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AMCON tasks receivers on recovery of N5trn debt

Managing Director/ Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru, at the weekend reiterated that if at sunset, the corporation is unable to recover its outstanding huge debt of over N5 trillion, the debt burden would automatically become the debt of the Federal Government of Nigeria for which taxpayers’ monies will be used to settle in the long run.

 

Kuru, who spoke at the first seminar for AMCON Receivers/Receiver Managers in general enforcement, held in Abuja, said the implication of such failure would be that the Nigerian public will be made to pay for the recklessness of only a few individuals who have continued to take advantage of the loopholes in the country’s laws to escape their moral and legal obligations to repay their debts.

 

The AMCON Chief Executive, who was represented at the event by Mr. Aliyu Kalgo, AMCON’s Group Head, Resolution Strategy, called on all partners, especially in the receivership business, not to allow a few individuals to escape with the commonwealth of all Nigerians.

 

He, however, cautioned that whatever step AMCON Receivers intend to take in carrying out their duties must be in strict compliance and within the confines of the law.

 

Kuru, who underscored the key role of AMCON Receivers in the debt recovery drive of the government agency, said: “…We reiterate, our Receivers are very key to the success of AMCON.

 

In order to streamline the functions of our Receivers and make them more effective and accountable, we have developed a new Receivership Framework, which will, henceforth, govern our relationship in terms of management of the assets and accountability.

 

“We have had course to disengage some of our Receiver Managers due to non-performance. We did that because assets are being abandoned without cause or plan to come out of the debt. And at times, Receiver Managers are confused about their responsibilities.

 

“Therefore, I urge the participants to partake actively in this interactive session and share some of their experiences with one another so that we can all succeed in our collective efforts to recover the over N5 trillion from these recalcitrant debtors, which is a national assignment.”

Speaking in the same vein, Dr. Francis Agbu (SAN), the Senior Partner, Lexavier Partners and Mr.  Alheri Nyako, the Chief Executive Officer of Alheri Legal and Allied Services Consulting and a former Board Secretary/Director Legal at the Nigeria Deposit Insurance Corporation (NDIC) took turns to amplify the position of the AMCON CEO as well as the many possibilities the corporation can leverage to hasten recovery of its debts.

 

Agbu, who was represented by Mr. Mohammad Sani Umar, described receivership as the most effective debt recovery tool within the current insolvency/ debt recovery regime.

 

He said: “Receivership, as a debt recovery strategy, is arguably the most effective debt recovery tool within our current insolvency/ debt recovery regime. This is primarily because of the control, which it gives to the debenture holder/creditor over the assets, or the assets and business of the debtor company.”

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