Minister To AMCON: Use Powers In Amended Act To Recover N5tr Debt

•Inter-Agency Cmttee To Include Banks, Loan Beneficiaries In Dragnet
•BPP To Bar AMCON Debtors From Govt Contracts

Minister of Finance, Budget and Planning, Mrs. Zainab Shamsuna Ahmed, on Friday, challenged the Ahmed Kuru-led management of the Asset Management Corporation of Nigeria (AMCON) utilize the powers in its enabling Act, as amended, to recover the huge debt owed the corporation by a few individuals and organisations in the country.
Speaking in Abuja at the weekend during the quarterly briefing of the Ministry of Finance, attended by agencies under the supervision of her Ministry, she commended AMCON for its efforts, she said a lot is expected more from the corporation, especially now that President Muhammadu Buhari has signed the amended 2019 AMCON Act into law, giving it additional powers to deal with the obligors.
“AMCON must ensure that the debts are recovered before the sunset, which is around the corner. If AMCON at sunset AMCON fails to recover the huge bad loans, the debt will become a government problem, which the government is not willing to carry.”
Consequently, the Minister said everything must be done to ensure that AMCON recovers the debt from the obligors, given the huge positive impact of such on the economy.
She urged all agencies under the ministry’s supervision to always remember the 11 priority areas of the Muhammadu Buhari administration in the discharge of their duties. The quarterly meeting, according to her, has become critical as it creates the enabling platform for sister agencies of government to cross-fertilize ideas for improved collaboration and delivery.
This is just as the Director-General, Bureau of Public Procurement (BPP), Mamman Ahmadu, declared willingness to collaborate with AMCON in its debt recovery efforts, thereby liberating the economy and improving the common good of the citizenry.
He assured that the bureau has intensified its due diligence process and will ensure that those seeking contracts from the government are scrutinized to establish the fact that they are not on the list of AMCON debtors before contracts are awarded.
In a related development, Prof. Bolaji Owasanoye, the Chairman of Independent Corrupt Practices and Other Related Offences Commission (ICPC) who also chairs the Inter-Agency Presidential Committee set up by the Vice President to recover AMCON debt has joined his voice in rallying sister agencies of government to ensure that they tighten the noose on AMCON obligors, which he said will pressure them to repay the debt before sunset.
According to him, the Inter-Agency Presidential Committee, which includes the Economic and Financial Crimes Commission (EFCC); the Nigeria Financial Intelligence Unit (NFIU); Nigeria Deposit Insurance Corporation (NDIC); Central Bank of Nigeria (CBN); Ministry of Justice; ICPC and AMCON has concluded plans to expand the dragnet of the debtors by looking at those who facilitated the loans on the side of the banks and those who benefited from the proceeds.
Dr. Eberechukwu Uneze, an Executive Director at AMCON who represented the AMCON boss at the quarterly meeting reassured the Minister of the commitment of the management and staff of the corporation to deliver on the mandate in line with the expectations of the federal government. He also said the Corporation has made remarkable progress working with the Inter-Agency Committee set up by the Presidency to enable AMCON to recover the over N5tr debt burden; just as AMCON is in partnership with over 228 Asset Management Partners (AMPs) to hasten recovery activities.

Photo caption: From left, Dr. Eberechukwu Uneze, Executive Director, Asset Management Corporation of Nigeria (AMCON), represented the MD/CEO, Ahmed Kuru, making his presentation during the briefing of agencies under the supervision of the Ministry of Finance, Budget, and National Planning.

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