UNPAID DEBTS: EX-footballer Nwankwo Kanu risks being listed among AMCON’s 5000 debtors

The controversies surrounding the loan allegedly taken by former Captain of the Nigeria Super Eagles and promoter of The Hardley Apartments, Nwankwo Kanu, might take a new dimension next month as Asset Management Corporation of Nigeria (AMCON) is set to release list of its debtors in the country.

AMCON Managing Director, Ahmed Kuru, who disclosed at a press briefing in Lagos on Friday that over 5000 bank debtors in the corporation’s record have gone into hiding, urged Kanu to pay his debt to show he is truly a hero.

“To borrow money is not criminal, we must take money from banks. However, what you do after is what will make it criminal. Most loans are taken from depositors’ money, banks need to collect their money for them to pay depositors. So, we must meet our obligations,” Kuru said.

According to the AMCON boss, the corporation, established by the Federal Government in 2010 to buy bad debts from banks and ensure stability of the financial sector, borrowed money to buy 14,000 non-performaning loans and currently struggles to pay back the loans.

He noted that AMCON recovered a total of N740 billion as of the end of 2017 financial year. Kuru, however, expressed displeasure over the insensitivity of the corporation’s debtors.

Read Also: AMCON seizes Lagos billionaire’s firm, assets over N5b bad loan

Kanu had taken over N5 billion loan from Skye Bank Plc. to set up The Hardley Apartments, which engaged in business hospitality, located at Plot 46, Waziri Ibrahim Crescent, Victoria Island, Lagos, but he allegedly failed to repay the loan with accrued interest despite repeated demands.

But, in a bid to recover the debt, AMCON filed a suit against Kanu and his company.

In 2015, AMCON obtained an order from a Federal High Court, which gave the corporation permission to take possession of the hotel. The court also ordered that all accounts belonging to Kanu and The Hardley Apartments be frozen pending the determination of the substantive matter.

Kuru, when asked if Kanu’s debt will be forgiven based on his status as a “national hero”, said: “Part of the obligation to be a national hero is to meet obligations. A hero must be able to meet his obligations.

“I think part of the integrity test is for somebody’s ability to honour his obligation voluntarily without going through court process. If you want some concessions and some considerations, I think that is another issue entirely. But you cannot on the basis of being a national hero not meet your debt obligation because I have not heard of any ‘National Heroes’ Fund.”

 

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