Asset Management Corporation of Nigeria (AMCON) CEO and Managing Director Ahmed Kuru has encouraged all parties to work diligently to recover debts totaling N4 trillion.
Kuru, who was represented by Benedict Daminabo, group head, asset management directorate, AMCON, said if the corporation is unable to recover the huge debt, which stands at over N4 trillion, it becomes the debt of the federal government with accompanying significant implications on the taxpayers’ monies.
He claimed that without some important parties like AMCON solicitors, the entire Nigerian judiciary, receivers, and AMP “that have become major tools,” the successful debt recovery history of AMCON cannot be adequately recorded by chroniclers of financial and economic history in Nigeria.
“The implication is that the public will be made to pay for the recklessness of only a few individuals who continue to take advantage of the loopholes in our laws to escape their moral, and legal obligations to repay their debts. We should not allow a few individuals to escape with our commonwealth and we want to do it within the confines of the law.
However, we are greatly concerned about the frequency of adjournment of our matters which, on several occasions, is as a result of the non-appearance of our lawyers. This is causing us a lot of embarrassment within the judicial space. We are also worried about the number of assets that have been abandoned by our receivers. Given that we are aware that the assets in question were given to the receivers, the corporation is extremely embarrassed by these acts.
Kuru pleaded on the parties involved to respect the confidentiality of agreements and handle the situation “with the utmost professionalism, diligence, commitment, and duty of care.”