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AMCON: We’ll recover N4.4trn debt

…denies locking up 344 female students in Enugu



Asset Management Corporation of Nigeria (AMCON), has disclosed that individuals and corporate bodies in Nigeria owe it over N4.4 trillion.


The Corporation said will, therefore, not relent in her efforts to recover the debts or collateral assets, especially when it is backed by court orders. Head Corporate Affairs, AMCON, Jude Nwauzor, made this known in Enugu at the weekend while briefing journalists on the Corporation’s recent encounter with the management of a secondary school in Enugu.


It would be recalled that the Corporation went to enforce a court order for acquisition of a property used as collateral for a N7.6 billion debt in Enugu.


Nwauzor said that should Nigeria recover her debts through AMCON, the country will not be borrowing to finance budget deficits and other obligations. Nwauzor dismissed the media reports that the Corporation invaded a female boarding school, Providence High School, Enugu to recover debt owed by the owner of the property.


He also denied that the Corporation locked up 344 students and staff of the school during the enforcement.


The AMCON spokesman said the Corporation was pursuing a debt of over N4.4 trillion within the period, pointing out that, if it recovers such money, Nigeria shall not be borrowing.


The spokesman, who explained what transpired at the premises of the girl school said they never locked the school for the fun of it but to take possession of the property in compliance to a valid court order. He continued: “AMCON got an order from a court to enforce the order.


The school is not in denial that AMCON would come to take possession of the property. “The bailiff had to enforce the court order on the school, by pasting the order and making inscription on the gate.


The gate was only temporarily locked to enable the bailiff to carry out his function and after that it was reopened. “It was a court order we obeyed. If anyone is not comfortable, he should go to court.”


Recall that following the avalanche of news reports that AMCON went to the female boarding school and locked in over 344 students and staff, which it claimed it later reopened for uninterrupted academic activities.


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