AMCON to recover over N5 trillion debt with judicial intervention

The Asset Management Corporation of Nigeria (AMCON) is set to seek judicial intervention to recover over N5 trillion debt in the hands of few Nigerians.

Managing Director/Chief Executive Officer of AMCON, Mr. Ahmed Kuru, explained that aside from collaborating with the likes of the Economic and Financial Crimes Commission (EFCC); Independent Corrupt Practices and Other Related Offences Commission (ICPC);

Nigerian Financial Intelligence Unit (NFIU); Nigerian Deposit Insurance Corporation (NDIC), the Central Bank of Nigeria (CBN), the agency would extend hand of fellowship to the judiciary whom he said must strongly support AMCON to achieve the recovery expectations of the federal government.

He said, “The new Act has expanded the definition of the obligors of AMCON to include the directors meaning that AMCON would more than ever before need the support of the judiciary especially the federal High Court, which is AMCON’s court of first instance and most importantly, the Court of Appeal if the Corporation stands the chance of recovering the over N5.4trillion owed it by obligors before the sunset.

The  amendment has further empowered AMCON to the extent that unlike what obtained before, in the case of an appeal against the final judgement, the appellant or obligor must now deposit the judgement sum in an interest-yielding account of the court while in the case of interlocutory appeal, the appellant or obligor will also have to deposit the total sum claimed by AMCON in an interest yielding account of the court.”

Kuru added that the act has also granted permission to place bank account of debtors or the like under surveillance by ex-parte order of the Federal High Court; access debtor’s computer systems for the purpose of locating debtor’s funds by ex-parte order of the Federal High Court.

He also hinted that the act has now empowered AMCON to demand from selling Eligible Financial Institutions (EFIs), their directors or officers, delivery of information, books, accounts, records and documents in relation to acquired Eligible Bank Assets (EBAs) as well as impose fines for failure on compliance.

In the same breadth, the amended act, Kuru added, subject to Land Use Act and Section 36 expressly vests legal title to acquired EBAs and in collateral (tangible and intangible) securing such acquired EBA, and vesting power of sale, possession, management, etc., in AMCON to exclusion of all other creditors notwithstanding that only equitable security exists in such collateral, just to mention a few.



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