Connect with us

VenturesNow

Debt owed by 350 Nigerians enough to fund 50% of county’s 2018 budget

The Asset Management Corporation of Nigeria (AMCON), has said that the debt owed by 350 Nigerians is sufficient to fund 50% of the the country’s 2018 budget

Published

on

The Asset Management Corporation of Nigeria (AMCON), has said that the debt owed by 350 Nigerians is sufficient to fund 50% of the the country’s 2018 budget.

Speaking Wednesday in the country’s capital, Abuja, the Managing Director/Chief Executive Officer of AMCON, Ahmed Kuru, said the 350 Nigerians or their businesses, owe N4.3 trillion of the entire N5.4 trillion debt profile, representing 80 percent of the N5.4 trillion debt portfolio of the company.

Kuru said many of the debtors were yet to pay as AMCON had only recovered about N700 billion.

“Our responsibility is first to intervene, then provide support before we recover, we have done the two, nobody has complained, now that we are doing the third people are complaining.

“The people complaining are those people that do not want to meet their obligations. Some of the obligors owe as much as N200 billion.

“We have 350 Nigerians that have obligations or control more than 80 per cent of all AMCONs debt portfolio.

“So, if you are talking about N5.4 trillion, only 350 Nigerians are supposed to pay more than 80 per cent of that amount, and they are normal people you see on the street,” he said.

Kuru noted that the judicial system was a major challenge to the operations of the company.

“I can tell you that today, our major challenge has to do with the judicial process.

“In other climes, what they do is that they allow AMCON to own the assets ab-initio, which means I have paid for the loans from the commercial banks, I have taken over the loan and I will take it over with the assets so I can sell the assets from day one.

“But here, somebody can decide to take you to court and he has to be heard. He can lock you up with judicial processes and technicalities for 10 years, 15 years or even 20 years,” he said.

VenturesNow

Ghana’s finance minister, Ken Ofori-Atta, hints at external assurance on debt restructuring

Published

on

The ministry of finance in Ghana has revealed that after a meeting with the minister, Ken Ofori-Atta, the country is expected to secure financing assurances “very soon”.

A source revealed that the minister met Chinese officials on Wednesday to discuss a proposed restructuring of Ghana’s debt.

According to China’s commerce ministry, the discussion centered on strengthening bilateral economic and trade cooperation.

Ken Ofori-Atta said on Twitter, “So far had very positive and encouraging meetings in China! Looking forward to securing external assurances very soon, even as we pass our outstanding domestic revenue bills back home. Great progress and all fronts.”

Ghana has been struggling with its worst economic crisis in a generation and secured a staff-level agreement with the IMF in December for a $3 billion loan. Still, approval is contingent on it restructuring its debt of 575.7 billion cedis ($47.6 billion).

The West African country agreed on a staff-level agreement through the International Monetary Fund in December for a $3 billion loan but must first ask bilateral lenders to provide financing assurances on existing debts before the IMF board can sign off on the programme.

China is Ghana’s biggest bilateral creditor with about $1.7 billion of debt and the Chinese delegation visited Ghana this month for initial debt talks which the finance ministry said were “cordial and fruitful.”

Continue Reading

VenturesNow

South Africa: Consumer confidence falls to lowest level since 1994. Here’s why

Published

on

A recent survey released in South Africa shows that consumer confidence plunged to its lowest level since 1994 in the first quarter as the effect of continued power outages.

The survey revealed that the consumer confidence index, sponsored by the First National Bank (FNB) and compiled by the Bureau for Economic Research, slumped to a reading of minus 23 points, from minus 8 points in the fourth quarter of 2022.

FNB chief economist Mamello Matikinca-Ngweny, said “the alarming increase in power outages since December and the concomitant deterioration in South Africa’s economic prospects no doubt rocked consumer sentiment during the first quarter.”

The development is indicative of extreme concerns among consumers about South Africa’s economic prospects and their household finances, according to the survey.

There are concerns that the South African Reserve Bank would hike interest rates by 25 bps at its meeting next week as headline inflation rose slightly in February to 7% from 6.9% in the prior month, data showed on Wednesday,

The country lately has had challenges with its electricity supply which has forced struggling state power company, Eskom to announce the previous series of power rotation arrangements.

Eskom has implemented scheduled electricity outages every day in 2023, with most households and businesses without power for up to 10 hours a day.

Continue Reading

EDITOR’S PICK

Politics11 hours ago

Congo DR: President Tshisekedi reshuffles cabinet, appoints ex-vice president, Bemba as defence minister

Former vice president of the Democratic Republic of Congo, Jean-Pierre Bemba, has been appointed as the country’s defence minister in...

Culture11 hours ago

#JusticeForAKA becomes most trending hashtags as South African celebrities seek answers to murder of rapper

The hashtag, #JusticeForAKA, created shortly after the murder of South African rapper, Kiernan Jarryd Forbes, popularly known as AKA, outside...

Metro12 hours ago

Ethiopian PM Abiy Ahmed appoints TPLF spokesman head of Tigray interim government

The Ethiopian Prime Minister Abyi Ahmed, has appointed the spokesman of the Tigray People’s Liberation Front (TPLF), Getachew Reda, as...

Metro13 hours ago

Algerian authorities dismantle sophisticated migrant smuggling syndicate

Algeria on Friday, says its security agencies have dismantled an international network of human smugglers to Europe through the country....

Musings From Abroad13 hours ago

US Vice President, Kamala Harris to visit 3 African countries as new scramble continues

The scramble for Africa between the global South and West has continued as the United States continues to push to...

Sports14 hours ago

Sexual abuse allegations rock DR Congo, Cameroon sports

A football coach in the Democratic Republic of Congo, Jonathan Bukabakwa, has been provisionally suspended for an initial five months...

Tech14 hours ago

Tigo partners with Selcom, Mastercard, to launch online digital payment solution in Tanzania

Tanzania’s virtual payment platform, Tigo Tanzania, has entered into a strategic partnership with Selcom and Mastercard to launch an online...

Musings From Abroad16 hours ago

Like Italy, US worried President Saied’s style creates ‘enormous concern’ over Tunisia

Following the sit-tight regime of President Kais Saied of Tunisia, the United States Assistant Secretary of State Barbara Leaf has...

VenturesNow16 hours ago

Ghana’s finance minister, Ken Ofori-Atta, hints at external assurance on debt restructuring

The ministry of finance in Ghana has revealed that after a meeting with the minister, Ken Ofori-Atta, the country is...

VenturesNow1 day ago

South Africa: Consumer confidence falls to lowest level since 1994. Here’s why

A recent survey released in South Africa shows that consumer confidence plunged to its lowest level since 1994 in the...

Trending