Bankruptcy: Nigerian govt to sell Kano textiles company, 2,000 jobs under threat

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The Asset Management Corporation of Nigeria, AMCON, is allegedly making moves to begin the sale process of Nigerian Braiding Manufacturers, NBM, Kano over N1.5bn debt.
DAILY NIGERIAN reports that about 2,000 workers comprising 400 staff and over 1, 500 casuals are under the payroll of the embattled textiles company.
On November 11, 2018, following a court order secured by the AMCON appointed Receiver, Dr Yakubu Fobur, the company was sealed off.
However, the National Union of Textile, Garment and Tailoring Workers of Nigeria through its Chairman in the state, Ali Baba threatened to mobilise workers to resist any move to value the company’s facilities as parts of the sale process being made by the Receiver.
Mr Baba accused the AMCON’s appointed receiver of complicating things for the workers since the seal-off, saying that Mr Fobur had since been evading the workers by going into hiding.
Responding, Mr Fobur explained that he is only a client appointed to enforce the AMCON’s statutory responsibilities as a receiver of the NBM Company.
“I have the right to guide the AMCON’s appointed firm to value the Company’s worth and to sell it off if the parties fail to reach a compromise,” he added.
Mr Fobur, therefore, urged any aggrieved persons against the enforcement process to channel their communication through AMCON in Abuja.
According to him, the Company will remain sealed till the parties either resolve the issue amicably or wait for the final Court verdict.
40 days after the seal-off, the company workers only struggling to survive as neither December salaries nor usual end of the year package and allowances were not paid to the workers.
One of the workers, who preferred anonymity, told The Nation that the workers were going through untold hardship following the development.
“We came to work on that fateful day only for us to realise that the place had been sealed off. I am very sick, I have my drugs inside the company, no money to buy another one and they denied me access to pick the drugs.
“We were not been paid ten kobos in December during Christmas, no bonus, no allowance, no overtime payment. Our accountant attempted to pick the list of those on the payroll to enable them to pay us money but to no avail.
“See me on sleepers, we have been coming here daily and this will continue till when the matter is resolved because we have no place to go,” she added.
Another worker, Mohammed Umar, said he could no longer perform his responsibilities as a father, adding that his children were almost dying of starvation due to the impulsive closure.
“As you can see, I’m frustrated, being starved, my children and I are hungry, we can only hope for something better,” Mr Umar explained.