AMCON’s Debt Could Be N6.6trn By 2024

A Legal consultant and Senior Partner, Olaniwun Ajayi -LP, Muyiwa Balogun has said the Asset Management Corporation of Nigeria (AMCON) debt could rise to N6.6 trillion by 2024 from current N5 trillion if unchecked.

Balogun who spoke in Abuja, said AMCON still owes the Central Bank of Nigeria (CBN) N4.5 trillion and also battling with N1.7 trillion of Assets Under Litigation (AUL).

AMCON Managing Director/Chief Executive Officer, Mr. Ahmed Kuru, said even though obligors of AMCON have been working hard to stretch AMCON to the sunset period, the corporation, under his leadership is determined to achieve its mandate within the limited time available (and within the law).

He stated that the amended act indeed provided additional powers to an already strong act of AMCON as some obligors who hitherto were hiding from their obligation are now coming out to see how their debt can be resolved.

He however added that the amendment can only be effective to the extent that solicitors of AMCON understand the Act and thereafter utilise the far-reaching powers that have been vested in the Corporation to help AMCON and Nigerian recover the debt.