AMCON Heightens Moves To Recover Over N4trn Debt

The Managing Director/CEO, Asset Management Corporation of Nigeria (AMCON), Mr Ahmed Lawan Kuru, said the corporation is taking more steps to recover the over N4 trillion government debts from private individuals.

Kuru stated this at the weekend when he separately engaged with AMCON External Solicitors and Receivers as well as Asset Management Partners (AMPs) in Lagos.

The AMCON CEO who was represented at the interactive sessions by the Group Head, Asset Management Directorate, Mr Benedict Daminabo, said AMCON has already begun measures for its winding up, noting that the debt must be recovered before then.

He said: “Considering that the corporation has begun to put measures in place for eventual wind down of its activities as it is not created to remain in perpetuity, if at sunset AMCON is unable to recover the huge debt of over N4 trillion, it becomes the debt of the Federal Government of Nigeria for which taxpayers’ monies will be used to settle.

“The implication is that the public will be made to pay for the recklessness of only a few individuals who continue to take advantage of the loopholes in our laws to escape their moral, and legal obligations to repay their debts. We should not allow a few individuals to escape with our common wealth. And we want to do it within the confines of the law,” he said.

Kuru said AMCON had disengaged some receivers and external solicitors due to non-performance as well as AMPs who are not performing optimally while expressing concern over the frequency of adjournment of its matters due to several non-appearance of its lawyers.