AMCON faults capital operators N200bn intervention fund demand

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Lagos  –   Mr Ahmed Kuru, the Managing Director/Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON) on Monday faulted the recent market operators’ demand for N200 billion intervention fund from the Federal Government.

Kuru made the declaration during a courtesy visit to the Nigerian Stock Exchange (NSE) in Lagos.

He said that the time was not yet ripe for forbearance package or intervention fund for stock broking firms.

“This is the time for businesses to operate with high level of corporate governance to ensure that businesses do not survive on the basis of support’’, he said.

According to him, businesses are supposed to survive on the basis of the dynamics of the business.

He said AMCON was set up to buy non- performing assets from international institutions.
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“Today, outside the energy sector, our holdings are the highest in equities, which means we have quite a lot of interest in what is happening in the Nigerian Stock Exchange (NSE).

“We are here to give support to the management and operators of the NSE.

“Also, AMCON as a resolution company will do whatever is possible within the ambit of the law to support the development of the exchange.”

Kuru said stability was the commission’s priority and how to partner with the exchange in deepening the market, enlightening the investing public and encouraging more local investors’ participation in the market.

NAN reports that operators recently stressed the need for government to create an intervention window of about N200 billion to shore up market liquidity.

Mr Oscar Onyema, NSE Chief Executive Officer, said that the exchange would collaborate with AMCON in developing the capital market.

Onyema said that AMCON was the largest holder of equities in the Nigerian stock market. (NAN)

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