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HomeBusiness NewsJustice Olatoregun Asks AMCON To Explore New Law To Stop Debtors From...

Justice Olatoregun Asks AMCON To Explore New Law To Stop Debtors From Gaining Political Power

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The nation’s ‘bad bank’ Asset Management Corporation of Nigeria (AMCON) has been counsel to adopt a new strategy and partner other sister agencies of the government to stop its debtors from contesting elections in the country, thereby gaining access to political positions.


Justice C.M.A. Olatoregun of the Federal High Court, who gave the advice at the weekend, 

noted that now that AMCON’s (Amendment) Act 2019, has been signed into law by President Muhammadu Buhari, it is the right time to make a final push against the unresponsive debtors.
According to her, lawyers need to understand that the over N5trillion owed AMCON belongs to all Nigerians, including the lawyers meaning that recovering the outstanding debt will have huge positive impact on the development of the economy of the Federal Republic of Nigeria.
She said that the AMCON (Amendment) Act 2019 has literally opened new doors, which smart lawyers can explore to help AMCON and indeed Nigeria recover these huge debts.
Olatoregun, who was the Chairperson of a one-day seminar for External Solicitors and Asset Management Partners (AMPs) of AMCON and organised by the firm of Legal Academy, said it was now the right time for AMCON to come up with a comprehensive database of its obligors and make such information available.
She said the information should be available to the Independent National Electoral Commission (INEC); Independent Corrupt Practices Commission (ICPC); Economic and Financial Crimes Commission (EFCC); Department of State Security (DSS); Nigerian Police, among other agencies of the government, so that obligors can be stopped from contesting elections or aspiring to leadership positions in the country ab-initio.
With this strategy, the jurist posited that when election is approaching, lawyers can boldly approach the court and get orders stopping such obligor candidates from seeking votes from Nigerians, thereby helping the Nigerian economy.
Noting that it is a sad development that the Nigerian society has continued to allow AMCON debtors and people who cannot honour a simple obligation to contest elections, he said that in most occasions, they 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 these people beyond reasonable doubt that they are not eligible to stand for elections as a result of their heavy indebtedness.”
The Managing Director/Chief Executive Officer AMCON, Ahmed Kuru, also lamented the huge outstanding debt of the corporation of over N5trillion, will eventually become a burden to the Federal Government of Nigeria if at sunset AMCON failed to recover.

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