AMCON REPORTS 1,000 CHRONIC DEBTORS OWING N3.96TN TO NATIONAL ASSEMBLY FOR HOLDING NIGERIA TO RANSOM

The Asset Management Corporation of Nigeria said on Friday that it had submitted a list of its top 1.000 debtors to the National Assembly as part of the strategy to intensify its debt recovery drive.

AMCON put the total current exposure on all eligible bank assets at N4.4tn, saying the market values of the assets had significantly reduced below the valuation at the point of purchase due to the socio-economic downturn, making it extremely difficult to consummate sales transactions.

It said in a statement the list of the "recalcitrant obligors" was submitted to the members of the House of Representatives Committee on Banking and Currency at a retreat of the committee in Lagos.

The 1,000 debtors were responsible for 90 per cent of the total debt of N4.4tn, translating to N3.9tn, Punch reported Saturday citing a "top source."

"The 1,000 debtors are those responsible for the big ticket debts," the source reportedly said.

"Many prominent Nigerians across different sectors of the economy are on the list. These people and then companies are responsible for 90 per cent of the total current exposure on all eligible bank assets put at N4.4tn."

The source added that if AMCON was able to recover the debts owed by the 1,000 top debtors, the story would be different from what it was currently.

President Muhammadu Buhari had on Thursday signed into law the Asset Management Corporation of Nigeria (Amendment) Act, amending the AMCON Act No.4, 2010."

The Chairman of the House of Representatives Committee on Banking and Currency, Mr Victor Nwokolo, who received the list from the Managing Director/Chief Executive Officer of the corporation, Mr Ahmed Kuru, was quoted as saying that the committee called for the list so that the National Assembly wroald knowa "those holding the country to ransom."