FG will deal with AMCON debtors - Osinbajo
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FG will deal with AMCON debtors - Osinbajo

- The federal government is very serious about dealing with debtors of the Asset Management Corporation of Nigeria, VP Osinbajo has said

- According to Osinbajo, AMCON has been unable to settle its outstanding N5 trillion debt because of the debtors

- There are plans to set up an inter-agency strategy that would ensure the indebted institutions and individuals are duly sanctioned and punished

Vice President Yemi Osinbajo has stated the determination of the federal government to deal with any institution or individual owing the Asset Management Corporation of Nigeria (AMCON).

The vice president said one of the methods that will be used against the debtors will be to stop them from dealing with the government, Vanguard reports.

Osinbajo added that the federal government would not fold its arms and allow the debtor walk free, adding that the government must set an example of them

He said: “I think the time has come for us (federal government) to set some examples with some of these top debtors of AMCON, which I believe will set a good example and serve as deterrent to others."

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While addressing some board members and management of AMCON, led by the board chairman, Dr Muiz Banire (SAN) at State House, Abuja, the vice president also said the reason AMCON has been unable to settle its outstanding N5 trillion debt was because of the debtors.

Osinbajo also mentioned that the government has plans to set up an inter-agency strategy that would ensure the indebted institutions and individuals are duly sanctioned and punished.

He, however, said he was impressed with the performance of the executive management of AMCON under the leadership of Ahmed Lawan Kuru for the success in debt recovery that has been achieved so far despite challenges.

“I congratulate AMCON for the work done so far, having recovered over N1trillion and counting both in cash and in assets. The work you do as a recovery agency is not something that is particularly easy or encouraging because we all know how Nigeria works.

‘’But we are committed to working more closely with your administration to ensure that these monies are recovered from AMCON obligors because it will help our economy and provide the government with more money to continue to improve on the development of infrastructure across the nation,’’ he said.

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Osinbajo also said the the federal government would invite stakeholders and AMCON team to fine tune plans on how to deal with the debtors.

Meanwhile, Legit.ng previously reported that the federal government said that AMCON since the commencement of operations in 2010, recovered about N1tn from debtors of banks whose loans were taken over by the corporation.

The minister of finance, Zainab Ahmed, said this in Abuja during the inauguration of the board of AMCON.

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Source: Legit

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