Justice Mojisola Olatoregun of the Federal High Court, Lagos Division, at the weekend urged the Asset Management Corporation of Nigeria (AMCON) to adopt a new strategy of partnering sister agencies of government to stop its debtors from gaining access to political positions or aspiring to a leadership position.
Olatoregun who spoke during a one-day seminar for External Solicitors and Asset Management Partners (AMPs) of the corporation, said following the signing of the Asset Management Corporation of Nigeria (AMCON) (Amendment) Act 2019 into law by President Muhammadu Buhari, it was now the right time to produce a comprehensive database. This list of obligors, he advised, should be made available to such agencies as the Independent National Electoral Commission (INEC); Independent Corrupt Practices Commission (ICPC); Economic and Financial Crimes Commission (EFCC); Department of State Security (DSS); and Nigerian Police among other.
Under such as situation, according to the jurist, who was chairman at the seminar, when election is approaching, lawyers can approach the court and obtain orders stopping such obligor candidates from seeking votes from Nigerians.
According to her, lawyers must understand that the over N5tr owed AMCON belongs to all Nigerians including the lawyers, which is why recovering the outstanding debt will have huge positive impact on the development of the economy of the Federal Republic of Nigeria.
She expressed sadness that the Nigerian society has continued to allow AMCON debtors and people who cannot honour simple obligations contest elections and on most occasions win and eventually occupy exalted offices in the country.
“It is in our constitution that people of questionable characters and criminals should not contest elections but we are yet to see confident lawyers that can come out and challenge this people beyond reasonable doubt that they are not eligible to stand for elections as a result of their heavy indebtedness,” she stressed.
The AMCON Act 2019, as amended, she reminded her audience, has literally opened new doors, which smart lawyers can explore to help AMCON and indeed Nigeria recover these huge debts.
Speaking earlier, Managing Director/Chief Executive Officer of AMCON, Ahmed Lawan Kuru, lamented that the huge outstanding debt will eventually become a burden to the Federal Government if, at sunset of the corporation, it failed to recover.
He said the interaction was very important to AMCON because, besides being a regular interaction, which produces positive result in the quest to recover AMCON’s debt, the seminar was the first since the amendment of the Act by the National Assembly, which has been signed into law by President Muhammadu Buhari.
The AMCON boss also acknowledged that the amended act has provided additional powers to an already strong Act of AMCON, recalling that the process of passing the amendment was challenging, expressing gratitude to the National Assembly and President Muhammadu Buhari for “putting the issue to rest and making the AMCON (Amendment No. 2) Act, 2019 a thing of the past.”
Kuru explained that it was not unusual to periodically amend the law that governs activities of organizations such as AMCON, to deal with obligors that constantly try to avoid, circumvent and totally deny commitments and obligations. However, the amendment according to him can only be effective to the extent that solicitors of AMCON understand the Act and thereafter utilize the far-reaching powers that have been vested in the Corporation.
For him, “even prior to the amendment, not all the provisions of the Act were effectively utilized. From our interaction with the judiciary, some judges are not very impressed with the approach of solicitors to the application of the unique provisions of the AMCON Act. In some instances, judges have had to direct lawyers to relevant provisions of the Act. It is said that some lawyers are not at home with the provisions of the Act, particularly the AMCON special powers provided in the law.”
“The AMCON (Amendment) Act, 2019 is very robust, and we urge you to take advantage of the provisions to safeguard our collective public interest. That should be taken together with the 2010 Act and the 2015 amendment. It is important that we express our determination to recover the over N5.4trillion debt giving its implication on the economy. We should not allow a few individuals to escape with our commonwealth. And we want to do it within the confines of the law.”
Kuru, therefore, urged legal practitioners in the country, especially those handling AMCON related cases, to test the full strength of the amended Act, especially in the face of hard fighting obligors of AMCON in the overall interest of the economy and development of the country.

Photo Caption
From left, Managing Director/Chief Executive of AMCON, Ahmed Lawan Kuru; Justice C.M.A. Olatoregun of the Federal High Court and Dr. Francis Chuka Agbu , Lead partner at Lexavier Partners at the one day seminar for AMCON External Solicitors and Asset Management Partners (AMPs) of AMCON at Eko Hotels, Lagos….at the weekend.