Kano-based Nigerian Braiding Manufacturers Limited (NBML) will continue operations despite its indebtedness to the tune of more than N1 billion, the Asset Management Corporation of Nigeria (AMCON) has said. AMCON took over NBML after the textile company failed to repay loans it had taken from banks, despite several attempts to amicably settle the same.
The Nigerian government had set up AMCON with an aim to make it a key stabilising and revitalising tool to revive the financial system by efficiently resolving the non-performing loan assets of the banks in the economy.
AMCON has appointed Dr. Yakubu Fobur as NBML’s receiver manager, who will supervise the company’s operations. NBML is expected to resume full production soon, AMCON’s head of corporate communications Jude Nwauzor said in a statement.
“The corporation (AMCON) 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,” the statement said, according to Nigerian media reports.
By continuing operations at NBML, large number of direct and indirect jobs would be retained.