AMCON moves to recover N4.4tr debt | Dailytrust

AMCON moves to recover N4.4tr debt

Asset Management Corporation of Nigeria (AMCON)
Asset Management Corporation of Nigeria (AMCON)

The Asset Management Corporation of Nigeria (AMCON) has said it is moving fast to recover the N4.4 trillion debt that is owed by failed financial institutions, which AMCON took over as liabilities.

The Head, Corporate Communications Department of AMCON, Mr. Jude Nwauzor said this on Thursday in Enugu in a briefing towards enforcement action on a debtor property in Enugu used as collateral in a failed bank loan.

He said if AMCON recovers the N4.4tr, Nigeria would not have any need to borrow to develop infrastructure.

“If we can recover the whooping N4.4 trillion within the time frame; we will not be borrowing for our infrastructural developmental needs.”

He also said AMCON got “a valid court injunction” to take over the collateral – Providence High School in Enugu in a failed bank loan. He said it was after the out-of-court settlement failed.

The property is said to belong to Ferdinand Property Investment Limited, which took a loan from UBA Plc, giving Corporate Guarantee in respect of the $2.9 million African Development Bank (AfDB) loan granted to Ferdinand Oil Mills Limited in 1989.

“We simply came to enforce a court order with the court bailiff and policemen attached to him. AMCON has nothing to do with a school or shutting it down, as the school and its pupils are still going about their normal learning and other human activities.”

 

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