Asset Management Corporation of Nigeria (AMCON) has said that it will soon conclude the sale of Keystone Bank formerly Bank PHB, the last of the three banks which the bad bank took over in August 2011.
According to the Managing Director and Chief Executive of the bad bank, Ahmed Kuru, the sale of the bank is at the final stage and is expected to be concluded over the next two weeks. AMCON had in 2014 concluded the sale of Mainstreet and Enterprise to Skye Bank and Heritage Bank respectively.
Speaking during a media parley in Lagos yesterday, he noted that the corporation is also taking steps to restructure Aero Contractors such that the company will continue to remain in business. He noted that the company had not been profitable as it had been burdened by huge staff cost as the three functional aircrafts of Aero are being run by over 1,700 staff.
Stating that Aero Contractors had outstanding obligations running up to N40 billion, Kuru said AMCON had decided to ensure that the company continues to run therefore the need for its restructuring.
He however debunked reports that the bad bank had begun to run businesses stating that it is committed to recovering the loans which it had bought from banks so that they will not have to be paid for by tax payers fund.
Adding that the federal government had been supportive of the bad bank to ensure that the bad loans do not become tax based responsibility, he noted that the present economic condition of the country had impacted on the loan recovery activities of the corporation.
Source : Leadership