N4.4trn debt: AMCON submits list of top 1,000 debtors to N’Assembly

As part of efforts to recover N4.4 trillion owed by some influential Nigerians and corporate entities, the Asset Management Corporation of Nigeria (AMCON) has submitted a list containing its top 1,000 obligors to the National Assembly.

The list was handed over to the nation’s apex parliament hours after President Muhammadu Buhari signed into law the Asset Management Corporation of Nigeria (Amendment) Act, amending the AMCON Act No.4, 2010.

Managing Director/Chief Executive Officer of the Corporation, Mr. Ahmed Lawan Kuru, handed over the list to the Chairman of the House of Representatives Committee on Banking and Currency, Hon. Victor Nwokolo representing Ika Northeast/Ika South Constituency at a retreat in Lagos.

Hon. Nwokolo said the committee called for the list so that the National Assembly would know those that are holding the country to ransom to enable them meet with relevant agencies of the Federal Government on how to further deal with the debtors to ensure that AMCON realised its mandate in the overall interest of the Nigerian economy.

Nwokolo, who disclosed that the National Assembly is considering punitive measures in dealing with those whose names made the top 1,000 AMCON debtors’ list, however said he was happy that President Buhari has just signed the Amended AMCON Act into law because it will help AMCON to recover the huge outstanding debt.

While presenting the list, the AMCON boss said the recovery is heavily dependent on the judiciary in the country because AMCON has over 4,000 cases in court.

Kuru said that due to the socio-economic downturn, the market values of assets have significantly reduced, lower than the valuation at the point of Eligible Bank Asset (EBA) purchase, making it extremely difficult to consummate sales transactions.

With the support of the National Assembly and the judiciary, Kuru argued that recovering the total current exposure on all EBAs, which stands at N4.4 trillion may be possible before the sunset period.