AMCON Solicits Judiciary’s Support To Recover N5.4trn Debt

the Asset Management Corporation of Nigeria is seeking the support of the judiciary to recover over N5.4tn debt owed the corporation by chronic debtors.

The Managing Director/Chief Executive Officer, AMCON, Mr Ahmed Kuru, said this at the 2019 Annual Seminar for Justices of the Court of Appeal.

The seminar which was held on Saturday at the Court of Appeal complex in Abuja had as its theme, “The amended AMCON Act 2019: A detailed review.”

Kuru said in view of the fact that AMCON was approaching its terminal date, it had become imperative to get the support of the courts in resolving all the pending cases currently before them.

He also told the justices that more than ever before, AMCON would need the support of the judiciary to resolve the debt obligation before the terminal date.

This, he noted, was imperative based on the conviction that obligors of AMCON were working hard to stretch the corporation to its terminal date.

He explained that if the over N5.4tn debt owed AMCON remained unrecovered, it would eventually become the burden of the Federal Government and by extension Nigerian taxpayers.

Kuru said, “The amendment (of the AMCON Act) was done to recover the loans people took from banks.

“If AMCON is not able to recover the debt, it becomes the debt of the government and when this happens, it is the taxpayers that will bear this burden of people who were reckless. This should not be allowed to happen.

“We urge you to designate some of the courts for AMCON cases. We urge you to assist in granting accelerated hearing for AMCON cases.”

He said the different challenges of AMCON in its debt recovery drive had necessitated AMCON to put machinery in motion and worked with the National Assembly to amend the Act.

The President of the Court of Appeal, Justice Zainab Bulkachuwa, in her opening address at the events said the concern raised by AMCON was becoming worrisome in view of the fact that recalcitrant obligors deployed technicalities to frustrate the corporation.

She said given the challenges faced by AMCON in its debt recovery efforts, the corporation could not operate effectively without the sustained support of the courts.