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18 July 2013 a[euro]" US financial services major Citigroup Inc (NYSE:C) is one of the two entities engaged by the Asset Management Company of Nigeria, or AMCON Inc, to find buyers for the African countrya[euro](tm)s Mainstreet Bank Ltd, Enterprise Bank Ltd and Keystone Bank Ltd.
One possible solution was suggested by AMCON's Macdonald, who pointed out that contract sanctity ends at the ICA contract -- in other words, at the spinning mill.
The managing director/CEO, AMCON, Mustafa Chike-Obi, said the acquisition and transfer of ownership has been effected through a subscription agreement with each of the three banks.
During the forced nationalisation, in August this year, of Bank PHB, Spring Bank and Afribank, now known as Keystone Bank, Enterprise Bank and Mainstream Bank respectively, after nearly a year of the CBN's direct intervention, AMCON admitted that it lost the "stabilisation funds" of N226bn (almost $1.5bn) it had injected into the three banks.
The AMCON asset management company was set up to restore them to zero shareholders' funds, while new investors have been sought to bring them up to minimum capital adequacy.
The statement explained that the Act makes it mandatory for AMCON to, despite the convention of confidentiality of banking, business and contracting relations to: '...furnish the Federal Government, Ministries, Departments and Agencies with a list of recalcitrant debtors and then impose an obligation to seek clearance on the Federal Government, Ministries, Departments and Agencies when the Federal Government, any Ministry, Department or Agency proposes to contract with, or pay, debtors on the list furnished by the Corporation.''
In partnership with Afrinvest West Africa, Barclays Africa acted as advisor to the state-owned Asset Management Corporation of Nigeria (AMCON) on the sale of Mainstreet Bank to Skye Bank, in what was the biggest M&A deal relating to an African bank during 2014.
Fortunately, many one-store operators receive assistance from their wholesalers in the area of inventory control, and this is where Omaha, Neb.-based Amcon Distributing Co.
18 July 2013 - US financial services major Citigroup Inc (NYSE:C) is one of the two entities engaged by the Asset Management Company of Nigeria, or AMCON Inc, to find buyers for the African country's Mainstreet Bank Ltd, Enterprise Bank Ltd and Keystone Bank Ltd.
FCMB blamed the loss on the underwriting of a number of share issues dating back to 2009 as well as on non-performing loans it divested to the state-backed rescue bank AMCON in Nigeria.
US consumer goods distributor Amcon Distributing Company (AMEX:DIT) said today it will take over domestic sector firm LP Shanks Company for an undisclosed amount, in a drive to expand its distribution presence in the southeast US.
Sanusi launched the Asset Management Corporation of Nigeria (AMCON) to buy the banks' non-performing loans.
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