...Urges stakeholders not to allow few debtors escape with our commonwealth
Asset Management Corporation of Nigeria, AMCON, an agency of the federal government, has called for stakeholders’ support in recovering N4 trillion debt from companies and other private entities in Nigeria.
The Managing Director/CEO, Asset Management Corporation of
Nigeria (AMCON), Mr. Ahmed Lawan Kuru said that if at its sunset the
corporation was unable to recover its huge debt, which currently stands at over
N4 trillion, it would become the burden of the federal government which he
warned would have huge implication on the taxpayers’ monies.
Owing to this, Kuru reminded stakeholders to view the
corporation’s recovery mandate as one of serious national importance in the
country.Kuru, according to a statement at the weekend, said this at two
separate engagements with AMCON External Solicitors and Receivers as well as
Asset Management Partners (AMPs) in Lagos. He said the call became important
because AMCON was 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.
The AMCON CEO who was represented at the interactive
sessions by Mr. Benedict Daminabo, the Group Head, Asset Management Directorate
in the corporation, said, “if at sunset AMCON is unable to recover the huge
debt, which currently stands at over N4 trillion, it becomes the debt of the
federal Government of Nigeria, which he said would have huge implication on the
taxpayers’ monies.”
As a result, he said the positive debt recovery history of
AMCON cannot be fully told by chroniclers of financial and economic history in
Nigeria without some critical stakeholders such as AMCON Solicitors and indeed
the entire Nigeria judiciary as well as Receivers; and the Asset Management
Partners (AMPs) that have become major tools in the recovery efforts of AMCON. He
described the engagement, which was AMCON’s first major interaction with
stakeholders in 2023, in Lagos, as very important, and strategic to the
recovery efforts of AMCON.
“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.
“Also, considering that the corporation has begun to put
measures in place for eventual wind down of its activities as it is not created
to remain in perpetuity, we see working and collaborating with all our
stakeholders as a matter of priority. “The success of AMCON would not be
adequately recorded without recognising the roles played by of all
stakeholders. That is why we consider our interaction with you as one of the
road maps to the success story of AMCON.”Speaking further, the AMCON boss said:
“Like we always mention repeatedly in and at every opportunity that all
stakeholders must view the AMCON mandate as one of serious national
importance.”
He stressed that AMCON was not set up to remain in
perpetuity, pointing out that, “it has a sunset period.”“If at sunset AMCON is
unable to recover the huge debt of over N4trillion, it becomes the debt of the
Federal Government of Nigeria for which taxpayers’ monies will be used to
settle.”
“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.“It is pertinent to mention
that we have had course to disengage some of our Receivers and External
Solicitors due to non-performance. The same thing applies to our AMPs who are
not performing optimally.
“However, we strongly believe that majority of our
stakeholders have shown impressive resourcefulness in reaching obligors who
have not been reached before now. Also, their ability to trace assets of
obligors has been quite impressive. “Therefore, it is our hope that our
external solicitors and Receivers, and AMPs would keep the on-going momentum so
as to achieve more recovery milestone.“However, we are greatly concerned about
the frequency of adjournment of our matters which on several occasions is as a
result of 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 are been
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 contract we have
with you. Treat our matters with utmost professionalism, diligence, commitment,
and duty of care,” he said.
Others who made presentations at the engagements organised
by Dr Fatihu Abba-led Legal Academy included Mr. Mitchell Aghatise from the
firm of Olaniwun Ajayi who represented Mr. Muyiwa Balogun; Dr. Danjuma Umar,
Head, of Receiverships, AMCON, Mr. Robert Odihi from Dele Oye & Associates,
Abuja; Mr. Godwin Omoaka, and Senior Partner in the Dispute Resolution practice
group of Templars Barristers and Solicitors; Mrs. Rukevwe Smatt-Oni, Head of
Department, AMP Enforcement; Mr. Brian Ike-Echie of AMCON Legal Department, and
Aisha Abioye of IT Department, AMCON.