AMCON wants special market to sell off ‘stockpile of assets’

The Asset Management Corporation of Nigeria (AMCON) says a special market should be created to enable it to sell the stockpile of assets tied to it.

The corporation said the market will be called AMCON Market. According to a statement released on Sunday, Eberechukwu Uneze, an Executive Director at AMCON, made the call while declaring a one-day sensitisation forum for AMCON’s valuers and receiver managers open in Lagos.

“AMCON has a stockpile of assets, which it is finding difficult to dispose of in the regular open market. The assets cut across critical sectors of the economy such as real estate, energy, transportation and aviation, maritime, agriculture and manufacturing, just to mention a few.”

Uneze, who represented Ahmed Kuru, AMCON Managing Director, said the creation of the proposed AMCON market would help address a lot of irregularities that affect the outcome of valuation in the country.

“We are using this opportunity to appeal to the conscience of valuers to the realities and the negative implications of wrong valuation to the recovery effort of AMCON.

“When you carry out this assignment as valuers, especially when it relates to AMCON assets, please make use of the appropriate methodology.

“When you are appointed as valuers for AMCON, please don’t just look at it as a business; kindly consider it as a national assignment because we owe it a duty to Nigerians to recover these debts as quickly as possible because AMCON is not here in perpetuity. Your contribution would help strengthen the hands of AMCON to enable the corporation realise its mandate.”

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