By Peter OBIORA InvestAdvocate

Ijebu-Ode (INVESTADVOCATE)-Sir Sunny Nwosu, Nigerian Capital Market (NCM) Shareholder Leader and National Coordinator of the Independent Shareholders Association of Nigeria (ISAN) Saturday said that the established Asset Management Corporation of Nigeria AMCON is the Biggest Fraud in Nigeria.

Nwosu said this in Ijebu-Ode Ogun State; South West Nigeria at the Capital Market Correspondents Association of Nigeria (CAMCAN) 2011 Workshop organised for Capital Market Journalist.

“AMCON is one of the biggest fraud in Nigeria” he said.

According to him, AMCON Capital base is just N10 billion and what they are alleging to have done is to raise Bonds, where is the Bond?” he queried.

Sir Nwosu affirmed that if Bond is raised from the Capital Market, Nigerians would have heard much publicity about it. “We have not heard anything about the Bond, they should come out and tell Nigerians, where do they get the N4.0 trillion which they claimed they have put in the Market so far, is N4.0 trillion not enough to reshape the economy of Nigeria?” he said.

He further affirmed that we are having unemployment problems in Nigeria and yet nothing could be done.

Nwosu said AMCON will recieve 0.3% of every Bank’s Balance Sheet size, “First Bank is going to pay about N6.0 billion, UBA is going to pay over N4.0 billion to AMCON, how much is the Shareholders going home with?” Sir Nwosu said.

As earlier reported, Mustapha Chike-Obi Managing Director (MD) of AMCON said last week in Lagos that the Corporation has acquired a total of 9,000 bad loans, worth N3.14 trillion in the past one (1) year.

According to him, 200 Companies took 80 percent (80%) of the Non-Performing Loans (NPLs) as the Corporation is committed to recouping all the funds expended.

Nigeria’s AMCON was established on the 19th July 2010, when Goodluck Jonathan, President of the Federal Republic of Nigeria signed the AMCON Act into Law.

AMCON was created to be a key stabilising and re-vitalising tool established to revive the financial system by efficiently resolving the Non-Performing Loan (NPL) assets of the Banks in the Nigerian economy.