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Prominent Nigerians Delaying AMCON’s Debt Recovery Effort – Senator

AMCON Adopts New Debt Recovery Plan

Senator Uba Sani, Chairman, Senate Committee on Banking, Insurance and other Financial Institutions has revealed that prominent Nigerians were “frustrating” the effort of the Asset Management Corporation of Nigeria (AMCON) at recovering the N4.4 trillion owed the corporation.

He made this known at a stakeholders’ symposium on “Consolidating the effectiveness of the asset recovery model adopted by AMCON” held on Friday at Zuma Rock Resort Niger State.

According to Sani, the road has not always been smooth for AMCON saying that for a long time, AMCON has been at the receiving end of well-laid and orchestrated acts of economic sabotage.

“From the N4.4 trillion we are trying to recover, about 350 people in this country are responsible. This is about 83 percent of the debt.

“This is very worrisome. This means that powerful Nigerians are the ones not willing to pay these loans. They have been employing different strategies and tactics to stall the repayment of loans running into trillions of Naira.

“A lot of highly placed Nigerians are not willing to support AMCON because most of those people are the ones that have taken this money from the banks and of course you know the government came in to set up AMCON to safe banks from getting down.

“But unfortunately, from what is happening, AMCON is finding it very difficult because those people are highly placed Nigerians, they try to frustrate AMCON’s effort through the judiciary and that is what we are looking.”

Sani assured that his committee with other relevant committees of the senate would do everything within their power to assist AMCON in recovering the N4.4 trillion owed to the company.

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