Senate Directive: AMCON Debtors’ List For Possible Publication In January

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Names of individuals, institutions as well as their Directors on the Asset Management Corporation of Nigeria’s (AMCON’s) Non-Performing Loans (NPLs) portfolio will soon be published in national newspapers.

AMCON which made this known in a statement issued on Monday by Mr. Jude Nwauzo, Corporation’s spokesman, said the move was in respect of the call by Senator Uba Sani (Kaduna Central), Chairman Senate Committee on Banking, Insurance and other Financial Institutions, last week directing it to publish again, the names of all debtors including prominent Nigerians who are frustrating the effort of AMCON at fulfilling its debt recovery mandate.

But as a responsible corporate citizen, the statement offered, the Management of AMCON led by Ahmed Lawan Kuru, as MD/CEO might have given the debtors thirty days, beginning from December 6, 2021, to January 5, 2021, to come forward with a repayment proposal or risk the embarrassment of having their names in the media spaces as recalcitrant debtors as directed by the 9th National Assembly of the Federal Republic of Nigeria.

AMCON, it will be recalled, is saddled with the statutory responsibility of recovering all troubled debts owed the Corporation through the purchase of Eligible Bank Assets (EBAs) from Eligible Financial Institutions (EFIs) during the different phases of EBA purchases when the Federal Government established AMCON in 2010.

States the AMCON Act Section 50B. (1) as amended: “Notwithstanding any rule or contractual obligation as to confidentiality, the Corporation may publish, in the national daily newspapers, a list of debtors that have failed to meet their debt or other repayment obligation to the Corporation in connection with any Eligible Bank Asset acquired by the Corporation…”

Only recently, the AMCON CEO told both the Federal House of Representatives and the Senate that the non-performing loan portfolio of AMCON is currently N4.4trillion, with about 83 per cent of the debt owed by just 350 debtors.

AMCON will not be blamed having taken the pain to warn the debtors ahead of the planned publication. AMCON Head of Corporate Communications Jude Nwauzor said the Corporation will have no choice than to carry out the directive of the National Assembly and therefore

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