AMCON: Only 350 Nigerians owe N4.3tn

The Asset Management Corporation of Nigeria (AMCON), said that only 350 Nigerians are responsible for more than 80 percent of the N5.4 trillion debt portfolio of the company.

In an interview in Abuja on Wednesday, the Managing Director/Chief Executive Officer of AMCON, Ahmed Kuru said the 350 Nigerians or their businesses, owe N4.3 trillion of the entire N5.4 trillion debt profile of the company, an amount which could fund over 50 percent of the 2018 Budget of Nigeria.

According to Kuru, many of the debtors were yet to pay as AMCON had only recovered about N700 billion.

He said it was unfair that AMCON was now only known for recoveries and taking over of companies, adding that when the company played the first two roles of intervention and support, nobody complained.

“Our responsibility is first to intervene, then provide support before we recover, we have done the two, nobody has complained, now that we are doing the third people are complaining.

“The people complaining are those people that do not want to meet their obligations. Some of the obligors owe as much as N200 billion.

“We have 350 Nigerians that have obligations or control more than 80 per cent of all AMCONs debt portfolio.

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“So, if you are talking about N5.4 trillion, only 350 Nigerians are supposed to pay more than 80 per cent of that amount, and they are normal people you see on the street,” he said.

He said that the company has not been finding recovery of loans easy, stressing that most of the obligors are not interested in meeting up with their obligations.

Kuru noted that the judicial system was a major challenge to the operations of the company.

“I can tell you that today, our major challenge has to do with the judicial process.

“In other climes, what they do is that they allow AMCON to own the assets ab-initio, which means I have paid for the loans from the commercial banks, I have taken over the loan and I will take it over with the assets so I can sell the assets from day one.

“But here, somebody can decide to take you to court and he has to be heard. He can lock you up with judicial processes and technicalities for 10 years, 15 years or even 20 years,” he said.

 

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