Assets Management Corporation of Nigeria (AMCON) says there is no plans to take over Dangote Refinery over filing debts owed by the Dangote Group to banks.
The agency was responding to news reports by some online news platforms indicating that the Africa’s richest man, Aliko Dangote, could forfeit the Dangote Refinery over a $7 billion debt burden owed to commercial banks in the country with a possible takeover by AMCON.
AMCON however, denied such plans. It said neither Dangote Refinery nor the Dangote Group are on its debtors’ list, hence it could not have the plan to take over the assets.
AMCON Head of Corporate Communications, Jude Nwauzor, said that since the Dangote Group is not on its debtors list, the rumour that it was planning to take over the assets of Dangote Refineries is false, describing the story as malicious.
In 2010, AMCON purchased 12,743 bad loans worth N3.8 trillion from 22 Eligible Financial Institutions (EFIs) for a purchase price of N1.8 trillion.
