AMCON DEBTORS PAY UP WHOPPING N681bn

 AMCON DEBTORS PAY UP WHOPPING N681bn

AMCON DEBTORS PAY UP WHOPPING N681bn

Amcon debtors has paid up a whopping sum of N681 billion the managing director/chief executive officer, Asset Management Corporation of Nigeria (AMCON), Mr. Ahmed Kuru has  disclosed. The organization  has recovered over N681.5billion in the last six years in the form of cash, properties and shares from debtors.

He also confirmed that most of these recoveries were made possible through court resolution settlements or outright judgment, adding that AMCON presently has at least N1.7trillion worth of assets under litigation across the federation, which he also echoed seriously underscored the need for an effective resolution mechanism through the courts.

Kuru, yesterday at a meeting of Federal High Court Judges, at the National Judicial Institute (NJI) in Abuja, said AMCON recognized that the judiciary are the greatest and most important stakeholder in the pursuit of its statutory mandate, which was why AMCON would continue to seek the support, association and collaboration of the judiciary all through its existence.

 

According to him, “We understand the important role of the judiciary play, which is why we always seek for opportunities like this to  share some of our unique experiences towards ensuring that justice is done in all of our cases based on a thorough understanding of the unique regime under which AMCON was established in 2010,”Kuru affirmed.

At the event, the Administrator of the NJI, Hon. Justice R.P.I Bozimo, reaffirmed the importance of the judiciary and all stakeholders in the financial industry to support the activities of AMCON and its debt recovery measures put in place to help make vibrant again the Nation’s economy and its ability to correct the economic flaws of the past, which led to the establishment of AMCON.

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Justice Bozimo, said the call had become necessary because of the critical but difficult role assigned to AMCON to recover huge debts as mandated by its establishment Act. The theme of the conference is “The AMCON Regime: A Paradigm Shift in Debt Recovery”, as reported by Leadership news

She hinted that it was based on the importance of the Chief Justice of Nigeria, Hon. Justice Walter Samuel Nkanu Onnoghen, attached to AMCON as an integral component of the financial safety net system, that made him to graciously grant approval of the interaction.

Concluding, Justice Bozime said acknowledging Nigeria’s critical economic status; acquiring the intellectual competence of promoting the financial system stability and ring fencing the integrity of the macro-economy from fragmentation, must be encouraged and supported especially by our Justices and Honorable Justices of the Appellate courts.

Finally she said, “My Lords, the relevant mechanisms and approaches inherent in complementing AMCON judicial and judiciously to accomplish its primary mandate in the area of liquidity support, assumption of troubled loans and compliments to businesses, should be encouraged and supported by all stakeholders.”

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