The Asset Management firm of Nigeria announced that 350 of its top creditors owe the firm N3.95 trillion.
According to The Nation, the Managing Director, Ahmed Kuru made this statement as he claimed that the judiciary’s assistance was necessary for the debt recovery, which came in the form of cash and asset sales. He was speaking at the annual training for senior judicial officers in London.
When he broke down the asset profile of AMCON, he claimed that N1.6 trillion had been recovered in the company’s more than ten years of existence out of a total portfolio of N4.664 trillion.
With 350 creditors accounting for N3.957 trillion, or more than 84 percent of the entire sum outstanding, he claimed that the firm still has a long way to go.
Kuru said that the Judiciary had also backed the corporation’s efforts to make debtors comply with court orders.
He said that the issuance of ex-parte rulings and orders to attach tracked assets had forced the majority of AMCON’s resistant creditors to engage in negotiations.
Kuru revealed that AMCON is battling with particularly resistant debtors who have mastered the act of clinging to the technicalities rather than paying their established responsibilities, much as Nigeria is struggling with a heavy debt load.
Nevertheless, he continued by saying that the corporation has learned from experience that certain obstinate debtors have discovered new ways to work together with a third party who would pose as the owner of the located assets and apply for the Order of Court to be set aside.
“We cannot emphasize enough how crucial the judiciary is to national development; as a result, Your Lordships continue to be essential to the success of AMCON. Numerous cases are still pending with the various judicial divisions.
“These issues are crucial to the Corporation’s performance, especially given that we are aware that failure to address them would result in a burden on our nation’s debt load and taxpayer funds.
“Despite the progress made, with Your Lordship’s amazing support, we continue to fiercely struggle with our debt recovery efforts. Given our unique situation, it is quite challenging,” he stated.
The Chief Judge of the Federal High Court, Justice John T. Tsoho, stated that AMCON and the Nigerian Financial Intelligence Unit play a strategic role in the economy.
