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AMCON notorious debtors

AMCON lists six prominent Nigerians, firms as ‘notorious’ debtors

By on August 31, 2020 0 218 Views

By Oludare Mayowa

The Assets Management Corporation of Nigeria (AMCON) has released the list of six companies and individuals that are ‘most notorious accounts’ and frustrating its efforts to recover the over N5 trillion outstanding debt owed the corporation.

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The corporation listed Capital Oil and Gas Limited and its owner Ifeanyi Uba, now a senator, Bi-Courtney Group of company and its owner Wale Babalakin among the six ‘notorious accounts’ being handle by the corporation.
Others on the list include Rockson Engineering International and its owner, Araraume Johnson, Arik Air/Ojemei Group of Companies also owned by Johnson, NICON Investment and its owner, Jimoh Ibrahim and Seawolf without listing the owners.
The nation’s ‘bad bank’ also disclosed that 350 obligors account for over 80 percent of the Eligible Bank Assets (EBA) it acquired from some banks since inception.

While interacting with the Senate Banking and finance committee over the weekend, the chief executive of AMCON Ahmed Kuru said “Some of these obligors are highly connected, politically exposed persons” and sought the support of the committee to help persuade the debtors to pay up their obligations to the corporation.
Kuru, however, stated that Some of the notorious accounts are being investigated by Independent Corrupt Practice Commission (ICPC) and the Nigerian Financial Intelligence Unit (NFIU) for possible criminal infractions as a way to elicit faster recovery.

“We want the 9th Senate of the Federal Republic of Nigeria to pile pressure on some of our obligors through the Senate Committee on Banking Insurance and Other Financial Institutions under the leadership of Senator Uba Sani as Chairman,” Kuru said.

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AMCON has always maintained that many of the top debtors have the wherewithal to pay but have intentionally refused to clear their debts.
The corporation had said in the past that the debtors believe that the funds in their possession are part of their “national cake.”
The corporation currently has outstanding of N5 trillion to recover from debtors and said has only collected just N1.08 trillion to date from debtors

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