N5trn debt: FG may blacklist AMCON debtors

Motolani Oseni

Due to the high debt owed by some individuals and organisations, Vice President, Prof. Yemi Osinbajo has said the federal government will deal decisively with such debtors that made the list of high-profile obligors of Asset Management Corporation of Nigeria (AMCON).

Speaking at the weekend, he said debtors have made it impossible for the corporation to resolve its outstanding N5trillion debt thereby holding the entire nation to ransom with their bad behaviour.

Prof. Osinbajo who is the Chairman of the Economic Council also disclosed plans by the government to set up an inter-agency collaboration framework that would comprise relevant government Ministries, Departments and Agencies (MDAs) and supervised by the office of the Vice President to ensure that institutions and individuals that are indebted to AMCON are not allowed to do business with the government henceforth.

The Vice President who spoke when he received some Board members and Management of AMCON at the State House, Abuja led by the Board Chairman, Dr Muiz Banire, said the federal government under the leadership of President Muhammadu Buhari, will no longer fold its hands and allow a few individuals that owe AMCON huge sums of money walk freely on the streets in the country.

He said, “I think the time has come for us (Federal Government) to set some examples with some of these top debtors of AMCON, which I believe will set a good example and serve as a deterrent to others.”

Prof. Osinbajo who said he was impressed with the performance of the executive management of AMCON under the leadership of Ahmed Lawan Kuru for the recovery successes that have been achieved so far against all odds also promised that the federal government would give AMCON whatever support that is necessary to enable them go after the obligors that have remained recalcitrant despite the olive branch extended to them over the years by the recovery agency of the government.

He said, “I congratulate AMCON for the work it has done so far recovering over N1trillion and counting both in cash and in assets. The work you do as a recovery agency is not something that is particularly easy or encouraging because we all know how Nigeria works.

But we are committed to working more closely with your administration to ensure that these monies are recovered from AMCON obligors because it will help our economy and provide the government with more money to continue to improve on the development of infrastructure across the nation.”

Osinbajo said in the next couple of days, he would invite the AMCON team alongside other relevant MDAs to discuss and fine-tune plans on how to ensure that anybody or the agency that is a debtor to AMCON are completely made to face the wrath of the Federal Government as those who are indebted to the government are direct enemies of both the government and the people of Nigeria.

Earlier in his presentation, Banire who said AMCON’s visit to the Vice President was congratulate him and President Muhammadu Buhari on their recent victory at the polls also highlighted some of the challenges and frustrations faced by AMCON as a result of the attitudes of some debtors who behave as if they are above the law in the country.

While calling on the government to rally round AMCON if they indeed want the corporation to succeed Banire said, “AMCON has been able to recover over N1 trillion since inception to 2018-year-end.

Out of the recovered sum, cash accounted for 60per cent while non-cash assets such as properties and equity securities accounted for the balance of 40per cent. Over the same period, AMCON’s repayment of its indebtedness to the CBN was over N1 trillion.