Ahmed Kuru, managing director and chief executive officer (CEO) of Asset Management Corporation of Nigeria (AMCON), has urged stakeholders to be diligent in the recovery of debts valued at N4 trillion.
Kuru spoke over the weekend at an engagement with AMCON external solicitors, receivers as well as asset management partners (AMPs) in Lagos.
He said the engagement with stakeholders was very important, and strategic to the recovery efforts of AMCON, as the corporation was not set up to operate in perpetuity.
Kuru, who was represented by Benedict Daminabo, group head, asset management directorate, AMCON, said if the corporation is unable to recover the huge debt, which stands at over N4 trillion, it becomes the debt of the federal government with accompanying significant implications on the taxpayers’ monies.
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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 the entire Nigeria judiciary as well as receivers, and AMP “that have become major tools”.
“Considering that the corporation has begun to put measures in place for an 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,” Kuru said.
“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.
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“It is pertinent to mention that we have had courses 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, we hope that our external solicitors and receivers, and AMPs would keep the ongoing momentum to achieve more recovery milestones.
“However, we are greatly concerned about the frequency of adjournment of our matters which, on several occasions, is as a result of the 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 have 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.”
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Kuru urged the stakeholders to adhere to the sanctity of contracts and treat matters “with the utmost professionalism, diligence, commitment, and duty of care”.
AMCON was set up by the act of the national assembly of Nigeria in July 2010 with a lifespan of 10 years.
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