AMCON Turns to NASS to Recover N 4.4 Billion from 1,000 Debtors
By Adedapo Adesanya
The Asset Management Corporation of Nigeria (AMCON) has submitted to the National Assembly a list of its 1,000 main debtors who owe 4,4 trillion naira.
AMCON made the revelation to members of the House of Representatives Committee on Banking and Currency during the committee’s just concluded retreat in Lagos.
The handover followed the signing of the Nigeria Asset Management Company (Amendment) Act, amending AMCON Law No. 4 of 2010 by President Muhammadu Buhari.
The AMCON law provides for the extension of the duration of the Resolution Costs Fund (RCF) and gives access to the special tribunal established by the Law of 2020 on banks and other financial institutions, which gives AMCON the power among others … “To take possession, manage, seize or sell, transfer, assign or otherwise treat the asset or the good used as collateral for the eligible banking assets (ABE) and the related matters. “
Speaking on this subject, the Chairman of the Committee on Banking and Currency of the House of Representatives, Mr. Victor Nwokolo representing the constituency of Ika North-East / Ika South, while receiving the list of recalcitrant debtors of ‘AMCON of the CEO / CEO of the company, Mr. Ahmed Lawan Kuru, said the committee requested the list for the National Assembly to know those who are ransoming the country so that they can meet with relevant government agencies. federal government on how to deal more with debtors to ensure that AMCON fulfills its mandate in the general interest of the Nigerian economy.
Mr Nwokolo, who praised the commitment of the agency headed by Mr Kuru, said AMCON had operated under difficult conditions since its inception, which he said were made worse by the onset of the pandemic COVID-19, which has virtually stopped everything. .
He said the harsh economic realities caused by COVID-19 meant that the recovery mission AMCON was carrying out for the country had been further escalated, which is why the National Assembly is looking for ways to further support the recovery campaign. from AMCON.
Mr. Nwokolo further revealed that the National Assembly was considering punitive measures against those whose names were on AMCON’s top 1,000 debtors list.
He added that President Muhammadu Buhari had just enacted the amended AMCON law as it will help him collect the large outstanding debt, which will ensure that the goal of the Federal Government of Nigeria in establishing AMCON in 2010 is not defeated.
For his part, Kuru also praised the judiciary for its huge support, adding that AMCON has more than 4,000 cases before the courts and is currently facing many problems, including imperfect title deeds of some properties in the area. ‘Eligible Financial Institutions (EFIs), which often prevent or lengthen the finalization of the sale of certain assets.
The AMCON boss said, “To enable AMCON to succeed in its call to national duty, AMCON seeks the continued support of this distinguished committee. The judiciary should be encouraged to respect the provisions of the law which oblige it to expedite the cases before it, to issue certificates of judgment on properties, for which the Company has no guarantee and to demand from debtors that they deposit the sum of the judgment before appealing against any judgment. “
He added that more recently, due to the socio-economic downturn, the market values of assets have dropped significantly, below the valuation at the time of purchase of Eligible Bank Assets (EBA), making it extremely difficult to achieve sales transactions.
With the support of the National Assembly and the judiciary, Kuru argued that it would be possible to recover the current total exposure on all ASDs, which stands at 4.4 trillion naira, before the period. extinction.