Assets Management Corporation of Nigeria (AMCON) has denied the reports making the rounds that it will take over Dangote Refinery over debts owed by Dangote Group to banks.
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.
However, AMCON while denying the claim said neither Dangote Refinery nor the Dangote Group are on its debtors’ list, hence it couldn’t have plan to take over the assets.
Meanwhile, AMCOM’s Head of Corporate Communications, Jude Nwauzor, disclosed that since Dangote Group is not on the Corporation’s debtors list, the takeover rumour is false.
Besides, sources in the Dangote Group have debunked the report, they added that the report is false and malicious because the Group has the capacity to service and pay its debts.
AMCON had in 2010 purchased 12,743 bad loans worth N3.8 trillion from 22 Eligible Financial Institutions (EFIs) for a purchase price of N1.8 trillion.
However, 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.
The Federal Executive Council (FEC) had recently approved the acquisition of 20 per cent minority stake by the Nigerian National Petroleum Corporation (NNPC) in the Dangote Petroleum and Petrochemical Refinery.
