Textile Firm to Continue Operations Despite Indebtedness, Says AMCON

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The Asset Management Corporation of Nigeria (AMCON) has said the Nigerian Braiding Manufacturers Limited (NBML), a Kano State-based textile company it recently took over will continue its operations.

The corporation took over the company as a result of its non-performing loans it had purchased from banks.

The textile company’s indebtedness to the corporation currently stands at over N1 billion.

This was despite numerous overtures by AMCON for amicable resolution of the debt to which the company and its promoters have remained nonchalant over the years, leaving the Corporation with no choice than to seek Justice in Court.

In a statement signed by AMCON’s Head of Corporate Communications, Mr. Jude Nwauzor, the corporation confirmed that in line with the provisions of the AMCON Act, 2010 (as amended), the Corporation approached the Court and secured an Order enabling it to take possession of the Company through its Receiver Manager, Dr. Yakubu Fobur under whose supervision the Company is billed to resume full production soon.

“In contrast to the rumors, AMCON was set up to facilitate resolution of non-performing loans in the banking industry with a view to stabilising the economy; as such, the corporation is dedicated to ensuring that the company remains in operation under the management of the receiver manager and his team of experts who are expected to work closely with the promoters of the company to ensure that NBML returns to profitability within a short period. “This strategy would guarantee security of the large number of direct and indirect jobs provided by the company, while efforts continue towards a definite resolution option.