We have over N1.7trn worth of assets in litigation, says AMCON

Ahmed Kuru, managing director and chief executive officer (CEO) of the Assets Management Company of Nigeria (AMCON), says the company has over N1.7 trillion worth of assets locked up in litigation.

Speaking at a one-day conference at the Ceremonial Hall of the Appeal Court in Abuja, Kuru said the refusal and arrogance of top AMCON obligors had become a source of concern, consequently compelling AMCON to perpetually depend on the judiciary for meaningful recoveries.

He said AMCON was dealing with obligors who possess the financial muscle to engage it from court to court in their plot to buy time because AMCON has sunset clause and evade repayment, which sabotages the effort of the federal government to pull the Nigerian economy out of its present position.

Kuru said his worries stem from the fact that the current management of AMCON under his leadership has at least N1.7 trillion worth of assets in litigation and counting.

He added that it would require the extraordinary commitment of the judiciary for AMCON to achieve timely resolution of these cases and meet its mandate.

He appreciated Zainab Bulkachuwa, the appeal court president, whom he said had been supportive of the AMCON mandate by issuing a special Practice Direction in 2014 to expedite all appeals under the AMCON Act.

Bulkachuwa, on the other hand, said that the judiciary has all it takes to help the present administration turn the economy with proper understanding of the concept and operations of the AMCON and the instrument establishing it.

She told the justices, that it is “essential to gain a proper understanding of the concept and operations of AMCON and the instrument establishing it. Hence, the imperative of constant discourse to ensure that the courts not only act but also have knowledge and resources to act cannot be over-emphasised”.

The conference, which was themed ‘Effective, Efficient and Expedient Discharge of Institutional Mandate’, had justices from the different divisions of the court from across the country.