The Asset Management Corporation of Nigeria (AMCON), has reminded stakeholders to view the AMCON recovery mandate as one of serious national importance in the federal republic of Nigeria.
The Managing Director/CEO, Ahmed Kuru, was quoted to have made the call at the weekend in two separate engagements with AMCON external solicitors, receivers as well as Asset Management Partners (AMPs) in Lagos.
He said the call has become imperative because AMCON is not set up to operate in perpetuity as the Corporation has a sunset period thus the need to apply speed in the collective recovery assignment, according to the Corporation’s statement.
Kuru, represented at the interactive sessions by the Corporation’s Group Head, Asset Management Directorate, Benedict Daminabo, said if at sunset AMCON is unable to recover the huge debt, which currently stands at over N4trillion, it becomes the debt of the Federal Government of Nigeria, which would have a huge implication on taxpayers’ monies.
This is because “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,”.
He noted that AMCON’s positive debt recovery history cannot be fully told by chroniclers of financial and economic history without some critical stakeholders such as the solicitors and indeed the entire Nigeria’s judiciary, the Receivers; and the Asset Management Partners (AMPs) that have become major tools in the recovery efforts.
This (non-appearance of lawyers in court) is causing us a lot of embarrassment within the judicial space. We are also worried about the number of assets that are being abandoned by our Receivers.
Kuru described the engagement, which is AMCON’s first major interaction with stakeholders in 2023 in Lagos, as very important, and strategic to the recovery process.
“We (AMCON) value our relationship with all our stakeholders, and we will continue to interact, share experiences and brainstorm on the best ways for the Corporation to succeed in this national assignment.
“Feedbacks received from interactions with our various stakeholders’ overtime, and particularly from Honourable Judges from the various Courts necessitate continuous training and retraining of our stakeholders especially as it relates to challenges encountered during filling processes in Court and enforcing AMCON’s rights on obligors’ assets.”
Noting that AMCON has had to disengage some of its receivers, external solicitors and AMPs due to non-performance, he reiterated that “majority have shown impressive resourcefulness in reaching obligors who have not been reached before now,” and especially in tracing their assets.
However, he expressed concerns about the frequency of adjournment of its cases due to non-appearance of AMCON lawyers.
“This is causing us a lot of embarrassment within the judicial space. We are also worried about the number of assets that are being abandoned by our Receivers.
“These actions are causing the Corporation so much embarrassment, especially as we know these assets had been entrusted in the hands of the Receivers. We therefore urge you to adhere to the sanctity of the contracts we have with you. Treat our matters with utmost professionalism, diligence, commitment, and duty of care,” he charged.
