Sunday, January 16

Prominent Nigerians frustrating N4.4 trillion AMCON debt recovery – Senator Sani

High net worth Nigerians are frustrating debt recovery operations of the Asset Management Corporation of Nigeria (AMCON) valued at N4.4 trillion.

This claim was made by Senator Uba Sani, Chairman, Senate Committee on Banking, Insurance and other Financial Institutions at a stakeholders symposium on “Consolidating the effectiveness of the asset recovery model adopted by AMCON” held on Friday at Zuma Rock Resort Niger State.

He stated that 350 people were responsible for 83% of the debt AMCON is trying to recover.

What the senator said

Senator Sani said, “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.

“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 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 the company.

“Unfortunately, they are facing a lot 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,” Sani said.

Managing Director AMCON, Alhaji Ahmed Lawan while commending President Muhammadu said that the corporation has so far recovered over N1.4 trillion, which comprised of; cash N665 billion, property forfeiture N278 billion, disposed assets N141 billion, share forfeiture N139 billion and other strategic assets N207 billion.

Recall Nairametrics reported in October that The Assets Management Corporation of Nigeria (AMCON) revealed it recovered the sum of N1,667,582,605.04 through the Economic and Financial Crimes Commission (EFCC) between 2017 and July 5, 2021.