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N5.4trn Debt: AMCON Takes More Steps Towards Recovery

The Asset Management Corporation of Nigeria (AMCON) has turned to the Nigerian Judiciary in its quest to recover outstanding debts.

Chief Executive of Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru
Chief Executive of Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru

In his resolve to recover the over N5.4trn outstanding debt from obligors, the managing director of Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru, has solicited the help of the Nigerian judiciary.

AMCON has, in the recent past, turned to other government agencies for collaboration that can aid it in recovering the overdue debt before the sunset period.

Such agencies include the Economic and Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Nigerian Financial Intelligence Unit (NFIU), Nigeria Deposit Insurance Corporation (NDIC), Central Bank of Nigeria (CBN), as well as the Ministry of Justice.

Kuru, who led a delegation of AMCON officials on a strategic visit to Nigeria’s Court of Appeal recently where they met with the President of the court, Hon. Justice Zainab Bulkachuwa (CFR), told the justices that the new act had expanded the definition of the obligations of AMCON to include the directors, meaning that AMCON would more than ever before need the support of the judiciary, especially the Federal High Court, if it stands the chance of recovering the over N5.4tn owed it by obligors.

In a statement, Kuru said the act had granted permission to place bank accounts of debtors or the likes under surveillance by ex-parte order of the Federal High Court; access debtors’ computer systems for the purpose of locating debtors’ funds by ex-parte order of the Federal High Court; permit AMCON the right to obtain access to debtors’ banking, financial and commercial information and Bank Verification Number (BVN) from banks by ex-parte order of the Federal High Court, as well as impose an obligation on the Federal Government and Ministries Departments and Agencies (MDAs) to seek AMCON’s clearance before contracting with or making payments to recalcitrant debtors on AMCON’s debtor list.

Justice Bulkachuwa who praised the management of AMCON for working very hard to get the act amended, said it would go a long way to helping the corporation in its recovery drive.

She said it had always been the priority of the Court of Appeal to adjudicate justice as fast as possible, adding that the court would continue to do its best to see how it could fast track its processes, including AMCON-related cases.

Source: Daily Trust

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