N1bn Debt: Nigerian Braiding Firm to Continue Operations– AMCON

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 N1billion. 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 a statement signed by AMCON’s Head of Corporate Communications, Mr. Jude Nwauzor, the Corporation confirmed that 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.

In contrast to the rumors, AMCON was set up to facilitate resolution of non-performing loans in the banking industry with a view to stabilising 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.

Hot this week

Stanbic IBTC Bank Nigeria PMI: New Order Growth Hits One-Year High in August

Nigerian companies increased business activity at a much faster...

Leadway Assurance Partners Orivon Unveils EEWYLA Program at LAUTECH

Oriyon International Limited, a livestock production and aggregation company focused...

Sovereign Trust Insurance Receives Recapitalisation Certificate from NAICOM

Sovereign Trust Insurance Plc (STI), one of Nigeria’s leading...

SanlamAllianz Nigeria Launches Proud Moments 2.0, Celebrates Achievements Worth Protecting

Riding on the resounding success of its foundational debut,...

Topics

ITU: AI 2020 Summit to Tackle Global Problems

Ten years remain to achieve the United Nations Sustainable...

Global Smartphone Growth Slowing in 2016

Gartner said global smartphone sales will for the first...

4% of Pilots Worldwide Suffer Depression

According to the findings of a recent study at...

Love That Protects: AIICO Takes Valentine’s Message to the Streets

In a vibrant twist to this year’s Valentine’s Day...

The Role of Insurance in Aviation Business

Being text of the speech delivered by Mr. Olusegun...