AMCON to recover over N5 trillion debt

Asset Management Corporation of Nigeria (AMCON) is set to seek judicial intervention to recover over N5 trillion debt in the hands of few Nigerians.  

Managing Director/Chief Executive Officer of AMCON, Mr. Ahmed Kuru, explained that aside from collaborating with the likes of the Economic and Financial Crimes Commission (EFCC); Independent Corrupt Practices and Other Related Offences Commission (ICPC); Nigerian Financial Intelligence Unit (NFIU); Nigerian Deposit Insurance Corporation (NDIC), the Central Bank of Nigeria (CBN), the agency would extend hand of fellowship to the judiciary whom he said must strongly support AMCON to achieve the recovery expectations of the federal government.  

“The new Act has expanded the definition of the obligors of AMCON to include the directors meaning that AMCON would more than ever before need the support of the judiciary especially the federal High Court, which is AMCON’s court of first instance and most importantly, the Court of Appeal if the Corporation stands the chance of recovering the over N5.4trillion owed it by obligors before the sunset.  

The  amendment has further empowered AMCON to the extent that unlike what obtained before, in the case of an appeal against the final judgement, the appellant or obligor must now deposit the judgement sum in an interest-yielding account of the court while in the case of interlocutory appeal, the appellant or obligor will also have to deposit the total sum claimed by AMCON in an interest yielding account of the court.”

 

Kuru said that the act has also granted permission to place bank account of debtors or the like under surveillance by ex-parte order of the Federal High Court; access debtor’s computer systems for the purpose of locating debtor’s funds by ex-parte order of the Federal High Court.