Vice President Yemi Osinbajo has disclosed that the Asset Management Corporation of Nigeria (AMCON), has recovered a total of N307 billion loan debts in two years.
This follows the submission of an interim report by the inter-agency committee set up on the recovery of debts owed to AMCON to the Vice President at the Presidential Villa.
This was contained in a statement made on Wednesday by the Senior Special Assistant to the President on Media and Publicity Office of the Vice President, Laolu Akande.
Members of the Committee, led by its Chairman, Prof. Bolaji Owasonoye, who is also the Chairman of the Independent Corrupt Practices Commission (ICPC), while submitting its interim report, urged strict implementation of relevant laws, including the AMCON Act.
Owasonoye was said to have also advised that recalcitrant debtors should not benefit from government contracts and projects except with due diligence clearance from AMCON.
He said: “All AMCON debtors must not be allowed to transact business or enjoy patronage with any government agency whatsoever, except clearance is obtained from AMCON on the debt status of such obligors.”
Regarding the Committee’s performance, he said: “Between 2020 and 2021, AMCON made significant recoveries, which are highlighted in the report. Within the period under review, AMCON witnessed 10 per cent growth in the recovery performance across various asset classes.
“For instance, in the year 2020, the sum of N146 billion was recovered, while in 2021 the sum of N161 billion was also recovered. The recovery outlook for 2022 is also looking positive and the Committee will not relent in its effort in engendering more recoveries.”
He added that “the Committee will continue its assignment with the institution of bankruptcy proceedings, tax infraction, inquiry as well as other strategies to ensure the obligors are brought under the recovery net of AMCON.”
All AMCON debtors must not be allowed to transact business or enjoy patronage with any government agency whatsoever, except clearance is obtained from AMCON on the debt status of such obligors.
Receiving the report Osinbajo was quoted to have assured that the government will review it and act accordingly.
He observed that the issue of AMCON debtors doing further business with government agencies was a due diligence matter, and there will have to be compliance with the requirements of the law.
Members of the Inter-Agency Committee consist of representatives from various government agencies including the ICPC, AMCON, Federal Ministry of Justice, and Nigerian Financial Intelligence Agency.
Others are the Nigerian Deposit Insurance Corporation (NDIC); Central Bank of Nigeria (CBN), Department of State Services (DSS), and the Economic and Financial Crimes Commission (EFCC).
The meeting was attended by representatives of these agencies including the Managing Director/Chief Executive Officer, AMCON, Ahmed Kuru.
