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Nigeria’s AMCON debt to CBN may rise to N7 trln by 2024 ~Kuru

By on November 9, 2020 0 95 Views

Nigeria’s ‘bad bank’ the Assets Management Corporation of Nigeria (AMCON) on Sunday said its debt to the Central Bank of Nigeria (CBN) which currently stood at N4 trillion may rise to N7 trillion by 2024.

The chief executive of AMCON, Ahmed Kuru said with the rate of inflationary growth in the country, the debt to the regulatory bank will rise to almost N7 trillion at the current rate of inflation.

Kuru said; “there is a dire need for all sister agencies of the Federal Government of Nigeria to join forces to ensure that the economic saboteurs who intend to cripple the banking sector before AMCON was set up are compelled to repay the humongous debt that is weighing down the Nigerian economy.”

The AMCON boss said non-collection of the outstanding debts owed the ‘bad bank’ by debtors, which is in the excess of N5 trillion would have negative effect on the national resources.

Kuru was however appreciative of the Nigerian judiciary for sustaining the AMCON Task Force in the four divisions of the Court of Appeal to ensure a fast track of AMCON appeals.

The AMCON CEO said no one can over flog the important role the judiciary plays in National Development meaning that the judiciary remains vital to the success of AMCON.

Kuru spoke at a joint seminar for Justices of the Courts of Appeal organised by the corporation, the National Judicial Institute (NJI) and Legal Academy (LA).

Also speaking, President of Nigeria’s Court of Appeal, Honourable Justice Monica Dongban-Mensem said the judiciary must support AMCON to recover the debt.

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“I wish to specifically acknowledge the zeal, passion and tenacity of the Managing Director/Chief Executive Officer of AMCON-Mr. Ahmed Kuru in constantly engaging the judiciary of the uniqueness of AMCON and the imperatives of the judiciary to appreciate the peculiarity.

“I wish to assure AMCON of our sustained support within the ambit of the law. It is compelling to acknowledge that AMCON ensured that the country has succeeded in escaping from the collapse of a bank, a run on a bank, or the need to withhold depositors’ funds.

“Accordingly, the Corporation deserves the sustained support of all the Arms of Government so that this monumental accomplishment will be insulated from fragmentation,” she said.

While welcoming participants to the seminar, the Administrator of the NJI. Justice Bozimo said, “The role of the judiciary in the execution of AMCON mandate cannot be overemphasized.

“This is understandable considering that the distinguished bench is indispensable to the realisation of the enormous powers conferred on the Corporation by the AMCON Act.

“It is through these interactions that the judiciary will be sensitised on the complex role AMCON plays at ensuring the sustenance of the financial system stability in Nigeria.

“The level of financial stability currently enjoyed in the country is solely attributable to the role played by AMCON in offloading toxic portfolios from the balance sheets of banks thus enabling the banks to perform their intermediating role in the macro-economy.”

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