Sat. Jun 19th, 2021

AMCON: 3,000 defaulters dragged to court over N5tn debt

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Various courts in Nigeria have witnessed the Asset Management Corporation of Nigeria is currently pursuing bad debts of about 3,000 debtors.

On Sunday this was disclosed in a statement that is titled   ‘Recovery for N5tn debt burden, AMP scheme pivotal – AMCON CEO’, after a two-day training for Asset Management Partners of AMCON in Lagos.

“The AMPs scheme of the government agency currently has about 6,000 Eligible Bank Assets at different stages of resolution and about 3,000 matters at various courts in the country,” the corporation said.

AMCON said through the AMPs, it is important that each of the cases is thrashed out bit by bit as they progressed in court.

The Managing Director/Chief Executive Officer, AMCON, Mr. Ahmed Kuru, said five years after AMCON launched the AMP scheme; the initiative had been a major tool in the recovery efforts of the corporation and key to its success.

The statement recalls how AMCON has been making efforts to recover over N5tn from obligors that had remained adamant to repay their debt.

 It said of this figure, the government agency had informed Nigerians that only 350 obligors alone accounted for N3.6tn, which was over 82 percent of the outstanding exposure.

At least if all of it is recovered it would assist the Federal Government to realize a good number of projects such as roads, railways, electricity generation and distribution, hospitals, and the like across the country.

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