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N5tr debt: AMCON solicits judicial backing for bids to access debtors’ accounts

AMCON takes over ex-minister's property over N1bn debt

In a bid to recover its N5 trillion debt, the Asset Management Corporation of Nigeria (AMCON) has solicited the assistance of the judiciary in its quest to access bank debtors’ details.

The move is coming after an amendment to the act that establishing AMCON was signed into law by President Muhammadu Buhari.

The AMCON chief, Ahmed Kuru, who visited the Federal Court of Appeal in Abuja, said “the Act had also granted permission to place bank account of debtors or the like under surveillance by ex-parte order of the Federal High Court; access debtor’s computer systems for the purpose of locating debtor’s funds by ex-parte order of the Federal High Court.

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He said: “Permits AMCON the right to obtain access to debtor’s banking, financial and commercial information and Bank Verification Number from banks by ex-parte order of the Federal High Court.”

AMCON had made several efforts to recover the N5 trillion debt from high-profile debtors by working with Ministries, Departments, and Agencies (MDAs).

The Corporation had also collaborated with the Economic Financial Crimes Commission (EFCC), Independent Corrupt Practices and Other Related Offences Commission (ICPC), Nigerian Financial Intelligence Unit (NFIU), Nigerian Deposit Insurance Corporation (NDIC), and the Central Bank of Nigeria (CBN) in its bid to recover the debts.

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