AMCON Says Ministers, Lawmakers among N5trn Chronic Debtors

The Managing Director of the Asset Management Corporation of Nigeria (AMCON), Ahmed Kuru, has revealed that the chronic debtors of the corporation were in the top echelons of government.

He also said that the corporation was working with other agencies such as the Economic and Financial Crimes Commission (EFCC), the Independent Corrupt Practices and other Related Offences Commission (ICPC), and the Nigeria Deposit Insurance Corporation (NDIC) to produce a full-length television documentary of notorious and recalcitrant obligors of AMCON.

Kuru, who was a guest speaker at the July 2019 edition of the breakfast meeting, organised by the Nigerian – American Chamber of Commerce, said the idea was to document in a permanent format for generations yet unborn, to know the so-called big men and women that were behind the over N5tn debt burden, which AMCON was battling to recover.

The worrisome aspect of the issue, he said unlike what happened in other climes, was that these obligors still manipulated their way to emerge as members of the national assembly, ministers, chairmen and women of big organisations and pro-chancellors of universities.

“Sadly, these are the calibre of people we respect in Nigeria but these people are not role models. How can you be a role model when you cannot honour a simple obligation? That is why I have been consistent in the call for the return of the failed bank Act. The way we are handling the issue in the country suggests that we are encouraging a lot of financial rascality. People have to be held accountable for their actions, which I believe would serve as a deterrent to others,” he said.

“All economies all over the world depend on the financial infrastructure for growth. If we allow or encourage the destruction of the basis of our financial structure, then the economy would not grow. These are men and women who go to banks, borrow monies with no intention to pay and in the process bring down banking institutions. It takes a lot for a bank to fail. AMCON just rescued Skye Bank with an investment of nearly N1trn.”

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