Debtors Get Jan 5 Deadline From AMCON

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The Asset Management Corporation of Nigeria (AMCON) has given debtors owing it N4.4 trillion to submit their debt repayment plan between December 6, 2021 and January 5, 2022.

In a statement on Tuesday, AMCON said debtors that failed to bring their debt repayment plan will have their names published in national dailies.

The AMCON Act Section 50B. (1) as amended states that, “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…”

AMCON said it has concluded arrangements to publish the full list of the names of individuals, institutions as well as their Directors on its Non-Performing Loans (NPLs) portfolio in national newspapers.

“This followed Chairman Senate Committee on Banking, Insurance and other Financial Institutions, Senator Uba Sani (Kaduna Central) directive to the AMCON to publish again, the names of all debtors including prominent Nigerians who are frustrating the effort of AMCON at fulfilling its debt recovery mandate,” the statement said.

“The Management of AMCON led by Ahmed Lawan Kuru, as MD/CEO asked the debtors to come forward with a repayment proposal or risk the embarrassment of having their names in the media spaces as recalcitrant debtors as directed by the 9th National Assembly of the Federal Republic of Nigeria”.

AMCON added that about 83 per cent of the debts are owed by 350 debtors.

About Author

Oputah David is a Mass Communication graduate with a master's degree in Organisational Behaviour and another in Mass Communication. He is also a Bloomberg trained Financial journalist with an interest in markets and the economy. He can be reached via – [email protected]

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