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N4.5tr debt: Senate to block AMCON debtors seeking public office

During the meeting, AMCON Managing Director, Ahmed Kuru, tabled the challenges experienced by AMCON in taking advantage of the special powers granted to it under the Amended Act, at the forefront of which is the need to fast track its cases. 

The Senate will use instrumentality of the law to frustrate political ambitions of debtors owing Asset Management Corporation of Nigeria (AMCON) over N4.5 trillion and still seeking public office in the 2023 elections.

The Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani, who was addressing Senators, the Management and top officials of AMCON in Abuja, said the Senate would do whatever it takes to frustrate such obligors through the instrumentality of the law. 

He disclosed that some AMCON obligors still have the audacity to face Nigerians to seek positions in public office in the forthcoming 2023 general elections, after their failure to meet basic financial commitment.

He said some of the debtors  are also busy displaying their wealth with audacity believing that it will take long before anybody can touch them.

AMCON is owed over N4.5 trillion by debtors cut across oil and gas, manufacturing, insurance, among others with small loans- those from N100 million and below held by 10,046 debtors; medium loans from N100 million and N1 billion held by 1,998 debtors; large loans- between N1 billion and N10 billion held by 431 debtors and strategic loans- those over N10 billion are held by 62 debtors.

During the meeting, AMCON Managing Director, Ahmed Kuru, tabled the challenges experienced by AMCON in taking advantage of the special powers granted to it under the Amended Act, at the forefront of which is the need to fast track its cases. 

He emphasised that the provisions of the AMCON Act are sufficient to support its activities once their cases are put on the fast track as envisaged by the law.

While acknowledging the tremendous support the agency has been getting from the Judiciary and legislature, he said: “Distinguished Senators, to enable AMCON succeed in its national call to duty, the support which is required is now, more than ever, key to our success and the quick closure of our mandate in the National interest.”

Continuing, Sani promised that the Legislature would work hand in hand with the Judiciary by ensuring full compliance to the AMCON Act.

He said it was frustrating to the Senate as well as the Federal Government that some of these obligors that owe AMCON huge sums in debt still fly around in private jets and even approach both the Federal Government and other agencies of the government for business. 

A report from AMCON quoted Sani saying “This sort of impunity must stop in the interest of the country. The Senate would continue to work with both the Management of AMCON and the Judiciary to ensure that it leaves a legacy that would enable agencies of the Federal Government to deliver on their mandates without hitches that negatively affect the already challenged economy.”

Sani therefore appealed to the Judiciary to comply fully with the provisions of the AMCON Act, which has been crafted to effectively deal with these recalcitrant obligors within a reasonable time.

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