Reps wants AMCON to disclose list of 350 top debtors owing N3.95tn

The House of Representatives has asked the leadership of the Asset Management Corporation of Nigeria (AMCON) to release the list of its 350 top debtors.

The lawmakers made the call at a Bankers’ Summit planned by the legislators, following a discovery that the top 350 debtors owe a whooping N3.948 trillion.

According to AMCON’s data, 350 of its 12,000 total debtors owe 84 per cent of N4.7 trillion cumulative debts to the corporation representing N3.948tr.

The chairman, House Committee on Banking and Other Ancillary Institutions, Hon. Eze Nwachukwu Eze, made this known at the first retreat with the management of AMCON hosted by the 10th House of Representatives Committee held at the weekend in Enugu, themed: “Navigating Nigeria’s Financial Ecosystem for a Sustainable Future: The Role of AMCON.”

Declaring the retreat open, Hon. Eze said: “Our nation stands at a critical juncture in its economic development, and the financial sector plays a pivotal role in shaping the trajectory of our economic future. The banking industry, in particular, is a cornerstone of our economic stability and growth.

“As we navigate the intricate web of financial intricacies, we must acknowledge the indispensable role that AMCON plays in ensuring the stability and sustainability of our financial ecosystem.

He said: “Nigerians may not understand it, but when we host the bankers’ summit, which the 10th National Assembly is planning, which I have discussed with the Speaker of House of Representatives, Hon. Tajudeen Abbas and he is very much ready to give us all the necessary support, there are so many things that have gone on in the financial sector and are still happening that would be disclosed at that summit.

“In that gathering, we would want the Management of AMCON to be part of it. We would want AMCON to come and make presentations and release the full list of the 350 top debtors of Nigerians who have destroyed our financial system, and no power can stop that banker’s summit.

“At the end of the summit, we would ask Nigerians the sort of magic they were expecting you (AMCON) to perform in this kind of situation that you find yourself. So, the political willpower to go after these debtors no matter who they are will be created…We want you to rest assured that the legislative aspects will be taken care of.”

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“As we are all aware, the financial sector is the heartbeat of any thriving economy, and its stability is paramount to the overall well-being of our nation. AMCON, as a key player in this ecosystem, has been tasked with the responsibility of managing distressed assets, mitigating financial risks, and contributing to the stability of the banking and financial institutions in Nigeria.

“AMCON, established in 2010, was created with the foresight to address the challenges posed by non-performing loans and distressed assets within the banking sector. The Corporation has been a fulcrum in maintaining financial stability and fostering investor confidence in our banking sector.

Managing Director/Chief Executive Officer AMCON, Ahmed Lawan Kuru in his submission explained that it was an honour for the Management of AMCON to attend the first retreat with the members of the 10th House of Representatives Committee on Banking & Ancillary Institutions.

Reminding the participants, the long historical background that led to the establishment of AMCON in 2010, Kuru informed that the Corporation irrespective of the challenges of debt recovery has to date, made recoveries in the sum of N1.8 trillion.

“Of the total recovery, cash recovery he explained represents 42 per cent, sale of four bridged banks 14 per cent, sales of proprietary shares 11 per cent, clawback & repurchases 10 per cent, asset sales & rentals 10 per cent, investment income seven per cent, proprietary assets (unsold) here per cent proprietary shares (unsold) three per cent and divestment from portfolio 0.4 per cent.”

According to him, the House committee needs to weigh in to see how it can shorten the long route through litigation that AMCON must face towards recovery.

Kuru added: “Most of our activities are done through the Courts, particularly when all resolution efforts have collapsed. AMCON currently has over 2000 cases in the Courts (Federal High Court, the Appeal Courts, and the Supreme Court).

“Obligors hide under legal technicalities to tie AMCON in Courts, exploring the loopholes in the Act prior amendment. Honourable members, with time obligors get wiser, which necessarily requires amendment of our Act.

“In quite a lot of instances, we only enjoy the protection of our committee from other avoidable interventions. AMCON enjoys Special Powers, however, which can only be exercised with the support of the Judiciary.”

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