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‘Textile manufacturing firm to operate under receiver manager’

By Femi Adekoya
06 February 2019   |   1:43 am
The Asset Management Corporation of Nigeria (AMCON), has denied reports that it has taken over operations of a Kano State-based textile company, the Nigerian Braiding Manufacturers Limited....

The Asset Management Corporation of Nigeria (AMCON), has denied reports that it has taken over operations of a Kano State-based textile company, the Nigerian Braiding Manufacturers Limited (NBML), due to the manufacturer’s indebtedness to the corporation.

According to AMCON, the textile company’s indebtedness to it currently stands at over one billion naira. AMCON noted that the non-performing loans remain unresolved despite numerous overtures by the corporation for amicable resolution of the debt to which the Company and its promoters have been unable to address 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, 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 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”, the statement read in part.”

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