The Asset Management Corporation of Nigeria (AMCON) in a recent disclosure revealed that they would embark on the option of “name and shame” for debtors especially politicians, just as 2019 elections is drawing near.
The Managing Director/Chief Executive Officer, Ahmed Kuru, while presenting the corporation’s 2017 audited accounts, stated that this new step is the new drive in dealing decisively with top obligors.
He mentioned that AMCON presently has 350 debtors owing over N5 trillion. These must be recovered because AMCON borrowed to purchase the Eligible Bank Assets (EBAs) during the first and second phases of the takeover of the bad loans from the banks he said.
The Director further stated that the agency will chase the unrepentant debtors in a manner that has never been witnessed before in the country.
Explaining further, he said “i think people need to pity us because we are at that stage in the life of the corporation where we are dealing with the hardcore because the low hanging fruits have been dealt with earlier in the life of AMCON. “i want you to understand that we are sitting on a substantial amount of assets which we must one way or the other resolve on or before our sunset, which is around 2023 to 2024.
Concluding his statement, Kuru said the media also has a part to play in recovering the public fund held up by individuals who heavily borrowed money from banks with no intention to repay.
He also said that AMCON played strategic role in rebuilding the nation’s economy with the recapitalisation of the banks, which prevented systemic collapse of not only the banks, but also the unimaginable costs on the economy.
Let’s hope these debtors will start paying back soon, for the good of the economy. What do you think about AMCON’s announcement? Drop your comment below.