Name and Shame: AMCON Says it Will Publish List of Nigerians Who Are Notorious Debtors in January

Name and Shame: AMCON Says it Will Publish List of Nigerians Who Are Notorious Debtors in January

  • AMCON, the body in charge of asset recovery in Nigeria has said it will name and shame loan defaulters from January
  • The body gave the debtors time to schedule a payment plan to avoid the embarrassment of seeing their names in national dailies next year
  • About 350 persons, organisations and institutions are owing over N4 trillion, tying down depositors' funds as most of the loans are borrowed from banks

Nigeria's Asset Management Corporation said it has taken the drastic step of naming and shaming individuals, corporate organisations, institutions and directors on its non-performing loans list.

Senate committee chairman on banking, insurance and other financial institutions, Senator Uba Sani, had told AMCON last week to publish the names of all debtors including Nigerians in high places frustrating the effort of the assets recovery organisation, Leadership newspaper said.

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AMCON
AMCON's office in Abuja. Credit: KC Nwakalor/Bloomberg
Source: UGC

Defaulters get ultimatum

AMCON gave the defaulters 30 days starting December 6, 2021, to January 5, 2022, to come up with a repayment plan or risk the embarrassment of seeing their names published in the media.

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AMCON CEO, Ahmed Kuru, had told the National Assembly that the portfolio of non-performing loans of AMCON currently stands at N4.4 trillion. He said only about 83 per cent of the debt is owed by 350 debtors

What AMCON said

Jude Nwauzo, head, Corporate Communications, AMCON, said the asset recovery body will heed the directive of the National Assembly by publishing the names in reputable media organisations.

Nigerians are waiting with bated breath to see those who many say are holding the country on the jugular.

Nwauzor said:

“Despite any rule or contractual obligation as to confidentiality, the Corporation may publish, in the national daily newspapers, a list of debtors that have failed to meet their debt or other repayment obligation to the Corporation in connection with any Eligible Bank Asset acquired by the Corporation…"

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AMCON said it is acting in accordance with Section 50B. (1) of the Act setting it up. The asset recovery body said AMCON may additionally apply court ex parte to compel compliance except where it sees a good reason to the contrary, as reported by The Sun newspaper.

AMCON seizes former governor's properties

Meanwhile, Legit.ng had reported that the Asset Management Corporation of Nigeria (AMCON) had taken over a mansion and other properties belonging to Abdulfatah Ahmed, former governor of Kwara state, over a N5 billion debt.

TheCable reported that the Federal High Court in Lagos gave AMCON the order on Wednesday, September 22.

Legit.ng gathered that Jude Nwauzor, AMCON’s spokesperson, said the former governor, who is one of the founders of the Rescue Nigeria Project (RNP), is a high-profile obligor of AMCON.

Source: Legit.ng

Pascal Oparada avatar

Pascal Oparada (Business editor) Pascal Oparada is a Mass Communications Graduate from Yaba College of Technology with over 10 years of experience in journalism. He has worked in reputable media organizations such as Daily Independent, TheNiche newspaper, and the Nigerian Xpress. He is a 2018 PwC Media Excellence Award winner. Email:pascal.oparada@corp.legit.ng

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