made to revitalise assets to make them viable.
AMCON was granted a five-year extension in 2021, suggesting its operations would end by 2026.
Alade said the organisation has stopped selling assets currently.
“At least we haven’t sold any assets since July last year, but we have been making recovery,” the CEO said.
“We believe in collaboration. We believe in discussing with the obligors to see how we can revitalise those businesses, particularly in the strategic industries, and then get investors.
“By the time we revitalise these strategic assets, and they are producing oil, we know that we can increase oil production if we are able to resolve these oil and gas assets.
“Once we do that, distinguished senators, we have a plan of securitising.
“An asset that is dead, you can’t securitise it. Nobody is going to invest in them, but once these assets are alive, then we can securitise, and AMCON can just go, that is the plan.”
Alade added that once the corporation securitises, they would require a dedicated team of about 25 people within the CBN to manage the process.
The CEO said the task is incredibly challenging, particularly given that the judiciary had yet to implement the amended AMCON Act, which would have granted the corporation significant new powers.
Alade expressed hope that a retreat with the high court, court of appeal, and supreme court would hasten the hearing of AMCON issues.(The Cable)
