IN a renewed strategy to recover the whopping total debt obligation of over N4.6 trillion owed Asset Management Corporation of Nigeria, AMCON, by recalcitrant debtors across the country, AMCON on Thursday met with the Economic and Financial Crimes Commission, EFCC. The meeting was for both agencies to consolidate on the gains of their relationship especially in the areas of investigating, prosecuting and compelling all obligors of AMCON in accordance with the relevant statutes.

The high-level meeting of the two government agencies led by AMCON Ahmed Kuru, managing director and Ibrahim Magu, EFCC’s acting chairman, is working on taking another look at some banks and their officials that were instrumental to the abuse and violation of internal processes that led to the huge non-performing loans in AMCON’s portfolio.

The agencies are planning to revisit, reinvestigate and duly prosecute such banks and the responsible officials.

Magu, who welcomed the AMCON boss and his team described the assignments of both agencies of government as “very tough, overwhelming and challenging.”

On his own part, Kuru who thanked the acting chairman of EFCC for graciously receiving the AMCON delegation, also expressed appreciation for his passion and cooperation in the collaboration with AMCON toward recovering the enormous bad debts from recalcitrant obligors of AMCON.

While appreciating the immense contribution of the AMCON Desk at EFCC, Kuru who thanked the acting chairman for creating that unit that has led to several recoveries, added that AMCON is willing to provide the required support to the AMCON Desk at EFCC by providing information, logistics and training to the team to enable them carry out their assignment without hitches. He also thanked all EFCC staff that are currently on the AMCON Desk for a job well-done since it was established.

Recounting AMCON’s role in the economy especially in the banking sector also stated that since its establishment, AMCON acquired debts from 22 banks worth N3.7 trillion and provided financial accommodation to 10 banks of about N2.2 trillion. He observed that despite AMCON’s recovery efforts, the Corporation still holds unresolved loans in excess of N4.6trillion which represents about 75% of total national budget. He expressed concern that failure on the part of AMCON to resolve the debts will have far reaching implication for the nation at large.

The AMCON boss who stated that the EFCC and AMCON have similar mandates of ensuring economic stability, which provides another reason for AMCON to collaborate with EFCC and take advantage of the enormous powers of the EFCC also highlighted some of the challenges militating against AMCON recovery efforts including the slow judicial process, concealment of assets by the obligors, forged documents, and in some instances, collusion between the bankers and the other obligors among others.

Aug 14, 2017 @ 01:00 GMT