The Governor, Central Bank of Nigeria (CBN), Mr. Sanusi Lamido Sanusi , yesterday said the Asset Management Company of Nigeria (AMCON) is now set to pay-off N 1 trillion of the entire series 1,2,3, and 4 of bonds held outside of the CBN on December 30, 2013.
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According to him, the CBN is already in custody of the said N 1 trillion and all those who own stakes in the said series will be paid either through cash or Treasury Bills.
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Mr. Sanusi made the declaration in Abuja yesterday during the signing of an agreement between the apex bank and AMCON on the financing of N 3.8 trillion of bonds over a period of 10 years.Furthermore, he disclosed that by October 2014, AMCON would write off another N 1 trillion worth of bonds, thus making the CBN the only creditor of AMCON. This, he noted, is a credit positive for Nigeria.
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Prior to signing the agreement, which he said was the outcome of bilateral negotiations between the two bodies, the CBN Governor gave a background to the establishment of AMCON in 2010, stating that the corporation was instrumental to addressing the banking crisis brewing in Nigeria at the time. "Without AMCON, we would never have been able to resolve the financial crisis," he stated.
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He therefore expressed appreciation to President Goodluck Jonathan, his predecessor, the late Umaru Musa Yar'Adua, the Minister of Finance, Dr. Ngozi Okonjo-Iweala and her predecessors, Olusegun Aganga and Mansur Muhtar, as well as other financial advisers, for their cooperation and the roles they played in the establishment and operation of the AMCON project.
Okay this is a good one i have to point out. This wll ease a lot of pressure they are facing over there already.
No one wants to carry debts over to the new year so this had to be done