AMCON; No More Sacred Cows For Debtors In Nigeria.
By Abubakar Yusuf
The die is now cast for debtors of Nigeria’s financial institutions whose adamance for over one decade to AMCON over repayments after it took oversees Eligible Bank Assets(EBA) in Nigeria running into trillions .
Having sanitised the Banking sector by the current Management of Asset Management Corporation of Nigeria AMCON through strict compliance to due diligence,the task of recovering the huge exposure from both individuals,public and private organisations became uphill,even with the determination of the current handlers, with debtors application of all sorts of delay.
This ugly developement had stocked near national budget of Nigeria running into over 4 Trillions in the hands of recalcitrant debtors, whose stock in trade is to either outright refusal to pay,using all available civil and crude applications.
It took alot of courage for AMCON Management to confront these sworn Nigeria debtors at the risk of their lives,as on several occasions officials on recovery drive are exposed to so many dangers.
Aside frustrations and confrontations from debtors,their accomplices and hirelings,the Management hitherto was not encouraged by the delay of both the legal and subtle interferences from the other arms of government.
But, soon after the amedment to it’s act and the signing into law by President Muhammadu Buhari few weeks ago,it is now obvious that the assertions of AMCON as a robust institution of government, will lead to full realisation of it’s set objectives and establishment of AMCON after a decade, and now under the leadership of Ahmed Lawan Kuru as the Managing Director and Chief Executive Officer.
The challenges of AMCON at recovery of Non Perfoming Loans (NPL’s) since it’s inception acquired by customers through Eligible Financial Institutions (EFI’s), is now more simplified with the new law.
With it’s efforts at recovery of series of exposures to both private and public institutions which included state governments,political office holders,private entities and subsequent taking over of properties through court pronouncements,Nigeria will be relieved of economic saboteurs both in and out of government.
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The recent court pronouncements on the taking over of assets of Jimoh Ibrahim,Benue State government, Adamawa State,and many others awaiting adjudication readily comes to mind, with the current amedment by the National Assembly,and assented to by President Muhammadu Buhari.
By implications of the new law guiding the activities of AMCON,the special court and power to take over, dispose and convert assets of chronic debtors will not only guarantee a debtor free nation,but an opportunity to rejig the economy through a robust Banking system.
With the recovery of 4 Trillion from chronic debtors in 2022 and pluck back to the economy,alot of prospects awaits Nigerians after the all important recovery assignment.
With the three arms of government, Legislature, Executive and Judiciary now on course of recovery of Nigeria’s stolen wealth through borrowings,it is now a question of time for the country’s social economic development to bounce back.
AMCON in line with the directives of the lawmakers,who had oversight functions on it’s activities had issued a notice to the high profile debtors numbering about 350 to embrace repayment plans or exposed to Nigerians and the world through publication of names in the National dailies.
This opportunity given after the directives of the National Assembly is the most civilised way and soft landing to the obligors who had held Bank funds for obvious reasons.
A stitches in time ,saves nine,it is either the debtors tow the line of AMCON at repayment strategy or face the dire consequences of having their names and companies exposed to the world and subsequently blacklisted in all ramifications.
It is a thing of worry for as few as 350 debtors held over 200 Million Nigerians to ransom in the last one decade,owing a quantum 4.4 Trillions with the chunk owed by just 350 Nigerians,this is highly unpatriotic, uncivilized, unacceptable,and dearth of economic opportunities to Nigeria.
AMCON’s initiatives and strides is commendable and selfless,with it’s determination not minding it’s frustration at recovery overtime.
It will be better for Nigeria’s debtors to commence the process of repayment or outright payments of their exposures,so as to ensure a good country we will all be proud of.
Abubakar Yusuf Writes From Abuja.
