Contrary to some reports that the Assets Management Corporation of Nigeria (AMCON) could take over the Dangote Refinery over debts owed by the Dangote
Some online news platforms had on Tuesday reported that 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 or the Dangote Group are on its debtors’ list, hence it couldn’t have plan to take over the assets.Head of Corporate Communications at AMCON, Jude Nwauzor, told LEADERSHIP 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.
Multiple sources in the Dangote Group also said the report was “false and malicious”, as the group has the capacity to service and pay its debt. AMCON had in 2010 purchased 12,743 bad loans worth N3.8 trillion from 22 Eligible Financial Institutions for a purchase price of N1.8 trillion. According to AMCON, Dangote Refineries was not part of the bad debts that it took over and there was no way it would be taking over the assets of the company now.
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