The Chairman of Asset Management Corporation of Nigeria (AMCON), Alhaji Aliyu Belgore said on Wednesday that the entity was not being funded from the Federal government treasury.
Belgore said this at an interactive session with journalists at a two-day AMCON “Non-Deal ‘’road show in London.
“We did not use treasury money to fund AMCON; by now AMCON will have been dead if we were using such money,’’ the Europe Correspondent of the News Agency of Nigeria (NAN) quotes Belgore as saying.
“AMCON has succeeded in funding its transactions with the sale of its’s bonds, Belgore said adding,”all AMCON bonds are zero coupon with N1, 000 face value per unit.”
He added that the uniqueness of AMCON when compared with similar bodies across the globe was its source of funding which included its verse assets.
He said the purpose of the London show was not to refinance and repackage the bond and to create awareness about the AMCON bond
Belgore ,who expressed optimism that the corporation can repay its bond in three years, however, said that it was considering the option of five years to enable interested investors key into it.
He assured investors that the AMCON bond was guaranteed by the federal government.
Belgore also gave a breakdown of AMCON’s assets to include non performing loans backed by collaterals; shares in banks that have gone into merger and shares in banks that have been breached by the NDIC. (NAN)
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