AMCON’s debt recovery efforts: EFCC wades in

In a bid to recover the debt owed to the Asset Management Corporation of Nigeria (AMCON), the Economic and Financial Crimes Commission (EFCC) has offered to assist.

While receiving a delegation from AMCON, led by its Chairman, Muiz Banire (SAN), and its Managing Director, Ahmed Kuru, who came on a familiarization visit to the EFCC Headquarters, Jabi, Abuja, the Acting Chairman of EFCC, Ibrahim Magu said the anti-graft agency would ensure that the monies owed are paid.

“We are ready to work with you, we will render assistance in terms of enforcement, in order to recover these loans, because they are affecting the economy of the country from flourishing.”

Magu further called for collaboration and a re-evaluation of the modus operandi of the Corporation.

He said, “In order to recover these loans, there is a need for inter-agency collaboration, going beyond the EFCC to the police, the court, Central Bank of Nigeria, and NDIC because there is a need for AMCON to re-strategise and block loopholes.”

As AMCON intensifies effort to recover the debts, Hon. Justice B.F.M. Nyako of the Federal High Court, ordered the Corporation to take over two steel companies – Bao Yao Futurlex Iron & Steel Company Limited in the Federal Capital Territory, and Bao Yao Huan Jian Iron & Steel in Calabar, the Cross River State capital.

More take-overs in line: It would be recalled that the Vice President of the Federal Republic of Nigeria, Prof. Yemi Osinbajo, the Chairman of AMCON Board, Dr Muiz Banire (SAN) and the Managing Director/Chief Executive Officer, AMCON, Ahmed Lawan Kuru have repeatedly reiterated the fact that AMCON would collaborate with relevant government agencies in the country to intensify its chase on recalcitrant obligors of the Corporation over a debt profile of over N5 trillion.

Expectedly, AMCON has continued to sustain its desire to recover the debt. It actually began last year when the agency strategically refocused its recovery activities to more of enforcement.



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