AMCON to release list of debtors in July, says 5,000 have gone into hiding

June 2, 2018 11:22 am

Ahmed Kuru, managing director of the Asset Management Corporation of Nigeria (AMCON), says it will release the list of all the debtors in July.

While addressing journalists on Friday, Kuru said 5,000 debtors have gone into hiding.

He said the corporation has already engaged the services of lawyers and asset tracers to go after them.

“Some of them have decided to change their addresses, and there was even an instance where someone’s house, was number 19, he legally removed it to plot 2015. If we looked for him, we will not find him, because he has changed his address,” he said.

“One basic information that is required is the address because when you are going to recover money, the first thing is: what is the person’s address? We bought 14,000 loans, and when you talk about 14,000 businesses and individuals, it is not a small number.

“In AMCON, we are less than 400 workers. So, it is not possible for 400 people to pursue 14,000 businesses; so we have given out more 7,000 of those accounts to the asset management partners.

“To borrow money is not criminal, most loans are taken from depositors’ money. It is simple logic, if you do not pay, banks need to collect their money for them to pay depositors. So, we must meet our obligations.”

Kuru said AMCON should cease to operate after its 10-year mandate expires in 2023.

“Frankly speaking, personally, I feel that by 2023, regardless of whatever is the situation, AMCON should wind down because if after operating for 10 years, in addition to two to five years when the facilities were in the commercial banks, you did not do anything, then there is nothing you can do by 2020. So, at that stage, I believe that what we should be able to do, if we have any outstanding collaterals that were not realized, I think, we have enough facilities in CBN and NDIC to take care of that.”

He said the corporation can not pay off staff of companies that have been taken over, he said the best it can do is support the business so it will be able to fulfill its obligations.