Senate panel: Powerful Nigerians frustrating AMCON’s efforts to recover N4.4trn loans

The senate committee on banking, insurance and other financial institutions says some prominent Nigerians are frustrating the recovery efforts of Asset Management Corporation of Nigeria (AMCON). 

The committee decried the negligence of prominent Nigerians to recover N4.4 trillion owed the organisation.

Uba Sani, chairman of the senate committee, said this at stakeholders symposium on “Consolidating the effectiveness of the asset recovery model adopted by AMCON” held on Friday at Zuma rock resort, Niger State.

According to Sani, the journey has not always been smooth for AMCON, stating that the organisation has been at the receiving end of well-laid and orchestrated acts of economic sabotage.

“From the N4.4 trillion we are trying to recover, about 350 people in this country are responsible. This is about 83 per cent of the debt,” he said.

“This is very worrisome. This means that powerful Nigerians are the ones not willing to pay these loans. They have been employing different strategies and tactics to stall the repayment of loans running into trillions of Naira.

“A lot of highly placed Nigerians are not willing to support AMCON because most of those people are the ones that have taken this money from the banks, and of course, you know the government came in to set up Amcon to safe banks from getting down.

“But unfortunately, from what is happening, AMCON is finding it very difficult because those people are highly placed Nigerians, they try to frustrate AMCON’s effort through the judiciary, and that is what we are looking.”

Sani also assured the agency that his committee with other relevant committees of the senate would do everything within their power to assist AMCON in recovering the N4.4 trillion owed to the company.

“It is taxpayers money which the government used to bail out banks; of course, to try to support the financial sector not to go down,” he added.

“Unfortunately, they are facing a lot of frustration. We will do our best in the interest of our country and protecting the economy of this country and to support AMCON to succeed.”

Ahmed Lawan Kuru, managing director AMCON, during his speech, commended President Muhammadu Buhari for passing AMCON 2021 Amendment Bill into law, adding that it would enhance the corporation’s recovery powers in many aspects.

Kuru said: “the corporation has so far recovered over N1.4 trillion, which comprised of; cash N665 billion, property forfeiture N278 billion, disposed of assets N141 billion, share forfeiture N139 billion and other strategic assets N207 billion.”

He further said that the judiciary must be encouraged to respect the provisions of the law that required them to fast track cases before them and issue a certificate of judgement on property.