AMCON: Textile company will continue operations despite N1bn debt

AMCON

Asset Management Corporation of Nigeria (AMCON) says Nigerian Braiding Manufacturers Limited (NBML), a Kano state-based textile company, NBML, will continue operations despite its N1 billion debt.

The company was recently taken over by 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 N1 billion.

In a statement signed by Jude Nwauzor, AMCON’s head of corporate communications (pictured), 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 Yakubu Fobur, its receiver manager, under whose supervision the company is billed to resume full production soon.

AMCON was set up to facilitate resolution of non-performing loans in the banking industry with a view to stabilizing the economy.

As a result, 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.

AMCON said 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.

Source: The Cable

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