Business

Taxpayers may bear burden of AMCON’s unrecovered N5trn debt’

The Managing Director/ Chief Executive Officer, Asset Management Corporation of Nigeria (AMCON), Mr Ahmed Kuru, has again emphasised that if at sunset the corporation is unable to recover the huge debt of over N5 trillion owed it by chronic debtors, the liability would be taken over by the Federal Government which will likely use taxpayers’ monies to settle it.

 

He stated this at the opening ceremony of the 2021 Federal High Court foreign training in Cairo, Egypt. Kuru, while commending the Chief Judge of the Federal High Court on the conference, said AMCON would continue to stress the important role the judiciary plays in national development, adding that “Quick, efficient and fair dispensation of justice is not only necessary but Godly.”

 

He said: “We have repeatedly made the point at every opportunity that all stakeholders must view the AMCON mandate as one of serious national importance.

 

If at sunset AMCON is unable to recover the huge debt of over N5trillion, it becomes the debt of the Federal Government of Nigeria for which taxpayers’ monies will be used to settle.

 

“The implication is that the public will be made to pay for the recklessness of only a few individuals who continue to take advantage of the loopholes in our laws to escape their moral and legal obligations to repay their debts. We should not allow a few individuals to escape with our commonwealth.

 

“And we want to do it within the confines of the law. We must encourage a society where people must be made to honour their obligation and should not find solace under any guise in any institution of government.”

In his remarks, the Nigerian Ambassador to Egypt, Nura Abba Rimi, called for total reforms in the judicial system in Nigeria, which he said would provide the much-needed reassurance to investors that are ready and willing to come to Nigeria.

 

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