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AMCON to publish debtors’ list in January

The Asset Management Corporation of Nigeria (AMCON) has concluded arrangements to publish the full list of individuals, institutions as well as their directors on its Non-Performing Loans (NPLs) portfolio in national newspapers, New Telegraph learnt yesterday.

 

Last week, the Chairman, Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani, directed AMCON to again publish the names of all debtors, including prominent Nigerians, who are frustrating the corporation’s efforts recover the N4.4 trillion owed it.

 

In an advertorial it placed in a national newspaper yesterday, the management of AMCON announced that it had given the debtors 30 days  beginning from December 6, 2021, to January 5, 2021, to come forward with a repayment proposal or it will have no choice but to publish the names of all the debtors in different newspapers, “except for those with justifiable resolution plan agreed with the Corporation.”

Only recently, the MD/ CEO, AMCON, Ahmed Kuru, told both the 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 Head of Corporate Communications, Jude Nwauzor, said that having taken the pain to warn the debtors ahead of the planned publication, the Corporation should not be blamed when it carries out the directive of the National Assembly.

 

He noted that AMCON was 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.

 

Specifically, he cited the AMCON Act Section 50B. (1) as amended, which states: “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…”

 

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