The Asset Management Corporation of Nigeria, AMCON, has explained that it took over the Nigerian Braiding Manufacturers Limited, NBML, a Kano State-based textile company, due to its Non-Performing Loans.
A statement signed by AMCON’s Head of Corporate Communications, Mr. Jude Nwauzor, disclosed that the company’s indebtedness to the Corporation stood at over One Billion Naira.
The statement read in full:
Contrary to some sponsored fake news regarding the fate of Nigerian Braiding Manufacturers Limited (NBML), a Kano State-based textile company, NBML was recently taken over by the Asset Management Corporation of Nigeria (AMCON) as a result of the Company’s Non-Performing Loans purchased from the Banks by the Government agency.
The textile company’s indebtedness to the Corporation currently stands at over One Billion Naira. This is despite numerous overtures by AMCON for amicable resolution of the debt to which the Company and its promoters have remained nonchalant over the years, leaving the Corporation with no choice than to seek Justice in Court. In line with the provisions of the AMCON Act, 2010 (as amended), the Corporation approached the Court and secured an Order enabling it to take possession of the Company through its Receiver Manager, Dr. Yakubu Fobur under whose supervision the Company is billed to resume full production soon.
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In contrast to the rumors, AMCON was set up to facilitate resolution of Non-performing Loans in the Banking Industry with a view to stabilizing the economy; as such, the Corporation is dedicated to ensuring that the Company remains in operation under the management of the Receiver Manager and his team of experts who are expected to work closely with the Promoters of the Company to ensure that NBML returns to profitability within a short period. This strategy would guarantee security of the large number of direct and indirect jobs provided by the Company, while efforts continue towards a definite resolution option.
