As such, according to
AMCON plans to further redeem about N800 billion worth of bonds this year.
Speaking at a media interactive session in
"I am sure that it will not happen when I am still the Chief Executive of the institution," he stressed.
He assured that
Chike-Obi stressed that the intervention was ultimately in the interest of the banks and the economy, because it was responsible for the healthy nature of the banks, stressing that the banks would not have been better off today, without the 2010 intervention.
He pointed out that the intervention not only benefited banks, but also companies and private sector initiatives that would have collapsed and throwing more thousands into the labour market.
Any record of increased risk assets by a particular bank now, he continued, will be adjusted by the concerned institution within the quarter of its operations, assuring that risk management in financial institutions has been firmed up.
Chike-Obi decried misconceptions about the banking sector resolution sinking fund, stressing that it is held in and managed by the Central Bank of
The fund, he said, was used to redeem maturing bonds while settling banks' liabilities.
He also noted that AMCON's assets were factored into the total cost of non-performing loans, which the banks, together with the funds to be recovered will offset, saying public funds can only arise from the excess that might result, when the bonds are totally redeemed.
On the issues surrounding a certain private jet, Chike-Obi said the
It would be recalled that AMCON put down
The decision was made when it was obvious that the manufacturer would not release the
The AMCON chief, who admitted that the decision was a costly mistake, explained that the agency did not envisage the unfolding difficulties that now hamper the smooth sale of the jet, after the injection of the huge sum.
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